# FNGD (MicroSectors FANG  Index -3X Inverse Leveraged ETNs due January 8, 2038)

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

Three months to Sep 11, 2026: FNGD returned −30.0% where its own daily promise gave −31.3%, 1.3 points over.

## Key facts

- FNGD, what FNGS did: +10.1%, as of Sep 11, 2026.
- FNGD, what −3 times a day gives: −31.3%, as of Sep 11, 2026.
- FNGD, what the fund returned: −30.0%, as of Sep 11, 2026.
- FNGD, the fund itself added: +1.3 pts, as of Sep 11, 2026.
- FNGD, expense ratio: not read by ETFIQ, as of Sep 11, 2026.
- FNGD, underlying: FNGS, as of Sep 11, 2026.

## FNGD over each window to Sep 11, 2026

| Window | Fund | FNGS | -3x the move | Difference | FNGS moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −2.8% | +0.6% | −1.7% | −1.1 pts | 16% |
| 3 months | −30.0% | +10.1% | −30.4% | +0.4 pts | 24% |
| 6 months | −58.6% | +28.0% | −84.1% | +25.5 pts | 26% |
| 1 year | −49.3% | +15.5% | −46.4% | −2.9 pts | 23% |
| 3 years | −96.8% | +135.9% | not meaningful over this window | not meaningful over this window | 26% |
| Since launch | −100.0% | +547.5% | not meaningful over this window | not meaningful over this window | 31% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of FNGS, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.96 times, against -3 stated | ETFIQ |
| Underlying | FNGS | ETFIQ |
| Segment | sector or country, index | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 23, 2018 | ETFIQ |
| Underlying volatility over the window | 24% annualized | ETFIQ |

## Questions

### Did FNGD return -3 times FNGS?

Over the window to Sep 11, 2026, FNGS moved +10.1% and FNGD returned −30.0%. 3 times that move is −30.4%, so the fund came out 0.4 points ahead of it.

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

Because it resets daily. FNGD 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, FNGD, data as of Sep 11, 2026. https://etfiq.com/funds/FNGD
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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