JPND -3x MicroSectors -3x Short Japan ETNs

BEAR ETF extreme · Issuer MicroSectors · Tracks Japan (EWJ)

Quote & options All leveraged ETFs
Implied AUM
—
shares out × price
Last close
$45.38
20261001
30-day avg volume
917
no listed options
JPND realized
—
what holders actually earned
Theoretical -3x
—
-3x × Japan's return
Decay gap
—
realized minus theoretical

Realized vs theoretical -3x Japan

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

Pair counterpart: JPNU (+3x bull, MicroSectors 3x Long Japan ETNs)
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 Japan

3
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
JPNU +3x BULLMicroSectorsMicroSectors 3x Long Japan ETNs — 1,033
EZJ +2x BULLProSharesProShares Ultra MSCI Japan $13.8M 4,836 ✓
EWV -2x BEARProSharesProShares Trust UltraShort MSCI Japan $4.0M 11,085 ✓

How JPND works

JPND targets -3x the daily return of Japan — 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.