Which came closer to its stated multiple, MSFL or MSFX?

Over the window to Sep 30, 2026, MSFL finished 0.8 points from what its multiple implies and MSFX finished 1.0 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 MSFX levered on the same thing?

Yes. Both are levered on Microsoft, MSFL at +2 times and MSFX at +2 times the daily move.

Which one decays faster, MSFL or MSFX?

Decay follows how much the underlying moves about. Over this window MSFL’s moved at 39% annualized and MSFX’s at 39%, so MSFL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MSFL or MSFX 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.

Which is cheaper, MSFL or MSFX?

MSFL charges 1.15% a year and MSFX charges 1.05%, so MSFX is cheaper. Fees come from each fund's prospectus.

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MSFL vs MSFX: which held to its multiple?

Over the days both have traded, MSFL finished 0.8 points from its stated multiple and MSFX 1.0. GraniteShares 2x Long MSFT Daily ETF and T-REX 2X LONG MICROSOFT DAILY TARGET ETF.

+68.3%

MSFL returned, 3 months

+68.4%

MSFX returned, 3 months

+0.8 pts

MSFL from its stated multiple

+1.0 pts

MSFX from its stated multiple

MSFL · 3 months to Sep 30, 20260.8 pts ahead of its stated multiple

MSFL returned +68.3% while 2 times MSFT's move would have been +67.4%

MSFX · 3 months to Sep 30, 20261 pt ahead of its stated multiple

MSFX returned +68.4% while 2 times MSFT's move would have been +67.4%

ETFIQ Decay Resistance Score · MSFX scores higherDid it keep up with its own daily multiple, compounded day by day?

MSFL 16.7

MSFX 18.2

0.1, the lowest in this set99.9, the highest

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	MSFX	MSFL	MSFX	MSFL	MSFX
1 month	+0.8%	+1.1%	+2.2%	+2.2%	−1.4 pts	−1.1 pts
3 months	+68.3%	+68.4%	+67.4%	+67.4%	+0.8 pts	+1.0 pts
6 months	+73.1%	+72.9%	+78.8%	+78.8%	−5.8 pts	−6.0 pts
1 year	−17.6%	−21.1%	−0.3%	−0.3%	−17.3 pts	−20.8 pts
Since launch MSFL Mar 2024 · MSFX Jan 2024	+2.8%	+9.2%	+50.6%	+72.4%	−47.8 pts	−63.2 pts

MSFL and MSFX 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

GraniteShares 2x Long MSFT Daily ETF · Aims to return twice the daily move of Microsoft (MSFT)

MSFX

T-REX 2X LONG MICROSOFT DAILY TARGET ETF · Aims to return twice the daily move of Microsoft (MSFT)

Issuer GraniteShares T-REX

Sets out to return +2x +2x

Underlying asset MSFT MSFT

Segment company company

Fund returned, 3 months or since launch +68.3% +68.4%

Underlying returned, over that window +33.7% +33.7%

What the stated multiple implies, over that window +67.4% +67.4%

Difference from stated, over that window +0.8 pts +1.0 pts

Fund returned, 1 year or since launch −17.6% −21.1%

Difference from stated, over that window −17.3 pts −20.8 pts

Underlying volatility 39% 39%

Difference over the days both have traded +0.8 pts +1.0 pts

Expense ratio 1.15% 1.05%

Launched Mar 18, 2024 Jan 11, 2024

Net assets $67m $19m

MSFL and MSFX 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.

MSFX in plain words

Three months to Sep 30, 2026: MSFX returned +68.4% where its own daily promise gave +72.9%, 4.5 points short. Read the multiple against the whole window instead and 2 times MSFT's 33.7% implies +67.4%, which makes MSFX look 1.0 points over. MSFX aims to return +2 times MSFT's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, MSFL or MSFX?: Over the window to Sep 30, 2026, MSFL finished 0.8 points from what its multiple implies and MSFX finished 1.0 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 MSFX levered on the same thing?: Yes. Both are levered on Microsoft, MSFL at +2 times and MSFX at +2 times the daily move.
Which one decays faster, MSFL or MSFX?: Decay follows how much the underlying moves about. Over this window MSFL’s moved at 39% annualized and MSFX’s at 39%, so MSFL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MSFL or MSFX 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.
Which is cheaper, MSFL or MSFX?: MSFL charges 1.15% a year and MSFX charges 1.05%, so MSFX is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSFL vs MSFU MSFL vs MSFC MSFL vs MSFD MSFX vs MSFC MSFX vs MSFD MSFX vs MSFU

MSFL on its own →MSFX on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSFL filings on SEC EDGAR ↗MSFL prospectus with the expense ratio (SEC) ↗GraniteShares page for MSFL ↗MSFX filings on SEC EDGAR ↗MSFX prospectus with the expense ratio (SEC) ↗T-REX page for MSFX ↗

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.

Cite this page

ETFIQ, MSFL against MSFX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfl-vs-msfx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.