(expenses that you pay each year as a percentage of the value of your investment)

 

The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of companies materially involved in the development, manufacturing, operation, and enabling of U.S. aerospace and commercial aviation infrastructure. For purposes of this policy, the Fund considers the following activities: firms engaged in the design, production, maintenance, operation, and support of aircraft and airframes; propulsion systems; avionics and flight technologies; maintenance, repair, and overhaul (MRO) and aftermarket services; aircraft leasing and fleet management; and passenger and cargo air transportation services provided by commercial air carriers, together with related technologies that enable safe, efficient, reliable, and scalable air transportation across passenger, cargo, defense-adjacent, and emerging aviation applications.

 

The Fund invests primarily in the common stock of companies that are materially involved in the development, manufacturing, operation, and enabling of U.S. aerospace and commercial aviation infrastructure. The Fund considers a company "materially involved" if, at the time of investment, as determined by the Adviser, the company meets at least one of the following criteria at the firm level: (1) at least 50% of the company's total revenues are derived from the activities identified in the Fund's 80% investment policy above; (2) at least 50% of the company's total profits are derived from such activities; (3) at least 50% of the company's total assets are dedicated to such activities; or (4) the company ranks among the top 10 companies engaged in such activities by total revenues or net income, as determined using publicly available financial data.

 

The Fund's investable universe generally consists of equity securities of U.S. and foreign companies of any market capitalization, including large-, mid-, small-, and micro-cap companies. While the Fund expects that a majority of its investments will be in companies with primary listings on U.S. securities exchanges, the Fund may also invest in equity securities of non-U.S. companies, including companies listed on foreign securities exchanges and American Depositary Receipts ("ADRs").

 

The Fund may invest up to 15% of its net assets in illiquid investments. Illiquid investments may include, among other things, passive, minority interests in special purpose vehicles ("SPVs") managed by unaffiliated third parties, as a means of gaining limited exposure to private securities within the Fund’s investment theme, securities that are subject to legal or contractual restrictions on resale, and other investments that otherwise lack an active secondary market. The Fund does not create, sponsor, or exercise primary control over any SPV, and does not intend to acquire interests in SPVs that charge ongoing management fees or performance allocations. The Fund does not, and does not intend to, create or acquire primary control of any entity that engages in investment activities in securities or other assets, other than an entity wholly-owned by the Fund. The Fund may invest in other investment companies, including ETFs, to gain exposure to certain market segments, for cash management purposes, or to facilitate portfolio transitions.

 

The Fund employs a bottom-up security selection process that combines fundamental analysis with thematic and quantitative screening to construct the Fund’s portfolio from among companies that satisfy the Fund’s 80% investment policy, as described above. The Adviser evaluates qualifying companies based on, among other things, strategic positioning within the relevant supply chain, growth potential, and valuation.

 

The Fund may hold cash, cash equivalents, or short-term U.S. Treasury instruments for liquidity management or to facilitate portfolio transitions. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy. The Fund is classified as non-diversified under the Investment Company Act of 1940.

The Fund will concentrate its investments in the aerospace and commercial aviation industry or related industries. As a result, the Fund may be more sensitive to adverse economic, business, regulatory, environmental, or market developments affecting those industries than a fund that invests more broadly across multiple sectors, and the Fund's performance may be more volatile.

The Fund relies on a limited number of authorized participants ("APs") and market makers to create, redeem, and provide liquidity in Shares. If these firms curtail or cease their activities and others do not step in, Shares may trade at significant premiums/discounts to NAV, experience wider bid-ask spreads, or be subject to trading halts or delisting.

Shares trade at market prices that may be above (premium) or below (discount) NAV, particularly when market volatility is elevated, trading volume is limited, or the portfolio experiences disruptions.

Companies in the aerospace and commercial aviation industry can be materially impacted by aviation accidents, safety incidents, near miss events, or perceived safety concerns, even when fault is unclear. Such events can trigger fleet groundings, route suspensions, reduced passenger demand, higher insurance and compliance costs, litigation, and reputational damage across manufacturers, airlines, lessors, and service providers. Weather events, air traffic control constraints, cybersecurity incidents affecting flight operations, airport disruptions, and other operational breakdowns can also reduce capacity, increase delays and cancellations, and pressure margins for air carriers and aviation service companies.

Aerospace manufacturers and key suppliers are exposed to risks that new aircraft, engines, avionics, or major upgrades fail to meet performance, reliability, or certification requirements, or experience delays in testing, regulatory approvals, and production ramp. A single program issue can lead to costly rework, warranty and penalty claims, customer delivery deferrals, and lost market share, and can ripple through the supply chain. The industry also relies on complex, often capacity constrained supplier networks for critical parts and materials, so shortages, single source dependencies, labor constraints, or quality escapes can disrupt build schedules and aftermarket support, reducing revenue and cash flow.

The revenues of airlines, leasing platforms, and many aviation suppliers are sensitive to passenger traffic, business travel, tourism, and global trade, which can decline sharply during recessions, pandemics, geopolitical shocks, terrorism concerns, or changes in travel policy. The industry has high fixed costs and operating leverage, so modest demand shortfalls can meaningfully compress profitability and increase default risk for highly levered carriers or lessees. Volatile fuel prices, foreign exchange moves, and interest rate changes can further pressure margins and aircraft financing costs, potentially reducing fleet expansion and lowering demand for aircraft, engines, parts, and MRO services.

The Fund may invest in companies of any market capitalization. Small and mid-capitalization companies can be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single program, customer, or supplier. Large capitalization companies may be less able to sustain high growth rates and may be more exposed to broad industry headwinds given their scale, which can cause them to lag during periods when smaller competitors outperform.

Some securities held by the Fund may trade in lower volumes or may be less liquid, particularly securities of smaller companies. In stressed markets, liquidity may decline sharply, making it harder to buy or sell positions at reasonable prices. When market quotations are not readily available or are deemed unreliable, the Fund may use fair value pricing, and the value assigned may differ from the value realized on sale. Illiquid investments may include interests in special purpose vehicles ("SPVs") and other instruments subject to contractual or legal restrictions on resale, which can be harder to value and may require greater reliance on fair-value determinations. Investments in SPVs may also involve additional risks, including limited transparency, additional fees and expenses, and restrictions on transfer or withdrawal, which may increase volatility or losses, particularly during periods of market stress.

Equity securities fluctuate in value due to issuer-specific events, sector dynamics, and broad market conditions. Common stocks generally exhibit greater volatility than preferred stocks or debt securities and may experience sudden declines or extended downturns.

Investments in non-U.S. companies and depositary receipts, including American Depositary Receipts (“ADRs”), involve risks not typically associated with U.S. investments, including differences in accounting and financial reporting standards, less publicly available information, different regulatory and legal frameworks, currency exchange rate fluctuations, political and economic instability, and potential restrictions on the repatriation of proceeds. Where the Fund’s underlying securities trade on a market that is closed when U.S. markets are open, the last quoted price from the foreign market may not reflect current conditions, which could lead to differences between the market price of the Fund’s shares and the underlying value of those shares.

As a non-diversified fund under the Investment Company Act of 1940, the Fund may invest a larger portion of assets in fewer issuers than a diversified fund. Losses in a single issuer could have a proportionately greater adverse effect on the Fund's performance.

. Because the Fund is actively managed, the Fund's performance depends on the Adviser's ability to select investments and allocate assets. The Adviser's judgments may prove incorrect, and the Fund may underperform funds with similar objectives or strategies and may underperform the broader equity markets.

Investors transacting in the secondary market will pay brokerage commissions and may bear costs associated with the bid-ask spread. These costs tend to rise when trading volume is low or markets are stressed and can materially reduce investment results, especially for frequent or small transactions.

The Adviser is both a newly 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 it is possible the Adviser may not achieve the Fund's intended investment objective.

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 investment and trading efficiencies.

The Trust’s governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings, and the Board can take certain actions without a shareholder vote (including, in some cases, liquidating the Fund). These provisions can make it harder, more expensive, or slower for shareholders to bring claims or to influence how the Trust or the Fund is run, including because certain claims (other than claims arising under the federal securities laws) may be subject to a waiver of the right to a jury trial.

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 include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. At that time, the Fund's performance will be compared to an appropriate broad-based market index (total return). The specific benchmark index (or indexes) used for this comparison will be identified in this section once performance information is presented and will be selected to represent the overall applicable market relevant to the Fund's investment exposure.

 

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.

AP and Market Maker Dependence Risk.

Premium/Discount to NAV Risk.

Fashion Cycle and Brand Relevance Risk.

Brand Concentration and Key Product Risk.

Inventory, Sourcing, and Supply Chain Risk.

Retail Channel and Platform Dependency Risk.

Reputational and Social Controversy Risk.

Intellectual Property, Counterfeit, and Licensing Risk.

Capitalization Risk.

Liquidity and Valuation Risk.

Equity Market Risk.

Foreign Securities and Depositary Receipts Risk.

Non-Diversified Fund Risk.

Active Management Risk

Brokerage Commissions and Bid-Ask Spread Risk.

New Adviser Risk.

New Fund Risk.

Limited Shareholder Rights Risk.

(expenses that you pay each year as a percentage of the value of your investment)

 

The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a market capitalization-weighted portfolio of U.S.-listed equity securities of the seven mega-capitalization technology and technology-enabled companies commonly referred to as the "Magnificent Seven" (the "Magnificent Seven Companies"). The Fund seeks concentrated exposure to the Magnificent Seven Companies, and individual positions may represent 20% or more of the Fund's net assets. The Fund intends to weight its holdings primarily based on each company's relative free-float market capitalization. As of the date of this Prospectus, the Magnificent Seven Companies, together with a summary description of each issuer's business, principal trading market, and ticker symbol, are as follows:

 

designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a range of related services including digital content, cloud services, advertising, and payment services.

develops, licenses, and supports software products, cloud computing services (Azure), devices, and enterprise and consumer solutions, including productivity applications, gaming, and artificial intelligence services.

operates online retail and marketplace services, cloud computing infrastructure (Amazon Web Services), digital advertising, streaming entertainment, and artificial intelligence businesses.

operates internet products and platforms, including Google Search, YouTube, Google Cloud, and related advertising and technology businesses, and invests in emerging technologies including autonomous vehicles and quantum computing.

designs and supplies graphics processing units (GPUs), data center accelerators, networking solutions, and related hardware and software for gaming, professional visualization, data centers, automotive, and artificial intelligence markets.

operates social media and messaging platforms, including Facebook, Instagram, WhatsApp, and Messenger, and develops virtual and augmented reality technologies and related hardware.

designs, manufactures, and sells electric vehicles, energy generation and storage systems (including solar panels and battery storage products), and related services and software.

 

Each Magnificent Seven Company is subject to the reporting requirements of the Securities Exchange Act of 1934 and files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the U.S. Securities and Exchange Commission. These reports, including audited financial statements, are publicly available at www.sec.gov. Investors can locate information provided to or filed with the Commission by each Magnificent Seven Company, including financial statements, at www.sec.gov. Current market prices for each Magnificent Seven Company's common stock are available through the NASDAQ Stock Market at www.nasdaq.com.

In the event of a merger, reorganization, or other corporate action involving a Magnificent Seven Company, the Fund will treat the surviving or successor entity as the applicable Magnificent Seven Company, provided that the successor entity (i) is publicly listed on a U.S. securities exchange, (ii) continues to operate substantially the same core business lines as the predecessor company, and (iii) has a market capitalization at the time of the corporate action that would place it among the largest U.S.-listed companies. If a Magnificent Seven Company ceases to exist and no successor entity satisfies all three criteria, the Fund will remove that company from the basket and reallocate its weight among the remaining Magnificent Seven Companies.

 

The Fund obtains economic exposure to the Magnificent Seven Companies through a combination of direct investment in common stock and the use of total return swap agreements and other derivatives (including forward contracts). For each Magnificent Seven Company, the Fund generally expects to allocate its target market capitalization-weighted exposure between direct equity investment and swap agreements such that the combined position, common stock plus the economic exposure provided by the swap, equals the company's target weight in the portfolio. This structure is designed to comply with the diversification requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code (the "Diversification Requirement"), which impose limits on the percentage of assets that may be invested in the securities of a single issuer. By splitting each position between common stock and swap agreements, the Fund seeks to achieve the full market capitalization-weighted exposure to each Magnificent Seven Company while satisfying the Diversification Requirement across the portfolio. Both common stock and derivatives are integral, structural components of the Fund's investment strategy for each position. The Adviser also considers the following factors in determining the specific allocation between common stock and derivatives for each position: relative cost efficiency and execution quality; available liquidity in the underlying securities; the Fund's available cash position and collateral requirements; portfolio rebalancing needs arising from market movements, creation and redemption activity, or changes in the relative market capitalizations of the Magnificent Seven Companies; and counterparty credit quality and the availability of acceptable swap terms. The Fund may also use derivatives to manage cash flows, facilitate portfolio rebalancing, and maintain exposure during periods of inflows and outflows. The Fund's use of derivatives may result in the Fund having economic exposure to the Magnificent Seven Companies that exceeds the Fund's net assets. For purposes of the Fund's 80% investment policy, the Fund will include derivatives positions that provide investment exposure to the Magnificent Seven Companies (valued based on the derivatives' market values or notional amounts, as applicable).

 

The Fund may hold cash, cash equivalents, or short-term U.S. Treasury instruments for liquidity management or to facilitate portfolio transitions. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy. The Fund is classified as non-diversified under the Investment Company Act of 1940.

The Fund will concentrate its investments in the Magnificent Seven companies (concentrated in technology and technology-enabled industries) and will hold a large percentage of its assets in a small number of issuers including, at times, a significant position in a single issuer. As a result, the Fund's performance may be more volatile than a diversified fund and may be materially affected by adverse developments affecting any Magnificent Seven Company, including earnings disappointments, product setbacks, regulatory actions, litigation, reputational events, or changes in competitive position.

The Fund relies on a limited number of authorized participants ("APs") and market makers to create, redeem, and provide liquidity in Shares. If these firms curtail or cease their activities and others do not step in, Shares may trade at significant premiums/discounts to NAV, experience wider bid-ask spreads, or be subject to trading halts or delisting.

Shares trade at market prices that may be above (premium) or below (discount) NAV, particularly when market volatility is elevated, trading volume is limited, or the portfolio experiences disruptions.

The Fund may use derivatives, including swap agreements and/or forward contracts, to obtain exposure to one or more Magnificent Seven Companies or to manage cash flows or facilitate portfolio transitions. Derivatives may be more sensitive to changes in the value of the referenced security and may be difficult to price, value, or unwind. The Fund's use of derivatives may not achieve the intended exposure and may result in losses greater than the amount invested. Swap agreements and other OTC derivatives are subject to counterparty risk, including the risk that a counterparty may fail to perform its obligations, become insolvent, or be unable to meet margin or collateral requirements, which could cause the Fund to lose money and experience delays in recovering collateral.

Magnificent Seven Companies trade at valuation multiples that reflect high expectations for revenue growth, margin expansion, and continued innovation leadership. If growth slows, costs rise, or market sentiment shifts, these stocks may reprice sharply. Because mega capitalization technology companies can be particularly sensitive to interest rates, inflation expectations, and risk appetite, changes in macro conditions can increase drawdowns even when business fundamentals remain strong.

Magnificent Seven Companies rely on large scale platforms and ecosystems spanning hardware, software, cloud services, digital advertising, e-commerce, and subscription businesses. Platform changes, shifts in consumer behavior, competition from emerging technologies, loss of distribution advantages, or disruption from new AI first products can reduce user engagement and monetization. Rapid innovation cycles can also require sustained investment that pressures margins and increases execution risk.

Magnificent Seven Companies face heightened regulatory and political scrutiny in areas such as antitrust, digital advertising, app store policies, content moderation, consumer protection, labor practices, and cross border data flows. Investigations, enforcement actions, structural remedies, fines, mandated changes to business practices, or limits on acquisitions can reduce profitability and constrain growth, and different regulatory regimes across jurisdictions can increase compliance costs and complexity.

Magnificent Seven Companies process large volumes of sensitive user data and operate mission critical digital infrastructure. Cybersecurity incidents, data breaches, outages, or failures in privacy controls can trigger regulatory penalties, litigation, remediation costs, reputational damage, and customer churn. Increased security and compliance spending may also reduce margins.

Several Magnificent Seven Companies are meaningfully exposed to artificial intelligence adoption and the associated data center and compute buildout. Demand for GPUs, cloud capacity, and AI-enabled services can be cyclical and sensitive to enterprise budgets, model performance, and competitive dynamics. Overinvestment, supply constraints, export controls, or shifts in AI architecture and open source alternatives can pressure revenue growth, margins, and capital intensity.

Magnificent Seven Companies depend on complex global supply chains for semiconductors, components, and contract manufacturing. Disruptions, quality issues, capacity constraints, geopolitical events, or changes in trade policy can delay product launches, increase costs, and reduce availability. Reliance on a small number of critical suppliers or manufacturing partners may amplify these risks.

The Fund invests primarily in mega capitalization companies. Mega capitalization companies may be less able to sustain high growth rates and may be more exposed to broad industry headwinds given their scale. Their large index-like ownership and heavy presence in passive and derivative markets can also contribute to crowded positioning and sharper moves during risk off periods, which can cause them to lag during periods when smaller competitors outperform.

Equity securities fluctuate in value due to issuer-specific events, sector dynamics, and broad market conditions. Common stocks generally exhibit greater volatility than preferred stocks or debt securities and may experience sudden declines or extended downturns.

As a non-diversified fund under the Investment Company Act of 1940, the Fund may invest a larger portion of assets in fewer issuers than a diversified fund. Losses in a single issuer could have a proportionately greater adverse effect on the Fund's performance.

. Because the Fund is actively managed, the Fund's performance depends on the Adviser's ability to select investments and allocate assets. The Adviser's judgments may prove incorrect, and the Fund may underperform funds with similar objectives or strategies and may underperform the broader equity markets.

Investors transacting in the secondary market will pay brokerage commissions and may bear costs associated with the bid-ask spread. These costs tend to rise when trading volume is low or markets are stressed and can materially reduce investment results, especially for frequent or small transactions.

The Adviser is both a newly 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 it is possible the Adviser may not achieve the Fund's intended investment objective.

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 investment and trading efficiencies.

The Trust’s governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings, and the Board can take certain actions without a shareholder vote (including, in some cases, liquidating the Fund). These provisions can make it harder, more expensive, or slower for shareholders to bring claims or to influence how the Trust or the Fund is run, including because certain claims (other than claims arising under the federal securities laws) may be subject to a waiver of the right to a jury trial.

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 include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. At that time, the Fund's performance will be compared to an appropriate broad-based market index (total return). The specific benchmark index (or indexes) used for this comparison will be identified in this section once performance information is presented and will be selected to represent the overall applicable market relevant to the Fund's investment exposure.

 

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.

(expenses that you pay each year as a percentage of the value of your investment)

 

The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of companies materially involved in the business activities of companies that are headquartered in, or maintain substantial operations in, New York City. For purposes of this policy, the Fund considers the following activities: firms across financial services, insurance, asset management, media and communications, technology and data services, consumer and retail brands, real estate and infrastructure, healthcare, and professional services that benefit from NYC's capital markets, talent base, and global commercial networks. For purposes of the Fund’s 80% investment policy, “New York City” refers to the five boroughs of New York City (Manhattan, Brooklyn, Queens, The Bronx, and Staten Island). The Adviser generally expects that a company has "substantial operations" in the region if it has a principal executive office in the region or, based on available disclosures and third-party data, maintains a significant employee base or material operating facilities (such as major offices, studios, trading or operational hubs, distribution centers, or other key business operations) in the region; The Adviser determines a company’s primary operating footprint based on publicly available information, including SEC filings (such as 10-Ks and proxy statements), corporate websites, press releases, commercial real estate and employment databases, and third-party data providers. Where such data are incomplete or not consistently reported, the Adviser will rely on the most recent publicly available information to make this determination.

 

The Fund invests primarily in the common stock of companies that are materially involved in New York City operating and business ecosystem. The Fund considers a company "materially involved" if, as determined by the Adviser, the company is headquartered in or maintains substantial operations in New York City, including companies with significant regional employee bases, operational hubs, or other material business lines in the region. Such activities may include financial services, payments and exchanges, insurance and asset management, media and information services, enterprise technology, consumer brands and retail operations, real estate and infrastructure related services, and professional service platforms that support commerce, investing, and global business activity centered in the NYC area.

 

The Fund’s investable universe generally consists of equity securities of U.S. companies of any market capitalization, including large-, mid-, small-, and micro-cap companies, that are listed on U.S. securities exchanges. Because the Fund’s theme is defined by a U.S. geographic region, the Fund expects that substantially all of its investments will be in U.S.-domiciled companies.

 

The Fund may invest up to 15% of its net assets in illiquid investments. Illiquid investments may include, among other things, passive, minority interests in special purpose vehicles ("SPVs") managed by unaffiliated third parties, as a means of gaining limited exposure to private securities within the Fund’s investment theme, securities that are subject to legal or contractual restrictions on resale, and other investments that otherwise lack an active secondary market. The Fund does not create, sponsor, or exercise primary control over any SPV, and does not intend to acquire interests in SPVs that charge ongoing management fees or performance allocations. The Fund does not, and does not intend to, create or acquire primary control of any entity that engages in investment activities in securities or other assets, other than an entity wholly-owned by the Fund. The Fund may invest in other investment companies, including ETFs, to gain exposure to certain market segments, for cash management purposes, or to facilitate portfolio transitions.

 

The Fund employs a bottom-up security selection process that combines fundamental analysis with thematic and quantitative screening to construct the Fund’s portfolio from among companies that satisfy the Fund’s 80% investment policy, as described above. The Adviser evaluates qualifying companies based on, among other things, strategic positioning within the relevant supply chain, growth potential, and valuation.

 

The Fund may hold cash, cash equivalents, or short-term U.S. Treasury instruments for liquidity management or to facilitate portfolio transitions. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy. The Fund is classified as non-diversified under the Investment Company Act of 1940.

The Fund will concentrate its investments in New York City focused companies or related industries. As a result, the Fund may be more sensitive to adverse economic, business, regulatory, environmental, or market developments affecting those industries than a fund that invests more broadly across multiple sectors, and the Fund's performance may be more volatile.

The Fund relies on a limited number of authorized participants ("APs") and market makers to create, redeem, and provide liquidity in Shares. If these firms curtail or cease their activities and others do not step in, Shares may trade at significant premiums/discounts to NAV, experience wider bid-ask spreads, or be subject to trading halts or delisting.

Shares trade at market prices that may be above (premium) or below (discount) NAV, particularly when market volatility is elevated, trading volume is limited, or the portfolio experiences disruptions.

The Fund is exposed to companies whose revenues, operating results, and valuations may be sensitive to economic and demographic conditions in New York City. Such companies may be affected by changes in regional employment levels, office utilization and return-to-office trends, commuter patterns, tourism activity, and the health of local industries. Shifts in business activity or local demand may adversely affect issuers held by the Fund and, as a result, may negatively affect the Fund's performance.

The Fund is exposed to the risk that catastrophic events or disruptions in New York City, such as terrorism, natural disasters, severe weather events (including coastal storms and flooding), public health events, civil unrest, power outages, transportation disruptions, or other events affecting public safety or critical infrastructure, may adversely affect business activity, tourism, commuting patterns, and the operations of companies with significant exposure to the region. Such events may reduce revenues, disrupt operations, increase costs (including security and insurance costs), and negatively affect the valuations of issuers held by the Fund.

The Fund is exposed to New York City's significant concentration in financial services and capital markets-related activities. Companies in the financial sector and companies that provide services to the finance and investing ecosystem may be sensitive to changes in interest rates, credit availability, loan performance, market liquidity, asset valuations, and regulatory developments. Periods of market volatility, reduced capital markets issuance or deal activity, widening credit spreads, or declines in asset values may disproportionately affect such issuers held by the Fund, which could negatively affect the Fund's performance.

The Fund is subject to risks arising from changes in city and state tax policies, labor requirements, and industry-specific regulations affecting companies with meaningful operations in New York City. Increases in taxes, changes in labor rules, or new regulatory requirements may raise operating costs, reduce profitability, or influence corporate decisions regarding staffing levels or business location for issuers held by the Fund. Such developments may adversely affect issuers held by the Fund and, as a result, may negatively affect the Fund's performance.

Companies with meaningful exposure to New York City may face higher operating costs than companies located elsewhere, including costs associated with real estate, wages, taxes, regulatory compliance, insurance, and security. If costs rise or business conditions deteriorate, companies may reduce their regional footprints, relocate headquarters or key functions, shift employment to other regions, or change remote work policies, which may reduce their economic exposure to the region and adversely affect the Fund's ability to maintain exposure consistent with its investment theme. Such changes may also negatively affect revenues and valuations of issuers held by the Fund.

The Fund depends on the Adviser's ability to classify companies based on whether they are headquartered in, or have substantial operations in, New York City. Publicly available information regarding a company's headquarters location, employee base, or operating footprint may be incomplete, outdated, or difficult to interpret consistently across issuers. Companies may relocate headquarters, modify office footprints, change remote-work policies, or shift the location of key personnel or facilities over time, which may require the Adviser to reclassify issuers or adjust the Fund's holdings. These factors may affect the Fund's ability to maintain exposure consistent with its investment theme and may increase portfolio turnover, which could negatively affect the Fund's performance.

The Fund may invest in companies of any market capitalization. Small and mid-capitalization companies can be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single program, customer, or supplier. Large capitalization companies may be less able to sustain high growth rates and may be more exposed to broad industry headwinds given their scale, which can cause them to lag during periods when smaller competitors outperform.

Some securities held by the Fund may trade in lower volumes or may be less liquid, particularly securities of smaller companies. In stressed markets, liquidity may decline sharply, making it harder to buy or sell positions at reasonable prices. When market quotations are not readily available or are deemed unreliable, the Fund may use fair value pricing, and the value assigned may differ from the value realized on sale. Illiquid investments may include interests in special purpose vehicles ("SPVs") and other instruments subject to contractual or legal restrictions on resale, which can be harder to value and may require greater reliance on fair-value determinations. Investments in SPVs may also involve additional risks, including limited transparency, additional fees and expenses, and restrictions on transfer or withdrawal, which may increase volatility or losses, particularly during periods of market stress.

Equity securities fluctuate in value due to issuer-specific events, sector dynamics, and broad market conditions. Common stocks generally exhibit greater volatility than preferred stocks or debt securities and may experience sudden declines or extended downturns.

As a non-diversified fund under the Investment Company Act of 1940, the Fund may invest a larger portion of assets in fewer issuers than a diversified fund. Losses in a single issuer could have a proportionately greater adverse effect on the Fund's performance.

. Because the Fund is actively managed, the Fund's performance depends on the Adviser's ability to select investments and allocate assets. The Adviser's judgments may prove incorrect, and the Fund may underperform funds with similar objectives or strategies and may underperform the broader equity markets.

Investors transacting in the secondary market will pay brokerage commissions and may bear costs associated with the bid-ask spread. These costs tend to rise when trading volume is low or markets are stressed and can materially reduce investment results, especially for frequent or small transactions.

The Adviser is both a newly 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 it is possible the Adviser may not achieve the Fund's intended investment objective.

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 investment and trading efficiencies.

The Trust’s governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings, and the Board can take certain actions without a shareholder vote (including, in some cases, liquidating the Fund). These provisions can make it harder, more expensive, or slower for shareholders to bring claims or to influence how the Trust or the Fund is run, including because certain claims (other than claims arising under the federal securities laws) may be subject to a waiver of the right to a jury trial.

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 include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. At that time, the Fund's performance will be compared to an appropriate broad-based market index (total return). The specific benchmark index (or indexes) used for this comparison will be identified in this section once performance information is presented and will be selected to represent the overall applicable market relevant to the Fund's investment exposure.

 

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.

Concentration Risk.

AP and Market Maker Dependence Risk.

Premium/Discount to NAV Risk.

Commercialization Timeline and Technical Uncertainty Risk.

High Research Spending and Capital Needs Risk.

Energy Consumption and Operating Cost Risk.

Standards, Migration, and Adoption Risk.

Cybersecurity, Data Breach, and Targeting Risk.

Equity Market Risk.

Foreign Securities and Depositary Receipts Risk.

Non-Diversified Fund Risk.

Active Management Risk

Brokerage Commissions and Bid-Ask Spread Risk.

New Adviser Risk.

New Fund Risk.

Limited Shareholder Rights Risk.

Concentration Risk.

AP and Market Maker Dependence Risk.

Premium/Discount to NAV Risk.

Adoption, Integration, and Return on Investment Risk.

Safety, Reliability, and Liability Risk.

Component Supply and Manufacturing Risk.

Regulatory and Government Policy Risk.

Capitalization Risk.

Liquidity and Valuation Risk.

Equity Market Risk.

Foreign Securities and Depositary Receipts Risk.

Non-Diversified Fund Risk.

Active Management Risk

Brokerage Commissions and Bid-Ask Spread Risk.

New Adviser Risk.

New Fund Risk.

Limited Shareholder Rights Risk.

(expenses that you pay each year as a percentage of the value of your investment)

 

 

 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.

 

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