Which came closer to its stated multiple, FNGD or FNGU?

Over the window to Sep 30, 2026, FNGD finished 5.7 points from what its multiple implies and FNGU finished 7.0 points from its own, so FNGD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are FNGD and FNGU levered on the same thing?

Yes. Both are levered on the big technology names, FNGD at -3 times and FNGU at +3 times the daily move.

Which one decays faster, FNGD or FNGU?

Decay follows how much the underlying moves about. Over this window FNGD’s moved at 20% annualized and FNGU’s at 20%, so FNGD has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold FNGD or FNGU for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

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FNGD vs FNGU: which held to its multiple?

Over three months against its own daily promise, FNGD finished 2.5 points over and FNGU 7.7 points short. MicroSectors FANG Index -3X Inverse Leveraged ETNs due January 8, 2038 and MicroSectors FANG+ 3X Leveraged ETNs.

−30.9%

FNGD returned, 3 months

+29.6%

FNGU returned, 3 months

+5.7 pts

FNGD from its stated multiple

−7.0 pts

FNGU from its stated multiple

FNGD · 3 months to Sep 30, 20265.7 pts ahead of its stated multiple

FNGD returned −30.9% while −3 times FNGS's move would have been −36.7%

FNGU · 3 months to Sep 30, 20267 pts short of its stated multiple

FNGU returned +29.6% while 3 times FNGS's move would have been +36.7%

ETFIQ Decay Resistance Score · FNGD scores higherDid it keep up with its own daily multiple, compounded day by day?

FNGD among the 125 inverse ETFs over three months

FNGD 72.4

0.4, the lowest in this set99.6, the highest

FNGU among the 470 leveraged ETFs, long, over three months

FNGU 5

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. FNGU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	FNGD	FNGU	FNGD	FNGU	FNGD	FNGU
1 month	−6.3%	+4.1%	−7.0%	+7.0%	+0.7 pts	−2.9 pts
3 months	−30.9%	+29.6%	−36.7%	+36.7%	+5.7 pts	−7.0 pts
6 months	−65.0%	+111.8%	−107.1%	+107.1%	+42.2 pts	+4.7 pts
1 year	−51.8%	+18.5%	−53.9%	+53.9%	+2.1 pts	−35.4 pts
3 years	−97.5%	not published	not meaningful	not published	not meaningful	not published
Since launch FNGD Nov 2019 · FNGU Feb 2025	−100.0%	+42.6%	not meaningful	+112.3%	not meaningful	−69.7 pts

FNGD and FNGU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

FNGD

MicroSectors FANG Index -3X Inverse Leveraged ETNs due January 8, 2038 · Aims to return three times the opposite of the daily move of the big technology names

FNGU

MicroSectors FANG+ 3X Leveraged ETNs · Aims to return three times the daily move of the big technology names

Issuer MicroSectors MicroSectors

Sets out to return -3x +3x

Underlying asset FNGS FNGS

Segment index index

Fund returned, 3 months or since launch −30.9% +29.6%

Underlying returned, over that window +12.2% +12.2%

What the stated multiple implies, over that window −36.7% +36.7%

Difference from stated, over that window +5.7 pts −7.0 pts

Fund returned, 1 year or since launch −51.8% +18.5%

Difference from stated, over that window +2.1 pts −35.4 pts

Underlying volatility 20% 20%

Expense ratio not published not published

Launched Jan 23, 2018 Feb 20, 2025

Net assets not published not published

FNGD and FNGU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

FNGD in plain words

Three months to Sep 30, 2026: FNGD returned −30.9% where its own daily promise gave −33.4%, 2.5 points over. Read the multiple against the whole window instead and −3 times FNGS's 12.2% implies −36.7%, which makes FNGD look 5.7 points over. 3.2 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. FNGD aims to return -3 times FNGS's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. FNGS moved at 20% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

FNGU in plain words

Three months to Sep 30, 2026: FNGU returned +29.6% where its own daily promise gave +37.3%, 7.7 points short. Read the multiple against the whole window instead and 3 times FNGS's 12.2% implies +36.7%, which makes FNGU look 7.0 points short. 0.6 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. FNGU aims to return +3 times FNGS's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, FNGD or FNGU?: Over the window to Sep 30, 2026, FNGD finished 5.7 points from what its multiple implies and FNGU finished 7.0 points from its own, so FNGD came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are FNGD and FNGU levered on the same thing?: Yes. Both are levered on the big technology names, FNGD at -3 times and FNGU at +3 times the daily move.
Which one decays faster, FNGD or FNGU?: Decay follows how much the underlying moves about. Over this window FNGD’s moved at 20% annualized and FNGU’s at 20%, so FNGD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold FNGD or FNGU for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Other comparisons

FNGD vs FNGG FNGD vs FNGO FNGU vs FNGG FNGU vs FNGO

FNGD on its own →FNGU on its own →How every figure is computed →Standards and sources →

Where these figures came from

MicroSectors website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, FNGD against FNGU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/fngd-vs-fngu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.