New ultra short Brazilian ETF

A new ultra short Brazilian ETF has been launched by Proshares. The symbol is BZQ and it was actually issued in late 09. For anyone that thinks that the Brazilian stock market is overheated might be interested. However, it is a leveraged ETF, which over time only lose money for the holders..

This ETF seeks a return of -200% of the return of the daily performance of the MSCI Brazil Index. for a single day. This keyword means that over time the fund price will decay, like all leveraged ETFs.

As with most ultra ETFs the MER is relatively expensive at 0.95%.

As Brazil does well, this ETF has performed very poorly:

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