At a glance
BRZU charges 1.32% a year. It has $105.2M in assets; it paid 2.58% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.7% a year. At its worst it fell 96.1% in the 2020 crash (S&P 500: 33.7%) and 55.8% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily MSCI Brazil Bull 2X Shares (BRZU) aims to deliver twice the daily return of an MSCI index of large and mid-size Brazilian companies, before fees. It does this mainly by holding the iShares MSCI Brazil ETF (EWZ) and swap contracts. Its leverage resets every day, so results over longer periods can differ sharply from twice the index. It costs 1.32% a year and lost 91.34% in 2020.
Price history
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BRZU +11.8% 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 | |
|---|---|---|---|---|---|---|
| BRZU official prospectus, to Dec 31, 2025 | — | +97.35% | — | -2.87% | -12.62% | — |
| BRZU price data to Oct 27, 2026 | -0.4% | +11.8% | +6.7% | +6.4% | -23.8% | -30.3% |
- Over the year to Oct 27, 2026, BRZU returned +11.8%.
- Its 5-year annualized return was +6.4% and its 10-year -23.8%.
- In the 2020 COVID crash it fell 96.1%, and had not regained its old high by the end of the data.
- Its worst full calendar year was 2020 (-90.9%); its best was 2016 (+167.0%).
- The deepest fall in its price history was 99.7% (Apr 10, 2013 to Mar 23, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.4% | — |
| 2025 | +97.8% | +97.35% |
| 2024 | -57.0% | -57.05% |
| 2023 | +55.3% | +55.19% |
| 2022 | +8.1% | +8.31% |
| 2021 | -39.2% | -39.32% |
| 2020 | -90.9% | -91.34% |
| 2019 | +57.1% | +56.82% |
| 2018 | -37.2% | -37.21% |
| 2017 | +30.8% | +31.20% |
| 2016 | +167.0% | +168.34% |
| 2015 | -86.8% | — |
| 2014 | -56.5% | — |
| 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 | Lost 96.1% over that stretch · deepest drop along the way 96.1%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 29.9% over that stretch · deepest drop along the way 55.8%, back to its old high 42.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9400 | |
| 2025 | $1.9000 | -47.4% |
| 2024 | $3.6100 | +8.4% |
| 2023 | $3.3300 | +3.4% |
| 2022 | $3.2200 | -23.2% |
| 2021 | $4.1900 | +317.6% |
| 2020 | $1.0033 | -91.9% |
| 2019 | $12.3333 | +42.3% |
| 2018 | $8.6667 | -13.3% |
| 2017 | $10.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (56.01% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| ISHARES MSCI BRAZIL ETF | 47.86% |
By country
United States 47.86%By asset type
Stocks 47.86%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $1.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -19.07%, -6.75%, +11.83%.
How it works
BRZU tracks an MSCI index of Brazil's large and mid-size companies. The index covers about 85% of the free float-adjusted market value of Brazilian issuers. Free float counts only the shares that public investors can actually buy. Each company is weighted by that value, with two caps: no single issuer can exceed 25%, and issuers above 5% cannot together exceed 50%. The index rebalances quarterly. As of December 31, 2025, it had 46 constituents, concentrated in financials, energy and materials.
Rafferty Asset Management, the fund's adviser, generally does not buy shares on Brazilian exchanges. As of July 31, 2026, the iShares MSCI Brazil ETF (EWZ) made up 47.86% of net assets. Four swaps tied to the iShares MSCI Brazil Capped ETF had a market value equal to 15.55% of net assets, and cash and similar holdings were 56.01%. A swap is a contract in which a bank pays the fund the return of a reference asset. If that bank fails to pay, the fund can lose money.
The leverage resets every day. At each market close, Rafferty adds exposure after the index rises and cuts it after the index falls, which keeps the fund at twice the index. Each day's return compounds on the last, so results over weeks or years will very likely differ from twice the index. The prospectus warns that the fund can lose money when the index is flat, and even while the index rises.
What it really costs
- BRZU charges 1.32% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $134 in the first year and $1,590 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BRZU | $134 | $418 | $723 | $1,590 |
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 aims for twice the index's return over one trading day only, and holding it longer has led to near-total losses.
BRZU magnifies single-day moves in Brazilian stocks. It launched in April 2013, so it has no record from the 2008 crisis. In the 2020 COVID crash it lost 96.1% between February 19 and March 23, 2020, and 2020 was its worst calendar year, with a loss of 91.34%. Over the 2022 US bear market as a whole it gained 29.9%. Within that stretch, though, it fell 55.8% and took about 42.5 months to recover, finally doing so on January 27, 2026. Its deepest drop was 99.7%, from launch to March 23, 2020, and it had not recovered as of October 27, 2026.
Anyone forced to sell in a bad year could lock in losses that later gains never make up. The trailing yield was 2.58% as of October 27, 2026, paid quarterly. That income is small next to the fund's swings, and the 1.32% expense ratio adds to the drag. Past results don't predict the future, 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 the one-day move of Brazilian large and mid-size stocks and can check their positions every trading day.
- Short-term traders who want a leveraged position in Brazil's market, which leans toward financials, energy and materials, without trading on Brazilian exchanges.
- Traders who accept a 1.32% expense ratio, counterparty risk from swaps, and one-year volatility of 75.6% as of October 27, 2026.
Look elsewhere if
- Buy-and-hold and retirement investors. Because leverage resets daily, holding for months or years can produce results far from twice the index.
- Anyone who can't tolerate deep losses. The fund fell 99.7% from launch to March 2020 and had not recovered as of October 27, 2026.
- Income seekers. The 2.58% trailing yield as of October 27, 2026 is small next to calendar-year losses such as 57.05% in 2024.
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 BRZU good for long-term investing?
BRZU is not designed for long holding periods. It seeks twice the index's return for a single trading day only, and daily compounding can wear down returns over time. As of December 31, 2025, its average annual return was −2.87% over five years and −12.62% over ten years, even after a 97.35% gain in 2025. On a price basis, it lost about 93% over the ten years to October 27, 2026.
What's the difference between BRZU and EWZ?
EWZ, the iShares MSCI Brazil ETF, holds Brazilian stocks without leverage. BRZU holds EWZ shares, 47.86% of net assets as of July 31, 2026, and adds swaps so that its exposure equals twice the index's daily move. That means roughly double the daily gains and losses, a daily reset, and counterparty risk from the swaps. Over periods longer than one day, BRZU's return can differ sharply from twice EWZ's.
Does BRZU pay dividends?
Yes. BRZU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.03 per share, a trailing yield of 2.58%. That income comes on top of extreme price swings. For example, the fund lost 57.05% in 2024 and gained 97.35% in 2025, so the payouts do little to soften losses in a bad year.
What is BRZU's expense ratio?
BRZU's expense ratio is 1.32% a year, according to its prospectus filed February 26, 2026, and that includes a 0.75% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $134 after one year, $418 after three years, $723 after five years and $1,590 after ten years, with shares sold at the end of each period.
Can BRZU go to zero?
It can come close. The prospectus warns that investors could lose all of their money. In the first quarter of 2020, BRZU lost 96.04%, and it ended that year down 91.34%. Its deepest drop was 99.7%, measured from its April 2013 launch to March 23, 2020, and it had not regained that earlier peak as of October 27, 2026. Twice the daily exposure means a sharp fall in Brazilian stocks hits the fund twice as hard.