At a glance
BZQ charges 0.95% a year. It has $2.4M in assets; it paid 7.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −44.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned −29.4% a year. At its worst it fell 28.4% in the 2020 crash (S&P 500: 33.7%) and 57.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares UltraShort MSCI Brazil Capped (BZQ) uses swaps to seek twice the opposite of the daily return of the MSCI Brazil 25/50 Index, which tracks large and mid-size Brazilian stocks. Because it resets daily, longer-term results can stray far from that aim: it lost an average of 40.6% a year over the 10 years to December 31, 2025. It costs 0.95% a year after a fee waiver and is built for short-term trading.
Price history
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BZQ -44.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BZQ official prospectus, to Dec 31, 2025 | — | -57.85% | — | -24.03% | -40.62% | — |
| BZQ price data to Oct 27, 2026 | -35.3% | -44.3% | -29.4% | -32.3% | -33.3% | -29.5% |
- Over the year to Oct 27, 2026, BZQ returned -44.3%.
- Its 5-year annualized return was -32.3% and its 10-year -33.3%.
- In the 2020 COVID crash, while stocks fell, it gained 138.8%.
- Its worst full calendar year was 2016 (-77.5%); its best was 2015 (+97.8%).
- The deepest fall in its price history was 99.9% (Jul 8, 2009 to Oct 12, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -35.3% | — |
| 2025 | -58.5% | -57.85% |
| 2024 | +94.6% | +98.58% |
| 2023 | -50.0% | -49.04% |
| 2022 | -44.3% | -44.37% |
| 2021 | +6.5% | +6.65% |
| 2020 | -52.9% | -52.87% |
| 2019 | -48.2% | -48.18% |
| 2018 | -21.5% | -21.65% |
| 2017 | -49.7% | -49.64% |
| 2016 | -77.5% | -77.65% |
| 2015 | +97.8% | — |
| 2014 | +2.4% | — |
| 2013 | +25.9% | — |
| 2012 | -16.1% | — |
| 2011 | +25.8% | — |
| 2010 | -35.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 138.8% over that stretch · deepest drop along the way 28.4%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 46.7% over that stretch · deepest drop along the way 57.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7500 | |
| 2025 | $1.2200 | -3.2% |
| 2024 | $1.2600 | +40.0% |
| 2023 | $0.9000 | +800.0% |
| 2022 | $0.1000 | -68.8% |
| 2020 | $0.3200 | -94.7% |
| 2019 | $6.0800 | +278.6% |
| 2018 | $1.6058 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 30.56% | |
| Repurchase Agreement RA | 20.32% | |
| Repurchase Agreement RA | 12.19% | |
| Repurchase Agreement RA | 6.50% | |
| Repurchase Agreement RA | 4.06% |
By country
United States 73.63%By asset type
RA 73.63%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $549K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.83%, -12.02%, +3.04%.
How it works
The fund is tied to the MSCI Brazil 25/50 Index, which aims to capture about 85% of the Brazilian stock market's value. It picks large and mid-size companies by size and ease of trading. It then weights them by market value with two caps: no company can be above 22.5%, and companies over 4.5% are capped at 45% combined. MSCI reviews the lineup each August and adjusts weights in February, May and November.
The fund does not own Brazilian shares. ProShare Advisors uses total return swaps, which are contracts with large financial firms that exchange payments based on an asset's return. These swaps let the fund get twice the inverse of the index's daily move. As of August 31, 2026, the fund held five swaps linked to EWZ, an exchange-traded fund. It also held five repurchase agreements (short-term cash deals backed by securities, usually US government debt) worth about 74% of net assets. If a swap partner defaults, the fund could lose money.
The fund rebalances every day. When Brazilian stocks rise, it loses money and must shrink its bet against the index. When they fall, it gains and must add to it. Over longer periods, this daily compounding can pull returns far from -2x the index's return, usually for the worse in choppy markets. If the index nears a 50% gain within a day, holders could lose everything.
What it really costs
- BZQ charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.76% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $2,912 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BZQ | $97 | $674 | $1,278 | $2,912 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It resets its -2x inverse exposure every day and lost 99.9% from its July 2009 peak through October 12, 2026, so it is designed for short holding periods.
BZQ launched in June 2009, after the 2008 crisis. In the COVID crash (February 19 to March 23, 2020) it rose 138.8%, yet it ended 2020 down 52.87%. In the 2022 bear market (January 3 to October 12, 2022) it fell 46.7%. Its worst calendar year was 2016, a 77.65% loss. From July 8, 2009 to October 12, 2026 it lost 99.9%, with no recovery. Anyone drawing cash or income after drops like these would have locked in deep losses.
Its 12-month yield was 7.04% as of October 27, 2026, paid quarterly, but the share price fell 44.3% over the same year. The fund costs 0.95% a year. The SEC's standard example puts costs on $10,000 at $97 for one year and $2,912 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a short-term bet against Brazilian stocks at twice the MSCI Brazil 25/50 Index's daily move, who check positions daily.
- Short-term hedgers of Brazilian stock holdings who accept a 0.95% expense ratio and daily resets that distort multi-day results.
- Traders comfortable with extreme swings: its strongest quarter gained 92.62% and the very next lost 50.29%, both in 2020.
Look elsewhere if
- Long-term or retirement investors: from its July 8, 2009 peak to October 12, 2026, it lost 99.9% with no recovery.
- Income seekers: the 7.04% trailing yield as of October 27, 2026 was swamped by a 44.3% price drop over the same year.
- Anyone wanting steady protection against stock-market slides: it lost 46.7% during the 2022 bear market, from January 3 to October 12, 2022.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is BZQ a good long-term investment?
It isn't designed to be one. BZQ seeks -2x the daily return of the MSCI Brazil 25/50 Index. Its prospectus warns that results over longer periods will likely differ from that, possibly by a lot. It reports average annual losses of 24.03% over five years and 40.62% over 10 years, both through December 31, 2025. From its July 8, 2009 peak to October 12, 2026, it lost 99.9%.
What does BZQ hold?
Mainly swaps and cash-like holdings, not Brazilian stocks. As of August 31, 2026, five repurchase agreements made up about 74% of its roughly $2.4 million in net assets. These are short-term deals backed by securities such as US government debt. Its short exposure, which gains when prices fall, came from five total return swaps linked to EWZ, an exchange-traded fund. Swaps carry counterparty risk: the fund may lose money if the financial firm on the other side fails to pay.
Does BZQ pay dividends?
Yes. BZQ makes distributions quarterly. Its payouts over the 12 months to October 27, 2026 totaled $1.35 per share, a yield of 7.04%. That income did not make up for price losses: the share price fell 44.3% over the same 12 months. The fund holds swaps and cash-like assets rather than Brazilian shares, so its payouts are not dividends passed through from Brazilian companies.
What is BZQ's expense ratio?
BZQ's expense ratio is 0.95%, according to its prospectus filed September 25, 2026. That figure includes a 0.75% management fee and comes after a fee waiver of 1.76 percentage points. The SEC's standard example assumes $10,000 invested, a 5% annual return and a sale at the end of each period. On that basis, total costs would be $97 after one year, $674 after three years, $1,278 after five and $2,912 after 10.
Why doesn't BZQ return -2x the index over time?
Because it resets every day. The fund rebalances daily to keep its exposure at -2x the index's one-day return, so each day's gain or loss compounds from a new starting point. In choppy markets, that compounding usually hurts, and fees, financing and trading costs also pull returns down. When Brazilian stocks rise, the fund loses roughly twice the index's daily gain. If the index nears a 50% gain within a day, holders could lose everything.