# BERZ (MicroSectors FANG & Innovation -3x Inverse Leveraged ETN)

MicroSectors · Leveraged ETFs · data as of Oct 2, 2026

BERZ aims to return -3 times FANG & Innovation's move each day, then resets. Over one day it does that.

## Key facts

- BERZ, net assets: an exchange traded note holds no assets; it is the issuing bank’s unsecured debt, as of Oct 2, 2026.
- BERZ, expense ratio: not read by ETFIQ, as of Oct 2, 2026.
- BERZ, underlying: FANG & Innovation (no investable tracker), as of Oct 2, 2026.
- BERZ, sets out to return: -3 times the daily move of FANG & Innovation, reset daily, as of Oct 2, 2026.

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of FANG & Innovation, reset daily | ETFIQ |
| Underlying | FANG & Innovation (no investable tracker) | ETFIQ |
| Segment | sector or country, theme | ETFIQ |
| Net assets | an exchange traded note holds no assets; it is the issuing bank’s unsecured debt | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Aug 18, 2021 | ETFIQ |

## Questions

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

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.


## Cite this page

ETFIQ, BERZ, data as of Oct 2, 2026. https://etfiq.com/funds/berz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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