Key Highlights

  • Corgi UCTT 2x Daily ETF (CBOE:UCTX) closed at USD 7.97 on September 29, 2026, up 7.98 percent on the day and 20.76 percent over one week.
  • The fund is still 69.45 percent below its level at launch on June 26, 2026, and down 76.78 percent over three months.
  • Ultra Clean Holdings (NASDAQ:UCTT) raised guidance to USD 700 million to USD 750 million, but a USD 400 million at the market program weighed on shares.
  • By simple arithmetic, UCTX needs a gain of roughly 227 percent to get back to its starting level.

The First 2x Fund on Ultra Clean

Corgi UCTT 2x Daily ETF (CBOE:UCTX) launched on Cboe BZX on June 26, 2026, as part of a 31 fund single stock rollout by Corgi, a company founded in 2025. The firm described it as the first 2x ETF on Ultra Clean Holdings (NASDAQ:UCTT), with an expense ratio of 0.45 percent. The fund seeks 200 percent of the stock's daily performance using swaps and similar instruments, and recent data put Assets near USD 694,000. CEO Nicolas Laqua said single stock Leverage had drawn growing interest from active traders and had been one of the most expensive corners of the ETF market. With assets that small, trading Volume and bid ask spreads can matter as much as the fee itself.

Strong Results, Heavy Selling

Ultra Clean makes critical subsystems and provides services for semiconductor equipment makers. On August 3 it reported second quarter Revenue of USD 644.9 million, up 24.3 percent year on year, with non GAAP diluted Earnings of USD 0.70 per share, and guided third quarter revenue to USD 700 million to USD 750 million, with non GAAP earnings of USD 0.83 to USD 1.03 per share. Products contributed USD 572.7 million of second quarter sales and services USD 72.2 million. CEO James Xiao said the long term outlook remains compelling as AI drives investment. Even so, the shares fell 10.5 percent to USD 94.50 on July 7, dropped 8.5 percent on August 14 after the company set up a USD 400 million at the market Equity program, and gapped down 8.7 percent on September 14. The stock recovered to USD 73.05 on September 21, still well below its 52 week high of USD 144.22.

How a 2x Fund Magnifies a Drawdown

The three month loss of 76.78 percent in UCTX shows how daily resets compound during a slide. When a stock falls sharply over several sessions, a 2x fund loses twice as much each day, shrinking its base so later rebounds work from a smaller starting point. As a labeled illustration, a fund that drops 50 percent needs a 100 percent gain just to break even. At USD 7.97, UCTX would need about a 227 percent rise to recover its launch level, while the stock itself needs far less. Equipment names often move with the wider chip cycle reflected in the iShares Semiconductor ETF (NASDAQ:SOXX), which adds another layer of swing.

Where Things Stand

It is too early to call it a turn. Corgi UCTT 2x Daily ETF (CBOE:UCTX) gained 20.76 percent in a week, but that bounce sits against a 69.45 percent decline since launch that daily compounding deepened. Ultra Clean Holdings (NASDAQ:UCTT) has raised guidance and Oppenheimer and TD Cowen lifted targets in August, while dilution concerns and volatile trading persist. Agent commissions of up to 3.0 percent on the at the market program, and the prospect of added share supply, remain part of the debate. The fund is built for daily exposure, not recovery plays.