{
 "ticker": "MSFU",
 "name": "Direxion Daily MSFT Bull 2X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/msfu",
 "html": "https://etfiq.com/funds/msfu",
 "markdown": "https://etfiq.com/funds/msfu.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: MSFU returned +68.9% where its own daily promise gave +72.9%, 4.0 points short.",
 "key_facts": [
  {
   "key": "what_msft_did",
   "label": "What MSFT did",
   "value": "+33.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFU, what MSFT did: +33.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+72.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFU, what 2 times a day gives: +72.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+68.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFU, what the fund returned: +68.9%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22124.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "MSFU, the fund itself cost: \u22124.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$530m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "MSFU, net assets: $530m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.98%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "MSFU, expense ratio: 0.98% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 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": "+2.04 times, against +2 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": "$530m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.98%",
   "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": "+1.0%",
   "MSFT": "+1.1%",
   "+2x the move": "+2.2%",
   "Difference": "\u22121.2 pts",
   "MSFT moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "+68.9%",
   "MSFT": "+33.7%",
   "+2x the move": "+67.4%",
   "Difference": "+1.4 pts",
   "MSFT moved about": "39%"
  },
  {
   "window": "6 months",
   "Fund": "+74.0%",
   "MSFT": "+39.4%",
   "+2x the move": "+78.8%",
   "Difference": "\u22124.9 pts",
   "MSFT moved about": "37%"
  },
  {
   "window": "1 year",
   "Fund": "\u221218.2%",
   "MSFT": "\u22120.2%",
   "+2x the move": "\u22120.3%",
   "Difference": "\u221217.9 pts",
   "MSFT moved about": "33%"
  },
  {
   "window": "3 years",
   "Fund": "+48.8%",
   "MSFT": "+66.2%",
   "+2x the move": "+132.5%",
   "Difference": "\u221283.7 pts",
   "MSFT moved about": "26%"
  },
  {
   "window": "Since launch",
   "Fund": "+84.7%",
   "MSFT": "+105.3%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "MSFT moved about": "28%"
  }
 ],
 "questions": [
  {
   "q": "Did MSFU return +2 times MSFT?",
   "a": "Over the window to Sep 30, 2026, MSFT moved +33.7% and MSFU returned +68.9%. 2 times that move is +67.4%, so the fund came out 1.4 points ahead of it."
  },
  {
   "q": "Why does MSFU not return +2 times over a year?",
   "a": "Because it resets daily. MSFU aims at +2 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 +2 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."
  },
  {
   "q": "Which +2x MSFT ETF tracked its stated multiple most closely?",
   "a": "4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}