Share-split context: This ETF has both forward- and reverse-split history. The most recent recorded event was on Apr 23, 2020 with coefficient 0.028571. Current price-return figures are already split-adjusted. Forward splits receive no automatic performance penalty; reverse-split history remains a separate structural warning.

What this ETF is trying to do

The DIREXION DAILY MSCI BRAZIL BULL 2X SHARES (ticker: BRZU) is a leveraged ETF. This means it is designed to move more intensely than the assets it tracks. It focuses on the Brazilian market. Because it is leveraged, its price movements are expected to be larger than the standard market movement.

What the numbers show

When looking at this ETF, it is important to understand two different types of returns: price return and total return.

• Price return only measures how much the share price changed.

• Total return includes both the price change and any cash distributions (dividends) paid to investors.

According to the data, here is how the ETF has performed:

• Year-to-Date (YTD): The price return was approximately 61.46%, while the total return was approximately 63.04%.

• One Year: The price return was approximately 90.51%, and the total return was approximately 95.06%.

• Three Years: The price return was approximately 82.18%, and the total return was approximately 105.53%.

This ETF has a "mixed" split history. This means it has had both forward splits and reverse splits. In a forward split, one old share becomes multiple new shares, which makes the price per share look lower. In a reverse split, multiple old shares are combined into fewer new shares, which makes the price per share look higher. These splits change the share price, but they do not change your proportional ownership of the fund.

Income and distribution explanation

This ETF provides cash distributions. The current distribution yield is approximately 1.58%. This number describes the cash paid out relative to the ETF's price. Distributions are usually paid quarterly. Over the last 12 months, the total trailing distributions were $2.03 per share. It is important to remember that a distribution yield is not the same as a total return.

NAV erosion explanation

"NAV erosion" refers to a decline in the value of the underlying assets held by the ETF. Some investors watch this closely because they want to know if the fund's core value is shrinking. For BRZU, the erosion-risk score is 100, and the label states "No price erosion detected." There is no severe erosion-risk flag for this ETF.

Top Holdings

The holdings in an ETF can change over time. As of the most recent update, the top holding is:

• ISHARES MSCI BRAZIL ETF (EWZ): 23.11%

Pros

• The ETF has shown high price returns and total returns over the last year and three years.

• No price erosion was detected according to the erosion-risk score.

Cons

• This is a leveraged ETF, which typically involves higher movement and risk.

• The fund has a history of both forward and reverse splits.

Beginner takeaway

When studying BRZU, remember that "price return" and "total return" tell different stories. The price return shows the movement of the share price, while the total return includes the cash distributions you receive. Also, because this is a leveraged fund with a mixed split history, the share price can change significantly due to both market movements and share adjustments.