Skip to content
etf.net

EDZ

GradeFNew York Stock Exchange Arca

Direxion Daily MSCI Emerging Markets Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2008-12-17 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$13.88+0.78 (+5.95%)

As of Sep 23, 2026, 3:09 PM EDT

Intraday session: up, 66 prints from 13.10 to 13.88. Range 13.49 to 14.00. Use the arrow keys to read each point.$13.60$13.80$14.0010 AM12 PM2 PM4 PM
Expense ratio
1.47%
Fund size
$22M
1Y return
−66.1%
Yield · Last 12 months
10.29%
Holdings
6
Volume · 30D
0.2M sh
NAV per share
$14.68
52W range
low $13.02high $43.74

The ETF.net EDZ Grade

F

21/ 100

Rank 13 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for EDZ. Scores out of 100: Cost 9, Risk 39, Mission not scored, Tradability 26, Holdings not scored, Durability 36. Strongest: Risk (39). Weakest: Cost (9). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 21 of 100 sits in the F band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 9
    Category rank13/14 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 39
    Category rank10/14 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 26
    Category rank11/14 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 36
    Category rank12/14 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on EDZ

ETF.net Research

FOne ticker, one job: EDZ aims to deliver 300% of the inverse of the MSCI Emerging Markets Index's daily move. A 2008-vintage Direxion original whose math resets every session, so single-day moves are the whole story.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to 300% of the inverse performance of the MSCI Emerging Markets Index.

Why people hold it

  1. 01Bearish emerging-markets exposure in one trade: the fund targets -300% of the MSCI Emerging Markets Index's daily return, no margin account or basket of country shorts to assemble.
  2. 02Launched in December 2008, it has traded through a decade and a half of emerging-market cycles, unusual shelf life for a triple-leveraged product.
  3. 03The reference point is the MSCI Emerging Markets Index, the benchmark most EM funds are measured against, so the hedge lines up with what a broad EM sleeve actually holds.
  4. 04Moderately traded, which gives short-horizon users a working market rather than a ghost-town ticker.

Worth knowing

  1. 01Leverage resets daily. Hold longer than a day and results can drift well away from -3x the index's move over that stretch, with choppy markets doing the most damage.
  2. 02The 1.47% expense ratio sits above the typical leveraged-and-inverse fund, and it applies every day you hold, not just the days the trade works.
  3. 03Triple exposure cuts both ways: a strong up day in emerging markets lands here as a roughly triple-size loss. Assets are small by ETF standards.

EDZ Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Stocks
Holdings
6
Top-10 weight
159%
Largest holding
EEM SWAP ASSET LEG (EEMCTS)57.2%

Sectors

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—EEM SWAP ASSET LEG (EEMCTS)57.16%-322,208$-22M1
002—EEM SWAP ASSET LEG (EEMJPS)53.22%-300,000$-21M1
003—EEM SWAP ASSET LEG (EEMUBS)49.11%-276,835$-19M1

Showing 1–3 of 3 holdings

EDZ Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

EDZ$3,389
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. EDZ $3,389. SPY $11,723. Use the arrow keys to read each point.$2,680$7,557$12,434Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for EDZ. Periods over one year show the average yearly return.
PeriodEDZ
Year to date−61.9%
1 month−9.4%
3 months+1.1%
1 year−66.1%
3 years−51.8%per year
5 years−30.4%per year
10 years−34.8%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for EDZ
YearReturn barEDZ
2026 YTD−61.9%
2025−59.3%
2024−13.8%
2023−22.5%
2022+49.3%
2021−8.7%
2020−68.8%

EDZ in the news

ETF.net Research hasn’t filed on EDZ yet — coverage lands here as it’s written.

EDZ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
10.29%Last 12 months
Payout per share
$1.35Last 12 months
Upcoming payment
$0.18 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 19 payments from 2018 to 2026 YTD. Mar 20, 2018 $0.58; Sep 25, 2018 $0.99; Dec 27, 2018 $2.49; Jun 25, 2019 $0.19; Dec 23, 2019 $0.83; Mar 21, 2023 $0.15; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.70; Mar 19, 2024 $1.81; Jun 25, 2024 $1.28; Dec 23, 2024 $0.30; Mar 25, 2025 $1.03; Jun 24, 2025 $0.62; Sep 23, 2025 $0.49; Dec 23, 2025 $0.20; Mar 24, 2026 $0.25; Jun 23, 2026 $0.22; Sep 22, 2026 $0.18. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.18
Jun 23, 2026Jun 30, 2026$0.22
Mar 24, 2026Mar 31, 2026$0.25
Dec 23, 2025Dec 31, 2025$0.20
Sep 23, 2025Sep 30, 2025$0.49
Jun 24, 2025Jul 1, 2025$0.62
Mar 25, 2025Apr 1, 2025$1.03
Dec 23, 2024Dec 31, 2024$0.30
Sep 24, 2024Oct 1, 2024Data unavailable
Jun 25, 2024Jul 2, 2024$1.28
Mar 19, 2024Mar 26, 2024$1.81
Dec 21, 2023Dec 29, 2023$0.70

EDZ Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
43.0%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.42
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−93.2%
Trough Jun 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−2.14
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

EDZ Cost

Expense ratio1.47%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

12 of the 14 3x Leveraged Inverse funds charge less.

EDZ costs $147.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.