XPM +2x Defiance Daily Target 2x Long PM ETF

XPM

ETF +2x BULL standard
Defiance Daily Target 2x Long PM ETF
Issuer: Defiance · Tracks: PM · Listed: 2025-09-04
Implied AUM
$567750
Last Close
$18.93
20251223
30d Avg Vol
552
Options
—
Realized return vs theoretical +2x PM
Other leveraged products tracking PM
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
ZYN +2x BULL Defiance Defiance Daily Target 2x Long PM ETF $335374 2,897

How XPM works

XPM targets +2x the daily return of PM — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a +2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on XPM carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.