XXCH +2x Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

XXCH

ETF +2x BULL standard
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares
Issuer: Direxion · Tracks: MSCI Emerging Markets (EEM) · Listed: 2024-02-07
Implied AUM
$2.5M
Last Close
$33.09
20251023
30d Avg Vol
1,865
Options
available
Realized return vs theoretical +2x MSCI Emerging Markets
Pair counterpart found: EEV (-2x bear, ProShares Trust UltraShort MSCI Emerging Markets)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking MSCI Emerging Markets
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
EDC +3x BULL Direxion Direxion Daily MSCI Emerging Markets Bull 3X ETF $148.9M 112,824
EET +2x BULL ProShares ProShares Ultra MSCI Emerging Markets $35.1M 14,676
EEV -2x BEAR ProShares ProShares Trust UltraShort MSCI Emerging Markets $2.5M 24,088
EDZ -3x BEAR Direxion Direxion Daily MSCI Emerging Markets Bear 3X ETF $18.3M 251,633

How XXCH works

XXCH targets +2x the daily return of MSCI Emerging Markets — 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 XXCH 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.