At a glance
MSFX charges 1.05% a year. It has $29.3M in assets; it paid 5.27% of its price in distributions over the past 12 months, annual. Over the past year it returned −20.1% with distributions reinvested (S&P 500: +11.5%).
The short version
T-Rex 2X Long Microsoft Daily Target ETF (MSFX), from Tuttle Capital Management, seeks twice Microsoft's daily stock return, before fees. It gets that exposure mainly through swap contracts with financial institutions. It is built for short-term traders who want a magnified one-day bet on a single company. Because the 2x exposure resets daily, longer-term results can stray far from double Microsoft's return; the fund's price fell 63.6% from August 4, 2025 to June 25, 2026.
Price history
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MSFX -20.1% 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 | |
|---|---|---|---|---|---|---|
| MSFX official prospectus, to Dec 31, 2025 | — | +9.83% | — | — | — | +7.36% |
| MSFX price data to Oct 27, 2026 | +1.3% | -20.1% | — | — | — | +5.3% |
- Over the year to Oct 27, 2026, MSFX returned -20.1%.
- Its worst full calendar year was 2025 (+9.8%); its best was 2025 (+9.8%).
- The deepest fall in its price history was 63.6% (Aug 4, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.3% | — |
| 2025 | +9.8% | +121.50% |
| 2024 | +3.8% | +81.42% |
| 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 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.4600 |
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 $9.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +19.32%, +20.60%, -32.99%.
How it works
MSFX tracks no index. It seeks 200% of Microsoft's daily stock performance, before fees, mainly through total return swaps. These are contracts in which the fund and a financial institution exchange payments so the fund gains or loses as if it held Microsoft stock worth twice its net assets. Its June 30, 2026 portfolio report listed two such swaps and no Microsoft shares. The adviser may also purchase call options (rights to acquire the stock at a set price), including customized FLEX options, or hold Microsoft stock, which adds no leverage.
At each market close, the adviser rebalances to restore 2x exposure. It adds exposure after Microsoft rises and trims it after a fall. With this daily reset, each day's gain or loss builds on the last. Returns over weeks or months will very likely differ from twice Microsoft's, often falling short when the stock swings up and down. If Microsoft fell more than 50% in a single day, the fund's investors would lose everything.
The fund also holds money market funds, deposits at highly rated institutions and short-term U.S. government debt, and may park cash in The Laddered T-Bill ETF, an affiliated fund. It is non-diversified, meaning it can concentrate in very few holdings; here, that is one technology stock. The board can change its objective without a shareholder vote.
What it really costs
- MSFX charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MSFX | $107 | $334 | $579 | $1,283 |
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
Its 2x Microsoft exposure resets daily, so long-run results can drift far from double the stock's return, and the prospectus warns investors could lose all their money.
MSFX launched in January 2024, so it has no record in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its one full calendar year, 2025, returned 9.83%, but that figure hides violent swings. From August 4, 2025 to June 25, 2026, its price fell 63.6%, and it had not recovered as of October 27, 2026. Anyone who needed cash near that low could have locked in a deep loss.
Over the year to October 27, 2026, the fund returned -20.1%. Its trailing yield as of that date was 5.27%, or $1.46 a share. That comes in one annual payout and is not a dependable income stream. Expenses are 1.05% a year, or $107 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a retirement plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified one-day position on Microsoft who can check holdings daily, since the 2x goal applies to single trading days only.
- Investors wanting leveraged Microsoft exposure without borrowing from a broker, who accept the prospectus warning that they could lose everything invested.
- Traders comfortable with extreme swings, including a 63.6% price drop from August 2025 to June 2026, and a 1.05% annual expense ratio.
Look elsewhere if
- Retirees and long-term holders: the daily reset means returns over months can differ sharply from 2x Microsoft, usually worse in choppy markets.
- Income seekers: the 5.27% trailing yield as of October 27, 2026 comes from a once-a-year payout and sat beside a -20.1% one-year return.
- Anyone wanting plain Microsoft exposure: owning the stock avoids the 1.05% fee, swap counterparty risk and drift from daily resets.
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 MSFX good for retirement or long-term investing?
It isn't designed for either. The prospectus says MSFX seeks 200% of Microsoft's daily performance and does not aim for that result over any longer period. Because its exposure resets every day, each day's gain or loss builds on the last. Returns can drift far from twice Microsoft's, usually for the worse when the stock chops up and down. From August 4, 2025 to June 25, 2026, its price fell 63.6%, and it had not recovered as of October 27, 2026.
How does MSFX get 2x exposure to Microsoft?
Mainly through total return swaps. In these contracts, the fund and a financial institution exchange payments so the fund gains or loses as if it held Microsoft stock worth twice its net assets. The fund's June 30, 2026 portfolio report listed two such swaps and no Microsoft shares. It may also purchase exchange-traded call options, including FLEX options guaranteed by a clearinghouse, or hold Microsoft stock. Swaps carry counterparty risk: if the institution can't pay, the fund could lose value. Exposure is reset at each market close.
Does MSFX pay a dividend?
Yes, but only once a year, and the amount isn't guaranteed. MSFX paid $1.46 a share over the trailing 12 months, a yield of 5.27% as of October 27, 2026. Its one-year return to the same date was -20.1%, so the yield says little about how the fund actually performed. A high trailing yield on a leveraged single-stock fund is not a reliable guide to future income.
What's the difference between MSFX and owning Microsoft stock?
Owning Microsoft shares delivers the stock's return, with no fund fee and no daily reset. MSFX aims for twice Microsoft's return one day at a time and charges 1.05% a year. It relies mainly on swaps, which add counterparty risk (the chance a swap partner fails to pay). Over longer periods, results can be far better or worse than double the stock's. Microsoft has no role in the fund. The prospectus warns that a one-day Microsoft drop of more than 50% would wipe out the fund's investors.
What is the MSFX expense ratio?
MSFX charges 1.05% a year, all of it a management fee, according to its prospectus filed April 30, 2026. That is well above what broad index funds typically charge. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. On that basis, total costs would be about $107 after one year, $334 after three, $579 after five and $1,283 after ten. Swap financing charges, which the adviser weighs when choosing instruments, can also affect returns.