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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: BRZU returned +15.8% where its own daily promise gave +17.3%, 1.4 points short.

## Key facts

- BRZU, what EWZ did: +9.0%, as of Sep 30, 2026.
- BRZU, what 2 times a day gives: +17.3%, as of Sep 30, 2026.
- BRZU, what the fund returned: +15.8%, as of Sep 30, 2026.
- BRZU, the fund itself cost: −1.4 pts, as of Sep 30, 2026.
- BRZU, net assets: $117m (issuer page, as of Sep 30, 2026).
- BRZU, expense ratio: 1.32% (485BPOS XBRL, Feb 26, 2026).

## BRZU over each window to Sep 30, 2026

| Window | Fund | EWZ | +2x the move | Difference | EWZ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.1% | +3.4% | +6.8% | −0.7 pts | 24% |
| 3 months | +15.8% | +9.0% | +18.0% | −2.1 pts | 22% |
| 6 months | −8.9% | −2.0% | −4.0% | −4.9 pts | 23% |
| 1 year | +40.1% | +25.7% | +51.3% | −11.2 pts | 25% |
| 3 years | +46.9% | +44.7% | +89.4% | −42.5 pts | 24% |
| Since launch | −99.1% | +24.1% | +48.2% | −147.3 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 | +1.77 times, against +2 stated | ETFIQ |
| Underlying | EWZ | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $117m | issuer page, as of Sep 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 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.


## Cite this page

ETFIQ, BRZU, data as of Sep 30, 2026. https://etfiq.com/funds/brzu
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/brzu  ·  JSON: https://etfiq.com/funds/brzu.json