At a glance
BRKD charges 1.0% a year. It has $2.4M in assets; it paid 1.03% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +3.6% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily BRKB Bear 1X Shares (BRKD) seeks the opposite of one day's return on Berkshire Hathaway Class B stock (BRK.B), mainly through swaps, contracts with large financial institutions. It may interest traders wanting a short-term bet against Berkshire or a brief offset to Berkshire shares they own. Daily resets mean longer-term results can drift from -100% of Berkshire's return, and fees run 1.00% a year after a waiver (prospectus filed February 26, 2026).
Price history
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BRKD +3.6% 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 | |
|---|---|---|---|---|---|---|
| BRKD official prospectus, to Dec 31, 2025 | — | -4.12% | — | — | — | — |
| BRKD price data to Oct 27, 2026 | +5.9% | +3.6% | — | — | — | +0.5% |
- Over the year to Oct 27, 2026, BRKD returned +3.6%.
- Its worst full calendar year was 2025 (-6.7%); its best was 2025 (-6.7%).
- The deepest fall in its price history was 17.9% (Jan 10, 2025 to May 2, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +5.9% | — |
| 2025 | -6.7% | -6.61% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.1300 | |
| 2025 | $0.8100 |
What's inside
As of Jan 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 96.26% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jan 31, 2026, investors withdrew a net $571K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.71%, +2.61%, +5.00%.
How it works
BRKD tracks no index. It targets one stock, Berkshire Hathaway Class B (BRK.B), a holding company built mainly on insurance, a freight railroad and utilities. Its exposure comes chiefly from swaps, contracts with large financial institutions that pay the fund when BRK.B falls and charge it when BRK.B rises, sized each day at -100% of the fund's net assets. As of January 31, 2026, about 96% of assets sat in cash-like holdings; the four derivative contracts made up 3.44%, a value reflecting their gains or losses, not the bet's size.
The exposure resets daily. At each market close, the adviser adjusts the swaps: after BRK.B falls, the fund's assets grow and its bet against BRK.B is enlarged; after BRK.B rises, the bet is trimmed. Because each day's return compounds on the last, longer-run results will likely differ from -100% of BRK.B's return. The prospectus warns the fund will lose money if BRK.B ends flat over time, and could lose money even while BRK.B declines, a risk that grows with sharp price swings.
The fund is concentrated in financials, BRK.B's sector as of December 31, 2025. Any of its few swap partners could fail to pay. Because large investors create and redeem shares with cash rather than securities, the prospectus says the fund isn't expected to be tax efficient.
What it really costs
- BRKD charges 1% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.11% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $2,353 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BRKD | $102 | $554 | $1,032 | $2,353 |
In a retirement portfolio
BRKD targets -100% of Berkshire Hathaway Class B stock's return for one day only, and its prospectus warns it can lose money over longer periods even if the stock falls.
BRKD launched December 11, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned -6.61%, and its deepest drop was 17.9%, from January 10 to May 2, 2025, still unrecovered as of October 27, 2026. Its one-year beta, a gauge of how closely it follows the market, was -0.02, so it did little to offset market swings. A retiree needing cash in a market slump could not count on it having gained.
It paid $0.25 per share in the year to October 27, 2026, a 1.03% yield, with payouts twice a year. Its annual fee is 1.00% after a waiver, per its February 2026 prospectus, and the SEC's example puts costs on $10,000 at $102 for one year but $2,353 over ten. 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 seeking a one-day bet against Berkshire Hathaway Class B shares (BRK.B) without shorting the stock directly in a margin account.
- Berkshire shareholders wanting a brief offset to their stake, who can watch it daily and accept a 1.00% annual fee after waiver.
- Experienced investors who grasp daily compounding and accept that results over weeks can differ sharply from -100% of BRK.B's return.
Look elsewhere if
- Long-term and retirement investors: the prospectus says it loses money if BRK.B ends flat over time, and its 2025 return was -6.61%.
- Anyone seeking broad market protection: it bets against one financial-sector stock, with a one-year market beta of -0.02 as of October 27, 2026.
- Those wary of tiny funds or tax costs: net assets were about $2.4 million on January 31, 2026, and the prospectus doesn't expect tax efficiency.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does BRKD work?
BRKD seeks -100% of the daily return of Berkshire Hathaway Class B shares (BRK.B), before fees, so it aims to rise on days BRK.B falls and fall on days it rises. The Direxion fund, advised by Rafferty Asset Management, gets that exposure mainly through swap agreements, contracts with large financial institutions tied to BRK.B's price, and resets it at every market close. About 96% of its assets sat in cash-like holdings as of January 31, 2026.
Is BRKD good for long-term investing?
It isn't built for that. The prospectus says BRKD doesn't seek its target over any period longer than one trading day, and daily compounding means it will lose money if BRK.B ends flat over time. Its 2025 return was -6.61%, with a strongest quarter of 9.7% (ended June 30, 2025) and a weakest of -14.08% (ended March 31, 2025). It was up 5.87% in 2026 through October 27, but its deepest drop, 17.9% from January 10, 2025, was still unrecovered then.
What's the difference between BRKD and shorting BRK.B?
Unlike a direct short of BRK.B, BRKD resets its bet daily, and an investor can't lose more than they put in. A direct short (borrowing shares to bet on a decline), usually opened in a margin account, returns roughly the opposite of the stock's move over any period, and losses have no ceiling if the stock keeps rising. BRKD's daily reset means longer-term results drift from that simple short. BRKD also charges a 1.00% annual fee, per its February 2026 prospectus, and depends on swap partners paying.
What is BRKD's expense ratio?
BRKD's expense ratio, its annual fee, is 1.00%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee and reflects a 1.11% fee waiver. The SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares cashed in at the end of each period, shows total costs of $102 over one year, $554 over three, $1,032 over five and $2,353 over ten. The steep climb after year one suggests the waiver is counted only in the first year.
Does BRKD pay dividends?
Yes, BRKD makes distributions twice a year (semiannually). It paid $0.25 per share in the year to October 27, 2026, a yield of 1.03%. Those payouts are small next to the fund's price swings: its one-year volatility, a measure of how much the price moves around, was 10.7% as of the same date. Income isn't the fund's purpose; it exists to deliver the opposite of Berkshire Class B stock's daily return.