# MSFD (Direxion Daily MSFT Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: MSFD returned −27.2% where its own daily promise gave −28.2%, 1.0 points over.

## Key facts

- MSFD, what MSFT did: +33.7%, as of Sep 30, 2026.
- MSFD, what −1 times a day gives: −28.2%, as of Sep 30, 2026.
- MSFD, what the fund returned: −27.2%, as of Sep 30, 2026.
- MSFD, the fund itself added: +1.0 pts, as of Sep 30, 2026.
- MSFD, net assets: $8m (issuer page, as of Sep 30, 2026).
- MSFD, expense ratio: 1.02% (485BPOS XBRL, Feb 26, 2026).

## MSFD over each window to Sep 30, 2026

| Window | Fund | MSFT | -1x the move | Difference | MSFT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −1.3% | +1.1% | −1.1% | −0.2 pts | 24% |
| 3 months | −27.2% | +33.7% | −33.7% | +6.5 pts | 39% |
| 6 months | −31.3% | +39.4% | −39.4% | +8.1 pts | 37% |
| 1 year | −4.7% | −0.2% | +0.2% | −4.8 pts | 33% |
| 3 years | −40.1% | +66.2% | −66.2% | +26.2 pts | 26% |
| Since launch | −52.9% | +105.3% | not meaningful over this window | not meaningful over this window | 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 | -0.81 times, against -1 stated | ETFIQ |
| Underlying | MSFT | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $8m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.02% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Sep 7, 2022 | ETFIQ |
| Underlying volatility over the window | 39% annualized | ETFIQ |

## Questions

### Did MSFD return -1 times MSFT?

Over the window to Sep 30, 2026, MSFT moved +33.7% and MSFD returned −27.2%. −1 times that move is −33.7%, so the fund came out 6.5 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 30, 2026. https://etfiq.com/funds/msfd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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