EDZ -3x Direxion Daily MSCI Emerging Markets Bear 3X ETF

BEAR ETF extreme · Issuer Direxion · Tracks MSCI Emerging Markets (EEM) · Listed 2008-12-17

Quote & options All leveraged ETFs

Implied AUM

$22.2M

shares out × price

Last close

$14.49

20261001

30-day avg volume

233,439

options listed →

EDZ realized

—

what holders actually earned

Theoretical -3x

—

-3x × MSCI Emerging Markets's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -3x MSCI Emerging Markets

Cumulative return of EDZ against a clean -3x of MSCI Emerging Markets's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: EDC (+3x bull, Direxion Daily MSCI Emerging Markets Bull 3X ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on MSCI Emerging Markets

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
EDC	+3x	BULL	Direxion	Direxion Daily MSCI Emerging Markets Bull 3X ETF	$174.8M	70,277	✓
EET	+2x	BULL	ProShares	ProShares Ultra MSCI Emerging Markets	$39.9M	9,008	✓
XXCH	+2x	BULL	Direxion	Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares	—	2,361	✓
EEV	-2x	BEAR	ProShares	ProShares Trust UltraShort MSCI Emerging Markets	$2.4M	31,037	✓

How EDZ works

EDZ targets -3x the daily return of MSCI Emerging Markets — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.