EFZ provides daily inverse exposure to the MSCI EAFE Index by holding swaps on iShares' EFA. A broad bet against developed-market large- and midcaps, EFZ especially captures inverse exposure to Japan and the UK. Note that EFZ is a tactical tool. Due to daily compounding, it's unlikely to achieve its intended exposure for longer than a one-day period. As such, trading costs are the major concern. Management fees are of less concern as most investors won't stick around long enough to realize much of those holding costs anyway.
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