Corgi U.S. Energy 2x Daily ETF (XLEX)

The Corgi U.S. Energy 2x Daily ETF is a leveraged exchange-traded fund listed on Cboe BZX under the ticker XLEX. It seeks daily investment results, before fees and expenses, of approximately two times the daily performance of a benchmark of U.S. energy sector stocks.

The energy sector includes oil and gas exploration and production companies, integrated oil majors, refiners, pipeline operators, and equipment and services providers. The fund obtains its leverage primarily through derivatives such as swaps and rebalances daily.

Because of the daily reset, returns over periods longer than one day can diverge considerably from twice the benchmark's return, especially given the volatility of energy prices. The fund is part of the Corgi ETF family.