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Leveraged & Inverse ETFs


The Direxion Daily MSFT Bull 1.5X Shares and Direxion Daily MSFT Bear 1X Shares seek daily investment results, before fees and expenses, of 150% and 100% of the inverse (or opposite), respectively, of the performance of the common shares of Microsoft Corporation (NASDAQ: MSFT).

Investing in the funds involves a high degree of risk. Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock’s performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Funds will lose money if the underlying stock’s performance is flat, and it is possible that the Bull Fund will lose money even if the underlying stock’s performance increases, and the Bear Fund will lose money even if the underlying stock’s performance decreases, over a period longer than a single day. Investing in the Funds is not equivalent to investing directly in MSFT.

NAVas of Sep 29, 2023
1 Day NAV Changeas of Sep 29, 2023
$0.30(0.97 %)
NAVas of Sep 29, 2023
1 Day NAV Changeas of Sep 29, 2023
$-0.11(-0.59 %)

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Fund Information

Fund SymbolDaily TargetIntra-day ValueSecurity IdentifierExpense Ratio (gross/net %)Inception Date
MSFU150%MSFU.IV25461A8665.30 / 1.06*Sep 07, 2022
MSFD-100%MSFD.IV25461A4034.73 / 1.07*Sep 07, 2022

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Single Stock Exposure

Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide. MSFT is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Microsoft Corporation pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-37845 through the Securities and Exchange Commission’s website at In addition, information regarding Microsoft Corporation may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.

Important Information Regarding MSFU

The Direxion Daily MSFT Bull 1.5X Shares (MSFU) seeks 150% daily leveraged investment results and thus will have an increase of volatility relative to the underlying MSFT performance itself. Longer holding periods, higher volatility of MSFT and leverage increase the impact of compounding on an investor’s returns. During periods of higher MSFT volatility, the volatility of MSFT may affect the fund’s performance.

Important Information Regarding MSFD

The Direxion Daily MSFT Bear 1X Shares (MSFD) seeks daily inverse investment results and is very different from most other exchange-traded funds. Longer holding periods and higher volatility of MSFT increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of MSFT may affect the fund’s return as much as, or more than, the return of MSFT.

Pricing & Performance

NAV and Market Price information as of September 29, 2023. Line chart shows pricing trend over the last 30 days.

Net asset value (NAV)
  • 31.21
    NAV $
  • 0.30
    Change $
  • 0.97
    Change %
Market price closing
  • 31.23
    Market $
  • 0.35
    Change $
  • 1.13
    Change %
Premium / Discount
monthly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV-3.99 -2.06 52.15 35.76 09/07/20225.30 / 1.06*
Market Close-4.10 -2.38 52.06 35.66
As of August 31, 2023
quarterly1M %3M %YTD %1Y %3Y %5Y %10Y %Since InceptionInception DateExpense Ratio*
(Gross / Net %)
NAV4.87 26.04 62.92 45.37 09/07/20225.30 / 1.06*
Market Close4.51 25.81 62.79 45.23
As of June 30, 2023

The Primary Listing Exchange is the NASDAQ.

*The Net Expense Ratio includes management fees, other operating expenses and Acquired Fund Fees and Expenses. If Acquired Fund Fees and Expenses were excluded, the Net Expense Ratio would be 0.95%. The Funds’ adviser, Rafferty Asset Management, LLC (“Rafferty”), has entered into an Operating Expense Limitation Agreement with each Fund. Under the Operating Expense Limitation Agreement, Rafferty has contractually agreed to waive all or a portion of its management fee and/or reimburse the Funds for Other Expenses through September 1, 2024, to the extent that a Fund’s Total Annual Fund Operating Expenses exceed 0.95% of the Fund’s average daily net assets (excluding, as applicable, among other expenses, taxes, swap financing and related costs, acquired fund fees and expenses, dividends or interest on short positions, other interest expenses, brokerage commissions and extraordinary expenses). If these expenses were included, the expense ratio would be higher.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. For the most recent month-end performance please visit the funds’ website at

Short-term performance, in particular, is not a good indication of a fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes. For additional information, see the fund’s prospectus.


Record DateEx DatePay DateIncome DividendShort-Term Capital GainLong-Term Capital Gain
09/20/202309/19/2023 09/26/2023 0.26393
06/22/202306/21/2023 06/28/2023 0.17810
03/22/202303/21/2023 03/28/2023 0.09452
12/21/202212/20/2022 12/28/2022 0.11265
09/21/202209/20/2022 09/27/2022 0.00619