# What is an inverse ETF?

> A fund built to return the opposite of what something else does, each day, usually multiplied. ETFIQ tracks 125 of them with a full three months to Sep 30…

Data as of Sep 30, 2026. Rebuilt every trading night.

Answered from ETFIQ data as of Sep 30, 2026 .

## What is an inverse ETF?

A fund built to return the opposite of what something else does, each day, usually multiplied. ETFIQ tracks 125 of them with a full three months to Sep 30, 2026, and 55 finished short of what their own stated multiple implied over exactly those days. It is a bet the underlying falls, and it is not the same as being short it.

The multiple applies to a single day. At each close the fund resets from wherever it now stands, so what a holder gets over a quarter depends on the path the underlying took and not only on where it ended.

The reset works against an inverse position in a way that is easy to miss. A real short position gets smaller as it wins and larger as it loses; a daily-reset inverse fund does the opposite, rebuilding the position every night so that it is largest after it has already been right.

Read the difference below as what a holder has more or less of. A number below zero means the fund returned less than its own label implied over the same days, whichever way the underlying went: on a fund that fell, it fell further than the label; on one that rose, it rose less.

### On ETFIQ today

| Ticker | Fund | Says | Underlying asset | Underlying did | Fund returned | Multiple implied | Difference |
| --- | --- | --- | --- | --- | --- | --- | --- |
| SDOW | ProShares UltraPro Short Dow30 | -3x | DIA | −2.3% | +9.1% | +7.0% | +2.1 pts |
| EDZ | Direxion Daily MSCI Emerging Markets Bea | -3x | EEM | +0.5% | −6.7% | −1.4% | −5.3 pts |
| WEBS | Direxion Daily Dow Jones Internet Bear 3 | -3x | FDN | +7.0% | −20.8% | −21.0% | +0.2 pts |
| FNGD | MicroSectors FANG Index -3X Inverse Lev | -3x | FNGS | +12.2% | −30.9% | −36.7% | +5.7 pts |
| YANG | Direxion Daily FTSE China Bear 3X ETF | -3x | FXI | +6.4% | −17.5% | −19.2% | +1.7 pts |
| GDXD | MicroSectors Gold Miners -3X Inverse Lev | -3x | GDX | +17.0% | −56.8% | −50.9% | −5.9 pts |
| DULL | MicroSectors Gold -3X Inverse Leveraged | -3x | GLD | +2.8% | −14.8% | −8.3% | −6.5 pts |
| TYO | Direxion Daily 7-10 Year Treasury Bear 3 | -3x | IEF | −4.3% | +18.5% | +13.1% | +5.4 pts |
| SRTY | ProShares UltraPro Short Russell2000 | -3x | IWM | −6.9% | +25.2% | +20.8% | +4.5 pts |
| TZA | Direxion Daily Small Cap Bear 3X ETF | -3x | IWM | −6.9% | +25.0% | +20.8% | +4.2 pts |
| DRV | Direxion Daily Real Estate Bear 3X ETF | -3x | IYR | −6.8% | +23.9% | +20.3% | +3.6 pts |
| SMDD | ProShares UltraPro Short MidCap400 | -3x | MDY | −5.6% | +20.7% | +16.7% | +4.0 pts |
| SQQQ | ProShares UltraPro Short QQQ | -3x | QQQ | +2.1% | −7.9% | −6.4% | −1.5 pts |
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | -3x | SOXX | −5.1% | −13.2% | +15.4% | −28.5 pts |
| HIBS | Direxion Daily S&P 500(R) High Beta Bear | -3x | SPHB | −0.9% | −5.7% | +2.8% | −8.5 pts |
| SPXS | Direxion Daily S&P 500(R) Bear 3X ETF | -3x | SPY | +2.5% | −5.5% | −7.6% | +2.1 pts |
| SPXU | ProShares UltraPro Short S&P500 | -3x | SPY | +2.5% | −5.4% | −7.6% | +2.1 pts |
| TMV | Direxion Daily 20+ Year Treasury Bear 3X | -3x | TLT | −8.3% | +32.5% | +25.0% | +7.5 pts |
| TTT | ProShares UltraPro Short 20+ Year Treasu | -3x | TLT | −8.3% | +31.9% | +25.0% | +6.9 pts |
| LABD | Direxion Daily S&P Biotech Bear 3X ETF | -3x | XBI | +0.7% | −10.6% | −2.2% | −8.5 pts |
| FAZ | Direxion Daily Financial Bear 3X ETF | -3x | XLF | −2.2% | +8.1% | +6.5% | +1.6 pts |
| TECS | Direxion Daily Technology Bear 3X ETF | -3x | XLK | +5.6% | −21.0% | −16.7% | −4.3 pts |
| DAMD | Defiance Daily Target 2X Short AMD ETF | -2x | AMD | +13.1% | −44.3% | −26.2% | −18.1 pts |
| AMZO | Tradr 2X Short AMZN Daily ETF | -2x | AMZN | +3.1% | −16.4% | −6.2% | −10.2 pts |
| APLZ | Tradr 2X Short APLD Daily ETF | -2x | APLD | −31.4% | +12.7% | +62.8% | −50.1 pts |

### Where to next

### Where these figures came from

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ETFIQ is an independent publisher of exchange-traded fund data and makes no recommendations. Every figure is calculated from published data. Standards and sources

Cite this page. ETFIQ, What is an inverse ETF?, data as of Sep 30, 2026. https://etfiq.com/questions/what-is-an-inverse-etf Free to use with attribution ; the underlying files are at Open data .

Other forms Plain ETFIQ, What is an inverse ETF?, data as of Sep 30, 2026. https://etfiq.com/questions/what-is-an-inverse-etf APA ETFIQ. (Sep 30, 2026). What is an inverse ETF?. Retrieved from https://etfiq.com/questions/what-is-an-inverse-etf Markdown [What is an inverse ETF? (ETFIQ, Sep 30, 2026)](https://etfiq.com/questions/what-is-an-inverse-etf)

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
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