{
 "ticker": "MSFD",
 "name": "Direxion Daily MSFT Bear 1X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/MSFD",
 "html": "https://etfiq.com/funds/MSFD",
 "markdown": "https://etfiq.com/funds/MSFD.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: MSFD returned \u221223.9% where its own daily promise gave \u221224.9%, 1.0 points over.",
 "key_facts": [
  {
   "key": "what_msft_did",
   "label": "What MSFT did",
   "value": "+27.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MSFD, what MSFT did: +27.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221224.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MSFD, what \u22121 times a day gives: \u221224.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221223.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MSFD, what the fund returned: \u221223.9%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.0 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MSFD, the fund itself added: +1.0 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$41m",
   "source": "source, as filed for Apr 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "MSFD, net assets: $41m (source, as filed for Apr 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "MSFD, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of MSFT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.88 times, against -1 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "MSFT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$41m",
   "source": "source, as filed for Apr 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 7, 2022",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "43% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22120.8%",
   "MSFT": "+0.8%",
   "-1x the move": "\u22120.8%",
   "Difference": "0.0 pts",
   "MSFT moved about": "21%"
  },
  {
   "window": "3 months",
   "Fund": "\u221223.9%",
   "MSFT": "+27.1%",
   "-1x the move": "\u221227.1%",
   "Difference": "+3.2 pts",
   "MSFT moved about": "43%"
  },
  {
   "window": "6 months",
   "Fund": "\u221223.9%",
   "MSFT": "+25.8%",
   "-1x the move": "\u221225.8%",
   "Difference": "+1.9 pts",
   "MSFT moved about": "38%"
  },
  {
   "window": "1 year",
   "Fund": "\u22124.3%",
   "MSFT": "\u22120.3%",
   "-1x the move": "+0.3%",
   "Difference": "\u22124.5 pts",
   "MSFT moved about": "32%"
  },
  {
   "window": "3 years",
   "Fund": "\u221234.6%",
   "MSFT": "+52.9%",
   "-1x the move": "\u221252.9%",
   "Difference": "+18.2 pts",
   "MSFT moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221251.2%",
   "MSFT": "+98.4%",
   "-1x the move": "\u221298.4%",
   "Difference": "+47.2 pts",
   "MSFT moved about": "28%"
  }
 ],
 "questions": [
  {
   "q": "Did MSFD return -1 times MSFT?",
   "a": "Over the window to Sep 11, 2026, MSFT moved +27.1% and MSFD returned \u221223.9%. 1 times that move is \u221227.1%, so the fund came out 3.2 points ahead of it."
  },
  {
   "q": "Why does MSFD not return -1 times over a year?",
   "a": "Because it resets daily. MSFD aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}