This product seeks leveraged exposure based on the daily movements of a U.S. real estate-related reference asset. Because cumulative performance over longer periods can differ from a simple multiple of the reference asset, it is important to distinguish the daily objective from the actual holding period.

The structure is better suited to investors who actively manage short-term direction in U.S. real estate-related markets and can review their risk exposure every day.

It is an actively managed ETF operated by Corgi Funds.

The product targets leveraged exposure linked to the daily performance of its reference asset and may use derivative contracts. Because the objective is set on a daily basis, long-term performance can differ from the simple extension that investors expect, depending on how the market rises and falls and how large the volatility is.

• Daily exposure management structure
• Concentration in U.S. real estate-related assets

Assets under management (AUM) stand at $0.3M, and the total expense ratio is 0.45% per year.

Because publicly available information on trading history and liquidity is limited, it is important to check the bid-ask spread and trading volume yourself before placing an order.

With a short listing history, it is difficult to generalize the product's characteristics from accumulated long-term performance alone. The direction of real estate-related markets, shifts in interest rate expectations, the funding environment, and the daily reset effect can combine to widen the swings in short-term returns.

Fund flows can vary with market conditions and investor demand. For newly launched leveraged products, perceived liquidity can differ depending on trading participants and the market-making environment, so it is necessary to keep checking order methods and trading costs.

The ability to use daily leveraged exposure is a distinguishing feature, but because of cumulative performance differences and derivative contract risk, managing the holding period is the key.

The peer comparison and candidate product information provided was empty, so we have not arbitrarily linked the names or tickers of any individual alternative exchange-traded products. When reviewing this product, you should first compare it with general real estate-related products on the daily leveraged objective, the possible use of derivative contracts, differences in long-term cumulative performance, and trading costs. It is appropriate to choose comparison candidates only after confirming that they share the same reference asset and the same management objective.

Before investing, first confirm that the daily objective matches your own holding plan. Beyond the direction of real estate-related assets, you should also check how volatility affects cumulative performance, trading costs, and the possible gap between market price and net asset value.

Leveraged products can see losses magnified when they move against expectations, and in periods of high volatility or repeated ups and downs, long-term cumulative performance can differ from intuition. Risks related to derivative contracts and changes in the trading environment also affect the potential for loss.

The Corgi U.S. Real Estate Daily Leveraged ETF can be considered only by those who want to manage the short-term direction of U.S. real estate-related assets and who fully understand the structure. Taking into account the absence of a distribution history and its limited suitability for long-term holding, you should first judge whether you can bear the daily reset effect and trading costs.