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Launched · SEC filings

Direxion Daily MSCI Emerging Markets Bear 3X ETF

EDZNYSE ArcaDirexionDThis 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.

$18.77+0.47 (+2.57%)

As of Nov 10, 2026, 11:25 AM ET

D34/ 100

Rank 11 of 14 in 3x Leveraged Inverse

D34/100Rank 11 of 14in3x Leveraged Inverse
Intraday session: up, 24 prints from 18.30 to 18.77. Range 18.23 to 18.78. Use the arrow keys to read each point.18.2018.4018.5018.6018.7010 AM12 PM2 PM4 PM
Expense ratio
1.05%*
Fund size
$27M
1Y total return
−48.9%
Yield · Last 12 months
4.69%
Holdings
3
Avg volume · 30D
240K sh
52W range
low $13.02high $42.18
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 1, 2027. Without it: 1.47%.

The ETF.net EDZ Grade

Based on 4 of 6 pillars

D

Score 34 out of 100

Category
3x Leveraged Inverse⁠
Rank
11 of 14
Six-pillar profile for EDZ. Scores out of 100: Cost 23, Risk 49, Mission not scored, Tradability 39, Holdings not scored, Durability 39. Strongest: Risk (49). Weakest: Cost (23). Based on 4 of 6 pillars.

Score 34 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F23 out of 100
    Rank 10 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 8 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D39 out of 100
    Rank 10 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D39 out of 100
    Rank 10 of 14

Our read on EDZ

ETF.net Research

In short

DThe bear 3X shelf is mostly US indexes. EDZ is the one pointed overseas: a single ticker seeking -300% of the MSCI Emerging Markets Index for one day, on the market since 2008. Built for short-term trading, with the daily reset that implies.

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

  • The only broad emerging markets fund in Direxion's bear 3X lineup: one ticker for -300% daily exposure to large and mid cap stocks across two dozen EM countries, while SQQQ, SDOW, SRTY and TZA all aim at US indexes.direxion.commsci.com
  • Priced near the category median: 1.05% net of a waiver through September 1, 2027, against a 1.47% gross ratio. SQQQ (0.94%) and TZA (0.99%) sit lower, neither leaning on a waiver.
  • Launched December 2008, one of the longest-running inverse emerging markets ETFs, and Direxion posts the holdings daily.direxion.com

Worth knowing

  • Leverage resets daily. Direxion states the fund should not be expected to deliver -300% of the index's cumulative return over periods longer than a day; compounding can push multi-day results off that mark.direxion.com
  • The 1.05% net rate depends on a waiver running to September 1, 2027. If it lapses, cost steps toward the 1.47% gross figure.
  • One of the smaller, less heavily traded names in the bear 3X group, so order size and spreads matter more here than with the big US-index shorts.

EDZ Holdings

Asset class
Stocks
Holdings
3
Top-10 weight
163%
Largest holding
Eem Swap Asset Leg (Eemcts)93.3%

Sectors

  • Financials28.4%
  • Industrials19.0%
  • Technology15.3%
  • Consumer Discretionary7.3%
  • Utilities6.6%
  • Consumer Staples6.1%
  • Health Care5.4%
  • Materials3.7%
  • Communication3.5%
  • Energy3.4%
  • Real Estate1.3%

Geography

  • France24.78%
  • Germany24.11%
  • Netherlands17.53%
  • Spain11.53%
  • Italy8.93%
  • Finland3.02%
  • United States2.70%
  • Belgium2.53%
  • Other countries (9)4.85%

Developed 100% · Emerging 0% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataEem Swap Asset Leg (Eemcts)93.26%-776,149−$46M1
2No dataEem Swap Asset Leg (Eemjps)36.05%-300,000−$17.8M1
3No dataEem Swap Asset Leg (Eemubs)33.26%-276,835−$16.4M1

Showing 1–3 of 3 holdings

EDZ Performance

Launched Dec 17, 2008

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

EDZ$5,106
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. EDZ $5,106. SPY $11,339. Use the arrow keys to read each point.$5,000$7,500$10,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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−46.8%
1 month+26.5%
3 months+18.1%
1 year−48.9%
3 yearsper year−46.8%
5 yearsper year−25.3%
10 yearsper year−33.4%

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−46.8%
2025−59.3%

EDZ in the news

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 Nov 9, 2026.
4.69%Last 12 months
Payout per share
$0.86Last 12 months
Last payment
$0.18 per share
Paid 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, 2026Sep 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, 2024No data
Jun 25, 2024Jul 2, 2024$1.28
Mar 19, 2024Mar 26, 2024$1.81
Dec 21, 2023Dec 29, 2023$0.70

See all 23 payments⁠

$10,000 in EDZ 10 years ago paid $90.51 in dividends.⁠

EDZ Risk

Risk pillarC49 out of 100Rank 8 of 14 in 3x Leveraged Inverse

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.
45.8%
Annualised · 36 months to Oct 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.
−1.27
vs 3-month T-bills · to Oct 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.
−2.23
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.

FMP measures it over up to five years of monthly returns.

EDZ Cost

Compare EDZ and SQQQ

Overpaying vs SQQQ, cheapest in 3x Leveraged Inverse

$1,791

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • EDZ 1.05%

    $19,495

  • SQQQ 0.94% Cheapest

    $17,704

$10,000
30 years

Cost over time

  • EDZ 1.05%
  • SQQQ 0.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EDZ $19,495SQQQ $17,704

Year by year

YearEDZSQQQOverpaying
10$1,847$1,661$186
20$6,927$6,260$667
30$19,495$17,704$1,791
How the 1.05% is worked out

Full fee 1.47%− waiver 0.42%= you pay 1.05%

The waiver ends Sep 1, 2027. After that the fee is 1.47% unless Direxion renews it. Source: prospectus, Mar 2026.

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