At a glance
KORU charges 1.32% a year. It has $1.26B in assets; it paid 0.67% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +43.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +66.8% a year. At its worst it fell 80.4% in the 2020 crash (S&P 500: 33.7%) and 82.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 39 months after the lows.
The short version
Direxion MSCI Daily South Korea Bull 3X Shares (KORU) seeks 300% of the daily return of an MSCI index of large and mid-sized South Korean companies, before fees. It gets that exposure through swaps and shares of the iShares MSCI South Korea ETF. Its leverage resets every day, so results over longer periods can stray far from triple the index. It charges 1.32% a year. It lost 70% in 2022 and gained 434% in 2025.
Price history
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KORU +43.2% 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 | |
|---|---|---|---|---|---|---|
| KORU official prospectus, to Dec 31, 2025 | — | +434.31% | — | -12.61% | -0.78% | — |
| KORU price data to Oct 27, 2026 | +30.7% | +43.2% | +66.8% | -1.5% | +0.2% | -3.1% |
- Over the year to Oct 27, 2026, KORU returned +43.2%.
- Its 5-year annualized return was -1.5% and its 10-year +0.2%.
- In the 2020 COVID crash it fell 80.4% and regained its old high 7.7 months after the low.
- Its worst full calendar year was 2022 (-70.2%); its best was 2025 (+432.5%).
- The deepest fall in its price history was 95.8% (Jan 26, 2018 to Apr 8, 2025), recovered by May 5, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +30.6% | — |
| 2025 | +432.5% | +434.31% |
| 2024 | -62.1% | -62.45% |
| 2023 | +28.4% | +28.48% |
| 2022 | -70.2% | -70.26% |
| 2021 | -33.9% | -33.59% |
| 2020 | +48.8% | +49.20% |
| 2019 | +5.5% | +5.28% |
| 2018 | -59.9% | -59.94% |
| 2017 | +166.7% | +171.16% |
| 2016 | +6.6% | +6.28% |
| 2015 | -31.7% | — |
| 2014 | -40.8% | — |
| 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 80.4% over that stretch · deepest drop along the way 80.4%, back to its old high 7.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 79.6% over that stretch · deepest drop along the way 82.6%, back to its old high 39.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0055 | |
| 2025 | $0.0810 | +8.0% |
| 2024 | $0.0750 | -34.8% |
| 2023 | $0.1150 | +475.0% |
| 2022 | $0.0200 | -78.9% |
| 2021 | $0.0950 | +11775.0% |
| 2020 | $0.0008 | -99.3% |
| 2019 | $0.1200 | -31.4% |
| 2018 | $0.1750 | -84.3% |
| 2017 | $1.1150 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (65.56% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| ISHARES MSCI SOUTH KOREA ETF | 57.55% |
By country
United States 57.55%By asset type
Stocks 57.55%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $301.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +85.04%, -28.48%, -61.48%.
How it works
KORU follows an index designed by MSCI that covers the large- and mid-cap part of South Korea's stock market. That is about 85% of the free float-adjusted market value of South Korean companies, which counts only shares available to outside investors. No single company can exceed 25% of the index, and companies above 5% can't total more than 50% combined. As of December 31, 2025, the index had 82 stocks, concentrated in information technology and industrials. It is rebalanced quarterly.
The fund generally doesn't own Korean stocks directly. Instead, it holds shares of an ETF that tracks the index. It also uses swap agreements, which are contracts where a bank pays the fund the return on that ETF, and futures. As of July 31, 2026, the iShares MSCI South Korea ETF made up 57.5% of net assets, alongside seven derivative positions and cash holdings. If a swap counterparty fails to pay, the fund can lose money.
At each day's close, Rafferty Asset Management resets the fund's exposure to 300% of net assets. It adds exposure after the index rises and cuts it after the index falls, which drove portfolio turnover of 81%. Each day's return compounds on the last, so results over longer periods will very likely differ from three times the index. The prospectus warns that the fund loses money if the index is flat over time, and that it can lose money even while the index rises.
What it really costs
- KORU 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 |
|---|---|---|---|---|
| KORU | $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 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its exposure resets daily for one-day trading, and it has suffered drops of 80% or more that sometimes took years to recover.
KORU launched in April 2013, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell 80% between February 19 and March 23, then took about eight months to recover. In 2022 it dropped 83% and didn't get back to its January 2022 peak until January 12, 2026. Its worst calendar year was 2022, with a 70% loss. Its deepest decline was 96%, from January 2018 to April 2025. Anyone who had to raise cash during drops like these would have locked in losses.
The fund isn't a source of income. Its yield was 0.67% as of October 27, 2026, paid twice a year. Costs are 1.32% a year, or $134 in the first year on $10,000 under the SEC's standard example. 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 wanting a magnified one-day bet on South Korean large- and mid-cap stocks, who can watch their positions every trading day.
- Experienced investors who understand daily-reset leverage, swaps and counterparty risk, and can accept drops like the 96% fall from 2018 to 2025.
- Traders seeking leveraged Korea exposure in a sizable US-listed fund, with $1.26 billion in net assets as of July 31, 2026.
Look elsewhere if
- Retirees seeking steadier growth: one-year volatility was 175.8% as of October 27, 2026, and the fund lost 70% in 2022 and 62% in 2024.
- Income seekers: the yield was only 0.67% as of October 27, 2026, paid twice a year.
- Long-term holders hoping for triple South Korea's return: the five-year average annual return was -12.61% as of December 31, 2025.
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 KORU a good long-term investment?
It isn't designed to be one. The prospectus says KORU seeks 300% of its index's return for a single day only. It also warns that daily resets and compounding can cause losses over time, even when the index rises. As of December 31, 2025, the fund's average annual return was -12.61% over five years and -0.78% over ten years, despite a 434.31% gain in 2025. It also fell 96% between January 2018 and April 2025.
How does KORU 3x leverage work?
KORU uses swaps, futures and shares of the iShares MSCI South Korea ETF to get index exposure equal to three times its net assets. At each day's close, Rafferty Asset Management resets that exposure. It adds after up days and trims after down days, aiming for triple the index's move each day, before fees. Over weeks or months, compounding means results can differ sharply from three times the index, and they are usually worse in choppy markets.
What's the difference between KORU and EWY?
KORU is a leveraged fund built partly from EWY. EWY, the iShares MSCI South Korea ETF, holds South Korean stocks and aims to match the same MSCI index without leverage. As of July 31, 2026, KORU held EWY shares worth 57.5% of its net assets and added swaps on EWY to reach 300% daily exposure. That makes KORU far more volatile: its one-year volatility was 175.8% as of October 27, 2026. KORU's expense ratio is 1.32%.
What is KORU's expense ratio?
KORU's expense ratio is 1.32% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would total about $134 after one year, $418 after three, $723 after five and $1,590 after ten. Portfolio turnover was 81%, and trading costs from that turnover aren't included in the expense ratio.
Does KORU pay dividends?
Yes, but very little. KORU pays distributions twice a year. Its trailing yield was 0.67% as of October 27, 2026, or about $0.08 per share over the past year. Almost all of the fund's return comes from leveraged price moves in South Korean stocks, which have ranged from a 70% loss in 2022 to a 434% gain in 2025. Next to swings that size, the payout is too small to make KORU an income investment.