Corgi Brazil 2x Daily ETF is a U.S.-domiciled, non-diversified exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of the iShares MSCI Brazil ETF (EWZ), which provides exposure to Brazilian large- and mid-capitalization equities. The fund, launched on June 3, 2026, is advised by Corgi Strategies, LLC and trades under the ticker BRZX on Cboe BZX. It provides leveraged, short-term exposure to the Brazilian equity market through a standard brokerage account and is intended principally for sophisticated, active investors monitoring positions on a daily basis.
The fund’s principal investment products consist of swap agreements, futures and other financial instruments designed to provide approximately 200% daily leveraged exposure to EWZ and, indirectly, to Brazilian equity securities across industries and market capitalizations. BRZX does not directly hold portfolio stocks; as of September 8, 2026, its principal exposure comprised a total-return swap on the iShares MSCI Brazil ETF with approximately 199.04% portfolio weight, supplemented by U.S. Treasury money-market instruments, cash and other net assets. The fund resets its exposure daily, such that returns for periods longer than one trading day may differ materially, including in magnitude, from twice EWZ’s cumulative return because of daily compounding and volatility.
BRZX charges a 0.45% expense ratio and has a U.S. dollar base currency. Its service providers include Paralel Distributors LLC as distributor, U.S. Bank N.A. as custodian, U.S. Bancorp Fund Services as administrator and transfer agent, and Tait Weller as auditor. The fund’s most significant recent development is its establishment and market launch in June 2026 as a dedicated 2x daily Brazil equity ETF; by September 8, 2026, it reported net assets of approximately $425,000 and a net asset value of $28.36 per share.