ProShares - Ultra MSCI Brazil Capped
UBR
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- ProShares Ultra MSCI Brazil Capped (UBR) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Brazil 25/50 Index. The fund invests principally in equity securities, including common stocks and depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs); derivatives, primarily swap agreements with major global financial institutions like Goldman Sachs International, Citibank NA, Bank of America NA, UBS AG, and Societe Generale that provide leveraged exposure to components of the index or instruments with similar economic characteristics, such as iShares MSCI Brazil Capped ETF (EWZ) swaps; and money market instruments including U.S. Treasury bills and repurchase agreements. Under normal circumstances, the fund obtains leveraged exposure to at least 80% of its total assets in such components or instruments, rebalancing daily to maintain the 2x target while seeking to remain fully invested regardless of market conditions. The MSCI Brazil 25/50 Index measures the performance of the large- and mid-cap segments of the Brazilian equity market, targeting approximately 85% of Brazil's market capitalization with 44 companies as of September 30, 2025; it applies capping rules where no single company exceeds 22.5% weight and the aggregate weight of companies above 4.5% does not exceed 45%, with annual reconstitutions in August and quarterly adjustments in February, May, and November. UBR, part of ProShares Trust, was launched on April 27, 2010, and is listed on NYSE Arca with CUSIP 74347B490, intraday ticker UBR.IV, quarterly distributions, and options availability; it is managed by ProShare Advisors LLC (located at 7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814), with Alexander Ilyasov and Eric Silverthorne as primary portfolio managers since August 2020 and March 2023, respectively, under a net expense ratio of 0.95% (gross 5.11%, with waivers through September 30, 2026). The fund provides leveraged exposure to Brazilian equities for sophisticated investors targeting short-term bullish views on the market, with geographic focus on Brazil and exposure to sectors like financials (significant as of May 31, 2025); it trades in the U.S. secondary market at market prices that may differ from NAV, incurring bid-ask spreads (30-day median 0.39% as of December 17, 2025). Recent operational details include a prospectus update dated September 26, 2025, and year-to-date NAV performance of 107.76% through late 2025 amid strong Brazilian market gains, with NAV at $25.16 on December 17, 2025. ProShares, the issuer managing over $95 billion in assets as of September 19, 2025, strengthened distribution capabilities in September 2025 through key hires including Chad Brand for Southern California and Mike Hart for New York City, Westchester County, and Long Island, enhancing intermediary channel support amid ongoing ETF innovation in geared products.