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Corgi ETF Trust I

07/09/2026 | Press release | Distributed by Public on 07/09/2026 15:29

Post-Effective Amendment to Registration Statement by Investment Company (Form 485APOS)

POST-EFFECTIVE AMENDMENT TO REGISTRATION STATEMENT ON FORM N-1A

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON JULY 9, 2026

1933 Act Registration File No.: 333-289838

1940 Act File No.: 811-24117

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		[X]
Pre-Effective Amendment No. ___		[ ]
Post-Effective Amendment No. 64		[X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		[X]
Amendment No. 68		[X]

Corgi ETF Trust I

(Exact Name of Registrant as Specified in Charter)

425 Bush St, Suite 500

San Francisco, CA 94104

(Address of Principal Executive Offices, Zip Code)

Registrant's Telephone Number, including Area Code: (855) 552-6744

Northwest Registered Agent Service, Inc.

8 The Green, STE B

Dover, DE 19901

(Name and Address of Agent for Service)

With Copies to:

Emily Z. Yuan

Corgi Strategies, LLC

425 Bush St, Suite 500

San Francisco, CA 94104

Peter Skaliy (Counsel / Filing Contact)
Corgi Strategies, LLC
425 Bush St, Suite 500
San Francisco, CA 94104
Tel: (404) 275-0259

Approximate date of proposed public offering: As soon as practicable after the effective date of this registration statement.

It is proposed that this filing will become effective (check appropriate box):

[ ]	immediately upon filing pursuant to paragraph (b)
[ ]	on (date) pursuant to paragraph (b)
[ ]	60 days after filing pursuant to paragraph (a)(1)
[ ]	on (date) pursuant to paragraph (a)(1)
[X]	75 days after filing pursuant to paragraph (a)(2)
[ ]	on [ ], 2026 pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ ]	this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PRELIMINARY PROSPECTUS

SUBJECT TO COMPLETION

July 9, 2026

THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT SELL THESE SECURITIES UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS PROSPECTUS IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE WHERE THE OFFER OR SALE IS NOT PERMITTED.

Prospectus

[ ], 2026

Fund Name	Ticker	Principal U.S. Listing Exchange
Corgi U.S. Biotech ETF	[ ]	[ ]
Corgi Global Infrastructure ETF	[ ]	[ ]
Corgi U.S. Infrastructure Development ETF	[ ]	[ ]
Corgi U.S. Homebuilders ETF	[ ]	[ ]
Corgi Aerospace & Defense ETF	[ ]	[ ]
Corgi U.S. Semiconductor ETF	[ ]	[ ]
Corgi U.S. Industrials ETF	[ ]	[ ]
Corgi U.S. Energy ETF	[ ]	[ ]
Corgi U.S. Communication Services ETF	[ ]	[ ]
Corgi U.S. Consumer Discretionary ETF	[ ]	[ ]
Corgi U.S. Consumer Staples ETF	[ ]	[ ]
Corgi U.S. Financials ETF	[ ]	[ ]
Corgi U.S. Health Care ETF	[ ]	[ ]
Corgi U.S. Real Estate ETF	[ ]	[ ]
Corgi U.S. REIT ETF	[ ]	[ ]
Corgi Gold Miners ETF	[ ]	[ ]
Corgi Free Cash Flow ETF	[ ]	[ ]
Corgi Micro-Cap ETF	[ ]	[ ]
Corgi Buyout Replication ETF	[ ]	[ ]

The U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

FUND SUMMARY - Corgi U.S. Biotech ETF

FUND SUMMARY - Corgi Global Infrastructure ETF

FUND SUMMARY - Corgi U.S. Infrastructure Development ETF

FUND SUMMARY - Corgi U.S. Homebuilders ETF

FUND SUMMARY - Corgi Aerospace & Defense ETF

FUND SUMMARY - Corgi U.S. Semiconductor ETF

FUND SUMMARY - Corgi U.S. Industrials ETF

FUND SUMMARY - Corgi U.S. Energy ETF

FUND SUMMARY - Corgi U.S. Communication Services ETF

FUND SUMMARY - Corgi U.S. Consumer Discretionary ETF

FUND SUMMARY - Corgi U.S. Consumer Staples ETF

FUND SUMMARY - Corgi U.S. Financials ETF

FUND SUMMARY - Corgi U.S. Health Care ETF

FUND SUMMARY - Corgi U.S. Real Estate ETF

FUND SUMMARY - Corgi U.S. REIT ETF

FUND SUMMARY - Corgi Gold Miners ETF

FUND SUMMARY - Corgi Free Cash Flow ETF

FUND SUMMARY - Corgi Micro-Cap ETF

FUND SUMMARY - Corgi Buyout Replication ETF

ADDITIONAL INFORMATION ABOUT FUNDS

MANAGEMENT

HOW TO BUY AND SELL SHARES

FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES

DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES

FINANCIAL HIGHLIGHTS

FUND SUMMARY - Corgi U.S. Biotech ETF

Investment Objective

The Corgi U.S. Biotech ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. biotechnology companies.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the "Shares"). You may pay other possible fees, such as your broker-dealer's brokerage commissions and any other fees from financial intermediaries, which are not reflected in the table and Example below.

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

^{(1) Under the unitary fee arrangement, Corgi Strategies, LLC (the "Adviser") will bear substantially all of the Fund's ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"); litigation expenses; and other non-routine or extraordinary expenses.

(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}

Expense Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

When the Fund buys and sells securities, it incurs trading costs such as brokerage commissions. Greater trading activity (often called portfolio turnover) generally means higher trading expenses and, in taxable accounts, may result in larger taxable distributions. These amounts are not included in Total Annual Fund Operating Expenses or in the Expense Example and will reduce the Fund's returns. Because the Fund is newly formed, a portfolio turnover rate is not yet available.

Principal Investment Strategies

The Adviser uses a full replication approach to manage the Fund. Under normal market conditions, the Fund generally expects to invest in all (or substantially all) of the securities included in the Index in approximately the same proportions as the Index. However, the Adviser may use a representative sampling approach when full replication is not practical due to factors such as the number or liquidity of Index constituents, portfolio rebalancing requirements, corporate actions, or other market conditions that make it more efficient to hold a representative sample of Index securities. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended. As a non-diversified fund, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund.

The Index measures the performance of the biotechnology sub-sector of the U.S. equity market. The Index includes companies classified in the biotechnology industry according to the Index Provider's industry classification system that are constituents of a broad U.S. equity index. The Index is market-capitalization weighted. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Index is sponsored by [ ] (the "Index Provider"), which is not affiliated with the Fund or the Adviser. The Index Provider determines the Index's composition and the relative weightings of the securities included in the Index and publishes information regarding the Index's market value.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

The principal risks are presented below in alphabetical order. Each risk described below is considered a "principal risk" of investing in the Fund. The order in which the risks appear is not an indication of relative importance. As with any investment, you could lose all or part of your investment. Any of these risks could adversely affect the Fund's net asset value ("NAV"), market price, yield, total return, and/or its ability to achieve its objective.

Biotechnology Industry Risk. The Fund invests in companies in the biotechnology industry, which involves greater risks than more broadly diversified investments. Biotechnology companies face intense competition, rapid technological change, and significant dependence on patents and intellectual property. Many biotechnology companies are smaller, less-established companies that may have limited product lines, markets, or financial resources. The development and commercialization of new products is lengthy, costly, and uncertain, and many products never receive regulatory approval. Companies in this industry are heavily dependent on regulatory approvals from the U.S. Food and Drug Administration ("FDA") and comparable foreign agencies, and delays or denials of approvals can cause significant declines in stock prices. Biotechnology stocks have experienced and may continue to experience significant volatility.

Concentration Risk. To the extent the Fund's underlying Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be subject to greater risk of loss as a result of adverse economic, business, or other developments affecting that industry than a more broadly diversified fund.

Equity Market Risk. The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. Government actions, including trade policy, fiscal and monetary interventions, or regulatory changes, may also have unpredictable effects on markets and individual securities.

ETF Risks. The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below.

· AP and Market Maker Dependence Risk. The Fund relies on a limited number of financial institutions that are authorized to purchase and redeem Creation Units directly with the Fund (each, an Authorized Participant or "AP"). There may also be a limited number of market makers and other liquidity providers active in Shares. If (i) APs exit the business, become unable to process creation and/or redemption orders, and no other APs step in, or (ii) market makers and/or other liquidity providers leave the market or materially scale back their activity and no replacements emerge, Shares may trade at a material discount to NAV and, in extreme cases, could face delisting.

· Costs of Buying or Selling Shares. Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales.

· Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant.

· Trading. Although Shares are listed for trading on [ ] (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate.

Health Care Sector Risk. The Fund's investments are concentrated in the health care sector. Health care companies include pharmaceutical manufacturers, biotechnology firms, medical device makers, health care providers, health insurers, and health care technology companies. These companies are subject to extensive government regulation, including drug pricing and reimbursement policies, approval requirements for new products, and compliance with health care laws. Health care companies may be affected by patent expirations, product liability litigation, competitive pressures, and technological obsolescence. Legislative or regulatory changes, including those related to the Affordable Care Act or drug pricing, may materially affect the health care sector.

Index Calculation & Methodology Risk. The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values.

Limited Shareholder Rights Risk. The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws.

Liquidity Risk. Certain equity investments may become less liquid, particularly during periods of market stress or heightened volatility. Reduced liquidity may make it more difficult or costly for a Fund to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking difference. An investment may be considered illiquid if the Fund reasonably expects it cannot be sold or disposed of in current market conditions within seven calendar days or less without significantly changing its market value.

New Adviser Risk. The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective.

New Fund Risk. The Fund is newly organized and has limited or no operating history. It may take time to attract assets, build secondary-market liquidity, and achieve efficient index tracking. During this period, a Fund may experience wider bid-ask spreads, more pronounced premiums or discounts to NAV, and higher tracking difference than more seasoned funds.

Non-Diversification Risk. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended. As a non-diversified fund, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting an issuer than the performance of a diversified fund.

Operational and Cybersecurity Risk. The Fund and its service providers rely on complex processes and technology. Human error, processing or communication failures, cyber incidents, or disruptions at counterparties and other third parties could impair operations, result in financial loss, or hinder the Fund's ability to meet its objective.

Passive Strategy Risk. The Fund seeks to track the Index and, under normal circumstances, generally does not take temporary defensive positions in response to market conditions. Performance may deviate from broad market returns or active strategies; the Fund will not attempt to mitigate declines in the Index.

Small- and Mid-Capitalization Companies Risk. The Fund may invest in small- and mid-capitalization companies, which may be more volatile and less liquid than larger companies. Small- and mid-capitalization companies may have limited financial resources, narrower product lines, less experienced management, and smaller market share, making them more susceptible to adverse business or economic developments.

Third-Party Data Risk. The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice.

Tracking Difference and Tracking Error Risk. The Fund's results may differ from those of the Index for various reasons. The Fund bears operating expenses and portfolio transaction costs that the Index does not. The Fund may not be fully invested in Index constituents at all times, may hold securities not included in the Index, and may experience timing differences, cash holdings, corporate actions, tax considerations, or fair-value pricing that contribute to tracking difference.

Trading Halt and Early Close Risk. Trading in Shares on the Exchange may be halted in certain circumstances, including due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. Trading is also subject to halts caused by extraordinary market volatility pursuant to "circuit breaker" rules. There can be no assurance that the requirements necessary to maintain the listing of Shares will continue to be met. In addition, the Exchange or other U.S. exchanges may close early on certain days, which may affect investors' ability to buy or sell Shares.

Unaffiliated Index Provider Risk. The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund.

Valuation Risk. Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Valuation differences can contribute to NAV volatility, premiums or discounts, and tracking difference.

Performance

Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index.

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Portfolio Managers: The individuals primarily responsible for the day-to-day management of the Fund are Isaac Hargett, Anthony Crinieri, and Miles Braden, Portfolio Managers for the Adviser; each of whom has been a portfolio manager of the Fund since 2026.

Purchase and Sale of Shares

The Fund issues and redeems shares only in large blocks called "Creation Units" at NAV next determined after an order is accepted. Only authorized participants ("APs") may transact in Creation Units directly with the Fund. Creation Units are generally issued and redeemed in exchange for a basket of securities and/or cash; the Fund may, in its discretion, permit or require all-cash creations or redemptions.

Individual Shares are listed for trading on [ ] (the "Exchange") and may be bought or sold in the secondary market at market prices rather than at NAV. Market prices may be above (premium to) or below (discount to) NAV. Investors trading on an exchange will pay brokerage commissions and may be affected by the bid-ask spread.

As available, information required by Rule 6c-11 (including the Fund's NAV, market price, historical premiums/discounts, and median bid-ask spread) will be posted on the Fund's website at www.corgifunds.com.

Tax Information

Financial Intermediary Compensation

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser or its affiliates may, from their own resources, compensate the intermediary for activities related to the distribution, marketing, promotion, or sale of Shares, or for shareholder and educational support. These payments may create a conflict of interest by incentivizing the intermediary or its personnel to recommend the Fund over other investments. Such payments are not made by the Fund and do not increase the expenses paid by the Fund. Ask your salesperson or visit your intermediary's website for more information.

FUND SUMMARY - Corgi Global Infrastructure ETF

Investment Objective

The Corgi Global Infrastructure ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of global infrastructure and infrastructure-related companies.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of companies globally that derive a significant portion of their revenues from infrastructure-related activities, including utilities, transportation, energy infrastructure, telecommunications, and social infrastructure. The Index includes large-, mid-, and small-capitalization companies from developed and emerging markets. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents across [ ] countries. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Closed Market Trading Risk. Foreign securities may be listed on exchanges that trade on days when the Fund does not price its Shares (e.g., when a foreign market is open but U.S. exchanges are closed, or vice versa). As a result, the value of foreign securities held by the Fund may change on days when shareholders are unable to purchase or sell Fund Shares, and the Fund's NAV may differ from amounts that would have been calculated had the foreign markets been open. Differences between the closing market price of Shares and the underlying value of the Fund's holdings may also be wider during such periods.

Currency Risk. Because the Fund invests in securities denominated in non-U.S. currencies, changes in currency exchange rates could reduce investment gains or increase investment losses. Currency exchange rates can be volatile, and are affected by, among other factors, the general economics of a country, actions of the U.S. and foreign governments, central banks, or supranational entities, the imposition of currency controls, and speculation.

Infrastructure Industry Risk. Infrastructure companies may be subject to a variety of factors that may adversely affect their business, including high interest costs related to capital construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdowns, surplus capacity, increased competition, the uncertain impact of deregulation, and difficulty in raising capital on favorable terms. Infrastructure companies may also be affected by rising interest rates, which could increase borrowing costs and reduce the value of existing assets. The revenues and operating costs of infrastructure companies may be tied to government contracts or regulated rates that are subject to political and regulatory risk.

Non-U.S. Securities Risk. The Fund invests in securities of non-U.S. issuers, which involve risks beyond those associated with U.S. securities. These risks include currency risk, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, differing auditing and legal standards, and greater volatility. Securities of issuers in emerging markets are subject to additional risks, including less social, political, and economic stability, smaller securities markets, and potential for expropriation or nationalization.

Small- and Mid-Capitalization Companies Risk. The Fund invests in small- and mid-capitalization companies, which may be more volatile and less liquid than larger companies. Small- and mid-capitalization companies may have limited financial resources, narrower product lines, and less experienced management, making them more susceptible to adverse business or economic developments.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Infrastructure Development ETF

Investment Objective

The Corgi U.S. Infrastructure Development ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. companies that stand to benefit from a potential increase in domestic infrastructure activity.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index is designed to measure the performance of U.S. companies that derive a significant portion of their revenues from infrastructure development activities, including engineering and construction, building materials, heavy equipment, industrial transportation, and other infrastructure-related sub-industries. The Index selects companies based on revenue exposure to infrastructure development themes and weights them by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Government Spending and Policy Risk. Many infrastructure development companies depend heavily on government contracts, appropriations, and policy support. Changes in federal, state, or local government spending, fiscal priorities, or infrastructure legislation could materially affect the demand for these companies' products and services. Political uncertainty regarding infrastructure spending programs may adversely affect the Fund's investments.

Infrastructure Development Risk. The Fund invests in companies involved in infrastructure development, which are subject to risks including dependence on government spending and policy, cyclicality of construction and development activities, and sensitivity to changes in raw material and commodity prices. Infrastructure development companies may also face risks related to project delays, cost overruns, and regulatory approvals. Changes in government administration, spending priorities, or fiscal policy may significantly affect companies in this space.

Permitting and Project Execution Risk. Companies that benefit from infrastructure investment are exposed to the permitting process, environmental review, community opposition, and construction execution challenges that can delay or derail projects. Cost overruns, contractor disputes, labor shortages, and regulatory approvals may delay revenue recognition or reduce profitability. Multi-year project cycles increase exposure to changes in policy, interest rates, and macroeconomic conditions.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Homebuilders ETF

Investment Objective

The Corgi U.S. Homebuilders ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. companies in the home construction industry.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the home construction sub-sector of the U.S. equity market. The Index includes companies classified in the home construction industry according to the Index Provider's industry classification system that are constituents of a broad U.S. equity index. The Index is market-capitalization weighted. Companies in the Index include homebuilders, building products manufacturers, home improvement retailers, and other companies involved in residential construction. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Consumer Spending Risk. The home construction industry is sensitive to consumer spending patterns and consumer confidence. Economic downturns, unemployment, or reductions in consumer income may reduce demand for new homes and home improvement products.

Home Construction Industry Risk. The Fund's investments are concentrated in the home construction industry. Home construction companies are subject to risks including changes in mortgage rates and availability of financing, housing demand, consumer confidence, demographic trends, government housing policies, raw material costs, and general economic conditions. The home construction industry is cyclical, and downturns in the housing market can result in significant declines in the value of home construction companies' securities. Rising interest rates typically reduce housing affordability and demand, adversely affecting homebuilders and related companies.

Interest Rate Sensitivity Risk. Companies in the home construction industry are particularly sensitive to changes in interest rates. Rising interest rates increase borrowing costs for homebuyers and can reduce demand for new homes. Higher rates may also increase financing costs for homebuilders, reducing profitability.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi Aerospace & Defense ETF

Investment Objective

The Corgi Aerospace & Defense ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. and non-U.S. companies in the aerospace, defense, and security industries.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of U.S. and non-U.S. companies engaged in the aerospace, defense, and security industries. The Index includes companies that manufacture, assemble, and distribute commercial and military aircraft, aircraft parts, and defense equipment, as well as companies that provide defense- and security-related products, services, and technologies, including cybersecurity, surveillance, and physical-security products and services. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents across [ ] countries, and a significant portion of the Index was represented by companies in the industrials and information technology sectors. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Aerospace, Defense, and Security Industry Concentration Risk. The Fund's investments are concentrated in the aerospace, defense, and security industries. Companies in these industries are subject to risks including dependence on U.S. and foreign government defense and security spending, the cancellation or reduction of military and security contracts, competitive pressures, technological obsolescence, intense regulatory oversight (including export controls and procurement rules), and litigation related to product safety and contract performance. A material portion of the Index, and therefore the Fund, may be represented by companies in the information technology sector, including providers of cybersecurity, surveillance, and other security-related technologies, which face risks related to rapid technological change, product obsolescence, intense competition, and reliance on intellectual property. Geopolitical events, changes in defense or security policy, and budget sequestration or other austerity measures may materially affect these companies' revenues and profitability. These companies may also be subject to export restrictions and sanctions compliance requirements.

Foreign Securities Risk. The Fund invests in equity securities of non-U.S. issuers. Investments in non-U.S. issuers may be less liquid, more volatile, and harder to value than U.S. securities. Foreign markets may have different regulatory, legal, accounting, auditing, and financial reporting standards. Foreign securities may be subject to the risks of expropriation, nationalization, or confiscation of assets and property, foreign taxation, limitations on the repatriation of capital, political, social, and economic instability, armed conflict, and the imposition of sanctions, tariffs, or other government restrictions. In the event of the imposition of comprehensive sanctions or trading restrictions affecting one or more countries to which the Fund has exposure, the Fund may be unable to sell or trade affected securities, and a portion or all of the value of such holdings could be lost.

Geographic Investment Risk. Because the aerospace, defense, and security industries are concentrated in a limited number of countries (principally the United States and certain other developed markets), the Fund's investments are expected to be concentrated in those jurisdictions. Adverse economic, political, regulatory, or military developments in any of these jurisdictions, including changes in defense or procurement policy, sanctions, trade restrictions, or geopolitical conflict, could disproportionately affect the Fund's performance compared to a more geographically diversified investment.

Geopolitical Risk. The aerospace and defense industry is sensitive to geopolitical events and international conflicts. Changes in global security conditions may increase or decrease demand for defense products and services, and geopolitical uncertainty may affect investor sentiment toward companies in this industry.

Government Spending and Policy Risk. Aerospace and defense companies derive a significant portion of their revenues from U.S. and foreign government contracts. Changes in defense budgets, procurement policies, or political priorities could materially reduce demand for defense products and services. Government contracts are often subject to competitive bidding, termination for convenience, cost audits, and other regulatory requirements.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Semiconductor ETF

Investment Objective

The Corgi U.S. Semiconductor ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. exchange-listed companies in the semiconductor industry.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the semiconductor industry of the U.S. equity market. The Index includes common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry. Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange. To be eligible for inclusion in the Index, a company must generate at least 50% of its revenues from the design, manufacture, or sale of semiconductors and/or semiconductor equipment. The Index selects the top 30 eligible companies by full market capitalization and weights them by free-float market capitalization, subject to individual position caps and minimum liquidity requirements. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is rebalanced and reconstituted [quarterly/semi-annually].

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. As of the date of this Prospectus, the semiconductor industry, including semiconductor materials and equipment, represented a significant portion of the Index. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Foreign Securities Risk. The Index may include securities of non-U.S. issuers that are listed on U.S. exchanges, including through American Depositary Receipts ("ADRs") or similar instruments. Investments in securities of non-U.S. issuers involve risks beyond those associated with investments in U.S. securities, including greater price volatility, less publicly available information, less stringent securities regulation, different accounting and disclosure standards, taxation of dividends and other income, changes in currency exchange rates, political instability, expropriation or confiscatory taxation, capital controls, and nationalization. These risks may be particularly acute in the semiconductor industry, where many companies have manufacturing and assembly operations in multiple countries.

Information Technology Sector Risk. A significant portion of the Index is represented by securities of companies in the information technology sector. Information technology companies face intense competition, have limited product lines, and may have limited markets, financial resources, or personnel. Information technology companies are subject to rapid changes in technology, intense global competition, rapid product obsolescence, government regulation and scrutiny, increasing dependence on artificial intelligence and machine learning technologies, and the risks associated with reliance on intellectual property rights. These companies may also be adversely affected by changes in consumer preferences or demand, data privacy regulations, antitrust enforcement, and cybersecurity incidents. The prices of information technology securities have historically been more volatile than those of many other securities.

Large-Capitalization Companies Risk. The Fund may invest a significant portion of its assets in the securities of large-capitalization companies. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing business or market conditions. Large-capitalization companies may be more mature and subject to limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets.

Semiconductor Industry Risk. The Fund invests in companies in the semiconductor industry, which involves greater risks than investing in companies across many industries. The semiconductor industry is characterized by rapid technological change, short product life cycles, and intense global competition. Companies in this industry face risks including, but not limited to: product obsolescence due to rapid advances in technology; cyclicality of supply and demand that can lead to periods of over-capacity, inventory buildup, and sharp pricing declines, as well as periods of severe shortages that disrupt production and distribution; high capital expenditure requirements, as semiconductor fabrication and testing facilities require substantial and ongoing investment; dependence on intellectual property, including patents, trade secrets, and design expertise, and the risk of infringement claims from competitors; supply chain disruptions, including dependence on third-party foundries, raw material suppliers, and specialized equipment manufacturers; export controls, trade restrictions, tariffs, and geopolitical tensions that may limit the ability of semiconductor companies to sell products internationally or source materials and manufacturing capacity from certain countries; pricing pressure from customers and competitors, including large original equipment manufacturers ("OEMs") that may demand significant pricing concessions; dependence on a limited number of third-party suppliers for wafer fabrication, packaging, assembly, and testing services; competition from new market entrants, including companies developing alternative chip architectures and technologies such as artificial intelligence accelerators, custom silicon, and advanced packaging; exposure to international operations, including manufacturing and assembly facilities located in regions subject to political instability, natural disasters, or pandemic-related disruptions; and risks related to government subsidies and industrial policy, including the potential for changes in government support programs such as the CHIPS Act or similar international initiatives. The semiconductor industry has historically experienced significant volatility, and the prices of semiconductor securities may decline sharply in response to any of the factors described above.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Industrials ETF

Investment Objective

The Corgi U.S. Industrials ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the industrials sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the industrials sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the industrials sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Capital Goods Demand Cyclicality Risk. Industrial companies are sensitive to overall economic cycles, capital expenditure trends, and capacity utilization. Periods of economic weakness can sharply reduce demand for industrial equipment, construction services, and freight, leading to declining orders, margin compression, and excess capacity. Recovery cycles may be slow and uneven, and capital-intensive industrials may face delayed revenue recognition or write-downs of inventory and equipment.

Global Trade and Tariff Risk. Industrial manufacturers and capital goods producers are exposed to global trade flows, tariffs, export controls, and supply chain disruptions. Changes in U.S. or foreign trade policy, sanctions, retaliatory tariffs, or shifts in cross-border manufacturing arrangements can increase input costs, disrupt supply chains, and reduce overseas demand. These risks may be particularly acute for companies with significant export exposure or reliance on foreign components.

Industrials Sector Risk. The Fund's investments are concentrated in the industrials sector. Industrial companies are affected by changes in the supply and demand of products and services, product obsolescence, capital spending, and general economic conditions. Government regulation, labor relations, environmental compliance, commodity prices, and exchange rates may also adversely affect industrial companies. Companies in the industrials sector may be adversely affected by liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Energy ETF

Investment Objective

The Corgi U.S. Energy ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the energy sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the energy sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the energy sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Commodity Price Risk. The Fund's performance is closely tied to the prices of oil, natural gas, and other energy commodities. Declines in commodity prices may adversely affect the revenues, profitability, and stock prices of energy companies. Commodity prices may fluctuate significantly due to changes in supply and demand, geopolitical events, OPEC and other producer actions, weather, currency movements, energy transition policy, and speculative activity.

Energy Sector Risk. The Fund's investments are concentrated in the energy sector. Energy companies are strongly affected by the levels and volatility of the prices of oil, natural gas, and other energy commodities. Energy companies may also be affected by changes in exchange rates, interest rates, economic conditions, tax treatment, government regulation (including environmental regulation), depletion of resources, technological developments, and labor relations. Companies in the energy sector may be adversely affected by the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, and geopolitical developments.

Geopolitical Supply Risk. Energy companies are subject to geopolitical events that can affect global energy supply, demand, and pricing. Conflicts in major producing regions, sanctions on producer nations, OPEC+ production decisions, disruptions to shipping lanes, and changes in international relations may sharply increase volatility in energy prices and disrupt operations. These risks may affect upstream, midstream, and downstream segments differently.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Communication Services ETF

Investment Objective

The Corgi U.S. Communication Services ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the communication services sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the communication services sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the communication services sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Communication Services Sector Risk. The Fund's investments are concentrated in the communication services sector. Communication services companies may be affected by rapid technological changes, intense competition, government regulation, consumer preferences, and shifting advertising revenues. Companies in this sector include those in telecommunications, media, entertainment, and interactive media and services. These companies may be subject to significant product and regulatory risks, including antitrust scrutiny, content regulation, data privacy laws, and intellectual property disputes. The communication services sector also includes companies whose market valuations may be based on future earnings expectations rather than current profitability, making them susceptible to significant price declines.

Content and Platform Liability Risk. Companies in the communication services sector, particularly media, interactive media, and entertainment, face risks related to content liability, intellectual property disputes, defamation claims, and regulatory scrutiny of content moderation practices. Platform operators may face liability for user-generated content, privacy violations, or anticompetitive practices. Legal, regulatory, and reputational outcomes may materially affect operating results.

Regulatory and Spectrum Risk. Communication services companies are subject to extensive federal, state, and international regulation, including oversight by the Federal Communications Commission. Changes in regulation, spectrum allocation, licensing requirements, antitrust enforcement, net neutrality rules, or universal service obligations can materially affect operating costs, competitive dynamics, and revenue. Spectrum auctions and capacity constraints may also influence capital expenditure requirements.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Consumer Discretionary ETF

Investment Objective

The Corgi U.S. Consumer Discretionary ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the consumer discretionary sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the consumer discretionary sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the consumer discretionary sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Consumer Discretionary Sector Risk. The Fund's investments are concentrated in the consumer discretionary sector. Consumer discretionary companies manufacture or sell non-essential goods and services and include automobile manufacturers, apparel companies, retailers, hotel operators, restaurant chains, and media companies. These companies are sensitive to economic cycles, consumer confidence, disposable income levels, and consumer spending patterns. The success of consumer discretionary companies may depend on competitive pricing, marketing effectiveness, and changing consumer preferences. Companies in this sector may also be subject to risks related to e-commerce disruption, supply chain constraints, and shifting demographic trends.

Consumer Spending Cyclicality Risk. Consumer discretionary companies are sensitive to changes in disposable income, consumer confidence, employment trends, and credit conditions. Economic downturns, rising unemployment, or higher interest rates may reduce demand for non-essential goods and services, including automobiles, apparel, leisure, and entertainment. Cyclical declines may be sharp and prolonged, particularly affecting companies with high fixed costs or premium pricing.

E-Commerce and Competitive Disruption Risk. Consumer discretionary companies face intense competition from direct-to-consumer business models, e-commerce platforms, and changing consumer preferences. Established retailers, brand owners, and service providers may lose market share to digitally native competitors, suffer margin compression from price transparency, or face stranded physical infrastructure. Rapid technological change, shifts in distribution channels, and evolving consumer behavior may materially affect performance.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Consumer Staples ETF

Investment Objective

The Corgi U.S. Consumer Staples ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the consumer staples sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the consumer staples sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the consumer staples sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Consumer Staples Sector Risk. The Fund's investments are concentrated in the consumer staples sector. Consumer staples companies manufacture and sell food, beverages, tobacco, household products, and personal care products. While generally considered less cyclical than other sectors, consumer staples companies may be adversely affected by changes in raw material costs, consumer preferences, food safety regulations, import/export restrictions, competitive pressures, and demographic shifts. Companies in this sector may also face risks related to brand perception, product recalls, and supply chain disruptions. Although consumer staples companies tend to be less volatile, their growth prospects may be more limited during economic expansions.

Input Cost and Commodity Risk. Consumer staples companies rely on agricultural commodities, packaging materials, energy, and other inputs whose prices can fluctuate significantly. Rising input costs may compress margins if companies cannot pass through price increases to consumers. Supply chain disruptions, weather events, disease outbreaks affecting livestock or crops, and trade policy changes may further pressure costs and availability.

Pricing Power and Margin Risk. Consumer staples companies' profitability depends in part on the ability to maintain pricing power against private label competition, retail consolidation, and shifting consumer preferences toward value brands. Margin pressure may arise from retailer power, e-commerce price transparency, promotional intensity, or consumer trade-down during economic stress. Brand strength, distribution scale, and innovation are key to defending margins.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Financials ETF

Investment Objective

The Corgi U.S. Financials ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the financials sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the financials sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the financials sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Credit Cycle Risk. Financial institutions, particularly banks and consumer lenders, are exposed to the credit cycle. Periods of economic weakness or recession may result in increased loan losses, higher loss provisions, deteriorating asset quality, and reduced capital availability. Excessive credit growth in prior periods may amplify subsequent losses, and counterparty defaults can spread quickly through the financial system.

Financials Sector Risk. The Fund's investments are concentrated in the financials sector. Financial companies include commercial banks, insurance companies, broker-dealers, asset managers, and other financial institutions. These companies are subject to extensive government regulation and may be adversely affected by changes in interest rates, credit conditions, monetary policy, capital requirements, and regulatory oversight. Financial companies may also face risks related to asset quality, liquidity, leverage, and systemic risk. During periods of economic stress, financial companies may experience reduced earnings, increased loan losses, and declines in asset values. Changes in interest rates may affect the value of financial companies' assets and liabilities and their profitability.

Interest Rate Risk. Many financial sector companies, real estate operating companies, and REITs are particularly sensitive to changes in interest rates. Rising rates may compress net interest margins for banks, reduce the value of fixed-income holdings for insurers, increase borrowing costs for real estate issuers, and reduce the relative attractiveness of dividend-paying securities. Falling rates may compress yields and investment income.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Health Care ETF

Investment Objective

The Corgi U.S. Health Care ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the health care sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the health care sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the health care sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Patent, IP, and R&D Pipeline Risk. Health care companies, particularly pharmaceutical and biotechnology firms, depend on patent protection and successful research and development to generate revenue. Loss of patent exclusivity may sharply reduce revenue (the "patent cliff"); clinical trial failures, regulatory rejections, manufacturing issues, or safety concerns can erase years of investment. Product pipelines are uncertain and the cost of developing new therapies is high.

Regulatory and Reimbursement Risk. Health care companies are subject to extensive regulation by federal, state, and foreign agencies, including the Food and Drug Administration and the Centers for Medicare & Medicaid Services. Changes in reimbursement rates from government and private payors, drug pricing policy, coverage decisions, and approval pathways may materially affect revenues and profitability. Litigation, recalls, enforcement actions, and product safety concerns may also affect results.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. Real Estate ETF

Investment Objective

The Corgi U.S. Real Estate ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. equities in the real estate sector.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the real estate sector of the U.S. equity market as classified by the Index Provider's industry classification system. The Index includes large- and mid-capitalization U.S. companies classified in the real estate sector. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Property Type Concentration Risk. The Fund's investments may be concentrated in particular property types (for example, office, residential, industrial, retail, lodging, health care, or data centers). Concentration in a specific property type may make the Fund more sensitive to factors affecting that type, including occupancy trends, tenant credit quality, supply growth, capital expenditure cycles, and shifts in demand patterns such as those caused by remote work, e-commerce, or aging demographics.

Real Estate Sector Risk. The Fund's investments are concentrated in the real estate sector. Real estate companies, including real estate investment trusts ("REITs"), are subject to risks including changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, supply and demand dynamics, occupancy rates, and zoning and environmental laws. Real estate companies may have limited diversification, may be highly leveraged, and may be subject to losses from casualty or condemnation. The value of real estate securities may decline due to changes in local, regional, or general economic conditions, increases in property taxes, and changes in interest rates. REITs may fail to qualify for favorable tax treatment, resulting in unfavorable tax consequences.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Fund distributions are generally taxable to shareholders as ordinary income, qualified dividend income, and/or capital gains (or some combination), unless shares are held through an individual retirement account ("IRA") or other tax-advantaged arrangement, in which case taxes may be due upon withdrawal. Your tax treatment may vary; consult your tax adviser about your particular circumstances. Because the Fund invests significantly in real estate investment trusts ("REITs"), the Fund's distributions generally are not expected to be eligible for the reduced tax rates that apply to qualified dividend income. A portion of the Fund's distributions may be reported as "Section 199A dividends," which are eligible for a 20% deduction for non-corporate shareholders, and a portion may be treated as a return of capital, which is generally not currently taxable but reduces a shareholder's cost basis in Shares.

Financial Intermediary Compensation

FUND SUMMARY - Corgi U.S. REIT ETF

Investment Objective

The Corgi U.S. REIT ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. real estate investment trusts ("REITs").

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of publicly traded U.S. REITs. REITs are companies that own, operate, or finance income-producing real estate. The Index includes equity REITs across various property types, including residential, commercial, industrial, health care, and specialty real estate. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Interest Rate Risk. REIT securities are particularly sensitive to changes in interest rates. Rising interest rates may increase borrowing costs for REITs, reduce the value of existing properties, and make REIT dividends less attractive relative to other income-producing investments. Conversely, declining interest rates may increase property values and demand for REIT securities.

REIT Risk. REITs are subject to risks inherent in the real estate market, including changes in real estate values, interest rates, property taxes, cash flow of underlying properties, occupancy rates, and zoning and environmental laws. REITs may have limited diversification and may be highly leveraged, which may amplify gains and losses. Equity REITs may be affected by changes in the value of the properties they own, while mortgage REITs may be affected by the quality of the credit they extend. REITs may fail to qualify for favorable tax treatment under the Internal Revenue Code, which could result in unfavorable tax consequences for the Fund and its shareholders. REITs are also subject to the risk that the real estate market may experience an economic downturn generally.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi Gold Miners ETF

Investment Objective

The Corgi Gold Miners ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of companies involved in the gold mining industry.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of companies primarily involved in gold mining and related activities, including gold extraction, processing, and exploration. The Index may include companies from both developed and emerging markets. Securities are weighted by float-adjusted market capitalization. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

Principal Risks of Investing in the Fund

Foreign and Emerging Market Mining Operations Risk. Gold mining companies frequently operate in jurisdictions outside the United States, including emerging and frontier markets, where they may be subject to political instability, expropriation, sanctions, contract repudiation, taxation changes, currency controls, and security risks. Operating standards, environmental regulation, and labor relations may vary materially across jurisdictions, and operational disruptions in producing countries may sharply affect profitability.

Gold Mining Industry Risk. The Fund's investments are concentrated in the gold mining industry. Gold mining companies are highly dependent on the price of gold, which can fluctuate widely due to changes in supply and demand, central bank activity, monetary and fiscal policy, inflation expectations, geopolitical events, and investor sentiment. Gold mining companies are subject to operational risks, including mine closures, geological challenges, environmental liabilities, labor disputes, and regulatory changes. Many gold mining companies operate in jurisdictions with political, economic, or social instability, which may affect their operations and profitability. In addition, gold mining companies may produce, as by-products of gold extraction, other precious or industrial metals (including silver, copper, lead, zinc, and platinum-group metals), so the Index may include companies whose financial performance is also affected by the prices of such other metals.

Gold Price Risk. The Fund's performance is closely tied to the price of gold. Declines in the price of gold may adversely affect the revenues, profitability, and stock prices of gold mining companies. Gold prices are affected by global supply and demand, central bank purchases and sales, changes in interest rates, inflation expectations, currency movements, and geopolitical uncertainty.

Non-U.S. Securities Risk. The Fund may invest in securities of non-U.S. gold mining companies, which involve risks beyond those associated with U.S. securities, including currency risk, political instability, less developed regulatory frameworks, and differences in accounting standards. Securities of issuers in emerging markets are subject to additional risks, including expropriation, nationalization, and restrictions on repatriation of capital.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi Free Cash Flow ETF

Investment Objective

The Corgi Free Cash Flow ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. companies with high free cash flow yields.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index is designed to measure the performance of U.S. large-capitalization companies selected and weighted based on free cash flow yield. The Index selects companies from a broad U.S. large-cap universe and ranks them by free cash flow yield (free cash flow per share divided by share price). The top-ranked companies by free cash flow yield are included in the Index and are weighted by free cash flow. The Index is rebalanced and reconstituted periodically. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time.

Principal Risks of Investing in the Fund

Cash Flow / Free Cash Flow Methodology Risk. The Fund's Index selects and weights securities based on free cash flow yield. Companies with high free cash flow yields may not continue to generate high free cash flows in the future. Free cash flow can be volatile and may be affected by capital expenditure decisions, changes in working capital, debt repayment, acquisition activity, and other factors. A company's free cash flow yield at the time of Index selection may not persist, and the Fund may hold companies whose free cash flow characteristics have deteriorated since the last reconstitution.

Custom Index Risk. The Fund tracks a custom index that replicates a specific methodology. The custom index may not perform as well as the methodology it seeks to replicate, and differences in implementation, data, and reconstitution timing may result in performance divergence.

Factor-Based Investing Risk. The Fund invests based on a single factor (free cash flow yield), which may cause the Fund to underperform the broader equity market during certain periods. There is no guarantee that high free cash flow yield stocks will outperform other investment strategies. Factor-based strategies may result in sector or industry concentrations that differ materially from the broader market.

Portfolio Turnover Risk. The Fund's Index may be rebalanced and reconstituted more frequently than broad market indexes, which may result in higher portfolio turnover, transaction costs, and taxable distributions to shareholders.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi Micro-Cap ETF

Investment Objective

The Corgi Micro-Cap ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of micro-capitalization U.S. equities.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index measures the performance of the micro-capitalization segment of the U.S. equity market. Micro-capitalization companies are generally those with market capitalizations smaller than the smallest companies in a U.S. small-capitalization equity index. The Index is market-capitalization weighted. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time. The Index is reconstituted annually and rebalanced quarterly.

Principal Risks of Investing in the Fund

Capital Sufficiency Risk. Micro-capitalization companies may have limited internal capital and depend on access to debt or equity markets to fund operations, growth, or working capital. Periods of credit stress, equity-market dislocation, or declining investor sentiment may sharply reduce access to capital. Without adequate capital, micro-cap companies may face liquidity problems, distress, or failure.

Micro-Capitalization Companies Risk. The Fund invests in micro-capitalization companies, which are subject to substantially greater risks of loss and price volatility than larger companies. Micro-capitalization stocks may trade infrequently and in small volumes, making it difficult to buy or sell shares at desired prices. Micro-capitalization companies typically have limited financial resources, product lines, markets, and management depth, making them more vulnerable to adverse business or economic developments. These companies may have shorter operating histories and may be more likely to fail or experience significant financial distress. As a result, the Fund may experience greater volatility and wider bid-ask spreads than funds investing in larger companies.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

FUND SUMMARY - Corgi Buyout Replication ETF

Investment Objective

The Corgi Buyout Replication ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index designed to replicate the risk and return characteristics of U.S. private equity buyout strategies using publicly traded securities.

Fees and Expenses of the Fund

Annual Fund Operating Expenses ⁽¹⁾ (expenses that you pay each year as a percentage of the value of your investment)

Management Fee	[ ]%
Distribution and/or Service (12b-1) Fees	[ ]%
Other Expenses⁽²⁾	[ ]%
Total Annual Fund Operating Expenses	[ ]%

Expense Example


1 Year	3 Years
$[ ]	$ [ ]

Portfolio Turnover

Principal Investment Strategies

The Index is designed to replicate the risk and return characteristics of U.S. private equity buyout strategies by investing in publicly traded securities. The Index uses a rules-based methodology to select and weight public equities that exhibit characteristics similar to those targeted by private equity buyout funds, including companies with moderate leverage, strong cash flow generation, and valuations consistent with typical buyout targets. The Index may also tilt toward sectors and market-capitalization ranges that are commonly represented in private equity portfolios. The Index is rebalanced and reconstituted periodically. As of [ ], the Index included approximately [ ] constituents. The components of the Index are likely to change over time.

The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in the types of investments suggested by the Fund's name (the "80% investment policy"). The Fund considers the investments suggested by its name to be publicly traded equity securities selected and weighted to replicate the risk and return characteristics of U.S. private equity buyout strategies, which are the securities that comprise the Index. In addition, in seeking to track the Index, the Fund may invest in equity securities not included in the Index, cash and cash equivalents, and money market instruments (including money market funds advised by the Adviser). The Fund's 80% investment policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund does not invest in private equity, private companies, or private equity funds. The Fund seeks to track an Index of publicly traded equities selected to replicate the historical risk and return characteristics of private equity buyout strategies; the Fund is not expected to, and cannot, replicate the returns or liquidity profile of actual private equity investments. Investors who seek direct exposure to private equity should consider other investment vehicles.

Principal Risks of Investing in the Fund

Alternative Index Methodology Risk. The Fund tracks an index that uses a non-traditional, rules-based methodology designed to replicate a specific investment strategy. This methodology involves assumptions about the characteristics of private equity buyout targets and the factors that drive private equity returns. These assumptions may prove incorrect, and the Index methodology may not achieve its objective of replicating buyout returns.

Buyout / Private Equity Replication Risk. The Fund seeks to replicate the characteristics of private equity buyout strategies using publicly traded securities. There is no guarantee that the Fund's publicly traded portfolio will successfully replicate the risk, return, or performance characteristics of actual private equity buyout funds. Private equity returns are driven by factors including leverage, operational improvements, and illiquidity premiums that may not be fully replicable in a public market context. The Fund's returns may differ materially from the returns of private equity buyout funds.

· • AP and Market Maker Dependence Risk. The Fund relies on a limited number of financial institutions that are authorized to purchase and redeem Creation Units directly with the Fund (each, an Authorized Participant or "AP"). There may also be a limited number of market makers and other liquidity providers active in Shares. If (i) APs exit the business, become unable to process creation and/or redemption orders, and no other APs step in, or (ii) market makers and/or other liquidity providers leave the market or materially scale back their activity and no replacements emerge, Shares may trade at a material discount to NAV and, in extreme cases, could face delisting.

Leverage Exposure Risk. Companies targeted by the Fund's Index may exhibit characteristics of leveraged buyout candidates, including higher-than-average debt levels. Highly leveraged companies are more sensitive to changes in interest rates, economic conditions, and creditworthiness. During periods of economic stress, leveraged companies may face increased risk of default, reduced access to capital, and greater earnings volatility.

Small- and Mid-Capitalization Companies Risk. The Fund's Index may include small- and mid-capitalization companies that exhibit characteristics of typical buyout targets. Small- and mid-capitalization companies may be more volatile and less liquid than larger companies and may have limited financial resources and narrower product lines.

Performance

Past performance (before and after taxes) is not a guarantee of future results.

Once available, updated performance information will be posted on the Fund's website at www.corgifunds.com.

Management

Investment Adviser: Corgi Strategies, LLC serves as investment adviser to the Fund.

Purchase and Sale of Shares

Tax Information

Financial Intermediary Compensation

ADDITIONAL INFORMATION ABOUT THE FUNDS

Investment Objectives

Corgi U.S. Biotech ETF

The Corgi U.S. Biotech ETF (the "Fund") seeks investment results that, before fees and expenses, correspond generally to the performance of an index composed of U.S. biotechnology companies.