The latest batch of new listings suggests they have since decided the water is fine, and that they would like a much larger pool. Out of 39 flagged products this week, 34 are new Corgi 2X daily leveraged ETFs, filed in a single batch. Covering Brazil, China, Taiwan, South Korea, emerging markets, Europe, US biotech, US regional banks, US micro caps, US mega cap growth, US real estate, and (my personal favourite) US consumer staples. They went from one leveraged product to thirty-five. In one go. I find this admirable in the same way one finds a person jumping off a very high cliff admirable: the commitment is beyond question.
Let me tell you about the Corgi Lithography and Semiconductor Photonics ETF. The non-leveraged version, trading under the ticker EUV, launched recently and crossed $150 million in assets under management within two weeks. That is, by any measure, an extraordinary reception for a thematic fund. Investors clearly wanted EUV lithography, photoresists, optical networking components, and the broader photonics supply chain. They found the story compelling. They put real money in.
The natural follow-up question in any normal industry would be: what have we learned from this success? What does strong early demand tell us about how to develop the product further?
Corgi's answer, which I find entirely logical, is: more leverage. EUVX is the 2X daily version of their own successful fund. The underlying theme (ASML, TSMC, Lam Research, the whole semiconductor photonics stack) is genuinely interesting, the equipment cycle is genuinely strong, and so the obvious next step is to create a product that doubles your gains on the up days and doubles your losses on the down days, with daily rebalancing decay quietly working in the background. The description in the listing data renders this product as “CORGI LTHGRPHY AND SMCNDCTR PHT ETF,” which I think is simply the universe telling you not to look too closely.
Of all the products in this batch, XAGI is the one I keep returning to. The Corgi AGIX 2X Daily ETF provides 2X daily leveraged exposure to the SingularityNET token.
SingularityNET, for context, is a blockchain-based artificial intelligence marketplace. The mission, in the company's own words, involves creating a decentralised network for AI services, with its native token facilitating transactions between AI agents. The project takes its name from the concept of technological singularity: the hypothetical point at which artificial intelligence surpasses human intelligence and accelerates beyond our ability to predict or control.
Someone at Corgi has looked at this and thought: we should offer 2X daily leverage on that.
There is a peculiar coherence to it, once you sit with it for a moment. The token already trades at a price point measured in cents, meaning each percentage move represents a very small absolute value that could, in theory, become a larger absolute value via leverage. Whether it moves in the direction you would prefer is, of course, a different matter entirely. The token trades with the volatility you would expect from a crypto AI governance token: which is to say, quite a lot. Adding a 2X daily multiplier to that curve seems less like a product decision and more like a philosophical statement about the nature of risk.
Somewhere in this same batch, between the leveraged corgis and the SingularityNET futures, sits the Hartford Alpha Capture Growth ETF. Alpha capture, as a concept, comes from institutional finance. Investment banks run systems that collect and aggregate trading ideas from sell-side analysts across their coverage universes. The idea is that if you harvest enough of these signals systematically, you can isolate genuine alpha from the noise. This is a real, serious strategy that large institutions run quietly in the background.
Hartford has decided to package it as a retail ETF. The ticker is ACGO. It is, relative to everything else in this batch, disarmingly sensible.
The last product I want to mention is the Inside Ownership 100 ETF, with the ticker OWN. The premise is that companies where senior executives hold significant equity stakes in their own businesses have skin in the game and, in theory, operate with interests more aligned to shareholders than companies where leadership treats their stock mostly as a compensation mechanism to be sold on a schedule.
This is a real and defensible investment thesis. It has been studied. Serious people have written papers about it. And now it is an ETF that tracks 100 such companies, under a ticker that is either the product of genius or a very fortunate coincidence.