At a glance
BRKU charges 1.02% a year. It has $41.1M in assets; it paid 2.07% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.3% with distributions reinvested (S&P 500: +11.5%).
The short version
Direxion Daily BRKB Bull 2X Shares (BRKU) aims to deliver twice the daily return of Berkshire Hathaway Class B stock (BRK.B), before fees and expenses. It does this mainly through swap agreements that reset every trading day. Two things set it apart from owning Berkshire directly. It charges 1.02% a year, and its leverage magnifies losses. It fell 35.4% from April 2, 2025, to May 5, 2026, and had not recovered that loss as of October 27, 2026.
Price history
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BRKU +10.3% 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 | |
|---|---|---|---|---|---|---|
| BRKU official prospectus, to Dec 31, 2025 | — | +1.67% | — | — | — | — |
| BRKU price data to Oct 27, 2026 | +6.3% | +10.3% | — | — | — | +4.5% |
- Over the year to Oct 27, 2026, BRKU returned +10.3%.
- Its worst full calendar year was 2025 (+6.4%); its best was 2025 (+6.4%).
- The deepest fall in its price history was 35.4% (Apr 2, 2025 to May 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.3% | — |
| 2025 | +6.4% | +6.77% |
| 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) | $0.3300 | |
| 2025 | $0.6000 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 10.86% of assets, and 90.98% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| BERKSHIRE HATHAWAY INC | 10.86% |
By country
United States 10.86%By asset type
Stocks 10.86%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $23.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.54%, +10.21%, +3.53%.
How it works
BRKU does not track an index. Its goal is to return 200% of BRK.B's performance for a single trading day. It puts at least 80% of its net assets into BRK.B shares and financial instruments that together create that 2X exposure. Most of the exposure comes from swap agreements. A swap is a contract in which a large bank agrees to pay the fund the return on BRK.B. As of July 31, 2026, the fund held BRK.B stock equal to about 10.9% of its $41.1 million in net assets. About 91% sat in cash and similar holdings, and the swaps supplied the rest of the exposure.
At each market close, the adviser, Rafferty Asset Management, resets the fund's exposure to twice its net assets. If BRK.B rises, the fund adds exposure. If BRK.B falls, the fund cuts exposure. Because each day's return compounds on the last, results over weeks or months will very likely differ from twice BRK.B's return. The prospectus warns that the fund will lose money if BRK.B ends up flat. It can even lose money while BRK.B rises.
The fund is non-diversified. It depends on one company and is concentrated in the financial sector. It also relies on a small number of swap counterparties, so it could lose money if one of them fails to pay. Shares bought partway through a trading day will not get exactly 2X exposure. The fund's board can change its objective without a shareholder vote.
What it really costs
- BRKU charges 1.02% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $104 in the first year and $1,269 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BRKU | $104 | $329 | $572 | $1,269 |
In a retirement portfolio
The fund's 2X target applies to one trading day only, and the prospectus warns that it can lose money over longer periods even when Berkshire stock rises.
BRKU launched on December 11, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In its only full calendar year, 2025, it returned 6.77%, according to its prospectus. That year included a gain of 33.43% in the quarter ended March 31 and a loss of 20.43% in the quarter ended June 30. Its deepest drop was 35.4%, from April 2, 2025, to May 5, 2026, and it had not recovered as of October 27, 2026. Anyone who needed cash during that stretch would have had to lock in a large loss. The fund pays distributions quarterly, with a trailing yield of 2.07% as of October 27, 2026. In the SEC's standard example, $10,000 invested would cost $104 in the first year and $1,269 over 10 years. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want twice the one-day move of Berkshire Hathaway Class B stock and are willing to check their position every day.
- Investors who understand daily-reset compounding and can accept swings like the 35.4% drop from April 2025 to May 2026.
- Short-term traders who accept the 1.02% expense ratio and the risk that a swap counterparty fails to pay.
Look elsewhere if
- Savers and retirees who want a long-term Berkshire position. Over time, this fund can lose money even when BRK.B rises.
- Investors who want diversification. The fund is tied to a single company and concentrated in the financial sector.
- Anyone who wants low costs or a long track record. It charges 1.02% and has existed only since December 2024.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is BRKU good for retirement?
BRKU is built for short-term trading, not long-term holding. Its prospectus says it seeks 200% of BRK.B's return for one trading day only. It also warns that over longer periods the fund can lose money even when BRK.B rises. The fund fell 35.4% from April 2, 2025, to May 5, 2026, and had not recovered as of October 27, 2026. Its short history also leaves out major downturns such as 2008, 2020 and 2022.
What's the difference between BRKU and buying BRK.B stock?
BRK.B is Berkshire Hathaway's Class B stock. BRKU uses swaps to aim for twice that stock's daily return. As of July 31, 2026, BRKU held BRK.B shares worth only about 10.9% of its assets. The rest was mostly cash, with swaps supplying the leverage. Because exposure resets daily, BRKU's long-run results can drift well away from twice the stock's return. It also charges 1.02% a year and carries counterparty risk, which owning the shares directly does not.
Does BRKU pay dividends?
Yes. BRKU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.54 per share, a trailing yield of 2.07%. That income is small next to the fund's price swings. Its quarterly returns in 2025 ranged from a gain of 33.43% to a loss of 20.43%. A trailing yield looks back at past payments and does not promise future ones.
Why doesn't BRKU return exactly 2x Berkshire over a year?
BRKU resets its leverage at every market close, so each day's return compounds on the one before. Over longer periods, that compounding means the fund's return will very likely differ from twice BRK.B's return. When the stock swings up and down, the drag grows. The prospectus says the fund will lose money if BRK.B ends up flat over time. It could even lose money while BRK.B rises.
What is BRKU's expense ratio?
BRKU's expense ratio is 1.02%, according to its prospectus filed February 26, 2026. That figure includes a 0.75% management fee. In the SEC's standard example, $10,000 invested at a 5% yearly return would cost about $104 after one year, $329 after three years, $572 after five years and $1,269 after 10 years. Owning BRK.B shares directly involves no fund fee.