# ERY (Direxion Daily Energy Bear 2X ETF)

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

Three months to Sep 11, 2026: ERY returned −23.8% where its own daily promise gave −25.7%, 1.9 points over.

## Key facts

- ERY, what XLE did: +14.0%, as of Sep 11, 2026.
- ERY, what −2 times a day gives: −25.7%, as of Sep 11, 2026.
- ERY, what the fund returned: −23.8%, as of Sep 11, 2026.
- ERY, the fund itself added: +1.9 pts, as of Sep 11, 2026.
- ERY, net assets: $43m (source, as filed for Apr 30, 2026).
- ERY, expense ratio: 0.99% (485BPOS XBRL, Feb 26, 2026).

## ERY over each window to Sep 11, 2026

| Window | Fund | XLE | -2x the move | Difference | XLE moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −11.9% | +6.7% | −13.5% | +1.5 pts | 15% |
| 3 months | −23.8% | +14.0% | −28.0% | +4.2 pts | 22% |
| 6 months | −26.0% | +14.4% | −28.9% | +2.9 pts | 23% |
| 1 year | −57.5% | +50.7% | −101.4% | +43.9 pts | 22% |
| 3 years | −59.4% | +54.1% | −108.3% | +48.9 pts | 22% |
| Since launch | −99.9% | +280.3% | not meaningful over this window | not meaningful over this window | 27% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of XLE, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.7 times, against -2 stated | ETFIQ |
| Underlying | XLE | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $43m | source, as filed for Apr 30, 2026 |
| Expense ratio | 0.99% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### Did ERY return -2 times XLE?

Over the window to Sep 11, 2026, XLE moved +14.0% and ERY returned −23.8%. 2 times that move is −28.0%, so the fund came out 4.2 points ahead of it.

### Why does ERY not return -2 times over a year?

Because it resets daily. ERY aims at -2 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 -2 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.

### Which -2x XLE ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

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

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