ETF Evaluator:
ProShares UltraShort MSCI Brazil Capped ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Equity Over the Last Year
| 204.3% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 169.7% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 53.1% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 39.2% | -1x Short VIX Futures ETF (SVIX) |
| 39.1% | GraniteShares 2x Short COIN Daily ETF (CONI) |
Risk
Index
Risk
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ETF Details
ProShares UltraShort MSCI Brazil Capped Overview
ProShares UltraShort MSCI Brazil Capped (BZQ) is a passively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). ProShares launched the ETF in 2009.
The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Brazil 25/50 Index®.
The index is designed to measure the performance of the large and mid cap segments of the Brazilian market. It covers approximately 85% of the market capitalization in Brazil. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares UltraShort MSCI Brazil Capped (BZQ)
There are 2 members of the management team with an average tenure of 4.67 years: Alexander Ilyasov (2020) and Eric Silverthorne (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI Brazil 25-50 NR USD index with a weighting of -200%. ProShares UltraShort MSCI Brazil Capped has 13 securities in its portfolio. The top 10 holdings constitute 200.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraShort MSCI Brazil Capped is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraShort MSCI Brazil Capped has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -200.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraShort MSCI Brazil Capped has 200.0% of the portfolio in cash.
Assets Under Management
The fund has $2 million in total assets, which is below the $75 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BZQ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares UltraShort MSCI Brazil Capped expense ratio is high compared to funds in the Trading--Inverse Equity category. ProShares UltraShort MSCI Brazil Capped has an expense ratio of 0.95%, which is 17% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares UltraShort MSCI Brazil Capped has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of July 2026, ProShares UltraShort MSCI Brazil Capped returned -12.0%, which earned it a grade of F, as the Trading--Inverse Equity category had an average return of 7.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares UltraShort MSCI Brazil Capped has a trailing yield of 8.14%, which is above the 5.32% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares UltraShort MSCI Brazil Capped Grades
Year to date, the ETF has returned -32.2%, 6.4 percentage points worse than the category, which translates into a grade of D. The fund has returned -56.7% over the past year (grade of F), -21.5% over the past three years (grade of B) and -26.3% per year over the past five years (grade of D) and -34.8% per year over the past 10 years (grade of D).
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BZQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BZQ Return (NAV) | -12.0% | 12.6% | -56.7% | -21.5% | -26.3% | -34.8% |
| BZQ Return (Price) | -12.5% | 12.6% | -56.8% | -21.6% | -26.3% | -34.8% |
| NAV +/- Price Return | 0.443% | -0.037% | 0.103% | 0.071% | 0.049% | 0.008% |
| Trading--Inverse Equity Avg | 7.3% | -12.0% | -29.4% | -28.2% | -22.9% | -29.6% |
| BZQ Grade (NAV) | F | A | F | B | D | D |
| +/- Category (NAV) | -19.3% | 24.6% | -27.3% | 6.7% | -3.4% | -5.2% |
| BZQ Tax-Cost Ratio | na | na | 2.3% | 1.8% | 1.2% | 0.7% |
BZQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BZQ Return (NAV) | -32.2% | -57.9% | 98.6% | -49.0% | -44.4% | 6.6% | -52.9% | -48.2% | -21.7% | -49.6% | -77.6% |
| BZQ Return (Price) | -32.3% | -57.9% | 98.7% | -49.1% | -44.2% | 6.5% | -52.9% | -48.2% | -21.5% | -49.7% | -77.5% |
| NAV +/- Price Ret | 0.003% | 0.001% | 0.002% | 0.002% | -0.004% | -0.029% | 0.000% | 0.1% | -0.7% | 0.2% | -0.1% |
| Trading--Inverse Equity Avg | -25.8% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| BZQ Grade (NAV) | D | D | A | F | F | A | C | D | F | D | F |
| +/- Category | -6.4% | -22.6% | 125.0% | -22.8% | -59.6% | 40.2% | -0.6% | -8.4% | -31.1% | -14.9% | -44.4% |
| Risk Measures | |
| Beta: | -0.52 |
| R-Squared: | 2% |
| Standard Deviation: | 45.4% |
| Category Risk Index: | 1.17 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 3.70 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 8.1% |
| Total Assets: | $ 2 Mil |
| Share Class Assets: | $ 2 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | MSCI EM NR USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.0 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): Ilyasov Alexander (2020), Silverthorne Eric (2023) | |||
Portfolio Composition (as of 7/31/22)
| # of Holdings: | 13 |
| % in Top 10 Holdings: | 200.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -200.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 100.0% |
| Cash: | 200.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | June 16, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 1.15% |
