I've been noticing that implied volatility for leveraged ETFs are higher than they should be based on implied volatility for their non-leveraged counterparts (e.g. IV on a Dow ETF might be 20%, while IV on a 2X leveraged Dow ETF might be 50%. Theoretically IV on the 2X leveraged ETF should be 20%*2=40%). I've been thinking of buying volatility on the non-leveraged ETF and selling volatility on the leveraged ETF. Is this a feasible strategy?