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

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

Three months to Sep 30, 2026: FNGD returned −30.9% where its own daily promise gave −33.4%, 2.5 points over.

## Key facts

- FNGD, what FNGS did: +12.2%, as of Sep 30, 2026.
- FNGD, what −3 times a day gives: −33.4%, as of Sep 30, 2026.
- FNGD, what the fund returned: −30.9%, as of Sep 30, 2026.
- FNGD, the fund itself added: +2.5 pts, as of Sep 30, 2026.
- FNGD, net assets: an exchange traded note holds no assets; it is the issuing bank’s unsecured debt, as of Sep 30, 2026.
- FNGD, expense ratio: not read by ETFIQ, as of Sep 30, 2026.

## FNGD over each window to Sep 30, 2026

| Window | Fund | FNGS | -3x the move | Difference | FNGS moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.3% | +2.3% | −7.0% | +0.7 pts | 17% |
| 3 months | −30.9% | +12.2% | −36.7% | +5.7 pts | 20% |
| 6 months | −65.0% | +35.7% | −107.1% | +42.2 pts | 24% |
| 1 year | −51.8% | +18.0% | −53.9% | +2.1 pts | 23% |
| 3 years | −97.5% | +158.1% | not meaningful over this window | not meaningful over this window | 26% |
| Since launch | −100.0% | +567.8% | 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 | -2.53 times, against -3 stated | ETFIQ |
| Underlying | FNGS | ETFIQ |
| Segment | sector or country, index | 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 | Jan 23, 2018 | ETFIQ |
| Underlying volatility over the window | 20% annualized | ETFIQ |

## Questions

### Did FNGD return -3 times FNGS?

Over the window to Sep 30, 2026, FNGS moved +12.2% and FNGD returned −30.9%. −3 times that move is −36.7%, so the fund came out 5.7 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 30, 2026. https://etfiq.com/funds/fngd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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