# UBR (ProShares Ultra MSCI Brazil Capped)

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

Three months to Sep 30, 2026: UBR returned +15.4% where its own daily promise gave +17.3%, 1.9 points short.

## Key facts

- UBR, what EWZ did: +9.0%, as of Sep 30, 2026.
- UBR, what 2 times a day gives: +17.3%, as of Sep 30, 2026.
- UBR, what the fund returned: +15.4%, as of Sep 30, 2026.
- UBR, the fund itself cost: −1.9 pts, as of Sep 30, 2026.
- UBR, net assets: $3m (issuer page, as of Sep 30, 2026).
- UBR, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UBR over each window to Sep 30, 2026

| Window | Fund | EWZ | +2x the move | Difference | EWZ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.1% | +3.4% | +6.8% | −0.7 pts | 24% |
| 3 months | +15.4% | +9.0% | +18.0% | −2.5 pts | 22% |
| 6 months | −9.0% | −2.0% | −4.0% | −5.0 pts | 23% |
| 1 year | +39.3% | +25.7% | +51.3% | −12.1 pts | 25% |
| 3 years | +44.0% | +44.7% | +89.4% | −45.5 pts | 24% |
| Since launch | −87.2% | +18.4% | +36.8% | −124.0 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 | +1.72 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 | May 7, 2010 | ETFIQ |
| Underlying volatility over the window | 22% annualized | ETFIQ |

## Questions

### Did UBR return +2 times EWZ?

Over the window to Sep 30, 2026, EWZ moved +9.0% and UBR returned +15.4%. 2 times that move is +18.0%, so the fund came out 2.5 points short of it.

### Why does UBR not return +2 times over a year?

Because it resets daily. UBR 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.

### Which +2x EWZ ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself.


## Cite this page

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

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