At a glance
UBR charges 0.95% a year. It has $3.5M in assets; it paid 2.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +11.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +6.4% a year. At its worst it fell 56.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 43 months after the low.
The short version
ProShares Ultra MSCI Brazil Capped (UBR) is a leveraged ETF that seeks twice (2x) the daily return, before fees, of the MSCI Brazil 25/50 Index of large and mid-size Brazilian companies. Built for short-term trading, it resets its 2x exposure daily, so returns over months or years can stray far from double the index. It charges 0.95% a year after a fee waiver and had $3.5 million in assets as of August 31, 2026.
Price history
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UBR +11.8% 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 | |
|---|---|---|---|---|---|---|
| UBR official prospectus, to Dec 31, 2025 | — | +96.21% | — | -4.05% | +1.44% | — |
| UBR price data to Oct 27, 2026 | +0.2% | +11.8% | +6.4% | +5.1% | — | +3.6% |
- Over the year to Oct 27, 2026, UBR returned +11.8%.
- Its 5-year annualized return was +5.1%.
- Its worst full calendar year was 2024 (-57.0%); its best was 2025 (+96.2%).
- The deepest fall in its price history was 67% (Jun 24, 2021 to Jan 3, 2025), recovered by Apr 9, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.1% | — |
| 2025 | +96.2% | +96.21% |
| 2024 | -57.0% | -57.15% |
| 2023 | +50.0% | +50.38% |
| 2022 | +5.6% | +5.54% |
| 2021 | -39.0% | -39.04% |
| 2020 | — | -60.69% |
| 2019 | — | +44.04% |
| 2018 | — | -18.71% |
| 2017 | — | +35.20% |
| 2016 | — | +127.87% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 29% over that stretch · deepest drop along the way 56%, back to its old high 43 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4200 | |
| 2025 | $0.5400 | -51.4% |
| 2024 | $1.1100 | +182.4% |
| 2023 | $0.3930 |
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 exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 14.65% | |
| Repurchase Agreement RA | 9.74% | |
| Repurchase Agreement RA | 5.84% | |
| Repurchase Agreement RA | 3.12% | |
| Repurchase Agreement RA | 1.95% |
By country
United States 35.3%By asset type
RA 35.3%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $283K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.72%, +11.74%, -4.14%.
How it works
UBR's benchmark is the MSCI Brazil 25/50 Index from MSCI Inc. The index aims to cover 85% of Brazil's stock market value. It picks large and mid-size companies by size and trading liquidity. Bigger companies get bigger weights, but no company may exceed 22.5%, and those weighing over 4.5% may not total more than 45%. MSCI reviews the index each August, with weight adjustments in February, May and November.
ProShare Advisors uses a mathematical approach to choose a mix of stocks, derivatives and cash holdings that together should deliver 2x the index each day. Its main tool is the swap, a contract with a major bank to exchange payments based on an asset's price changes. As of August 31, 2026, the fund held no stocks. It held only five total return swaps tied to EWZ, a US-listed Brazil stock ETF, and repurchase agreements (short-term, collateralized loans) worth about 35% of net assets.
Each day the fund rebalances: it adds exposure after the index rises and cuts it after a fall. Over longer periods this compounds, so choppy markets can drag results below 2x. The prospectus gives an example. If the index fell 20% in a year with 50% volatility (how widely it swings), the fund could lose about 50%, not 40%. If the index nears a 50% drop within a day, holders could lose everything.
What it really costs
- UBR charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.31% 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 $3,400 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UBR | $97 | $787 | $1,502 | $3,400 |
Structure and tax notes
- Resets its 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
UBR resets its 2x leverage every day, and its prospectus warns that returns over periods longer than a day will likely differ from that target, possibly by a lot.
Held long term, UBR has delivered big swings for modest gains: 1.44% a year over the 10 years to December 31, 2025. It launched after the 2008 crisis but lost 60.7% in 2020, including 82.1% in the first quarter. In the 2022 US bear market it gained 29%. Yet it fell 56% from April to July 2022 and took about 43 months from that low to recover. Its worst calendar year was 2024, down 57.2%. Its deepest drop, 67%, ran from June 2021 to January 2025, and it did not regain the old peak until April 2026. Cashing out in slumps like these locks in deep losses.
Income is minor: the yield was 2.11% for the 12 months to October 27, 2026, paid quarterly. It costs 0.95% a year after a fee waiver. 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 2x bet on the MSCI Brazil 25/50 Index who can check their positions every day.
- Traders comfortable getting exposure through swaps with major banks, not owned stocks, and with the risk that a bank fails to pay.
- Experienced traders who can stomach swings as wide as a 96.2% gain in 2025 and a 57.2% loss in 2024.
Look elsewhere if
- Retirees and long-term holders: daily resets can pull multi-year results away from 2x; it averaged 1.44% a year over 10 years through 2025.
- Income seekers: its 2.11% yield (12 months to October 27, 2026) is dwarfed by price swings, like a 56% fall in mid-2022.
- Investors wary of costs or tiny funds: UBR charges 0.95% after a 2.31% fee waiver and had $3.5 million in assets on August 31, 2026.
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 UBR a good investment for retirement?
It isn't designed for that. UBR seeks twice the daily return of the MSCI Brazil 25/50 Index. Its prospectus warns that results over periods longer than a day will likely differ from that target, possibly by a lot. Over the 10 years to December 31, 2025, it returned 1.44% a year on average. It lost money in four of those calendar years, including drops of 60.7% in 2020 and 57.2% in 2024.
Why doesn't UBR return 2x the Brazil index over a year?
Because it resets to 2x every day, so returns compound. In choppy markets that usually leaves the fund behind twice the index's longer-term return. The prospectus gives an example. If the index fell 20% in a year, simple doubling implies a 40% loss. But with 75% index volatility (how widely it swings), the estimated fund loss is 63.5%. In calm, steadily trending markets the effect can help: at 10% volatility, the same table shows a 36.6% loss.
What is UBR's expense ratio?
UBR's expense ratio is 0.95% a year, according to the prospectus filed September 25, 2026. That figure includes a 2.31% fee waiver, meaning the manager absorbs part of the fund's costs. The management fee alone is 0.75%. The SEC's standard example assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period. It shows costs of $97 after one year, $787 after three, $1,502 after five and $3,400 after ten. Costs rise faster after year one because the example counts higher costs without the waiver.
Does UBR pay dividends?
Yes, UBR pays distributions quarterly. Its yield was 2.11% for the 12 months to October 27, 2026, or about $0.55 per share. That income is small compared with the fund's price swings: it gained 96.2% in 2025 and lost 57.2% in 2024. Payouts can vary from one quarter to the next, so a past yield may not repeat.
What's the difference between UBR and a regular Brazil ETF?
Leverage and the daily reset. A regular, unleveraged Brazil index fund aims to match its index over any period, minus fees. UBR aims for twice the MSCI Brazil 25/50 Index's move each day. Its daily gains and losses are roughly doubled, but over longer periods its results can drift far from 2x. It gets that exposure mainly through swaps with banks, which adds counterparty risk (the chance a bank fails to pay). Holders could lose their entire investment if the index nears a 50% drop within a day.