Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares
EVAV
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- Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares (EVAV) is a leveraged exchange-traded fund that seeks daily investment results, before fees and expenses, equal to 200% of the performance of the Indxx US Electric and Autonomous Vehicles Index for a single trading day. The fund provides amplified exposure to U.S.-listed companies deriving at least 50% of revenues from electric and autonomous vehicle-related activities, including automobile manufacturers such as Tesla Inc. and Rivian Automotive Inc.; automotive parts and equipment providers; application software developers; semiconductor firms like Indie Semiconductor Inc.; enablers of infrastructure such as charging stations and batteries from companies like EVgo Inc. and QuantumScape Corp.; and software/technology services for autonomous driving. With sector weightings emphasizing automobile manufacturers (45.15%), automotive parts and equipment (29.29%), and related technologies, EVAV targets growth-oriented investors seeking short-term tactical opportunities in the electric vehicle and autonomy ecosystem. Launched on August 11, 2022, and listed on NYSE Arca, the ETF is issued by Direxion Shares ETF Trust, managed by Rafferty Asset Management, LLC, and domiciled in the United States with principal operations based in Westport, Connecticut. The fund employs financial derivatives including swaps and futures to achieve its 2X daily leverage objective, carrying a net expense ratio of 0.98% (through September 1, 2026, per operating expense limitation agreement). In a significant recent development, Direxion announced the liquidation and closure of EVAV, along with WFH and XXCH ETFs, with trading ceasing and funds closing to purchases as of the close of regular trading on NYSE Arca on October 30, 2025. This operational change follows quarterly distributions, including $0.14986 on July 1, 2025, and prior payouts, amid Direxion's broader portfolio adjustments such as new single-stock leveraged ETF launches and executive appointments like Chief Product Officer Mo Sparks in April 2025. The ETF focuses exclusively on U.S. equity markets without international geographic diversification beyond underlying holdings' operations.