A leveraged ETF is an exchange$-$traded fund that uses debt or derivatives as leverage

to amplify the returns of a benchmark index. Leveraged ETFs can generate significant

short$-$term gains$/$losses$,$ often achieving $2$x or even $3$x the daily performance of the

underlying benchmark index. For instance, a $2$x leveraged ETF on S&P $500$ index, can

have $2$x the daily performance of S&P $500$ index. I.e$.,$ if S&P $500$ index gains $1\%$ in one

day, then the $2$x leveraged ETF will gain $2\%$; similarly, if the S&P $500$ index loses $1\%$

in one day, then the $2$x leverage ETF will lose $2\%.$ One commonly used financial

derivative to create leveraged ETFs is TRS$.$ Would you please create a trading strategy

$($e$.$g$.,$ enter into a contract of xxx$,$ buy yyy$,$ short zzz$,$ etc.$)$ with TRS to mimic a $2$x

leveraged ETF on the S&P $500$ index? Assume finding a counterparty in your trading

strategy is straightforward, and you have flexibility with benchmark rates and other

necessary assumptions. The strategy should aim for approximately double the index's

returns without needing to match it precisely.