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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: EDZ returned −6.7% where its own daily promise gave −9.8%, 3.0 points over.

## Key facts

- EDZ, what EEM did: +0.5%, as of Sep 30, 2026.
- EDZ, what −3 times a day gives: −9.8%, as of Sep 30, 2026.
- EDZ, what the fund returned: −6.7%, as of Sep 30, 2026.
- EDZ, the fund itself added: +3.0 pts, as of Sep 30, 2026.
- EDZ, net assets: $29m (issuer page, as of Sep 30, 2026).
- EDZ, expense ratio: 1.05% (485BPOS XBRL, Feb 26, 2026).

## EDZ over each window to Sep 30, 2026

| Window | Fund | EEM | -3x the move | Difference | EEM moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −0.4% | −0.3% | +1.0% | −1.4 pts | 21% |
| 3 months | −6.7% | +0.5% | −1.4% | −5.3 pts | 24% |
| 6 months | −48.5% | +17.3% | −51.9% | +3.4 pts | 29% |
| 1 year | −62.3% | +27.5% | −82.5% | +20.3 pts | 25% |
| 3 years | −88.0% | +89.1% | −267.2% | +179.2 pts | 20% |
| Since launch | −99.8% | +121.1% | 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 +0.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | EEM | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $29m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.05% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 24% annualized | ETFIQ |

## Questions

### Did EDZ return -3 times EEM?

Over the window to Sep 30, 2026, EEM moved +0.5% and EDZ returned −6.7%. −3 times that move is −1.4%, so the fund came out 5.3 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 30, 2026. https://etfiq.com/funds/edz
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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