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Launched · SEC filings

ProShares UltraShort MSCI Brazil Capped

BZQNYSE ArcaProSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$21.70+0.39 (+1.83%)

At close: Nov 2, 2026, 4:00 PM ET

C40/ 100

Rank 32 of 54 in Leveraged Inverse (2x & Other)

C40/100Rank 32 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 21.31 to 21.70. Range 20.80 to 21.70. Use the arrow keys to read each point.20.8021.0021.2021.6010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$2M
1Y total return
−35.0%
Yield · Last 12 months
6.74%
Holdings
1
Avg volume · 30D
10.4K sh
52W range
low $12.95high $35.44
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 2.71%.

The ETF.net BZQ Grade

Based on 4 of 6 pillars

C

Score 40 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
32 of 54
Six-pillar profile for BZQ. Scores out of 100: Cost 50, Risk 37, Mission not scored, Tradability 30, Holdings not scored, Durability 41. Strongest: Cost (50). Weakest: Tradability (30). Based on 4 of 6 pillars.

Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
42
This cap took
−2
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D37 out of 100
    Rank 36 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D30 out of 100
    Rank 41 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C41 out of 100
    Rank 38 of 54

Our read on BZQ

ETF.net Research

In short

CThe only US ETF built to deliver twice the inverse of Brazil's large-cap index, and it has done that job since 2009. A one-day instrument, priced at 0.95% net of a waiver through September 30, 2027.

Stated mandate

BZQ seeks daily results corresponding to two times the inverse performance of the MSCI Brazil 25/50 Index, before fees and expenses.

Why people hold it

  • ProShares calls it the only -2x ETF designed to profit from declines in Brazilian stocks: one ticker instead of stacked single-name shorts or futures.proshares.com
  • 0.95% net of a waiver through September 30, 2027, near the category norm and level with ProShares' index shorts PSQ and DOG (each 0.95% net, waived to the same date).
  • Trading since June 2009, which covers several full Brazil boom-and-bust cycles. Old plumbing, well-worn mechanism.
  • The mandate is narrow and literal: -2x the daily move of the MSCI Brazil 25/50 Index, before fees and expenses. No manager calls, no hedging overlay.

Worth knowing

  • The objective resets daily. Hold past a day and compounding takes over, so longer-run results can drift well away from -2x, especially when Brazil whipsaws.proshares.com
  • Gross expenses run 2.71%; the 0.95% net depends on a waiver running through September 30, 2027.
  • Assets are small and trading is light for the category, so bid-ask spreads and order size matter more here than in a large index short.

BZQ Performance

Launched Jun 16, 2009

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BZQ$6,500
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. BZQ $6,500. SPY $11,146. Use the arrow keys to read each point.$5,000$7,500$10,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BZQ. Periods over one year show the average yearly return.
PeriodBZQ
Year to date−26.3%
1 month+19.9%
3 months+8.8%
1 year−35.0%
3 yearsper year−22.5%
5 yearsper year−31.0%
10 yearsper year−32.8%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BZQ
YearReturn barBZQ
2026 YTD−26.3%
2025−57.9%
2024+98.8%
2023−49.1%
2022−44.2%

BZQ in the news

BZQ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
6.74%Last 12 months
Payout per share
$1.46Last 12 months
Last payment
$0.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 22 payments from 2018 to 2026 YTD. Dec 26, 2018 $1.61; Mar 20, 2019 $1.65; Jun 25, 2019 $1.46; Sep 25, 2019 $1.81; Dec 24, 2019 $1.31; Mar 25, 2020 $0.30; Dec 22, 2022 $0.18; Mar 22, 2023 $0.39; Jun 21, 2023 $0.47; Sep 20, 2023 $0.45; Dec 20, 2023 $0.50; Mar 20, 2024 $0.30; Jun 26, 2024 $0.40; Sep 25, 2024 $0.85; Dec 23, 2024 $0.95; Mar 26, 2025 $0.40; Jun 25, 2025 $0.35; Sep 24, 2025 $0.49; Dec 24, 2025 $0.59; Mar 25, 2026 $0.25; Jun 24, 2026 $0.32; Sep 23, 2026 $0.30. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.30
Jun 24, 2026Jun 30, 2026$0.32
Mar 25, 2026Mar 31, 2026$0.25
Dec 24, 2025Dec 31, 2025$0.59
Sep 24, 2025Sep 30, 2025$0.49
Jun 25, 2025Jul 1, 2025$0.35
Mar 26, 2025Apr 1, 2025$0.40
Dec 23, 2024Dec 31, 2024$0.95
Sep 25, 2024Oct 2, 2024$0.85
Jun 26, 2024Jul 3, 2024$0.40
Mar 20, 2024Mar 27, 2024$0.30
Dec 20, 2023Dec 28, 2023$0.50

See all 23 payments⁠

$10,000 in BZQ 10 years ago paid $107 in dividends.⁠

BZQ Risk

Risk pillarD37 out of 100Rank 36 of 53 in Leveraged Inverse (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
44.6%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.54
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−90.7%
Trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.58
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BZQ Cost

Compare BZQ and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BZQ 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • BZQ 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BZQ $17,869QQQD $9,979

Year by year

YearBZQQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 2.71%− waiver 1.76%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 2.71% unless ProShares renews it. Source: prospectus, Sep 2026.

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