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BZQ ProShares UltraShort MSCI Brazil Capped

Aims to return twice the opposite of the daily move of Brazil (EWZ)ProShares0.95% fee$3mSince Jan 4, 2010Fund page at the issuer ↗SEC filings ↗Every ProShares fund ETFIQ covers
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Three months to Sep 30, 2026: BZQ returned −17.7% where its own daily promise gave −19.0%, 1.3 points over.

+9.0%
What EWZ did
−19.0%
What −2 times a day gives
−17.7%
What the fund returned
+1.3 pts
The fund itself added
What it aimed at, and what it did
0.6 pts short of its stated multipleBZQ returned −7.4% while −2 times EWZ's move would have been −6.8%EWZ +3.4% ×−2 implies−6.8%BZQ returned−7.4%0.6 pts short of its stated multipleBZQ returned −7.4% while −2 times EWZ's move would have been −6.8%EWZ +3.4% ×−2 implies−6.8%BZQ returned−7.4%

Over the 1 month to Sep 30, 2026, BZQ returned −7.4%, where −2 times that move implies −6.8%. The difference is −0.6 pts.

On its stated multipleBZQ returned −17.7% while −2 times EWZ's move would have been −18.0%EWZ +9.0% ×−2 implies−18.0%BZQ returned−17.7%On its stated multipleBZQ returned −17.7% while −2 times EWZ's move would have been −18.0%EWZ +9.0% ×−2 implies−18.0%BZQ returned−17.7%

Over the 3 months to Sep 30, 2026, BZQ returned −17.7%, where −2 times that move implies −18.0%. The difference is +0.2 pts.

4.1 pts short of its stated multipleBZQ returned −0.1% while −2 times EWZ's move would have been +4.0%EWZ −2.0% ×−2 implies+4.0%BZQ returned−0.1%4.1 pts short of its stated multipleBZQ returned −0.1% while −2 times EWZ's move would have been +4.0%EWZ −2.0% ×−2 implies+4.0%BZQ returned−0.1%

Over the 6 months to Sep 30, 2026, BZQ returned −0.1%, where −2 times that move implies +4.0%. The difference is −4.1 pts.

7.8 pts ahead of its stated multipleBZQ returned −43.6% while −2 times EWZ's move would have been −51.3%EWZ +25.7% ×−2 implies−51.3%BZQ returned−43.6%7.8 pts ahead of its stated multipleBZQ returned −43.6% while −2 times EWZ's move would have been −51.3%EWZ +25.7% ×−2 implies−51.3%BZQ returned−43.6%

Over the 1 year to Sep 30, 2026, BZQ returned −43.6%, where −2 times that move implies −51.3%. The difference is +7.8 pts.

27.7 pts ahead of its stated multipleBZQ returned −61.7% while −2 times EWZ's move would have been −89.4%EWZ +44.7% ×−2 implies−89.4%BZQ returned−61.7%27.7 pts ahead of its stated multipleBZQ returned −61.7% while −2 times EWZ's move would have been −89.4%EWZ +44.7% ×−2 implies−89.4%BZQ returned−61.7%

Over the 3 years to Sep 30, 2026, BZQ returned −61.7%, where −2 times that move implies −89.4%. The difference is +27.7 pts.

103.3 pts short of its stated multipleBZQ returned −99.3% while −2 times EWZ's move would have been +3.9%EWZ −2.0% ×−2 implies+3.9%BZQ returned−99.3%103.3 pts short of its stated multipleBZQ returned −99.3% while −2 times EWZ's move would have been +3.9%EWZ −2.0% ×−2 implies+3.9%BZQ returned−99.3%

Over the since launch to Sep 30, 2026, BZQ returned −99.3%, where −2 times that move implies +3.9%. The difference is −103.3 pts.

ETFIQ Decay Resistance Score
34.882nd of 125

BZQ finished 1.3 points ahead of what -2 times EWZ’s daily move would have given, compounded through the same days.

points against its own daily promise, compounded+1.3 pts · 35th pct
All 125 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
QBTZ −24.9 ptsRKLZ −21.5 ptsIONZ −14.0 ptsRGTZ −10.3 ptsASTN −9.3 ptsSPCQ −6.0 ptsSMZ −5.6 ptsMUZ −3.1 ptsAPLZ −2.0 ptsSMCZ −1.1 ptsCONI −0.9 ptsSVIX −0.9 ptsSMST −0.8 ptsBMNZ −0.7 ptsSNK −0.5 ptsCORD −0.3 ptsCRCD −0.3 ptsSSPC −0.2 ptsIREZ −0.1 ptsMSTZ −0.1 ptsPLTZ −0.1 ptsSTSM −0.1 ptsNBIZ 0.0 ptsGDXD +0.1 ptsBEZ +0.2 ptsNVDQ +0.2 ptsDAMD +0.3 ptsETHD +0.3 ptsSNDQ +0.3 ptsTSLZ +0.3 ptsBTCZ +0.5 ptsCBRZ +0.5 ptsLITZ +0.5 ptsSBIT +0.8 ptsMSFD +1.0 ptsSETH +1.0 ptsEFZ +1.1 ptsSPCG +1.1 ptsBITI +1.2 ptsDULL +1.2 ptsGGLS +1.2 ptsMETD +1.2 ptsPALD +1.2 ptsAMZD +1.3 ptsYXI +1.3 ptsAAPD +1.4 ptsAMZO +1.4 ptsCSCS +1.4 ptsEUM +1.4 ptsJDST +1.4 ptsNVD +1.4 ptsNVDS +1.4 ptsORCS +1.4 ptsQCMD +1.4 ptsREK +1.4 ptsEFU +1.5 ptsNFXS +1.5 ptsSCO +1.5 ptsTSDD +1.5 ptsTSMZ +1.5 ptsDOG +1.6 ptsDRIP +1.6 ptsEWV +1.6 ptsMUD +1.6 ptsMYY +1.6 ptsNVDD +1.6 ptsRWM +1.6 ptsSBB +1.6 ptsSKRE +1.6 ptsDUG +1.7 ptsDUST +1.7 ptsPSQ +1.7 ptsSEF +1.7 ptsSH +1.7 ptsSPDN +1.7 ptsTBX +1.7 ptsAVS +1.8 ptsEPV +1.8 ptsERY +1.8 ptsTBF +1.8 ptsEEV +1.9 ptsRXD +2.0 ptsREW +2.1 ptsTSLS +2.1 ptsSMN +2.2 ptsSZK +2.2 ptsPST +2.3 ptsTSLQ +2.4 ptsWEBS +2.4 ptsFNGD +2.5 ptsSDS +2.5 ptsSKF +2.5 ptsSRS +2.5 ptsDXD +2.6 ptsQID +2.6 ptsSDP +2.6 ptsTBT +2.7 ptsFXP +2.8 ptsSIJ +2.8 ptsTECS +2.8 ptsMZZ +2.9 ptsEDZ +3.0 ptsGLL +3.0 ptsLABD +3.0 ptsSCC +3.0 ptsSDD +3.0 ptsTWM +3.0 ptsHIBS +3.2 ptsYANG +3.2 ptsSPXS +3.4 ptsSPXU +3.4 ptsSQQQ +3.4 ptsDRV +3.5 ptsSOXS +3.7 ptsFAZ +4.0 ptsSDOW +4.0 ptsTTT +4.0 ptsZSL +4.1 ptsTZA +4.2 ptsSMDD +4.3 ptsSRTY +4.4 ptsTMV +4.6 ptsTYO +4.7 ptsBIS +5.1 ptsBZQ +1.3 ptsBZQ +1.3 pts−24.9 pts+5.1 pts
−24.9 pts to +5.1 pts across 125

That is the share of the 125 inverse ETFs over three months sitting at or below BZQ.

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, 2026−7.4%+3.4%−6.8%−0.6 pts24%
3M Jul 1 – Sep 30, 2026−17.7%+9.0%−18.0%+0.2 pts22%
6M Apr 1 – Sep 30, 2026−0.1%−2.0%+4.0%−4.1 pts23%
1Y Sep 30, 2025 – Sep 30, 2026−43.6%+25.7%−51.3%+7.8 pts25%
3Y Sep 29, 2023 – Sep 30, 2026−61.7%+44.7%−89.4%+27.7 pts24%
Since launch Jan 4, 2010 – Sep 30, 2026−99.3%−2.0%+3.9%−103.3 pts33%

BZQ over each window to Sep 30, 2026. Every figure is an ETFIQ calculation. 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 BZQ look 0.2 points over. 1.0 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. BZQ 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)-1.97 times, against -2 stated
UnderlyingEWZ
Segmentsector or country, country
Net assets (issuer page, as of Sep 30, 2026)$3m
Expense ratio (485BPOS XBRL, Sep 25, 2026)0.95%
LaunchedJan 4, 2010
Underlying volatility over the window (ETFIQ)22% annualized
BZQ (ProShares UltraShort MSCI Brazil Capped), 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 BZQ

Did BZQ return -2 times EWZ?
Over the window to Sep 30, 2026, EWZ moved +9.0% and BZQ returned −17.7%. −2 times that move is −18.0%, so the fund came out 0.2 points ahead of it.
Why does BZQ not return -2 times over a year?
Because it resets daily. BZQ 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.
Sources and dates
Prices, BZQ and EWZTiingo end-of-day prices ↗
Fee, 0.95%SEC 485BPOS XBRL · Sep 25, 2026
Net assets, $3mIssuer page · Sep 30, 2026
IssuerProShares page for BZQ ↗
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, BZQ, leveraged ETFs, data as of Sep 30, 2026. https://etfiq.com/funds/bzq

Open BZQ live on ETFIQ

The label bar for BZQ, 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. →
1st of 4 leveraged ETFs on EWZ, by where they finished against their stated multiple→3rd of 4 leveraged and inverse ETFs by net assets→Leveraged ETFs against their own promise, 2026-Q2→Leveraged ETFs against their own promise, August 2026→ProShares: every fund ETFIQ covers→