{
 "ticker": "EDZ",
 "name": "Direxion Daily MSCI Emerging Markets Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/EDZ",
 "html": "https://etfiq.com/funds/EDZ",
 "markdown": "https://etfiq.com/funds/EDZ.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: EDZ returned \u22129.8% where its own daily promise gave \u221211.9%, 2.1 points over.",
 "key_facts": [
  {
   "key": "what_eem_did",
   "label": "What EEM did",
   "value": "+0.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EDZ, what EEM did: +0.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221211.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EDZ, what \u22123 times a day gives: \u221211.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22129.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EDZ, what the fund returned: \u22129.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.1 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "EDZ, the fund itself added: +2.1 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$35m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "EDZ, net assets: $35m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.05%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-11",
   "sentence": "EDZ, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of EEM, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "EEM moved +0.4% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "EEM",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$35m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.05%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "28% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22126.5%",
   "EEM": "+2.1%",
   "-3x the move": "\u22126.2%",
   "Difference": "\u22120.2 pts",
   "EEM moved about": "19%"
  },
  {
   "window": "3 months",
   "Fund": "\u22129.8%",
   "EEM": "+0.4%",
   "-3x the move": "\u22121.3%",
   "Difference": "\u22128.5 pts",
   "EEM moved about": "28%"
  },
  {
   "window": "6 months",
   "Fund": "\u221252.9%",
   "EEM": "+20.0%",
   "-3x the move": "\u221260.1%",
   "Difference": "+7.3 pts",
   "EEM moved about": "30%"
  },
  {
   "window": "1 year",
   "Fund": "\u221265.8%",
   "EEM": "+32.3%",
   "-3x the move": "\u221296.8%",
   "Difference": "+31.1 pts",
   "EEM moved about": "25%"
  },
  {
   "window": "3 years",
   "Fund": "\u221287.2%",
   "EEM": "+86.5%",
   "-3x the move": "\u2212259.6%",
   "Difference": "+172.4 pts",
   "EEM moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.8%",
   "EEM": "+124.6%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "EEM moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did EDZ return -3 times EEM?",
   "a": "Over the window to Sep 11, 2026, EEM moved +0.4% and EDZ returned \u22129.8%. 3 times that move is \u22121.3%, so the fund came out 8.5 points short of it."
  },
  {
   "q": "Why does EDZ not return -3 times over a year?",
   "a": "Because it resets daily. EDZ aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}