KRWX seeks to deliver 2x the daily performance of iShares MSCI South Korea ETF (NYSE Arca: EWY), which provides unbiased exposure to the Korean equity market with significant exposure to Samsung. The fund tracks an index that ignores most small- and micro-cap stocks. Rather than holding EWY 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 EWY 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.