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BRZX Corgi Brazil 2x Daily ETF

Aims to return twice the daily move of Brazil (EWZ)

Three months to Sep 11, 2026: BRZX returned +15.7% where its own daily promise gave +19.3%, 3.5 points short.

Corgi · Leveraged ETFs · data as of

Key facts

+9.8%What EWZ did
+19.3%What +2 times a day gives
+15.7%What the fund returned
−3.5 ptsThe fund itself cost

Method

ETFIQ Decay Resistance Score

29.0278th of 391

BRZX finished 3.5 points short of what +2 times EWZ’s daily move would have given, compounded through the same days.

Did it keep up with its own daily multiple, compounded day by day?

Points against its own daily promise, compounded
MRNX −23.2 ptsBMNG −14.1 ptsBMNU −14.0 ptsXOVL −11.4 ptsGDXU −11.1 ptsSMCX −10.5 ptsETHT −9.9 ptsSOLT −9.8 ptsSLON −9.6 ptsSBTU −9.3 ptsEVMU −7.9 ptsINFH −7.8 ptsGMEU −7.6 ptsSOUX −7.6 ptsBLSG −7.4 ptsSMCL −7.4 ptsCRMG −7.3 ptsFGRU −7.3 ptsHIMZ −7.3 ptsSPYU −6.9 ptsMSTX −6.8 ptsOKTG −6.8 ptsBIB −6.6 ptsFUTG −6.6 ptsCRWL −6.4 ptsDJTU −6.4 ptsNOWL −6.4 ptsONDL −6.4 ptsETU −6.3 ptsMSTU −6.2 ptsNETG −6.0 ptsSOFX −6.0 ptsCRCA −5.9 ptsFNGU −5.9 ptsPYPG −5.8 ptsHOOX −5.7 ptsXXRP −5.6 ptsCOPZ −5.5 ptsDKNX −5.5 ptsPLTG −5.4 ptsSHNY −5.4 ptsUPLT −5.4 ptsADBG −5.3 ptsAFRU −5.3 ptsANEL −5.3 ptsBTCL −5.3 ptsROBN −5.3 ptsUPAL −5.3 ptsARCX −5.2 ptsBITU −5.2 ptsCOIG −5.2 ptsDLLL −5.1 ptsDUOG −5.1 ptsHOOG −5.1 ptsKORU −5.1 ptsRGTX −5.1 ptsCRCG −5.0 ptsRCAX −5.0 ptsETHU −4.9 ptsFIGG −4.9 ptsPOEL −4.9 ptsQSU −4.9 ptsCOIA −4.8 ptsPLTA −4.8 ptsPYPU −4.8 ptsHODU −4.7 ptsKMLI −4.7 ptsRIOX −4.7 ptsCONL −4.6 ptsMSTP −4.6 ptsNVOX −4.6 ptsUNX −4.5 ptsVSTL −4.5 ptsMULL −4.4 ptsPATX −4.4 ptsWYFL −4.4 ptsGEMG −4.3 ptsPANG −4.3 ptsPDDL −4.3 ptsMUU −4.1 ptsVALG −4.1 ptsXYZG −4.1 ptsAVXX −4.0 ptsCONX −4.0 ptsIRE −4.0 ptsSMU −4.0 ptsXTAI −4.0 ptsBTCU −3.9 ptsMSFX −3.9 ptsNVDX −3.9 ptsPTIR −3.9 ptsTEMT −3.9 ptsBEG −3.8 ptsNUG −3.8 ptsBITX −3.7 ptsLABU −3.7 ptsMSFU −3.7 ptsNEMG −3.7 ptsPONX −3.7 ptsSNOU −3.7 ptsTSMU −3.7 ptsUXRP −3.7 ptsXIWC −3.7 ptsAMPU −3.6 ptsAPHU −3.6 ptsASTY −3.6 ptsCCUP −3.6 ptsQUBX −3.6 ptsUCOP −3.6 ptsUNHG −3.6 ptsXLEX −3.6 ptsAAPX −3.5 ptsKTUP −3.5 ptsLUNL −3.5 ptsMSFL −3.5 ptsPLTU −3.5 ptsRBLU −3.5 ptsRDTL −3.5 ptsSNAG −3.5 ptsUECG −3.5 ptsXHOA −3.5 ptsXRPT −3.5 ptsAMDG −3.4 ptsAVGU −3.4 ptsDRN −3.4 ptsFDRX −3.4 ptsXAGI −3.4 ptsXBIX −3.4 ptsAMDL −3.2 ptsHIBL −3.2 ptsLITU −3.2 ptsMVLL −3.2 ptsRTXG −3.2 ptsSNDU −3.2 ptsXLFX −3.2 ptsCPNX −3.1 ptsLLYX −3.1 ptsMETU −3.1 ptsNFLU −3.1 ptsONDG −3.1 ptsSTXL −3.1 ptsAVGG −3.0 ptsCURE −3.0 ptsFAS −3.0 ptsFBL −3.0 ptsLULG −3.0 ptsNEBX −3.0 ptsOSSL −3.0 ptsRDWU −3.0 ptsSHPU −3.0 ptsSOFA −3.0 ptsUPSX −3.0 ptsXEUR −3.0 ptsXW −3.0 ptsAAPU −2.9 ptsCBRG −2.9 ptsCEGX −2.9 ptsNVDL −2.9 ptsPALU −2.9 ptsTAJX −2.9 ptsAMZU −2.8 ptsAVGX −2.8 ptsBAIG −2.8 ptsCLSX −2.8 ptsGOOX −2.8 ptsGRAG −2.8 ptsIONX −2.8 ptsKJD −2.8 ptsNBIG −2.8 ptsUUUG −2.8 ptsXKRE −2.8 ptsCRWG −2.7 ptsEURL −2.7 ptsGLWG −2.7 ptsNVDU −2.7 ptsPLUL −2.7 ptsRVNL −2.7 ptsSMUP −2.7 ptsSTXU −2.7 ptsTERG −2.7 ptsTSMX −2.7 ptsTTDU −2.7 ptsXLBX −2.7 ptsFCXG −2.6 ptsGEVG −2.6 ptsHUTG −2.6 ptsLITX −2.6 ptsNVDG −2.6 ptsONDU −2.6 ptsSPXL −2.6 ptsTECL −2.6 ptsTSMG −2.6 ptsUPRO −2.6 ptsURAA −2.6 ptsWEBL −2.6 ptsXLIX −2.6 ptsBOEG −2.5 ptsEDC −2.5 ptsEMXX −2.5 ptsMPG −2.5 ptsMRAL −2.5 ptsSOXL −2.5 ptsTSLT −2.5 ptsTXNU −2.5 ptsTYD −2.5 ptsXLKX −2.5 ptsAMA −2.4 ptsAMUU −2.4 ptsASMG −2.4 ptsCCPX −2.4 ptsCIEG −2.4 ptsDUSL −2.4 ptsINTW −2.4 ptsKPDD −2.4 ptsKRWX −2.4 ptsNXPG −2.4 ptsOKLL −2.4 ptsPLU −2.4 ptsTQQQ −2.4 ptsUBR −2.4 ptsUGLD −2.4 ptsUSLV −2.4 ptsUSX −2.4 ptsWEBX −2.4 ptsXNDX −2.4 ptsXOMX −2.4 ptsYINN −2.4 ptsAMKL −2.3 ptsBABU −2.3 ptsBOEU −2.3 ptsDPST −2.3 ptsELIL −2.3 ptsNBIL −2.3 ptsNFXL −2.3 ptsRKLX −2.3 ptsSNDG −2.3 ptsURTY −2.3 ptsAALG −2.2 ptsAAPB −2.2 ptsADBU −2.2 ptsAMAU −2.2 ptsASUP −2.2 ptsAVL −2.2 ptsCOTG −2.2 ptsCRMU −2.2 ptsEOSU −2.2 ptsGGLL −2.2 ptsGOU −2.2 ptsLEUX −2.2 ptsNUGT −2.2 ptsORCX −2.2 ptsTNA −2.2 ptsTSLG −2.2 ptsTSLL −2.2 ptsUDOW −2.2 ptsUMDD −2.2 ptsURE −2.2 ptsWANT −2.2 ptsWX −2.2 ptsASTX −2.1 ptsBEX −2.1 ptsCSCL −2.1 ptsKBAB −2.1 ptsLMTL −2.1 ptsPILL −2.1 ptsQCML −2.1 ptsUNHU −2.1 ptsUSGG −2.1 ptsUTSL −2.1 ptsBABX −2.0 ptsCIFG −2.0 ptsGLGG −2.0 ptsJNUG −2.0 ptsJOBX −2.0 ptsMEXX −2.0 ptsMIDU −2.0 ptsQCMU −2.0 ptsTMF −2.0 ptsTSLR −2.0 ptsVRTL −2.0 ptsXLPX −2.0 ptsXLVX −2.0 ptsXLYX −2.0 ptsASMU −1.9 ptsCBRX −1.9 ptsCOHH −1.9 ptsDFEN −1.9 ptsERX −1.9 ptsGLXU −1.9 ptsIREX −1.9 ptsORCU −1.9 ptsSPOG −1.9 ptsTPOR −1.9 ptsVELL −1.9 ptsWULX −1.9 ptsXLUX −1.9 ptsXPEG −1.9 ptsCIFU −1.8 ptsCWVX −1.8 ptsIBX −1.8 ptsLINT −1.8 ptsMRVU −1.8 ptsUSAX −1.8 ptsAAOG −1.7 ptsAAOX −1.7 ptsALBG −1.7 ptsAMZZ −1.7 ptsARMG −1.7 ptsAXTU −1.7 ptsBIDG −1.7 ptsCRWU −1.7 ptsEUVX −1.7 ptsFNGG −1.7 ptsGEVX −1.7 ptsIONL −1.7 ptsKBDU −1.7 ptsMPWX −1.7 ptsOPEX −1.7 ptsRETL −1.7 ptsRGTU −1.7 ptsSTXX −1.7 ptsUBRL −1.7 ptsUYG −1.7 ptsUYM −1.7 ptsAPLX −1.6 ptsBRZU −1.6 ptsCOHX −1.6 ptsCOZX −1.6 ptsCSEX −1.6 ptsDIG −1.6 ptsLTL −1.6 ptsNAIL −1.6 ptsNXPX −1.6 ptsSKYU −1.6 ptsSNXX −1.6 ptsUPV −1.6 ptsWDCX −1.6 ptsXCOM −1.6 ptsXPP −1.6 ptsAXTX −1.5 ptsEFO −1.5 ptsIREG −1.5 ptsISUL −1.5 ptsQBTX −1.5 ptsUGE −1.5 ptsAGQ −1.4 ptsCRMX −1.4 ptsLABX −1.4 ptsMCHU −1.4 ptsNIOG −1.4 ptsOPEG −1.4 ptsSAA −1.4 ptsSPUU −1.4 ptsSSO −1.4 ptsCWEB −1.3 ptsFLYT −1.3 ptsFNGO −1.3 ptsQLD −1.3 ptsRXL −1.3 ptsUWM −1.3 ptsAPPX −1.2 ptsEZJ −1.2 ptsINDL −1.2 ptsKLAG −1.2 ptsMVV −1.2 ptsROM −1.2 ptsUXI −1.2 ptsDDM −1.1 ptsLRCU −1.1 ptsNVTX −1.1 ptsPBRG −1.1 ptsUCC −1.1 ptsUGL −1.1 ptsUPW −1.1 ptsCRDU −1.0 ptsGUSH −1.0 ptsEET −0.9 ptsONX −0.9 ptsUVIX −0.9 ptsTSL −0.8 ptsUCO −0.8 ptsUST −0.8 ptsTEUP −0.7 ptsUBT −0.5 ptsCHAU −0.4 ptsCPXR 0.0 ptsHONG +2.2 ptsLMNX +8.1 ptsRKTL +10.1 ptsLNOK +44.5 ptsBRZX −3.5 ptsBRZX −3.5 pts−23.2 pts+44.5 pts

That is the share of the 391 leveraged ETFs, long, over three months sitting at or below BRZX. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

All leveraged ETFs ranked by this score · How it is computed

4th of 4 leveraged ETFs on EWZ, by closeness to their own label 4th of 4 leveraged and inverse ETFs by net assets

What it aimed at, and what it did

BRZX against its stated multipleOver the window to Sep 11, 2026, EWZ moved +9.8%. BRZX returned +15.7%, where 2 times that move implies +19.7%, a difference of −4.0 pts.+2x the move+19.7%BRZX returned+15.7%EWZ moved +9.8% over the same days

Over the window to Sep 11, 2026, EWZ moved +9.8%. BRZX returned +15.7%, where 2 times that move implies +19.7%. The difference is −4.0 pts.

Method

Period by period

BRZX over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowFundEWZ+2x the moveDifferenceEWZ moved about
1 month+25.1%+12.8%+25.6%−0.5 pts22%
3 months+15.7%+9.8%+19.7%−4.0 pts22%
Since launch+18.1%+11.3%+22.6%−4.5 pts22%

Method

The same trade from 3 issuers

Every fund that sets out to return +2 times EWZ, over the days all of them have been trading. Ranked by how close each came to its own stated multiple.

EWZ funds at +2x, to Sep 11, 2026. Source: ETFIQ.
FundIssuerReturned+2x the moveDifference
BRZUDirexion+17.7%+19.7%−2.0 pts
UBRProShares+16.9%+19.7%−2.8 pts
BRZXCorgi+15.7%+19.7%−4.0 pts

Method

In plain words

Read the multiple against the whole window instead and +2 times EWZ's 9.8% implies +19.7%, which makes BRZX look 4.0 points short. 0.4 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. BRZX aims to return +2 times EWZ's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. EWZ moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

BRZX (Corgi Brazil 2x Daily ETF), leveraged ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Sets out to return+2 times the daily move of EWZ, reset daily
Multiple a holder actually got over the window (ETFIQ)+1.6 times, against +2 stated
UnderlyingEWZ
Segmentsector or country, country
Net assets (source, as filed for Jun 30, 2026)$351,191
Expense ratio (485BPOS XBRL, May 28, 2026)0.45%
LaunchedJun 3, 2026
Underlying volatility over the window (ETFIQ)22% annualized

Returns are ETFIQ calculations from Tiingo end-of-day prices, distributions reinvested, measured against the underlying over exactly the same days. How these figures are computed

Questions people ask

Did BRZX return +2 times EWZ?
Over the window to Sep 11, 2026, EWZ moved +9.8% and BRZX returned +15.7%. 2 times that move is +19.7%, so the fund came out 4.0 points short of it.
Why does BRZX not return +2 times over a year?
Because it resets daily. BRZX aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.
Which +2x EWZ ETF tracked its stated multiple most closely?
3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.

The words on this page

Stated multiple
What the fund sets out to return against its underlying, each day. A fund at 2x aims to return twice the underlying’s daily move, and an inverse fund at -2x aims to return twice it in the opposite direction.
Daily reset
The fund starts each day aiming at the multiple again, from wherever it now stands. It is the mechanism that makes these funds behave as they do, and the reason the stated multiple applies to a day rather than to a holding period.
Compounding
Daily results multiply together rather than adding up. Two days of the multiple is not twice the multiple, and over a run of days the difference between the two grows with how far the underlying moves about.
Decay
What compounding costs a holder when the underlying falls and rises back to where it started. The underlying is level and the fund is down; the more violently it moved, the further down.
Difference against the stated multiple
The fund’s return minus the stated multiple times the underlying’s return, in percentage points. The one figure that says whether a holder got what the fund’s own multiple describes.

Every term used here, defined in full on the leveraged ETFs vocabulary page.

Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

Compare BRZX

Other funds on EWZ

Where to next

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BRZX label bar, ETFIQ

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Where BRZX is written about

BRZX, Leveraged ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open BRZX live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, BRZX, leveraged ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/BRZX Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources