At a glance
MSFL charges 1.15% a year. It has $125.6M in assets. Over the past year it returned −16.6% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares 2x Long MSFT Daily ETF (MSFL) aims to deliver twice the daily percentage change of Microsoft stock, before fees, mainly through swap agreements with banks. It is a leveraged fund that resets every day, so over weeks or months its return can drift far from twice Microsoft's. It charges 1.15% a year and pays no distributions. It fell 62.1% from its October 2025 peak to its June 2026 low.
Price history
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MSFL -16.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| MSFL price data to Oct 27, 2026 | +2.6% | -16.6% | — | — | — | +3.4% |
- Over the year to Oct 27, 2026, MSFL returned -16.6%.
- Its worst full calendar year was 2025 (+17.0%); its best was 2025 (+17.0%).
- The deepest fall in its price history was 62.1% (Oct 29, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.6% |
| 2025 | +17.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $53.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +19.29%, +20.63%, -32.88%.
How it works
MSFL does not track an index. It is an actively managed fund with one target: 200% of the daily move in Microsoft (NASDAQ: MSFT), measured from one trading day's close to the next. At the end of each day, the fund adjusts its positions so its exposure to Microsoft equals about 200% of its net asset value (the value of its holdings per share). Because of this daily reset, results over longer periods compound. They can differ sharply from twice Microsoft's return, and they are usually worse when the stock swings up and down.
Most of the exposure comes from swaps. A swap is a contract in which a bank agrees to pay the fund Microsoft's return on a set dollar amount. As of June 30, 2026, the fund held two swaps and no Microsoft shares directly. One was with BofA Securities (about 114% of net assets) and one with TD Cowen (about 86%). The fund expects to post 25% to 50% of its assets as collateral, and it carries the risk that a bank fails to pay.
If the fund can't add more swap exposure, it may use exchange-listed Microsoft options lasting one week to one month, or hold the stock itself. It keeps its cash in short-term holdings such as Treasury securities, money market funds and the GraniteShares Short Term Box ETF (LBOX), which is run by the same adviser.
What it really costs
- MSFL charges 1.15% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $117 in the first year and $1,428 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSFL | $117 | $372 | $646 | $1,428 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund resets its 2× Microsoft exposure every day and is built for short holding periods, not years-long ownership.
MSFL launched on March 4, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its short history still says a lot. From October 29, 2025 to June 25, 2026, it fell 62.1%, and it had not regained that peak as of October 27, 2026. Over the year ending on that date it lost 16.6%, with volatility of 64.6%. A retiree who needed to take cash out during a slump like that could lock in heavy losses.
The fund has paid no distributions, so it provides no income. Its expense ratio is 1.15%. In the SEC's standard example on a $10,000 investment, that comes to about $117 in the first year and $1,428 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice Microsoft's daily move for a day or a few days and watch their positions closely.
- Traders who can handle swings like its 62.1% drop from October 2025 to June 2026, with volatility of 64.6% over one year.
- Traders who accept a 1.15% expense ratio and the risk of relying on swap banks such as BofA Securities and TD Cowen.
Look elsewhere if
- Retirees and long-term holders, because daily resets make returns over months drift away from 2× Microsoft, often below it.
- Income seekers, because the fund has paid no distributions since it launched in March 2024.
- Investors who want diversification, because all of the fund's exposure is tied to one company, Microsoft, and the risks of the software sector.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is MSFL good for retirement?
MSFL is not designed for retirement or long-term holding. It aims for twice Microsoft's return over a single day and resets its exposure every day. Over months, its results can differ sharply from 2× the stock. As of October 27, 2026, it had lost 16.6% over one year. It fell 62.1% between October 29, 2025 and June 25, 2026 and had not regained that peak by late October 2026. It also pays no income.
Does MSFL pay dividends?
No. MSFL has paid no distributions. As of June 30, 2026, it held swap agreements tied to Microsoft rather than Microsoft shares. Its cash went into short-term holdings, such as Treasury securities and money market funds, that back those swaps. Any return comes from changes in the share price, so the fund offers nothing to investors who need regular income.
What's the difference between MSFL and owning Microsoft stock?
Owning Microsoft shares gives you the stock's return one-for-one, with no fund fee. MSFL aims for 200% of Microsoft's daily move through swaps with banks and charges a 1.15% expense ratio. Leverage magnifies losses as well as gains, and daily compounding means a year's return may not equal twice Microsoft's. MSFL also adds counterparty risk, the chance that a swap bank fails to pay. No other 2× Microsoft funds were matched for comparison.
Why doesn't MSFL return 2x Microsoft over a year?
Because MSFL resets its leverage every day. Each day's 2× return builds on the previous day's result. When Microsoft moves up and down in a choppy pattern, those resets tend to wear away value, so the fund can lose money even if the stock ends roughly flat. In a steady trend, it can return more than 2×. The prospectus warns that results over periods longer than a day are very likely to differ from twice the stock's return.
What is MSFL's expense ratio?
MSFL's expense ratio is 1.15%, including a 0.99% management fee, according to its prospectus filed October 28, 2026. The SEC's standard example assumes $10,000 invested and a 5% yearly return. On that basis, costs would total about $117 after one year, $372 after three years, $646 after five years and $1,428 after ten years. Trading costs, such as the bid-ask spread (the gap between buying and selling prices), come on top.