Corgi Ex-U.S. Equities 2x Daily ETF(CBOE:XW)

XW seeks to deliver 2x the daily performance of Vanguard Total International Stock ETF (NASDAQ: VXUS), which offers a broad, inclusive portfolio of global stocks outside the US. Unlike some peer funds, it covers small-caps in market-like proportion, which is to say, a relatively small part of the portfolio. Rather than holding VXUS directly, the fund primarily uses derivatives such as swap agreements and options to create leveraged exposure. The portfolio is rebalanced at the end of each trading day to maintain its targeted leverage level, meaning returns over periods longer than a single day can differ significantly from 2x the cumulative return of VXUS due to compounding effects. The fund may also obtain leveraged exposure through exchange-traded equity futures and options, including standardized calls and puts. Collateral supporting these derivative positions may be invested in money market instruments, repurchase agreements, or short-term US government securities.