# EDZ (Direxion Daily MSCI Emerging Markets Bear 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: EDZ returned −9.8% where its own daily promise gave −11.9%, 2.1 points over.

## Key facts

- EDZ, what EEM did: +0.4%, as of Sep 11, 2026.
- EDZ, what −3 times a day gives: −11.9%, as of Sep 11, 2026.
- EDZ, what the fund returned: −9.8%, as of Sep 11, 2026.
- EDZ, the fund itself added: +2.1 pts, as of Sep 11, 2026.
- EDZ, net assets: $35m (source, as filed for Apr 30, 2026).
- EDZ, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026).

## EDZ over each window to Sep 11, 2026

| Window | Fund | EEM | -3x the move | Difference | EEM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.5% | +2.1% | −6.2% | −0.2 pts | 19% |
| 3 months | −9.8% | +0.4% | −1.3% | −8.5 pts | 28% |
| 6 months | −52.9% | +20.0% | −60.1% | +7.3 pts | 30% |
| 1 year | −65.8% | +32.3% | −96.8% | +31.1 pts | 25% |
| 3 years | −87.2% | +86.5% | −259.6% | +172.4 pts | 20% |
| Since launch | −99.8% | +124.6% | not meaningful over this window | not meaningful over this window | 22% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of EEM, reset daily | ETFIQ |
| Multiple a holder actually got over the window | EEM moved +0.4% over this window, too little to read a multiple from | ETFIQ |
| Underlying | EEM | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $35m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 28% annualized | ETFIQ |

## Questions

### Did EDZ return -3 times EEM?

Over the window to Sep 11, 2026, EEM moved +0.4% and EDZ returned −9.8%. 3 times that move is −1.3%, so the fund came out 8.5 points short of it.

### Why does EDZ not return -3 times over a year?

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.


## Cite this page

ETFIQ, EDZ, data as of Sep 11, 2026. https://etfiq.com/funds/EDZ
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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