# MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ): ETN Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/berz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: REX Microsectors · Asset class: Equity - Strategy: Leveraged · Inception: 2021-08-20 BERZ aims to deliver a daily leveraged inverse return, specifically -3 times the performance of an index comprising FANG and other qualifying technology firms. This underlying index consistently includes eight foundational companies: Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla. Additionally, seven other companies are chosen following a specific selection process. To be considered for inclusion, a company must trade on a U.S. exchange, belong to the technology sector, and possess a market capitalization of at least $10 billion. The selection methodology begins by... ## Key Facts | Metric | Value | |---|---| | Price | $19.00 | | Expense Ratio | 0.95% | | Assets Under Management | $6.7M | | NAV | $19.26 | | Holdings Count | 15 | | Distribution Yield (TTM) | — | | Annual Distribution (TTM) | — /share | | Distribution Frequency | — | | 52-Week Range | $15.42 – $81.49 | | Beta | -4.50 | ## Frequently Asked Questions ### What does BERZ invest in? BERZ aims to deliver a daily leveraged inverse return, specifically -3 times the performance of an index comprising FANG and other qualifying technology firms. This underlying index consistently includes eight foundational companies: Alphabet, Amazon, Apple, Facebook, Microsoft, Netflix, NVIDIA, and Tesla. Additionally, seven other companies are chosen following a specific selection process. To be considered for inclusion, a company must trade on a U.S. exchange, belong to the technology sector, and possess a market capitalization of at least $10 billion. The selection methodology begins by ranking eligible securities based on their market capitalization. The 30 largest are then further assessed by their average daily trading value over the past year. From this group, the top seven are chosen to complete the index alongside the eight core holdings, and all 15 constituents are equally weighted. The index undergoes monthly rebalancing and quarterly reconstitution. Given its nature as a daily resetting, -3x inverse leveraged product, BERZ is unsuitable for long-term investment strategies. Its returns are designed to reflect the inverse index performance over a single day, and it should not be anticipated to deliver that leveraged return over periods exceeding one day. ### What is the expense ratio of BERZ? MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) charges an expense ratio of 0.95%. This is the annual fee deducted from fund assets to cover management and operations. ### Is BERZ a good long-term hold? BERZ is a leveraged fund designed to deliver a daily multiple of its underlying index. Daily reset compounding means returns over multi-day periods can diverge significantly from the headline multiple, typically with negative drift in choppy markets. These funds are designed for short-term tactical use, not buy-and-hold. Review the fund's prospectus before holding more than a few days. ### How does BERZ's daily reset work? BERZ rebalances exposure each trading day to maintain its target leverage ratio against the next day's move. The daily reset means returns compound at the daily level, so a +1%, −1% sequence on the underlying doesn't return the underlying to flat after the leverage multiplier. Over time this path-dependence erodes returns in volatile markets and amplifies them in trending markets. ### How big is BERZ? MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) manages $6.7M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is BERZ actively managed or an index fund? BERZ's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does BERZ pay a dividend? MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) currently distributes little or no income. Trailing-twelve-month yield is —. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does BERZ pay dividends? MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN pays dividends on its published schedule. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is BERZ's dividend yield? BERZ's trailing-twelve-month yield is —, calculated from the sum of dividends over the past year divided by the current price. ### When is BERZ's next ex-dividend date? BERZ hasn't announced its next ex-date yet. Once declared it'll appear at the top of the dividend history table on this page. ### How much will BERZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.95% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does BERZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from BERZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does BERZ cost more than a fund like VOO? BERZ is a leveraged fund (current expense ratio 0.95%). Daily-reset leverage products carry swap and financing costs that don't exist on a plain-vanilla equity ETF. The Cost Verdict card compares against the leveraged/inverse cohort where these costs are the norm. ### Are there cheaper alternatives to BERZ? The Lower-Fee Alternatives card above lists ETNs following the same investment strategy as BERZ (0.95%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/berz - Distribution history: https://www.dividenddata.com/funds/berz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/berz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/berz/expenses - Peer comparison: https://www.dividenddata.com/funds/berz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.