# MSFD (Direxion Daily MSFT Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: MSFD returned −23.9% where its own daily promise gave −24.9%, 1.0 points over.

## Key facts

- MSFD, what MSFT did: +27.1%, as of Sep 11, 2026.
- MSFD, what −1 times a day gives: −24.9%, as of Sep 11, 2026.
- MSFD, what the fund returned: −23.9%, as of Sep 11, 2026.
- MSFD, the fund itself added: +1.0 pts, as of Sep 11, 2026.
- MSFD, net assets: $41m (source, as filed for Apr 30, 2026).
- MSFD, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## MSFD over each window to Sep 11, 2026

| Window | Fund | MSFT | -1x the move | Difference | MSFT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −0.8% | +0.8% | −0.8% | 0.0 pts | 21% |
| 3 months | −23.9% | +27.1% | −27.1% | +3.2 pts | 43% |
| 6 months | −23.9% | +25.8% | −25.8% | +1.9 pts | 38% |
| 1 year | −4.3% | −0.3% | +0.3% | −4.5 pts | 32% |
| 3 years | −34.6% | +52.9% | −52.9% | +18.2 pts | 26% |
| Since launch | −51.2% | +98.4% | −98.4% | +47.2 pts | 28% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of MSFT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.88 times, against -1 stated | ETFIQ |
| Underlying | MSFT | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $41m | source, as filed for Apr 30, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Sep 7, 2022 | ETFIQ |
| Underlying volatility over the window | 43% annualized | ETFIQ |

## Questions

### Did MSFD return -1 times MSFT?

Over the window to Sep 11, 2026, MSFT moved +27.1% and MSFD returned −23.9%. 1 times that move is −27.1%, so the fund came out 3.2 points ahead of it.

### Why does MSFD not return -1 times over a year?

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.


## Cite this page

ETFIQ, MSFD, data as of Sep 11, 2026. https://etfiq.com/funds/MSFD
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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