{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: MSFD returned \u221227.2% where its own daily promise gave \u221228.2%, 1.0 points over.",
 "key_facts": [
  {
   "key": "what_msft_did",
   "label": "What MSFT did",
   "value": "+33.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFD, what MSFT did: +33.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u221228.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFD, what \u22121 times a day gives: \u221228.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221227.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFD, what the fund returned: \u221227.2%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFD, the fund itself added: +1.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$8m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "MSFD, net assets: $8m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.02%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "MSFD, expense ratio: 1.02% (485BPOS XBRL, Feb 26, 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": "-0.81 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": "$8m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.02%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Sep 7, 2022",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "39% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22121.3%",
   "MSFT": "+1.1%",
   "-1x the move": "\u22121.1%",
   "Difference": "\u22120.2 pts",
   "MSFT moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "\u221227.2%",
   "MSFT": "+33.7%",
   "-1x the move": "\u221233.7%",
   "Difference": "+6.5 pts",
   "MSFT moved about": "39%"
  },
  {
   "window": "6 months",
   "Fund": "\u221231.3%",
   "MSFT": "+39.4%",
   "-1x the move": "\u221239.4%",
   "Difference": "+8.1 pts",
   "MSFT moved about": "37%"
  },
  {
   "window": "1 year",
   "Fund": "\u22124.7%",
   "MSFT": "\u22120.2%",
   "-1x the move": "+0.2%",
   "Difference": "\u22124.8 pts",
   "MSFT moved about": "33%"
  },
  {
   "window": "3 years",
   "Fund": "\u221240.1%",
   "MSFT": "+66.2%",
   "-1x the move": "\u221266.2%",
   "Difference": "+26.2 pts",
   "MSFT moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221252.9%",
   "MSFT": "+105.3%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MSFT moved about": "28%"
  }
 ],
 "questions": [
  {
   "q": "Did MSFD return -1 times MSFT?",
   "a": "Over the window to Sep 30, 2026, MSFT moved +33.7% and MSFD returned \u221227.2%. \u22121 times that move is \u221233.7%, so the fund came out 6.5 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}