{
 "ticker": "BERZ",
 "name": "MicroSectors FANG & Innovation -3x Inverse Leveraged ETN",
 "issuer": "MicroSectors",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/berz",
 "html": "https://etfiq.com/funds/berz",
 "markdown": "https://etfiq.com/funds/berz.md",
 "as_of": "2026-10-02",
 "verdict": "BERZ aims to return -3 times FANG & Innovation's move each day, then resets. Over one day it does that.",
 "key_facts": [
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "BERZ, net assets: an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt, as of Oct 2, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "BERZ, expense ratio: not read by ETFIQ, as of Oct 2, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FANG & Innovation (no investable tracker)",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "BERZ, underlying: FANG & Innovation (no investable tracker), as of Oct 2, 2026."
  },
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FANG & Innovation, reset daily",
   "source": null,
   "as_of": "2026-10-02",
   "sentence": "BERZ, sets out to return: -3 times the daily move of FANG & Innovation, reset daily, as of Oct 2, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FANG & Innovation, reset daily",
   "source": null
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FANG & Innovation (no investable tracker)",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, theme",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "an exchange traded note holds no assets; it is the issuing bank\u2019s unsecured debt",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Aug 18, 2021",
   "source": null
  }
 ],
 "periods": [],
 "questions": [
  {
   "q": "Why does BERZ not return -3 times over a year?",
   "a": "Because it resets daily. BERZ 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": "2026-10-03",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}