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BRZU Direxion Daily MSCI Brazil Bull 2X ETF

Aims to return twice the daily move of Brazil (EWZ)Direxion1.32% fee$117mSince Apr 10, 2013SEC filings ↗Every Direxion fund ETFIQ covers
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Three months to Sep 30, 2026: BRZU returned +15.8% where its own daily promise gave +17.3%, 1.4 points short.

+9.0%
What EWZ did
+17.3%
What 2 times a day gives
+15.8%
What the fund returned
−1.4 pts
The fund itself cost
What it aimed at, and what it did
0.7 pts short of its stated multipleBRZU returned +6.1% while 2 times EWZ's move would have been +6.8%EWZ +3.4% ×2 implies+6.8%BRZU returned+6.1%0.7 pts short of its stated multipleBRZU returned +6.1% while 2 times EWZ's move would have been +6.8%EWZ +3.4% ×2 implies+6.8%BRZU returned+6.1%

Over the 1 month to Sep 30, 2026, BRZU returned +6.1%, where 2 times that move implies +6.8%. The difference is −0.7 pts.

2.1 pts short of its stated multipleBRZU returned +15.8% while 2 times EWZ's move would have been +18.0%EWZ +9.0% ×2 implies+18.0%BRZU returned+15.8%2.1 pts short of its stated multipleBRZU returned +15.8% while 2 times EWZ's move would have been +18.0%EWZ +9.0% ×2 implies+18.0%BRZU returned+15.8%

Over the 3 months to Sep 30, 2026, BRZU returned +15.8%, where 2 times that move implies +18.0%. The difference is −2.1 pts.

4.9 pts short of its stated multipleBRZU returned −8.9% while 2 times EWZ's move would have been −4.0%EWZ −2.0% ×2 implies−4.0%BRZU returned−8.9%4.9 pts short of its stated multipleBRZU returned −8.9% while 2 times EWZ's move would have been −4.0%EWZ −2.0% ×2 implies−4.0%BRZU returned−8.9%

Over the 6 months to Sep 30, 2026, BRZU returned −8.9%, where 2 times that move implies −4.0%. The difference is −4.9 pts.

11.2 pts short of its stated multipleBRZU returned +40.1% while 2 times EWZ's move would have been +51.3%EWZ +25.7% ×2 implies+51.3%BRZU returned+40.1%11.2 pts short of its stated multipleBRZU returned +40.1% while 2 times EWZ's move would have been +51.3%EWZ +25.7% ×2 implies+51.3%BRZU returned+40.1%

Over the 1 year to Sep 30, 2026, BRZU returned +40.1%, where 2 times that move implies +51.3%. The difference is −11.2 pts.

42.5 pts short of its stated multipleBRZU returned +46.9% while 2 times EWZ's move would have been +89.4%EWZ +44.7% ×2 implies+89.4%BRZU returned+46.9%42.5 pts short of its stated multipleBRZU returned +46.9% while 2 times EWZ's move would have been +89.4%EWZ +44.7% ×2 implies+89.4%BRZU returned+46.9%

Over the 3 years to Sep 30, 2026, BRZU returned +46.9%, where 2 times that move implies +89.4%. The difference is −42.5 pts.

147.3 pts short of its stated multipleBRZU returned −99.1% while 2 times EWZ's move would have been +48.2%EWZ +24.1% ×2 implies+48.2%BRZU returned−99.1%147.3 pts short of its stated multipleBRZU returned −99.1% while 2 times EWZ's move would have been +48.2%EWZ +24.1% ×2 implies+48.2%BRZU returned−99.1%

Over the since launch to Sep 30, 2026, BRZU returned −99.1%, where 2 times that move implies +48.2%. The difference is −147.3 pts.

ETFIQ Decay Resistance Score
88.853rd of 470

BRZU finished 1.4 points short of what +2 times EWZ’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded−1.4 pts · 89th pct
All 470 ranked by this score →How it is computed →

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
BMNG −21.7 ptsBMNU −21.2 ptsMRNX −17.4 ptsMSTX −15.7 ptsSMCX −13.9 ptsSMCC −13.5 ptsMSTU −13.1 ptsMSTP −11.9 ptsETHT −11.8 ptsGDXU −9.9 ptsSLON −9.4 ptsSMCL −9.4 ptsGMEU −9.0 ptsEVMU −8.9 ptsMSTC −8.9 ptsSOLT −8.5 ptsXOVL −8.5 ptsXXRP −8.5 ptsONDL −8.4 ptsSBTU −8.3 ptsCRCA −8.0 ptsCRWL −7.7 ptsFNGU −7.7 ptsHPEL −7.7 ptsBLSG −7.6 ptsINFH −7.6 ptsCRCG −7.5 ptsUMAL −7.5 ptsSOUX −7.4 ptsPOEL −7.3 ptsSPYU −6.9 ptsRGTX −6.7 ptsETHU −6.6 ptsKORU −6.6 ptsIRE −6.5 ptsNETG −6.5 ptsPLTG −6.4 ptsBITU −6.3 ptsBIB −6.2 ptsETU −6.2 ptsBTCL −6.1 ptsPLTA −6.1 ptsSMTG −6.1 ptsOKTG −6.0 ptsUPLT −6.0 ptsUXRP −5.9 ptsMUU −5.8 ptsNOWL −5.8 ptsXRPT −5.8 ptsCCUP −5.7 ptsCRMG −5.6 ptsDJTU −5.6 ptsFUTG −5.6 ptsCOIG −5.5 ptsANEL −5.4 ptsCOIA −5.4 ptsVELL −5.4 ptsAMPU −5.3 ptsBTCU −5.3 ptsSHNY −5.3 ptsAXTU −5.2 ptsCONL −5.2 ptsOSCX −5.2 ptsCOPZ −5.1 ptsIONX −5.1 ptsMULL −5.1 ptsRIOX −5.1 ptsFIGG −4.9 ptsRDWU −4.9 ptsBITX −4.8 ptsUMCX −4.8 ptsUPAL −4.8 ptsLUNL −4.7 ptsPLTU −4.7 ptsSPCU −4.7 ptsUCOP −4.7 ptsAEHG −4.6 ptsMSFL −4.6 ptsNVDX −4.6 ptsPDDL −4.6 ptsPTIR −4.6 ptsPYPG −4.6 ptsTEMT −4.6 ptsADIU −4.5 ptsMSFX −4.5 ptsTSMU −4.5 ptsAXTL −4.4 ptsHIMZ −4.4 ptsLITU −4.4 ptsMIC −4.4 ptsAXTX −4.3 ptsFCXG −4.3 ptsKEYG −4.3 ptsPLTL −4.3 ptsPYPU −4.3 ptsSNDU −4.3 ptsADBG −4.2 ptsAMDL −4.2 ptsGEMG −4.2 ptsCRWG −4.1 ptsDRAL −4.1 ptsDUOG −4.1 ptsHOOX −4.1 ptsMVLL −4.1 ptsONDG −4.1 ptsSNDC −4.1 ptsSOFX −4.1 ptsTELG −4.1 ptsXAGI −4.1 ptsCLSX −4.0 ptsCONX −4.0 ptsKEYX −4.0 ptsMSFU −4.0 ptsROBN −4.0 ptsSOXL −4.0 ptsSPCF −4.0 ptsXTAI −4.0 ptsHOOG −3.9 ptsSNAG −3.9 ptsSNOU −3.9 ptsSPCH −3.9 ptsSTXU −3.9 ptsTWSC −3.9 ptsAPHG −3.8 ptsAVXX −3.8 ptsLNOK −3.8 ptsMSFC −3.8 ptsARCX −3.7 ptsLITX −3.7 ptsLOFF −3.7 ptsQSU −3.7 ptsYINN −3.7 ptsMCHG −3.6 ptsQUBX −3.6 ptsRAM −3.6 ptsRMBX −3.6 ptsAPHU −3.5 ptsASTG −3.5 ptsFBX −3.5 ptsINTW −3.5 ptsONDU −3.5 ptsPONX −3.5 ptsRCAX −3.5 ptsSTXL −3.5 ptsTSMG −3.5 ptsVALG −3.5 ptsVSTL −3.5 ptsASMG −3.4 ptsCOIX −3.4 ptsFGRU −3.4 ptsLRNX −3.4 ptsOKLL −3.4 ptsSPAX −3.4 ptsURAA −3.4 ptsAFRU −3.3 ptsCCPX −3.3 ptsENTL −3.3 ptsFOMG −3.3 ptsHONG −3.3 ptsIREX −3.3 ptsKRWX −3.3 ptsNBIG −3.3 ptsNEMG −3.3 ptsPANG −3.3 ptsACHX −3.2 ptsADBU −3.2 ptsAMUU −3.2 ptsAVGU −3.2 ptsFDRX −3.2 ptsNVDL −3.2 ptsORCX −3.2 ptsSMU −3.2 ptsTSMX −3.2 ptsUECG −3.2 ptsXLEX −3.2 ptsBRZX −3.1 ptsDLLL −3.1 ptsFBL −3.1 ptsFPSX −3.1 ptsHODU −3.1 ptsKMLI −3.1 ptsKTUP −3.1 ptsNEBX −3.1 ptsNVDG −3.1 ptsORCU −3.1 ptsAMDG −3.0 ptsAVGG −3.0 ptsBABU −3.0 ptsCDNG −3.0 ptsECHX −3.0 ptsKJD −3.0 ptsMETU −3.0 ptsNVOX −3.0 ptsORAC −3.0 ptsPALU −3.0 ptsQCML −3.0 ptsSHPU −3.0 ptsUSLV −3.0 ptsXW −3.0 ptsIOSX −2.9 ptsNBIL −2.9 ptsNFLU −2.9 ptsNVDU −2.9 ptsNXPG −2.9 ptsPATX −2.9 ptsPLUL −2.9 ptsRKLX −2.9 ptsTSEG −2.9 ptsXEUR −2.9 ptsAAPX −2.8 ptsASMU −2.8 ptsASTY −2.8 ptsAVGC −2.8 ptsCOTG −2.8 ptsCWVX −2.8 ptsEDC −2.8 ptsKPDD −2.8 ptsLLYX −2.8 ptsLULG −2.8 ptsUNHG −2.8 ptsAAPU −2.7 ptsAMZU −2.7 ptsARMG −2.7 ptsBEC −2.7 ptsBEG −2.7 ptsFNGG −2.7 ptsGLGG −2.7 ptsGOGL −2.7 ptsIONL −2.7 ptsKBAB −2.7 ptsSIMX −2.7 ptsTQQQ −2.7 ptsWEBX −2.7 ptsASMZ −2.6 ptsAVGX −2.6 ptsCEGX −2.6 ptsEURL −2.6 ptsIREG −2.6 ptsMRVU −2.6 ptsMTSG −2.6 ptsNUG −2.6 ptsSPXL −2.6 ptsUPRO −2.6 ptsXYZG −2.6 ptsASUP −2.5 ptsCRMU −2.5 ptsCURE −2.5 ptsGLXU −2.5 ptsHUTG −2.5 ptsMPG −2.5 ptsMSIX −2.5 ptsNVTX −2.5 ptsNXPX −2.5 ptsOSSL −2.5 ptsPLU −2.5 ptsSNXX −2.5 ptsTAJX −2.5 ptsTECL −2.5 ptsXBIX −2.5 ptsXIWC −2.5 ptsXLFX −2.5 ptsXLKX −2.5 ptsAMAA −2.4 ptsEMXX −2.4 ptsFAS −2.4 ptsFNGO −2.4 ptsGLX −2.4 ptsGMEC −2.4 ptsGOOX −2.4 ptsKEEX −2.4 ptsLINT −2.4 ptsMPWX −2.4 ptsQCMU −2.4 ptsRGTU −2.4 ptsRVNL −2.4 ptsSMUP −2.4 ptsSPAL −2.4 ptsTSLT −2.4 ptsUGLD −2.4 ptsXHOA −2.4 ptsAMA −2.3 ptsAMAU −2.3 ptsAMKL −2.3 ptsBABX −2.3 ptsGGLL −2.3 ptsMRAL −2.3 ptsNVC −2.3 ptsQBTX −2.3 ptsTXNU −2.3 ptsTYD −2.3 ptsUDOW −2.3 ptsWEBL −2.3 ptsAAOG −2.2 ptsAVL −2.2 ptsBAIG −2.2 ptsCARX −2.2 ptsCSCL −2.2 ptsDIG −2.2 ptsGOU −2.2 ptsIONC −2.2 ptsLMTL −2.2 ptsMEXX −2.2 ptsNFXL −2.2 ptsSNDG −2.2 ptsUNHU −2.2 ptsUSGG −2.2 ptsUUUG −2.2 ptsUYM −2.2 ptsWX −2.2 ptsXKRE −2.2 ptsBEX −2.1 ptsCATG −2.1 ptsCOZX −2.1 ptsCRMX −2.1 ptsMIDU −2.1 ptsUSX −2.1 ptsVRTL −2.1 ptsXLBX −2.1 ptsXLIX −2.1 ptsALBG −2.0 ptsAMDC −2.0 ptsBOEG −2.0 ptsCBRG −2.0 ptsCIEG −2.0 ptsCOHH −2.0 ptsFNG −2.0 ptsISUL −2.0 ptsSOFA −2.0 ptsSPOG −2.0 ptsTESC −2.0 ptsTTDU −2.0 ptsAAOX −1.9 ptsAAPB −1.9 ptsBOEU −1.9 ptsCAMC −1.9 ptsCIFU −1.9 ptsDUSL −1.9 ptsEUVX −1.9 ptsFLYT −1.9 ptsGEVG −1.9 ptsJNUG −1.9 ptsLABU −1.9 ptsLABX −1.9 ptsMNSX −1.9 ptsSPCM −1.9 ptsTNA −1.9 ptsTSEU −1.9 ptsTSLL −1.9 ptsUBR −1.9 ptsUNX −1.9 ptsURTY −1.9 ptsWYFL −1.9 ptsXLYX −1.9 ptsCIFG −1.8 ptsCRWU −1.8 ptsDPST −1.8 ptsELIL −1.8 ptsERX −1.8 ptsLRCU −1.8 ptsPILL −1.8 ptsRMBC −1.8 ptsRTXG −1.8 ptsTERG −1.8 ptsTMF −1.8 ptsTSLG −1.8 ptsUTSL −1.8 ptsXPEG −1.8 ptsAGQ −1.7 ptsAPLX −1.7 ptsASTX −1.7 ptsCPNX −1.7 ptsCRUC −1.7 ptsCSEX −1.7 ptsEZJ −1.7 ptsGUSH −1.7 ptsHIBL −1.7 ptsMCHU −1.7 ptsNUGT −1.7 ptsTPLX −1.7 ptsTSLR −1.7 ptsUPSX −1.7 ptsWANT −1.7 ptsAALG −1.6 ptsARMA −1.6 ptsCWEB −1.6 ptsDRN −1.6 ptsEET −1.6 ptsGLWG −1.6 ptsJOBX −1.6 ptsLEUX −1.6 ptsONTX −1.6 ptsROM −1.6 ptsSKYU −1.6 ptsSTXX −1.6 ptsUMDD −1.6 ptsUSAX −1.6 ptsWULX −1.6 ptsXLVX −1.6 ptsXOMX −1.6 ptsACLZ −1.5 ptsDFEN −1.5 ptsEFO −1.5 ptsGRAG −1.5 ptsNAIL −1.5 ptsOPEX −1.5 ptsRDTL −1.5 ptsRETL −1.5 ptsUCTX −1.5 ptsUPV −1.5 ptsUYG −1.5 ptsWDCX −1.5 ptsXLPX −1.5 ptsXLUX −1.5 ptsXPP −1.5 ptsAMZZ −1.4 ptsBIDG −1.4 ptsCOHX −1.4 ptsDDM −1.4 ptsKBDU −1.4 ptsLTL −1.4 ptsQLD −1.4 ptsRKX −1.4 ptsSPUU −1.4 ptsSSO −1.4 ptsTPOR −1.4 ptsUGE −1.4 ptsEOSU −1.3 ptsGEVX −1.3 ptsIBX −1.3 ptsNIOG −1.3 ptsPBRG −1.3 ptsRBLU −1.3 ptsTTMX −1.3 ptsUBRL −1.3 ptsUCC −1.3 ptsUCO −1.3 ptsASTT −1.2 ptsCBRX −1.2 ptsGFSG −1.2 ptsMVV −1.2 ptsSAA −1.2 ptsCIEX −1.1 ptsINDL −1.1 ptsKLAG −1.1 ptsONX −1.1 ptsOPEG −1.1 ptsUWM −1.1 ptsCRDU −1.0 ptsACMM −0.9 ptsUGL −0.9 ptsUPW −0.9 ptsUST −0.9 ptsUXI −0.9 ptsCPXR −0.8 ptsURE −0.8 ptsUVIX −0.8 ptsAPPX −0.7 ptsCIFC −0.7 ptsRXL −0.7 ptsTSL −0.7 ptsCHAU −0.5 ptsXNDX −0.5 ptsAPPC −0.4 ptsUBT −0.4 ptsEO −0.2 ptsTEUP −0.2 ptsLASC 0.0 ptsXCOM +3.1 ptsLMNX +13.9 ptsBRZU −1.4 ptsBRZU −1.4 pts−21.7 pts+13.9 pts
−21.7 pts to +13.9 pts across 470

That is the share of the 470 leveraged ETFs, long, over three months sitting at or below BRZU.

A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

WindowFundEWZ+2x the moveDifferenceEWZ moved about
1M Aug 31 – Sep 30, 2026+6.1%+3.4%+6.8%−0.7 pts24%
3M Jul 1 – Sep 30, 2026+15.8%+9.0%+18.0%−2.1 pts22%
6M Apr 1 – Sep 30, 2026−8.9%−2.0%−4.0%−4.9 pts23%
1Y Sep 30, 2025 – Sep 30, 2026+40.1%+25.7%+51.3%−11.2 pts25%
3Y Sep 29, 2023 – Sep 30, 2026+46.9%+44.7%+89.4%−42.5 pts24%
Since launch Apr 10, 2013 – Sep 30, 2026−99.1%+24.1%+48.2%−147.3 pts34%

BRZU over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.

The same trade from 3 issuers · One week

Every fund that sets out to return +2 times EWZ, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.

FundIssuerReturned+2x the moveDifference
UBRProShares−0.8%−0.6%−0.1 pts
BRZUDirexion−0.8%−0.6%−0.2 pts
BRZXCorgi−0.9%−0.6%−0.3 pts
The same trade from 3 issuers · One month
FundIssuerReturned+2x the moveDifference
BRZUDirexion+6.1%+6.8%−0.7 pts
UBRProShares+6.1%+6.8%−0.7 pts
BRZXCorgi+5.5%+6.8%−1.3 pts
The same trade from 3 issuers · Three months
FundIssuerReturned+2x the moveDifference
BRZUDirexion+15.8%+18.0%−2.1 pts
UBRProShares+15.4%+18.0%−2.5 pts
BRZXCorgi+14.2%+18.0%−3.7 pts

EWZ funds at +2x, to Sep 30, 2026. Source: ETFIQ.

In plain words

Read the multiple against the whole window instead and 2 times EWZ's 9.0% implies +18.0%, which makes BRZU look 2.1 points short. 0.7 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. BRZU aims to return +2 times EWZ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. EWZ moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
Sets out to return+2 times the daily move of EWZ, reset daily
Multiple a holder actually got over the window (ETFIQ)+1.77 times, against +2 stated
UnderlyingEWZ
Segmentsector or country, country
Net assets (issuer page, as of Sep 30, 2026)$117m
Expense ratio (485BPOS XBRL, Feb 26, 2026)1.32%
LaunchedApr 10, 2013
Underlying volatility over the window (ETFIQ)22% annualized
BRZU (Direxion Daily MSCI Brazil Bull 2X ETF), leveraged ETFs fields as of Sep 30, 2026. Source: ETFIQ.
Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask about BRZU

Did BRZU return +2 times EWZ?
Over the window to Sep 30, 2026, EWZ moved +9.0% and BRZU returned +15.8%. 2 times that move is +18.0%, so the fund came out 2.1 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 figure itself.
Sources and dates
Prices, BRZU and EWZTiingo end-of-day prices ↗
Fee, 1.32%SEC 485BPOS XBRL · Feb 26, 2026
Net assets, $117mIssuer page · Sep 30, 2026
IssuerDirexion website ↗
All fund filingsFund filings on SEC EDGAR ↗
SourceSEC investment company series and class file, which lists every registered fund ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

How these figures are computed →Standards and sources →Open data →
Cite this page

ETFIQ, BRZU, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/brzu

Open BRZU live on ETFIQ

The label bar for BRZU, redrawn every trading night. Free to use with the credit link.

Free to use with attribution; the underlying files are at Open data.

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.
Every term used here, defined in full on the leveraged ETFs vocabulary page. →
2nd of 4 leveraged ETFs on EWZ, by where they finished against their stated multiple→1st of 4 leveraged and inverse ETFs by net assets→Direxion: every fund ETFIQ covers→Leveraged ETFs against their own promise, 2026-Q2→Leveraged ETFs against their own promise, August 2026→