MSFL vs MSFU: which held to its multiple?
Over the days both have traded, MSFL finished 0.8 points from its stated multiple and MSFU 1.4. GraniteShares 2x Long MSFT Daily ETF and Direxion Daily MSFT Bull 2X ETF.
MSFL returned +68.3% while 2 times MSFT's move would have been +67.4%
MSFU returned +68.9% while 2 times MSFT's move would have been +67.4%
A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | MSFL | MSFU | MSFL | MSFU | MSFL | MSFU |
| 1 month | +0.8% | +1.0% | +2.2% | +2.2% | −1.4 pts | −1.2 pts |
| 3 months | +68.3% | +68.9% | +67.4% | +67.4% | +0.8 pts | +1.4 pts |
| 6 months | +73.1% | +74.0% | +78.8% | +78.8% | −5.8 pts | −4.9 pts |
| 1 year | −17.6% | −18.2% | −0.3% | −0.3% | −17.3 pts | −17.9 pts |
| 3 years | not published | +48.8% | not published | +132.5% | not published | −83.7 pts |
| Since launch MSFL Mar 2024 · MSFU Sep 2022 | +2.8% | +84.7% | +50.6% | not meaningful | −47.8 pts | not meaningful |
MSFL and MSFU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
MSFL and MSFU on the same fields, as of Sep 30, 2026. Source: ETFIQ.
MSFL in plain words
Three months to Sep 30, 2026: MSFL returned +68.3% where its own daily promise gave +72.9%, 4.6 points short. Read the multiple against the whole window instead and 2 times MSFT's 33.7% implies +67.4%, which makes MSFL look 0.8 points over. 5.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MSFL aims to return +2 times MSFT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSFT moved at 39% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MSFU in plain words
Three months to Sep 30, 2026: MSFU returned +68.9% where its own daily promise gave +72.9%, 4.0 points short. Read the multiple against the whole window instead and 2 times MSFT's 33.7% implies +67.4%, which makes MSFU look 1.4 points over. MSFU aims to return +2 times MSFT's move each day, then resets.
Questions people ask
- Which came closer to its stated multiple, MSFL or MSFU?
- Over the window to Sep 30, 2026, MSFL finished 0.8 points from what its multiple implies and MSFU finished 1.4 points from its own, so MSFL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSFL and MSFU levered on the same thing?
- Yes. Both are levered on Microsoft, MSFL at +2 times and MSFU at +2 times the daily move.
- Which one decays faster, MSFL or MSFU?
- Decay follows how much the underlying moves about. Over this window MSFL’s moved at 39% annualized and MSFU’s at 39%, so MSFL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSFL or MSFU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, MSFL against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfl-vs-msfu
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, MSFL against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfl-vs-msfu Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, MSFL against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfl-vs-msfu
- APA
- ETFIQ. (Sep 30, 2026). MSFL against MSFU. Retrieved from https://etfiq.com/compare/leverage/msfl-vs-msfu
- Markdown
- [MSFL against MSFU (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/msfl-vs-msfu)