# ERY (Direxion Daily Energy Bear 2X ETF)

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

Three months to Sep 30, 2026: ERY returned −27.8% where its own daily promise gave −29.7%, 1.8 points over.

## Key facts

- ERY, what XLE did: +17.2%, as of Sep 30, 2026.
- ERY, what −2 times a day gives: −29.7%, as of Sep 30, 2026.
- ERY, what the fund returned: −27.8%, as of Sep 30, 2026.
- ERY, the fund itself added: +1.8 pts, as of Sep 30, 2026.
- ERY, net assets: $55m (issuer page, as of Sep 30, 2026).
- ERY, expense ratio: 0.99% (485BPOS XBRL, Feb 26, 2026).

## ERY over each window to Sep 30, 2026

| Window | Fund | XLE | -2x the move | Difference | XLE moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.8% | −3.3% | +6.5% | +0.3 pts | 18% |
| 3 months | −27.8% | +17.2% | −34.3% | +6.5 pts | 21% |
| 6 months | −12.8% | +5.7% | −11.3% | −1.5 pts | 23% |
| 1 year | −52.0% | +41.6% | −83.2% | +31.1 pts | 22% |
| 3 years | −57.0% | +49.5% | −99.1% | +42.1 pts | 22% |
| Since launch | −99.9% | +261.2% | 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 | -1.62 times, against -2 stated | ETFIQ |
| Underlying | XLE | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $55m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.99% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 21% annualized | ETFIQ |

## Questions

### Did ERY return -2 times XLE?

Over the window to Sep 30, 2026, XLE moved +17.2% and ERY returned −27.8%. −2 times that move is −34.3%, so the fund came out 6.5 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 figure itself.


## Cite this page

ETFIQ, ERY, data as of Sep 30, 2026. https://etfiq.com/funds/ery
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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