Leveraged ETF Decay Dashboard — Frenzy Capital
Implied AUM uses shares outstanding × last close and may overstate prospectus AUM by 20–50%. Useful for relative sizing and delist-risk filtering, not prospectus reporting. See Terms §17.
Active products
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≥ $1B implied AUM
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< $25M (delist-risk)
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Optionable
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Leveraged ETF Universe
daily-reset bull & bear products
About leveraged ETFs:
Daily-reset products target Nx the daily return of an underlying — not the Nx cumulative return. In choppy markets they bleed via volatility drag even when the underlying ends flat. The detail page for each ticker shows realized vs theoretical Nx over selectable windows.
| Symbol | Name | Issuer | Factor | Underlying | Implied AUM | 30d Avg Vol | Last Close | Options |
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Why Leveraged ETFs Decay
The daily-reset trap
A 3× ETF promises 3× the underlying's daily return — not the cumulative. If the underlying drops 10%, then rebounds 11.1% to flat, the 3× product drops 30% then rebounds 33% — ending at 0.7 × 1.33 = 0.931, a 6.9% loss while the underlying broke even. Multi-day holds in chop almost always underperform N × underlying. The mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period.
How to use this universe
- Decay capture: short both legs of a bull/bear pair (e.g. short TQQQ + short SQQQ) to harvest the combined drift. Borrow rates on the bear leg are usually the binding constraint.
- Premium selling: leveraged ETF options carry rich IV. Pair this with the Skew Screener + IV rank lookups on the product detail page.
- Delist risk: filter by Min AUM < $25M to surface vehicles approaching closure — common in single-stock Tradr / Leverage Shares products.
Caveats
- Universe rebuilt nightly using leverage-disclosure naming — Direxion Daily, ProShares Ultra / UltraPro, GraniteShares 2x, Tradr, T-Rex, Defiance, Leverage Shares, MicroSectors, ETRACS, and others.
- Implied AUM uses shares outstanding × last close and may overstate prospectus AUM; treat the number as relative, not absolute.
- Single-stock 1.5× / 1.25× products are included (category: mild); 4× products (SPYU) are flagged extreme.