BZQ -2x ProShares UltraShort MSCI Brazil Capped

BEAR ETF standard · Issuer ProShares · Tracks Brazil (EWZ) · Listed 2009-06-16

Quote & options All leveraged ETFs

Implied AUM

$2.7M

shares out × price

Last close

$19.19

20261001

30-day avg volume

7,087

options listed →

BZQ realized

—

what holders actually earned

Theoretical -2x

—

-2x × Brazil's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Brazil

Cumulative return of BZQ against a clean -2x of Brazil's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: BRZU (+2x bull, Direxion Daily MSCI Brazil Bull 2X ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Brazil

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
BRZL	+3x	BULL	MicroSectors	MicroSectors 3x Long Brazil ETNs	—	1,063
BRZU	+2x	BULL	Direxion	Direxion Daily MSCI Brazil Bull 2X ETF	$111.1M	35,514	✓
UBR	+2x	BULL	ProShares	ProShares Ultra MSCI Brazil Capped	$3.0M	1,777	✓
BRZD	-3x	BEAR	MicroSectors	MicroSectors -3x Short Brazil ETNs	—	411

How BZQ works

BZQ targets -2x the daily return of Brazil — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.