(EVAV) Covered Calls

The Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares was an exchange-traded fund that sought to provide 200% of the daily performance of the Indxx US Electric and Autonomous Vehicles Index. The fund utilized swap agreements and other derivatives to achieve double-leveraged exposure to a liquidity-weighted basket of EV and autonomous technology companies. As of late 2025, the fund has been liquidated and is no longer an active investment vehicle.

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Extended Business Description

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares was a specialized leveraged investment tool designed to magnify the daily price movements of the electric vehicle (EV) and autonomous driving sectors. Launched in August 2022, the fund served as a high-octane tactical play for traders who held a short-term bullish outlook on the future of mobility, spanning from manufacturers to battery tech providers.

Core Strategy and Operations

  1. 200% Daily Leveraged Target: Before its liquidation, EVAV sought daily investment results, before fees and expenses, of 200% of the performance of the Indxx US Electric and Autonomous Vehicles Index. This index tracked a liquidity-weighted group of US-listed companies involved in EV manufacturing, autonomous vehicle software, and related infrastructure.
  2. Synthetic Exposure and Swap Usage: To achieve its 2x multiple, the fund primarily utilized swap agreements with institutional counterparties. This allowed the fund to gain leveraged exposure without physically owning 200% of the underlying stocks, with the majority of the fund's actual cash held in short-term Treasuries and money market instruments as collateral.
  3. Liquidation and Closure: In October 2025, Direxion announced the closure and liquidation of EVAV, citing an inability to attract sufficient investment assets. As of 2026, the fund is considered "defunct" and no longer trades on the NYSE Arca. Its final expense ratio stood at approximately 0.95%–0.98%.

Competitive Landscape

During its operation, EVAV was a primary leveraged alternative to non-leveraged thematic funds like the Global X Autonomous & Electric Vehicles ETF and the KraneShares Electric Vehicles and Future Mobility Index ETF. Its most frequent peer for traders focusing specifically on the largest EV player was the Direxion Daily TSLA Bull 2X Shares.

Strategic Legacy

EVAV represented an attempt to capture the "volatility risk premium" of a burgeoning industrial sector through a diversified, leveraged basket rather than a single stock. Its top holdings historically included high-beta names like Tesla, NIO, Rivian, and XPeng. While the fund provided a way to trade the "EV revolution" with leverage, it ultimately suffered from the same volatility decay and sector-specific downturns that affected many thematic leveraged products during the 2024-2025 period. The closure of EVAV reflects a broader consolidation in the thematic ETF market as investors moved toward more concentrated or liquid single-stock leveraged tools.