{
 "ticker": "BZQ",
 "name": "ProShares UltraShort MSCI Brazil Capped",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/bzq",
 "html": "https://etfiq.com/funds/bzq",
 "markdown": "https://etfiq.com/funds/bzq.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: BZQ returned \u221217.7% where its own daily promise gave \u221219.0%, 1.3 points over.",
 "key_facts": [
  {
   "key": "what_ewz_did",
   "label": "What EWZ did",
   "value": "+9.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BZQ, what EWZ did: +9.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221219.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BZQ, what \u22122 times a day gives: \u221219.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221217.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BZQ, what the fund returned: \u221217.7%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "BZQ, the fund itself added: +1.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "BZQ, net assets: $3m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "BZQ, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of EWZ, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.97 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "EWZ",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "22% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22127.4%",
   "EWZ": "+3.4%",
   "-2x the move": "\u22126.8%",
   "Difference": "\u22120.6 pts",
   "EWZ moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "\u221217.7%",
   "EWZ": "+9.0%",
   "-2x the move": "\u221218.0%",
   "Difference": "+0.2 pts",
   "EWZ moved about": "22%"
  },
  {
   "window": "6 months",
   "Fund": "\u22120.1%",
   "EWZ": "\u22122.0%",
   "-2x the move": "+4.0%",
   "Difference": "\u22124.1 pts",
   "EWZ moved about": "23%"
  },
  {
   "window": "1 year",
   "Fund": "\u221243.6%",
   "EWZ": "+25.7%",
   "-2x the move": "\u221251.3%",
   "Difference": "+7.8 pts",
   "EWZ moved about": "25%"
  },
  {
   "window": "3 years",
   "Fund": "\u221261.7%",
   "EWZ": "+44.7%",
   "-2x the move": "\u221289.4%",
   "Difference": "+27.7 pts",
   "EWZ moved about": "24%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.3%",
   "EWZ": "\u22122.0%",
   "-2x the move": "+3.9%",
   "Difference": "\u2212103.3 pts",
   "EWZ moved about": "33%"
  }
 ],
 "questions": [
  {
   "q": "Did BZQ return -2 times EWZ?",
   "a": "Over the window to Sep 30, 2026, EWZ moved +9.0% and BZQ returned \u221217.7%. \u22122 times that move is \u221218.0%, so the fund came out 0.2 points ahead of it."
  },
  {
   "q": "Why does BZQ not return -2 times over a year?",
   "a": "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."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}