ProShares - UltraShort MSCI Brazil Capped
BZQ
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- ProShares UltraShort MSCI Brazil Capped (BZQ) is an exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to two times the inverse (-2x) of the daily performance of the MSCI Brazil 25/50 Index, a free float-adjusted market capitalization-weighted index measuring the equity market performance of large- and mid-cap segments covering approximately 85% of Brazil's free float-adjusted market capitalization; the fund invests principally in derivatives such as swap agreements with major counterparties including Goldman Sachs International, Bank of America NA, Citibank NA, Societe Generale, and UBS AG, as well as money market instruments. BZQ, which trades on NYSE Arca with options available and quarterly distributions, maintains a net expense ratio of 0.95% (with contractual waiver through September 30, 2026), CUSIP 74350P618, and intraday indicative value ticker BZQ.IV. Launched on June 16, 2009, BZQ operates within the leveraged inverse ETF segment targeting emerging markets in Latin America, specifically providing sophisticated investors tools for short-term bearish exposure to Brazilian equities amid volatility influenced by factors like economic activity slumps and central bank rate hikes. BZQ is issued by ProShares, a Bethesda, Maryland-based provider of exchange-traded funds founded in 2006 as part of ProFunds Group (established 1997), which manages over $95 billion in assets across geared (leveraged and inverse), dividend growth, high income, interest rate hedged bond, and crypto-linked strategies; ProShares is managed by ProShare Advisors LLC. In recent developments, BZQ implemented a 1-for-2 reverse stock split effective November 20, 2025, consolidating shares to adjust pricing without altering the fund's investment objective or strategy; meanwhile, ProShares expanded its lineup in September 2025 with new leveraged ETFs targeting 2x daily returns of single stocks including Coinbase, Nvidia, Palantir, and Tesla, and strengthened distribution through key hires as regional vice presidents.