BZQ vs RWM

BZQCProShares UltraShort MSCI Brazil Capped

RWMBProShares Short Russell2000

In short

BZQ The 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.

RWM Short small caps at one speed: RWM targets the inverse of the Russell 2000's daily move, with no 2x or 3x multiplier on top. Trading since 2007, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

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

RWM The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the Russell 2000 Index's daily performance.

Why people hold it

• BZQ 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.

• RWM Straight -1x, not a multiplier: it tracks the inverse of the Russell 2000's daily move, where stablemate TWM targets -2x on the same index.proshares.com
• ProShares calls it the only -1x ETF tied to the Russell 2000, the index of the 2,000 smallest US names in the Russell 3000.proshares.comproshares.com 2
• Trading since January 2007 and one of the busier funds in the inverse-equity aisle, so entering and exiting is rarely the hard part.
• Fee is 0.95% net of a waiver through September 30, 2027 (1.05% gross), near what this category charges, and it rates among the strongest builds in its peer group.

Worth knowing

• BZQ 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.

• RWM The -1x target resets daily. Hold longer and compounding rules: ProShares says multi-day returns can differ significantly from the target, in amount and even direction.proshares.comproshares.com 2
• Symmetric by design: on days the Russell 2000 climbs, the fund is built to lose roughly as much as the index gains.proshares.com
• Fund documents tell investors to monitor holdings as frequently as daily, which puts this at the hands-on end of the shelf.proshares.com

Full BZQ profile⁠

Full RWM profile⁠