# BZQ (ProShares UltraShort MSCI Brazil Capped)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: BZQ returned −17.7% where its own daily promise gave −19.0%, 1.3 points over.

## Key facts

- BZQ, what EWZ did: +9.0%, as of Sep 30, 2026.
- BZQ, what −2 times a day gives: −19.0%, as of Sep 30, 2026.
- BZQ, what the fund returned: −17.7%, as of Sep 30, 2026.
- BZQ, the fund itself added: +1.3 pts, as of Sep 30, 2026.
- BZQ, net assets: $3m (issuer page, as of Sep 30, 2026).
- BZQ, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## BZQ over each window to Sep 30, 2026

| Window | Fund | EWZ | -2x the move | Difference | EWZ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −7.4% | +3.4% | −6.8% | −0.6 pts | 24% |
| 3 months | −17.7% | +9.0% | −18.0% | +0.2 pts | 22% |
| 6 months | −0.1% | −2.0% | +4.0% | −4.1 pts | 23% |
| 1 year | −43.6% | +25.7% | −51.3% | +7.8 pts | 25% |
| 3 years | −61.7% | +44.7% | −89.4% | +27.7 pts | 24% |
| Since launch | −99.3% | −2.0% | +3.9% | −103.3 pts | 33% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of EWZ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.97 times, against -2 stated | ETFIQ |
| Underlying | EWZ | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $3m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### 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.


## Cite this page

ETFIQ, BZQ, data as of Sep 30, 2026. https://etfiq.com/funds/bzq
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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