# BRZU (Direxion Daily MSCI Brazil Bull 2X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: BRZU returned +17.7% where its own daily promise gave +19.3%, 1.6 points short.

## Key facts

- BRZU, what EWZ did: +9.8%, as of Sep 11, 2026.
- BRZU, what +2 times a day gives: +19.3%, as of Sep 11, 2026.
- BRZU, what the fund returned: +17.7%, as of Sep 11, 2026.
- BRZU, the fund itself cost: −1.6 pts, as of Sep 11, 2026.
- BRZU, net assets: $125m (source, as filed for Apr 30, 2026).
- BRZU, expense ratio: 1.32% (485BPOS XBRL, Feb 26, 2026).

## BRZU over each window to Sep 11, 2026

| Window | Fund | EWZ | +2x the move | Difference | EWZ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +26.3% | +12.8% | +25.6% | +0.7 pts | 22% |
| 3 months | +17.7% | +9.8% | +19.7% | −2.0 pts | 22% |
| 6 months | +11.4% | +8.6% | +17.3% | −5.9 pts | 25% |
| 1 year | +56.7% | +32.9% | +65.8% | −9.1 pts | 25% |
| 3 years | +46.8% | +44.7% | +89.3% | −42.6 pts | 24% |
| Since launch | −99.0% | +27.3% | +54.5% | −153.5 pts | 34% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of EWZ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.8 times, against +2 stated | ETFIQ |
| Underlying | EWZ | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $125m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.32% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Apr 10, 2013 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### Did BRZU return +2 times EWZ?

Over the window to Sep 11, 2026, EWZ moved +9.8% and BRZU returned +17.7%. 2 times that move is +19.7%, so the fund came out 2.0 points short of it.

### Why does BRZU not return +2 times over a year?

Because it resets daily. BRZU aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x EWZ ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, BRZU, data as of Sep 11, 2026. https://etfiq.com/funds/BRZU
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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