{
 "ticker": "BRZX",
 "name": "Corgi Brazil 2x Daily ETF",
 "issuer": "Corgi",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/BRZX",
 "html": "https://etfiq.com/funds/BRZX",
 "markdown": "https://etfiq.com/funds/BRZX.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: BRZX returned +15.7% where its own daily promise gave +19.3%, 3.5 points short.",
 "key_facts": [
  {
   "key": "what_ewz_did",
   "label": "What EWZ did",
   "value": "+9.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BRZX, what EWZ did: +9.8%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "+19.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BRZX, what +2 times a day gives: +19.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+15.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BRZX, what the fund returned: +15.7%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BRZX, the fund itself cost: \u22123.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$351,191",
   "source": "source, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "BRZX, net assets: $351,191 (source, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.45%",
   "source": "485BPOS XBRL, May 28, 2026",
   "as_of": "2026-09-11",
   "sentence": "BRZX, expense ratio: 0.45% (485BPOS XBRL, May 28, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of EWZ, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.6 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "EWZ",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$351,191",
   "source": "source, as filed for Jun 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.45%",
   "source": "485BPOS XBRL, May 28, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jun 3, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "22% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+25.1%",
   "EWZ": "+12.8%",
   "+2x the move": "+25.6%",
   "Difference": "\u22120.5 pts",
   "EWZ moved about": "22%"
  },
  {
   "window": "3 months",
   "Fund": "+15.7%",
   "EWZ": "+9.8%",
   "+2x the move": "+19.7%",
   "Difference": "\u22124.0 pts",
   "EWZ moved about": "22%"
  },
  {
   "window": "Since launch",
   "Fund": "+18.1%",
   "EWZ": "+11.3%",
   "+2x the move": "+22.6%",
   "Difference": "\u22124.5 pts",
   "EWZ moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did BRZX return +2 times EWZ?",
   "a": "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."
  },
  {
   "q": "Why does BRZX not return +2 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +2x EWZ ETF tracked its stated multiple most closely?",
   "a": "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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}