# EDGAR Filing Document

**Accession Number:** 0002078265
**File Stem:** 0002078265-26-000184
**Filing Date:** 2026-5
**Character Count:** 2724713
**Document Hash:** 95b9393491483e9eed3a0f6405947d60
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002078265-26-000184.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0002078265-26-000184

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 30

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**EFFECTIVENESS DATE**: 20260528

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Corgi ETF Trust I
- **CENTRAL INDEX KEY:** 0002078265

**ORGANIZATION NAME:**
- **EIN:** 397001734
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24117
- **FILM NUMBER:** 261035839

**BUSINESS ADDRESS:**
- **STREET 1:** 8 THE GREEN STE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 5513302708

**MAIL ADDRESS:**
- **STREET 1:** 8 THE GREEN STE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Corgi ETF Trust I
- **CENTRAL INDEX KEY:** 0002078265

**ORGANIZATION NAME:**
- **EIN:** 397001734
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289838
- **FILM NUMBER:** 261035838

**BUSINESS ADDRESS:**
- **STREET 1:** 8 THE GREEN STE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 5513302708

**MAIL ADDRESS:**
- **STREET 1:** 8 THE GREEN STE B
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901

## Series and Classes Contracts Data

### Corgi All World 2x Daily ETF (Series ID: S000102775)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000273285 | Corgi All World 2x Daily ETF |  |

### Corgi U.S. Large-Cap 2x Daily ETF (Series ID: S000102776)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273286 | Corgi U.S. Large-Cap 2x Daily ETF |  |

### Corgi U.S. Mega-Cap Growth 2x Daily ETF (Series ID: S000102777)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000273287 | Corgi U.S. Mega-Cap Growth 2x Daily ETF |  |

### Corgi U.S. Mid-Cap 2x Daily ETF (Series ID: S000102778)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000273288 | Corgi U.S. Mid-Cap 2x Daily ETF |  |

### Corgi U.S. Small-Cap 2x Daily ETF (Series ID: S000102781)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273291 | Corgi U.S. Small-Cap 2x Daily ETF |  |

### Corgi South Korea 2x Daily ETF (Series ID: S000102782)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000273292 | Corgi South Korea 2x Daily ETF |  |

### Corgi Taiwan 2x Daily ETF (Series ID: S000102783)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000273293 | Corgi Taiwan 2x Daily ETF |  |

### Corgi Total U.S. Market 2x Daily ETF (Series ID: S000102784)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000273294 | Corgi Total U.S. Market 2x Daily ETF |  |

### Corgi U.S. Biotech 2x Daily ETF (Series ID: S000102785)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000273295 | Corgi U.S. Biotech 2x Daily ETF |  |

### Corgi Brazil 2x Daily ETF (Series ID: S000102786)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000273296 | Corgi Brazil 2x Daily ETF |  |

### Corgi U.S. Consumer Discretionary 2x Daily ETF (Series ID: S000102787)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000273297 | Corgi U.S. Consumer Discretionary 2x Daily ETF |  |

### Corgi U.S. Consumer Staples 2x Daily ETF (Series ID: S000102788)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000273298 | Corgi U.S. Consumer Staples 2x Daily ETF |  |

### Corgi U.S. Energy 2x Daily ETF (Series ID: S000102789)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000273299 | Corgi U.S. Energy 2x Daily ETF |  |

### Corgi U.S. Financials 2x Daily ETF (Series ID: S000102790)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000273300 | Corgi U.S. Financials 2x Daily ETF |  |

### Corgi U.S. Growth 2x Daily ETF (Series ID: S000102791)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000273301 | Corgi U.S. Growth 2x Daily ETF |  |

### Corgi U.S. Healthcare 2x Daily ETF (Series ID: S000102792)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000273302 | Corgi U.S. Healthcare 2x Daily ETF |  |

### Corgi U.S. Industrials 2x Daily ETF (Series ID: S000102793)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273303 | Corgi U.S. Industrials 2x Daily ETF |  |

### Corgi U.S. Infrastructure 2x Daily ETF (Series ID: S000102794)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000273304 | Corgi U.S. Infrastructure 2x Daily ETF |  |

### Corgi U.S. Materials 2x Daily ETF (Series ID: S000102795)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273305 | Corgi U.S. Materials 2x Daily ETF |  |

### Corgi U.S. Micro-Cap 2x Daily ETF (Series ID: S000102796)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273306 | Corgi U.S. Micro-Cap 2x Daily ETF |  |

### Corgi China 2x Daily ETF (Series ID: S000102797)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000273307 | Corgi China 2x Daily ETF |  |

### Corgi U.S. Real Estate 2x Daily ETF (Series ID: S000102798)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273308 | Corgi U.S. Real Estate 2x Daily ETF |  |

### Corgi U.S. Regional Banks 2x Daily ETF (Series ID: S000102799)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000273309 | Corgi U.S. Regional Banks 2x Daily ETF |  |

### Corgi U.S. Semiconductors 2x Daily ETF (Series ID: S000102800)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000273310 | Corgi U.S. Semiconductors 2x Daily ETF |  |

### Corgi U.S. Technology 2x Daily ETF (Series ID: S000102801)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000273311 | Corgi U.S. Technology 2x Daily ETF |  |

### Corgi U.S. Utilities 2x Daily ETF (Series ID: S000102802)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273312 | Corgi U.S. Utilities 2x Daily ETF |  |

### Corgi All Commodities 2x Daily ETF (Series ID: S000102804)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000273314 | Corgi All Commodities 2x Daily ETF |  |

### Corgi Chinese Internet 2x Daily ETF (Series ID: S000102808)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273318 | Corgi Chinese Internet 2x Daily ETF |  |

### Corgi Aerospace & Commercial Aviation 2x Daily ETF (Series ID: S000102810)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000273320 | Corgi Aerospace & Commercial Aviation 2x Daily ETF |  |

### Corgi AI Cybersecurity 2x Daily ETF (Series ID: S000102811)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273321 | Corgi AI Cybersecurity 2x Daily ETF |  |

### Corgi Battery Energy Storage Systems 2x Daily ETF (Series ID: S000102812)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000273322 | Corgi Battery Energy Storage Systems 2x Daily ETF |  |

### Corgi Bay Area Based 2x Daily ETF (Series ID: S000102813)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000273323 | Corgi Bay Area Based 2x Daily ETF |  |

### Corgi Beauty, Skincare & Aesthetics 2x Daily ETF (Series ID: S000102814)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000273324 | Corgi Beauty, Skincare & Aesthetics 2x Daily ETF |  |

### Corgi Coffee & Energy Drinks 2x Daily ETF (Series ID: S000102815)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000273325 | Corgi Coffee & Energy Drinks 2x Daily ETF |  |

### Corgi Crypto Infrastructure 2x Daily ETF (Series ID: S000102816)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000273326 | Corgi Crypto Infrastructure 2x Daily ETF |  |

### Corgi Data & Surveillance 2x Daily ETF (Series ID: S000102817)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000273327 | Corgi Data & Surveillance 2x Daily ETF |  |

### Corgi Genomics & Precision Medicine 2x Daily ETF (Series ID: S000102818)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000273328 | Corgi Genomics & Precision Medicine 2x Daily ETF |  |

### Corgi Emerging Markets 2x Daily ETF (Series ID: S000102819)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273329 | Corgi Emerging Markets 2x Daily ETF |  |

### Corgi High Voltage Grid Equipment 2x Daily ETF (Series ID: S000102820)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000273330 | Corgi High Voltage Grid Equipment 2x Daily ETF |  |

### Corgi Lifestyle Brands 2x Daily ETF (Series ID: S000102821)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273331 | Corgi Lifestyle Brands 2x Daily ETF |  |

### Corgi Longevity Consumer 2x Daily ETF (Series ID: S000102822)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000273332 | Corgi Longevity Consumer 2x Daily ETF |  |

### Corgi Natural Gas Power & Turbines 2x Daily ETF (Series ID: S000102823)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000273333 | Corgi Natural Gas Power & Turbines 2x Daily ETF |  |

### Corgi NYC Based 2x Daily ETF (Series ID: S000102824)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000273334 | Corgi NYC Based 2x Daily ETF |  |

### Corgi Ports, Rail & Freight 2x Daily ETF (Series ID: S000102825)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000273335 | Corgi Ports, Rail & Freight 2x Daily ETF |  |

### Corgi Quantum Computing 2x Daily ETF (Series ID: S000102826)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000273336 | Corgi Quantum Computing 2x Daily ETF |  |

### Corgi Robots & Humanoids 2x Daily ETF (Series ID: S000102827)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000273337 | Corgi Robots & Humanoids 2x Daily ETF |  |

### Corgi Shipping & Global Logistics 2x Daily ETF (Series ID: S000102828)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000273338 | Corgi Shipping & Global Logistics 2x Daily ETF |  |

### Corgi Sports Betting & Gambling 2x Daily ETF (Series ID: S000102829)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000273339 | Corgi Sports Betting & Gambling 2x Daily ETF |  |

### Corgi Europe Equities 2x Daily ETF (Series ID: S000102830)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000273340 | Corgi Europe Equities 2x Daily ETF |  |

### Corgi Travel & Leisure 2x Daily ETF (Series ID: S000102831)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273341 | Corgi Travel & Leisure 2x Daily ETF |  |

### Corgi U.S. War Machine 2x Daily ETF (Series ID: S000102833)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273343 | Corgi U.S. War Machine 2x Daily ETF |  |

### Corgi Buy Now Pay Later 2x Daily ETF (Series ID: S000102834)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000273344 | Corgi Buy Now Pay Later 2x Daily ETF |  |

### Corgi Space & Satellite Communications 2x Daily ETF (Series ID: S000102835)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000273345 | Corgi Space & Satellite Communications 2x Daily ETF |  |

### Corgi Mag 7 2x Daily ETF (Series ID: S000102836)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000273346 | Corgi Mag 7 2x Daily ETF |  |

### Corgi IP Licensing & Royalties 2x Daily ETF (Series ID: S000102837)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000273347 | Corgi IP Licensing & Royalties 2x Daily ETF |  |

### Corgi Drones & Urban Air Mobility 2x Daily ETF (Series ID: S000102838)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000273348 | Corgi Drones & Urban Air Mobility 2x Daily ETF |  |

### Corgi Lithography & Semiconductor Photonics 2x Daily ETF (Series ID: S000102839)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000273349 | Corgi Lithography & Semiconductor Photonics 2x Daily ETF |  |

### Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF (Series ID: S000102840)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000273350 | Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF |  |

### Corgi Ex-U.S. Equities 2x Daily ETF (Series ID: S000102841)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000273351 | Corgi Ex-U.S. Equities 2x Daily ETF |  |

### Corgi AGIX 2x Daily ETF (Series ID: S000102842)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000273352 | Corgi AGIX 2x Daily ETF |  |

### India 2x Daily ETF (Series ID: S000102844)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000273354 | Shares       |  |

?xml version='1.0' encoding='ASCII'? Corgi ETF Trust I

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

AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON MAY 28, 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. 48 | [X] |
| <br>and/or | <br>and/or |
| REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  | [X] |
| Amendment No. 52 | [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) 

☐ 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.

Prospectus

May 28, 2026

---

| | | |
|:---|:---|:---|
| Fund | Ticker | Principal U.S. Listing Exchange |
| Corgi All World 2x Daily ETF | WX | Cboe BZX Exchange, Inc. |
| Corgi Brazil 2x Daily ETF | BRZX | Cboe BZX Exchange, Inc. |
| Corgi China 2x Daily ETF | CCPX | Cboe BZX Exchange, Inc. |
| Corgi Chinese Internet 2x Daily ETF | WEBX | Cboe BZX Exchange, Inc. |
| Corgi Emerging Markets 2x Daily ETF | EMXX | Cboe BZX Exchange, Inc. |
| Corgi Europe Equities 2x Daily ETF | XEUR | Cboe BZX Exchange, Inc. |
| Corgi Ex-U.S. Equities 2x Daily ETF | XW | Cboe BZX Exchange, Inc. |
| Corgi India 2x Daily ETF | TAJX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Large-Cap 2x Daily ETF | VOOX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Mega-Cap Growth 2x Daily ETF | MGKX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Mid-Cap 2x Daily ETF | XVO | Cboe BZX Exchange, Inc. |
| Corgi U.S. Small-Cap 2x Daily ETF | VBX | Cboe BZX Exchange, Inc. |
| Corgi South Korea 2x Daily ETF | KRWX | Cboe BZX Exchange, Inc. |
| Corgi Taiwan 2x Daily ETF | XTAI | Cboe BZX Exchange, Inc. |
| Corgi Total U.S. Market 2x Daily ETF | USX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Biotech 2x Daily ETF | XBIX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Consumer Discretionary 2x Daily ETF  | XLYX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Consumer Staples 2x Daily ETF | XLPX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Energy 2x Daily ETF | XLEX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Financials 2x Daily ETF | XLFX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Growth 2x Daily ETF | XVUG | Cboe BZX Exchange, Inc. |
| Corgi U.S. Healthcare 2x Daily ETF | XLVX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Industrials 2x Daily ETF | XLIX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Infrastructure 2x Daily ETF | XPAV | Cboe BZX Exchange, Inc. |
| Corgi U.S. Materials 2x Daily ETF | XLBX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Micro-Cap 2x Daily ETF | XIWC | Cboe BZX Exchange, Inc. |
| Corgi U.S. Real Estate 2x Daily ETF | XHOA | Cboe BZX Exchange, Inc. |
| Corgi U.S. Regional Banks 2x Daily ETF | XKRE | Cboe BZX Exchange, Inc. |
| Corgi U.S. Semiconductors 2x Daily ETF | XSEM | Cboe BZX Exchange, Inc. |
| Corgi U.S. Technology 2x Daily ETF | XLKX | Cboe BZX Exchange, Inc. |
| Corgi U.S. Utilities 2x Daily ETF | XLUX | Cboe BZX Exchange, Inc. |
| Corgi All Commodities 2x Daily ETF | XCOM | Cboe BZX Exchange, Inc. |
| Corgi Aerospace & Commercial Aviation 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi AI Cybersecurity 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Battery Energy Storage Systems 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Bay Area Based 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Beauty, Skincare & Aesthetics 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Coffee & Energy Drinks 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Crypto Infrastructure 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Data & Surveillance 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Genomics & Precision Medicine 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi High Voltage Grid Equipment 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Lifestyle Brands 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Longevity Consumer 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Natural Gas Power & Turbines 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi NYC Based 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Ports, Rail & Freight 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Quantum Computing 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Robots & Humanoids 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Shipping & Global Logistics 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Sports Betting & Gambling 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Travel & Leisure 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi U.S. War Machine 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Buy Now Pay Later 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Space & Satellite Communications 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Mag 7 2x Daily ETF | [ ] | Cboe BZX Exchange, Inc. |
| Corgi IP Licensing & Royalties 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Drones & Urban Air Mobility 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi Lithography & Semiconductor Photonics 2x Daily ETF  | EUVX | Cboe BZX Exchange, Inc. |
| Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF  | [ ] | Cboe BZX Exchange, Inc. |
| Corgi AGIX 2x Daily ETF | XAGI | Cboe BZX Exchange, Inc. |

---

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.

Important Information About the Funds

This prospectus describes the exchange-traded funds listed above (each, a "Fund," and collectively, the "Funds"), each of which is authorized to offer one class of shares through this prospectus.

The Funds seek **daily leveraged (2x) investment results** and are intended to be used as **short-term trading vehicles**. The Funds do **not** seek to achieve their stated investment objective over a period of time greater than one trading day.

The Funds are **not intended to be used by, and are not appropriate for, investors who do not intend to actively monitor and manage their portfolios**. The Funds are very different from most mutual funds and exchange-traded funds. Investors should note that:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Funds are riskier than alternatives that do not use leverage because each Fund magnifies, on a daily basis, the performance of its Underlying ETF (which may be an index, basket, or other benchmark, as described for each Fund).** 

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **The Funds pursue a daily investment objective.** The Funds are designed to provide **approximately 200% (2x) of the daily performance** of their respective reference assets, before fees and expenses.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Compounding and volatility can cause returns over periods longer than one day to differ, and possibly differ significantly, from 2x of the Underlying ETF's return for the same period.** The pursuit of the Funds' daily investment objectives means that a Fund's return for periods longer than a single trading day will be the result of a series of daily leveraged returns for each trading day during the relevant period. As a consequence, especially during periods of market volatility, the volatility of the Underlying ETF may affect a Fund's return as much as, or more than, the cumulative return of the Underlying ETF for the same period. During periods of high volatility, a Fund may not perform as expected, and a Fund may have losses even when an investor might have expected gains, particularly if the Fund is held for a period that is different than one trading day.

The Funds are **not suitable for all investors**. The Funds are designed to be utilized only by **sophisticated investors**, such as traders and active investors employing dynamic strategies. Investors in the Funds should:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; understand the risks associated with the use of leveraged strategies;

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; understand the consequences of seeking daily leveraged investment results; and

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; intend to **actively monitor and manage** their investments.

Investors who do not understand the Funds, or do not intend to actively manage their funds and monitor their investments, should **not** buy the Funds.

There is no assurance that a Fund will achieve its daily leveraged investment objective. An investment in a Fund could lose money, potentially rapidly. If a Fund's Underlying ETF moves more than 50% on a given trading day in a direction adverse to the Fund, the Fund's investors would lose all of their money. The Funds are not a complete investment program.

---

| |
|:---|
| [FUND SUMMARY - Corgi All World 2x Daily ETF](#fund-sum-all-world)  |
| [FUND SUMMARY - Corgi Brazil 2x Daily ETF](#fund-sum-brazil-2x)  |
| [FUND SUMMARY - Corgi China 2x Daily ETF](#fund-sum-china-2x)  |
| [FUND SUMMARY - Corgi Chinese Internet 2x Daily ETF](#fund-sum-chinese-tech)  |
| [FUND SUMMARY - Corgi Emerging Markets 2x Daily ETF](#fund-sum-emerging-markets)  |
| [FUND SUMMARY - Corgi Europe Equities 2x Daily ETF](#fund-sum-europe-equities)  |
| [FUND SUMMARY - Corgi Ex-U.S. Equities 2x Daily ETF](#fund-sum-ex-us)  |
| [FUND SUMMARY - Corgi India 2x Daily ETF](#fund-sum-india-2x)  |
| [FUND SUMMARY - Corgi U.S. Large-Cap 2x Daily ETF](#fund-sum-us-large)  |
| [FUND SUMMARY - Corgi U.S. Mega-Cap Growth 2x Daily ETF](#fund-sum-us-mega)  |
| [FUND SUMMARY - Corgi U.S. Mid-Cap 2x Daily ETF](#fund-sum-us-mid)  |
| [FUND SUMMARY - Corgi U.S. Small-Cap 2x Daily ETF](#fund-sum-us-small)  |
| [FUND SUMMARY - Corgi South Korea 2x Daily ETF](#fund-sum-south-korea)  |
| [FUND SUMMARY - Corgi Taiwan 2x Daily ETF](#fund-sum-taiwan-2x)  |
| [FUND SUMMARY - Corgi Total U.S. Market 2x Daily ETF](#fund-sum-us-market)  |
| [FUND SUMMARY - Corgi U.S. Biotech 2x Daily ETF](#fund-sum-us-biotech)  |
| [FUND SUMMARY - Corgi U.S. Consumer Discretionary 2x Daily ETF](#fund-sum-us-consumer-discretionary) |
| [FUND SUMMARY - Corgi U.S. Consumer Staples 2x Daily ETF](#fund-sum-us-consumer-staples)  |
| [FUND SUMMARY - Corgi U.S. Energy 2x Daily ETF](#fund-sum-us-energy)  |
| [FUND SUMMARY - Corgi U.S. Financials 2x Daily ETF](#fund-sum-us-financials)  |
| [FUND SUMMARY - Corgi U.S. Growth 2x Daily ETF](#fund-sum-us-growth)  |
| [FUND SUMMARY - Corgi U.S. Healthcare 2x Daily ETF](#fund-sum-us-health)  |
| [FUND SUMMARY - Corgi U.S. Industrials 2x Daily ETF](#fund-sum-us-industrials)  |
| [FUND SUMMARY - Corgi U.S. Infrastructure 2x Daily ETF](#fund-sum-us-manufacturing)  |
| [FUND SUMMARY - Corgi U.S. Materials 2x Daily ETF](#fund-sum-us-materials)  |
| [FUND SUMMARY - Corgi U.S. Micro-Cap 2x Daily ETF](#fund-sum-us-micro)  |
| [FUND SUMMARY - Corgi U.S. Real Estate 2x Daily ETF](#fund-sum-us-real)  |
| [FUND SUMMARY - Corgi U.S. Regional Banks 2x Daily ETF](#fund-sum-us-regional)  |
| [FUND SUMMARY - Corgi U.S. Semiconductors 2x Daily ETF](#fund-sum-us-semiconductors)  |
| [FUND SUMMARY - Corgi U.S. Technology 2x Daily ETF](#fund-sum-us-technology)  |
| [FUND SUMMARY - Corgi U.S. Utilities 2x Daily ETF](#fund-sum-us-utilities)  |
| [FUND SUMMARY - Corgi All Commodities 2x Daily ETF](#fund-sum-all-commodities)  |
| [FUND SUMMARY - Corgi Aerospace & Commercial Aviation 2x Daily ETF](#fund-sum-aerospace-and) |
| [FUND SUMMARY - Corgi AI Cybersecurity 2x Daily ETF](#fund-sum-ai-cybersecurity)  |
| [FUND SUMMARY - Corgi Battery Energy Storage Systems 2x Daily ETF](#fund-sum-battery-energy) |
| [FUND SUMMARY - Corgi Bay Area Based 2x Daily ETF](#fund-sum-bay-area)  |
| [FUND SUMMARY - Corgi Beauty, Skincare & Aesthetics 2x Daily ETF](#fund-sum-beauty-skincare) |
| [FUND SUMMARY - Corgi Coffee & Energy Drinks 2x Daily ETF](#fund-sum-coffee-and) |
| [FUND SUMMARY - Corgi Crypto Infrastructure 2x Daily ETF](#fund-sum-crypto-infrastructure)  |
| [FUND SUMMARY - Corgi Data & Surveillance 2x Daily ETF](#fund-sum-data-and)  |
| [FUND SUMMARY - Corgi Genomics & Precision Medicine 2x Daily ETF](#fund-sum-genomics-and) |
| [FUND SUMMARY - Corgi High Voltage Grid Equipment 2x Daily ETF](#fund-sum-high-voltage) |
| [FUND SUMMARY - Corgi Lifestyle Brands 2x Daily ETF](#fund-sum-lifestyle-brands)  |
| [FUND SUMMARY - Corgi Longevity Consumer 2x Daily ETF](#fund-sum-longevity-consumer)  |
| [FUND SUMMARY - Corgi Natural Gas Power & Turbines 2x Daily ETF](#fund-sum-natural-gas-and) |
| [FUND SUMMARY - Corgi NYC Based 2x Daily ETF](#fund-sum-nyc-based)  |
| [FUND SUMMARY - Corgi Ports, Rail & Freight 2x Daily ETF](#fund-sum-ports-rail)  |
| [FUND SUMMARY - Corgi Quantum Computing 2x Daily ETF](#fund-sum-quantum-computing)  |
| [FUND SUMMARY - Corgi Robots & Humanoids 2x Daily ETF](#fund-sum-robots-and)  |
| [FUND SUMMARY - Corgi Shipping & Global Logistics 2x Daily ETF](#fund-sum-shipping-and) |
| [FUND SUMMARY - Corgi Sports Betting & Gambling 2x Daily ETF](#fund-sum-sports-betting) |
| [FUND SUMMARY - Corgi Travel & Leisure 2x Daily ETF](#fund-sum-travel-and)  |
| [FUND SUMMARY - Corgi U.S. War Machine 2x Daily ETF](#fund-sum-us-war)  |
| [FUND SUMMARY - Corgi Buy Now Pay Later 2x Daily ETF](#fund-sum-buy-now)  |
| [FUND SUMMARY - Corgi Space & Satellite Communications 2x Daily ETF](#fund-sum-space-and) |
| [FUND SUMMARY - Corgi Mag 7 2x Daily ETF](#fund-sum-mag-7)  |
| [FUND SUMMARY - Corgi IP Licensing & Royalties 2x Daily ETF](#fund-sum-ip-licensing) |
| [FUND SUMMARY - Corgi Drones & Urban Air Mobility 2x Daily ETF](#fund-sum-drones-and) |
| [FUND SUMMARY - Corgi Lithography & Semiconductor Photonics 2x Daily ETF](#fund-sum-lithography-and) |
| [FUND SUMMARY - Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF](#fund-sum-digital-banking) |
| [FUND SUMMARY - Corgi AGIX 2x Daily ETF](#fund-sum-agix-2x)  |
| [ADDITIONAL INFORMATION ABOUT FUNDS](#additional-information-about)  |
| [MANAGEMENT](#management)  |
| [HOW TO BUY AND SELL SHARES](#how-to-buy)  |
| [FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES](#frequent-purchases-and)  |
| [DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#dividends-other-distributions)  |

---

FUND SUMMARY - Corgi All World 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi All World 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total World Stock Index Fund ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.20% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $20 | $66<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total World Stock Index Fund ETF ("Underlying ETF"). For purposes of the Fund's name, "All World" refers to global equity exposure, including U.S. and non-U.S. developed and emerging markets, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to global equity securities, including U.S., non-U.S. developed, and emerging markets equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the FTSE Global All Cap Index, a float-adjusted, market-capitalization weighted index designed to measure the market performance of large-capitalization, mid-capitalization, and small-capitalization stocks of companies located around the world, including both U.S. and non U.S. developed and emerging markets. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Total World Stock Index Fund ETF or any other securities of the Vanguard Total World Stock Index Fund ETF. Information about the Vanguard Total World Stock Index Fund ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard Total World Stock Index Fund ETF are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Total World Stock Index Fund ETF's own prospectus and reports for more complete information about the Vanguard Total World Stock Index Fund ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Global Equity Market Risk.** The Fund is exposed to global equity market risk through its exposure to the Underlying ETF and any other reference assets. Equity securities may decline in value due to issuer-specific factors or broad market and economic conditions. Global equity markets can be volatile and may be affected by changes in interest rates, inflation, economic growth, earnings trends, political events, trade disputes, pandemics, natural disasters, and other factors. Because the Fund provides leveraged exposure, declines in global equity markets may result in proportionally larger declines in the Fund's net asset value.

**Foreign and Emerging Markets Risk.** The Underlying ETF may include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**Currency Risk.** Because the Underlying ETF may invest in securities denominated in foreign currencies, the Fund is indirectly exposed to currency risk. Changes in currency exchange rates may reduce returns or increase losses. Even if the underlying securities gain value in their local currencies, the Fund's return may be reduced if the U.S. dollar strengthens relative to those currencies. The Fund does not expect to systematically hedge foreign currency exposure.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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 global equity 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Brazil 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Brazil 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Brazil ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Brazil ETF ("Underlying ETF"). For purposes of the Fund's name, "Brazil" refers to Brazilian equity exposure, primarily issuers located in Brazil across large- and mid-capitalization companies, including companies listed on Brazilian exchanges and Brazilian companies listed in other markets, and which may include meaningful exposure to Brazilian financials, materials, and energy sectors, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to Brazilian equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the MSCI Brazil 25/50 Index (Net), which is a free float-adjusted, market capitalization-weighted index designed to measure the performance of the large- and mid-capitalization segments of the equity market in Brazil. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares MSCI Brazil ETF or any other securities of the iShares MSCI Brazil ETF. Information about the iShares MSCI Brazil ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the iShares MSCI Brazil ETF's own prospectus and reports for more complete information about the iShares MSCI Brazil ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Brazil Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to Brazilian equity market risk. Equity securities of Brazilian issuers may decline in value due to issuer-specific factors or broad market and economic conditions in Brazil. Brazilian equity markets can be volatile and may be affected by changes in domestic interest rates, inflation, fiscal policy, economic growth, commodity price cycles, and political and social developments. Because the Fund provides leveraged exposure, declines in Brazilian equity markets may result in proportionally larger declines in the Fund's net asset value.

**Brazil Currency and Exchange Rate Risk.** The Fund is indirectly exposed to currency risk through the Underlying ETF's exposure to the Brazilian real. Changes in exchange rates may reduce returns or increase losses. Even if Brazilian equities gain value in local currency terms, the Fund's return may be reduced if the U.S. dollar strengthens relative to the Brazilian real. The Fund does not expect to systematically hedge foreign currency exposure.

**Brazil Country and Emerging Markets Risk.** Brazil is generally considered an emerging market. Investments tied to Brazil may be subject to heightened risks, including political and economic instability, less developed regulatory and legal systems, changes in taxation or capital controls, restrictions on foreign investment, and less reliable financial reporting and trading practices. Brazilian markets may be less liquid than U.S. markets, which can increase volatility, widen bid-ask spreads, and make it more difficult to enter or exit positions, especially during periods of market stress.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

Limited Shareholder Rights Risk. 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi China 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi China 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares China Large-Cap ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares China Large-Cap ETF ("Underlying ETF"). For purposes of the Fund's name, "China" refers to Chinese equity exposure, primarily large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to Chinese equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the FTSE China 50 Index (Net), an index designed to measure the performance of large, liquid Chinese companies that trade on the Stock Exchange of Hong Kong and are generally available to international investors. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares China Large-Cap ETF or any other securities of the iShares China Large-Cap ETF. Information about the iShares China Large-Cap ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the iShares China Large-Cap ETF's own prospectus and reports for more complete information about the iShares China Large-Cap ETF.

The Fund may enter into swap agreements with a limited number of counterparties. Swap agreements may include provisions that permit a counterparty to terminate or close out transactions upon the occurrence of certain events (which may include events associated with significant declines in the value of the Underlying ETF). There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**China Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to Chinese equity market risk. Equity securities tied to China may decline due to issuer-specific factors or broad market and economic conditions, and Chinese markets can be especially volatile. Because the Fund provides leveraged exposure, declines in Chinese equity markets may result in proportionally larger declines in the Fund's net asset value.

**China Regulatory and Policy Risk.** Investments tied to China are subject to heightened risks arising from government intervention and policy changes, including changes in regulation of industries, capital markets, and cross-border listings, as well as actions affecting corporate governance, data and cybersecurity practices, and the ability of companies to access foreign capital. Such developments can occur with little warning and may materially reduce the value and liquidity of affected securities.

**China Geopolitical and Trade Risk.** China-related investments may be adversely affected by geopolitical tensions, trade disputes, sanctions, export controls, restrictions on investment or ownership, and other measures imposed by the United States or other governments. These events can increase market volatility, reduce liquidity, and impair the Fund's ability to maintain exposure efficiently, and because the Fund is leveraged, losses may be magnified.

**China Currency and Market Access Risk.** The Fund is indirectly exposed to currency and market access risks through the Underlying ETF's exposure to Chinese markets. Movements in the Chinese yuan and Hong Kong dollar versus the U.S. dollar may reduce returns. Market access mechanisms, trading suspensions, or constraints on capital flows may make it more difficult to value or trade China-related securities in stressed markets.

**Hong Kong Market and Trading Hours Risk.** The Underlying ETF's reference market exposure is primarily to Chinese equities that trade on the Hong Kong Stock Exchange. Differences in trading hours, holidays, and market closures between Hong Kong and the United States may contribute to volatility, premiums or discounts to NAV, wider bid-ask spreads, and periods when the Fund's shares trade when the underlying market is closed. These effects may increase the Underlying ETF's rebalancing and implementation challenges and may contribute to performance slippage relative to the Fund's daily leveraged objective.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**Foreign and Emerging Markets Risk.** The Underlying ETF may include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Chinese Internet 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Chinese Internet 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares CSI China Internet ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with KraneShares, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares CSI China Internet ETF ("Underlying ETF"). For purposes of the Fund's name, "Chinese Internet" refers to Chinese internet equity exposure, primarily companies engaged in the internet and internet-related technology and services (for example, e-commerce, online media, and software and services) with substantial operations in or revenue exposure to China, including Hong Kong and U.S. listed Chinese issuers and variable interest entity structures, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to Chinese internet equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CSI Overseas China Internet Index, a free float-adjusted, market capitalization-weighted index designed to measure the performance of China-based companies whose primary business is in the internet and internet-related sectors and whose securities trade on the Hong Kong Stock Exchange, NASDAQ, or the New York Stock Exchange. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the KraneShares CSI China Internet ETF or any other securities of the KraneShares CSI China Internet ETF. Information about the KraneShares CSI China Internet ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and KraneShares are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the KraneShares CSI China Internet ETF's own prospectus and reports for more complete information about the KraneShares CSI China Internet ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**China Internet Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks of the China technology and internet sector, which can be especially volatile and sensitive to changes in consumer spending, competition, platform dynamics, and innovation cycles. Because the Fund provides leveraged exposure, declines affecting this sector may result in proportionally larger declines in the Fund's net asset value.

**China Regulatory and Platform Policy Risk.** China internet and technology companies face elevated regulatory and policy risks, including changes affecting data security, content, antitrust, fintech activities, app distribution, and platform business practices. Regulatory actions can be sudden and severe, may reduce profitability, and can materially impair valuations and liquidity. Because the Fund provides leveraged exposure, adverse regulatory outcomes may result in rapid and magnified losses.

**Variable Interest Entity and Listing Structure Risk.** The Underlying ETF may have exposure to companies that use variable interest entity structures or other contractual arrangements to provide offshore investors economic exposure. These structures may be subject to legal and regulatory uncertainty and could be challenged or modified by Chinese authorities, which could materially reduce the value of affected securities and increase volatility.

**China Geopolitical, Sanctions, and Cross-Border Market Access Risk.** Through its exposure to the Underlying ETF and other reference assets, the fund's investments tied to Chinese internet companies may be adversely affected by geopolitical tensions, sanctions, export controls, restrictions on U.S. capital market access, and other measures that can limit business activity, restrict ownership, or impair liquidity. These risks can increase tracking slippage versus intended exposure and may impair the Fund's ability to maintain targeted exposure efficiently.

**Hong Kong and U.S. Market and Trading Hours Risk.** The Underlying ETF may hold China-based issuers whose securities trade on Hong Kong and U.S. exchanges. Differences in trading hours, holidays, market closures, and market liquidity between these exchanges and the U.S. exchange on which the Fund's shares trade may contribute to volatility, wider bid-ask spreads, premiums or discounts to NAV, and periods when the Fund's shares trade while one or more relevant underlying markets are closed. These effects may increase the Fund's rebalancing and implementation challenges and may contribute to performance slippage relative to the Fund's daily leveraged objective.

**Foreign Currency Risk** . Because the Underlying ETF may invest in securities denominated or traded in currencies other than the U.S. dollar (including Hong Kong-listed securities), the Fund is indirectly exposed to foreign currency risk. Changes in currency exchange rates may reduce returns or increase losses.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Emerging Markets Risk.** The Underlying ETF invests in securities of issuers in emerging market countries, which may be more volatile and less liquid than developed markets. Emerging market countries may have less developed regulatory and legal systems, greater political and economic instability, capital controls, expropriation risk, sanctions exposure, and less reliable financial reporting and trading practices.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Emerging Markets 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Emerging Markets 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Emerging Markets ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Emerging Markets ETF ("Underlying ETF"). For purposes of the Fund's name, "Emerging Markets" refers to equity exposure to issuers located in developing market countries, across large-, mid-, and small-capitalization companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to emerging market equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the FTSE Emerging Markets All Cap China A Inclusion Index, a free-float adjusted, market-capitalization-weighted index designed to measure the market performance of large-, mid-, and small-capitalization stocks of companies located in emerging market countries around the world. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard FTSE Emerging Markets ETF or any other securities of the Vanguard FTSE Emerging Markets ETF. Information about the Vanguard FTSE Emerging Markets ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard FTSE Emerging Markets ETF's own prospectus and reports for more complete information about the Vanguard FTSE Emerging Markets ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Global Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to global equity market risk. Equity securities may decline in value due to issuer-specific factors or broad market and economic conditions. Global equity markets can be volatile and may be affected by changes in interest rates, inflation, economic growth, earnings trends, political events, trade disputes, pandemics, natural disasters, and other factors. Because the Fund provides leveraged exposure, declines in global equity markets may result in proportionally larger declines in the Fund's net asset value.

**Foreign and Emerging Markets Risk.** The Underlying ETF will include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**Currency Risk.** Because the Underlying ETF may invest in securities denominated in foreign currencies, the Fund is indirectly exposed to currency risk. Changes in currency exchange rates may reduce returns or increase losses. Even if the underlying securities gain value in their local currencies, the Fund's return may be reduced if the U.S. dollar strengthens relative to those currencies. The Fund does not expect to systematically hedge foreign currency exposure.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Europe Equities 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Europe Equities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Europe ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Europe ETF ("Underlying ETF"). For purposes of the Fund's name, "Europe Equities" refers to European equity exposure, primarily issuers located in developed European countries across large-, mid-, and small-capitalization companies, including companies listed on European exchanges , as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to European equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the FTSE Developed Europe All Cap Index, a free float adjusted, market capitalization-weighted index designed to measure the market performance of large capitalization, mid-capitalization, and small capitalization stocks of companies located in developed European countries. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard FTSE Europe ETF or any other securities of the Vanguard FTSE Europe ETF. Information about the Vanguard FTSE Europe ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard FTSE Europe ETF's own prospectus and reports for more complete information about the Vanguard FTSE Europe ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**European Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to European equity market risk. Equity securities of European issuers may decline in value due to issuer-specific factors or broad market and economic conditions in Europe. European equity markets can be volatile and may be affected by changes in European interest rates, inflation, economic growth, banking and sovereign debt conditions, fiscal and monetary policy actions, political events, labor disruptions, and regional security developments. Because the Fund provides leveraged exposure, declines in European equity markets may result in proportionally larger declines in the Fund's net asset value.

**European Currency Risk.** The Fund is indirectly exposed to currency risk through the Underlying ETF's holdings denominated in European currencies, including the euro and other local currencies. Changes in currency exchange rates may reduce returns or increase losses. Even if the underlying securities gain value in their local currencies, the Fund's return may be reduced if the U.S. dollar strengthens relative to those currencies. The Fund does not expect to systematically hedge foreign currency exposure.

**Europe Region and Concentration Risk.** The Underlying ETF is focused on developed European markets. As a result, the Fund's performance may be disproportionately affected by adverse events in Europe, including economic slowdowns, sovereign or bank stress, energy price shocks or supply disruptions, and policy responses by European governments or the European Central Bank. In addition, the Underlying ETF may have meaningful exposure to a limited number of European countries or sectors at various times, which can increase volatility and magnify losses when those countries or sectors underperform.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**Foreign Investment Risk.** The Underlying ETF invests in securities of non-U.S. issuers. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, different regulatory and legal systems, capital controls, and less reliable financial reporting and trading practices.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Ex-U.S. Equities 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Ex-U.S. Equities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total International Stock ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total International Stock ETF ("Underlying ETF"). For purposes of the Fund's name, "Ex-U.S. Equities" refers to broad equity exposure to companies located outside the United States, including non-U.S. developed and emerging markets, across large-, mid-, and small-capitalization stocks, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to international (non-U.S.) equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the FTSE Global All Cap ex US Index, a free-float-adjusted, market-capitalization-weighted index designed to measure the market performance of large capitalization, mid-capitalization, and small capitalization stocks of companies located in developed and emerging markets, excluding the United States. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Total International Stock ETF or any other securities of the Vanguard Total International Stock ETF. Information about the Vanguard Total International Stock ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Total International Stock ETF's own prospectus and reports for more complete information about the Vanguard Total International Stock ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Global ex-U.S. Equity Market Risk.** The Fund is exposed to global ex-U.S. equity market risk through its exposure to the Underlying ETF and any other reference assets. Equity securities may decline in value due to issuer-specific factors or broad market and economic conditions. Non-U.S. equity markets can be volatile and may be affected by changes in interest rates, inflation, economic growth, earnings trends, political and social events, regulatory changes, trade disputes and tariffs, sanctions, currency fluctuations, capital controls, market closures, settlement and custody risks, differences in accounting and disclosure standards, pandemics, natural disasters, and other factors. Because the Fund provides leveraged exposure, declines in global ex-U.S. equity markets may result in proportionally larger declines in the Fund's net asset value.

**Foreign and Emerging Markets Risk.** The Underlying ETF may include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**Currency Risk.** Because the Underlying ETF may invest in securities denominated in foreign currencies, the Fund is indirectly exposed to currency risk. Changes in currency exchange rates may reduce returns or increase losses. Even if the underlying securities gain value in their local currencies, the Fund's return may be reduced if the U.S. dollar strengthens relative to those currencies. The Fund does not expect to systematically hedge foreign currency exposure.

**China Risk.** To the extent the Underlying ETF has significant exposure to companies economically tied to China, the Fund will be exposed to risks associated with China. Investments tied to China may be subject to heightened legal, regulatory, political, and economic uncertainty, including the risk of government intervention or changes in policy that may affect certain industries or issuers. China-related securities may be subject to greater volatility or reduced liquidity and may be impacted by market access limitations, trading suspensions, and settlement or custody risks. In addition, certain China-related issuers may be, or may become, subject to U.S. or other government restrictions or sanctions, which could cause such securities to decline in value or become less liquid, and may require the Underlying ETF to reduce or eliminate exposure at disadvantageous times or prices. The Underlying ETF may obtain exposure to certain China-related companies through variable interest entity structures, which rely on contractual arrangements rather than direct equity ownership and may provide reduced investor protections, including risks related to enforceability and regulatory actions.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi India 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi India 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI India ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of iShares MSCI India ETF ("Underlying ETF"). For purposes of the Fund's name, "India" refers to equity exposure to companies located in India, primarily large- and mid-capitalization issuers, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to Indian equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the MSCI India Index, an index designed to measure the performance of equity securities of companies whose market capitalization, as determined by the index provider, represents the large- and mid-capitalization segments of the Indian securities market. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares MSCI India ETF or any other securities of the iShares MSCI India ETF. Information about the iShares MSCI India ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the iShares MSCI India ETF's own prospectus and reports for more complete information about the iShares MSCI India ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to market risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional, or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Underlying ETF and the Fund and could contribute to increased volatility and wider premiums or discounts to NAV.

**Custody and Settlement Risk.** Because the Underlying ETF invests in Indian issuers, the Fund is indirectly exposed to custody and settlement risks associated with less developed securities markets. Problems with clearing and settlement, or with the custody of securities and other assets by local banks, agents, or depositories, may result in losses or delays in payments, delivery, or recovery of money or other assets. These risks may be heightened during periods of market stress.

**National Closed Market Trading Risk** . To the extent that a significant portion of the Underlying ETF's holdings trade on foreign exchanges that may be closed when the Fund's shares trade, there may be deviations between the current value of those holdings and their last quoted prices from the closed foreign market. These deviations can contribute to differences between market price and NAV and may result in larger premiums or discounts than would be experienced by funds whose holdings primarily trade during U.S. market hours. These effects may be more pronounced when foreign markets are closed for unscheduled reasons.

**Risk of Investing in India.** The Fund is indirectly exposed to risks specific to India through its exposure to the Underlying ETF. These risks include legal, regulatory, political, currency, and economic risks, including political or legal uncertainty, changes in government policy, greater government influence over the economy, currency volatility or restrictions, and the risk of nationalization or expropriation of assets. India's securities markets may be relatively underdeveloped compared to more developed markets and may involve higher transaction costs or greater uncertainty, which could adversely affect the Underlying ETF and the Fund.

**Financial and Consumer Companies Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to the risks of financial services companies and consumer goods and services companies to the extent the Underlying ETF has significant investments in those sectors. Financial services companies are subject to extensive regulation and may be adversely affected by changes in interest rates, credit conditions, liquidity, government intervention, competition, and confidence in the financial system. Consumer goods and services companies may be adversely affected by changes in consumer preferences and discretionary spending, inflation, labor and input costs, commodity prices, supply chain disruptions, government regulation, and damage to brand or reputation. Because the Fund provides leveraged exposure, adverse developments affecting these sectors may result in proportionally larger declines in the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Foreign and Emerging Markets Risk.** The Underlying ETF may include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Large-Cap 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Large-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard S&P 500 ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.20% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $20 | $66<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard S&P 500 ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Large Cap" refers to equity exposure to large-capitalization U.S. companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. large-cap equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the S&P 500 Index, an index designed to measure the performance of large-capitalization U.S. equity securities. The index includes approximately 500 leading U.S. companies and is float-adjusted, market capitalization-weighted. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard S&P 500 ETF or any other securities of the Vanguard S&P 500 ETF. Information about the Vanguard S&P 500 ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the Vanguard S&P 500 ETF's own prospectus and reports for more complete information about the Vanguard S&P 500 ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Large Cap U.S. Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to large-capitalization U.S. equity market risk. Equity securities may decline due to issuer-specific factors or broad market and economic conditions. Because the Fund provides leveraged exposure, declines in U.S. large cap equities may result in proportionally larger declines in the Fund's net asset value.

**Market Concentration and Mega Cap Influence Risk.** The Underlying ETF may have significant weights in a relatively small number of the largest U.S. companies and sectors, and negative developments affecting one or more of these issuers or sectors may have an outsized impact on the Fund. Because the Fund is leveraged, the impact of losses tied to concentrated positions may be magnified.

**Valuation and Interest Rate Sensitivity Risk.** Large cap stocks may be sensitive to changes in interest rates, inflation expectations, discount rates, and earnings growth assumptions. A broad repricing of U.S. equities, including large growth-oriented companies, may materially reduce returns and increase volatility, and losses may be magnified due to leverage.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Mega-Cap Growth 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Mega-Cap Growth 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mega Cap Growth ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mega Cap Growth ETF ("Underlying ETF"). For purposes of the Fund's name, "Mega Cap" refers to U.S. mega-capitalization equity exposure, primarily the largest U.S. companies by market capitalization across sectors, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. mega-cap growth equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CRSP US Mega Cap Growth Index, a float-adjusted, market capitalization-weighted index designed to measure the performance of U.S. mega-capitalization equities (generally the largest U.S. companies by investable market capitalization). The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Mega Cap Growth ETF or any other securities of the Vanguard Mega Cap Growth ETF. Information about the Vanguard Mega Cap Growth ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Mega Cap Growth ETF's own prospectus and reports for more complete information about the Vanguard Mega Cap Growth ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Mega Cap Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to U.S. mega-capitalization equity market risk. Mega-cap stocks may be disproportionately influenced by a relatively small number of issuers and shifts in market leadership, and because the Fund provides leveraged exposure, declines in mega cap equities may result in proportionally larger declines in the Fund's net asset value.

**Market Concentration Risk.** The Underlying ETF may have significant weights in a relatively small number of issuers. Negative developments affecting one or more of these issuers may have an outsized impact on the Fund, and because the Fund is leveraged, losses may be magnified.

**Valuation and Growth Stock Risk.** Mega cap stocks may trade at elevated valuation levels during certain market environments and may be sensitive to changes in interest rates, discount rates, earnings expectations, and risk appetite. A repricing of large growth-oriented companies may materially reduce returns and increase volatility.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Mid-Cap 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Mid-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mid-Cap ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mid-Cap ETF ("Underlying ETF"). For purposes of the Fund's name, "Mid Cap U.S." refers to U.S. mid-capitalization equity exposure, primarily mid cap U.S. companies across sectors, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. mid-cap equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CRSP US Mid Cap Index, an unmanaged benchmark designed to measure the investment return of mid-capitalization U.S. companies. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Mid-Cap ETF or any other securities of the Vanguard Mid-Cap ETF. Information about the Vanguard Mid-Cap ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Mid-Cap ETF's own prospectus and reports for more complete information about the Vanguard Mid-Cap ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Mid-Cap Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to U.S. mid-capitalization equity market risk. Mid-cap stocks can be more volatile than large cap stocks, and because the Fund provides leveraged exposure, declines in mid cap equities may result in proportionally larger declines in the Fund's net asset value.

**Mid Cap Company Risk.** Mid-capitalization companies may have less access to capital, narrower product lines, and more limited operating histories than larger companies, and their securities may be less liquid and more difficult to trade during periods of market stress, which can increase volatility and magnify losses for a leveraged fund.

**Economic Sensitivity Risk.** Mid-cap stocks may be more sensitive to changes in U.S. economic conditions, credit availability, and financing costs. A slowdown in economic growth, a recession, or tighter credit conditions may disproportionately affect mid cap issuers and increase volatility.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Small-Cap 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Small-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Small-Cap ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Small-Cap ETF ("Underlying ETF"). For purposes of the Fund's name, "Small Cap U.S." refers to U.S. small capitalization equity exposure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. small-cap equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CRSP US Small Cap Index, an unmanaged benchmark representing small U.S. companies, and provides diversified exposure to small cap companies across sectors. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Small-Cap ETF or any other securities of the Vanguard Small-Cap ETF. Information about the Vanguard Small-Cap ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the Vanguard Small-Cap ETF's own prospectus and reports for more complete information about the Vanguard Small-Cap ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Small Cap Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to U.S. small cap equity market risk. Small cap stocks can be more volatile than large cap stocks, and because the Fund provides leveraged exposure, declines in small cap equities may result in proportionally larger declines in the Fund's net asset value.

**Small Cap Company and Liquidity Risk.** Small cap companies may have less access to capital, narrower product lines, and more limited operating histories than larger companies. Their securities may trade with lower liquidity and wider bid-ask spreads, which can increase volatility and make it harder to enter or exit positions during market stress.

**Economic Sensitivity Risk.** Small cap stocks may be more sensitive to changes in U.S. economic conditions, credit availability, and financing costs. Recessions or tighter financial conditions may disproportionately affect small cap issuers and magnify losses due to leverage.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

Limited Shareholder Rights Risk. 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi South Korea 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi South Korea 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI South Korea ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of iShares MSCI South Korea ETF ("Underlying ETF"). For purposes of the Fund's name, "South Korea" refers to equity exposure to companies located in South Korea, primarily large and mid-capitalization issuers, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to South Korean equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the MSCI Korea 25/50 Index (Net), a free float-adjusted, market capitalization-weighted index designed to measure the performance of the large- and mid-cap segments of the South Korean equity market and to apply investment limits commonly associated with U.S. regulated investment company ("RIC") diversification requirements. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares MSCI South Korea ETF or any other securities of the iShares MSCI South Korea ETF. Information about the iShares MSCI South Korea ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the iShares MSCI South Korea ETF's own prospectus and reports for more complete information about the iShares MSCI South Korea ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**South Korea Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to South Korea equity market risk. South Korea equities can be volatile and sensitive to global risk appetite, export cycles, and regional events. Because the Fund provides leveraged exposure, declines in South Korea equities may result in proportionally larger declines in the Fund's net asset value.

**Korea Geopolitical and Security Risk.** South Korea is subject to elevated geopolitical and security risks, including the risk of military conflict or heightened tensions on the Korean peninsula. Such events can disrupt markets, reduce liquidity, and cause sharp declines that may be magnified due to leverage.

**Currency Risk.** The Fund is indirectly exposed to currency risk through the Underlying ETF's exposure to the South Korean won. Currency movements versus the U.S. dollar may reduce returns or increase losses, and the Fund does not expect to systematically hedge foreign currency exposure.

**National Closed Market Trading Risk.** The securities held by the Underlying ETF generally trade in South Korea, and those markets may be closed when the exchange on which Fund shares trade is open. As a result, there may be deviations between the current value of the Fund's reference exposure and the last quoted prices in the underlying local market, which may contribute to wider premiums/discounts, bid-ask spreads, and tracking differences.

**Concentration and Export Cycle Risk.** South Korea's market can be influenced by a relatively limited number of large issuers and export-oriented sectors. Adverse developments affecting global technology demand, semiconductor cycles, or major conglomerates may have an outsized impact on the Underlying ETF and the Fund.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

Foreign and Emerging Markets Risk. The Underlying ETF may include foreign securities, including securities of issuers in emerging market countries. Foreign securities may be subject to additional risks not typically associated with U.S. securities, including currency risk, political and economic instability, less developed regulatory and legal systems, capital controls, expropriation, nationalization, sanctions, and less reliable financial reporting and trading practices. Emerging markets may be more volatile and less liquid than developed markets, and their securities may be more difficult to value or trade.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Taiwan 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Taiwan 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Taiwan ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Taiwan ETF ("Underlying ETF"). For purposes of the Fund's name, "Taiwan" refers to equity exposure to companies located in Taiwan, primarily large and mid-capitalization issuers, including meaningful exposure to Taiwan's technology and semiconductor ecosystem, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to Taiwanese equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the MSCI Taiwan 25/50 Index (Net), a free float-adjusted, market capitalization-weighted index designed to measure the performance of the large- and mid-capitalization segments of the Taiwan equity market and to apply investment limits commonly associated with U.S. regulated investment company diversification requirements. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares MSCI Taiwan ETF or any other securities of the iShares MSCI Taiwan ETF. Information about the iShares MSCI Taiwan ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the iShares MSCI Taiwan ETF's own prospectus and reports for more complete information about the iShares MSCI Taiwan ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Taiwan Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to Taiwan equity market risk. Taiwan equities can be volatile and sensitive to global growth expectations and technology demand. Because the Fund provides leveraged exposure, declines in Taiwan equities may result in proportionally larger declines in the Fund's net asset value.

**Taiwan Geopolitical Risk.** Taiwan is subject to heightened geopolitical risk, including cross strait tensions and the risk of military conflict or coercive measures that could disrupt markets, supply chains, and capital flows. Such events can cause severe market declines and reduced liquidity that may be magnified due to leverage.

**Risk of Investing in Emerging Markets.** Investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. These risks may include greater market volatility; political, legal, economic, and social instability; less developed securities markets and market infrastructure (including settlement, custody and valuation); capital controls; and less stringent accounting, auditing and disclosure requirements. Because the Fund provides leveraged exposure, these risks may be magnified.

**National Closed Market Trading Risk.** The securities held by the Underlying ETF generally trade in Taiwan, and the Taiwan market may be closed when the exchange on which the Fund's shares trade is open. As a result, there may be deviations between the current value of the Fund's reference exposure and the last quoted prices in the local market, which may contribute to wider premiums/discounts, wider bid-ask spreads, valuation differences, and/or increased tracking differences.

**Reliance on Trading Partners Risk.** Taiwan's economy is heavily dependent upon trading with key partners and is export-oriented. Reduced demand for Taiwan's goods, trade conflicts, tariffs, sanctions, export controls, or supply chain disruptions may adversely affect Taiwanese issuers and may negatively impact the Underlying ETF and the Fund. Because the Fund provides leveraged exposure, the effects of adverse developments may be magnified.

**Semiconductor and Technology Concentration Risk.** Taiwan's market often has meaningful concentration in technology and semiconductor related issuers. Downturns in the semiconductor cycle, export controls, supply chain disruptions, or company specific events affecting major issuers may have an outsized impact on the Underlying ETF and the Fund.

**Currency and Market Access Risk.** The Fund is indirectly exposed to currency risk through the Underlying ETF's exposure to the New Taiwan dollar, and to market access and settlement risks associated with trading and custody in non-U.S. markets. These risks may be heightened during periods of market stress.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Total U.S. Market 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Total U.S. Market 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total Stock Market ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total Stock Market ETF ("Underlying ETF"). For purposes of the Fund's name, "Total U.S. Market" refers to broad U.S. equity exposure across large-, mid-, small-, and micro-capitalization companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to the broad U.S. equity market equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CRSP US Total Market Index, which is a free-float adjusted, market capitalization weighted index designed to represent approximately 100% of the investable U.S. equity market across large-, mid-, small-, and micro-cap stocks. The Underlying ETF is managed using an indexing approach and may invest using an index-sampling strategy. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Total Stock Market ETF or any other securities of the Vanguard Total Stock Market ETF. Information about the Vanguard Total Stock Market ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Total Stock Market ETF's own prospectus and reports for more complete information about the Vanguard Total Stock Market ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Broad U.S. Equity Market Risk.** Through its exposure to the Underlying ETF, the Fund is exposed to U.S. equity market risk. Equity valuations may decline due to issuer-specific factors or broad economic and market conditions, and because the Fund provides leveraged exposure, declines in U.S. equities may result in proportionally larger declines in the Fund's net asset value.

**Mega Cap Influence and Concentration Risk.** The Underlying ETF may have significant weights in a relatively small number of the largest U.S. companies and sectors. Negative developments affecting these issuers or sectors may have an outsized impact on the Fund, and leverage may magnify losses.

**Valuation and Interest Rate Sensitivity Risk.** U.S. equities may be sensitive to changes in interest rates, inflation expectations, discount rates, and earnings expectations. A broad repricing of equities may materially reduce returns and increase volatility, which can be amplified by leverage.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Biotech 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Biotech 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the SPDR S&P Biotech ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the SPDR S&P Biotech ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Biotech" refers to U.S. biotechnology equity exposure, primarily biotechnology and life sciences companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. biotechnology companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the S&P Biotechnology Select Industry Index. The Index comprises stocks in the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) Biotechnology sub-industry, and at each quarterly rebalancing constituents are initially equal weighted, with adjustments that result in a modified equal-weighted approach. In seeking to track the Index, the Underlying ETF may employ a sampling strategy. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the SPDR S&P Biotech ETF or any other securities of the SPDR S&P Biotech ETF. Information about the SPDR S&P Biotech ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the SPDR S&P Biotech ETF's own prospectus and reports for more complete information about the SPDR S&P Biotech ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Underlying ETF Index, Sampling and Equal-Weight Rebalancing Risk.** The Underlying ETF seeks to track the performance of an index using an indexing approach and may employ a sampling strategy, which may cause tracking error and may result in the Underlying ETF underperforming its index. In addition, the Underlying ETF's benchmark uses a modified equal-weight methodology that is rebalanced periodically, which may increase turnover, emphasize smaller and less liquid issuers, and contribute to higher volatility, particularly during periods of market stress. Because the Fund provides leveraged exposure to the daily performance of the Underlying ETF, the effects of these risks may be magnified.

**Biotechnology Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to biotechnology sector risk, including high price volatility driven by pipeline news, clinical trial results, competitive dynamics, and capital markets conditions. Because the Fund provides leveraged exposure, declines in biotechnology equities may result in proportionally larger declines in the Fund's net asset value.

**Clinical, Regulatory, and Product Approval Risk.** Biotechnology companies may depend on successful research, clinical trials, and regulatory approvals. Delays, failures, safety issues, or adverse regulatory actions can lead to sharp declines in affected issuers and the Underlying ETF, which may be magnified by leverage.

**Healthcare Policy and Drug Pricing Risk.** Biotechnology companies may be adversely affected by changes in healthcare policy, drug pricing reforms, reimbursement decisions, government investigations, and other regulatory or legislative actions that impact the pricing, commercialization, or profitability of therapies. Such developments may cause sharp declines in affected issuers and the Underlying ETF, which may be magnified by leverage.

**Small and Mid Cap Biotech Company Risk.** The biotechnology universe often includes smaller companies with limited product revenue, high cash burn, and reliance on external financing. These issuers may be more sensitive to interest rates and risk appetite and may experience lower liquidity during market stress.

**Industry Concentration Risk.** The Underlying ETF is concentrated in a single industry group and may have significant exposure to a subset of biotechnology issuers at various times. As a result, the Fund may be more volatile than a diversified equity fund, and leverage may magnify industry drawdowns.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Consumer Discretionary 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Consumer Discretionary 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Consumer Discretionary Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Consumer Discretionary Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Consumer Discretionary" refers to U.S. consumer discretionary sector equity exposure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. consumer discretionary companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Consumer Discretionary Select Sector Index. The Index is composed of S&P 500 companies classified in the consumer discretionary sector under the Global Industry Classification Standard (GICS) and is subject to index capping methodologies. The Underlying ETF has historically had meaningful exposure to industries such as broadline retail, hotels, restaurants & leisure, automobiles, and specialty retail, and may be significantly weighted in a smaller number of issuers. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Consumer Discretionary Select Sector SPDR Fund or any other securities of the State Street Consumer Discretionary Select Sector SPDR Fund. Information about the State Street Consumer Discretionary Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Consumer Discretionary Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Consumer Discretionary Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Consumer Discretionary Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to consumer discretionary sector risk. Consumer discretionary companies are typically sensitive to employment, wages, consumer confidence, inflation, and interest rates. Because the Fund provides leveraged exposure, declines in the sector may result in proportionally larger declines in the Fund's net asset value.

**Cyclicality and Recession Risk.** Consumer discretionary spending may fall during recessions or periods of financial stress. Higher borrowing costs and tighter credit can pressure demand for discretionary goods and services, which can increase volatility and magnify losses due to leverage.

**Retail and E-Commerce Risk.** A significant portion of the Underlying ETF's exposure may be to retail and consumer platforms, including broadline and specialty retail. Retail and e-commerce companies can be adversely affected by changes in consumer preferences, pricing pressure, promotional intensity, supply chain disruption, shipping and fulfillment costs, data security incidents, regulatory changes, and heightened competition. Because the Fund provides leveraged exposure, adverse developments affecting these companies may result in proportionally larger declines in the Fund's net asset value.

**Automobile Industry Risk.** A significant portion of the Underlying ETF's exposure may be to automobile manufacturers and related companies. These companies may be sensitive to interest rates and credit availability, consumer demand, commodity and input costs, labor costs, recalls and product liability claims, supply chain disruptions, and regulatory developments (including emissions, safety, and trade policy). Because the Fund provides leveraged exposure, adverse developments affecting the automobile industry may result in proportionally larger declines in the Fund's net asset value.

**Industry and Issuer Concentration Risk.** The consumer discretionary sector may be influenced by a limited number of large issuers and subsectors, including major retailers or consumer platforms. Negative developments affecting these issuers may have an outsized impact on the Underlying ETF and the Fund.

**Inflation, Input Cost, and Margin Risk.** Changes in commodity prices, shipping costs, wages, and supply chain conditions can pressure margins for discretionary companies. If companies cannot pass on higher costs, earnings may decline and sector valuations may fall.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Consumer Staples 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Consumer Staples 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Consumer Staples Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Consumer Staples Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Consumer Staples" refers to U.S. consumer staples sector equity exposure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. consumer staples companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track U.S. consumer staples companies, generally tracking the Consumer Staples Select Sector Index (the "Index"), which seeks to provide an effective representation of the consumer staples sector of the S&P 500 Index and includes companies from the following industries: consumer staples distribution & retail; household products; food products; beverages; tobacco; and personal care products. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Consumer Staples Select Sector SPDR Fund or any other securities of the State Street Consumer Staples Select Sector SPDR Fund. Information about the State Street Consumer Staples Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Consumer Staples Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Consumer Staples Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Consumer Staples Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to consumer staples sector risk. Staples companies may be affected by changes in input costs, pricing power, consumer behavior, and regulation. Because the Fund provides leveraged exposure, declines in the sector may result in proportionally larger declines in the Fund's net asset value.

**Issuer Concentration Risk.** The Underlying ETF and the Index may have significant weight in a limited number of issuers at various times. As a result, negative developments affecting one or more of these issuers may have an outsized impact on the Underlying ETF and the Fund, and the Fund's use of leverage may magnify losses.

**Tobacco Industry Risk.** The Underlying ETF and the Index may have meaningful exposure to tobacco companies. Tobacco companies may be subject to heightened litigation, regulatory restrictions, excise taxes, adverse public health developments, and changing consumer preferences, any of which may adversely affect returns and may be magnified due to the Fund's leverage.

**Inflation and Margin Pressure Risk.** Rising costs for commodities, packaging, transportation, and labor can pressure margins for staples companies. If companies cannot pass through costs, earnings may decline and valuations may fall.

**Regulatory and Product Liability Risk.** Consumer staples companies may face product safety, labeling, advertising, and environmental regulations. Recalls, litigation, or regulatory actions can harm brand value and financial results.

**Defensive Sector Valuation and Rate Sensitivity Risk.** Although staples are often viewed as defensive, the sector can be sensitive to valuation changes driven by interest rates and investor risk appetite, especially when the sector trades at elevated valuation multiples.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

Limited Shareholder Rights Risk. 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Energy 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Energy 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Energy Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Energy Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Energy" refers to U.S. energy sector equity exposure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. energy companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the price and yield performance of the Energy Select Sector Index (the "Index"). The Index seeks to provide an effective representation of the energy sector of the S&P 500 Index and includes companies from the following industries: oil, gas and consumable fuels; and energy equipment and services. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Energy Select Sector SPDR Fund or any other securities of the State Street Energy Select Sector SPDR Fund. Information about the State Street Energy Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Energy Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Energy Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Energy Sector and Commodity Price Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the energy sector, which is sensitive to oil and gas prices and to the supply and demand of energy fuels. Commodity price declines can reduce cash flows and valuations, and because the Fund provides leveraged exposure, losses may be magnified. Markets for energy-related commodities can be volatile and may be subject to control or influence by large producers or purchasers. Energy companies may need to make substantial expenditures and incur significant debt to maintain or expand reserves, and oil and gas exploration and production can be significantly affected by natural disasters and world events. These companies may also be at risk for environmental damage claims.

**Geopolitical and Supply Demand Shock Risk.** Oil and gas markets are influenced by geopolitical events, production decisions, sanctions, and supply disruptions. Sudden price moves can increase volatility and impact the Fund's performance.

**Regulatory, Environmental, and Transition Risk.** Energy companies face environmental regulation, permitting risk, litigation, and the risk that changes in policy or technology shift demand away from fossil fuels. These factors can pressure valuations and increase uncertainty.

**Industry and Issuer Concentration Risk.** The energy sector may be concentrated in a limited number of large issuers and subsectors. Negative developments affecting major issuers or the broader sector can have an outsized impact on the Underlying ETF and the Fund.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Financials 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Financials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Financial Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Financial Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Financials" refers to U.S. financial sector equity exposure, including banks, insurers, and diversified financial services companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. financial companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the Financial Select Sector Index (the "Index") and seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of publicly traded equity securities of companies in the Index. The Index seeks to provide an effective representation of the financial sector of the S&P 500 Index and includes companies identified as financial companies under the Global Industry Classification Standard (GICS), including companies in financial services, insurance, banks, capital markets, mortgage real estate investment trusts ("REITs"), and consumer finance. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Financial Select Sector SPDR Fund or any other securities of the State Street Financial Select Sector SPDR Fund. Information about the State Street Financial Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the State Street Financial Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Financial Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Systemic and Contagion Risk.** Financial companies can be highly interconnected through funding markets, capital markets activity, derivatives, and confidence-sensitive liabilities. Stress events, liquidity shocks, or sudden changes in market confidence can spread rapidly across financial institutions and markets, increasing volatility and potentially causing sharp declines that may be magnified due to leverage.

**Issuer Concentration Risk.** The Underlying ETF may have significant weight in a limited number of issuers. As a result, negative developments affecting one or more of those issuers may have an outsized impact on the Underlying ETF and the Fund, and leverage may magnify losses.

**Financial Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to financial sector risk, including sensitivity to economic cycles, credit conditions, and market liquidity. Because the Fund provides leveraged exposure, sector declines may result in proportionally larger declines in the Fund's net asset value.

**Interest Rate and Yield Curve Risk.** Financial companies, particularly banks, can be sensitive to changes in interest rates and the shape of the yield curve, which affect net interest margins, loan demand, and asset valuations. Mortgage REITs and other rate-sensitive financial companies may be particularly affected by changes in interest rates, spreads, and financing conditions. Rapid rate changes can increase volatility and losses may be magnified by leverage.

**Credit and Default Risk.** Deterioration in borrower credit quality, higher delinquencies, or recessions can increase loan losses and pressure earnings for banks and lenders, which can negatively affect the Underlying ETF and the Fund.

**Regulatory and Capital Risk.** Financial companies are subject to extensive regulation, capital requirements, and supervisory actions. Regulatory changes, stress events, or enforcement actions can reduce profitability and restrict business activity.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Growth 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Growth 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Growth ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Vanguard, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Growth ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Growth" refers to U.S. growth equity exposure, primarily large and mid-capitalization growth companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. growth equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the CRSP US Large Cap Growth Index (the "Index"), which is designed to represent the large-cap growth segment of the U.S. equity market. The Underlying ETF provides exposure to U.S. growth companies and, at times, may have significant exposure to a relatively small number of mega-cap issuers and may become focused in particular market sectors (including technology). The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Vanguard Growth ETF or any other securities of the Vanguard Growth ETF. Information about the Vanguard Growth ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Vanguard are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Vanguard Growth ETF's own prospectus and reports for more complete information about the Vanguard Growth ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Growth Stock Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to growth stock risk. Growth stocks may be more sensitive to changes in earnings expectations and investor sentiment, and because the Fund provides leveraged exposure, declines may result in proportionally larger losses.

**Valuation and Interest Rate Sensitivity Risk.** Growth stocks often trade at higher valuation multiples and may be particularly sensitive to changes in interest rates and discount rates. Rising rates or a valuation reset can lead to sharp drawdowns that may be magnified due to leverage.

**Sector and Issuer Concentration Risk.** Growth exposure may be concentrated in a limited number of sectors, such as technology or communication related businesses, and in a limited number of large issuers. Negative developments affecting these areas may have an outsized impact on the Fund.

**Market Volatility and Rebalancing Risk.** Volatile or reversing markets can increase the effects of daily compounding, which may cause the Fund's returns over periods longer than a day to differ materially from 2x the Underlying ETF return for the same period.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Large-Cap Company Risk.** The Fund's exposure, through the Underlying ETF, is concentrated in large-capitalization companies. Large-cap companies may be unable to respond as quickly as smaller companies to competitive challenges or to changes in business, product, financial, or market conditions. Large-cap companies may also trail the returns of the overall market. The value of large-cap company securities may fluctuate in response to factors affecting large-cap companies more than the market as a whole.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Healthcare 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Healthcare 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Health Care Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Health Care Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Healthcare" refers to U.S. health care sector equity exposure, including pharmaceuticals, biotechnology, health care equipment, and providers, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. health care companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the Health Care Select Sector Index and provides exposure to U.S. health care companies selected from the S&P 500, including pharmaceuticals, health care equipment and supplies, health care providers and services, biotechnology, life sciences tools and services, and health care technology. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Health Care Select Sector SPDR Fund or any other securities of the State Street Health Care Select Sector SPDR Fund. Information about the State Street Health Care Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the State Street Health Care Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Health Care Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Health Care Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to health care sector risk. Health care companies may be affected by regulatory actions, reimbursement dynamics, innovation cycles, and litigation. Because the Fund provides leveraged exposure, declines in the sector may result in proportionally larger declines in the Fund's net asset value.

**Patent Expiration, Pricing, and Reimbursement Risk.** Many health care companies depend on intellectual property or regulatory exclusivity and on favorable pricing and reimbursement dynamics. Loss of patent or exclusivity protection, increased generic or biosimilar competition, adverse reimbursement changes, or drug-pricing initiatives may reduce revenues and profitability and can cause sharp declines in affected issuers and the Underlying ETF, which may be magnified by leverage.

**Regulatory and Policy Risk.** Health care is subject to extensive regulation and government policy, including drug pricing, reimbursement rules, approval standards, and enforcement actions. Policy changes can affect profitability and valuations across the sector.

**Clinical and Product Risk.** Certain health care subsectors, including biotechnology and medical devices, can be sensitive to clinical outcomes, product recalls, safety issues, and competitive dynamics, which can cause sharp stock moves.

**Political and Headline Risk.** Sector sentiment can be influenced by election cycles, legislative proposals, and public scrutiny of pricing and access, increasing volatility that may be magnified due to leverage.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Industrials 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Industrials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Industrial Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with the State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Industrial Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Industrials" refers to U.S. industrial sector equity exposure, including aerospace and defense, machinery, transportation, and industrial services, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. industrial companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the Industrials Select Sector Index and provides exposure to U.S. industrial companies, including aerospace and defense, machinery, transportation, and related industrial services. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Industrial Select Sector SPDR Fund or any other securities of the State Street Industrial Select Sector SPDR Fund. Information about the State Street Industrial Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Industrial Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Industrial Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Industrials Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to industrial sector risk. Industrials can be cyclical and sensitive to economic growth, capital spending, and global trade. Because the Fund provides leveraged exposure, sector declines may result in proportionally larger declines in the Fund's net asset value.

**Economic and Manufacturing Cycle Risk.** A slowdown in industrial production, weaker global trade, or reduced corporate investment can pressure revenues and margins for industrial companies, increasing volatility and magnifying losses due to leverage.

**Government Contract and Defense Spending Risk.** Certain industrial subsectors, including aerospace and defense, may depend on government budgets and contracts. Policy shifts, contract delays, or geopolitical developments can affect earnings and valuations.

**Input Cost and Supply Chain Risk.** Industrials may be exposed to volatility in metals, energy, and labor costs, as well as supply chain disruptions that affect delivery timelines and profitability.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Infrastructure 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Global X U.S. Infrastructure Development ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Global X, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Global X U.S. Infrastructure Development ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Infrastructure" refers to U.S. infrastructure and domestic industrial build-out equity exposure, including companies involved in engineering, construction, materials, equipment, and related services that may benefit from U.S. infrastructure and industrial investment, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. infrastructure companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the Indxx U.S. Infrastructure Development Index (the "Index") and seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Index. The Index is designed to measure the performance of U.S.-listed companies that are expected to benefit from increased infrastructure activity in the United States, including those involved in the production of raw materials, heavy equipment, engineering, and construction. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Global X U.S. Infrastructure Development ETF or any other securities of the Global X U.S. Infrastructure Development ETF. Information about the Global X U.S. Infrastructure Development ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and Global X are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the Global X U.S. Infrastructure Development ETF's own prospectus and reports for more complete information about the Global X U.S. Infrastructure Development ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Infrastructure and Industrial Theme Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that U.S. infrastructure and industrial investment themes do not play out as expected. If spending slows, projects are delayed, or investment shifts, the Underlying ETF and the Fund may decline, with losses magnified due to leverage.

**Industrials and Materials Exposure Risk** . The Underlying ETF may have significant exposure to companies in industrial and materials-related industries, including construction and engineering, industrial equipment, aggregates and building materials, and related services. These companies can be cyclical and sensitive to economic growth, interest rates, credit conditions, input costs, and project demand. Because the Fund provides leveraged exposure, adverse developments affecting these industries may result in proportionally larger losses.

**Economic and Construction Cycle Risk.** Infrastructure and industrial related companies can be cyclical and sensitive to interest rates, credit availability, construction demand, and corporate capex. Downturns can reduce revenues and margins and increase volatility.

**Government Policy and Funding Risk.** Infrastructure spending can depend on government budgets, permitting, political priorities, and procurement outcomes. Policy changes, delays, or cost overruns can adversely affect expected beneficiaries.

**Materials, Input Cost, and Supply Chain Risk.** Companies in this theme may face volatility in steel, cement, fuel, and labor costs and may be affected by supply chain disruptions. Higher costs or shortages can pressure margins and project timing.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Materials 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Materials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Materials Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Materials Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Materials" refers to U.S. materials sector equity exposure, including chemicals, metals and mining, construction materials, and packaging, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. materials companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the performance of the Materials Select Sector Index (the "Underlying Index"), which is designed to provide exposure to U.S. companies in the materials sector. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Materials Select Sector SPDR Fund or any other securities of the State Street Materials Select Sector SPDR Fund. Information about the State Street Materials Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the State Street Materials Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Materials Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Materials Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to materials sector risk. Materials companies can be cyclical and sensitive to global growth, commodity prices, and industrial demand. Because the Fund provides leveraged exposure, sector declines may result in proportionally larger declines in the Fund's net asset value.

**Commodity and Input Price Risk.** Materials companies may be affected by volatility in prices of metals, energy, and chemical feedstocks. Sharp price changes can pressure margins, disrupt planning, and increase equity volatility.

**Metals and Mining Risk.** To the extent the Underlying ETF has exposure to metals and mining companies, those companies may be affected by commodity price declines; reserve and resource estimation risk; exploration and development risk; operational disruptions (including accidents and equipment failures); labor actions; geopolitical developments; permitting and regulatory requirements; and environmental remediation liabilities. These risks can increase volatility and, because the Fund provides leveraged exposure, losses may be magnified.

**Chemicals and Process Industries Risk.** To the extent the Underlying ETF has exposure to chemical and specialty materials companies, those companies may be sensitive to energy and feedstock costs, changes in end-market demand, pricing cycles, and capacity additions. They may also face heightened environmental, health, and safety risks (including spills, emissions, and hazardous materials handling), product liability claims, and compliance costs, any of which can negatively affect earnings and valuations and increase volatility that may be magnified due to leverage.

**Global Demand and Trade Risk.** The materials sector can be sensitive to global demand, export markets, and trade policy. Tariffs, sanctions, or demand slowdowns can reduce earnings and increase volatility.

**Environmental and Regulatory Risk.** Materials companies may face significant environmental regulation, remediation costs, permitting risk, and litigation, which can increase costs and reduce profitability. In addition, evolving climate-related regulation, carbon pricing, and transition policies may increase compliance costs or reduce demand for certain products, which can pressure valuations and increase volatility.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Micro-Cap 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Micro-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares Micro-Cap ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with BlackRock, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares Micro-Cap ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Micro Cap" refers to U.S. micro capitalization equity exposure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. micro-cap equity securities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the Russell Microcap Index (the "Underlying Index"), which measures the performance of the microcap sector of the U.S. equity market, as defined by FTSE Russell (the "Index Provider" or "Russell"). The Underlying Index is generally a float-adjusted and capitalization-weighted index and includes equity securities issued by issuers with total market capitalizations ranging from approximately $1 million to $3.2 billion, although this range may change from time to time. The Underlying Index consists of approximately the 1,000 smallest issuers in the Russell 3000 Index plus the next 1,000 smallest issuers in the equity universe as determined by Russell. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the iShares Micro-Cap ETF or any other securities of the iShares Micro-Cap ETF. Information about the iShares Micro-Cap ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and BlackRock are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the iShares Micro-Cap ETF's own prospectus and reports for more complete information about the iShares Micro-Cap ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Micro Cap Equity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to U.S. micro cap equity risk. Micro cap stocks can be especially volatile, and because the Fund provides leveraged exposure, declines may result in proportionally larger declines in the Fund's net asset value. At times, the Underlying Index (and therefore the Underlying ETF) may also have meaningful exposure to particular industries, which can increase the impact of industry-specific developments on returns.

**Liquidity and Trading Cost Risk.** Micro cap securities may trade with low volumes and wide bid-ask spreads. During market stress, liquidity may deteriorate, which can increase volatility, impair pricing, and make it harder for the Fund to maintain exposure efficiently.

**Company and Business Risk.** Micro cap companies may have limited resources, less diversified business models, and greater sensitivity to competitive pressures. Adverse company specific events can lead to sharp price declines.

**Information, Valuation, and Market Manipulation Risk.** Micro cap companies may have less robust disclosure and analyst coverage, which can increase valuation uncertainty. These markets may be more susceptible to price dislocations, including during periods of speculation.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Real Estate 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Real Estate 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Real Estate Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Real Estate Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Real Estate" refers to U.S. real estate sector equity exposure, primarily equity REITs and real estate management and development companies, excluding mortgage REITs, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. real estate companies and REITs equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide investment results that, before expenses, correspond generally to the price and yield performance of the Real Estate Select Sector Index (the "Underlying Index"), which seeks to provide an effective representation of the real estate sector of the S&P 500 Index. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Real Estate Select Sector SPDR Fund or any other securities of the State Street Real Estate Select Sector SPDR Fund. Information about the State Street Real Estate Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Real Estate Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Real Estate Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Real Estate Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to real estate sector risk, including sensitivity to property values, occupancy, rental rates, and capital market conditions. Because the Fund provides leveraged exposure, declines may result in proportionally larger declines in the Fund's net asset value.

**Interest Rate and Financing Risk.** Real estate companies and REITs can be sensitive to interest rates and financing availability. Rising rates can increase borrowing costs, pressure property valuations, and reduce investor demand for yield oriented equities, which can magnify losses due to leverage.

**REIT and Property Type Concentration Risk.** The Underlying ETF may have meaningful exposure to specific property types, such as industrial, residential, retail, data centers, or health care real estate. Weakness in a property segment can have an outsized effect on performance.

**Liquidity and Market Stress Risk.** Real estate equities may experience wider bid-ask spreads and reduced liquidity during periods of market stress, particularly when credit conditions tighten. This can increase volatility and trading costs.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Regional Banks 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Regional Banks 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street SPDR S&P Regional Banking ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street SPDR S&P Regional Banking ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Regional Banks" refers to U.S. regional bank equity exposure, primarily regional and community banks, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. regional banking companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the S&P Regional Banks Select Industry Index (the "Underlying Index"), a modified equal-weighted index designed to measure the performance of U.S. equity securities in the Regional Banks sub-industry of the S&P Total Market Index ("S&P TMI"). Membership in the Underlying Index is based on the Global Industry Classification Standard ("GICS") classification, as well as liquidity and market capitalization requirements. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street SPDR S&P Regional Banking ETF or any other securities of the State Street SPDR S&P Regional Banking ETF. Information about the State Street SPDR S&P Regional Banking ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street SPDR S&P Regional Banking ETF's own prospectus and reports for more complete information about the State Street SPDR S&P Regional Banking ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Regional Bank Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to regional bank sector risk. Regional banks may be sensitive to credit quality, funding conditions, and confidence. Because the Fund provides leveraged exposure, declines may result in proportionally larger declines in the Fund's net asset value.

**Deposit, Liquidity, and Funding Risk.** Regional banks rely on stable deposits and access to wholesale funding. Rapid deposit outflows, higher funding costs, or reduced liquidity can pressure earnings and valuations and may lead to sharp market moves.

**Interest Rate and Asset Liability Management Risk.** Changes in interest rates can affect net interest margins and the value of securities portfolios. Mismatches in asset and liability durations can increase sensitivity to rate moves and market stress.

**Credit and Commercial Real Estate Risk.** Regional banks may have concentrated exposures to specific loan categories, including commercial real estate, small business lending, or local consumer credit. Rising defaults or losses can reduce capital and earnings and increase volatility.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Semiconductors 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Semiconductors 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the VanEck Semiconductor ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with VanEck, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the VanEck Semiconductor ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. Semiconductors" refers to U.S. semiconductor industry equity exposure, including semiconductor manufacturers and related supply chain companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. semiconductor companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the MVIS US Listed Semiconductor 25 Index, an equal-weighted index designed to measure the performance of U.S.-listed companies classified in the Global Industry Classification Standard (GICS) Semiconductors sub-industry within the S&P Total Market Index, subject to liquidity and market capitalization screens. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the VanEck Semiconductor ETF or any other securities of the VanEck Semiconductor ETF. Information about the VanEck Semiconductor ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and VanEck are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the VanEck Semiconductor ETF's own prospectus and reports for more complete information about the VanEck Semiconductor ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Semiconductor Industry Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to semiconductor industry risk, including cyclicality, pricing pressure, and rapid innovation. Because the Fund provides leveraged exposure, drawdowns in semiconductor equities may result in proportionally larger declines in the Fund's net asset value.

**Cycle and Inventory Risk.** Semiconductor demand can swing based on end markets such as consumer electronics, PCs, data centers, and autos. Inventory corrections and capex cycles can drive sharp earnings changes and equity volatility.

**Supply Chain and Manufacturing Concentration Risk.** The industry depends on complex global supply chains and concentrated manufacturing capacity. Disruptions, shortages, or delays can materially affect company results and valuations.

**Geopolitical and Export Control Risk.** Semiconductor companies can be affected by geopolitical tensions, export controls, sanctions, and restrictions on technology transfer. These measures can reduce addressable markets, disrupt customer relationships, and increase volatility.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Technology 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Technology 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Technology Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Technology Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Technology" refers to U.S. technology sector equity exposure, including software, hardware, semiconductors, and IT services, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. technology companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the Technology Select Sector Index, a modified market capitalization-based index designed to measure the performance of S&P 500 constituents that are classified in the information technology sector under the Global Industry Classification Standard (GICS), with capping applied to help ensure diversification among companies within the index. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Technology Select Sector SPDR Fund or any other securities of the State Street Technology Select Sector SPDR Fund. Information about the State Street Technology Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and is not involved in this offering. Investors should refer to the State Street Technology Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Technology Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Technology Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to technology sector risk, including rapid innovation, product obsolescence, and competitive dynamics. Because the Fund provides leveraged exposure, declines may result in proportionally larger declines in the Fund's net asset value.

**Semiconductor Industry Risk.** A significant portion of the Underlying ETF's portfolio may be invested in semiconductor and semiconductor equipment companies. The semiconductor industry is cyclical and can be affected by rapid technological change, product obsolescence, supply and demand imbalances, pricing pressure, and disruptions to manufacturing capacity and global supply chains. Export controls, trade restrictions, sanctions, or geopolitical events may limit access to critical inputs or end markets. Because the Fund provides leveraged exposure, adverse developments affecting semiconductor and related technology issuers may result in proportionally larger declines in the Fund's net asset value.

**Technology Supply Chain and Manufacturing Concentration Risk.** Many technology companies rely on complex global supply chains and concentrated manufacturing ecosystems for critical components. Disruptions from natural disasters, geopolitical events, labor shortages, transportation constraints, or supplier concentration may reduce production, increase costs, delay product launches, or impair revenues, which may increase volatility and be magnified by the Fund's leverage.

**Valuation and Rate Sensitivity Risk.** Technology companies may trade at elevated valuation multiples and can be sensitive to changes in interest rates, discount rates, and growth expectations. A valuation reset may cause sharp drawdowns that are magnified by leverage.

**Regulatory and Cybersecurity Risk.** Technology companies may be affected by privacy, data security, antitrust, and platform regulation, as well as cybersecurity incidents that disrupt operations or damage reputation. These risks can increase volatility in the sector.

**Concentration in Large Issuers Risk.** The technology sector index can be heavily influenced by a limited number of very large issuers. Negative developments affecting one or more of these companies may have an outsized impact on the Underlying ETF and the Fund.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. Utilities 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. Utilities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Utilities Select Sector SPDR Fund (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with State Street Global Advisors, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the State Street Utilities Select Sector SPDR Fund ("Underlying ETF"). For purposes of the Fund's name, "U.S. Utilities" refers to U.S. utilities sector equity exposure, including electric, gas, and multi utility companies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. utilities companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to track the investment results of the Utilities Select Sector Index (the "Underlying Index"), a modified market capitalization-weighted index designed to provide exposure to U.S. utilities companies that are constituents of the S&P 500 Index and that are classified in the Utilities sector under the Global Industry Classification Standard (GICS), including electric utilities, multi-utilities, gas utilities, water utilities, and independent power and renewable electricity producers and traders. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the State Street Utilities Select Sector SPDR Fund or any other securities of the State Street Utilities Select Sector SPDR Fund. Information about the State Street Utilities Select Sector SPDR Fund included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and State Street Global Advisors are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the State Street Utilities Select Sector SPDR Fund's own prospectus and reports for more complete information about the State Street Utilities Select Sector SPDR Fund.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Utilities Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to utilities sector risk. Utilities may be affected by regulatory decisions, allowed returns, demand patterns, and capital spending needs. Because the Fund provides leveraged exposure, declines may result in proportionally larger declines in the Fund's net asset value.

**Capital Intensity and Infrastructure Investment Risk.** Utilities are capital-intensive businesses that require significant ongoing investment in generation, transmission, distribution, and grid modernization. Large projects can involve permitting and regulatory approvals, long construction timelines, supply chain constraints, and cost overruns. If utilities cannot recover costs in a timely manner through regulated rates or competitive market pricing, profitability and valuations may decline. Higher interest rates and tighter credit conditions may increase financing costs and reduce the attractiveness of utilities equities, and these effects may be amplified by the Fund's leveraged exposure.

**Energy Transition and Decarbonization Risk.** Utilities and power producers may be affected by the transition toward lower-carbon generation and electrification. Changes in environmental regulations, emissions requirements, renewable portfolio standards, and policy incentives can require substantial capital expenditures, accelerate plant retirements, or reduce the economic value of existing assets ("stranded assets"). The pace and cost of the transition, including the availability of generation, transmission interconnections, and energy storage, may affect utility earnings and valuation, and the Fund's leveraged exposure may magnify losses during periods of sector repricing.

**Wholesale Power Market, Fuel Supply, and Hedging Risk.** Certain utilities and independent power producers may be exposed to wholesale electricity markets, capacity markets, and fuel procurement (including natural gas) and may use hedging strategies to manage these exposures. Volatility in power prices, fuel prices, congestion, weather-driven demand, and hedging effectiveness can materially affect revenues, costs, and cash flows. Market dislocations, changes in hedging costs, or imperfect hedges may increase volatility in the Underlying ETF and, because the Fund provides leveraged exposure, may result in amplified losses.

**Cybersecurity and Critical Infrastructure Risk.** Utilities operate critical infrastructure and rely on complex operational technology and information systems. Cyberattacks, ransomware, data breaches, grid intrusions, or physical attacks on infrastructure could disrupt service, damage equipment, increase costs, and result in litigation, penalties, or reputational harm. In addition, heightened geopolitical tensions or coordinated attacks on critical infrastructure may increase sector volatility. Such events could negatively affect the Underlying ETF and, due to leverage, could result in larger declines in the Fund's net asset value.

**Wildfire, Environmental Liability, and Insurance Availability Risk.** Utilities with transmission and distribution infrastructure may face heightened wildfire ignition risk and other environmental liabilities, particularly during periods of drought, high winds, or extreme heat. Wildfire-related claims, remediation costs, and regulatory actions can be significant and may not be fully recoverable through insurance or rate mechanisms. Insurance availability and costs may change materially over time. These risks can increase volatility in utilities equities and may be magnified by the Fund's leveraged exposure.

**Interest Rate and Yield Sensitivity Risk.** Utilities are often viewed as yield oriented equities and may be sensitive to changes in interest rates. Rising rates can reduce relative attractiveness and pressure valuations, which can be magnified by leverage.

**Regulatory and Political Risk.** Utilities operate in heavily regulated environments. Changes in rate cases, permitted returns, or policy priorities can affect earnings and cash flows and increase uncertainty.

**Weather, Climate, and Catastrophe Risk.** Utilities may be exposed to severe weather, wildfires, storms, and climate related events that can damage infrastructure, increase costs, and lead to litigation or regulatory scrutiny.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi All Commodities 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi All Commodities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with Invesco, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF ("Underlying ETF"). For purposes of the Fund's name, "Commodities" refers to exposure to a broad basket of commodities, as represented by the Underlying ETF, which seeks to provide diversified commodity exposure primarily through commodity futures and other commodity-linked instruments, less the Underlying ETF's expenses and liabilities. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain its exposure through total return swaps on the Underlying ETF. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF. For the avoidance of doubt, the Fund does not invest in commodity futures contracts or enter into derivatives that directly reference commodity prices.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps) that, in the aggregate, provide leveraged exposure to diversified commodities equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF is an exchange-traded fund registered under the Investment Company Act of 1940 that seeks to provide diversified commodity exposure primarily through commodity futures and other commodity-linked instruments. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF or any other securities of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF. Information about the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF included in this Prospectus is based on information available as of the date of this Prospectus. Invesco and the Underlying ETF are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF's own prospectus and reports for more complete information.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Commodity Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to broad commodity price risk. Commodity prices can be volatile and may be driven by inflation expectations, interest rates, currency movements, supply and demand shocks, weather, geopolitical events, trade policy, and changes in inventory levels. Commodity markets may react sharply to unexpected events, and because the Fund provides leveraged exposure, adverse commodity price movements may result in proportionally larger declines in the Fund's NAV.

**Underlying ETF Commodity Strategy and Allocation Risk.** The Underlying ETF's results depend on its approach to selecting commodities, sizing exposures, and choosing and rolling contracts. The Underlying ETF may overweight or underweight certain commodities at times, and commodities may not move together; losses in one or more commodities may not be offset by gains in others. The Underlying ETF may underperform other commodity benchmarks or commodity funds, including during periods when a small number of commodities drive overall commodity performance.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Aerospace & Commercial Aviation 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Aerospace & Commercial Aviation 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Aerospace & Commercial Aviation ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Aerospace & Commercial Aviation ETF ("Underlying ETF"). For purposes of the Fund's name, "Aerospace & Commercial Aviation" refers to equity exposure to companies materially involved in the development, manufacturing, operation, and enabling of U.S. aerospace and commercial aviation infrastructure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to aerospace and commercial aviation companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Aviation Safety, Accident, and Disruption Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting the aerospace and commercial aviation industry, including aviation accidents, safety incidents, near-miss events, or perceived safety concerns, even when fault is unclear. Such events may result in fleet groundings, route suspensions, reduced passenger demand, higher insurance and regulatory compliance costs, litigation, and reputational damage across manufacturers, airlines, lessors, and aviation service providers held by the Underlying ETF. Operational disruptions such as severe weather, air traffic control constraints, airport closures, labor disruptions, cybersecurity incidents affecting flight operations, or other system failures can increase delays and cancellations, reduce capacity, and pressure margins, which may adversely affect the Underlying ETF's value and, in turn, the Fund. Because the Fund seeks leveraged exposure, losses associated with these events may be magnified in the Fund's net asset value.

**Aircraft Certification, Program Execution, and Manufacturing Quality Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that aerospace manufacturers and key suppliers held by the Underlying ETF experience delays or failures in aircraft, engine, avionics, or upgrade programs. New products or major modifications may not meet performance, reliability, or certification requirements, or may face delays in testing, regulatory approvals, and production ramp. A single program issue can lead to rework, warranty costs, penalty claims, delivery deferrals, customer cancellations, and lost market share, and can disrupt suppliers and downstream operators. The industry's reliance on complex and sometimes capacity-constrained supply chains for critical parts and materials increases exposure to shortages, single-source dependencies, labor constraints, and quality issues, which can impair production schedules and aftermarket support and negatively affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Commercial Air Travel and Air Cargo Cyclicality Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the cyclicality of passenger air travel and air cargo. Airlines, aircraft lessors, and aviation-related companies held by the Underlying ETF may experience sharp declines in demand during recessions, pandemics, geopolitical shocks, terrorism concerns, or changes in travel policy and consumer behavior. Many industry participants have high fixed costs and operating leverage, so modest demand shortfalls can significantly reduce profitability and increase financial stress, including default risk for highly levered carriers or lessees. Volatile jet fuel prices, foreign exchange movements, and interest rate changes can further pressure margins and increase financing costs, potentially reducing fleet growth and lowering demand for aircraft, engines, parts, and maintenance and repair services, which can adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, these effects may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. If the Underlying ETF holds small- and mid-capitalization companies, those issuers may 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. If the Underlying ETF holds large-capitalization companies, those issuers may be less able to sustain high growth rates and may be more exposed to broad industry headwinds due to their scale, which can cause them to lag during periods when smaller competitors outperform. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the aerospace and commercial aviation industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi AI Cybersecurity 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi AI Cybersecurity 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi AI Cybersecurity ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi AI Cybersecurity ETF ("Underlying ETF"). For purposes of the Fund's name, "AI Cybersecurity" refers to equity exposure to companies materially involved in the development, deployment, and operation of cybersecurity technologies and services that use artificial intelligence ("AI") and machine learning to protect digital systems, networks, identities, data, and critical applications across cloud, enterprise, consumer, and industrial environments, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to artificial intelligence and cybersecurity companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**AI-Enabled Threat Evolution and Security Effectiveness Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that cyber threats evolve rapidly, including through the use of AI to scale phishing, accelerate malware development, and automate exploitation. To the extent the Underlying ETF invests in cybersecurity providers and security-focused service firms, those companies' products and services may fail to detect or prevent new attack techniques, which can lead to customer losses, contract disputes, higher costs, and reputational harm. Deterioration in perceived effectiveness or increased breach frequency across customers may reduce demand, slow bookings, and pressure margins for issuers held by the Underlying ETF, negatively affecting the Underlying ETF's performance and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts associated with these risks may be magnified in the Fund's net asset value.

**AI Model, Data Quality, and Automation Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with AI-enabled cybersecurity products and services. To the extent the Underlying ETF invests in companies that develop, deploy, or rely on AI-enabled security capabilities, the effectiveness of those offerings may depend on data quality, model design, training processes, and ongoing tuning. Models may be trained on incomplete, biased, or stale datasets, may degrade over time (including through "model drift"), or may generate false positives or false negatives that impair customer outcomes and confidence. Increased automation, including automated remediation, can amplify operational impacts if models misclassify events or trigger incorrect actions, which may lead to customer dissatisfaction, increased support costs, contractual disputes, reputational harm, and reduced adoption of AI-enabled offerings. These factors may adversely affect the revenues, profitability, and valuations of issuers held by the Underlying ETF and therefore the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Data Breach, Liability, and Trust Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that cybersecurity vendors, cloud-based security platforms, or security service providers held by the Underlying ETF experience a major breach, outage, or compromise. Such events may reduce demand, increase churn, and trigger litigation, remediation costs, regulatory inquiries, and damages claims, which can negatively affect an issuer's business and financial condition. Even when a vendor is not at fault, widely publicized incidents may cause customers to consolidate spending, delay purchases, or shift budgets among providers, which can reduce growth and pressure margins for companies held by the Underlying ETF. These developments may adversely affect the Underlying ETF's performance and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Platform Consolidation and Competitive Pressure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to competitive dynamics in the cybersecurity market. To the extent the Underlying ETF invests in specialized cybersecurity vendors, those issuers may face pricing pressure and product displacement as larger platform providers bundle security features, as customers rationalize vendor lists, as procurement cycles slow, or as organizations shift toward in-house security stacks. Mergers, consolidation, and changes in customer preferences or architecture can reduce growth rates, compress margins, and increase customer concentration risk for companies held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the AI cybersecurity industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Battery Energy Storage Systems 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Battery Energy Storage Systems 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Battery Energy Storage Systems ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Battery Energy Storage Systems ETF ("Underlying ETF"). For purposes of the Fund's name, "Battery Energy Storage Systems" refers to equity exposure to companies materially involved in the design, manufacturing, integration, deployment, and operation of battery energy storage systems used to support electric grids, renewable integration, peak demand management, backup power, and electrification across residential, commercial, and utility scale applications., as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to battery and energy storage companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Battery Safety, Fire, and Reliability Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies involved in battery energy storage systems. To the extent the Underlying ETF invests in storage manufacturers, integrators, developers, or operators, storage systems can experience thermal events, degradation, or performance shortfalls. Safety incidents may result in project shutdowns, higher insurance and regulatory compliance costs, recalls, litigation, and reputational damage, which can reduce demand, increase costs, and pressure margins for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF's value and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Technology Change and Obsolescence Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that storage technologies and chemistries evolve quickly. To the extent the Underlying ETF invests in companies that design, manufacture, or supply storage technologies, improvements in cost, energy density, cycle life, safety, or related performance can disadvantage existing products, suppliers, or installed platforms. Customers may delay purchases, renegotiate contracts, or switch vendors if newer technologies offer more attractive economics or performance, which can reduce revenues and impair the competitive position of issuers held by the Underlying ETF. These factors may negatively affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Battery Materials, Commodity Pricing, and Supply Chain Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to input cost and supply chain risks for battery energy storage systems. To the extent the Underlying ETF invests in manufacturers, integrators, or developers, those businesses may rely on materials and components subject to supply constraints and significant price volatility, including lithium, nickel, cobalt, manganese, graphite, copper, separators, electrolytes, and power electronics. Commodity price increases, manufacturing capacity limits, quality issues, tariffs and trade restrictions, export controls, shipping disruptions, or reliance on single-source suppliers may increase costs, delay deployments, reduce margins, and adversely affect revenues and profitability for issuers held by the Underlying ETF. These impacts may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Policy, Interconnection, and Project Timing Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with policy, permitting, and grid interconnection processes. To the extent the Underlying ETF invests in storage project developers, integrators, utilities-related service providers, or equipment suppliers, many projects may depend on permitting timelines, interconnection queues, utility procurement cycles, and policy incentives. Changes in rules, delays in interconnection approvals, or reductions or expiration of incentives may slow deployments, increase costs, and reduce expected revenues for companies held by the Underlying ETF. These factors may adversely affect the Underlying ETF's performance and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Power Markets and Storage Revenue Model Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that the revenue opportunities supporting storage economics are volatile or change over time. To the extent the Underlying ETF invests in companies involved in storage development, integration, ownership, or operation, project economics may depend on the availability and pricing of grid services and electricity market opportunities, including energy arbitrage, capacity payments, ancillary services, and contractual arrangements with utilities or commercial counterparties. These revenues may be affected by market conditions, congestion patterns, renewable penetration, curtailment, transmission constraints, and changes in market rules or utility procurement practices. If expected revenues decline or become less predictable, project returns may fall and deployments may slow, which can adversely affect issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Project Finance, Interest Rate, and Cost Inflation Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that storage deployment is capital intensive and dependent on financing conditions. To the extent the Underlying ETF invests in developers, integrators, or operators, higher interest rates, tighter credit conditions, or reduced availability of tax equity or project finance may reduce project returns, slow new deployments, and increase refinancing risk. In addition, increases in the costs of equipment, engineering, procurement, construction, labor, insurance, or interconnection can pressure margins and delay project completion for companies held by the Underlying ETF. These developments may negatively affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the battery energy storage systems industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Bay Area Based 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Bay Area Based 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Bay Area Based ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Bay Area Based ETF ("Underlying ETF"). For purposes of the Fund's name, "Bay Area Based" refers to equity exposure to companies headquartered in, or that maintain substantial operations in, the San Francisco Bay Area, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to companies headquartered in or with substantial operations in the San Francisco Bay Area equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Regional Concentration and Local Cost Structure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies with meaningful San Francisco Bay Area exposure. To the extent the Underlying ETF invests in companies that are headquartered in, or maintain substantial operations in, the region, those issuers may be affected by elevated regional labor costs, competition for talent, higher office and operating expenses, and local economic conditions. If the region experiences reduced investment activity, out-migration, slower hiring, or weakening demand in key local industries, the revenues, profitability, and valuations of issuers held by the Underlying ETF may decline, which may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Natural Disaster and Infrastructure Disruption Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that natural disasters or infrastructure disruptions in the San Francisco Bay Area adversely affect issuers held by the Underlying ETF. The region faces risks from earthquakes, wildfires, flooding, power outages, and transportation disruptions. Such events may interrupt operations, supply chains, and workforce availability, increase business continuity and insurance costs, and reduce productivity for companies with regional facilities, offices, or key personnel, which may negatively affect the Underlying ETF's performance and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**State and Local Regulatory and Tax Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with state and local taxation and regulation. To the extent the Underlying ETF invests in companies with substantial presence in California or Bay Area jurisdictions, changes in state and local taxes, labor rules, zoning, and business regulations may increase operating costs, reduce after-tax profitability, or require changes to business practices. Policy changes may also influence corporate location decisions and real estate strategies, which can affect operating footprints and costs for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Geographic Classification Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that classification of companies as having headquarters in, or substantial operations in, the San Francisco Bay Area is imperfect. To the extent the Underlying ETF's strategy depends on such classifications, publicly available information about an issuer's headquarters location, employee base, or operating footprint may be incomplete, may not be updated promptly, or may be difficult to interpret consistently across issuers. Companies may relocate headquarters, change remote-work policies, or shift the location of key personnel and facilities over time, which may cause the Underlying ETF's index provider, methodology, or the Adviser (as applicable) to reclassify a company or adjust holdings. These factors may affect the Underlying ETF's ability to maintain exposure consistent with its investment theme and may increase portfolio turnover, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Technology Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting technology and technology-enabled companies held by the Underlying ETF. These companies may face rapid product obsolescence, intense competition, and operational risks such as cybersecurity incidents, data privacy compliance obligations, and intellectual property disputes. Many also rely on critical suppliers and infrastructure, including semiconductors, cloud service providers, and key platforms, and disruptions, outages, or pricing changes affecting these inputs may pressure margins or impair product delivery. In addition, technology company valuations may be particularly sensitive to interest rates and shifts in market sentiment, which may increase volatility in the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Biotechnology and Life Sciences Companies Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting biotechnology and life sciences companies held by the Underlying ETF. These companies may face significant risks related to research and development, clinical trials, regulatory approvals, intellectual property protection, competition, and product liability. Their valuations may change rapidly based on clinical or regulatory outcomes and may depend on a limited number of products, collaborations, or patents. Adverse trial results, delays in approvals, manufacturing or safety issues, or enforcement challenges for intellectual property may materially reduce revenues and the value of these companies' securities, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the San Francisco Bay Area focused companies or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Beauty, Skincare & Aesthetics 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Beauty, Skincare & Aesthetics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Beauty, Skincare & Aesthetics ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Beauty, Skincare & Aesthetics ETF ("Underlying ETF"). For purposes of the Fund's name, "Beauty, Skincare & Aesthetics" refers to equity exposure to companies materially involved in the development, manufacturing, branding, distribution, and retail of beauty, skincare, and aesthetics products and services — including related personal care products and services such as oral care (toothpaste, mouthwash, teeth whitening, and dental hygiene products), sun care (sunscreen, sun protection, and after-sun products), and body care (body wash, lotion, deodorant, and personal hygiene products) — across consumer and professional channels, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to beauty, skincare, and aesthetic companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Consumer Taste, Trend, and Brand Relevance Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting beauty and skincare companies. To the extent the Underlying ETF invests in issuers whose revenues depend on beauty and personal care demand, consumer preferences may shift quickly due to changing tastes, social media influence, and frequent new product cycles. Brands may lose relevance, experience declining sales, or require increased marketing and promotional spending to maintain market share, which can pressure margins and reduce profitability for companies held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Luxury and Consumer Discretionary Spending Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks related to discretionary spending patterns. To the extent the Underlying ETF invests in companies that sell premium or luxury beauty and personal care products or provide elective aesthetic services, the performance of those issuers may depend on discretionary spending by higher-income consumers and on overall consumer confidence. Demand for premium and luxury goods and elective services may decline during periods of economic weakness, rising interest rates, inflation, or reduced consumer confidence, often resulting in outsized reductions in sales and profitability relative to more nondiscretionary consumer categories. These factors may negatively affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Product Safety, Regulatory, and Recall Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to product safety and regulatory risks affecting beauty and personal care companies. To the extent the Underlying ETF invests in issuers that manufacture, distribute, or market beauty products, those companies may face regulatory scrutiny related to ingredient safety, labeling, manufacturing standards, and marketing claims. Quality failures, contamination, or adverse reactions may lead to recalls, litigation, reputational damage, and increased compliance costs, which can reduce demand and increase expenses for companies held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Channel and Promotion Dependency Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that distribution and promotion dynamics adversely affect issuers held by the Underlying ETF. Many beauty companies rely on key retailers, e-commerce platforms, influencers, and promotional events to drive volume and maintain visibility. Changes in retailer support, shelf placement, algorithm visibility, advertising pricing, affiliate economics, or the timing and intensity of promotional activity may reduce revenue growth and pressure margins. Increased reliance on discounting or paid promotion to sustain demand can further compress profitability for companies held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the beauty, skincare, and aesthetics industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Coffee & Energy Drinks 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Coffee & Energy Drinks 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Coffee & Energy Drinks ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Coffee & Energy Drinks ETF ("Underlying ETF"). For purposes of the Fund's name, "Coffee & Energy Drinks" refers to equity exposure to companies materially involved in the cultivation, sourcing, processing, roasting, manufacturing, branding, and distribution of coffee and energy drink products across retail and food service channels, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to coffee and energy drink companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Commodity and Input Cost Volatility Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks related to commodity and input cost volatility affecting companies in the coffee and energy drink value chain. To the extent the Underlying ETF invests in issuers that source, process, distribute, or sell coffee and related products, coffee and other agricultural inputs may experience significant price swings due to weather, crop disease, and supply disruptions. In addition, costs for aluminum, sweeteners, flavors, and freight may fluctuate, which can pressure margins if companies are unable to pass cost increases through to consumers or if demand weakens due to higher prices. These factors may adversely affect the revenues, profitability, and valuations of issuers held by the Underlying ETF and therefore the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Climate and Agricultural Production Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting coffee production and sourcing. To the extent the Underlying ETF invests in companies dependent on coffee supply, production may be adversely affected by climate variability and extreme weather events, including droughts, frosts, excessive rainfall, hurricanes, and changes in temperature patterns, as well as by crop diseases and pests. These conditions can reduce yields, increase volatility in coffee supply and pricing, and contribute to longer-term shifts in suitable growing regions. Sustained adverse conditions may increase costs, disrupt sourcing, reduce product availability, and negatively affect companies across the coffee supply chain, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Health Perception and Regulatory Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks related to health perceptions and regulation of energy drinks and high-caffeine products. To the extent the Underlying ETF invests in issuers that manufacture or market energy drinks or similar products, those companies may face scrutiny regarding health effects, marketing practices (including marketing to younger consumers), and labeling requirements. Regulatory actions, enforcement activity, lawsuits, or changes in consumer perception may reduce demand, require product reformulations, limit marketing channels, or increase compliance costs, which can adversely affect issuers held by the Underlying ETF. These developments may negatively affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Supply Chain, Logistics, and Packaging Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to supply chain and operational risks affecting companies in the coffee and energy drink value chain. To the extent the Underlying ETF invests in issuers that rely on specialized sourcing, contract manufacturing, bottling and canning capacity, packaging components (including aluminum and plastics), and global logistics networks, disruptions in transportation, labor availability, manufacturing capacity, quality issues, or changes in supplier terms may delay production, reduce product availability, increase costs, and adversely affect revenues and profitability. These factors may adversely affect the Underlying ETF's performance and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the coffee and energy drink industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Crypto Infrastructure 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Crypto Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Crypto Infrastructure ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Crypto Infrastructure ETF ("Underlying ETF"). For purposes of the Fund's name, "Crypto Infrastructure" refers to equity exposure to companies materially involved in the technology, platforms, and services that enable the issuance, custody, exchange, settlement, security, and operation of digital assets and blockchain based networks, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to cryptocurrency infrastructure companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Regulatory and Legal Uncertainty Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to evolving regulation, supervision, and enforcement affecting digital asset markets and related businesses. To the extent the Underlying ETF invests in crypto infrastructure firms, regulatory changes or enforcement actions may affect product availability, listing standards, custody and safeguarding requirements, capital and liquidity expectations, reporting obligations, and customer access. Adverse legal outcomes, new rules, or shifting interpretations by regulators may reduce revenue opportunities, increase compliance and legal costs, restrict business models, and limit market participation for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Financial Services Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting financial services companies. To the extent the Underlying ETF invests in companies in the financials sector, including exchanges, broker-dealers, trading venues, custodians, payment companies, or other financial services providers, those issuers may be sensitive to regulatory requirements, supervisory expectations, capital and liquidity standards, and enforcement actions that affect the scope of activities, products, and fees they may offer. The profitability of financials companies may also be adversely affected by changes in interest rates, credit conditions, customer activity levels, and market liquidity, and by operational, compliance, or reputational events. These factors may negatively affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Banking Access and Payment Rails Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that crypto infrastructure businesses depend on access to banking services and payment networks. To the extent the Underlying ETF invests in issuers that facilitate customer deposits and withdrawals or fiat-to-crypto and crypto-to-fiat conversions, restrictions, terminations, or increased costs associated with banking relationships, correspondent services, card networks, ACH/wire access, or other payment rails may reduce customer activity, increase expenses, and create operational disruptions. Reduced or constrained access to banking services can impair an issuer's ability to onboard customers, process transactions, and manage liquidity, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Fraud, Market Manipulation, and Illicit Activity Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that digital asset markets have been subject to fraud, theft, manipulation, and other misconduct. To the extent the Underlying ETF invests in crypto infrastructure businesses, hacks, scams, wash trading, and other abusive practices may reduce customer trust and participation, increase compliance costs, and lead to heightened regulatory scrutiny, enforcement actions, and reputational harm. Digital assets may also be used for illicit activity, which can result in restrictions on products, counterparties, or customer access and may require issuers to implement enhanced monitoring and controls. These factors may reduce trading activity, impair growth, and adversely affect issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Digital Asset Market Sensitivity Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that many crypto infrastructure businesses are correlated with digital asset prices, trading volumes, network activity, and overall market sentiment. To the extent the Underlying ETF invests in such issuers, periods of declining digital asset prices or reduced activity may lead to sharp revenue declines, lower profitability, and increased financial stress, including heightened credit or counterparty risks for certain businesses. These conditions may adversely affect the valuations of issuers held by the Underlying ETF and therefore the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Blockchain Network, Protocol, and Fork Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with blockchain networks and distributed ledger protocols. To the extent the Underlying ETF invests in companies whose revenues depend on network activity, protocols may experience bugs, security vulnerabilities, congestion, outages, or other disruptions that impair transaction processing and user activity. Networks may also undergo upgrades, changes in consensus mechanisms, or "forks" that create competing versions of a protocol, which can affect network usage, asset liquidity, and the economics of participants. Adverse protocol or network-level events may reduce demand for related services and may negatively affect the revenues and valuations of crypto infrastructure companies held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Mining, Energy Use, and Environmental Regulation Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies involved in digital asset mining, validation infrastructure, or hosting. To the extent the Underlying ETF invests in such issuers, their results may be sensitive to electricity prices, power availability, hardware costs, and environmental or energy-related regulation. Changes in laws or regulations, permitting requirements, taxation, or restrictions on energy usage may increase costs, limit operations, or reduce profitability. In addition, adverse publicity regarding energy use may reduce demand for mining-related services or increase regulatory and reputational pressures on issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Custody, Security, and Operational Failure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to operational and security risks affecting crypto platforms and service providers. To the extent the Underlying ETF invests in issuers that custody digital assets, operate trading venues, provide wallet infrastructure, or support transaction processing, hacking, fraud, protocol exploits, operational outages, or loss of customer assets may trigger customer withdrawals, reputational damage, litigation, remediation costs, and heightened regulatory scrutiny. Such events may also impair broader ecosystem trust and slow adoption of digital asset-related services, negatively affecting issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the crypto infrastructure industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Data & Surveillance 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Data & Surveillance 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Data & Surveillance ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Data & Surveillance ETF ("Underlying ETF"). For purposes of the Fund's name, "Data & Surveillance" refers to equity exposure to companies materially involved in the development and deployment of technologies that collect, process, secure, analyze, and operationalize data for monitoring, risk management, security, compliance, and operational visibility across public and private environments, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to data and surveillance companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Privacy, Civil Liberties, and Reputational Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with monitoring and surveillance technologies that raise privacy and civil liberties concerns. To the extent the Underlying ETF invests in companies that provide sensors, surveillance equipment, data collection tools, or monitoring and analytics software, public backlash or negative publicity regarding how such products are used, and by whom, may lead to customer churn, contract cancellations, litigation, and reputational harm, even when product use is lawful. Increased scrutiny by stakeholders, regulators, or commercial customers may reduce demand or require changes to product features, policies, or distribution practices, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Regulatory and Procurement Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to regulatory, certification, and procurement risks affecting surveillance and data collection technologies. To the extent the Underlying ETF invests in issuers that sell to governments or regulated industries, restrictions, certification requirements, procurement bans, or changes in purchasing standards may limit market access or delay deployments. Changes in privacy laws, biometric rules, data retention requirements, or public sector procurement standards may increase compliance costs, constrain product functionality, or reduce addressable markets for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Government Customer, Budget, and Contract Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that certain issuers held by the Underlying ETF derive significant revenue from government customers or government-adjacent procurement. Government purchasing decisions may be affected by appropriations, budget constraints, political priorities, tender requirements, bid protests, contract renegotiations, performance disputes, and changes in procurement policies, any of which may delay awards, reduce contract scope, or limit renewals. Government contractors may also be subject to audits, investigations, suspension or debarment, and heightened compliance obligations, which may increase costs, reduce revenues, or restrict market access for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Export Controls, Sanctions, and National Security Restrictions Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that monitoring and surveillance technologies may be subject to export controls, sanctions, import restrictions, national security reviews, or other governmental limitations that restrict where and to whom products and services may be sold or deployed. To the extent the Underlying ETF invests in issuers with international sales, changes in these rules or adverse regulatory determinations may restrict market access, increase compliance costs, delay shipments, require product redesign, or result in penalties, contract terminations, or reputational harm. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Cybersecurity and Data Misuse Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to cybersecurity and misuse risks affecting monitoring systems and sensitive data. To the extent the Underlying ETF invests in issuers that collect, store, process, or analyze sensitive information, those systems may be targeted by cyber attacks or compromised through insider misconduct or improper access controls. Security incidents involving sensitive data may lead to liability, regulatory enforcement, customer losses, and reputational harm, and may require costly remediation, system redesign, and enhanced controls, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Algorithmic Decision, Accuracy, and Bias Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks arising from analytics, biometrics, identity verification, and automated decision systems used by companies in the Underlying ETF's investment theme. To the extent the Underlying ETF invests in issuers that rely on such systems, model limitations or data quality issues may produce false positives or false negatives, misidentify individuals, or reflect bias. Such outcomes may result in customer losses, contract disputes, litigation, regulatory scrutiny, restrictions on product use, or reputational harm, and may require costly remediation, retraining, or redesign. These factors may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Technology Change and Product Obsolescence Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that markets for sensors, surveillance equipment, analytics, and monitoring software evolve rapidly. To the extent the Underlying ETF invests in issuers operating in these markets, new technologies, platform shifts, standards changes, and competitive offerings may reduce demand for existing products, compress margins, or require significant investment to remain competitive. Companies that fail to innovate, adapt to standards, or maintain product performance and reliability may lose market share and experience declining revenues, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Supply Chain and Component Dependency Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to supply chain and component risks affecting monitoring and surveillance products. To the extent the Underlying ETF invests in issuers that rely on specialized components and contract manufacturing, including semiconductors, optics, sensors, batteries, and connectivity modules, supply constraints, quality issues, geopolitical disruptions, tariffs, or increases in input and freight costs may delay production, reduce product availability, increase costs, and adversely affect revenues and profitability. These developments may negatively affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the data and surveillance industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Genomics & Precision Medicine 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Genomics & Precision Medicine 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Genomics & Precision Medicine ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Genomics & Precision Medicine ETF ("Underlying ETF"). For purposes of the Fund's name, "Genomics & Precision Medicine" refers to equity exposure to companies materially involved in the research, development, and commercialization of genomics and precision medicine technologies that enable improved disease detection, identifying and grouping patients based on genetic, molecular, or clinical characteristics to guide treatment decisions (patient stratification), targeted therapies, and data driven healthcare, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to genomics and precision medicine companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Clinical, Regulatory, and Approval Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that many genomics and precision medicine companies depend on successful clinical trials, regulatory approvals, and ongoing compliance. To the extent the Underlying ETF invests in issuers developing diagnostics, therapeutics, or related platforms, failures in clinical trials, delays in approvals, changes in regulatory standards, or safety concerns may materially reduce expected revenue prospects and lead to sharp valuation declines. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Health Care Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting health care companies. To the extent the Underlying ETF invests in issuers in the health care sector, those companies may be affected by changes in government regulation and oversight, the structure and funding of public and private health care programs, and evolving standards for safety, efficacy, and quality. Government actions or payer decisions may restrict coverage, reduce reimbursement rates, impose price controls or negotiation, increase scrutiny of marketing and promotion, or require additional clinical evidence, which may reduce demand or profitability for health care products and services. Health care companies may also face significant product liability, litigation, and regulatory enforcement risks and may be subject to intense competition that can result in pricing pressure. Delays or failure to obtain approvals, changes in regulatory requirements, or adverse safety findings may materially adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Biotechnology and Pharmaceutical Companies Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting biotechnology and pharmaceutical companies involved in genomics, precision medicine, and related therapeutics and diagnostics. To the extent the Underlying ETF invests in such issuers, they may face risks related to research and development, reliance on a limited number of products or product candidates, intense competition, product liability claims, and the need for substantial capital to fund development and commercialization. The value of these companies may change rapidly based on clinical trial results, regulatory developments, manufacturing outcomes, or competitive product launches, and many may have limited operating histories and may not be profitable. These factors may adversely affect issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Reimbursement and Adoption Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that precision diagnostics and therapies often require payer coverage and clinician adoption to achieve commercial success. To the extent the Underlying ETF invests in issuers offering such products, changes in reimbursement policies, coverage determinations, pricing pressure, or limited evidence of clinical utility may slow adoption and reduce revenues. Delays in coverage decisions, restrictions on eligible patient populations, or unfavorable reimbursement rates can negatively affect demand and profitability for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Manufacturing and Supply Chain Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to manufacturing and supply chain risks affecting certain genomics and precision medicine products. To the extent the Underlying ETF invests in issuers that rely on specialized manufacturing processes, quality control systems, cold-chain logistics, and third-party suppliers, manufacturing failures, contamination, batch variability, capacity constraints, supply shortages, or delays in scaling production may result in product shortages, increased costs, regulatory action, and reduced commercial success. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Data Quality, Interpretation, and Ethical Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with the complexity of genomic data and evolving expectations regarding its use. To the extent the Underlying ETF invests in issuers that generate, store, or analyze genomic data, errors in testing, data handling, or interpretation may lead to incorrect results, liability, and reputational harm. Ethical concerns, privacy expectations, and evolving rules regarding genetic data use, consent, and sharing may increase compliance costs, restrict permissible uses, and limit data availability, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's value, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Intellectual Property and Patent Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that genomics and precision medicine companies often rely on patents, trade secrets, licenses, and other intellectual property to protect technologies, diagnostic methods, therapeutic platforms, and product candidates. To the extent the Underlying ETF invests in such issuers, the loss, expiration, invalidation, or impairment of intellectual property rights, failure to obtain or maintain adequate protection, or the need to license third-party intellectual property on unfavorable terms may reduce competitiveness, increase costs, or result in litigation. These factors may adversely affect revenues and valuations of issuers held by the Underlying ETF and therefore the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the genomics and precision medicine industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi High Voltage Grid Equipment 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi High Voltage Grid Equipment 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi High Voltage Grid Equipment ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi High Voltage Grid Equipment ETF ("Underlying ETF"). For purposes of the Fund's name, "Corgi High Voltage Grid Equipment ETF" refers to equity exposure to companies materially involved in the manufacturing, engineering, and servicing of equipment and technologies used to transmit and control electricity across high voltage networks and modernize power grids, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to high voltage grid equipment companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Project Timing, Utility Spending, and Backlog Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting demand for high voltage grid equipment and related services. To the extent the Underlying ETF invests in grid equipment manufacturers, integrators, or service providers, demand may depend on utility capital expenditure cycles, permitting and interconnection timelines, and large project schedules. Delays, cancellations, scope changes, or shifts in utility procurement plans may reduce order flow and disrupt backlog conversion, which can lead to revenue shortfalls and earnings volatility for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Regulatory, Rate Case, and Cost Recovery Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that utility regulation and government policy influence transmission and grid modernization spending. To the extent the Underlying ETF invests in companies whose revenues depend on utility capital expenditures, the ability of utilities to recover investments through rates, and the timing and outcomes of rate cases may affect project economics and spending levels. Adverse regulatory decisions, delays in rate approvals, changes in allowed returns, prudency determinations, or shifts in policy incentives may reduce or delay utility spending, resulting in fewer orders or slower project execution for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Manufacturing Capacity and Supply Constraint Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that many grid components have long lead times and rely on specialized manufacturing processes and materials. To the extent the Underlying ETF invests in equipment manufacturers and key suppliers, capacity bottlenecks, labor constraints, qualification requirements, and supplier disruptions may delay deliveries, increase costs, and reduce profitability. Extended lead times and constrained capacity may also increase execution risk under fixed-price or performance-based contracts, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Grid Reliability, Extreme Weather, and Catastrophe Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that extreme weather and natural disasters affect grid infrastructure and the companies that support it. Extreme weather events, wildfires, hurricanes, flooding, winter storms, and other catastrophes can damage transmission and distribution assets and disrupt grid operations. Such events may cause surges in demand for certain products and services, but they can also delay projects, disrupt supply chains, reduce workforce availability, increase insurance and compliance costs, and negatively affect the financial condition of utilities, contractors, and equipment suppliers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Input Cost and Commodity Exposure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that costs for copper, aluminum, steel, and other inputs are volatile. To the extent the Underlying ETF invests in manufacturers, integrators, or service providers with material input exposure, increases in commodity prices, shortages, or tariff-related costs may compress margins or deteriorate contract economics, particularly when companies are unable to hedge effectively or pass through higher costs to customers. These factors may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Equipment Failure, Warranty, and Product Liability Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that high voltage grid equipment must meet demanding performance and reliability requirements and often operates in harsh environments. To the extent the Underlying ETF invests in manufacturers, integrators, or service providers, failures, defects, quality issues, or installation errors may result in outages, safety incidents, warranty claims, product recalls, penalties, contract disputes, and reputational harm, which can reduce revenues and profitability and increase costs for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the high voltage grid equipment industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Lifestyle Brands 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Lifestyle Brands 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Lifestyle Brands ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Lifestyle Brands ETF ("Underlying ETF"). For purposes of the Fund's name, "Lifestyle Brands" refers to equity exposure to companies materially involved in the development, branding, marketing, and sale of consumer lifestyle goods and services that reflect identity, culture, and daily habits across apparel, footwear, accessories, outdoor and recreation, premium basics, wellness adjacent consumer products, and lifestyle oriented retail channels, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to lifestyle brand companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Fashion Cycle and Brand Relevance Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting lifestyle brands that can be sensitive to shifts in culture, trends, and consumer tastes. To the extent the Underlying ETF invests in companies whose results depend on brand strength and product resonance, a decline in brand relevance or misalignment with consumer preferences may lead to higher discounting, increased marketing and promotional spending, and reduced profitability. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Brand Concentration and Key Product Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that certain lifestyle brands may rely on a limited number of products, categories, collaborations, or distribution partners for a significant portion of revenues. To the extent the Underlying ETF invests in such issuers, revenues and profitability may be adversely affected if key products lose consumer appeal, collaborations end, celebrity or influencer relationships change, or distribution support declines. Concentration in a limited number of product lines or partners can increase earnings volatility and reduce resilience during periods of weaker demand, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Inventory, Sourcing, and Supply Chain Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that apparel and consumer goods businesses face related to forecasting and supply chain execution. To the extent the Underlying ETF invests in issuers that manage seasonal product cycles and complex sourcing networks, forecasting errors, inventory build-ups, sourcing concentration, and production delays may result in markdowns, elevated working capital needs, and reduced cash flow. Disruptions or cost increases in manufacturing, freight, or materials may pressure margins and reduce product availability, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Retail Channel and Platform Dependency Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with reliance on key wholesale partners, marketplaces, and social platforms for distribution and demand generation. To the extent the Underlying ETF invests in issuers that depend on particular retail channels or digital platforms, changes in retailer strategies, shelf allocation, merchandising support, platform algorithms, or advertising pricing may reduce traffic, increase customer acquisition costs, and negatively affect sales and profitability. Reduced visibility or less favorable economics on key platforms may adversely affect issuers held by the Underlying ETF, which may negatively affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Reputational and Social Controversy Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to reputational risks affecting lifestyle brands. To the extent the Underlying ETF invests in issuers whose value depends on brand perception, product quality issues, marketing controversies, labor and sourcing practices, data privacy concerns in digital commerce, or public backlash and boycotts may result in reduced customer demand, higher returns, increased promotional spending, and impaired brand equity. Reputational events can also lead to regulatory scrutiny or litigation, which can increase costs and further pressure profitability for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Intellectual Property, Counterfeit, and Licensing Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that lifestyle brands often rely on trademarks, trade dress, and other intellectual property to differentiate products and maintain pricing power. To the extent the Underlying ETF invests in issuers with material brand and licensing value, counterfeiting, gray-market activity, and infringement may reduce sales, damage brand equity, and increase enforcement costs. Companies that rely on licensing and merchandising arrangements may also face disputes with licensors or licensees, changes in contract terms, or failure of partners to meet quality, marketing, or distribution expectations, any of which may reduce revenues or increase costs. These factors may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the lifestyle brands industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Longevity Consumer 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Longevity Consumer 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Longevity Consumer ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Longevity Consumer ETF ("Underlying ETF"). For purposes of the Fund's name, "Longevity Consumer" refers to equity exposure to companies materially involved in consumer-oriented products and services that the Adviser believes are positioned to benefit from aging demographics and the spending preferences of older consumers, with an emphasis on extending healthspan — the period of life spent in good health — and on lifestyle and services categories, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to longevity and consumer health companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Evidence, Claims, and Consumer Trust Risk** . Many longevity and wellness products rely on consumer belief, brand credibility, and perceived outcomes. If products fail to demonstrate benefits, face negative research, or attract scrutiny for marketing claims, demand and pricing power can decline.

**Travel, Leisure, and Experience Industry Risk.** Companies tied to travel, leisure, and experiences can be highly sensitive to fuel costs, labor availability, weather events, geopolitical developments, public health events, security concerns, and changes in consumer willingness to travel. The industry may also be affected by seasonality, capacity constraints, and disruptions to transportation networks, any of which can pressure earnings and increase volatility.

**Home Upgrade, Remodeling, and Housing Sensitivity Risk.** Companies tied to home improvements, remodeling, home accessibility, and aging-in-place upgrades can be sensitive to interest rates, housing turnover, home prices, construction and contractor capacity, and the cost and availability of materials. A slowdown in housing activity or tighter financing conditions may reduce project volumes and spending on home upgrades.

**Digital Platform, Data Privacy, and Cybersecurity Risk.** To the extent portfolio companies rely on consumer apps, subscriptions, online marketplaces, or data-driven personalization, they may face risks relating to cybersecurity incidents, outages, data breaches, and evolving privacy and consumer-protection requirements. Compliance failures or breaches may lead to regulatory investigations, litigation, reputational harm, and increased costs.

**Senior Living and Aging-in-Place Services Risk.** Senior living providers and related service businesses may be exposed to occupancy variability, resident affordability, reputational events, litigation, and operational challenges such as staffing shortages and rising labor costs. These businesses may also be subject to licensing, inspection, and other regulatory requirements, and adverse regulatory or compliance developments could increase costs or limit operations.

**Regulatory and Product Classification Risk.** Supplements, functional products, diagnostics, and consumer health devices may be subject to evolving regulation, labeling rules, and advertising restrictions. Regulatory actions or changes in standards can increase compliance costs and require reformulation or redesign.

**Demographic and Spending Assumption Risk.** Longevity themes often assume sustained demand growth tied to aging populations and wellness spending. If consumer budgets tighten, spending priorities shift, or adoption of new consumer health services slows, the theme may underperform expectations.

**Capitalization Risk.** 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.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the longevity consumer industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Mag 7 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Mag 7 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Mag 7 ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.20% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.20% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $20 | $66<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Mag 7 ETF (the "Underlying ETF"). For purposes of the Fund's name, "Mag 7" refers to 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"), as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to the Magnificent Seven companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF obtains economic exposure to the Magnificent Seven Companies through a combination of direct investment in common stock and total return swap agreements. For each Magnificent Seven Company, the Underlying ETF generally allocates its target market capitalization-weighted exposure between direct equity and swap agreements such that the combined position equals the company's target weight, in order to comply with the diversification requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code. The Adviser also considers factors such as relative cost efficiency and execution quality, available liquidity in the underlying securities, the Underlying ETF's cash position and collateral requirements, portfolio rebalancing needs, and counterparty credit quality and the availability of acceptable swap terms in determining the specific allocation between common stock and derivatives for each position. As of the date of this Prospectus, the Magnificent Seven Companies are: Apple Inc. (NASDAQ: AAPL) smartphones, personal computers, tablets, wearables, and related services; Microsoft Corporation (NASDAQ: MSFT) software, cloud computing (Azure), and enterprise solutions; Amazon.com, Inc. (NASDAQ: AMZN) online retail, cloud computing (AWS), and digital advertising; Alphabet Inc. (NASDAQ: GOOGL) internet platforms, Google Search, YouTube, and Google Cloud; NVIDIA Corporation (NASDAQ: NVDA) GPUs, data center accelerators, and AI hardware; Meta Platforms, Inc. (NASDAQ: META) social media platforms and virtual/augmented reality; and Tesla, Inc. (NASDAQ: TSLA) electric vehicles and energy generation and storage systems. Each Magnificent Seven Company files periodic reports with the SEC, which are publicly available at www.sec.gov.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Mega Capitalization Growth and Valuation Sensitivity Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to mega capitalization companies whose share prices may reflect high expectations for future revenue growth, margin expansion, and sustained innovation leadership. If growth slows, operating costs increase, competitive dynamics change, or market sentiment shifts, these companies' valuations may decline sharply. Mega capitalization technology-oriented companies may also be particularly sensitive to changes in interest rates, inflation expectations, and overall risk appetite, which can lead to significant drawdowns even when underlying business fundamentals remain relatively strong. These valuation sensitivities may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Technology Platform, Ecosystem, and Competitive Disruption Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies that rely on large-scale technology platforms and ecosystems spanning hardware, software, cloud services, digital advertising, e-commerce, and subscription-based businesses. Changes to platform policies, shifts in consumer or enterprise behavior, increased competition from emerging technologies, loss of distribution advantages, or disruption from new AI-first or alternative products may reduce user engagement, monetization, or market share for issuers held by the Underlying ETF. Rapid innovation cycles may also require sustained investment that pressures margins and increases execution risk. These factors may negatively affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Regulatory, Antitrust, and Political Scrutiny Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to heightened regulatory and political scrutiny affecting Magnificent Seven companies in areas such as antitrust enforcement, digital advertising practices, app store policies, content moderation, consumer protection, labor practices, and cross-border data flows. Investigations, enforcement actions, fines, mandated changes to business practices, structural remedies, or limitations on acquisitions may reduce profitability or constrain growth for issuers held by the Underlying ETF. Differences in regulatory regimes across jurisdictions may further increase compliance costs and operational complexity. These regulatory and political risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Data Privacy, Cybersecurity, and Trust Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to companies that process large volumes of sensitive personal or enterprise data and operate mission-critical digital infrastructure. Cybersecurity incidents, data breaches, system outages, or failures in privacy controls may result in regulatory penalties, litigation, remediation expenses, reputational harm, and customer attrition for issuers held by the Underlying ETF. Increased spending on security, compliance, and risk management may also reduce margins. These risks may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**AI and Compute Cycle Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies with significant involvement in artificial intelligence adoption and related data center, semiconductor, and compute infrastructure investment cycles. Demand for GPUs, cloud capacity, and AI-enabled services may be cyclical and sensitive to enterprise budgets, model performance, competitive dynamics, and customer adoption rates. Overinvestment, supply constraints, export controls, changes in AI architectures, or increased availability of open-source alternatives may pressure revenue growth, margins, or capital efficiency for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF's daily performance and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Supply Chain, Manufacturing, and Hardware Execution Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies that depend on complex global supply chains for semiconductors, components, and contract manufacturing. Disruptions caused by capacity constraints, quality issues, geopolitical events, trade policy changes, or reliance on a limited number of critical suppliers or manufacturing partners may delay product launches, increase costs, or reduce product availability for issuers held by the Underlying ETF. Such execution challenges may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed primarily to mega capitalization companies. Such companies may be less able to sustain high growth rates over time and may be more exposed to broad industry, regulatory, or macroeconomic headwinds due to their size and market influence. Their significant representation in market indices, passive investment products, and derivative markets may also contribute to crowded positioning and increased volatility during periods of market stress, which can cause sharp price movements or relative underperformance. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the Magnificent Seven companies (concentrated in technology and technology-enabled industries). This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Natural Gas Power & Turbines 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Natural Gas Power & Turbines 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Natural Gas Power & Turbines ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Natural Gas Power & Turbines ETF ("Underlying ETF"). For purposes of the Fund's name, " Natural Gas Power & Turbines" refers to equity exposure to companies materially involved in the development, manufacturing, deployment, and servicing of natural gas based power generation and enabling infrastructure used to provide reliable electricity, grid stability, and flexible generation, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF. For the avoidance of doubt, the Fund does not obtain commodity-related exposure through derivatives tied to commodities; the Fund's derivative instruments are linked solely to equity securities and equity-based reference assets.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to natural gas power and turbine companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Utility Spending, Project Timing, and Backlog Risk.** Through its exposure to the Corgi Natural Gas Power & Turbines ETF and related reference assets, the Fund is indirectly exposed to companies whose revenues and earnings depend on capital spending decisions by utilities and independent power producers, including expectations for electricity demand, permitting and interconnection timelines, and the scheduling of large, complex power generation projects. Delays, cancellations, financing constraints, or changes in procurement plans may reduce order intake, delay backlog conversion, or adversely affect revenues and profitability for equipment manufacturers and service providers held by the Underlying ETF, which could negatively affect the Underlying ETF's performance. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse impacts from these factors may be magnified in the Fund's NAV, particularly over periods of daily reset and compounding.

**Data Center and Power-Intensive Computing Load Growth Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to issuers whose business prospects may be influenced by expectations for electricity load growth from data centers and other power-intensive computing infrastructure, including AI-related workloads. Such expectations may prove inaccurate due to permitting constraints, interconnection delays, local opposition, changes in technology that reduce energy intensity, higher power prices, cooling or water availability issues, financing conditions, or shifts in the geographic location of data center development. If projected load growth does not materialize as anticipated, demand for new gas-fired generation capacity, upgrades, and related equipment and services may be lower than expected, which could adversely affect the performance of the Underlying ETF. Because the Fund seeks leveraged daily exposure, any negative effects on the Underlying ETF's performance may be amplified in the Fund's NAV due to the Fund's daily reset and compounding.

**Natural Gas Price and Fuel Supply Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly affected by fluctuations in natural gas prices and fuel availability, which influence the economics of gas-fired power generation. Natural gas prices can be volatile due to weather patterns, storage levels, infrastructure constraints, and global supply and demand dynamics. Higher, unstable, or unpredictable fuel costs may reduce plant dispatch, delay new power generation projects, or pressure margins for plant operators and equipment suppliers held by the Underlying ETF, which may negatively impact the Underlying ETF's performance. Because the Fund seeks to provide two times the daily performance of the Underlying ETF, such adverse effects may be magnified in the Fund's NAV as a result of leverage and daily compounding.

**Decarbonization Policy and Energy Transition Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is subject to risks associated with changes in climate-related policies, emissions regulations, carbon pricing mechanisms, and energy transition initiatives that may affect the long-term role of natural gas-fired power generation. Accelerated adoption of alternative generation technologies, more restrictive environmental policies, or shifts in investor or customer preferences may reduce investment in gas-fired power plants and related equipment and services, potentially adversely affecting issuers held by the Underlying ETF. Because the Fund seeks leveraged daily exposure to the Underlying ETF, any resulting decline in the Underlying ETF's performance may have a greater adverse impact on the Fund's NAV due to leverage and the effects of daily reset.

**Regulatory, Permitting, and Environmental Compliance Risk.** The Fund's exposure to the Underlying ETF and other reference assets subjects it to regulatory and permitting risks affecting natural gas-fired power generation, including air emissions standards, greenhouse gas requirements, monitoring and reporting obligations, and siting and environmental review processes. Changes in regulations, permitting delays, litigation, or the need for additional controls or retrofits may increase costs, delay projects, reduce utilization, or limit the development and operation of gas-fired generation assets held by issuers in the Underlying ETF, which could negatively affect the Underlying ETF's performance. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, these adverse impacts may be magnified in the Fund's NAV.

**Equipment Reliability, Warranty, and Service Execution Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to risks associated with the design, manufacture, operation, and servicing of gas turbines and related power generation equipment. Such assets are complex and subject to performance requirements, and failures, forced outages, or service execution issues may result in warranty claims, penalties, cost overruns, scheduling delays, or reputational harm for issuers held by the Underlying ETF. These factors could adversely affect the financial performance of such issuers and, in turn, the performance of the Underlying ETF. Because the Fund seeks leveraged daily exposure, any resulting declines in the Underlying ETF's value may be magnified in the Fund's NAV due to leverage and daily compounding.

**Supply Chain and Long Lead-Time Manufacturing Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is subject to risks arising from supply chain constraints and long manufacturing lead times associated with gas turbines and related power generation equipment. Specialized components, skilled labor requirements, and complex logistics may be affected by capacity constraints, quality issues, shortages of critical parts, supplier disruptions, or transportation delays. These factors may extend delivery schedules, increase costs, or impair the ability of manufacturers and service providers held by the Underlying ETF to meet contractual obligations, which could negatively impact the Underlying ETF's performance. Because the Fund seeks two times the daily performance of the Underlying ETF, such adverse effects may be magnified in the Fund's NAV.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies of varying market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have more limited financial resources, narrower product offerings, or greater dependence on specific customers, projects, or suppliers. Large-capitalization companies may be less able to sustain high growth rates or may be more exposed to broad industry or regulatory headwinds due to their scale, which could cause them to underperform in certain market conditions. These capitalization-related factors may adversely affect the performance of the Underlying ETF and, because the Fund seeks leveraged daily exposure, may result in amplified volatility and losses in the Fund's NAV due to leverage and daily reset.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the natural gas power and turbines industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi NYC Based 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi NYC Based 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi NYC Based ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi NYC Based ETF ("Underlying ETF"). For purposes of the Fund's name, "NYC Based" refers to equity exposure to companies materially involved in the business activities of companies that are headquartered in, or maintain substantial operations in, New York City, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to companies headquartered in or with substantial operations in New York City equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Regional Concentration and Local Economic Risk.** Through its exposure to the Corgi NYC Based ETF and other reference assets, the Fund is indirectly 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 Underlying ETF and, in turn, the Underlying ETF's daily performance. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse impacts from regional economic conditions may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Financial Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly 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 Underlying ETF, which could negatively affect the Underlying ETF's daily investment results. Because the Fund seeks leveraged daily exposure, these adverse effects may be amplified in the Fund's NAV as a result of leverage and daily compounding.

**Regulatory and Tax Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, 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 Underlying ETF. Such developments may adversely affect the performance of the Underlying ETF and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may result in amplified declines in the Fund's NAV due to leverage and daily reset.

**Geographic Classification Risk.** Through its exposure to the Underlying ETF and other reference assets, 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 Underlying ETF's holdings. These factors may affect the Underlying ETF's ability to maintain exposure consistent with its investment theme and may increase portfolio turnover, which could negatively affect the Underlying ETF's daily performance and, due to the Fund's leveraged daily exposure, may be magnified in the Fund's NAV.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies of varying market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have more limited financial resources, narrower product offerings, or greater sensitivity to specific customers, projects, or suppliers. Large-capitalization companies may be less able to sustain high growth rates or may be more exposed to broad economic or industry-wide headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's performance and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and daily compounding.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in New York City focused companies or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Ports, Rail & Freight 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Ports, Rail & Freight 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Ports, Rail & Freight ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Ports, Rail & Freight ETF ("Underlying ETF"). For purposes of the Fund's name, "Ports, Rail & Freight" refers to equity exposure to companies materially involved in the ownership, operation, and enablement of freight transportation and logistics infrastructure used to move goods across domestic and international supply chains, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to ports, rail, and freight companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Trade and Economic Cyclicality Risk.** Through its exposure to the Corgi Ports, Rail & Freight ETF and other reference assets, the Fund is indirectly exposed to companies whose revenues and operating results depend on freight volumes that are sensitive to industrial production, consumer demand, inventory cycles, and global trade conditions. Economic slowdowns, reduced imports or exports, shifts in sourcing patterns, or changes in supply chain dynamics may reduce freight volumes or pricing, which could pressure margins for carriers, port operators, railroads, and related infrastructure companies held by the Underlying ETF and adversely affect the Underlying ETF's daily investment results. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, negative impacts from economic or trade-related cyclicality may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Fuel and Energy Price Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to freight transportation and logistics companies whose operating costs and demand levels may be sensitive to changes in fuel and energy prices, including diesel, jet fuel, bunker fuel, natural gas, and electricity. Rapid or sustained increases in energy costs may compress margins, particularly where fuel surcharges lag cost changes or cannot be fully passed through to customers, and may reduce demand for transportation services among issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may result in amplified declines in the Fund's NAV due to leverage and daily compounding.

**Trade Policy, Tariffs, and Geopolitical Disruption Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly affected by changes in trade policy, tariffs, sanctions, export controls, and geopolitical events that can influence freight volumes, routes, and pricing. Such developments may reduce cross-border trade flows, disrupt shipping lanes and port activity, alter sourcing patterns, or increase compliance and operating costs for freight and logistics companies held by the Underlying ETF, which could negatively affect the Underlying ETF's daily investment results. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse effects from trade policy or geopolitical disruptions may be magnified in the Fund's NAV as a result of leverage and daily reset.

**Ocean Freight and Air Cargo Market Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies operating in ocean shipping and air cargo markets, which may experience significant volatility in freight rates, capacity availability, and demand. Rates and volumes may be affected by supply chain disruptions, port congestion, changes in vessel or aircraft capacity, route adjustments, fuel costs, or disruptions to major trade lanes or air corridors. Many ocean and air cargo operators have high fixed costs and operating leverage, which can amplify the impact of volume declines or pricing pressure on profitability for issuers held by the Underlying ETF, potentially adversely affecting the Underlying ETF's daily performance. Because the Fund seeks leveraged daily exposure, such adverse impacts may be magnified in the Fund's NAV due to leverage and daily compounding.

**Labor, Capacity, and Disruption Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to risks affecting ports, rail networks, trucking operations, and related logistics infrastructure, including labor negotiations, strikes, staffing shortages, congestion, and other operational disruptions. Such events may reduce throughput, increase operating costs, delay shipments, or lead to service failures that harm profitability and customer relationships for companies held by the Underlying ETF. These disruptions may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may result in amplified declines in the Fund's NAV due to leverage and daily reset.

**Regulatory, Safety, and Environmental Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to freight infrastructure companies that are subject to safety regulations, emissions standards, environmental permitting requirements, and related enforcement actions. New or more stringent regulations, changes in enforcement practices, or compliance obligations may increase costs, require significant capital investments, constrain operations, or limit expansion for issuers held by the Underlying ETF, which could adversely affect the Underlying ETF's daily performance. Because the Fund seeks leveraged daily exposure, these adverse regulatory or compliance-related effects may be magnified in the Fund's NAV due to leverage and daily compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies of various market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower business lines, or greater sensitivity to specific customers, contracts, or suppliers. Large-capitalization companies may be less able to sustain high growth rates or may be more exposed to broad industry headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and daily compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the ports, rail, and freight industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Quantum Computing 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Quantum Computing 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Quantum Computing ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Quantum Computing ETF ("Underlying ETF"). For purposes of the Fund's name, "Quantum Computing" refers to equity exposure to companies materially involved in the research, development, manufacturing, and commercialization of quantum computing and quantum-enabled technologies, along with security solutions designed to protect data and communications against future quantum capabilities, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to quantum computing companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Commercialization Timeline and Technical Uncertainty Risk.** Through its exposure to the Corgi Quantum Computing ETF and other reference assets, the Fund is indirectly exposed to companies engaged in the development of quantum computing technologies that may face long and uncertain commercialization timelines, unresolved technical challenges, and difficulty achieving practical or scalable performance advantages. Such companies may incur substantial research and development expenses over extended periods without generating commercially viable products or meaningful revenues, which can contribute to heightened volatility or underperformance of issuers held by the Underlying ETF. These factors may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, adverse impacts may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**High Research Spending and Capital Needs Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to quantum computing-focused companies that often require sustained and significant investment in research, specialized hardware, facilities, and highly skilled personnel. If funding conditions deteriorate or capital markets become less accessible, such companies may be required to raise capital on unfavorable terms, reduce or reprioritize development efforts, or delay commercialization plans, which could adversely affect their valuations and the performance of the Underlying ETF. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, negative effects related to capital constraints or increased financing risk may be magnified in the Fund's NAV due to leverage and daily compounding.

**Standards, Migration, and Adoption Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to risks related to the adoption of quantum and post-quantum technologies, including dependence on evolving technical standards, customer migration timelines, budget constraints, and overall technology readiness. Enterprises and government entities may delay upgrades, defer spending, adopt alternative technologies, or select competing or incompatible standards, which could reduce demand for certain products or services offered by companies held by the Underlying ETF. Such developments may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in amplified declines in the Fund's NAV due to leverage and daily reset.

**Rapid Technological Change and Competition Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies operating in industries characterized by rapid technological change, evolving architectures, and intense competition. Products or services developed by companies held by the Underlying ETF may become obsolete, fail to meet expected performance benchmarks, or be displaced by competing quantum approaches, alternative computing paradigms, new security solutions, or emerging standards. Competitive pressures, interoperability requirements, and the pace of innovation may reduce margins, limit market share, or require continued high levels of investment, which could negatively affect the performance of the Underlying ETF. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, these adverse competitive or technological effects may be magnified in the Fund's NAV due to leverage and daily compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have more limited financial resources, narrower product offerings, or greater sensitivity to individual development programs, customers, or funding sources. Large-capitalization companies may experience slower growth or be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the quantum computing and post-quantum security industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Robots & Humanoids 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Robots & Humanoids 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Robots & Humanoids ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Robots & Humanoids ETF ("Underlying ETF"). For purposes of the Fund's name, "Robots & Humanoids" refers to equity exposure to companies materially involved in the development, manufacturing, deployment, and operation of robotics and embodied AI systems that automate physical tasks across industrial, logistics, healthcare, consumer, agriculture, and service environments, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to robotics and humanoid companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Adoption, Integration, and Return on Investment Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies that develop, manufacture, or deploy robotic and humanoid systems whose adoption may depend on complex customer integration efforts, process redesign, and significant upfront capital investment. Customers may delay or reduce purchases if implementation challenges arise, expected productivity or cost savings are not realized, or economic conditions constrain capital spending, which could reduce demand for robotics products and services offered by issuers held by the Underlying ETF. Such factors may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse impacts may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Safety, Reliability, and Liability Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to risks associated with the operation of robots and autonomous or semi-autonomous systems, which may cause injury, property damage, or operational disruption if they malfunction or behave unpredictably. Accidents, product defects, recalls, regulatory investigations, or enforcement actions may increase costs, reduce customer confidence or adoption, and result in litigation or reputational harm for companies held by the Underlying ETF. These events may negatively affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may result in amplified declines in the Fund's NAV due to leverage and daily compounding.

**Component Supply and Manufacturing Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to companies whose robotics systems rely on specialized components, advanced sensors, semiconductors, actuators, and manufacturing capacity. Supply constraints, quality issues, production bottlenecks, or increases in the cost of key inputs may delay deliveries, reduce margins, or limit the ability of issuers held by the Underlying ETF to scale production and meet customer demand. Such supply chain and manufacturing challenges may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily reset.

**Regulatory and Government Policy Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to risks arising from evolving laws, regulations, and government policies affecting robotics, autonomous systems, drones, and artificial intelligence technologies. These may include safety and certification standards, labor and workplace rules, data protection requirements, government procurement policies, and restrictions on the development, use, or export of advanced technologies. Regulatory changes, increased enforcement, or government actions may raise compliance costs, limit addressable markets, delay deployments, or reduce demand for certain products or services offered by companies held by the Underlying ETF, which could adversely affect the Underlying ETF's daily performance. Because the Fund seeks leveraged daily exposure, these adverse regulatory or policy-related effects may be magnified in the Fund's NAV due to leverage and the effects of daily compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower product offerings, or greater sensitivity to individual contracts, customers, or suppliers. Large-capitalization companies may face slower growth or be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the robotics and embodied AI industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Shipping & Global Logistics 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Shipping & Global Logistics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Shipping & Global Logistics ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Shipping & Global Logistics ETF ("Underlying ETF"). For purposes of the Fund's name, "Shipping & Global Logistics" refers to equity exposure to companies materially involved in the ownership, operation, and enablement of global shipping and logistics networks that transport goods across oceans, ports, and multimodal routes, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to shipping and global logistics companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Freight Rate and Capacity Volatility Risk.** Through its exposure to the Corgi Shipping & Global Logistics ETF and other reference assets, the Fund is indirectly exposed to ocean shipping carriers and related logistics service providers whose revenues and profitability may be affected by volatility in freight rates and vessel capacity. Ocean freight pricing can fluctuate significantly due to changes in global demand, capacity additions or removals, fleet utilization levels, and operational or supply chain disruptions. Sudden or sustained declines in freight rates may materially reduce earnings for companies held by the Underlying ETF, which could adversely affect the Underlying ETF's daily investment results. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse effects from freight rate or capacity volatility may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Global Trade and Demand Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies whose demand for shipping and logistics services is closely tied to international trade flows and overall economic activity. Changes in global economic growth, consumer spending, inventory cycles, manufacturing activity, trade disputes, tariffs, sanctions, reshoring initiatives, or broader supply chain reconfiguration may reduce shipping volumes and logistics demand, adversely affecting the revenues and profitability of issuers held by the Underlying ETF. These factors may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in amplified declines in the Fund's NAV due to leverage and daily compounding.

**Maritime Casualty and Environmental Liability Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to risks inherent in shipping and marine operations, including collisions, groundings, fires, mechanical failures, cargo loss, and environmental incidents such as spills. Such events may result in significant repair and remediation costs, environmental liabilities, business interruptions, increased insurance premiums, regulatory penalties, and reputational harm for companies held by the Underlying ETF. These outcomes may adversely affect the Underlying ETF's daily performance and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily reset.

**Geopolitical and Route Disruption Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to geopolitical events and operational disruptions that may affect global shipping routes and schedules. Conflicts, sanctions, piracy, canal restrictions, port congestion, or other disruptions may require vessels to be re-routed, which can increase fuel consumption and operating costs, reduce effective capacity, and raise insurance or security expenses for shipping companies held by the Underlying ETF. These disruptions may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in amplified impacts on the Fund's NAV due to leverage and daily compounding.

**Environmental Regulation and Fleet Compliance Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to shipping companies subject to evolving environmental regulations, including emissions standards and requirements related to fuel usage, vessel efficiency, and fleet upgrades. Compliance with new or more stringent regulations may require significant capital investment, increase operating costs, or create uncertainty regarding future fuel technologies, which may result in stranded asset risk for vessels or equipment held by issuers in the Underlying ETF. These regulatory and compliance challenges may adversely affect the Underlying ETF's daily performance and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily reset.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies of varying market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower service offerings, or greater sensitivity to individual customers, contracts, or market conditions. Large-capitalization companies may experience slower growth or may be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the global shipping and logistics industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Sports Betting & Gambling 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Sports Betting & Gambling 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Sports Betting & Gambling ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Sports Betting & Gambling ETF ("Underlying ETF"). For purposes of the Fund's name, "Sports Betting & Gambling" refers to equity exposure to companies materially involved in the operation and enablement of sports betting and broader gambling markets across online and retail channels, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to sports betting and gambling companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Regulatory and Legalization Risk.** Through its exposure to the Corgi Sports Betting & Gambling ETF and other reference assets, the Fund is indirectly exposed to companies whose operations depend on jurisdiction-specific laws and regulations governing sports betting, casino gaming, and related activities. Regulatory frameworks may change with respect to licensing requirements, tax rates and fees, advertising and promotional practices, consumer protection and responsible gaming obligations, data and integrity standards, and the types of wagering or gaming products that are permitted. Slower legalization or expansion of sports betting, iGaming, or other regulated gambling formats, more restrictive regulation, heightened enforcement, or increased tax burdens may reduce growth opportunities, raise compliance costs, and pressure the revenues and profitability of issuers held by the Underlying ETF, which could adversely affect the Underlying ETF's daily investment results. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, these adverse regulatory impacts may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Customer Acquisition Cost and Competitive Pressure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to a highly competitive sports betting and gambling industry in which companies often rely on marketing, promotions, and incentives to acquire and retain customers. Increased promotional intensity, rising customer acquisition costs, or aggressive pricing strategies may compress margins and reduce profitability for issuers held by the Underlying ETF, particularly for smaller or less well-capitalized operators that may be unable to compete effectively with larger rivals. These competitive pressures may negatively affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may result in amplified declines in the Fund's NAV due to leverage and daily compounding.

**Technology, Cybersecurity, and Service Disruption Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to companies that rely heavily on online platforms, software systems, third-party data feeds, and payment and verification technologies to accept wagers, manage risk, process transactions, and comply with regulatory requirements. Cybersecurity incidents, fraud, outages, software defects, or disruptions affecting data integrity, geolocation, identity verification, or payment processing may impair operations, lead to regulatory scrutiny or liability, increase costs, and reduce user engagement for companies held by the Underlying ETF. Such events may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily reset.

**Responsible Gaming, Litigation, and Reputation Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to risks related to responsible gaming practices, advertising standards, and the integrity of betting and gaming activities. Heightened public, regulatory, or political scrutiny, adverse events, or perceived failures in consumer protection may lead to stricter regulations, fines, litigation, or reputational damage for companies held by the Underlying ETF. These developments may reduce consumer participation, increase compliance and legal costs, and negatively affect revenues and profitability, which could adversely affect the Underlying ETF's daily performance. Because the Fund seeks leveraged daily exposure, such adverse impacts may be magnified in the Fund's NAV due to leverage and the effects of daily compounding.

**Consumer Discretionary Spending and Economic Sensitivity Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to companies whose demand for sports betting, casino gaming, and related entertainment may be sensitive to economic conditions, interest rates, inflation, and levels of consumer discretionary spending. During periods of economic slowdown, reduced consumer confidence, or higher household expenses, wagering and gaming activity may decline, which could adversely affect the revenues and profitability of issuers held by the Underlying ETF. These economic sensitivities may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily reset.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies of various market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower product offerings, or greater sensitivity to individual regulatory regimes, customers, or promotional strategies. Large-capitalization companies may be less able to sustain high growth rates or may be more exposed to broad industry or regulatory headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the sports betting and gambling industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Travel & Leisure 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Travel & Leisure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Travel & Leisure ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Travel & Leisure ETF ("Underlying ETF"). For purposes of the Fund's name, "Travel & Leisure" refers to equity exposure to companies materially involved in the products, services, and platforms that enable consumer travel and leisure spending across leisure and business travel categories, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to travel and leisure companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Travel Demand Cyclicality Risk.** Through its exposure to the Corgi Travel & Leisure ETF and other reference assets, the Fund is indirectly exposed to companies whose revenues and earnings depend on levels of consumer and corporate travel spending. Travel and leisure demand may decline sharply during economic downturns, periods of reduced consumer confidence, higher interest rates, or reductions in corporate travel budgets. Many airlines, hotels, cruise operators, and other travel-related companies held by the Underlying ETF operate with high fixed cost structures, which can amplify earnings volatility when demand weakens, adversely affecting the Underlying ETF's daily investment results. Because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, adverse impacts from cyclical declines in travel demand may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Public Health and Safety Event Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to risks arising from public health and safety events, including pandemics, disease outbreaks, geopolitical instability, terrorism, extreme weather, and other events that may deter travel or disrupt travel operations. Such events may reduce travel demand, lead to capacity limitations, increase operating and insurance costs, or result in rapid changes to travel advisories, border controls, or entry requirements, which can impair planning and revenue for companies held by the Underlying ETF. These disruptions may negatively affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Fuel, Labor, and Operating Cost Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to travel and leisure companies that are sensitive to changes in fuel prices, labor availability and costs, and broader operating expenses. Increases in fuel, wages, or supply costs may reduce profitability for issuers held by the Underlying ETF, particularly in competitive environments or during periods of softer demand when pricing power is limited. These cost pressures may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may result in amplified declines in the Fund's NAV due to leverage and daily reset.

**Cruise and Tour Operator Industry Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to cruise lines and tour operators that may be particularly sensitive to public health and safety concerns, extreme weather, fuel costs, itinerary disruptions, port access restrictions, environmental regulations, and reputational events. These companies often have high fixed costs, significant capital expenditure requirements, and substantial leverage, which can amplify earnings volatility and negatively affect the value of their securities held by the Underlying ETF. Such factors may adversely affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Seasonality and Discretionary Spending Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to travel and leisure companies that experience seasonal demand patterns and rely heavily on discretionary consumer spending. Changes in holiday schedules, weather conditions, travel preferences, or broader economic conditions may result in uneven revenue and cash flow, particularly during off-peak periods, which could pressure margins for issuers held by the Underlying ETF. These seasonal and discretionary spending risks may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower service offerings, or greater sensitivity to individual customers, routes, or destinations. Large-capitalization companies may face slower growth or may be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the travel and leisure industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi U.S. War Machine 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi U.S. War Machine 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi U.S. War Machine ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi U.S. War Machine ETF ("Underlying ETF"). For purposes of the Fund's name, "U.S. War Machine" refers to equity exposure to U.S. companies materially involved in the development, manufacturing, provision, and operation of products, services, and infrastructure that may benefit from periods of heightened geopolitical conflict, increased defense and national security spending, and U.S. energy security, including oil and gas production, infrastructure, and services that the Adviser believes are integral to the U.S. defense industrial base and national security posture, including select private investments accessed through special purpose vehicles. Any such private investments fall within, and are not in addition to, the Underlying ETF's 15% illiquid investment limit as permitted by the Fund, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to U.S. defense, energy security, and related companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Conflict and Spending Cycle Risk.** Through its exposure to the Corgi U.S. War Machine ETF and other reference assets, the Fund is indirectly exposed to companies whose revenues and valuations may be influenced by geopolitical conditions and the level, timing, and composition of U.S. and allied defense and security spending. Increased conflict, military activity, or heightened geopolitical tensions may increase demand for certain defense, security, or energy-related goods and services, while de-escalation, ceasefires, changes in threat assessments, or shifts in procurement priorities may reduce demand, backlog visibility, or expected growth for issuers held by the Underlying ETF. These dynamics may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, such adverse impacts may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Government Contract and Program Concentration Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to defense- and security-oriented companies that may rely on a limited number of government customers, contract awards, and large, multi-year programs. Budget negotiations, appropriations delays, procurement timing changes, program restructurings or cancellations, contract disputes, performance shortfalls, or changes in payment schedules may create revenue volatility, margin pressure, or working capital strain for issuers held by the Underlying ETF. These factors may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Export Controls, Sanctions, and Defense Industry Regulation Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to companies subject to extensive regulation and oversight, including export controls, licensing regimes, sanctions, and restrictions on sales to certain countries, entities, or end users. Changes in laws, regulations, international agreements, or enforcement priorities may limit an issuer's ability to sell products or services, delay deliveries, increase compliance costs, or result in penalties or reputational harm. Such regulatory developments may adversely affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Cybersecurity and Information Security Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies involved in secure communications, intelligence, surveillance, sensing, mission-critical software, cybersecurity, and other defense- and security-related technologies that may face heightened cybersecurity and information security risks. Cyber incidents, data breaches, supply chain compromises, system failures, or unauthorized access may disrupt operations, lead to liability, result in the loss or suspension of contracts, increase remediation and compliance costs, or cause reputational damage for issuers held by the Underlying ETF. These events may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may result in amplified declines in the Fund's NAV due to leverage and daily compounding.

**Oil and Gas Price and Margin Volatility Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to oil and gas companies whose financial performance may be sensitive to changes in commodity prices, supply disruptions, production decisions, refining and transportation margins, inventory levels, and geopolitical developments. Periods of declining energy prices, narrowing margins, or reduced investment activity may adversely affect cash flows and profitability for issuers held by the Underlying ETF, while operational, regulatory, or environmental incidents may increase costs and liabilities. These factors may negatively affect the Underlying ETF's daily performance and, because the Fund seeks leveraged daily exposure, may be magnified in the Fund's NAV due to leverage and daily reset and compounding.

**Energy Transition and Environmental Regulation Risk.** The Fund, through its exposure to the Underlying ETF and other reference assets, is indirectly exposed to oil and gas companies that may be affected by environmental and climate-related regulation, emissions limits, permitting requirements, litigation, and shifts in consumer, governmental, or investor preferences. These factors may increase compliance costs, restrict operations, reduce demand for fossil fuels, or result in stranded assets for issuers held by the Underlying ETF. Such developments may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have fewer financial resources, narrower product offerings, or greater sensitivity to individual contracts, programs, or customers. Large-capitalization companies may experience slower growth or be more exposed to broad industry, regulatory, or geopolitical headwinds due to their scale, which can cause them to underperform in certain market conditions. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**SPV and Private Investment Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund may be indirectly exposed to special purpose vehicles, which may be less transparent, more thinly traded, and more volatile than operating companies. These structures may involve conflicts of interest, additional fees, dilution from sponsor incentives or warrants, pressure to complete acquisitions within specified timeframes, valuation uncertainty, and limitations on liquidity or transfers, any of which may increase losses or make it difficult for the Underlying ETF to exit positions at favorable prices. Such risks may negatively affect the Underlying ETF's daily investment results and, because the Fund seeks daily investment results equal to twice the daily performance of the Underlying ETF, may be magnified in the Fund's NAV due to leverage and daily compounding.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the defense and aerospace industries and oil and gas industries or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Buy Now Pay Later 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Buy Now Pay Later 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Buy Now Pay Later ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Buy Now Pay Later ETF ("Underlying ETF"). For purposes of the Fund's name, "Buy Now Pay Later " refers to equity exposure to companies materially involved in the platforms and enabling infrastructure that support installment payments, point of sale financing, and alternative consumer credit solutions offered at checkout and through digital wallets, including select private investments accessed through special purpose vehicles. Any such private investments fall within, and are not in addition to, the Underlying ETF's 15% illiquid investment limit, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to buy now pay later companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Credit Loss and Underwriting Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that buy now, pay later ("BNPL") and installment credit models are subject to consumer default risk, fraud, and underwriting errors. To the extent the Underlying ETF invests in buy now, pay later ("BNPL") providers, point-of-sale financing platforms, or related service companies, higher delinquencies, charge-offs, or fraud losses may increase loss provisions, reduce profitability, and pressure capital and liquidity metrics. Deterioration in credit performance may also lead issuers to tighten underwriting standards, reduce approved volume, or curtail certain products or merchant categories, which can slow growth and reduce revenues for companies held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Competition and Margin Pressure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to competitive dynamics in the buy now, pay later ("BNPL") and point-of-sale financing industry. To the extent the Underlying ETF invests in issuers in this ecosystem, pricing pressure, promotional subsidies, and shifts in merchant economics may reduce take rates and compress margins. Increased competition from banks, card networks, fintechs, and large technology platforms may raise customer and merchant acquisition costs, increase incentives paid to merchants or users, and accelerate product displacement, which can adversely affect the revenues and profitability of issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Funding, Interest Rate, and Liquidity Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that many buy now, pay later ("BNPL") models depend on external funding. To the extent the Underlying ETF invests in issuers that rely on capital markets, bank partnerships, warehouse facilities, or securitizations to fund receivables, rising interest rates, widening credit spreads, rating or collateral constraints, or reduced market liquidity may increase funding costs and reduce the availability of financing. Higher funding costs or reduced access to funding can compress unit economics, limit originations, and increase refinancing risk for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Bank Partnership and Counterparty Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks arising from reliance on third-party partners. To the extent the Underlying ETF invests in buy now, pay later ("BNPL") and point-of-sale financing companies that depend on bank partners, payment processors, payment networks, program managers, or other counterparties to originate, fund, process, or settle transactions, termination, non-renewal, or adverse changes in the terms of these relationships may disrupt operations, increase costs, reduce product availability, or impair growth. Counterparty financial distress, operational failures, cybersecurity incidents, or compliance issues may also lead to delays in settlement, higher chargebacks, losses, or regulatory scrutiny for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Regulatory and Consumer Protection Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to evolving regulation of installment credit and consumer financial products. To the extent the Underlying ETF invests in buy now, pay later ("BNPL") providers or related financial services companies, changes in consumer protection, disclosure, fair lending, and underwriting rules, as well as enforcement actions or litigation, may increase compliance costs, restrict fees or product terms, require changes to marketing or underwriting practices, or limit product offerings and customer eligibility. Regulatory developments may also affect bank partnership structures or licensing requirements, which can disrupt business models or reduce profitability for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the buy now pay later industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Space & Satellite Communications 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Space & Satellite Communications 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Space & Satellite Communications ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Space & Satellite Communications ETF ("Underlying ETF"). For purposes of the Fund's name, "Space & Satellite Communications " refers to equity exposure to companies materially involved in the development, deployment, and operation of space-based systems and satellite communications infrastructure used for connectivity, sensing, navigation, and data services, including select private investments accessed through special purpose vehicles. Any such private investments fall within, and are not in addition to, the Underlying ETF's 15% illiquid investment limit, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to space and satellite communications companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Launch, Deployment, and Mission Failure Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting space systems, including launch failure, satellite deployment anomalies, and on-orbit malfunction. To the extent the Underlying ETF invests in satellite operators, launch providers, space manufacturers, or enabling component and service companies, a single mission failure or material anomaly may result in significant losses, service interruptions, contractual penalties, higher insurance costs, delayed revenue recognition, and reduced customer confidence. Such events may also trigger additional scrutiny of designs, manufacturing processes, or launch cadence, which can increase costs and reduce expected growth for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Capital Intensity and Long Payback Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that many space-related businesses require large upfront investment with long development and revenue cycles. To the extent the Underlying ETF invests in issuers developing satellites, launch systems, ground infrastructure, or space-enabled services, delays in manufacturing, launch schedules, integration, or customer adoption may impair project returns, increase costs, and require additional financing. Long payback periods may heighten sensitivity to changes in capital markets, interest rates, or investor risk appetite, which can increase refinancing risk and pressure valuations for issuers held by the Underlying ETF. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Spectrum, Licensing, and Regulatory Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that satellite communications and related services depend on spectrum rights, international coordination, licensing, and compliance with space and telecommunications rules. To the extent the Underlying ETF invests in issuers reliant on spectrum access and regulatory approvals, changes in regulation, interference disputes, adverse licensing outcomes, failure to meet regulatory milestones, or loss, limitation, or non-renewal of licenses may restrict operations, delay deployments, increase compliance costs, or reduce expected revenues. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Space Environment and Debris Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks associated with the space environment and increasing orbital congestion. To the extent the Underlying ETF invests in satellite operators or other space-based businesses, radiation, solar activity, and debris may damage assets, degrade performance, or shorten useful life. Collisions or close-approach events involving space debris or other satellites can result in service interruptions, loss of spacecraft, higher operating and insurance costs, and increased regulatory scrutiny. Requirements related to collision avoidance, maneuvering, tracking, and end-of-life disposal may increase operating costs or limit operational flexibility for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Government Customer, Policy, and Budget Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that certain issuers held by the Underlying ETF have significant exposure to government customers or are affected by government policy decisions. Government budgets, procurement priorities, contract awards, renewal timing, security requirements, and changes in regulatory or policy frameworks may reduce demand, delay revenue recognition, or increase compliance costs for companies held by the Underlying ETF. In addition, government contracting may involve bid protests, contract renegotiations, performance disputes, audits, investigations, or other oversight actions that can increase costs or limit eligibility for future awards. These factors may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may 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. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the space and satellite communications industry or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi IP Licensing & Royalties 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi IP Licensing & Royalties 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi IP Licensing & Royalties ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi IP Licensing & Royalties ETF ("Underlying ETF"). For purposes of the Fund's name, "IP Licensing & Royalties" refers to equity exposure to companies that derive material revenue from intellectual property ("IP") licensing, royalty streams, franchise royalties, or other IP-based monetization arrangements, including patent licensing and royalty collection; technology licensing (including standards-essential patent licensing); software licensing; content and media licensing and royalties (including music, film, television, and publishing royalties); brand, trademark, and character licensing; franchise royalties and fees; and pharmaceutical or life sciences royalty streams, as represented by the Underlying ETF. A company will not qualify for the Underlying ETF's 80% basket solely on the basis of owning IP assets without current, demonstrable licensing, royalty, or franchising revenue or a dedicated, disclosed monetization program. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to intellectual property licensing and royalties companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Intellectual Property Monetization Strategy Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that companies held by the Underlying ETF depend in part on the creation, protection, and monetization of intellectual property ("IP"). To the extent the Underlying ETF invests in issuers with material IP-driven revenue streams or valuations, the market value of those issuers may be sensitive to technology shifts, legal outcomes, competitive dynamics, and changes in the market's willingness to pay for IP. IP-related business models can be affected by shifts in negotiating leverage, customer demand for licensed rights, platform policy changes, and enforcement outcomes, which may cause the Underlying ETF to underperform other equity funds and may adversely affect the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**IP Revenue Variability, Contract Concentration, and Collection Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that IP-related revenues may be less predictable than product sales. To the extent the Underlying ETF invests in issuers that generate licensing fees, royalties, or other IP-based income, period-to-period results may be affected by the timing of contract renewals, new licensing agreements, audits, true-ups, litigation outcomes, or one-time settlements. Certain issuers may rely on a limited number of large licensees, distribution partners, platforms, or franchise counterparties, which can increase exposure to counterparty concentration. Underreporting, delayed payments, disagreements over calculations, chargebacks, counterparty financial distress, or bankruptcy of a significant licensee or distributor may reduce collections, increase costs, and pressure cash flows for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**IP Litigation, Enforcement, and Regulatory or Antitrust Scrutiny Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to litigation and regulatory risks associated with IP monetization. To the extent the Underlying ETF invests in issuers that license or assert IP rights, those issuers may be involved in litigation, arbitration, or administrative proceedings regarding infringement, validity, enforceability, ownership, or contract interpretation. These matters are costly, time-consuming, and uncertain and may result in adverse judgments, injunctions, reduced royalty rates, unfavorable settlements, or reputational harm. IP licensing practices, platform policies, and certain monetization arrangements may also be subject to competition laws and other regulatory regimes, and investigations, enforcement actions, or reforms affecting damages, injunction standards, licensing practices, or platform and distribution rules could increase compliance costs or reduce monetization opportunities for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Patent and Technology Relevance Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that the value of patent portfolios may decline over time. To the extent the Underlying ETF invests in issuers with material patent assets, patents may expire, be challenged or invalidated, or become less relevant to new technologies, standards, and product architectures. IP monetization may also be sensitive to changes in technology standards and platform economics, such as transitions between wireless generations, new device architectures, codecs, or distribution platforms. If an issuer's IP becomes less important to prevailing standards or platforms, licensing demand, negotiation leverage, and royalty rates may decline, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Content, Brand, Intangible Asset, and Cross-Border Enforcement Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting issuers whose IP is primarily content, characters, brands, or trademarks. To the extent the Underlying ETF invests in such issuers, monetization may depend on consumer preferences, cultural trends, release execution, advertising demand, and distribution economics, and underperformance of key releases, unfavorable changes in platform or distributor terms, piracy, or brand dilution may reduce revenues and profitability. The value of acquired IP, content libraries, trademarks, and other intangible assets can be difficult to assess and may be written down if expected cash flows decline, which may negatively affect valuations of issuers held by the Underlying ETF. In addition, IP rights and remedies vary by jurisdiction, and changes in foreign laws, court practices, trade restrictions, sanctions, or geopolitical developments may reduce the effectiveness of IP protection or limit the ability to monetize IP globally. These factors may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. To the extent the Underlying ETF invests in small- and mid-capitalization companies, those issuers may be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single product line, customer, or supplier. To the extent the Underlying ETF invests in large-capitalization companies, those issuers 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. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in industries and business models materially driven by IP licensing, royalty streams, standards-essential technologies, brand and trademark monetization, content and franchise economics, and other IP-related revenue models. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Drones & Urban Air Mobility 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Drones & Urban Air Mobility 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Drones & Urban Air Mobility ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Drones & Urban Air Mobility ETF ("Underlying ETF"). For purposes of the Fund's name, "Drones & Urban Air Mobility" refers to equity exposure to companies materially involved in drones and unmanned aircraft systems ("UAS") and urban air mobility and advanced air mobility ("UAM/AAM") technologies and services that the Adviser believes are positioned to benefit from the adoption of aerial robotics and next-generation aviation across commercial, industrial, public safety, and government and defense end markets, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to drone and urban air mobility companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Drone and Urban Air Mobility Industry and Technology Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies in the drones, unmanned aircraft systems ("UAS"), and urban air mobility and advanced air mobility ("UAM/AAM") ecosystem. To the extent the Underlying ETF invests in issuers with material exposure to these technologies and end markets, those companies may be affected by rapid technological change, evolving end-user adoption, intense competition, and the need for continued investment in research and development. The Underlying ETF's holdings may also be exposed to the risk that drone, autonomy, sensing, communications, or battery technologies become outdated, are displaced by new solutions, or fail to perform as intended in real-world conditions, which can reduce demand, increase costs, and pressure margins. These factors may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Regulatory, Airspace Integration, and Data/Privacy Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to regulatory risks affecting drone and UAM/AAM operations. To the extent the Underlying ETF invests in issuers that develop, manufacture, operate, or enable drone and UAM/AAM systems, their businesses may depend on complex and evolving laws, regulations, and approvals governing airspace access, safety, flight operations (including beyond visual line of sight ("BVLOS") permissions and operations in controlled airspace), remote identification, privacy, and data usage. Regulatory delays, restrictive rules, changing interpretations, or shifts in enforcement may limit growth, restrict use cases, increase compliance costs, or delay commercialization for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Certification, Safety, Reliability, and Systems Integrity Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that UAM/AAM and certain drone applications may require aircraft certification, operational approvals, and demonstrated safety and reliability. To the extent the Underlying ETF invests in issuers developing aircraft, autonomy stacks, navigation, or related systems, accidents, battery incidents, software failures, navigation errors, jamming or spoofing, or perceived safety issues may result in litigation, reputational harm, product redesigns or recalls, higher insurance costs, regulatory actions, or reduced demand. Safety events or systems integrity failures may also delay certification timelines, constrain operations, and increase the cost of compliance for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Counter-Unmanned Aircraft Systems, Government/Defense Demand, Supply Chain, and Geopolitical Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies that provide counter-unmanned aircraft systems ("counter-UAS"), surveillance, or public safety technologies, as well as issuers with government or defense-adjacent demand. To the extent the Underlying ETF invests in such issuers, they may be subject to political and regulatory scrutiny, restrictions on use, procurement delays, litigation, and reputational risks related to privacy, civil liberties, or law enforcement practices. Revenue and growth may also be affected by government budget cycles, contract delays, shifting procurement priorities, export controls, and heightened regulatory oversight. In addition, these businesses often rely on specialized components and global supply chains, including semiconductors, sensors, batteries, and certain critical inputs, and shortages, quality issues, sanctions, trade restrictions, or other geopolitical developments may increase costs, delay deliveries, or limit product availability. These factors may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have more limited financial resources, narrower product offerings, or greater sensitivity to individual development programs, customers, or funding sources. Large-capitalization companies may experience slower growth or be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the drones and UAM/AAM industries or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Lithography & Semiconductor Photonics 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Lithography & Semiconductor Photonics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Lithography & Semiconductor Photonics ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

---

(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Lithography & Semiconductor Photonics ETF ("Underlying ETF"). For purposes of the Fund's name, "Lithography & Semiconductor Photonics" refers to equity exposure to companies materially involved in the development, deployment, and operation of photonics and light-based technologies, including extreme ultraviolet ("EUV") lithography and related semiconductor manufacturing and inspection tools, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to lithography and semiconductor photonics companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Lithography & Semiconductor Photonics Companies Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies involved in extreme ultraviolet ("EUV") lithography and photonics. To the extent the Underlying ETF invests in issuers that develop, manufacture, or supply EUV and photonics equipment, components, or enabling technologies, those companies may be particularly sensitive to rapid technological change, high research and development costs, and intense competition. Shifts in technology roadmaps, changes in customer requirements, or product displacement may require sustained investment and can lead to significant volatility in the stock prices of issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Semiconductor Industry and Capital Spending Cycle Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risk that a significant portion of the EUV and photonics ecosystem depends on semiconductor industry demand and capital expenditures. To the extent the Underlying ETF invests in wafer-fabrication equipment suppliers, optical component manufacturers, or related service providers, reductions in wafer-fab equipment spending, slower end-market demand, inventory corrections, or changes in foundry utilization may reduce orders, increase price pressure, and compress margins. Given the high fixed costs and operating leverage of many equipment and component companies, downturns in semiconductor capital spending can lead to outsized declines in earnings and valuations for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Customer and Supply Chain Concentration Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks arising from concentrated customer and supplier relationships common in EUV and photonics markets. To the extent the Underlying ETF invests in issuers that depend on a limited number of customers, suppliers, or specialized component manufacturers, revenues and operating results may be materially affected by order timing, long qualification cycles, customer project delays, changes in procurement plans, or production constraints at key counterparties. Disruptions, quality issues, or capacity limitations at a small number of specialized suppliers may delay deliveries, increase costs, or constrain shipments, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Export Controls and Geopolitical Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that EUV lithography, advanced semiconductors, and related photonics technologies may be subject to export controls, sanctions, and other trade restrictions. To the extent the Underlying ETF invests in issuers with international sales, changes in government policy, evolving licensing requirements, or heightened geopolitical tensions may restrict sales, limit end-market access, delay shipments, require product redesign or localization, disrupt supply chains, or increase compliance and legal costs. Such developments may adversely affect revenues and profitability for issuers held by the Underlying ETF and therefore the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Technology, Manufacturing, and Execution Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that EUV and photonics products require highly precise manufacturing, complex integration, and long development and qualification cycles. To the extent the Underlying ETF invests in issuers that design or manufacture these products, defects, delays, yield challenges, reliability issues, or failures to meet performance requirements may lead to delayed customer acceptances, lost business, warranty and rework costs, reputational harm, and reduced profitability. Execution challenges in scaling production, meeting delivery schedules, or supporting installed systems may also increase costs and reduce margins for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is indirectly exposed to companies across a range of market capitalizations. Small- and mid-capitalization companies held by the Underlying ETF may be more volatile and less liquid, and may have more limited financial resources, narrower product offerings, or greater sensitivity to individual development programs, customers, or funding sources. Large-capitalization companies may experience slower growth or be more exposed to broad industry or macroeconomic headwinds due to their scale, which can cause them to underperform in certain market environments. These capitalization-related risks may adversely affect the Underlying ETF's daily investment results and, because the Fund seeks leveraged daily exposure, may result in magnified volatility and losses in the Fund's NAV due to leverage and the effects of daily reset and compounding.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the EUV and photonics industries or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser, each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Digital Banking & Fintech Infrastructure ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

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| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

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| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

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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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of Corgi Digital Banking & Fintech Infrastructure ETF ("Underlying ETF"). For purposes of the Fund's name, "Digital Banking & Fintech Infrastructure" refers to equity exposure to companies materially involved in the development, deployment, and operation of digital banking and fintech infrastructure, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to digital banking and fintech infrastructure companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to the common stock of companies that are materially involved in the Fund's thematic focus. For these purposes, a company will be considered "materially involved" if, at the time of investment and as determined by the Adviser, it 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, based on publicly available financial data.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Digital Banking & Fintech Infrastructure Companies Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting companies in the digital banking and fintech infrastructure ecosystem. To the extent the Underlying ETF invests in issuers that provide digital-first banking platforms, payments and money movement services, card issuing and processing, core banking and banking-as-a-service ("BaaS") infrastructure, or related software and analytics, those companies may be particularly sensitive to rapid technological change, shifting customer preferences, and competitive pressures from banks, card networks, and large technology firms. Market valuations for these issuers may also be highly sensitive to changes in growth expectations, unit economics, and funding conditions, which can contribute to heightened volatility in the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified in the Fund's net asset value.

**Regulatory and Compliance Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that digital banking and fintech activities are subject to extensive regulation and oversight. To the extent the Underlying ETF invests in issuers engaged in payments, lending, money transmission, consumer financial products, or financial infrastructure, those companies may be subject to evolving consumer protection, disclosure, licensing, privacy, and financial crime compliance requirements, including anti-money laundering ("AML"), know-your-customer ("KYC"), sanctions screening, and fraud monitoring obligations. Regulatory changes, increased supervision, heightened examination intensity, or enforcement actions may require changes to business practices, restrict product features or fees, increase compliance and legal costs, or limit growth and profitability for issuers held by the Underlying ETF. These developments may adversely affect the Underlying ETF and, in turn, the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Bank Partnership and Banking-as-a-Service ("BaaS") Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks arising from reliance on sponsor banks and other regulated partners. To the extent the Underlying ETF invests in fintech issuers that depend on bank partners to originate loans, hold deposits, issue cards, or access payment rails, changes to, disruptions of, or termination or non-renewal of these relationships may materially harm a company's business. Partner bank risk controls, regulatory expectations, consent orders, operational constraints, or changes in program terms may reduce product availability, slow onboarding, increase costs, or require restructuring of programs, which may adversely affect issuers held by the Underlying ETF, the Underlying ETF's performance, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Credit and Funding Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting fintech business models that involve lending, credit, or financing. To the extent the Underlying ETF invests in issuers exposed to consumer or small business credit, borrower defaults, fraud, underwriting errors, and adverse economic conditions may increase losses, reduce profitability, and lead to tighter underwriting standards that slow growth. Many such models also rely on bank facilities, warehouse lines, securitizations, or other funding sources, and higher interest rates, wider credit spreads, rating or collateral constraints, or reduced market liquidity may increase funding costs, constrain originations, and compress unit economics. These developments may adversely affect issuers held by the Underlying ETF, the Underlying ETF, and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Cybersecurity, Data Privacy, and Fraud Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks that digital financial services involve sensitive customer and transaction data and are frequent targets for cyberattacks, account takeover, scams, and other fraud. To the extent the Underlying ETF invests in issuers that store, process, or transmit financial data, security incidents, system outages, privacy compliance failures, or elevated fraud losses may cause operational disruption, customer losses, and reputational harm, and may result in litigation, remediation costs, and regulatory penalties. Increased fraud or security events may also raise loss rates, impair growth, and increase compliance spending for issuers held by the Underlying ETF, which may adversely affect the Underlying ETF and the Fund. Because the Fund seeks leveraged exposure, adverse impacts may be magnified.

**Capitalization Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to the risks associated with the market capitalizations of companies held by the Underlying ETF. If the Underlying ETF holds small- and mid-capitalization companies, those issuers may 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. If the Underlying ETF holds large-capitalization companies, those issuers may be less able to sustain high growth rates and may be more exposed to broad industry headwinds due to their scale, which can cause them to lag during periods when smaller competitors outperform. These factors may negatively affect the Underlying ETF and, in turn, the Fund, and any resulting declines may be magnified because the Fund seeks leveraged exposure.

**Foreign Securities and Closed Market Risk.** Through its exposure to the Underlying ETF, the Fund is indirectly exposed to risks associated with investments in non-U.S. companies, 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 Underlying ETF's 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 contribute to differences between the market price of the Fund's shares and the Fund's NAV.

**Concentration Risk.** The Fund, as an independent fundamental policy, will concentrate its investments (i.e., invest more than 25% of its net assets) in the digital banking & fintech industries or related industries. This concentration policy does not depend on or derive from the Underlying ETF's concentration policy. 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. Because the Fund seeks leveraged (2x) daily exposure, adverse developments affecting concentrated industries may have a magnified effect on the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

FUND SUMMARY - Corgi AGIX 2x Daily ETF

Important information about the Fund.

On a day when the Underlying ETF rises, the Fund is designed to gain roughly twice as much as the Underlying ETF. On a day when the Underlying ETF falls, the Fund is designed to lose roughly twice as much as the Underlying ETF. Because the Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from 2x the Underlying ETF return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day-to-day Underlying ETF moves,

- the volatility and path of Underlying ETF returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Underlying ETF tend to reduce the Fund's return relative to 2x of the Underlying ETF over time, while strong, steadier trends may result in returns that are closer to, or occasionally greater than, 2x for the same period. The Fund expects to use derivatives, such as swaps and futures, and other instruments to obtain its leveraged exposure. The Fund may be suitable only for investors who understand the consequences of daily leverage and who intend to actively monitor and manage their investment. The Fund (i) presents different risks from other funds; (ii) the Fund has greater risks than funds that do not use leverage; and (iii) the Fund may only be suitable for knowledgeable investors who understand how the Fund operates.

Investment Objective

The Corgi AGIX 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares Artificial Intelligence & Technology ETF (the "Underlying ETF"). The Fund does not seek to achieve its stated investment objective over a period of time greater than one trading day. The Fund, the Trust, and the Adviser are not affiliated with KraneShares, the Underlying ETF, any index tracked by the Underlying ETF, or any of their respective affiliates.

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 fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.** 

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

---

| | |
|:---|:---|
| Management Fee | 0.45% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| Total Annual Fund Operating Expenses | 0.45% |

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(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 designed to help you compare shareholder costs across funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $45 | $148<br>|

---

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 Fund is an actively managed exchange-traded fund that, under ordinary market conditions, seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares Artificial Intelligence & Technology ETF ("Underlying ETF"). For purposes of the Fund's name, "AGIX" refers to equity exposure to companies involved in the development, commercialization, and use of artificial intelligence and related technologies, as represented by the Underlying ETF. The Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the Underlying ETF for the same period.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, primarily through total return swap agreements with major financial institutions, whereby the Fund and the swap counterparty agree to exchange the return on a notional amount linked to the Underlying ETF or a basket of its constituents, calculated on a daily basis, to provide leveraged exposure equal to approximately 200% of the Fund's net assets. The Fund may also obtain leveraged exposure through exchange-traded equity futures contracts and exchange-traded options contracts, including standardized call and put options. The Fund will generally rebalance its exposure each trading day in order to seek to maintain approximately two times (2x) the daily performance of the Underlying ETF.

In connection with its derivative positions, the Fund will maintain cash and cash equivalents, such as U.S. Treasury bills and repurchase agreements, for collateral, liquidity, and portfolio management.

Under normal circumstances, the Fund will invest at least 80% of the value of its net assets, plus any borrowings for investment purposes, in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to artificial intelligence and related technology companies equal to approximately two times (200%) the daily performance of such investments. The Fund currently obtains this exposure through instruments linked to the Underlying ETF. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Underlying ETF seeks to provide exposure to companies involved in artificial intelligence and related technologies. The Underlying ETF generally invests in securities designed to track the performance, before fees and expenses, of the Solactive Etna Artificial General Intelligence Index (the "Underlying Index"), which is composed of companies classified within the technology economy that derive a significant portion of their revenue from technology activities and exhibit measurable exposure to artificial intelligence. These companies may include, among others, software, semiconductor, data processing services, and information technology services companies. The Underlying ETF also may invest in securities of private companies with exposure to artificial intelligence businesses that are not included in the Underlying Index. Such private company investments may include equity interests acquired through negotiated transactions, private placements, or interests in special purpose vehicles. The Underlying ETF's allocation to private company securities is subject to the Fund's 15% limitation on illiquid investments and is expected to represent a small portion of the Underlying ETF's portfolio. Private company securities are generally valued using fair value methodologies determined by the Adviser in accordance with procedures approved by the Board. Because the Fund obtains leveraged exposure to the Underlying ETF through derivatives, the Fund does not directly hold private company securities, but the Fund's NAV may be affected by changes in the valuation of such securities within the Underlying ETF's portfolio. The Fund does not concentrate its investments in any industry or group of industries, except to the extent that the Underlying ETF's portfolio concentrates in a particular industry or group of industries. 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.

This Prospectus relates only to shares of the Fund offered hereby and does not relate to shares of the KraneShares Artificial Intelligence & Technology ETF or any other securities of the KraneShares Artificial Intelligence & Technology ETF. Information about the KraneShares Artificial Intelligence & Technology ETF included in this Prospectus is based on the date of this Prospectus. The Underlying ETF's Index Provider and KraneShares are not affiliated with the Fund, the Trust, or the Adviser and are not involved in this offering. Investors should refer to the KraneShares Artificial Intelligence & Technology ETF's own prospectus and reports for more complete information about the KraneShares Artificial Intelligence & Technology ETF.

The Fund may enter into swap agreements with a limited number of counterparties. If the underlying security has a dramatic move in price that causes a material decline in the Fund's NAV over certain stated periods agreed to by the Fund and the counterparty, the terms of a swap agreement between a Fund and its counterparty may permit the counterparty to immediately close out all swap transactions with the Fund. There is a risk that no suitable counterparties will be willing to enter into, or continue to enter into, transactions with the Fund and, as a result, the Fund may not be able to achieve its leveraged investment objective or may decide to change its leveraged investment objective.

Principal Risks of Investing in the Fund

The principal risks are presented below in order of importance as determined by the Adviser, with the most significant risks appearing first. Each risk described below is considered a "principal risk" of investing in the Fund, regardless of its order. 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.

**Leverage Risk.** The Fund uses leverage to target approximately 2x the Underlying ETF's daily return. Losses are magnified relative to the Underlying ETF. If the Underlying ETF declines by around 50% during a trading day, the Fund could experience a near-total or total loss. The use of leverage increases volatility and the risk of rapid losses. Costs of obtaining and maintaining leverage, including financing charges embedded in derivatives, will reduce returns.

**Compounding and Daily Rebalancing Risk.** The Fund seeks 2x the Underlying ETF's return for a single day, measured from one NAV calculation to the next. Over periods longer than one day, the effects of daily compounding, the path of Underlying ETF returns, and Underlying ETF volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Underlying ETF return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Underlying ETF return for the period, and you could lose money even if the Underlying ETF is flat or rises over the holding period.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

---

Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Underlying ETF but may not achieve perfect leveraged correlation. Fees and expenses, transaction and financing costs, the use of derivatives, market disruptions, corporate actions, sampling, and limitations on rebalancing can all cause performance to deviate from the 2x Daily Objective.

**Derivatives Risk.** To the extent the Fund uses derivatives (e.g., total return swaps) to obtain exposure or for portfolio management, it is subject to counterparty, liquidity, valuation, leverage, and correlation risks. Derivatives can be more volatile than direct holdings and may increase exposure to certain market risks.

**Counterparty Risk.** The Fund expects to use swap agreements and other over-the-counter instruments with financial institutions. The Fund could lose money if a counterparty fails to perform its obligations. In stressed markets, a counterparty may have contractual rights to terminate or substantially amend transactions, which could impair the Fund's ability to maintain targeted exposure.

**Indirect Investment Risk.** The Fund gains exposure to an unaffiliated Underlying ETF that is not involved in this offering. The Fund has no control over the Underlying ETF and relies on publicly available information. Fund shareholders have no voting or distribution rights with respect to the Underlying ETF, and actions taken by the Underlying ETF could negatively affect the Fund's performance.

**Artificial Intelligence and Technology Sector Risk.** Through its exposure to the Underlying ETF and other reference assets, the Fund is exposed to risks affecting artificial intelligence and technology companies. These companies may be subject to rapid technological change, product obsolescence, cybersecurity risks, intellectual property disputes, high research and development costs, and evolving regulatory requirements. Because the Fund provides leveraged exposure, adverse developments affecting AI and technology companies may result in proportionally larger declines in the Fund's net asset value.

**Private Company and Privately-Issued Securities Risk.** The Underlying ETF may invest in securities of private companies and privately-issued securities that are not registered under the Securities Act and may be subject to resale restrictions. Such securities may be less liquid, more difficult to value, and subject to greater price volatility than publicly traded securities. Private companies may have limited operating histories, financial resources, and public information. Because the Fund provides leveraged exposure, losses associated with private company investments or privately-issued securities may be magnified.

**Market Volatility, Valuation, and Rebalancing Risk.** Securities held by the Underlying ETF, including technology and AI-related companies, may experience heightened volatility and may be difficult to value during periods of market stress. Valuation uncertainty may be greater for less liquid or privately-held securities. In addition, volatile or rapidly changing markets may increase the effects of daily compounding and rebalancing, causing the Fund's returns over periods longer than one day to differ materially from two times (2x) the performance of the Underlying ETF for the same period.

**AI Exposure Classification and Index Methodology Risk.** The Underlying ETF's investment exposure is determined by a proprietary index methodology that identifies and weights companies based on an assessment of their exposure to artificial intelligence using publicly available information, including business descriptions, regulatory filings, and other disclosures. This methodology may not accurately capture a company's actual or future involvement in artificial intelligence or the extent to which AI contributes to its revenues or growth prospects. In addition, classification decisions, changes to the methodology, data limitations, or delays in reflecting new information may affect the composition and performance of the Underlying ETF. Because the Fund provides leveraged exposure to the Underlying ETF, the impact of any such misclassification, methodology changes, or index construction risks may be magnified in the Fund's net asset value.

**Financing, Margin, and Interest Rate Risk.** The Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require the Fund to hold significant amounts of cash and short-term instruments. Changes in interest rates, margin requirements, or financing terms may increase the cost of maintaining leveraged positions or reduce the availability of leverage. Rising interest rates may increase the Fund's financing costs, reduce returns on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk.** As a non-diversified fund, the Fund may invest a larger portion of its assets in fewer issuers, counterparties, or underlying reference assets than a diversified fund. Losses in one or more issuers, counterparties, or reference assets may have a greater adverse effect on the Fund's performance than would be the case for a diversified fund. In addition, the Fund's exposure may be concentrated in the Underlying ETF or a small number of other reference assets, which may increase risk.

**ETF Trading, Premium/Discount and Authorized Participant Concentration Risk.** Shares of the Fund trade on an exchange at market prices, which may differ from the Fund's net asset value ("NAV"). Shares may trade at a premium or discount to NAV, and the market for the Fund's Shares may become less liquid in stressed market conditions. The Fund relies on a limited number of financial institutions to act as market makers and Authorized Participants ("APs") to create and redeem Shares. If market makers or APs reduce or cease their activities, bid-ask spreads and premiums or discounts may increase, and secondary-market liquidity may deteriorate.

**Cash Transactions, Tax Efficiency, Brokerage Commissions and Bid-Ask Spread Risk.** To the extent the Fund affects creations or redemptions in cash rather than in-kind, the Fund may need to purchase or sell portfolio securities and derivatives in connection with those transactions. This may cause the Fund to incur additional transaction costs, realize taxable gains, and reduce the Fund's tax efficiency relative to ETFs that rely more heavily on in-kind transfers. In addition, investors buying or selling Fund Shares in the secondary market will typically pay brokerage commissions and will bear costs associated with the bid-ask spread between the price at which a dealer is willing to buy Fund Shares and the price at which the dealer is willing to sell Fund Shares. These trading costs can be significant for some investors, particularly for investors who trade frequently or in smaller amounts.

**New Fund Risk.** The Fund is newly organized and has limited or no operating history. It may take time to attract assets and build secondary-market liquidity.

**New Adviser Risk.** 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.

**Limited Shareholder Rights Risk.** 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.

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 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 global equity 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.

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, each a Portfolio Manager for the Adviser; each of whom has served as 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 Cboe BZX Exchange, Inc. (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** 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.

**Financial Intermediary Compensation** If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Adviser and/or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

ADDITIONAL INFORMATION ABOUT THE FUNDS' INVESTMENTS

Corgi All World 2x Daily ETF

The Corgi All World 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total World Stock Index Fund ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Brazil 2x Daily ETF

The Corgi Brazil 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Brazil ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi China 2x Daily ETF

The Corgi China 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares China Large-Cap ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Chinese Internet 2x Daily ETF

The Corgi Chinese Internet 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares CSI China Internet ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Emerging Markets 2x Daily ETF

The Corgi Emerging Markets 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Emerging Markets ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Europe Equities 2x Daily ETF

The Corgi Europe Equities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard FTSE Europe ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Ex-U.S. Equities 2x Daily ETF

The Corgi Ex-U.S. Equities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total International Stock ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi India 2x Daily ETF

The Corgi India 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI India ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Large-Cap 2x Daily ETF

The Corgi U.S. Large-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard S&P 500 ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Mega-Cap Growth 2x Daily ETF

The Corgi U.S. Mega-Cap Growth 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mega Cap Growth ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Mid-Cap 2x Daily ETF

The Corgi U.S. Mid-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Mid-Cap ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Small-Cap 2x Daily ETF

The Corgi U.S. Small-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Small-Cap ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi South Korea 2x Daily ETF

The Corgi South Korea 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI South Korea ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Taiwan 2x Daily ETF

The Corgi Taiwan 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares MSCI Taiwan ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Total U.S. Market 2x Daily ETF

The Corgi Total U.S. Market 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Total Stock Market ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Biotech 2x Daily ETF

The Corgi U.S. Biotech 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the SPDR S&P Biotech ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Consumer Discretionary 2x Daily ETF

The Corgi U.S. Consumer Discretionary 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Consumer Discretionary Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Consumer Staples 2x Daily ETF

The Corgi U.S. Consumer Staples 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Consumer Staples Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Energy 2x Daily ETF

The Corgi U.S. Energy 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Energy Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Financials 2x Daily ETF

The Corgi U.S. Financials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Financial Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Growth 2x Daily ETF

The Corgi U.S. Growth 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Vanguard Growth ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Healthcare 2x Daily ETF

The Corgi U.S. Healthcare 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Health Care Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Industrials 2x Daily ETF

The Corgi U.S. Industrials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Industrial Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Infrastructure 2x Daily ETF

The Corgi U.S. Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Global X U.S. Infrastructure Development ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Materials 2x Daily ETF

The Corgi U.S. Materials 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Materials Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Micro-Cap 2x Daily ETF

The Corgi U.S. Micro-Cap 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the iShares Micro Cap ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Real Estate 2x Daily ETF

The Corgi U.S. Real Estate 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Real Estate Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Regional Banks 2x Daily ETF

The Corgi U.S. Regional Banks 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the SPDR S&P Regional Banking ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Semiconductors 2x Daily ETF

The Corgi U.S. Semiconductors 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the VanEck Semiconductor ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Technology 2x Daily ETF

The Corgi U.S. Technology 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Technology Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. Utilities 2x Daily ETF

The Corgi U.S. Utilities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Utilities Select Sector SPDR Fund (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi All Commodities 2x Daily ETF

The Corgi All Commodities 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Aerospace & Commercial Aviation 2x Daily ETF

The Corgi Aerospace & Commercial Aviation 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Aerospace & Commercial Aviation ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi AI Cybersecurity 2x Daily ETF

The Corgi AI Cybersecurity 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi AI Cybersecurity ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Battery Energy Storage Systems 2x Daily ETF

The Corgi Battery Energy Storage Systems 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Battery Energy Storage Systems ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Bay Area Based 2x Daily ETF

The Corgi Bay Area Based 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Bay Area Based ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Beauty, Skincare & Aesthetics 2x Daily ETF

The Corgi Beauty, Skincare & Aesthetics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Beauty, Skincare & Aesthetics ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Coffee & Energy Drinks 2x Daily ETF

The Corgi Coffee & Energy Drinks 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Coffee & Energy Drinks ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Crypto Infrastructure 2x Daily ETF

The Corgi Crypto Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Crypto Infrastructure ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Data & Surveillance 2x Daily ETF

The Corgi Data & Surveillance 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Data & Surveillance ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Genomics & Precision Medicine 2x Daily ETF

The Corgi Genomics & Precision Medicine 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Genomics & Precision Medicine ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi High Voltage Grid Equipment 2x Daily ETF

The Corgi High Voltage Grid Equipment 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi High Voltage Grid Equipment ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Lifestyle Brands 2x Daily ETF

The Corgi Lifestyle Brands 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Lifestyle Brands ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Longevity Consumer 2x Daily ETF

The Corgi Longevity Consumer 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Longevity Consumer ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Mag 7 2x Daily ETF

The Corgi Mag 7 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Mag 7 ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Natural Gas Power & Turbines 2x Daily ETF

The Corgi Natural Gas Power & Turbines 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Natural Gas Power & Turbines ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi NYC Based 2x Daily ETF

The Corgi NYC Based 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi NYC Based ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Ports, Rail & Freight 2x Daily ETF

The Corgi Ports, Rail & Freight 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Ports, Rail & Freight ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Quantum Computing 2x Daily ETF

The Corgi Quantum Computing 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Quantum Computing ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Robots & Humanoids 2x Daily ETF

The Corgi Robots & Humanoids 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Robots & Humanoids ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Shipping & Global Logistics 2x Daily ETF

The Corgi Shipping & Global Logistics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Shipping & Global Logistics ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Sports Betting & Gambling 2x Daily ETF

The Corgi Sports Betting & Gambling 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Sports Betting & Gambling ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Travel & Leisure 2x Daily ETF

The Corgi Travel & Leisure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Travel & Leisure ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi U.S. War Machine 2x Daily ETF

The Corgi U.S. War Machine 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi U.S. War Machine ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Buy Now Pay Later 2x Daily ETF

The Corgi Buy Now Pay Later 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Buy Now Pay Later ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Space & Satellite Communications 2x Daily ETF

The Corgi Space & Satellite Communications 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Space & Satellite Communications ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi IP Licensing & Royalties 2x Daily ETF

The Corgi IP Licensing & Royalties 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi IP Licensing & Royalties ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Drones & Urban Air Mobility 2x Daily ETF

The Corgi Drones & Urban Air Mobility 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Drones & Urban Air Mobility ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Lithography & Semiconductor Photonics 2x Daily ETF

The Corgi Lithography & Semiconductor Photonics 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Lithography & Semiconductor Photonics ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF

The Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the Corgi Digital Banking & Fintech Infrastructure ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

Corgi AGIX 2x Daily ETF

The Corgi AGIX 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of the KraneShares Artificial Intelligence & Technology ETF (the "Underlying ETF").

The Fund does not seek to achieve 2x the performance of the Underlying ETF for periods greater than a day. Over holding periods longer than a day, the effects of daily rebalancing and compounding can cause returns to differ, sometimes materially, from 2x the Underlying ETF return for the same period. During volatile or reversing markets, you may lose money even if the Underlying ETF is flat or rises over your holding period.

An investment objective is fundamental if it cannot be changed without the approval of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940). The Fund's investment objective is not fundamental and may be changed by the Board of Trustees (the "Board") of Corgi ETF Trust I (the "Trust") upon 60 days' prior written notice to shareholders.

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|:---|
| Corgi All World 2x Daily ETF |
| Corgi Brazil 2x Daily ETF |
| Corgi China 2x Daily ETF |
| Corgi Chinese Internet 2x Daily ETF |
| Corgi Emerging Markets 2x Daily ETF |
| Corgi Europe Equities 2x Daily ETF |
| Corgi Ex-U.S. Equities 2x Daily ETF |
| Corgi India 2x Daily ETF |
| Corgi U.S. Large-Cap 2x Daily ETF |
| Corgi U.S. Mega-Cap Growth 2x Daily ETF |
| Corgi U.S. Mid-Cap 2x Daily ETF |
| Corgi U.S. Small-Cap 2x Daily ETF |
| Corgi South Korea 2x Daily ETF |
| Corgi Taiwan 2x Daily ETF |
| Corgi Total U.S. Market 2x Daily ETF |
| Corgi U.S. Biotech 2x Daily ETF |
| Corgi U.S. Consumer Discretionary 2x Daily ETF |
| Corgi U.S. Consumer Staples 2x Daily ETF |
| Corgi U.S. Energy 2x Daily ETF |
| Corgi U.S. Financials 2x Daily ETF |
| Corgi U.S. Growth 2x Daily ETF |
| Corgi U.S. Healthcare 2x Daily ETF |
| Corgi U.S. Industrials 2x Daily ETF |
| Corgi U.S. Infrastructure 2x Daily ETF |
| Corgi U.S. Materials 2x Daily ETF |
| Corgi U.S. Micro-Cap 2x Daily ETF |
| Corgi U.S. Real Estate 2x Daily ETF |
| Corgi U.S. Regional Banks 2x Daily ETF |
| Corgi U.S. Semiconductors 2x Daily ETF |
| Corgi U.S. Technology 2x Daily ETF |
| Corgi U.S. Utilities 2x Daily ETF |
| Corgi All Commodities 2x Daily ETF |
| Corgi AGIX 2x Daily ETF |

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(each an "Unaffiliated Underlying Fund", Collectively the "Unaffiliated Underlying Funds");

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|:---|
| Fund |
| Corgi Aerospace & Commercial Aviation 2x Daily ETF<br>Corgi AI Cybersecurity 2x Daily ETF<br>Corgi Battery Energy Storage Systems 2x Daily ETF<br>Corgi Bay Area Based 2x Daily ETF<br>Corgi Beauty, Skincare & Aesthetics 2x Daily ETF<br>Corgi Coffee & Energy Drinks 2x Daily ETF<br>Corgi Crypto Infrastructure 2x Daily ETF<br>Corgi Data & Surveillance 2x Daily ETF<br>Corgi Genomics & Precision Medicine 2x Daily ETF<br>Corgi High Voltage Grid Equipment 2x Daily ETF<br>Corgi Lifestyle Brands 2x Daily ETF<br>Corgi Longevity Consumer 2x Daily ETF<br>Corgi Natural Gas Power & Turbines 2x Daily ETF<br>Corgi NYC Based 2x Daily ETF<br>Corgi Ports, Rail & Freight 2x Daily ETF<br>Corgi Quantum Computing 2x Daily ETF<br>Corgi Robots & Humanoids 2x Daily ETF<br>Corgi Shipping & Global Logistics 2x Daily ETF<br>Corgi Sports Betting & Gambling 2x Daily ETF<br>Corgi Travel & Leisure 2x Daily ETF<br>Corgi U.S. War Machine 2x Daily ETF<br>Corgi Buy Now Pay Later 2x Daily ETF<br>Corgi Space & Satellite Communications 2x Daily ETF<br>Corgi Mag 7 2x Daily ETF<br>Corgi IP Licensing & Royalties 2x Daily ETF<br>Corgi Drones & Urban Air Mobility 2x Daily ETF<br>Corgi Lithography & Semiconductor Photonics 2x Daily ETF <br>Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF  |

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(each an "Affiliated Underlying Fund", Collectively the "Affiliated Underlying Funds") (a "Fund" or the "Funds").

All Funds

The Funds are actively managed exchange-traded funds that seek daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of each Fund's respective underlying exchange-traded fund (each, an "Underlying ETF"). Each Fund seeks to achieve its objective on a single trading day basis only; returns for periods longer than one trading day will be the result of each day's returns compounded over the period and should not be expected to equal two times (2x) the cumulative performance of the applicable Underlying ETF for the same period. Each Fund does not seek to achieve its stated investment objective for any period other than a single day.

Under normal circumstances, each Fund will invest at least 80% of the value of its net assets (plus borrowings for investment purposes) in financial instruments that, in combination, provide leveraged exposure to the asset class, sector, theme, or market segment reflected in the Fund's name equal to approximately two times (200%) the daily performance of such investments. Each Fund currently obtains this exposure through instruments linked to its respective Underlying ETF. Each Fund expects to obtain this leveraged exposure primarily through the use of derivatives, such as swap agreements and futures contracts, and may use other instruments that the Adviser believes provide economic exposure similar to the applicable Underlying ETF. Each Fund may hold cash and cash equivalents, U.S. government securities, money market instruments, repurchase agreements, and other short-term, investment grade debt securities for collateral, liquidity and portfolio management purposes, including to meet margin requirements and to manage collateral for derivatives. For purposes of each Fund's 80% policy, the Adviser considers an investment to be "tied to" or "provide exposure to" the applicable Underlying ETF if the Adviser reasonably expects that, in combination, the Fund's positions will produce daily returns that are economically similar to approximately two times (2x) the daily performance of such Underlying ETF, before fees and expenses. Each Fund's 80% investment policy is a non-fundamental policy and may be changed upon 60 days' prior written notice to shareholders.

Because each Fund expects to obtain exposure primarily through derivatives and only incidentally through direct holdings of its Underlying ETF or other exchange-traded funds, none of the Funds is intended to operate as a "fund of funds." Each Fund expects to hold a significant portion of its assets in cash and short-term instruments to serve as collateral for its derivatives positions and to meet margin requirements. Each Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended. "Non-diversified" means that, relative to a diversified investment company, the Fund may invest a greater portion of its assets in the securities of a single issuer or a smaller number of issuers, which may make the Fund more susceptible to adverse developments affecting those issuers. Non-diversification is distinct from concentration: concentration relates to the Fund's exposure to a particular industry or group of industries, whereas non-diversification relates to the number of issuers in which the Fund may invest and the size of the Fund's positions in those issuers.

Each Fund is intended for investors who understand the risks associated with the use of leverage, derivatives and daily rebalancing and who plan to actively monitor and manage their investments; the Funds are not suitable for all investors and should be used only by those who fully understand the consequences of seeking daily leveraged investment results.

Daily Reset / Compounding / Monitoring Disclosure

Each Fund seeks daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of its respective Underlying ETF. Each Fund does not seek to achieve two times (2x) the performance of its Underlying ETF for any period other than a single day, measured from one NAV calculation to the next. Because each Fund resets its exposure each trading day, performance over periods longer than one day will reflect the effects of compounding and may differ, sometimes significantly, from two times (2x) the performance of the applicable Underlying ETF over the same period.

An investment in any Fund is not appropriate for all investors. Each Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2x) investment results, including the impact of compounding on Fund performance. Investors should actively manage and monitor their investments, as frequently as daily.

Each Fund expects to use derivatives (such as swap agreements and futures) and other instruments to obtain leveraged exposure and may hold cash and/or cash equivalents for liquidity, collateral, and portfolio management purposes.

**80% Policy and Daily 2x Exposure.** Under normal circumstances, each Fund invests at least 80% of the value of its net assets (plus borrowings for investment purposes) in financial instruments that, in combination, provide leveraged exposure to the asset class, sector, theme, or market segment reflected in the Fund's name equal to approximately two times (2x) the Underlying ETF's daily performance, as described under "Principal Investment Strategies" above. Each Fund has adopted this 80% investment policy in accordance with Rule 35d-1 under the Investment Company Act of 1940 (the "Names Rule"). For purposes of this policy, each Fund measures compliance using the notional value of its derivatives (adjusted as required) and other instruments that provide leveraged exposure to its Underlying ETF. If a Fund departs from this policy due to market movements, rebalancing activity, or other factors, the Fund will make future investments in a manner consistent with the policy and will seek to restore compliance as soon as reasonably practicable and, in any event, within 90 days after the Fund identifies that it is out of compliance; provided that, in extraordinary or other-than-normal circumstances, the Fund may temporarily depart from this policy and will seek to restore compliance as soon as reasonably practicable and, in any event, within 90 days measured from the time of the initial departure. Each Fund will provide shareholders with at least 60 days' prior written notice of any change to its 80% investment policy.

**Daily 2x Objective and Compounding.** Each Fund seeks to provide two times (2x) the daily performance of its Underlying ETF, before fees and expenses. No Fund seeks to, and no Fund should be expected to, provide two times (2x) the cumulative performance of its Underlying ETF for periods longer than a single day. Because each Fund rebalances its portfolio on a daily basis to maintain approximately two times (2x) exposure to its Underlying ETF, the Fund's performance for periods longer than one trading day will be the result of its return for each day compounded over the period. The impact of compounding can cause a Fund's performance over periods longer than a single day to differ significantly from two times (2x) the cumulative performance of the Fund's Underlying ETF for the same period, particularly when the Underlying ETF experiences significant volatility or when its daily returns fluctuate between positive and negative.

**Use of Derivatives and Leverage.** Each Fund obtains leveraged exposure primarily through derivatives, including total return swap agreements and futures contracts referencing its Underlying ETF or other instruments that the Adviser believes provide economic exposure similar to the applicable Underlying ETF. The notional amounts of these instruments are adjusted on a daily basis to maintain approximately two times (2x) the Fund's net assets in exposure to the Underlying ETF. Each Fund may also use options or other derivative instruments for hedging, rebalancing, or efficient portfolio management purposes. The use of derivatives allows a Fund to gain leveraged exposure without investing directly in the Underlying ETF and requires the Fund to hold a substantial portion of its assets in cash and short-term instruments to meet margin and collateral requirements.

**Portfolio Construction and Investment Instruments.** Each Fund primarily invests in derivatives and related instruments that provide leveraged exposure to its Underlying ETF and, to a lesser extent, holds cash and short-term instruments to support its derivatives positions. Each Fund may use centrally cleared and exchange-traded derivatives, as well as over-the-counter instruments, subject to applicable regulatory requirements and counterparty risk management. Each Fund may hold U.S. government securities, money market instruments, repurchase agreements, and other short-term investments as collateral for derivatives and to manage liquidity. Each Fund is non-diversified, meaning it may invest a relatively high percentage of its assets in a smaller number of counterparties, reference instruments, or positions than a diversified fund.

**Concentration Policy.** Each Affiliated Fund (i.e., a Fund whose Underlying ETF is also a series of the Trust managed by the Adviser) will concentrate its investments in the specific industry or group of industries identified below, as an independent fundamental policy of the Fund that does not depend on or derive from the Underlying ETF's concentration policy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Aerospace & Commercial Aviation 2x Daily ETF: the aerospace and commercial aviation industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi AI Cybersecurity 2x Daily ETF: the AI cybersecurity industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Battery Energy Storage Systems 2x Daily ETF: the battery energy storage systems industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Bay Area Based 2x Daily ETF: the San Francisco Bay Area focused companies or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Beauty, Skincare & Aesthetics 2x Daily ETF: the beauty, skincare, and aesthetics industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Buy Now Pay Later 2x Daily ETF: the buy now pay later industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Coffee & Energy Drinks 2x Daily ETF: the coffee and energy drink industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Crypto Infrastructure 2x Daily ETF: the crypto infrastructure industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Data & Surveillance 2x Daily ETF: the data and surveillance industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF: the digital banking & fintech industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Drones & Urban Air Mobility 2x Daily ETF: the drones and UAM/AAM industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Genomics & Precision Medicine 2x Daily ETF: the genomics and precision medicine industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi High Voltage Grid Equipment 2x Daily ETF: the high voltage grid equipment industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi IP Licensing & Royalties 2x Daily ETF: industries and business models materially driven by IP licensing, royalty streams, standards-essential technologies, brand and trademark monetization, content and franchise economics, and other IP-related revenue models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Lifestyle Brands 2x Daily ETF: the lifestyle brands industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Lithography & Semiconductor Photonics 2x Daily ETF: the EUV and photonics industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Longevity Consumer 2x Daily ETF: the longevity consumer industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Mag 7 2x Daily ETF: technology and technology-enabled industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Natural Gas Power & Turbines 2x Daily ETF: the natural gas power and turbines industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi NYC Based 2x Daily ETF: New York City focused companies or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Ports, Rail & Freight 2x Daily ETF: the ports, rail, and freight industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Quantum Computing 2x Daily ETF: the quantum computing and post-quantum security industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Robots & Humanoids 2x Daily ETF: the robotics and embodied AI industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Shipping & Global Logistics 2x Daily ETF: the global shipping and logistics industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Space & Satellite Communications 2x Daily ETF: the space and satellite communications industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Sports Betting & Gambling 2x Daily ETF: the sports betting and gambling industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Travel & Leisure 2x Daily ETF: the travel and leisure industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi U.S. War Machine 2x Daily ETF: the defense and aerospace industries and oil and gas industries or related industries

A change to an Affiliated Fund's concentration policy requires a vote of the holders of a majority of the Fund's outstanding shares, unless the concentration policy clearly indicates when and under what conditions any changes between concentration and non-concentration will be made.

Each Unaffiliated Fund (i.e., a Fund whose Underlying ETF is managed by an unaffiliated third party) does not concentrate its investments in any industry or group of industries, except to the extent that the applicable Underlying ETF's portfolio concentrates in a particular industry or group of industries. To the extent that an Underlying ETF's portfolio becomes concentrated in certain sectors, regions, or industries at any time, the applicable Fund may have indirect exposure to the risks associated with those sectors, regions, or industries.

**Material Involvement Determinations (Affiliated Funds).** For each Affiliated Fund (i.e., a Fund whose Underlying ETF is also a series of the Trust managed by the Adviser), the Underlying ETF's portfolio is constructed using the Adviser's material involvement framework. The Adviser considers a company "materially involved" in the Underlying ETF's investment theme if, at the time of investment, 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 Adviser maintains internal records documenting, for each portfolio company included in an Underlying ETF's 80% basket, the metric relied upon, the supporting evidence from publicly available sources, and the date of the most recent determination. For the Corgi Bay Area Based ETF and Corgi NYC Based ETF (i.e., the Underlying ETFs of the Corgi Bay Area Based 2x Daily ETF and Corgi NYC Based 2x Daily ETF, respectively), the Adviser determines material involvement based on geographic criteria — specifically, whether a company is headquartered in or maintains substantial operations in the applicable region — rather than the quantitative criteria described above. The Corgi Mag 7 ETF (i.e., the Underlying ETF of the Corgi Mag 7 2x Daily ETF) is not subject to material involvement determinations, as its 80% investment policy is defined by reference to seven specific named companies rather than theme-related activities. A company will not qualify for any Underlying ETF's 80% basket based on expected future activities that are not supported by current financial data.

**Derivatives and Securities Lending.** Each Fund expects to, and under normal circumstances will, invest significantly in derivatives as part of its principal investment strategy. Derivatives will be used to obtain leveraged exposure to the applicable Underlying ETF and the markets reflected in that Underlying ETF, manage portfolio exposures, and facilitate daily rebalancing. The Funds do not expect to engage in securities lending as part of their principal investment strategy.

Certain Funds (the "Affiliated Funds") invest in Underlying ETFs that are series of the Trust and are managed by the Adviser. For the Affiliated Funds, the Fund and its Underlying ETF share the same Trust and investment adviser and are affiliated funds within the meaning of the Investment Company Act of 1940. The remaining Funds invest in Underlying ETFs sponsored and managed by unaffiliated third parties. For those Funds, the Trust, the Adviser, and their affiliates are not affiliated with the Underlying ETF sponsor, the Underlying ETF, or any index tracked by the Underlying ETF. No unaffiliated Underlying ETF sponsor, Underlying ETF, or Underlying Index Provider sponsors, endorses, sells, or promotes any Fund.

Understanding the Funds' Daily Objective and Compounding

**What the Funds seek to do.** Each Fund seeks daily investment results, before fees and expenses, that correlate to 2x the daily performance of its respective Underlying ETF. No Fund seeks to, and no Fund should be expected to, provide 2x the return of its Underlying ETF for periods longer than a single trading day.

**What this means for holding periods longer than one day.** Each Fund resets its exposure each trading day to target approximately two times the daily move of its Underlying ETF. Over periods longer than one day, a Fund's return is the result of compounding its daily returns and will usually differ in amount, and may differ in direction, from 2x the return of the Fund's Underlying ETF for the same multi-day period.

**Why multi-day results differ from 2x.** Several factors contribute to this difference:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Compounding and daily rebalancing.** Gains or losses on one day change the base to which the next day's 2x move is applied. This mathematical effect causes outcomes over time that diverge from simply taking 2x of a multi-day Underlying ETF return. Each Fund has a single-day investment objective, and each Fund's performance for any other period is the result of its return for each day compounded over the period. The performance of a Fund for periods longer than a single day will very likely differ in amount, and possibly even direction, from 2x the performance of its Underlying ETF for the same period, before accounting for fees and expenses.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Underlying ETF volatility.** Higher day-to-day variability in an Underlying ETF generally increases the dispersion between a Fund's multi-day return and 2x the Underlying ETF's multi-day return. The effect tends to be more pronounced as volatility rises.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Underlying ETF trend.** When an Underlying ETF trends steadily in one direction with low volatility, a Fund's multi-day return may be closer to, or may exceed, 2x the Underlying ETF's multi-day return. In choppy or range-bound markets, a Fund's multi-day return will often be less than 2x.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financing costs and expenses.** The cost of maintaining derivatives or other forms of leveraged exposure, together with Fund expenses, reduces returns relative to 2x the Underlying ETF's performance.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends and corporate actions.** Differences between how dividends and corporate events affect an Underlying ETF versus a Fund's instruments and positions may also impact results.

**Important holding period note.** The Funds are intended for investors who plan to monitor and manage their positions, potentially as frequently as daily. It is possible to lose the entire amount invested in a single day.

**Illustration of daily compounding.** The table below shows a simple 5-day path. Each Fund achieves exactly 2x of each day's applicable Underlying ETF move before fees and expenses. Even so, the 5-day total return of a Fund does not equal 2x the 5-day total return of its Underlying ETF. This example is hypothetical and for illustration only. It assumes no dividends, no financing costs, and no Fund expenses. If those were included, a Fund's performance would be lower than shown.

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| | | | | |
|:---|:---|:---|:---|:---|
| Period | Underlying ETF Level | Underlying ETF Daily % | Fund Daily % | Fund NAV |
| Start | 100.00 | - | - | 100.00 |
| Day 1 | 102.00 | 2.0% | 4.0% | 104.00 |
| Day 2 | 100.78 | -1.2% | -2.4% | 101.50 |
| Day 3 | 104.30 | 3.5% | 7.0% | 108.61 |
| Day 4 | 101.38 | -2.8% | -5.6% | 102.53 |
| Day 5 | 103.00 | 1.6% | 3.2% | 105.81 |

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Across five days, the applicable Underlying ETF gained approximately 3.0%, while the Fund gained approximately 5.8%, which differs from 2 x 3.0% (about 6.0%).

Key takeaways for investors.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Fund seeks 2x the daily performance of its Underlying ETF for a single trading day, not for any other period.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over time, daily compounding, Underlying ETF volatility, financing costs, and expenses will cause a Fund's returns to deviate from 2x the Underlying ETF's multi-day return.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If an Underlying ETF is flat over a period, a Fund will likely lose value due to daily rebalancing effects, financing costs, and expenses.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors should actively monitor positions and consider whether frequent rebalancing is appropriate in light of their goals, risk tolerance, and tax considerations.

See the Statement of Additional Information (SAI) for further discussion of leveraged exposure, derivatives usage, and related risks. The SAI is incorporated by reference into this Prospectus.

Principal Risks of Investing in the Funds

The principal risks of investing in the Funds are listed below. Each risk summarized below is regarded as a "principal risk" of investing in at least one Fund, regardless of the order in which it appears. Investing involves risk, including the possible loss of principal. Any of the risks described can adversely affect a Fund's NAV, market price, income, or total return. Some or all of these risks may adversely affect a Fund's NAV per share price, yield, total return, and/or a Fund's ability to achieve its objective.

The risks below could negatively affect the value of your investment in the Funds. Because each Fund seeks to deliver 2x the daily performance of its respective Underlying ETF before fees and expenses, the Funds are subject to additional risks associated with leverage, daily rebalancing, compounding, derivatives, and financing costs.

**Leverage Risk (Applicable to all Funds).** By design, each Fund uses leverage to target 2x the daily performance of its Underlying ETF. Leverage magnifies both gains and losses. As a result, small changes in an Underlying ETF may produce larger changes in a Fund's NAV, and losses may be substantial. Leverage also increases the sensitivity of each Fund to financing costs, market volatility, and liquidity conditions. In adverse market conditions, a Fund may be required to reduce exposure rapidly or may be unable to maintain its targeted leverage.

**Compounding and Daily Rebalancing Risk (Applicable to all Funds).** Each Fund has a single day investment objective, and each Fund's performance for any other period is the result of its return for each day compounded over the period. Each Fund resets its exposure each trading day to target approximately 2x the daily move of its Underlying ETF. As a result, the performance of a Fund for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Fund's Underlying ETF for the same period, before accounting for fees and expenses. In general, when Underlying ETF volatility is higher, the impact of compounding and daily rebalancing will be more pronounced and a Fund's multi-day results will tend to be less than 2x the Underlying ETF's return for the same period; when volatility is lower, multi-day results may be closer to or greater than 2x. If an Underlying ETF is flat over time, the applicable Fund will likely lose value due to the effects of daily resetting, compounding, financing costs, and expenses. An investor could lose the full principal value of an investment in a Fund within a single day. Deviations can occur over periods as short as one day when measured intraday rather than NAV to NAV.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.

The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Correlation Risk (Applicable to all Funds).** Each Fund seeks approximately 2x the daily performance of its Underlying ETF, before fees and expenses, but may not achieve its 2x Daily Objective. Fees and expenses; transaction and financing costs; the use, pricing, and liquidity of derivatives; market volatility or disruptions (including trading halts); corporate actions or changes affecting an Underlying ETF; and limits on, or timing differences in, rebalancing may cause a Fund's performance to deviate from 2x the Underlying ETF's daily return.

**Derivatives Risk (Applicable to all Funds).** Each Fund may use derivatives such as total return swaps, futures contracts, options, and similar instruments to pursue its 2x daily objective. Derivatives can be volatile and may involve risks different from, and sometimes greater than, investing directly in the securities comprising an Underlying ETF. Such risks include leverage, imperfect correlation with the Underlying ETF, pricing and liquidity constraints, valuation complexity, and the potential that the cost to maintain a position exceeds its return. Limited initial margin may magnify losses, potentially beyond the amounts initially invested in the instrument.

**Counterparty Risk (Applicable to all Funds).** Each Fund expects to obtain exposure to its Underlying ETF primarily through derivatives, including swaps and futures. The Funds currently expect to enter into total return swap agreements with CF Secured, LLC (an affiliate of Cantor Fitzgerald), Clear Street LLC, and Marex Securities Products Inc. (collectively, the "Swap Counterparties"). The Funds may add or change Swap Counterparties from time to time. Each Fund is exposed to the risk that a derivatives counterparty or a clearinghouse or futures commission merchant will be unwilling or unable to honor its obligations. A Fund could lose margin or collateral it has posted, experience delays in recovery, or recover less than the full amount owed. Concentration of clearing services among a small number of firms and clearinghouses may increase this risk. Contractual provisions or resolution regimes could delay, limit, or eliminate a Fund's ability to exercise remedies.

**Indirect Investment Risk (Unaffiliated Underlying Funds only).** Each Unaffiliated Underlying ETF is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider any Fund in taking any corporate actions that might affect the value of Shares. Investors in Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to shares of an Underlying ETF. The Funds have no control over the Underlying ETFs and rely solely on publicly available information about the Underlying ETFs.

**Indirect Investment Risk (Affiliated Underlying Funds only).** Each Underlying ETF is affiliated with the Trust, the Adviser, and/or an affiliate thereof, but is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions or other actions that might affect the value of the Fund's Shares. Investors in Shares will not have voting rights or rights to receive dividends or other distributions, or any other rights, with respect to shares of an Underlying ETF. Although affiliated, the Fund does not control the Underlying ETF, including its investment objective, strategies, holdings, fees, policies, or portfolio management practices, and generally relies on information made available about the Underlying ETF. Actions taken by an Underlying ETF, including changes to its investment objective, strategies, holdings, fees, or policies, or other corporate or operational actions, could adversely affect the Fund's performance.

**Financing, Margin, and Interest Rate Risk (Applicable to all Funds).** Each Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require a Fund to hold significant amounts of cash and short-term instruments. Increases in margin requirements or collateral demands from counterparties or clearinghouses may require a Fund to sell assets at unfavorable times or reduce leveraged exposure, which could adversely affect performance. Rising interest rates may increase a Fund's financing costs, reduce the return on cash and short-term instruments, and adversely affect equity market valuations.

**Non-Diversified Fund Risk (Applicable to all Funds).** Each Fund is non-diversified, which means it may invest a larger percentage of its assets in the securities of a smaller number of issuers or obtain exposure through a smaller number of counterparties than a diversified fund. As a result, a Fund may be more susceptible to a single economic, market, political, or regulatory occurrence, or to a decline in the financial condition of an issuer or counterparty, and such an event may have a disproportionately negative impact on the Fund.

**ETF Risks (Applicable to all Funds).** Each 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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** Each 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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Trading.** Although Shares are listed for trading on Cboe BZX Exchange, Inc. (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.

**Cash Transactions and Tax Efficiency Risk (Applicable to all Funds).** If a Fund uses cash creations or redemptions, it may need to buy or sell portfolio securities and derivatives, which can increase transaction costs, cause the Fund to realize taxable gains, and reduce tax efficiency relative to ETFs that rely more heavily on in-kind activity.

**Brokerage Commissions and Bid-Ask Spread Risk (Applicable to all Funds).** Investors who buy or sell shares pay brokerage commissions and bear bid-ask spreads. These costs may increase when markets are volatile or when the Shares trade in lower volumes and can materially reduce returns for investors, especially for frequent traders or smaller transactions.

**New Adviser Risk (Applicable to all Funds).** The Adviser is a newly registered investment adviser and has limited operating history. There can be no assurance that the Adviser will be successful in implementing a Fund's investment strategy or managing a Fund, including with respect to the Funds' use of derivatives and daily rebalancing.

**New Fund Risk (Applicable to all Funds).** Each Fund is newly organized and has limited operating history. As a new fund, a Fund may not attract sufficient assets to achieve and maintain an economically viable size, and it may be more likely to liquidate than a fund with a longer operating history and larger asset base. Liquidation may occur at a time that is disadvantageous to shareholders.

Equity Market Risk (Applicable to all Funds except Corgi All Commodities 2x Daily ETF). Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to equity market risk. Equity securities may decline in value due to broad market conditions, economic conditions, changes in investor sentiment, or issuer-specific factors. Equity markets can be volatile and may be affected by changes in interest rates, inflation, economic growth, corporate earnings, political developments, geopolitical events, and other factors. Because the Fund provides leveraged exposure, declines in equity markets may result in proportionally larger declines in the Fund's NAV and market price.

**Foreign Investments, Emerging Markets, Currency, and Market Structure Risk (applicable to Corgi All World 2x Daily ETF, Corgi Brazil 2x Daily ETF, Corgi China 2x Daily ETF, Corgi Chinese Internet 2x Daily ETF, Corgi Emerging Markets 2x Daily ETF, Corgi Europe Equities 2x Daily ETF, Corgi Ex-U.S. Equities 2x Daily ETF, Corgi India 2x Daily ETF, Corgi South Korea 2x Daily ETF, and Corgi Taiwan 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to foreign investment, emerging market, currency, and market structure risks. Non-U.S. exposure may involve different accounting and disclosure standards, different regulatory regimes, settlement and custody differences, political or social instability, and the risk of expropriation or capital controls. Currency exposures may increase volatility and may reduce returns when the U.S. dollar strengthens. Market structure and trading hour differences may affect pricing, liquidity, and the Fund's ability to obtain exposure at expected times or prices. Because the Fund provides leveraged exposure, these risks may result in proportionally larger declines in the Fund's NAV and market price.

**Geographic Classification and Regional Concentration Risk (applicable to Corgi Bay Area Based 2x Daily ETF, Corgi NYC Based 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to geographic classification and regional concentration risks. The Fund relies on classifications of issuers as being economically tied to a particular region based on factors such as headquarters location, operating footprint, revenue exposure, or other criteria, and such classifications may change over time and may involve judgment. Regional concentration may increase exposure to local economic conditions, state or local regulatory or tax developments, labor and real estate conditions, and region-specific events such as natural disasters or infrastructure disruptions. Because the Fund provides leveraged exposure, adverse developments affecting a regionally concentrated Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**China-Related Risk (applicable to Corgi China 2x Daily ETF, Corgi Chinese Internet 2x Daily ETF, Corgi Ex-U.S. Equities 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to China-related risks, including government intervention, regulatory changes, restrictions on capital flows, and limits on market access. Companies associated with China may be subject to evolving legal and regulatory regimes, including restrictions on technology transfer, data practices, or foreign ownership. Certain corporate structures used to obtain exposure to Chinese companies (including variable interest entity structures) may carry additional legal and governance risks. Differences in trading hours and market closures may affect pricing and liquidity. Because the Fund provides leveraged exposure, China-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**India-Related Risk (applicable to Corgi India 2x Daily ETF).** Through its exposure to the Underlying ETF, the Fund is exposed to India-related risks. These include legal, regulatory, political, currency, and economic risks specific to the Indian market, including political or legal uncertainty, currency controls, restrictions on foreign investment, less developed securities markets and custody infrastructure, settlement and clearing risks, and potential government intervention in the economy. India's economy may be affected by trade disputes, changes in government policy, inflation, currency depreciation, and regional geopolitical tensions. The Fund is indirectly exposed to custody and settlement risks associated with less developed securities markets in India; problems with clearing and settlement, or with the custody of securities by local banks, agents, or depositories, may result in losses or delays. Foreign investors in Indian securities may be subject to regulatory and tax uncertainty, including risks related to foreign portfolio investor ("FPI") registration requirements and the capital gains tax treatment applicable to non-resident investors, which may change without notice and may adversely affect returns. The Fund is also indirectly exposed to the risks of financial services and consumer companies to the extent the Underlying ETF has significant investments in those sectors; financial services companies are subject to extensive regulation and may be adversely affected by changes in interest rates, credit conditions, and government intervention. Because the Fund provides leveraged (2x) exposure, India-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**South Korea-Related Risk (applicable to Corgi South Korea 2x Daily ETF).** Through its exposure to the Underlying ETF, the Fund is exposed to South Korea-related risks. South Korea is subject to elevated geopolitical and security risks, including the risk of military conflict or heightened tensions on the Korean peninsula. Such events can disrupt markets, reduce liquidity, and cause sharp declines that may be magnified due to leverage. South Korea equities can be volatile and sensitive to global risk appetite, export cycles, and regional events. The Fund is indirectly exposed to currency risk through the Underlying ETF's exposure to the South Korean won; currency movements versus the U.S. dollar may reduce returns or increase losses, and the Fund does not expect to systematically hedge foreign currency exposure. South Korea's market can be influenced by a relatively limited number of large issuers and export-oriented sectors, particularly technology and semiconductors. Adverse developments affecting global technology demand, semiconductor cycles, or major conglomerates may have an outsized impact on the Underlying ETF and the Fund. The securities held by the Underlying ETF generally trade on South Korean exchanges, and those markets may be closed when the exchange on which Fund shares trade is open. As a result, there may be deviations between the current value of the Fund's reference exposure and the last quoted prices from the South Korean market, which may contribute to wider premiums or discounts, bid-ask spreads, and tracking differences. Because the Fund provides leveraged (2x) exposure, South Korea-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Brazil-Related Risk (applicable to Corgi Brazil 2x Daily ETF).** Through its exposure to the Underlying ETF, the Fund is exposed to Brazil-related risks. Brazil is generally considered an emerging market and investments tied to Brazil may be subject to heightened risks, including political and economic instability, currency volatility, inflation, government intervention in the economy, changes in tax or trade policy, and less developed securities markets and regulatory frameworks. The Brazilian real may experience significant depreciation against the U.S. dollar, which can reduce the value of the Underlying ETF's holdings. Because the Fund provides leveraged (2x) exposure, Brazil-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Taiwan-Related Risk (applicable to Corgi Taiwan 2x Daily ETF).** Through its exposure to the Underlying ETF, the Fund is exposed to Taiwan-related risks. Taiwan is subject to heightened geopolitical risk, including cross-strait tensions and the risk of military conflict or coercive measures that could disrupt markets, supply chains, and economic activity. Taiwan's economy is heavily dependent on exports, particularly in the semiconductor and technology sectors, and may be disproportionately affected by global trade conditions, export controls, and shifts in demand. The New Taiwan dollar may experience significant volatility against the U.S. dollar. Because the Fund provides leveraged (2x) exposure, Taiwan-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Export Controls, Sanctions, and Geopolitical Risk (applicable to Corgi Data & Surveillance 2x Daily ETF, Corgi Drones & Urban Air Mobility 2x Daily ETF, Corgi Lithography & Semiconductor Photonics 2x Daily ETF, Corgi Longevity Consumer 2x Daily ETF, Corgi Ports, Rail & Freight 2x Daily ETF, Corgi Shipping & Global Logistics 2x Daily ETF, Corgi South Korea 2x Daily ETF, Corgi Taiwan 2x Daily ETF, Corgi U.S. Energy 2x Daily ETF, Corgi U.S. Semiconductors 2x Daily ETF, Corgi U.S. Technology 2x Daily ETF, and Corgi U.S. War Machine 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to export controls, sanctions, and geopolitical risks. Issuers or markets may be affected by sanctions regimes, national security restrictions, or other limitations on cross-border transactions, technology transfer, financing, or counterparties. Compliance can increase costs and constrain business opportunities, and geopolitical tensions or conflicts may disrupt supply chains, reduce demand, increase input costs, and contribute to market volatility. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Large-Cap Company Risk (applicable to Corgi U.S. Growth 2x Daily ETF).** The Fund's exposure, through the Underlying ETF, is concentrated in large-capitalization companies. Large-cap companies may be unable to respond as quickly as smaller companies to competitive challenges or to changes in business, product, financial, or market conditions. Large-cap companies may also trail the returns of the overall market. The value of large-cap company securities may fluctuate in response to factors affecting large-cap companies more than the market as a whole.

**Regulatory, Legal, and Tax Risk (applicable to Corgi Bay Area Based 2x Daily ETF, Corgi Crypto Infrastructure 2x Daily ETF, Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF, Corgi Longevity Consumer 2x Daily ETF, Corgi Mag 7 2x Daily ETF, Corgi NYC Based 2x Daily ETF, Corgi U.S. Utilities 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to regulatory, legal, and tax risks. Changes in laws, regulations, or regulatory interpretations may affect issuers reflected in the Underlying ETF and may affect the Fund's operations. Regulatory and legal risks may include increased compliance costs, limits on business practices, licensing requirements, enforcement actions, litigation, and changes in taxation. Regulatory outcomes may be uncertain and may differ across jurisdictions. Because the Fund provides leveraged exposure, adverse regulatory or legal developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Government Customer, Procurement, and Policy Risk (applicable to Corgi Data & Surveillance 2x Daily ETF, Corgi Robots & Humanoids 2x Daily ETF, Corgi Space & Satellite Communications 2x Daily ETF, Corgi U.S. Biotech 2x Daily ETF, Corgi U.S. Industrials 2x Daily ETF, Corgi U.S. Infrastructure 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to government customer, procurement, and policy risks to the extent issuers tied to the Underlying ETF derive revenues from government customers or government-related programs. Government budgets, policy priorities, and procurement processes may change, and contracting may involve competitive bidding, performance requirements, and timing risks that can affect profitability and revenue recognition. Because the Fund provides leveraged exposure, adverse developments affecting government-dependent issuers may result in proportionally larger declines in the Fund's NAV and market price.

**Energy, Commodity, and Input Cost Volatility Risk (applicable to Corgi Ports, Rail & Freight 2x Daily ETF, Corgi U.S. Infrastructure 2x Daily ETF, Corgi U.S. Materials 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to energy, commodity, and input cost volatility risks. Issuers may be sensitive to prices of energy, commodities, or other key inputs such as metals, battery materials, agricultural commodities, packaging, or transportation services. Input prices can be volatile due to supply and demand imbalances, geopolitical developments, weather, trade policies, and environmental regulation. Because the Fund provides leveraged exposure, adverse developments affecting input-cost-sensitive issuers may result in proportionally larger declines in the Fund's NAV and market price.

Commodity Market and Volatility Risk (applicable to Corgi Coffee & Energy Drinks 2x Daily ETF, Corgi All Commodities 2x Daily ETF, Corgi High Voltage Grid Equipment 2x Daily ETF, Corgi U.S. Energy 2x Daily ETF, and Corgi U.S. Materials 2x Daily ETF). Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to commodity market and volatility risks. Commodity prices can be highly volatile due to supply and demand conditions, geopolitical events, weather, inventory levels, technological change, and macroeconomic conditions, and commodity markets may experience rapid price movements. Because the Fund provides leveraged exposure, adverse commodity-related movements affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

Energy Markets and Oil & Gas Risk (applicable to Corgi Natural Gas Power & Turbines 2x Daily ETF, Corgi U.S. Energy 2x Daily ETF, Corgi U.S. War Machine 2x Daily ETF). Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to oil and natural gas market risks. Oil and natural gas prices can be volatile due to changes in production levels, inventory conditions, policy decisions, weather, infrastructure constraints, and geopolitical events, and may be affected by changes in demand or energy transition policies. Because the Fund provides leveraged exposure, adverse movements affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Environmental Regulation, Energy Transition, and Climate Risk (applicable to Corgi Bay Area Based 2x Daily ETF, Corgi Coffee & Energy Drinks 2x Daily ETF, Corgi Crypto Infrastructure 2x Daily ETF, Corgi Natural Gas Power & Turbines 2x Daily ETF, Corgi Ports, Rail & Freight 2x Daily ETF, Corgi Shipping & Global Logistics 2x Daily ETF, Corgi U.S. Energy 2x Daily ETF, Corgi U.S. Materials 2x Daily ETF, Corgi U.S. Utilities 2x Daily ETF, Corgi U.S. War Machine 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to environmental regulation, energy transition, and climate risks. Regulatory developments may affect issuers through compliance costs, permitting outcomes, product standards, and changes in demand. Extreme weather events and climate-related disruptions can damage assets, interrupt operations and supply chains, and increase insurance and remediation costs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Supply Chain, Manufacturing, and Operational Execution Risk (applicable to Corgi Aerospace & Commercial Aviation 2x Daily ETF, Corgi AI Cybersecurity 2x Daily ETF, Corgi Coffee & Energy Drinks 2x Daily ETF, Corgi Data & Surveillance 2x Daily ETF, Corgi Drones & Urban Air Mobility 2x Daily ETF, Corgi Genomics & Precision Medicine 2x Daily ETF, Corgi High Voltage Grid Equipment 2x Daily ETF, Corgi Lifestyle Brands 2x Daily ETF, Corgi Lithography & Semiconductor Photonics 2x Daily ETF, Corgi Mag 7 2x Daily ETF, Corgi Natural Gas Power & Turbines 2x Daily ETF, Corgi Ports, Rail & Freight 2x Daily ETF, Corgi Robots & Humanoids 2x Daily ETF, Corgi Shipping & Global Logistics 2x Daily ETF, Corgi Space & Satellite Communications 2x Daily ETF, Corgi Travel & Leisure 2x Daily ETF, Corgi U.S. Consumer Staples 2x Daily ETF, Corgi U.S. Infrastructure 2x Daily ETF, Corgi U.S. Semiconductors 2x Daily ETF, Corgi U.S. Utilities 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to supply chain, manufacturing, and operational execution risks. Issuers may face constraints from limited suppliers, long lead times, quality-control issues, labor availability, and capacity limitations. Execution challenges can lead to delays, cost overruns, warranty claims, recalls, or lost market share, and operational disruptions can reduce revenue and cash flow. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Energy Infrastructure, Project Development, Permitting, and Execution Risk (applicable to Corgi Battery Energy Storage Systems 2x Daily ETF, Corgi High Voltage Grid Equipment 2x Daily ETF, Corgi Natural Gas Power & Turbines 2x Daily ETF, Corgi U.S. Utilities 2x Daily ETF).** Through its exposure to the Underlying ETP (including any Underlying ETF) and the Fund's Underlying ETF, the Fund is exposed to energy infrastructure project risks, including development, permitting, interconnection, construction, and execution risks. Projects may be delayed, downsized, or cancelled due to financing conditions, cost inflation, supply constraints, or regulatory changes. Equipment failures, warranty claims, and service execution challenges may also affect results. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Battery Materials and Safety Risk (applicable to Corgi Battery Energy Storage Systems 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting battery technologies and related value chains. These may include supply constraints and price volatility for battery materials and components, dependence on limited sources, and safety and reliability risks (including thermal events) that can lead to recalls, warranty claims, litigation, and reputational harm. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Transportation, Logistics, Trade, and Travel Demand Risk (applicable to Corgi Crypto Infrastructure 2x Daily ETF, Corgi Longevity Consumer 2x Daily ETF, Corgi Travel & Leisure 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting transportation, logistics, and travel-related industries to the extent reflected in the Underlying ETF. These industries may be sensitive to economic cycles, global trade flows, consumer and business spending, and capacity conditions, and may be affected by disruptions, accidents, infrastructure failures, labor constraints, public health events, and regulation. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Aerospace, Aviation Safety, Certification, and Disruption Risk (applicable to Corgi Aerospace & Commercial Aviation 2x Daily ETF, Corgi Drones & Urban Air Mobility 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting aerospace and aviation-related issuers, including certification and regulatory approval risks, manufacturing quality risks, and program execution risks. Delays or failures in testing, certification, or production ramp can lead to cost overruns, penalties, delivery deferrals, and reduced demand. Safety incidents can result in groundings, higher compliance costs, litigation, and reputational harm. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Space and Satellite Industry Risk (applicable to Corgi Space & Satellite Communications 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting space and satellite-related issuers, including launch and deployment risks, mission failure, and technical performance risks. The industry can involve significant capital requirements, long development timelines, and uncertain payback periods, and may be subject to spectrum and licensing requirements. Space debris and collision hazards may impair operations or increase costs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Technology Change, Innovation, and Competitive Dynamics Risk (applicable to Corgi AGIX 2x Daily ETF, Corgi AI Cybersecurity 2x Daily ETF, Corgi Battery Energy Storage Systems 2x Daily ETF, Corgi Bay Area Based 2x Daily ETF, Corgi Data & Surveillance 2x Daily ETF, Corgi Genomics & Precision Medicine 2x Daily ETF, Corgi IP Licensing & Royalties 2x Daily ETF, Corgi Lifestyle Brands 2x Daily ETF, Corgi Mag 7 2x Daily ETF, Corgi Quantum Computing 2x Daily ETF, Corgi Robots & Humanoids 2x Daily ETF, Corgi Sports Betting & Gambling 2x Daily ETF, Corgi U.S. Biotech 2x Daily ETF, Corgi U.S. Technology 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting technology- and innovation-driven issuers. These companies may face rapid technological change, product obsolescence, changing standards, shifting customer preferences, and intense competition, and may depend on research and development, commercialization timelines, and adoption that can be uncertain and capital intensive. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price**.** 

**AI, Algorithms, Data Quality, and Automation Risk (applicable to Corgi AGIX 2x Daily ETF, Corgi AI Cybersecurity 2x Daily ETF, Corgi Data & Surveillance 2x Daily ETF, Corgi Genomics & Precision Medicine 2x Daily ETF, Corgi Longevity Consumer 2x Daily ETF, Corgi Mag 7 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks arising from reliance on AI models, automated systems, and algorithmic decision-making. Outputs may be inaccurate, biased, or otherwise flawed, and performance may depend on data quality, availability, and timeliness and may degrade under new conditions. Regulatory scrutiny and public concerns may increase compliance costs or restrict practices. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Cybersecurity, Data Breach, Privacy, and Fraud Risk (applicable to Corgi Crypto Infrastructure 2x Daily ETF, Corgi Data & Surveillance 2x Daily ETF, Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF, Corgi Mag 7 2x Daily ETF, Corgi Sports Betting & Gambling 2x Daily ETF, Corgi U.S. Utilities 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to cybersecurity, data breach, privacy, and fraud risks. Cyberattacks, security breaches, service disruptions, or unauthorized disclosure of data can result in operational disruption, regulatory investigations, litigation, remediation expenses, loss of customers, and reputational harm. Increased scrutiny of privacy and data-use practices may restrict activities or increase compliance costs, and fraud can increase losses and reduce confidence. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Semiconductor and Advanced Computing Supply Chain Risk (applicable to Corgi Lithography & Semiconductor Photonics 2x Daily ETF, Corgi U.S. Semiconductors 2x Daily ETF, Corgi U.S. Technology 2x Daily ETF).** Through its exposure to the Underlying ETP (including any Underlying ETF) and the Fund's Underlying ETF, the Fund is exposed to risks affecting semiconductor and advanced computing supply chains, including cyclical demand, inventory cycles, customer capital spending, long lead times, technology transitions, and pricing pressure. Export controls and geopolitical developments may affect access to markets, manufacturing capacity, equipment, or inputs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Financial Services, Consumer Lending, Payments, and Fintech Risk (applicable to Corgi Buy Now Pay Later 2x Daily ETF, Corgi Crypto Infrastructure 2x Daily ETF, Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF, Corgi India 2x Daily ETF, Corgi NYC Based 2x Daily ETF, Corgi U.S. Financials 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting financial services and fintech business models, including credit losses, underwriting risk, and changes in consumer payment behavior. Delinquencies and charge-offs may rise in downturns or higher-rate environments. Certain models may depend on funding markets, securitization, or bank partnerships, and disruptions or higher funding costs can reduce growth or profitability. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Crypto Infrastructure and Digital Asset Ecosystem Risk (applicable to Corgi Crypto Infrastructure 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting crypto and digital-asset-related industries, including regulatory and legal uncertainty, market volatility, fraud, market manipulation, cybersecurity incidents, and operational failures at platforms or counterparties. Disruptions in banking access or payment rails, protocol changes, or forks may affect adoption and revenues. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

Intellectual Property, Licensing, and Litigation Risk (applicable to Corgi Genomics & Precision Medicine 2x Daily ETF, Corgi IP Licensing & Royalties 2x Daily ETF, Corgi Lifestyle Brands 2x Daily ETF, Corgi Space & Satellite Communications 2x Daily ETF, Corgi U.S. Industrials 2x Daily ETF).

Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks associated with intellectual property ownership, monetization, and enforcement. Licensing revenues may be uncertain and may depend on limited patents, licensees, products, or markets and may be affected by substitution, workarounds, or patent expiration. IP rights may be challenged or narrowed, and litigation can involve high costs, long timelines, and uncertain outcomes. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Sports Betting and Gambling Industry Risk (applicable to Corgi Sports Betting & Gambling 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets the Fund is exposed to risks affecting sports betting and gambling businesses, including evolving regulatory frameworks, licensing requirements, tax rates and fees, advertising restrictions, and enforcement activity that may vary by jurisdiction. Issuers may face high customer acquisition costs and competitive pressure, and responsible gaming requirements, litigation, and reputational considerations may increase costs or restrict practices. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Consumer Products, Brands, Demand, and Regulatory Risk (applicable to Corgi Beauty, Skincare & Aesthetics 2x Daily ETF, Corgi Buy Now Pay Later 2x Daily ETF, Corgi Coffee & Energy Drinks 2x Daily ETF, Corgi Lifestyle Brands 2x Daily ETF, Corgi Longevity Consumer 2x Daily ETF, Corgi Travel & Leisure 2x Daily ETF, Corgi U.S. Consumer Discretionary 2x Daily ETF, Corgi U.S. Consumer Staples 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting consumer-facing companies, including changes in consumer preferences and brand relevance, competition, pricing and margin pressure, and higher promotional costs. Demand may be sensitive to economic conditions, consumer confidence, and seasonality. Companies may face product safety, regulatory, and recall risks, and may be affected by distribution channels, inventory management, sourcing, and logistics. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Biotechnology, Health Care, Clinical, and Regulatory Risk (applicable to Corgi Genomics & Precision Medicine 2x Daily ETF, Corgi U.S. Biotech 2x Daily ETF, Corgi U.S. Industrials 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting biotechnology and health care companies, including clinical development and regulatory approval risks, the risk that products are not approved or do not achieve desired outcomes, and uncertainty in adoption and reimbursement. Changes in health care policy, regulation, or pricing practices may affect profitability, and research and development costs can be significant. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**SPV and Private Investment Risk (applicable to Corgi AGIX 2x Daily ETF, Corgi Space & Satellite Communications 2x Daily ETF, Corgi U.S. War Machine 2x Daily ETF).** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks associated with SPVs and private exposures to the extent reflected in the Underlying ETF or related instruments. These investments may involve limited transparency, reduced liquidity, and heightened valuation risk and may be difficult to value or sell at desired times or prices. These exposures may be sensitive to deal timing and completion risk and may be volatile during transaction processes or following business combinations. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Limited Shareholder Rights Risk (Applicable to all Funds).** The Trust is organized as a Delaware statutory trust and is governed by its Agreement and Declaration of Trust, which limits 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). The governing documents also impose procedures on certain shareholder lawsuits, require certain claims (other than federal securities law claims) to be brought in Delaware courts, include a waiver of the right to a jury trial for certain claims (other than federal securities law claims), and limit the liability of, and provide indemnification for, Trustees and officers, subject to applicable law. These provisions may make it harder or more costly for shareholders to bring claims or influence Trust or Fund governance. (Applicable to all Funds.)

PORTFOLIO HOLDINGS INFORMATION

The Fund's complete portfolio holdings will be made available on the Fund's website at www.corgifunds.com on each business day, consistent with applicable SEC requirements (including Rule 6c-11). A full description of the Fund's policies and procedures regarding disclosure of portfolio holdings is provided in the Fund's Statement of Additional Information (the "SAI").

MANAGEMENT

**Investment Adviser**

Corgi Strategies, LLC (the "Adviser"), located at 425 Bush St, Suite 500, San Francisco, CA 94104, is a Delaware limited liability company registered with the SEC as an investment adviser and serves as investment adviser to each Fund. The Adviser was founded in July 2025, and as of March 31, 2026, has $27,172,159 in assets under management.

The Adviser is responsible for overall portfolio management and administration of each Fund pursuant to an investment advisory agreement with Corgi ETF Trust I (the "Trust") (the "Advisory Agreement"). In addition to executing portfolio transactions, the Adviser may arrange for, and oversee, service providers performing transfer agency, custody, fund administration/accounting, distribution, and other services necessary for each Fund's operations.

For its services to each Fund, each Fund pays the Adviser a unitary management fee, calculated daily and paid monthly, from the Fund's average daily net assets. Under the Advisory Agreement, the Adviser pays substantially all of the Fund's expenses except for: the advisory fee itself; interest charges on borrowings; taxes; brokerage commissions and other expenses related to buying and selling portfolio investments; dividends and other expenses on securities sold short; acquired fund fees and expenses; any accrued deferred tax liability; distribution fees and expenses under any Rule 12b-1 plan; litigation and other extraordinary expenses; and any other expenses the Fund is responsible for under the Advisory Agreement (collectively, the "Excluded Expenses").

Additional information about portfolio transactions, brokerage selection, and research services is provided in the SAI under Brokerage Transactions.

**Advisory Agreement** A discussion of the basis for the Board's approval of the Advisory Agreement will appear in the Fund's Annual Report to shareholders for the period ended December 31, 2026, on Form N-CSR.

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

Additional information regarding the portfolio manager's compensation, other accounts managed, and ownership of Shares is provided in the Fund's SAI.

HOW TO BUY AND SELL SHARES

The Fund issues and redeems shares of the Fund ("Shares") only in large blocks called "Creation Units," at a Fund's net asset value ("NAV") next determined after an order is accepted. Only authorized participants ("APs"), who must be members or participants of a registered clearing agency and must have an executed participant agreement with a Fund's distributor and transfer agent, may transact in Creation Units directly with the Fund. Once created, Shares may be bought and sold in the secondary market in amounts less than a Creation Unit.

Most investors buy and sell shares in secondary-market transactions through brokers. Shares are expected to be listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and can be bought and sold throughout the trading day at market prices. Investors may pay customary brokerage commissions and, because secondary-market transactions occur at market prices, investors may pay more than NAV when buying Shares and receive less than NAV when selling Shares.

**Book Entry**

Shares are held only in book-entry form. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding Shares. Beneficial ownership of Shares is shown on the records of DTC or its participants (e.g., brokers, banks, and other financial institutions). As a beneficial owner, you will not receive physical certificates and must rely on DTC and its participants to exercise rights associated with owning Shares, consistent with standard "street name" procedures.

**Frequent Purchases and Redemptions of Shares**

The Funds do not impose restrictions on the frequency of purchases and redemptions of Shares. Purchases and redemptions by APs are integral to the ETF arbitrage mechanism and help keep market prices of Shares close to NAV. The Board has considered the potential for frequent purchases and redemptions, particularly for cash, to increase portfolio transaction costs, tracking difference, and realized capital gains, and has approved policies to mitigate these effects, including fair-value pricing and the imposition of transaction fees on Creation Unit purchases and redemptions designed to cover a Fund's costs. Each Fund and the Adviser reserve the right to reject any purchase order at any time.

**Determination of Net Asset Value**

The Fund's NAV is calculated as of the close of regular trading on Cboe BZX Exchange, Inc. (normally 4:00 p.m. Eastern Time) on each day the Exchange is open for business. NAV is computed by dividing the Fund's net assets by the number of Shares outstanding.

In determining NAV, portfolio securities and other assets are generally valued at market value using quotations, last sale prices, or values supplied by a pricing service or market makers. When such information is unavailable or is deemed unreliable, the affected investments are valued at fair value pursuant to the Fund's valuation procedures.

**Fair Value Pricing**

The Board has designated the Adviser as each Fund's "valuation designee" under Rule 2a-5 of the 1940 Act, subject to the Board's oversight. The Adviser has adopted valuation policies and procedures to determine, in good faith, the fair value of investments for which market quotations are not readily available or are considered unreliable (for example, following a trading halt or when a primary pricing source fails to provide data). In making fair-value determinations, the Adviser may consider all reasonably available information deemed relevant, including issuer-specific data, market conditions, recent trading activity, and the circumstances that triggered the need for fair value. Because fair value determinations involve judgments, the prices assigned may differ from values realized upon sale.

**Investments by Other Registered Investment Companies in the Fund**

Investments by registered investment companies in a Fund are subject to the limits of Section 12(d)(1) of the 1940 Act and related rules. Other registered investment companies may invest in the Fund beyond the Section 12(d)(1) limits in accordance with applicable SEC rules (e.g., Rule 12d1-4) and conditions, which may include entering into a fund-of-funds investment agreement with the Fund.

**Delivery of Shareholder Documents - "Householding"**

Certain intermediaries may offer "householding," a method of delivery under which a single copy of shareholder documents is sent to investors sharing an address, even if accounts are registered in different names. If you wish to enroll in, or to change your householding election, please contact your broker-dealer or other financial intermediary.

DIVIDENDS, DISTRIBUTIONS, AND TAXES

**Dividends and Distributions**

Each Fund intends to pay dividends and interest income, if any, annually, and to distribute any net realized capital gains to shareholders at least annually. Each Fund will declare and pay income and capital gain distributions, if any, in cash. Cash distributions may be reinvested in additional whole Shares only if the broker through whom you hold Shares offers that option. Your broker is responsible for delivering any income and capital gain distributions to you.

**Taxes**

The following discussion summarizes certain U.S. federal income tax considerations that generally apply to investments in a Fund. Your situation may differ. You should consult your tax adviser regarding the tax consequences of investing in Shares, including the application of foreign, state, and local tax laws.

The Fund intends to qualify each year as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"). If a Fund satisfies minimum distribution requirements, a RIC is generally not subject to fund-level federal income tax on income and gains that are timely distributed to shareholders. If a Fund were to fail to qualify as a RIC or fail to meet the distribution requirements (and no relief were available), it could be subject to fund-level taxation, which would reduce income available for distribution.

Unless your Shares are held through a tax-exempt entity or tax-advantaged account (such as an IRA), you should consider potential tax consequences when a Fund makes distributions, when you sell Shares on the Exchange, and (for institutional investors only) when you purchase or redeem Creation Units.

This general discussion is based on the Code and applicable Treasury regulations in effect on the date of this Prospectus. New legislation, administrative guidance, or court decisions may materially change these conclusions and may apply retroactively.

**Taxes on Distributions**

For federal income tax purposes, distributions of the Fund's net investment income are generally taxable to shareholders as ordinary income or as qualified dividend income. Tax treatment of distributions of net capital gains (if any) depends on how long the Fund held the investments that generated such gains, not on how long you have held your Shares. Sales of assets held by the Fund for more than one year generally produce long-term capital gains or losses; sales of assets held for one year or less generally produce short-term capital gains or losses. Distributions that the Fund reports as capital gain dividends ("Capital Gain Dividends") are taxable to shareholders as long-term capital gains. Distributions of short-term capital gains are generally taxable to shareholders as ordinary income. Dividends and distributions are generally taxable to you whether received in cash or reinvested in additional Shares.

Distributions a Fund reports as "qualified dividend income" are generally taxed to non-corporate shareholders at the rates applicable to long-term capital gains, provided holding-period and other requirements are met. "Qualified dividend income" generally includes dividends from U.S. corporations and from certain qualified foreign corporations (including those incorporated in a U.S. possession, eligible for benefits under a comprehensive U.S. income tax treaty, or whose stock is readily tradable on an established U.S. market). Corporate shareholders may be eligible for a dividends-received deduction with respect to portions of dividends attributable to qualifying dividends the Fund receives from U.S. corporations, subject to applicable limitations.

Shortly after the close of each calendar year, you will receive information describing the character of distributions you received from the distributing Fund.

In addition to federal income tax, certain individuals, trusts, and estates are subject to a 3.8% Net Investment Income ("NII") tax. This tax is imposed on the lesser of: (i) net investment income (as reduced by properly allocable deductions) or (ii) the excess of modified adjusted gross income over specified thresholds ($250,000 for married filing jointly, $200,000 for single filers, and $125,000 for married filing separately). The Fund's distributions and any capital gains realized on a sale or redemption of Shares are generally included in net investment income for purposes of the NII tax.

In general, distributions are taxable to you in the year paid. However, certain distributions paid in January may be treated as paid on December 31 of the year prior. In general, distributions are taxable even if they are paid from income or gains earned by the Fund before you purchased Shares (and thus were reflected in the Shares' NAV at the time of purchase).

You may want to avoid purchasing Shares immediately before a dividend or other distribution, since the distribution will generally be taxable to you even if, in economic terms, it represents a return of part of your investment.

If you are neither a U.S. citizen nor a U.S. resident (or are a foreign entity), distributions (other than Capital Gain Dividends) will generally be subject to U.S. withholding tax at a 30% rate, unless a lower treaty rate applies. Under certain circumstances, a Fund may report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% withholding tax, provided other requirements are met.

The Foreign Account Tax Compliance Act ("FATCA") may require a Fund to withhold a 30% tax (generally not refundable) from distributions of net investment income made to: (A) certain foreign financial institutions that do not satisfy applicable FATCA reporting or due-diligence requirements (or that are not treated as compliant under an applicable intergovernmental agreement), and (B) certain non-financial foreign entities that do not provide required information regarding substantial U.S. owners. FATCA may also affect the Fund's returns on foreign investments or a shareholder's returns if Shares are held through a foreign intermediary. Consult your tax adviser regarding FATCA's application and any related certification, compliance, reporting, and withholding obligations.

Each Fund (or a financial intermediary, such as a broker, through which a shareholder holds Shares) is generally required to withhold and remit to the U.S. Treasury a portion of taxable distributions and sale or redemption proceeds if the shareholder fails to furnish a correct taxpayer identification number, has underreported certain interest or dividend income, or fails to certify that they are not subject to such withholding.

**Taxes When Shares are Sold on the Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as long-term capital gain or loss if Shares have been held for more than one year, and as short-term capital gain or loss if Shares have been held for one year or less. However, a capital loss on Shares held six months or less is treated as long-term to the extent of Capital Gain Dividends received with respect to such Shares. Losses are disallowed to the extent you acquire (including through dividend reinvestment) substantially identical Shares within a 61-day period beginning 30 days before and ending 30 days after the sale.

**Taxes on Purchases and Redemptions of Creation Units**

An authorized participant ("AP") whose functional currency is the U.S. dollar and who exchanges securities for Creation Units generally recognizes gain or loss equal to the difference between (i) the value of the Creation Units at the time of the exchange and (ii) the AP's aggregate basis in the securities delivered plus any cash paid. An AP that exchanges Creation Units for securities will generally recognize gain or loss equal to the difference between (i) the AP's basis in the Creation Units and (ii) the aggregate U.S. dollar market value of the securities received plus any cash received. The IRS may assert that a loss realized upon an exchange of securities for Creation Units is not currently deductible (e.g., under the "wash sale" rules for an AP not marking to market, or on the theory that there was no significant change in economic position). APs should consult their own tax advisers about the application of wash sale rules and the timing of any loss deductions.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the Shares comprising the Creation Units were held for more than one year, and as short-term capital gain or loss if held for one year or less.

A Fund may include a payment of cash in addition to, or in place of, delivering a basket of securities when redeeming Creation Units. To raise cash for such redemptions, the Fund may sell portfolio securities, potentially recognizing investment income and/or capital gains or losses it might not have recognized if the redemption had been satisfied entirely in kind. As a result, including cash in redemption proceeds can reduce the Fund's tax efficiency.

The foregoing discussion summarizes some possible consequences under current federal tax law of investing in a Fund. It is not a substitute for personal tax advice. You may also be subject to foreign, state, and local taxes on Fund distributions and on sales of Shares. Consult your tax adviser regarding the tax consequences of investing in Shares under all applicable laws. For additional information, see "Federal Income Taxes" in the SAI.

DISTRIBUTION

Paralel Distributors LLC (the "Distributor"), each Fund's distributor, is a broker-dealer registered with the SEC, serves as the Fund's distributor for Creation Units on an agency basis and does not make a secondary market in Shares. The Distributor does not set Fund policies or select the portfolio securities of the Fund. The Distributor's principal address is 1700 Broadway, Suite 2100, Denver, Colorado 80290.

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, a Fund is authorized to pay up to 0.25% of its average daily net assets each year for distribution-related services in connection with the sale and distribution of its Shares.

The Funds do not currently pay Rule 12b-1 fees and there are no current plans to impose such fees. If Rule 12b-1 fees are charged in the future, because they are paid from Fund assets on an ongoing basis, these fees would increase the cost of your investment over time and may exceed certain other types of sales charges.

PREMIUM/DISCOUNT INFORMATION

When available, information about how often Shares traded on the Exchange at a price above (at a premium to) or below (at a discount to) the Fund's NAV will be provided on the Fund's website at www.corgifunds.com.

ADDITIONAL NOTICES

Shares are not sponsored, endorsed, or promoted by the Exchange. The Exchange is not responsible for, and has not participated in, the determination of the timing, prices, or quantities of Shares to be issued, nor in the determination or calculation of any equation by which to determine redeemability of Shares. The Exchange has no duty or liability to shareholders for the administration, marketing, or trading of the Shares.

Without limiting the foregoing, in no event shall the Exchange have any liability for lost profits or for indirect, punitive, special, or consequential damages, even if advised of the possibility of such damages.

The Adviser and the Fund make no representation or warranty, express or implied, to owners of Shares or to the public regarding the advisability of investing in securities generally or in the Fund specifically, or regarding the ability of the Fund to achieve its investment objective of providing two times (2x) the daily performance of the Underlying ETF or the performance of the Underlying ETF itself.

"Vanguard," "Vanguard Total World Stock Index Fund ETF," "VT," "Vanguard FTSE Emerging Markets ETF," "VWO," "Vanguard FTSE Europe ETF," "VGK," "Vanguard Total International Stock ETF," "VXUS," "Vanguard Total Stock Market ETF," "VTI," "Vanguard S&P 500 ETF," "VOO," "Vanguard Small-Cap ETF," "VB," "Vanguard Mid-Cap ETF," "VO," "Vanguard Mega Cap Growth ETF," "MGK," and "Vanguard Growth ETF," "VUG" are trademarks of The Vanguard Group, Inc. ("Vanguard"). Vanguard is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

"BlackRock," "iShares," "iShares MSCI India ETF," "INDA," "iShares MSCI Brazil ETF," "EWZ," "iShares China Large-Cap ETF," "FXI," "iShares MSCI South Korea ETF," "EWY," "iShares MSCI Taiwan ETF," "EWT," and "iShares Micro-Cap ETF," "IWC" are trademarks of BlackRock, Inc. and/or its affiliates ("BlackRock"). BlackRock is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

"KraneShares," "KraneShares CSI China Internet ETF," "KWEB", "KraneShares Artificial Intelligence & Technology ETF," and, "AGIX" are trademarks of Krane Funds Advisors, LLC ("Krane"). Krane is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

"Global X," "Global X U.S. Infrastructure Development ETF," and "PAVE" are trademarks of Global X Management Company LLC ("Global X"). Global X is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

"Invesco," "Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF," and "PDBC" , are trademarks of Invesco Capital Management LLC ("Invesco"). Invesco is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

"SPDR," "SPDR S&P Biotech ETF," "XBI," "Consumer Discretionary Select Sector SPDR Fund," "XLY," "Consumer Staples Select Sector SPDR Fund," "XLP," "Energy Select Sector SPDR Fund," "XLE," "Financial Select Sector SPDR Fund," "XLF," "Health Care Select Sector SPDR Fund," "XLV," "Industrial Select Sector SPDR Fund," "XLI," "Materials Select Sector SPDR Fund," "XLB," "Real Estate Select Sector SPDR Fund," "XLRE," "SPDR S&P Regional Banking ETF," "KRE," "Technology Select Sector SPDR Fund," "XLK," and "Utilities Select Sector SPDR Fund," "XLU" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and/or its affiliates and are used under license by State Street Corporation. Neither S&P nor State Street is affiliated with the Fund, the Trust, the Adviser and neither sponsors, endorses, sells or promotes the Fund.

"VanEck," "VanEck Semiconductor ETF," and "SMH" are trademarks of Van Eck Associates Corporation ("VanEck"). VanEck is not affiliated with the Fund, the Trust, the Adviser and does not sponsor, endorse, sell or promote the Fund.

This Prospectus relates solely to the Shares of the Fund and not to any Unaffiliated Underlying Fund. All information regarding Unaffiliated Underlying Funds is derived from publicly available sources, and neither the Fund, the Trust, the Adviser, nor the Adviser has independently verified such information or participated in its preparation.

FINANCIAL HIGHLIGHTS

This section ordinarily presents Financial Highlights to help you understand each Fund's performance over its operating period. Because the Fund has not commenced operations as of the date of this Prospectus, no Financial Highlights are shown.

The Funds

Adviser

Corgi Strategies, LLC

425 Bush St, Suite 500

San Francisco, CA 94104

Distributor

Paralel Distributors LLC

1700 Broadway, Suite 2100

Denver, CO 80290

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

Administrator, Fund Accountant, and Transfer Agent

U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services)

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

Custodian

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, OH 45226

**Statement of Additional Information:** The Fund's SAI includes further details about the Fund's investments and other information. A current SAI dated May 28, 2026, as supplemented from time to time, is on file with the SEC and is incorporated by reference into this Prospectus; it is legally part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's first annual report after operations commence, you will find a discussion of market conditions and investment strategies that materially affected performance. Form N-CSR contains the Fund's annual and semi-annual financial statements.

You can obtain free copies of these documents when available, request other information, or make general inquiries about the Fund by contacting:

Corgi ETF Trust I, c/o 425 Bush St, Suite 500, San Francisco, CA 94104 or by calling (855) 552-6744.

Shareholder reports and other information about the Fund are also available on the EDGAR database on the SEC's website at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at publicinfo@sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Free of charge from the Fund's Internet website at corgifunds.com; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For a fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-24117)

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|  | Fund |
| Corgi All World 2x Daily ETF<br>Corgi Brazil 2x Daily ETF<br>Corgi China 2x Daily ETF<br>Corgi Chinese Internet 2x Daily ETF<br>Corgi Emerging Markets 2x Daily ETF<br>Corgi Europe Equities 2x Daily ETF<br>Corgi Ex-U.S. Equities 2x Daily ETF<br>Corgi India 2x Daily ETF<br>Corgi U.S. Large-Cap 2x Daily ETF<br>Corgi U.S. Mega-Cap Growth 2x Daily ETF<br>Corgi U.S. Mid-Cap 2x Daily ETF<br>Corgi U.S. Small-Cap 2x Daily ETF<br>Corgi South Korea 2x Daily ETF<br>Corgi Taiwan 2x Daily ETF<br>Corgi Total U.S. Market 2x Daily ETF<br>Corgi U.S. Biotech 2x Daily ETF<br>Corgi U.S. Consumer Discretionary 2x Daily ETF<br>Corgi U.S. Consumer Staples 2x Daily ETF<br>Corgi U.S. Energy 2x Daily ETF<br>Corgi U.S. Financials 2x Daily ETF<br>Corgi U.S. Growth 2x Daily ETF<br>Corgi U.S. Healthcare 2x Daily ETF<br>Corgi U.S. Industrials 2x Daily ETF<br>Corgi U.S. Infrastructure 2x Daily ETF<br>Corgi U.S. Materials 2x Daily ETF<br>Corgi U.S. Micro-Cap 2x Daily ETF<br>Corgi U.S. Real Estate 2x Daily ETF<br>Corgi U.S. Regional Banks 2x Daily ETF<br>Corgi U.S. Semiconductors 2x Daily ETF<br>Corgi U.S. Technology 2x Daily ETF<br>Corgi U.S. Utilities 2x Daily ETF<br>Corgi All Commodities 2x Daily ETF<br>Corgi Aerospace & Commercial Aviation 2x Daily ETF<br>Corgi AI Cybersecurity 2x Daily ETF<br>Corgi Battery Energy Storage Systems 2x Daily ETF<br>Corgi Bay Area Based 2x Daily ETF<br>Corgi Beauty, Skincare & Aesthetics 2x Daily ETF<br>Corgi Coffee & Energy Drinks 2x Daily ETF<br>Corgi Crypto Infrastructure 2x Daily ETF<br>Corgi Data & Surveillance 2x Daily ETF<br>Corgi Genomics & Precision Medicine 2x Daily ETF<br>Corgi High Voltage Grid Equipment 2x Daily ETF<br>Corgi Lifestyle Brands 2x Daily ETF<br>Corgi Longevity Consumer 2x Daily ETF<br>Corgi Mag 7 2x Daily ETF<br>Corgi Natural Gas Power & Turbines 2x Daily ETF<br>Corgi NYC Based 2x Daily ETF<br>Corgi Ports, Rail & Freight 2x Daily ETF<br>Corgi Quantum Computing 2x Daily ETF<br>Corgi Robots & Humanoids 2x Daily ETF<br>Corgi Shipping & Global Logistics 2x Daily ETF<br>Corgi Sports Betting & Gambling 2x Daily ETF<br>Corgi Travel & Leisure 2x Daily ETF<br>Corgi U.S. War Machine 2x Daily ETF<br>Corgi Buy Now Pay Later 2x Daily ETF<br>Corgi Space & Satellite Communications 2x Daily ETF<br>Corgi IP Licensing & Royalties 2x Daily ETF<br>Corgi Drones & Urban Air Mobility 2x Daily ETF<br>Corgi Lithography & Semiconductor Photonics 2x Daily ETF<br>Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF <br>Corgi AGIX 2x Daily ETF |  |
|  | (each, a "Fund" and collectively "the Funds")<br>each listed on Cboe BZX Exchange, Inc. |

---

STATEMENT OF ADDITIONAL INFORMATION

May 28, 2026

This Statement of Additional Information ("SAI") is not a prospectus and should be read together with the Prospectuses for the Funds, each a series of Corgi ETF Trust I (the "Trust"), dated May 28, 2026, as they may be supplemented from time to time (each, a "Prospectus"). Unless noted otherwise, capitalized terms used in this SAI have the same meanings as in the applicable Prospectus. A copy of a Prospectus may be obtained without charge by email to contact@corgifunds.com, visiting www.corgifunds.com, or writing to the Trust, c/o 425 Bush St, Suite 500, San Francisco, CA 94104.

The Funds' audited financial statements for the most recent fiscal year, when available, will be incorporated into this SAI by reference to the Funds' most recent annual report on Form N-CSR. You can obtain a copy of the Certified Shareholder Report free of charge by contacting the Fund at the mailing address or email listed above.

**TABLE OF CONTENTS**

---

| |
|:---|
| [General Information about the Trust](#sai-general-information) |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#sai-additional-information)  |
| [Description of Permitted Investments](#sai-description-of-permitted) |
| [Investment Restrictions](#sai-investment-restrictions)  |
| [Exchange Listing and Trading](#sai-exchange-listing) |
| [Management of the Trust](#sai-management-of-trust)  |
| [Principal Shareholders, Control Persons and Management Ownership](#sai-principal-shareholders) |
| [Codes of Ethics](#sai-codes-of-ethics)  |
| [Proxy Voting Policies](#sai-proxy-voting) |
| [Investment Adviser](#sai-investment-adviser)  |
| [Portfolio Managers](#sai-portfolio-managers) |
| [The Distributor](#sai-the-distributor)  |
| [Administrator](#sai-administrator) |
| [Transfer Agent and ETF Order Management](#sai-transfer-agent)  |
| [Custodian](#sai-custodian) |
| [Independent Registered Public Accounting Firm](#sai-independent-registered)  |
| [Portfolio Holdings Disclosure Policies and Procedures](#sai-portfolio-holdings) |
| [Description of Shares](#sai-description-of-shares)  |
| [Limitation of Trustees' Liability](#sai-limitation-of-trustees) |
| [Brokerage Transactions](#sai-brokerage-transactions)  |
| [Portfolio Turnover Rate](#sai-portfolio-turnover) |
| [Book Entry Only System](#sai-book-entry)  |
| [Purchase and Redemption of Shares in Creation Units](#sai-purchase-and) |
| [Determination of NAV](#sai-determination-of-nav)  |
| [Dividends and Distributions](#sai-dividends-and) |
| [Federal Income Taxes](#sai-federal-income)  |
| [Financial Statements](#sai-financial-statements) |

---

**GENERAL INFORMATION ABOUT THE TRUST**

The Trust is an open-end management investment company with multiple series, including the Funds. This SAI relates to the Funds. The Trust is a Delaware statutory trust formed on July 15, 2025. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations thereunder, the "1940 Act"), as an open-end management investment company, and the offering of shares of beneficial interest ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Trust is governed by its Board of Trustees (the "Board"). The funds seek daily investment results, before fees and expenses, that correlate to 2x the daily performance of its Underlying ETF. The Funds are leveraged ETFs that seek 2x the daily performance of its respective Underlying ETF. Corgi Strategies, LLC (the "Adviser") will serve as investment adviser to the Funds.

The Funds seek daily investment results, before fees and expenses, that correlate to two times (2x) the daily performance of their Underlying ETF. Each Fund resets its exposure each trading day to target approximately two times its Underlying ETF's daily move and should not be expected to provide 2x the return of its Underlying ETF for periods longer than a single day. Because of daily compounding, Underlying ETF volatility, financing costs, and expenses, each Fund's results over periods longer than a day will usually differ in amount, and may differ in direction, from its Underlying ETF's multi-day return. Each Fund expects to obtain leveraged exposure primarily through derivatives (for example, total return swaps and futures) and to rebalance exposure daily. It is possible to lose the full value of an investment in a Fund in a single day.

Each Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). A Fund generally issues and redeems Creation Units in exchange for a basket of securities ("Deposit Securities") together with a specified cash payment (the "Cash Component"). The Trust may permit or require the substitution of a cash amount ("Deposit Cash") in lieu of some or all Deposit Securities. Shares are expected to be listed on the Exchange and trade on the Exchange at market prices, which may differ from NAV. Shares are redeemable only in Creation Unit aggregations and, in general, in exchange for portfolio securities and a specified cash payment, or instead, entirely for cash. As a practical matter, mostly only institutions or large investors, known as "Authorized Participants" or "APs," purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not individually redeemable.

Because each Fund expects to achieve its objective primarily through derivatives, the Trust generally anticipates effecting creations and redemptions for each Fund in cash rather than in-kind. The Trust may impose transaction fees on cash creations and redemptions designed to cover the Fund's estimated costs, which may include costs of entering into, maintaining, or unwinding derivatives positions and related financing and hedging costs.

Shares may be issued in advance of receipt of some or all Deposit Securities, subject to conditions set forth in the participant agreement among the AP, the distributor, and the transfer agent (the "Participant Agreement"), including a requirement to maintain with the Trust cash at least equal to a specified percentage of the value of any missing Deposit Securities. The Trust may impose a transaction fee on each creation or redemption. In all cases, such fees will be limited in accordance with SEC requirements applicable to management investment companies offering redeemable securities. As with other publicly traded securities, brokers' commissions on secondary-market transactions are negotiated with your broker at customary rates.

Use of derivatives by each Fund is subject to Rule 18f-4 under the 1940 Act. The Trust has adopted a derivatives risk management program, appointed a Derivatives Risk Manager approved by the Board, and manages the Funds' derivatives exposure using value-at-risk (VaR) testing. Under Rule 18f-4, a Fund's VaR must not exceed 200% of the VaR of a designated reference portfolio under the relative VaR test or, if a designated reference portfolio is not appropriate, 20% of the Fund's net assets under the absolute VaR test. Each Fund intends to comply with the relative VaR test. Each Fund's designated reference portfolio is the Fund's Underlying ETF or Underlying ETP, as identified in the Fund's prospectus. Because each Fund seeks daily investment results that correlate to two times (2x) the daily performance of its Underlying ETF or Underlying ETP, the Fund's VaR is expected to be approximately two times the VaR of its designated reference portfolio, which is within the 200% relative VaR limit prescribed by Rule 18f-4. The Derivatives Risk Manager monitors each Fund's compliance with the applicable VaR limit and provides regular reports to the Board regarding the program's implementation.

Designated Reference Portfolios. For purposes of the relative VaR test under Rule 18f-4, each Fund's Derivatives Risk Manager has designated the Fund's Underlying ETF or Underlying ETP as the Fund's designated reference portfolio. The Derivatives Risk Manager has determined that each Fund's Underlying ETF or Underlying ETP reflects the markets or asset classes in which the Fund invests and provides an appropriate baseline against which to measure the Fund's leverage risk. The Derivatives Risk Manager monitors each Fund's relative VaR on a daily basis and will take steps to bring the Fund into compliance if its VaR were to exceed 200% of the VaR of its designated reference portfolio, which may include reducing derivatives exposure.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Funds' investment objectives and principal investment strategies are described in the Prospectuses under "Investment Objective" and "Principal Investment Strategies," respectively. The information below supplements, and should be read together with, the Prospectuses. For a description of certain permitted investments, see "Description of Permitted Investments" in this SAI.

With respect to the Funds' investments, unless otherwise noted, if a percentage limitation is satisfied at the time of investment or contract, a subsequent increase or decrease due to market movements or redemptions will not, by itself, result in a violation of that limitation.

Non-Diversification

Each Fund is classified as non-diversified under the 1940 Act. As a result, a Fund is not limited by the 1940 Act with respect to the percentage of its assets that may be invested in the securities of a single issuer. A Fund therefore may invest a larger portion of its assets in the securities of a single issuer or a smaller number of issuers than a diversified fund. Those issuers may represent a greater portion of the Fund's portfolio, which can adversely affect performance or subject Shares to greater price volatility than more diversified investment companies. While each Fund is "non-diversified" under the 1940 Act, to qualify as a RIC the Fund must satisfy Subchapter M diversification tests. Accordingly, with respect to at least 50% of total assets, the Fund will not hold more than 10% of the outstanding voting securities of any one issuer or invest more than 5% of total assets in any one issuer.

Although each Fund is non-diversified for purposes of the 1940 Act, each intends to maintain the diversification required under the Code and otherwise operate so as to qualify as a regulated investment company ("RIC") for federal income tax purposes, thereby generally avoiding fund-level federal income tax on income and gains distributed to shareholders. Compliance with the Code's diversification and other requirements may limit investment flexibility and could make it less likely that a Fund will meet its investment objective. See "Federal Income Taxes" in this SAI for further discussion.

Special Considerations for the Funds

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Daily Objective and Compounding.** Each Fund seeks 2x the daily performance of its Underlying ETF and resets exposure each trading day. Over periods longer than a day, a Fund's results reflect the compounding of daily returns and the path of daily Underlying ETF moves and will usually differ from 2x the Underlying ETF's return for the same period.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Volatility Effect.** Generally, higher day-to-day volatility in an Underlying ETF increases the divergence between a Fund's multi-day results and 2x the Underlying ETF's multi-day return. In trending, lower-volatility markets, multi-day results may be closer to or greater than 2x; in choppy or range-bound markets, they are often less than 2x.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Correlation and Rebalancing** . A Fund may not achieve perfect correlation to 2x the daily performance of its Underlying ETF for reasons that include derivative pricing and liquidity, intraday Underlying ETF movements (including near the close), timing and size of rebalancing, market closures or trading halts, financing costs, and Fund expenses.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Financing and Cash Management.** A Fund's use of swaps, futures, and other instruments involves financing or implied financing charges that reduce returns. A Fund may hold cash and cash equivalents (for example, U.S. Treasury bills, money market instruments, or repurchase agreements) for margin and collateral, which can affect exposure and results.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Counterparty and Clearinghouse Exposure.** A Fund is exposed to the credit of derivatives counterparties, futures commission merchants, and clearinghouses. Defaults or operational disruptions could cause losses, delays in recovery of collateral or margin, or both.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Use of ETF-Linked Swaps.** To the extent a Fund uses swaps referencing an ETF, tracking differences between that ETF and the applicable Underlying ETF can add an additional source of correlation error.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Not a Buy-and-Hold Substitute.** Each Fund is intended for knowledgeable investors who intend to monitor positions frequently. It is possible to lose the entire investment in a single day.

General Risks

The value of a Fund's portfolio securities may fluctuate with changes in an issuer's or counterparty's financial condition, with issuer-specific or industry-specific developments, and with broader economic or political conditions. An investor in a Fund could lose money over short or long periods.

There is no assurance that a liquid market will exist for all securities held by a Fund. Market liquidity may depend on whether dealers are willing to make markets in particular securities. There can be no assurance that a market will be made or maintained, or that any such market will remain liquid. The price at which securities may be sold, and the value of Shares, can be adversely affected if trading markets for a Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

Financial markets, domestic and foreign, have at times experienced unusually high volatility. Continuing events and market turbulence may adversely affect Fund performance.

**Cyber Security Risk.** Investment companies and their service providers face operational and information-security risks from cyber incidents. Cyber events include, among other things, data theft or corruption, denial-of-service attacks, unauthorized release of confidential information, and other breaches. Cyber incidents affecting a Fund or the Adviser, custodian, transfer agent, intermediaries, or other third-party service providers may, among other effects, disrupt the processing of shareholder transactions, impair a Fund's ability to calculate its NAV, cause the release of private shareholder or issuer information, impede trading, result in regulatory fines or financial losses, and damage reputation. A Fund may also incur additional costs for cybersecurity risk management. Similar risks affect issuers in which a Fund invests and could have material adverse consequences for such issuers, potentially reducing the value of the Fund's investments.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following describes the investments and techniques each Fund may use, and the related risks. A Fund will employ any investment or practice below only if it is consistent with the Fund's investment objective and permitted by the Fund's stated policies. Some items discussed in this SAI are not principal strategies, as disclosed in the Prospectus; while a Fund is permitted to use them, it is not required to do so.

Borrowing

Although the Funds do not expect to borrow, each may do so to the extent allowed by the 1940 Act. Under the 1940 Act, a Fund may borrow up to one-third (1/3) of its total assets. Any borrowing is expected to be for short-term or emergency purposes, not for investment, and would be repaid promptly. Borrowing magnifies the effect on NAV of changes in the market value of the Fund's holdings. Amounts borrowed bear interest (which may or may not be offset by earnings on purchased securities), and maintaining a credit facility may involve minimum balances, commitment fees, or other costs that increase the effective cost of borrowing.

For each Fund, leverage is expected to come primarily from derivatives (for example, total return swaps and futures) rather than from cash borrowings. If a Fund borrows, the Fund will maintain asset coverage of at least 300% of all borrowings as required by Section 18 of the 1940 Act. Short-term borrowings, if any, may include custodial overdrafts or borrowings under a credit facility for settlement, liquidity, or other administrative purposes, and will be repaid promptly.

Equity Securities

Equity securities (for example, common stock) are subject to stock-market risk and may fluctuate significantly as market conditions, investor sentiment, or an issuer's financial position change. Declines in the value of equity holdings may cause a Fund's Shares to fall in value.

An investment in a Fund entails the risks inherent in equity ownership, including the risk that issuer fundamentals deteriorate or that broad market conditions weaken, either of which can reduce the value of portfolio securities and, in turn, the value of Shares. Equity prices can be volatile as investor expectations shift with respect to government, economic, monetary, and fiscal policies; inflation and interest rates; business cycles; and global or regional political, economic, or banking stresses. With respect to each Fund, equity exposure is typically obtained indirectly through derivatives that reference the applicable Underlying ETF rather than through direct holdings.

Types of Equity Securities:

**Common Stocks -** Common stock represents an ownership interest in an issuer, typically with voting rights and the potential to receive dividends. Unlike preferred stock, dividends on common stock are not fixed and are declared at the discretion of the issuer's board of directors.

Holders of common stock generally take on more risk than holders of preferred stock or debt because common shareholders stand behind creditors and preferred shareholders in the issuer's capital structure. Common stock has neither a stated principal amount nor a maturity date and remains subject to market fluctuations as long as it is outstanding.

**Preferred Stocks -** Preferred stock represents an ownership interest that typically has priority over common stock for dividends and liquidation proceeds, but is junior to the issuer's liabilities. Preferred stock generally has no voting rights. Varieties include adjustable-rate, fixed-dividend, perpetual, and sinking-fund preferred stock.

In general, market values of fixed-rate, non-convertible preferred stock move inversely with interest rates and with changes in perceived credit quality.

Derivatives Used by the Funds

Each Fund seeks daily investment results, before fees and expenses, that correlate to 2x the daily performance of its Underlying ETF. To pursue these objectives, each Fund expects to obtain leveraged exposure primarily through the derivatives set out below and to rebalance its exposure on each Business Day. Daily rebalancing and compounding can cause a Fund's return for periods longer than one day to differ, and potentially differ significantly, from 2x the return of its Underlying ETF for the same period. Market volatility, holding period, and the path of returns will affect the degree of such divergence.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Swap Agreements.** A Fund may enter into total return swaps and other swap contracts that reference its Underlying ETF or an exchange-traded fund designed to track the Underlying ETF (or a similar index or asset). Swaps typically require the Fund to exchange periodic payments based on the performance of the Underlying ETF for financing and/or fee payments. Swaps may be traded bilaterally (subject to counterparty credit risk and collateral arrangements) or, in some cases, cleared through a central clearinghouse (introducing clearinghouse and futures commission merchant risk). Total return swaps are expected to be a primary tool for obtaining leveraged exposure. Under normal market conditions, a Fund expects the aggregate notional amount of its swap positions, together with other derivatives, to be approximately 200% of the Fund's net assets, before taking into account any cash or cash equivalents held for margin and collateral. Swaps are typically documented under an ISDA Master Agreement with a credit support annex that requires posting and collection of variation margin (and, where applicable, initial margin). Swap exposures may be reset or rebalanced daily to help the Fund maintain its target exposure.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Futures Contracts.** A Fund may use exchange-traded futures on broad equity indexes or on exchange-traded funds (including the Underlying ETF or exchange-traded funds designed to track such indexes or assets) to obtain or adjust exposure. Futures require initial and variation margin and are marked to market daily. Futures may reference broad equity indexes or exchange-traded funds that seek to track such indexes, including contracts traded on U.S. exchanges. Positions are subject to exchange and clearinghouse margin requirements and may be subject to exchange or regulatory position limits. The Fund may increase or reduce futures exposure intraday or at the close in connection with its daily rebalance.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Options.** A Fund may use options on futures, indexes, or exchange-traded funds for exposure or to manage risk. Option values can be highly sensitive to changes in the price and volatility of the Underlying ETF and to time decay. A Fund expects to use options opportunistically for exposure or risk management and does not expect options to be a primary source of the Fund's leverage.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Money Market Instruments and Short-Term Investments.** A Fund may hold cash, U.S. government securities, repurchase agreements, and interests in money market funds to meet margin and collateral needs, to manage liquidity, or pending investment. To the extent a Fund invests in a money market fund, shareholders bear their proportionate share of the money market fund's fees in addition to the Fund's expenses. Cash and cash equivalents may serve as collateral for the Fund's derivatives and to meet margin calls. Holding cash or cash equivalents may reduce the Fund's ability to maintain its target level of leveraged exposure and may contribute to tracking differences.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Securities Lending.** See Securities Lending below for a fuller discussion. If a Fund engages in lending, it will do so pursuant to Board-approved guidelines; lending involves counterparty, collateral investment, and operational risks.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Daily Rebalancing and Compounding.** To seek 2x of its Underlying ETF's daily return, a Fund will generally rebalance its derivatives exposure each Business Day. Because of compounding, the Fund's return over periods longer than one day is likely to differ from 2x the return of its Underlying ETF for the same period. The degree of divergence can be positive or negative and depends on factors including volatility, fees and expenses, and the timing and magnitude of Underlying ETF moves.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Derivatives Risk Management and Rule 18f-4.** Each Fund relies on Rule 18f-4 under the 1940 Act for its derivatives and certain financing transactions. Each Fund operates a derivatives risk management program administered by a designated derivatives risk manager and is subject to a value-at-risk (VaR) limit. Each Fund intends to comply with the relative VaR test, under which the VaR of the Fund's portfolio (including derivatives) must not exceed 200% of the VaR of a designated reference portfolio. Each Fund's designated reference portfolio is its Underlying ETF or Underlying ETP. Because each Fund seeks daily investment results that correlate to two times (2x) the daily performance of its Underlying ETF or Underlying ETP, the Fund's VaR is generally expected to be approximately two times the VaR of its designated reference portfolio, which is within the 200% relative VaR limit. Additional information about each Fund's derivatives risk management program is provided in the Statement of Additional Information.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Commodity Interests and CFTC Matters.** To the extent a Fund invests in commodity interests (for example, futures, options on futures, or swaps), the Adviser intends to claim an exclusion from the definition of "commodity pool operator" with respect to the Fund, such that the Adviser would not be required to register with the CFTC as a commodity pool operator for the Fund.

**Rights and Warrants -** Rights give existing shareholders the privilege to subscribe to a new issue of common stock, usually for a short period (often two to four weeks) at a discount to the public offering price; rights are typically transferable. Warrants are long-dated options, often issued with debt or preferred stock, that allow the holder to purchase common shares at a specified price; warrants are usually transferable and may trade on exchanges.

Rights and warrants may involve greater risk than direct investment in the underlying securities. They typically do not convey voting rights, dividends, or ownership in the issuer's assets; their values may not track the underlying securities; and they can expire worthless if not exercised by their expiration dates. Using rights or warrants can increase potential gains and losses compared to investing the same amount directly in the underlying stock.

**When-Issued Securities -** A when-issued security has defined terms and an active market but has not yet been issued. In such transactions the Fund relies on the counterparty to deliver. If delivery does not occur, the Fund may miss an opportunity to acquire the security at an attractive price or yield.

Purchasing when-issued securities exposes the Fund to ownership-like risks prior to settlement, including price and yield changes. By settlement, the market value may be higher or lower than the agreed purchase price, and prevailing yields may differ from those available when the trade was executed. Because payment is deferred until delivery, these risks are in addition to the risks of the Fund's other investments.

SEC Rule 18f-4 under the 1940 Act (the "Derivatives Rule") permits investments on a when-issued, forward-settling, or non-standard settlement basis notwithstanding Section 18's senior-security restrictions, provided the Fund intends to physically settle and settlement will occur within 35 days of the trade date (the "Delayed-Settlement Securities" provision). Transactions that do not meet that provision are treated as derivatives under Rule 18f-4.

Short Sales

A Fund may engage in short sales of securities it does not own (and, in some cases, short sales against-the-box, i.e., short sales of stocks it does own). In a short sale, the Fund borrows the security, sells it, and later seeks to purchase the same security to return to the lender. Short sales involve the risk that the borrowed security increases in price before the position is closed, which would result in a loss. The Fund can also be required to close a short position earlier than desired (for example, if the lender recalls the security or borrowing costs rise), which may cause a loss. Because the price of the borrowed security may increase indefinitely, such losses are theoretically uncapped.

Short sales require the Fund to pledge liquid assets and to post margin with the broker. While the short position is open, the Fund generally will pay borrowing fees and any amounts equal to dividends or interest that accrue on the borrowed security. These amounts reduce the return on the position and can create a negative cost of carry. Any payments in lieu of dividends on short positions generally are not qualified dividend income.

For purposes of Rule 18f-4 under the 1940 Act, short sales are treated as derivatives transactions and are subject to the Fund's derivatives risk management program and value-at-risk limits. Short sales also involve counterparty, liquidity, and operational risks, including the risk of buy-in if the broker cannot continue to borrow the security.

**Aerospace, Aviation Safety, Certification, and Disruption Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting aerospace and aviation-related issuers, including certification and regulatory approval risks, manufacturing quality risks, and program execution risks. Delays or failures in testing, certification, or production ramp can lead to cost overruns, penalties, delivery deferrals, and reduced demand. Safety incidents can result in groundings, higher compliance costs, litigation, and reputational harm. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**AI, Algorithms, Data Quality, and Automation Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks arising from reliance on AI models, automated systems, and algorithmic decision-making. Outputs may be inaccurate, biased, or otherwise flawed, and performance may depend on data quality, availability, and timeliness and may degrade under new conditions. Regulatory scrutiny and public concerns may increase compliance costs or restrict practices. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Battery Materials and Safety Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting battery technologies and related value chains. These may include supply constraints and price volatility for battery materials and components, dependence on limited sources, and safety and reliability risks (including thermal events) that can lead to recalls, warranty claims, litigation, and reputational harm. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Biotechnology, Health Care, Clinical, and Regulatory Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting biotechnology and health care companies, including clinical development and regulatory approval risks, the risk that products are not approved or do not achieve desired outcomes, and uncertainty in adoption and reimbursement. Changes in health care policy, regulation, or pricing practices may affect profitability, and research and development costs can be significant. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Brokerage Commissions and Bid-Ask Spread Risk.** Investors who buy or sell shares pay brokerage commissions and bear bid-ask spreads. These costs may increase when markets are volatile or when the Shares trade in lower volumes and can materially reduce returns for investors, especially for frequent traders or smaller transactions.

**Cash Transactions and Tax Efficiency Risk.** If a Fund uses cash creations or redemptions, it may need to buy or sell portfolio securities and derivatives, which can increase transaction costs, cause the Fund to realize taxable gains, and reduce tax efficiency relative to ETFs that rely more heavily on in-kind activity.

**China-Related Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to China-related risks, including government intervention, regulatory changes, restrictions on capital flows, and limits on market access. Companies associated with China may be subject to evolving legal and regulatory regimes, including restrictions on technology transfer, data practices, or foreign ownership. Certain corporate structures used to obtain exposure to Chinese companies (including variable interest entity structures) may carry additional legal and governance risks. Differences in trading hours and market closures may affect pricing and liquidity. Because the Fund provides leveraged exposure, China-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**India-Related Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to India-related risks, including government policy changes, regulatory uncertainty, restrictions on foreign ownership or capital flows, and evolving legal frameworks. The Indian securities market may experience lower liquidity, higher volatility, and less developed custody and settlement infrastructure compared to developed markets. Political developments, currency depreciation, and changes in tax policy may adversely affect the value of Indian securities. Because the Fund provides leveraged exposure, India-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**South Korea-Related Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to South Korea-related risks, including geopolitical tensions on the Korean peninsula, military conflict risk, dependence on export markets, and concentration in technology and semiconductor industries. South Korean securities may be affected by government intervention, currency fluctuations, and regulatory changes. Differences in trading hours and market closures may affect pricing and liquidity. Because the Fund provides leveraged exposure, South Korea-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Brazil-Related Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to Brazil-related risks, including political instability, currency volatility, inflation, and changes in fiscal or monetary policy. The Brazilian economy is sensitive to commodity prices, trade flows, and global demand cycles. Regulatory and legal frameworks may be less predictable than in developed markets. Because the Fund provides leveraged exposure, Brazil-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Taiwan-Related Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to Taiwan-related risks, including geopolitical tensions involving mainland China, heavy concentration in the semiconductor industry, reliance on export markets, and exposure to global technology supply chain disruptions. Taiwan's securities market may be affected by cross-strait political developments, currency fluctuations, and regulatory changes. Differences in trading hours and market closures may affect pricing and liquidity. Because the Fund provides leveraged exposure, Taiwan-related adverse developments may result in proportionally larger declines in the Fund's NAV and market price.

**Commodity Market and Volatility Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to commodity market and volatility risks. Commodity prices can be highly volatile due to supply and demand conditions, geopolitical events, weather, inventory levels, technological change, and macroeconomic conditions, and commodity markets may experience rapid price movements. Because the Fund provides leveraged exposure, adverse commodity-related movements affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Compounding and Daily Rebalancing Risk.** Each Fund has a single day investment objective, and each Fund's performance for any other period is the result of its return for each day compounded over the period. Each Fund resets its exposure each trading day to target approximately 2x the daily move of its Underlying ETF. As a result, the performance of a Fund for periods longer than a single day will very likely differ in amount, and possibly even direction, from two times (2x) the return of the Fund's Underlying ETF for the same period, before accounting for fees and expenses. In general, when Underlying ETF volatility is higher, the impact of compounding and daily rebalancing will be more pronounced and a Fund's multi-day results will tend to be less than 2x the Underlying ETF's return for the same period; when volatility is lower, multi-day results may be closer to or greater than 2x. If an Underlying ETF is flat over time, the applicable Fund will likely lose value due to the effects of daily resetting, compounding, financing costs, and expenses. An investor could lose the full principal value of an investment in a Fund within a single day. Deviations can occur over periods as short as one day when measured intraday rather than NAV to NAV.

The following table illustrates the impact of Underlying ETF volatility and Underlying ETF return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance. The table uses hypothetical annualized Underlying ETF volatility and Underlying ETF returns to illustrate the impact of these two principal factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Underlying ETF return for a one-year period. Each column corresponds to a level of hypothetical annualized Underlying ETF volatility.

Estimated Fund Returns

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Performance | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility | &nbsp;&nbsp;Underlying ETF Annualized Volatility |
| &nbsp;&nbsp;One Year<br>Return | &nbsp;&nbsp;Two times<br>(2x) Return | &nbsp;&nbsp;10% | &nbsp;&nbsp;25% | &nbsp;&nbsp;50% | &nbsp;&nbsp;75% | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;-60% | &nbsp;&nbsp;-120% | &nbsp;&nbsp;-84.2% | &nbsp;&nbsp;-85.0% | &nbsp;&nbsp;-87.5% | &nbsp;&nbsp;-90.9% | &nbsp;&nbsp;-94.1% |
| &nbsp;&nbsp;-50% | &nbsp;&nbsp;-100% | &nbsp;&nbsp;-75.2% | &nbsp;&nbsp;-76.5% | &nbsp;&nbsp;-80.5% | &nbsp;&nbsp;-85.8% | &nbsp;&nbsp;-90.8% |
| &nbsp;&nbsp;-40% | &nbsp;&nbsp;-80% | &nbsp;&nbsp;-64.4% | &nbsp;&nbsp;-66.2% | &nbsp;&nbsp;-72.0% | &nbsp;&nbsp;-79.5% | &nbsp;&nbsp;-86.8% |
| &nbsp;&nbsp;-30% | &nbsp;&nbsp;-60% | &nbsp;&nbsp;-51.5% | &nbsp;&nbsp;-54.0% | &nbsp;&nbsp;-61.8% | &nbsp;&nbsp;-72.1% | &nbsp;&nbsp;-82.0% |
| &nbsp;&nbsp;-20% | &nbsp;&nbsp;-40% | &nbsp;&nbsp;-36.6% | &nbsp;&nbsp;-39.9% | &nbsp;&nbsp;-50.2% | &nbsp;&nbsp;-63.5% | &nbsp;&nbsp;-76.5% |
| &nbsp;&nbsp;-10% | &nbsp;&nbsp;-20% | &nbsp;&nbsp;-19.8% | &nbsp;&nbsp;-23.9% | &nbsp;&nbsp;-36.9% | &nbsp;&nbsp;-53.8% | &nbsp;&nbsp;-70.2% |
| &nbsp;&nbsp;0% | &nbsp;&nbsp;0% | &nbsp;&nbsp;-1.0% | &nbsp;&nbsp;-6.1% | &nbsp;&nbsp;-22.1% | &nbsp;&nbsp;-43.0% | &nbsp;&nbsp;-63.2% |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;20% | &nbsp;&nbsp;19.8% | &nbsp;&nbsp;13.7% | &nbsp;&nbsp;-5.8% | &nbsp;&nbsp;-31.1% | &nbsp;&nbsp;-55.5% |
| &nbsp;&nbsp;20% | &nbsp;&nbsp;40% | &nbsp;&nbsp;42.6% | &nbsp;&nbsp;35.3% | &nbsp;&nbsp;12.1% | &nbsp;&nbsp;-18.0% | &nbsp;&nbsp;-47.0% |
| &nbsp;&nbsp;30% | &nbsp;&nbsp;60% | &nbsp;&nbsp;67.3% | &nbsp;&nbsp;58.8% | &nbsp;&nbsp;31.6% | &nbsp;&nbsp;-3.7% | &nbsp;&nbsp;-37.8% |
| &nbsp;&nbsp;40% | &nbsp;&nbsp;80% | &nbsp;&nbsp;94.0% | &nbsp;&nbsp;84.1% | &nbsp;&nbsp;52.6% | &nbsp;&nbsp;11.7% | &nbsp;&nbsp;-27.9% |
| &nbsp;&nbsp;50% | &nbsp;&nbsp;100% | &nbsp;&nbsp;122.8% | &nbsp;&nbsp;111.4% | &nbsp;&nbsp;75.2% | &nbsp;&nbsp;28.2% | &nbsp;&nbsp;-17.2% |
| &nbsp;&nbsp;60% | &nbsp;&nbsp;120% | &nbsp;&nbsp;153.5% | &nbsp;&nbsp;140.5% | &nbsp;&nbsp;99.4% | &nbsp;&nbsp;45.9% | &nbsp;&nbsp;-5.8% |

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Assumes: (a) no dividends paid with respect to securities of the Underlying ETF; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included, the Fund's performance would be different from that shown.

**Consumer Products, Brands, Demand, and Regulatory Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting consumer-facing companies, including changes in consumer preferences and brand relevance, competition, pricing and margin pressure, and higher promotional costs. Demand may be sensitive to economic conditions, consumer confidence, and seasonality. Companies may face product safety, regulatory, and recall risks, and may be affected by distribution channels, inventory management, sourcing, and logistics. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Correlation Risk.** Each Fund seeks approximately 2x the daily performance of its Underlying ETF, before fees and expenses, but may not achieve its 2x Daily Objective. Fees and expenses; transaction and financing costs; the use, pricing, and liquidity of derivatives; market volatility or disruptions (including trading halts); corporate actions or changes affecting an Underlying ETF; and limits on, or timing differences in, rebalancing may cause a Fund's performance to deviate from 2x the Underlying ETF's daily return.

**Crypto Infrastructure and Digital Asset Ecosystem Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting crypto and digital-asset-related industries, including regulatory and legal uncertainty, market volatility, fraud, market manipulation, cybersecurity incidents, and operational failures at platforms or counterparties. Disruptions in banking access or payment rails, protocol changes, or forks may affect adoption and revenues. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Cybersecurity, Data Breach, Privacy, and Fraud Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to cybersecurity, data breach, privacy, and fraud risks. Cyberattacks, security breaches, service disruptions, or unauthorized disclosure of data can result in operational disruption, regulatory investigations, litigation, remediation expenses, loss of customers, and reputational harm. Increased scrutiny of privacy and data-use practices may restrict activities or increase compliance costs, and fraud can increase losses and reduce confidence. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Derivatives Risk.** Each Fund may use derivatives such as total return swaps, futures contracts, options, and similar instruments to pursue its 2x daily objective. Derivatives can be volatile and may involve risks different from, and sometimes greater than, investing directly in the securities comprising an Underlying ETF. Such risks include leverage, imperfect correlation with the Underlying ETF, pricing and liquidity constraints, valuation complexity, and the potential that the cost to maintain a position exceeds its return. Limited initial margin may magnify losses, potentially beyond the amounts initially invested in the instrument.

**Energy, Commodity, and Input Cost Volatility Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to energy, commodity, and input cost volatility risks. Issuers may be sensitive to prices of energy, commodities, or other key inputs such as metals, battery materials, agricultural commodities, packaging, or transportation services. Input prices can be volatile due to supply and demand imbalances, geopolitical developments, weather, trade policies, and environmental regulation. Because the Fund provides leveraged exposure, adverse developments affecting input-cost-sensitive issuers may result in proportionally larger declines in the Fund's NAV and market price.

**Energy Infrastructure, Project Development, Permitting, and Execution Risk.** Through its exposure to the Underlying ETP (including any Underlying ETF) and the Fund's Underlying ETF, the Fund is exposed to energy infrastructure project risks, including development, permitting, interconnection, construction, and execution risks. Projects may be delayed, downsized, or cancelled due to financing conditions, cost inflation, supply constraints, or regulatory changes. Equipment failures, warranty claims, and service execution challenges may also affect results. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Energy Markets and Oil & Gas Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to oil and natural gas market risks. Oil and natural gas prices can be volatile due to changes in production levels, inventory conditions, policy decisions, weather, infrastructure constraints, and geopolitical events, and may be affected by changes in demand or energy transition policies. Because the Fund provides leveraged exposure, adverse movements affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Environmental Regulation, Energy Transition, and Climate Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to environmental regulation, energy transition, and climate risks. Regulatory developments may affect issuers through compliance costs, permitting outcomes, product standards, and changes in demand. Extreme weather events and climate-related disruptions can damage assets, interrupt operations and supply chains, and increase insurance and remediation costs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Equity Market Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to equity market risk. Equity securities may decline in value due to broad market conditions, economic conditions, changes in investor sentiment, or issuer-specific factors. Equity markets can be volatile and may be affected by changes in interest rates, inflation, economic growth, corporate earnings, political developments, geopolitical events, and other factors. Because the Fund provides leveraged exposure, declines in equity markets may result in proportionally larger declines in the Fund's NAV and market price.

**ETF Risks.** Each 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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.** Each 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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Trading.** Although Shares are listed for trading on Cboe BZX Exchange, Inc. (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.

**Export Controls, Sanctions, and Geopolitical Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to export controls, sanctions, and geopolitical risks. Issuers or markets may be affected by sanctions regimes, national security restrictions, or other limitations on cross-border transactions, technology transfer, financing, or counterparties. Compliance can increase costs and constrain business opportunities, and geopolitical tensions or conflicts may disrupt supply chains, reduce demand, increase input costs, and contribute to market volatility. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Financial Services, Consumer Lending, Payments, and Fintech Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting financial services and fintech business models, including credit losses, underwriting risk, and changes in consumer payment behavior. Delinquencies and charge-offs may rise in downturns or higher-rate environments. Certain models may depend on funding markets, securitization, or bank partnerships, and disruptions or higher funding costs can reduce growth or profitability. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Financing, Margin, and Interest Rate Risk.** Each Fund's use of derivatives and leverage requires the posting of margin and the maintenance of collateral, which may require a Fund to hold significant amounts of cash and short-term instruments. Increases in margin requirements or collateral demands from counterparties or clearinghouses may require a Fund to sell assets at unfavorable times or reduce leveraged exposure, which could adversely affect performance. Rising interest rates may increase a Fund's financing costs, reduce the return on cash and short-term instruments, and adversely affect equity market valuations.

**Foreign Investments, Emerging Markets, Currency, and Market Structure Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to foreign investment, emerging market, currency, and market structure risks. Non-U.S. exposure may involve different accounting and disclosure standards, different regulatory regimes, settlement and custody differences, political or social instability, and the risk of expropriation or capital controls. Currency exposures may increase volatility and may reduce returns when the U.S. dollar strengthens. Market structure and trading hour differences may affect pricing, liquidity, and the Fund's ability to obtain exposure at expected times or prices. Because the Fund provides leveraged exposure, these risks may result in proportionally larger declines in the Fund's NAV and market price.

**Geographic Classification and Regional Concentration Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to geographic classification and regional concentration risks. The Fund relies on classifications of issuers as being economically tied to a particular region based on factors such as headquarters location, operating footprint, revenue exposure, or other criteria, and such classifications may change over time and may involve judgment. Regional concentration may increase exposure to local economic conditions, state or local regulatory or tax developments, labor and real estate conditions, and region-specific events such as natural disasters or infrastructure disruptions. Because the Fund provides leveraged exposure, adverse developments affecting a regionally concentrated Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Government Customer, Procurement, and Policy Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to government customer, procurement, and policy risks to the extent issuers tied to the Underlying ETF derive revenues from government customers or government-related programs. Government budgets, policy priorities, and procurement processes may change, and contracting may involve competitive bidding, performance requirements, and timing risks that can affect profitability and revenue recognition. Because the Fund provides leveraged exposure, adverse developments affecting government-dependent issuers may result in proportionally larger declines in the Fund's NAV and market price.

**Indirect Investment Risk.** Each Unaffiliated Underlying ETF is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider any Fund in taking any corporate actions that might affect the value of Shares. Investors in Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to shares of an Underlying ETF. The Funds have no control over the Underlying ETFs and rely solely on publicly available information about the Underlying ETFs.

**Indirect Investment Risk.** Each Underlying ETF is affiliated with the Trust, the Adviser, and/or an affiliate thereof, but is not involved with this offering in any way and has no obligation to consider the Fund in taking any corporate actions or other actions that might affect the value of the Fund's Shares. Investors in Shares will not have voting rights or rights to receive dividends or other distributions, or any other rights, with respect to shares of an Underlying ETF. Although affiliated, the Fund does not control the Underlying ETF, including its investment objective, strategies, holdings, fees, policies, or portfolio management practices, and generally relies on information made available about the Underlying ETF. Actions taken by an Underlying ETF, including changes to its investment objective, strategies, holdings, fees, or policies, or other corporate or operational actions, could adversely affect the Fund's performance.

**Intellectual Property, Licensing, and Litigation Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks associated with intellectual property ownership, monetization, and enforcement. Licensing revenues may be uncertain and may depend on limited patents, licensees, products, or markets and may be affected by substitution, workarounds, or patent expiration. IP rights may be challenged or narrowed, and litigation can involve high costs, long timelines, and uncertain outcomes. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Leverage Risk.** By design, each Fund uses leverage to target 2x the daily performance of its Underlying ETF. Leverage magnifies both gains and losses. As a result, small changes in an Underlying ETF may produce larger changes in a Fund's NAV, and losses may be substantial. Leverage also increases the sensitivity of each Fund to financing costs, market volatility, and liquidity conditions. In adverse market conditions, a Fund may be required to reduce exposure rapidly or may be unable to maintain its targeted leverage.

**New Adviser Risk.** The Adviser is a newly registered investment adviser and has limited operating history. There can be no assurance that the Adviser will be successful in implementing a Fund's investment strategy or managing a Fund, including with respect to the Funds' use of derivatives and daily rebalancing.

**New Fund Risk.** Each Fund is newly organized and has limited operating history. As a new fund, a Fund may not attract sufficient assets to achieve and maintain an economically viable size, and it may be more likely to liquidate than a fund with a longer operating history and larger asset base. Liquidation may occur at a time that is disadvantageous to shareholders.

**Non-Diversified Fund Risk.** Each Fund is non-diversified, which means it may invest a larger percentage of its assets in the securities of a smaller number of issuers or obtain exposure through a smaller number of counterparties than a diversified fund. As a result, a Fund may be more susceptible to a single economic, market, political, or regulatory occurrence, or to a decline in the financial condition of an issuer or counterparty, and such an event may have a disproportionately negative impact on the Fund.

**Regulatory, Legal, and Tax Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to regulatory, legal, and tax risks. Changes in laws, regulations, or regulatory interpretations may affect issuers reflected in the Underlying ETF and may affect the Fund's operations. Regulatory and legal risks may include increased compliance costs, limits on business practices, licensing requirements, enforcement actions, litigation, and changes in taxation. Regulatory outcomes may be uncertain and may differ across jurisdictions. Because the Fund provides leveraged exposure, adverse regulatory or legal developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Semiconductor and Advanced Computing Supply Chain Risk.** Through its exposure to the Underlying ETP (including any Underlying ETF) and the Fund's Underlying ETF, the Fund is exposed to risks affecting semiconductor and advanced computing supply chains, including cyclical demand, inventory cycles, customer capital spending, long lead times, technology transitions, and pricing pressure. Export controls and geopolitical developments may affect access to markets, manufacturing capacity, equipment, or inputs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Space and Satellite Industry Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting space and satellite-related issuers, including launch and deployment risks, mission failure, and technical performance risks. The industry can involve significant capital requirements, long development timelines, and uncertain payback periods, and may be subject to spectrum and licensing requirements. Space debris and collision hazards may impair operations or increase costs. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Sports Betting and Gambling Industry Risk** . Through its exposure to the Underlying ETF and the Fund's reference assets the Fund is exposed to risks affecting sports betting and gambling businesses, including evolving regulatory frameworks, licensing requirements, tax rates and fees, advertising restrictions, and enforcement activity that may vary by jurisdiction. Issuers may face high customer acquisition costs and competitive pressure, and responsible gaming requirements, litigation, and reputational considerations may increase costs or restrict practices. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**SPV and Private Investment Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks associated with SPVs and private exposures to the extent reflected in the Underlying ETF or related instruments. These investments may involve limited transparency, reduced liquidity, and heightened valuation risk and may be difficult to value or sell at desired times or prices. These exposures may be sensitive to deal timing and completion risk and may be volatile during transaction processes or following business combinations. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Supply Chain, Manufacturing, and Operational Execution Risk** . Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to supply chain, manufacturing, and operational execution risks. Issuers may face constraints from limited suppliers, long lead times, quality-control issues, labor availability, and capacity limitations. Execution challenges can lead to delays, cost overruns, warranty claims, recalls, or lost market share, and operational disruptions can reduce revenue and cash flow. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Technology Change, Innovation, and Competitive Dynamics Risk.** Through its exposure to the Underlying ETF (and the Fund's reference assets, the Fund is exposed to risks affecting technology- and innovation-driven issuers. These companies may face rapid technological change, product obsolescence, changing standards, shifting customer preferences, and intense competition, and may depend on research and development, commercialization timelines, and adoption that can be uncertain and capital intensive. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Transportation, Logistics, Trade, and Travel Demand Risk.** Through its exposure to the Underlying ETF and the Fund's reference assets, the Fund is exposed to risks affecting transportation, logistics, and travel-related industries to the extent reflected in the Underlying ETF. These industries may be sensitive to economic cycles, global trade flows, consumer and business spending, and capacity conditions, and may be affected by disruptions, accidents, infrastructure failures, labor constraints, public health events, and regulation. Because the Fund provides leveraged exposure, adverse developments affecting the Underlying ETF may result in proportionally larger declines in the Fund's NAV and market price.

**Limited Shareholder Rights Risk.** The Trust is organized as a Delaware statutory trust and is governed by its Agreement and Declaration of Trust, which limits 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). The governing documents also impose procedures on certain shareholder lawsuits, require certain claims (other than federal securities law claims) to be brought in Delaware courts, include a waiver of the right to a jury trial for certain claims (other than federal securities law claims), and limit the liability of, and provide indemnification for, Trustees and officers, subject to applicable law. These provisions may make it harder or more costly for shareholders to bring claims or influence Trust or Fund governance. (Applicable to all Funds.)

Illiquid Investments and Restricted Securities

Under Rule 22e-4, the Fund may not acquire any illiquid investment if, immediately after purchase, more than 15% of its net assets would be invested in illiquid investments that are assets. An "illiquid investment" is one the Fund reasonably expects it cannot sell or dispose of, under current market conditions, within seven calendar days without materially affecting the investment's market value. The Fund maintains a liquidity risk management program and procedures to identify illiquid investments pursuant to Rule 22e-4. The 15% limit is observed on an ongoing basis. If the Fund's holdings of illiquid investments exceed 15% of net assets because of market activity, liquidity changes, or other factors, the Fund will report the occurrence to the Board and will make determinations and take steps, consistent with Rule 22e-4 and Board-approved procedures, to reduce illiquid investments to or below 15% of net assets within a reasonable period.

The Fund may purchase restricted securities that may be resold to institutional investors and that, under the Fund's liquidity program, may be determined not to be illiquid. Many such securities trade in the institutional market under Rule 144A of the Securities Act and are referred to as Rule 144A securities.

Illiquid investments generally involve more risk than comparable, readily marketable securities. They may trade at a discount, may be harder to sell at a fair price or in a timely manner, and may prevent the Fund from taking advantage of market opportunities. Risks are most acute when the Fund needs cash (for example, during periods of net redemptions), potentially necessitating borrowing or sales at unfavorable prices.

Illiquid investments are often privately placed and may not be listed or traded on established markets. They may not be freely transferable under applicable law or due to contractual resale restrictions. If privately placed securities can only be sold through private negotiations, the realized price may be below the Fund's purchase price or below fair value. Issuers that are not public may be subject to less stringent disclosure and investor-protection requirements. If registration is required before resale, the Fund may bear those costs. Private placements may involve smaller, less seasoned issuers with limited product lines, markets, financial resources, or management depth, and the Fund may receive material non-public information that can restrict trading.

Investment Company Securities

The Fund may invest in other investment companies, including money market funds and ETFs, subject to Section 12(d)(1) of the 1940 Act and related rules. Investing through another pooled vehicle exposes the Fund to that vehicle's risks. Fund shareholders will indirectly bear their proportionate share of the acquired fund's fees and expenses (including advisory fees), in addition to fees and expenses the Fund bears directly.

Under Section 12(d)(1), immediately after purchase the Fund may not: (1) own more than 3% of the acquired company's outstanding voting stock; (2) invest in the acquired company's securities with an aggregate value exceeding 5% of the Fund's total assets; or (3) invest in the securities of the acquired company and all other investment companies in excess of 10% of the Fund's total assets. To the extent permitted by law or regulation, the Fund may invest in money market funds beyond these limits.

Registered funds may invest in other investment companies beyond Section 12(d)(1) limits if certain conditions are met. The Fund may rely on Rule 12d1-4, which provides an exemption allowing investments in other registered funds, including ETFs, subject to conditions (for example, the Fund and its advisory group may not control, individually or in the aggregate, an acquired fund, generally meaning ownership of no more than 25% of the voting securities of a registered open-end fund).

The Fund may also rely on Section 12(d)(1)(F) and Rule 12d1-3, which provide an exemption permitting investment in other registered funds (including ETFs) if, among other conditions: (1) the Fund, together with its affiliates, acquires no more than 3% of the outstanding voting stock of any acquired fund; and (2) sales loads on Shares do not exceed FINRA Rule 2830 limits.

The Fund may invest in exchange-traded funds to obtain exposure to the Underlying ETF or to a substantially similar fund, including for cash equitization, to facilitate daily rebalancing, or during portfolio transitions. Such use may increase tracking error and costs relative to holding derivatives or the underlying constituents directly.

Money Market Funds

The Fund may invest in underlying money market funds that seek to maintain a stable $1 NAV ("stable NAV" funds) or whose share prices fluctuate ("variable NAV" funds). Investments in stable NAV funds can still lose value. Variable NAV funds can be worth more or less than the Fund paid when sold. Neither type is designed to provide capital appreciation. Money market funds may impose liquidity fees or temporarily suspend redemptions if liquidity falls below required thresholds. Shares of money market funds are not insured or guaranteed by the U.S. government or any government agency, and there is no assurance that a money market fund will maintain a stable price.

Other Short-Term Instruments

For liquidity or other purposes, the Fund may hold short-term instruments on an ongoing basis, including but not limited to: (1) shares of money market funds; (2) obligations of the U.S. government, its agencies, or instrumentalities (including government-sponsored enterprises); (3) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits, and other obligations of U.S. and non-U.S. banks (including foreign branches) and any similar institutions; (4) commercial paper rated Prime-1 by Moody's Investors Service or A-1 by S&P Global Ratings, or of comparable quality if unrated as determined by the Adviser; (5) non-convertible corporate debt with remaining maturities of 397 days or less that meets Rule 2a-7 rating criteria; and (6) short-term, U.S. dollar-denominated obligations of non-U.S. banks (including their U.S. branches) that, in the Adviser's opinion, are of comparable quality to eligible U.S. bank obligations. Such instruments may be purchased on a current or forward-settled basis. Time deposits are non-negotiable bank deposits for a stated period and rate. Bankers' acceptances are time drafts drawn on banks, typically in international trade.

Forward-settling short-term instruments that do not settle within 35 days, or that otherwise use a non-standard settlement cycle, may be treated as derivatives under Rule 18f-4.

Securities Lending

If approved by the Board, the Fund may lend portfolio securities to qualified borrowers. Borrowers must provide collateral at least equal to the current value of the loaned securities and maintain such collateral while the loan is outstanding. The Fund may recall a securities loan at any time and recall the securities. The Fund will receive the value of any interest or cash/non-cash distributions on loaned securities; substitute payments in lieu of dividends generally do not qualify as qualified dividend income.

For cash-collateralized loans, the borrower typically receives a fee based on the cash collateral; the Fund seeks to earn more on reinvested cash collateral than it pays to the borrower. For non-cash collateral, the borrower pays the Fund a fee based on the value of securities on loan. Cash collateral may be reinvested in short-term instruments, either directly or through joint accounts or money market funds, which may be managed by the Adviser.

The Fund may share a portion of lending income with borrowers as described above and with one or more lending agents approved by the Board. Lending agents administer the program under Board-approved guidelines, including delivering and recalling securities, obtaining and maintaining collateral, monitoring collateral and loan values daily, requesting collateral adjustments, and providing recordkeeping and accounting.

While securities are on loan, the Fund generally does not have the right to vote those securities. The Fund may recall securities on loan in order to vote if the Adviser determines that a particular vote is expected to have a material effect on the Fund and that recalling the securities is in the best interests of shareholders.

Securities lending involves risks, including operational risk (settlement or accounting issues), "gap" risk (a mismatch between returns on collateral reinvestment and fees owed to the borrower), and credit, legal, counterparty, and market risks. If a borrower fails to return securities, the Fund could incur a loss if collateral liquidation proceeds do not at least equal the value of the loaned securities plus costs to purchase replacements.

Tax Risks

You should consider the tax treatment of an investment in Shares. The tax information in the Prospectus and this SAI is general in nature. Consult your tax adviser about the federal, state, local, and non-U.S. tax consequences of investing in Shares.

Unless Shares are held through a tax-deferred or other tax-advantaged account (such as an individual retirement account), you should consider potential tax consequences when the Fund makes distributions or when you sell Shares.

Use of derivatives and short-term instruments may affect the timing, amount, and character of the Fund's income and gains. Certain derivatives may be subject to special tax rules (including, without limitation, the mark-to-market rules for section 1256 contracts, the straddle rules, and wash sale rules). These rules can cause income to be recognized without a corresponding receipt of cash, can accelerate or defer recognition of income or loss, and can convert long-term capital gains into short-term capital gains. The Fund intends to monitor its investments and to structure its activities to qualify each taxable year as a regulated investment company under Subchapter M of the Internal Revenue Code.

Temporary Defensive Strategies

Under normal market conditions, the Funds seek to remain fully invested in accordance with their principal strategies. In adverse market, economic, political, or other conditions, a Fund may, for temporary defensive purposes, invest up to 100% of its assets in cash or cash equivalents, such as U.S. government obligations, investment-grade debt, and other money market instruments. Taking a defensive position may prevent the Fund from achieving its investment objective. During any such defensive period, a Fund will not seek to achieve a daily 2x return and may hold a substantial portion of its assets in cash or cash equivalents.

**INVESTMENT RESTRICTIONS**

The Trust has adopted the following investment restrictions as fundamental policies with respect to each Fund. These restrictions cannot be changed for a Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For purposes of the 1940 Act, a "majority of the outstanding voting securities" means the lesser of: (1) 67% or more of the voting securities present (if holders of more than 50% of the outstanding voting securities are present or represented by proxy); or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, a Fund may not:

1. Borrow money or issue senior securities, as that term is defined in the 1940 Act, except as permitted by Section 18 of the 1940 Act. Under Section 18, a Fund may borrow money from banks provided the Fund maintains at least 300% asset coverage (i.e., borrowings do not exceed one-third of total assets, including the borrowed amount). Certain transactions that may technically constitute senior securities, including derivative instruments (e.g., futures, options, and swaps), reverse repurchase agreements, short sales, and when-issued or delayed-delivery purchases, are permitted to the extent the Fund complies with applicable SEC rules and guidance, including Rule 18f-4 under the 1940 Act (governing the use of derivatives).

2. Make loans, except that a Fund may (i) lend portfolio securities in accordance with its investment policies and applicable SEC guidance; (ii) enter into repurchase agreements; and (iii) acquire debt instruments, loan participations, and similar obligations in the ordinary course of pursuing its investment objective, in each case to the extent permitted under the 1940 Act.

3. Purchase or sell real estate, except when obtained through ownership of securities or other instruments and only to the extent allowed by the 1940 Act. This does not prevent the Fund from investing in securities or other instruments backed by real estate, real estate investment trusts ("REITs"), or securities of companies engaged in the real estate business.

4. Purchase or sell commodities, except when exposure arises incidentally through other instruments and only as permitted by the 1940 Act. This does not prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments backed by physical commodities.

5. Underwrite securities issued by other persons, except to the extent that, in connection with the disposition of portfolio securities, a Fund may be deemed to be an underwriter as that term is defined in Section 2(a)(11) of the Securities Act of 1933. A Fund does not act as an underwriter in the traditional sense. However, when a Fund sells restricted securities or participates in a public offering of securities it holds, it may technically be considered an underwriter under the Securities Act. The Fund may also be deemed an underwriter when acquiring securities directly from an issuer for investment purposes.

6. Concentrate its investments (that is, invest more than 25% of total assets) in any one industry or group of related industries, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Affiliated Fund (whose Underlying ETF is also a series of the Trust managed by the Adviser) will concentrate its investments in the industry or group of industries identified below, as a fundamental policy of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi AI Cybersecurity 2x Daily ETF: the AI cybersecurity industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Aerospace & Commercial Aviation 2x Daily ETF: the aerospace and commercial aviation industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Battery Energy Storage Systems 2x Daily ETF: the battery energy storage systems industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Bay Area Based 2x Daily ETF: the San Francisco Bay Area focused companies or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Beauty, Skincare & Aesthetics 2x Daily ETF: the beauty, skincare, and aesthetics industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Buy Now Pay Later 2x Daily ETF: the buy now pay later industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Coffee & Energy Drinks 2x Daily ETF: the coffee and energy drink industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Crypto Infrastructure 2x Daily ETF: the crypto infrastructure industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Data & Surveillance 2x Daily ETF: the data and surveillance industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF: the digital banking & fintech industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Drones & Urban Air Mobility 2x Daily ETF: the drones and UAM/AAM industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Genomics & Precision Medicine 2x Daily ETF: the genomics and precision medicine industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi High Voltage Grid Equipment 2x Daily ETF: the high voltage grid equipment industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi IP Licensing & Royalties 2x Daily ETF: industries and business models materially driven by IP licensing, royalty streams, standards-essential technologies, brand and trademark monetization, content and franchise economics, and other IP-related revenue models

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Lifestyle Brands 2x Daily ETF: the lifestyle brands industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Lithography & Semiconductor Photonics 2x Daily ETF: the EUV and photonics industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Longevity Consumer 2x Daily ETF: the longevity consumer industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi NYC Based 2x Daily ETF: New York City focused companies or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Natural Gas Power & Turbines 2x Daily ETF: the natural gas power and turbines industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Ports, Rail & Freight 2x Daily ETF: the ports, rail, and freight industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Quantum Computing 2x Daily ETF: the quantum computing and post-quantum security industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Robots & Humanoids 2x Daily ETF: the robotics and embodied AI industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Shipping & Global Logistics 2x Daily ETF: the global shipping and logistics industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Space & Satellite Communications 2x Daily ETF: the space and satellite communications industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Sports Betting & Gambling 2x Daily ETF: the sports betting and gambling industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Travel & Leisure 2x Daily ETF: the travel and leisure industry or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi U.S. War Machine 2x Daily ETF: the defense and aerospace industries and oil and gas industries or related industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corgi Mag 7 2x Daily ETF: technology and technology-enabled industries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Unaffiliated Fund (whose Underlying ETF is managed by an unaffiliated third party) will mirror the Underlying ETF's level of industry concentration. For this test, U.S. government securities (and agencies/instrumentalities), repurchase agreements backed by U.S. government securities, investment companies, and municipal securities are not treated as belonging to any industry.

In determining compliance with its concentration policy, the Fund will "look through" to the holdings of any investment company that discloses its portfolio daily. If an acquired fund does not publish holdings daily but states that it concentrates, or otherwise discloses concentration in a particular industry or group of industries, the Fund will treat it as concentrated accordingly. Additionally, in determining compliance with the fundamental investment concentration policy, the Fund will look through to the ultimate user or use of proceeds of private-activity municipal bonds to assign their industry.

For purposes of applying the concentration policy, the Fund may classify issuers by industry using any reasonable industry classification system, including SIC, NAICS, GICS, ICB, or a classification system developed by the Adviser. Classifications and the levels at which concentration is measured may differ from those used by other future series of the Trust.

For each Fund, the Fund will generally treat exposure obtained through derivatives referencing its respective Underlying ETF as exposure to the industries represented in its Underlying ETF, typically in proportion to the notional exposure of those derivatives.

If a percentage limitation is satisfied at the time of investment or contract, a subsequent increase or decrease resulting from any change in value or in total or net assets will not, by itself, result in a violation of such restriction, except that the percentage limits on borrowing and on illiquid investments are monitored on a continuous basis.

**EXCHANGE LISTING AND TRADING**

Shares are listed for trading and trade throughout the day on the Exchange.

The Exchange may halt trading in the Shares for reasons that, in the judgment of the Exchange, make trading inadvisable, including without limitation extraordinary market volatility; trading halts in securities, instruments, or financial indexes underlying the Fund's portfolio; or the unavailability of key information such as an intraday indicative value.

There can be no assurance that the Fund will continue to meet the Exchange's requirements necessary to maintain the listing of Shares. The Exchange may, but is not required to, remove Shares of the Fund from listing under any of the following circumstances: (1) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 under the 1940 Act; (2) the Fund no longer complies with the Exchange's requirements for Shares; or (3) such other event or condition exists that, in the opinion of the Exchange, makes continued listing imprudent. The Exchange will also delist the Shares upon the Fund's termination.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any such changes would be implemented via stock splits or reverse stock splits.

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The Board oversees the management and operations of the Trust. As with other mutual funds and ETFs, the day-to-day management and operations of the Trust are carried out by service providers to the Trust, including the Adviser, the Distributor, the Administrator, the Custodian, and the Transfer Agent, each of which is discussed elsewhere in this SAI. The Board has appointed certain senior personnel of the Administrator as officers of the Trust, with responsibility to monitor the Trust's operations and report to the Board. In carrying out its oversight, the Board receives regular reports from these officers and from the Trust's service providers. For example, the Treasurer reports on financial reporting matters and the President reports on operational matters. In addition, the Adviser provides regular reports regarding the investment strategy and performance of the Funds. The Board has appointed a Chief Compliance Officer who administers the Trust's compliance program and reports regularly to the Board on compliance matters. These reports are provided as part of formal Board meetings, typically held quarterly and often in person, during which the Board reviews recent operations. Between formal meetings, members of the Board may also meet with management in less formal settings to discuss Trust matters. The role of the Board, and of each Trustee, is one of oversight rather than day-to-day management; this oversight role does not make the Board a guarantor of the Trust's investments, operations, or activities.

As part of its oversight function, the Board receives and reviews a variety of different risk management reports and discusses risk matters with appropriate management and other personnel. Because risk management encompasses many elements (for example, investment risk, issuer and counterparty risk, compliance risk, operational and business continuity risks), oversight of different categories of risk is handled in different ways. The Board meets regularly with the Chief Compliance Officer to discuss compliance and operational risks, and the Audit Committee meets with the Trust's independent registered public accounting firm regarding, among other things, the internal control structure of the Trust's financial reporting function.

The full Board also receives reports from the Adviser regarding the Funds' investment risks. From time to time, the Board receives additional reports from the Administrator and the Adviser regarding enterprise risk management.

The Board recognizes that not all risks that may affect the Funds can be identified or quantified; that it may not be practical or cost-effective to eliminate or mitigate certain risks; that certain risks (such as investment risk) may be necessary to achieve the Funds' goals; and that the processes and controls used to address risks have inherent limitations. Moreover, the risk reports provided to the Board are typically summaries. Most of the Funds' investment management and business affairs are conducted by or through the Adviser and other service providers, each operating under its own risk management policies and practices, which may differ from those of the Trust or from one another in priorities, resources, and control effectiveness. For these and other reasons, the Board's ability to monitor and manage risk, as a practical matter, has limitations.

Members of the Board.

The Board is composed of five members, three of whom are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). Nicolas S. Laqua serves as Chair of the Board and is an interested person of the Trust. The Board includes a majority (60%) of Independent Trustees.

The Board believes its current leadership structure is appropriate for the Trust. A Lead Independent Trustee acts as the primary liaison between the Independent Trustees and management; Conor M. Murray currently serves as Lead Independent Trustee. The Board further believes this structure supports effective oversight and facilitates the efficient flow of information from Fund management to the Independent Trustees.

Additional information about each Trustee appears below. Unless otherwise noted, the address of each Trustee is c/o Corgi ETF Trust I, 425 Bush St, Suite 500, San Francisco, CA 94104.

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| | | | | |
|:---|:---|:---|:---|:---|
| Name and<br>Year of Birth | Position Held<br>with the Trust | Term of Office and<br>Length of Time Served<sup>(1)</sup> | Number of Portfolios<br>in Fund Complex<br>Overseen by Trustee<sup>(2)</sup> | Principal Occupation(s)<br>During Past 5 Years |
| Independent Trustees<sup>(3)</sup> | Independent Trustees<sup>(3)</sup> | Independent Trustees<sup>(3)</sup> | Independent Trustees<sup>(3)</sup> | Independent Trustees<sup>(3)</sup> |
| Conor M. Murray<br>(Born: 1983)  | Lead Independent Trustee | Indefinite term;<br>since 2025  | 128 | Co-founder and Chief Executive Officer, OpenInvest (a J.P. Morgan company) (2015 to present).  |
| Bryant C. Lee<br>(Born: 1984)  | Trustee | Indefinite term;<br>since 2025  | 128 | Chief Executive Officer and Co-founder, Vaero (Nov. 2022 to present); Co-founder and Strategic Advisor, Cognition IP (Sep. 2020 to Oct. 2022); Chief Executive Officer, Cognition IP (Jan. 2018 to Aug. 2020).  |
| Jennifer X. Benson<br>(Born: 1998)  | Trustee | Indefinite term;<br>since 2025  | 128 | Partner, Leonis Capital (2022 to present); Researcher, OpenAI (2021 to 2022); Researcher, Epoch AI (2021); Research Fellow, Future of Humanity Institute, University of Oxford (2020).  |
| Interested Trustees<sup>(4)</sup> | Interested Trustees<sup>(4)</sup> | Interested Trustees<sup>(4)</sup> | Interested Trustees<sup>(4)</sup> | Interested Trustees<sup>(4)</sup> |
| Nicolas S. Laqua<br>(Born: 2000)  | Chair; Interested Trustee | Indefinite term;<br>since 2025  | 128 | Chief Executive Officer and Director, Corgi Insurance Services, Inc., an insurance agency (since 2024); Chief Executive Officer and Director, Basket Entertainment, Inc., a software and entertainment company (2021 to 2025); Director, Bangers Snacks, Inc., a food and beverage company (since 2024).  |
| Emily Z. Yuan<br>(Born: 2001)  | Interested Trustee | Indefinite term;<br>since 2025  | 128 | Chief Operations Officer and Director, Corgi Insurance Services, Inc., an insurance agency (since 2024); Chief Operations Officer and Director, Basket Entertainment, Inc., a software and entertainment company (2021 to 2025); Director, Bangers Snacks, Inc., a food and beverage company (since 2024).  |

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(1) Each Trustee holds office for an indefinite term until his or her successor is duly elected and qualified, or until his or her earlier death, resignation, removal, or retirement in accordance with Board policy. The Trustees have adopted a retirement policy of retirement at age 75.

(2) "Fund Complex" refers to the series of Corgi ETF Trust I and any other registered investment companies advised by Corgi Strategies, LLC or its affiliates (together, the "Fund Complex").

(3) "Independent Trustees" are Trustees who are not "interested persons" of the Trust under the 1940 Act.

(4) Nicolas S. Laqua and Emily Z. Yuan are "interested persons" of the Trust due to their positions with the Trust and/or their affiliations with Corgi Strategies, LLC (the "Adviser").

Individual Trustee Qualifications.

The Board has determined that each Trustee brings skills, experience, and attributes that, in the aggregate, are appropriate for service on the Board given the Trust's business and structure. Among other things, the Trustees collectively bring experience in technology and data systems, corporate finance and capital markets, and venture formation and growth investing, as well as risk oversight and investment management oversight. The Board conducts an annual self-assessment of its effectiveness and that of its committees.

In addition, the Board has concluded that each Trustee serve based on the following, among other factors:

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Conor M. Murray.** The Board has concluded that Mr. Murray should serve as a Trustee because of his leadership founding and operating an investment-technology firm and his prior work building systematic investing, risk-control, and portfolio-analytics platforms. In roles including Co-founder and Chief Executive Officer of OpenInvest (a J.P. Morgan company), Technology Associate at Bridgewater Associates, and Analyst in Morgan Stanley's Financial Sponsors M&A Group, he developed expertise in capital markets, portfolio construction and trading systems, data and enterprise technology, and operational oversight. The Board believes Mr. Murray's experience, qualifications, attributes, and skills, on an individual basis and in combination with those of the other Trustees, equip him to oversee investment and operational risk, valuation and fair-value processes, financial reporting and disclosure controls, information security and business continuity, and service-provider oversight with respect to the Trust.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Bryant C. Lee.** The Board has concluded that Mr. Lee should serve as a Trustee because of his operational, legal, and governance experience leading technology-enabled businesses and advising growth companies. As Chief Executive Officer and Co-founder of Vaero and previously as Co-founder/Chief Executive Officer and later Strategic Advisor at Cognition IP, with earlier service as a patent litigation attorney at Covington & Burling LLP, Mr. Lee brings experience in capital raising and budgeting, contract negotiation, intellectual-property strategy, regulatory and compliance oversight, and service-provider management. The Board believes Mr. Lee's experience, qualifications, attributes, and skills, on an individual basis and in combination with those of the other Trustees, equip him to oversee risk management, financial and operational controls, disclosure and governance practices, and third-party service-provider oversight with respect to the Trust.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Jennifer X. Benson.** The Board has concluded that Ms. Benson should serve as a Trustee because of her investment and research experience in artificial intelligence and economics, including capital allocation and due diligence for early-stage technology companies. Ms. Benson serves as a Partner at Leonis Capital and previously conducted research at OpenAI and Epoch AI and served as a Research Fellow at the Future of Humanity Institute (Oxford); she has doctoral-level training at Columbia University focused on AI/ML and economics. The Board believes Ms. Benson's experience, qualifications, attributes, and skills, on an individual basis and in combination with those of the other Trustees, equip her to oversee valuation, risk assessment, technology and data considerations, and strategic planning with respect to the Trust.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Nicolas S. Laqua.** The Board has concluded that Mr. Laqua should serve as a Trustee because of his executive leadership and oversight in acquisitions, capital markets, insurance distribution, and software businesses. This includes service as Chief Executive Officer and Director at Corgi Insurance Services, Inc. and Basket Entertainment, Inc., and as a Director at Bangers Snacks, Inc., together with practical familiarity with regulated insurance operations as a director and chief executive of an insurance agency. The Board believes Mr. Laqua's experience, qualifications, attributes, and skills, on an individual basis and in combination with those of the other Trustees, equip him to oversee financial reporting and disclosure controls, valuation, capital allocation and financing considerations, risk management, and service provider oversight with respect to the Trust.

· &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emily Z. Yuan.** The Board has concluded that Ms. Yuan should serve as a Trustee because of her operational leadership and oversight in acquisitions, capital markets, insurance, and software companies. This is including service as Chief Operations Officer and Director at Corgi Insurance Services, Inc. and Basket Entertainment, Inc., and as a Director at Bangers Snacks, Inc., together with technical training in computer science at Stanford University and her familiarity with regulatory requirements as a director of an insurance agency. The Board believes Ms. Yuan's experience, qualifications, attributes, and skills, on an individual basis and in combination with those of the other Trustees, demonstrate the requisite capabilities to carry out oversight responsibilities with respect to the Trust.

The information above is not exhaustive; many Trustee attributes involve qualitative elements such as integrity, diligence, judgment, the ability to work collaboratively, and a demonstrated commitment to shareholder interests.

Board Committees.

The Board has established the following standing committees, each composed solely of Independent Trustees and operating under a Board-approved written charter.

**Audit Committee.** The Audit Committee is composed of Bryant C. Lee (Chair), Conor M. Murray, and Jennifer X. Benson. The Audit Committee oversees the Trust's accounting, financial reporting, and internal control processes; the quality and integrity of the Trust's financial statements; and the qualifications, independence, and performance of the Trust's independent registered public accounting firm. Among other responsibilities, the Audit Committee pre-approves audit and permissible non-audit services for the Trust, reviews audit plans and results, and serves as a forum for communications among the independent auditors, management, and the Board regarding accounting and financial reporting matters. As of the date of this SAI, the Audit Committee met one time with respect to the Trust.

**Qualified Legal Compliance Committee ("QLCC").** The Audit Committee also serves as the Trust's QLCC for purposes of the SEC's attorney conduct rules (17 C.F.R. Secs. 205.2(k), 205.3(c)). An attorney representing the Trust who becomes aware of evidence of a material violation by the Trust or by an officer, director, employee, or agent of the Trust may report such evidence to the QLCC as an alternative to the reporting process described in 17 C.F.R. Sec. 205.3(b). As of the date of this SAI, the QLCC has met one time with respect to the Trust.

**Nominating and Governance Committee.** The Nominating and Governance Committee is composed of Jennifer X. Benson (Chair), Conor M. Murray, and Bryant C. Lee. The Committee identifies, evaluates, and recommends candidates for nomination to the Board as needed; oversees the Board's annual self-assessment; and reviews Trustee compensation. The Committee considers whether or not to consider shareholder-recommended nominees. The Committee meets as necessary, but at least annually. Because the Funds have not yet commenced operations, the Committee has not yet met as of the date of this SAI.

Principal Officers of the Trust

The officers of the Trust manage its day-to-day operations subject to Board oversight. Unless otherwise noted, the address of each officer is c/o Corgi ETF Trust I, 425 Bush St, Suite 500, San Francisco, CA 94104.

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| | | | |
|:---|:---|:---|:---|
| Name and<br>Year of Birth | Position(s) Held<br>with the Trust | Term of Office and<br>Length of Time Served | Principal Occupation(s)<br>During Past 5 Years |
| Emily Z. Yuan<br>(Born: 2001)  | President and Principal Executive Officer, Chief Compliance Officer; Secretary; Anti-Money Laundering Officer  | Indefinite term;<br>since 2025  | Chief Operations Officer and Director, Corgi Insurance Services, Inc., an insurance agency (since 2024); Director, Bangers Snacks, Inc., a food and beverage company (since 2024); Chief Operations Officer and Director, Basket Entertainment, Inc., a software and entertainment company (2021 to 2025);  |
| Nicolas S. Laqua<br>(Born: 2000)  | Principal Financial Officer; Principal Accounting Officer (Treasurer)  | Indefinite term;<br>since 2025  | Chief Executive Officer, Corgi Insurance Services, Inc. (since 2024); Director, Bangers Snacks, Inc. a food and beverage company (since 2024); Chief Executive Officer and Director, Basket Entertainment, Inc., a software and entertainment company (2021 to 2025);  |

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**Trustee Ownership of Shares.**

The Funds are required to show the dollar-amount ranges of each Trustee's beneficial ownership of Shares of each Fund and of the Trust's other series as of the end of the most recently completed calendar year. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended.

As of the date of this SAI, the Fund has not commenced operations.

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| | | |
|:---|:---|:---|
| Name of Trustee | Dollar Range<br>of Equity<br>Securities in<br>the Trust | Aggregate Dollar<br>Range of Equity<br>Securities in All<br>Registered Investment<br>Companies Overseen<br>by Trustee in Family of<br>Investment Companies |
| Independent Trustees |  |  |
| Conor M. Murray, Lead Independent Trustee  |  |  |
| Bryant C. Lee, Trustee  |  |  |
| Jennifer X. Benson, Trustee  |  |  |
| Interested Trustees |  |  |
| Nicolas S. Laqua, Chair  | Over $100,000  | Over $100,000  |
| Emily Z. Yuan, Trustee  | $10001-$50000  | $10001-$50000  |

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As of December 31, 2025, none of the Independent Trustees or members of their immediate families owned securities, beneficially or of record, in the Adviser, the Distributor, or any of their affiliates. Accordingly, none of the Independent Trustees or their immediate family members had any direct or indirect interest, the value of which exceeds $120,000, in the Adviser, the Distributor, or any of their affiliates. In addition, during the two most recently completed calendar years, none of the Independent Trustees or their immediate family members engaged in any transaction(s) in an amount exceeding $120,000 in which the Adviser, the Distributor, or any affiliate thereof was a party.

Board Compensation.

Trustees will be reimbursed for reasonable travel and other out-of-pocket expenses incurred in connection with attending meetings. The Trust has no pension or retirement plan. The table below details the amount of compensation the Interested Trustees and Independent Trustees indirectly received from the Fund and Fund Complex through the Adviser during the fiscal year ended December 31, 2026. Amounts exclude any expense reimbursements.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Estimated Aggregate<br>Compensation From the Funds | &nbsp;&nbsp;Estimated Total<br>Compensation From<br>Fund Complex Paid to Trustees<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Interested Trustees | &nbsp;&nbsp;&nbsp;Interested Trustees | &nbsp;&nbsp;&nbsp;Interested Trustees |
| &nbsp;&nbsp;&nbsp;Nicolas S. Laqua  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$0  |
| &nbsp;&nbsp;&nbsp;Emily Z. Yuan  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$0  |
| &nbsp;&nbsp;&nbsp;Independent Trustees | &nbsp;&nbsp;&nbsp;Independent Trustees | &nbsp;&nbsp;&nbsp;Independent Trustees |
| &nbsp;&nbsp;&nbsp;Conor M. Murray  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$30000  |
| &nbsp;&nbsp;&nbsp;Bryant C. Lee  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$30000  |
| &nbsp;&nbsp;&nbsp;Jennifer X. Benson  | &nbsp;&nbsp;$0  | &nbsp;&nbsp;$30000  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Compensation is based on estimated amounts for the fiscal year ending December 31, 2026. Expense reimbursements, if any, are not included.

PRINCIPAL SHAREHOLDERS, CONTROL PERSONS AND MANAGEMENT OWNERSHIP

A "principal shareholder" means any person that owns, of record or beneficially, 5% or more of the outstanding Shares of a Fund. A "control person" means any shareholder that beneficially owns, directly or through controlled entities, more than 25% of the voting securities of a company, or otherwise acknowledges the existence of control. Shareholders with more than 25% of a Fund's voting securities may be able to determine the outcome of matters presented for shareholder vote.

As of the date of this SAI, Corgi Strategies, LLC, located at 425 Bush St, Suite 500, San Francisco, CA 94104, owned 100% of the outstanding Shares of the Funds and therefore may be deemed to be a "control person" of the Funds for purposes of the 1940 Act.

CODES OF ETHICS

The Trust and Corgi Strategies, LLC (the "Adviser") have each adopted Codes of Ethics (the "Codes") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). The Codes are intended to prevent affiliated persons of the Trust and the Adviser from engaging in fraudulent, deceptive or manipulative conduct in connection with securities held or to be acquired by a Fund (which may also be held by persons subject to the Codes).

Subject to preclearance and other restrictions, each Code permits personal securities transactions by personnel, including transactions in securities that may also be purchased or held by a Fund. The distributor (the "Distributor") expects to rely on the principal underwriter exception in Rule 17j-1(c)(3) to the extent applicable (including where the Distributor is not affiliated with the Trust or the Adviser and no officer, director or general partner of the Distributor serves in such capacity with the Trust or the Adviser).

A copy of the Joint Code of Ethics is available on the EDGAR Database on the SEC's Internet site at www.sec.gov.

There can be no assurance that the Codes will prevent all such conduct. Copies of the Codes may be reviewed at the SEC's website, www.sec.gov.

**PROXY VOTING POLICIES**

The Board has delegated responsibility for voting proxies for portfolio securities to the Adviser, subject to Board oversight. Proxies are to be voted in the best interests of each Fund and its shareholders and in compliance with applicable law. The Adviser has adopted proxy voting policies and guidelines (the "Proxy Voting Policies"), which the Trust has approved for use when voting proxies on behalf of the Funds.

Generally, absent a conflict of interest, the Adviser will vote for routine matters (for example, the election of directors, ratification of auditors, and conforming amendments to organizational documents), and will evaluate non-routine and contested matters case-by-case. The Proxy Voting Policies address the identification of, and response to, material conflicts of interest.

The Trust's Chief Compliance Officer monitors the effectiveness of the Proxy Voting Policies.

When available, information regarding how a Fund voted proxies during the most recent 12-month period ended June 30 will be available (1) without charge upon request by email to contact@corgifunds.com, (2) on the Funds' website at www.corgifunds.com and (3) on the SEC's website at www.sec.gov.

**INVESTMENT ADVISER**

Corgi Strategies, LLC, a Delaware limited liability company with its principal office at 425 Bush St, Suite 500, San Francisco, CA 94104, serves as investment adviser to the Funds and is responsible for overall management of the Funds' business and day-to-day portfolio management, subject to the oversight of the Board. Corgi Strategies, LLC is registered as an Adviser with the SEC under the Investment Advisers Act of 1940.

Under an investment advisory agreement between the Trust, on behalf of each Fund, and the Adviser (the "Advisory Agreement"), the Adviser provides investment advice and portfolio management and arranges for necessary operational services, including, without limitation, transfer agency, custody, fund administration and fund accounting, and other services reasonably required for Fund operations. In exchange for a single unitary advisory fee, the Adviser has agreed to pay, from the fee, substantially all ordinary operating expenses of each Fund, except for the "Excluded Expenses" described in the Prospectus. Each Fund pays the Adviser an annual unitary advisory fee, calculated daily and paid monthly based on the Fund's average daily net assets. The fee rates for each Fund are set forth in Schedule A to the Advisory Agreement and may be amended from time to time to add or remove Funds and/or adjust a Fund's fee, in each case upon approval in the manner required by Article 8 of the Advisory Agreement.

The Advisory Agreement will continue in effect for an initial two-year term for each Fund and, thereafter, from year to year if such continuance is approved at least annually (1) by a majority of the Trustees who are not "interested persons" of the Trust or the Adviser, and (2) by either the Board or a vote of a majority of the outstanding Shares of the relevant Fund. The Advisory Agreement will terminate automatically in the event of its assignment and may be terminated by the Trust or the Adviser upon 60 days' written notice.

The Adviser and its affiliates will not be liable to the Trust or any shareholder for any error of judgment or mistake of law or for any loss suffered by the Trust or a Fund in connection with the performance of the Advisory Agreement, except for losses resulting from willful misfeasance, bad faith, gross negligence or reckless disregard of its duties.

Each Fund is new and, as of the date of this SAI, no advisory fees have been paid.

**PORTFOLIO MANAGERS**

Each Fund is managed by Isaac Hargett, Anthony Crinieri, and Miles Braden, each a portfolio manager of the Adviser (each, a "Portfolio Manager").

**Portfolio Manager Fund Ownership.** The SEC requires disclosure of the dollar range of each Portfolio Manager's beneficial ownership of Shares of each Fund as of the end of the most recently completed fiscal year, using prescribed ranges. As of the date of this SAI, no Shares were owned by the Portfolio Managers.

**Portfolio Manager Compensation.** Portfolio managers receive a fixed base salary and an annual discretionary bonus. Bonus determinations consider the Adviser's overall revenues and profitability, the portfolio managers' responsibilities and contributions to the investment process, teamwork, risk management and compliance. Compensation is not based on the investment performance of any particular account, including the Funds. Portfolio managers may also be eligible for long-term incentive awards (e.g., membership units or profit interests) that vest over 4 years.

**Conflicts of Interest.** Managing multiple accounts (including other registered funds and separate accounts) may create potential conflicts of interest. For example, a Portfolio Manager may have an incentive to favor an account that pays a performance-based fee or a higher advisory fee; knowledge of Fund trades could be used for the benefit of other accounts; or investment opportunities could be allocated among accounts. The Adviser has policies and procedures designed to identify and mitigate such conflicts, including trade aggregation and allocation procedures intended to provide fair and equitable treatment over time.

**THE DISTRIBUTOR**

The Trust has entered into a distribution agreement (the "Distribution Agreement") with Paralel Distributors LLC (the "Distributor"), under which the Distributor will act as principal underwriter for the Funds and will distribute shares of the Funds ("Shares") on a best efforts basis. Shares are offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts smaller than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 1700 Broadway, Suite 2100, Denver, Colorado 80290.

Acting as agent for the Trust, the Distributor will review and transmit orders for the purchase and redemption of Creation Units. Any subscription or order will not be binding on a Fund until accepted by the Trust or its designee. The Distributor is, or will be, a broker-dealer registered under the Securities Exchange Act of 1934 and a member of FINRA.

The Distributor may enter into arrangements with securities dealers and other firms ("Soliciting Dealers") to solicit orders for Creation Units of Shares. Such Soliciting Dealers may also be Authorized Participants (as described in "Procedures for Purchase and Redemption of Creation Units" below) or participants in DTC.

The Distribution Agreement will remain in effect for an initial two-year term from its effective date and may continue from year to year thereafter if such continuance is approved annually (1) by the Board of Trustees (the "Board") or by a vote of a majority of the outstanding voting securities of the applicable Fund and (2) by a majority of the Independent Trustees who have no direct or indirect financial interest in the Distribution Agreement or any related agreement, cast in person or as otherwise permitted by the Investment Company Act of 1940, as amended (the "1940 Act"). The Distribution Agreement may be terminated without penalty by the Trust on 60 days' written notice, when authorized either by a majority vote of the outstanding voting securities of the applicable Fund or by a vote of a majority of the Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will terminate automatically in the event of its assignment. The Distribution Agreement limits the Distributor's liability to losses resulting from the Distributor's willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations thereunder.

The Funds are newly organized. As of the date of this SAI, no underwriting commissions have been incurred and the Distributor has not retained any amounts.

**Intermediary Compensation.** From its own resources and not from Fund assets, the Adviser or its affiliates may make payments to broker-dealers, banks, and other financial intermediaries ("Intermediaries") in connection with activities related to the Funds, including marketing, education, and training support (for example, conferences, webinars, or printed materials). These arrangements are not financed by the Funds, are not included in the fee and expense information in the Prospectus, and do not affect the price investors pay to buy Shares or the proceeds investors receive when selling Shares. Such payments may be significant to an Intermediary and may create conflicts of interest by incentivizing the Intermediary or its financial professionals to recommend the Funds over other investments. Investors should contact their advisers or other financial professionals for more information about any such compensation. Intermediary information is current only as of the date of this SAI. Any payments made by the Adviser or its affiliates may create an incentive for an Intermediary to encourage customers to purchase Shares.

Such compensation may be provided to Intermediaries that offer services to the Fund, including marketing and educational support (for example, through conferences, webinars, or printed materials). The Adviser will periodically review whether to continue these payments. Compensation to an Intermediary may be significant, and amounts that Intermediaries pay to your adviser, broker, or other investment professional, if any, may also be significant to them. Because Intermediaries may determine which investment options to make available or recommend, and what services to provide in connection with various products, based on the payments they receive or are eligible to receive, these arrangements create conflicts of interest between the Intermediary and its clients. For instance, such financial incentives may lead an Intermediary to recommend the Fund over other investments. The same conflict of interest may arise with respect to your adviser, broker, or other investment professional if they receive similar payments from their Intermediary firm.

**Distribution (Rule 12b-1) Plan.** The Trust has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan") for each Fund. No payments under the Plan are expected to be made during the twelve (12) months from the date of this SAI. Fees under the Plan may be imposed only after approval by the Board, including a majority of the Independent Trustees.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust and who have no direct or indirect financial interest in the Plan or in any related agreements (the "Independent Trustees"). The Plan may be continued from year to year only if, at least annually, the Board, including a majority of the Independent Trustees, concludes that continuation of the Plan is likely to benefit shareholders. The Plan may be terminated at any time by a vote of the Board or by a vote of a majority of the outstanding voting securities of the applicable Fund.

The Plan requires quarterly written reports to be provided to the Board of the amounts expended under the Plan and the purposes for which such expenditures were made. The Plan may not be amended to increase materially the amount that may be spent thereunder without approval by a majority of the outstanding voting securities of the applicable Fund. All material amendments of the Plan require approval by a majority of the Trustees of the Trust and a majority of the Independent Trustees.

Under the Plan, each Fund may pay the Distributor an annual fee of up to 0.25% of the Fund's average daily net assets. The Plan is characterized as a compensation plan because any distribution and/or shareholder servicing fee will be paid to the Distributor without regard to the Distributor's actual distribution expenses or payments to other financial intermediaries. The Trust intends to administer the Plan, if implemented, in accordance with its terms and applicable FINRA rules concerning sales charges.

Subject to applicable law and regulation, payments under the Plan may be used to finance any activity that is primarily intended to result in the sale of Creation Units of a Fund or to provide, or arrange for others to provide, shareholder services and the maintenance of shareholder accounts. Such activities may include, but are not limited to: (1) delivering current Prospectuses, reports, notices, and similar materials to prospective purchasers of Creation Units; (2) advertising and other marketing or promotional services; (3) compensating others, including Authorized Participants with whom the Distributor has written agreements, for providing shareholder servicing on behalf of a Fund; (4) compensating certain Authorized Participants for assistance in distributing Creation Units, including related travel and communication expenses and the salaries and/or commissions of sales personnel; (5) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies, investment advisers, broker-dealers, mutual fund supermarkets, and affiliates of the Trust's service providers as compensation for services or reimbursement of expenses related to distribution assistance; (6) facilitating communications with beneficial owners of Shares, including the cost of providing, or paying others to provide, services to such beneficial owners (for example, responding to inquiries related to shareholder accounts); and (7) such other services and obligations as may be set forth in the Distribution Agreement.

**ADMINISTRATOR**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Administrator") serves as administrator and fund accountant to the Trust and the Funds. The Administrator is located at 777 E. Wisconsin Ave., Milwaukee, Wisconsin 53202. Under an administration agreement between the Trust and the Administrator, the Administrator provides administrative, accounting, and related services to the Trust and the Funds, which may include calculation of net asset value, preparation of financial statements and other regulatory filings, tax and financial reporting support, compliance and governance support, and coordination of service providers. Subject to Board oversight, the Administrator may provide individuals to serve as officers of the Trust.

As compensation for its services, the Administrator is entitled to fees as set forth in the administration agreement, as well as reimbursement of reasonable out-of-pocket expenses. The Funds are new, and the Administrator has not received any fees from the Funds as of the date of this SAI.

**TRANSFER AGENT AND ETF ORDER MANAGEMENT**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (the "Transfer Agent") serves as transfer agent, dividend disbursing agent, and ETF order-taking agent for the Funds. The Transfer Agent is located at 777 E. Wisconsin Ave., Milwaukee, Wisconsin 53202. The Transfer Agent maintains the records of Creation Unit holders, processes orders for the purchase and redemption of Creation Units, and performs certain other related services. The Transfer Agent is entitled to fees and reimbursement of certain out-of-pocket expenses as set forth in its agreement with the Trust. In this capacity, the Transfer Agent does not have responsibility for the management of any Fund, the determination of investment policy, or any matter relating to the distribution of Shares.

**CUSTODIAN**

Pursuant to a custody agreement, U.S. Bank National Association (the "Custodian"), located at 5065 Wooster Rd., Cincinnati, Ohio 45226, serves as custodian of the Funds' assets. The Custodian holds the assets of the Funds, maintains asset records, collects income, and performs other customary custodial services. The Custodian may appoint domestic and foreign sub-custodians as permitted by applicable law. The Custodian is entitled to fees based on the Funds' assets and to reimbursement of certain out-of-pocket expenses, including settlement charges.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Tait, Weller & Baker LLP, located at 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, serves as the independent registered public accounting firm for the Trust and the Funds.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has approved written policies and procedures governing the disclosure of information about each Fund's portfolio holdings (the "Holdings Disclosure Policy"). For each Business Day on which a Fund is open for business, the Fund's full portfolio holdings are made publicly available through financial reporting and news services, including on publicly available internet websites, and/or on the Trust's website at www.corgifunds.com. In addition, the composition of the Deposit Securities applicable to purchases and redemptions of Creation Units is generally disseminated prior to the opening of trading on the Exchange (as defined in the Prospectus) through the National Securities Clearing Corporation ("NSCC").

For the avoidance of doubt, each Fund intends to make complete, daily portfolio information available, subject to applicable law and Exchange requirements. For each Fund, daily disclosure includes derivatives and financing positions (for example, total return swaps) and any associated cash and collateral holdings.

The Holdings Disclosure Policy permits disclosure of portfolio information to the Trust's service providers and other parties that have a legitimate business need for the information to provide services to the Trust, including the administrator, custodian, transfer agent and ETF order management agent, distributor, pricing and data vendors, auditors, legal counsel, index calculation agents, and other similar providers (collectively, "Service Providers"). Any such disclosure is made under conditions of confidentiality and solely for the purpose of providing services to the Trust. No Fund, the Adviser, or any affiliate receives compensation or other consideration in connection with the disclosure of non-public portfolio holdings information, other than fees paid to Service Providers for services rendered.

The Trust's Chief Compliance Officer ("CCO") administers the Holdings Disclosure Policy, including maintaining a list of Service Providers and other parties that receive non-public holdings information and the timing of such disclosures, and reports to the Board at least annually regarding the operation of the policy and any material issues that have arisen.

Subject to the Holdings Disclosure Policy, the CCO may authorize immaterial exceptions when the CCO determines that a disclosure serves a legitimate business purpose, is in the best interests of shareholders, and is subject to appropriate confidentiality protections. Any such exceptions will be documented and reported to the Board.

**DESCRIPTION OF SHARES**

The Agreement and Declaration of Trust (the "Declaration of Trust") of Corgi ETF Trust I (the "Trust") authorizes the issuance of an unlimited number of shares of beneficial interest, no par value per share, in one or more series and classes. Each Fund is a separate series of the Trust. Each share of a Fund represents an equal proportionate interest in the assets of that Fund and is entitled to dividends and distributions, when and if declared by the Board, and to a pro rata share of the Fund's net assets upon liquidation. Shares are fully paid and non-assessable when issued, and shareholders have no preemptive or cumulative voting rights. Each Share entitles its holder to one vote. The Trustees may establish additional series or classes and may divide or combine shares into a greater or lesser number without shareholder approval, as permitted by the Declaration of Trust. All consideration received for Shares of a particular series, and all assets in which such consideration is invested, belong to that series and are subject to its liabilities.

Shares are issued only in book-entry form. The Trust does not issue share certificates. Shares are registered in the name of The Depository Trust Company ("DTC") or its nominee and are held in the account of DTC Participants (or Indirect Participants). Beneficial ownership of Shares is reflected on the records of DTC and its participants, and transfers of ownership are effected only through those records. The Trust, the Funds, and their transfer agent do not have responsibility for the records of beneficial ownership maintained by DTC or its participants.

Shares of all series of the Trust vote together as a single class, except that (i) if a matter affects only one series, that series votes separately, and (ii) if a matter affects a series differently from other series, that series votes separately on that matter. As a Delaware statutory trust, the Trust is neither required nor intends to hold annual shareholder meetings. The Trust will hold meetings of shareholders to elect Trustees or for other purposes as required by the Investment Company Act of 1940, as amended (the "1940 Act"), or as otherwise determined by the Board. The Trust will call a meeting of shareholders to consider the removal of one or more Trustees and certain other matters upon the written request of shareholders holding at least 10% of the outstanding Shares of the Trust entitled to vote at such meeting.

Under the Declaration of Trust, the Board has the authority to liquidate a Fund without shareholder approval. While the Board has no present intention to exercise this authority, the Board may do so if a Fund fails to achieve a viable size within a reasonable period or for such other reasons as the Board determines to be in the best interests of the Fund and its shareholders.

The Agreement and Declaration of Trust (the "Declaration of Trust") sets forth a detailed process for shareholders to bring derivative or direct actions, designed to permit legitimate claims while limiting the costs, distraction, and other harm that can result from spurious demands and derivative actions. Before bringing a derivative action, a demand by three unrelated shareholders must be made to the Fund's Trustees. The Declaration of Trust specifies required information, certifications, undertakings, and acknowledgments that must accompany such a demand. Upon receiving a demand, the Trustees have 90 days, extendable by an additional 60 days, to consider it. If a majority of the Trustees who are independent for purposes of considering the demand determine that pursuing the requested action is not in the best interests of the Fund, they must reject the demand, and the complaining shareholders may not proceed with a derivative action unless they can demonstrate to a court that the Trustees' decision was not a good-faith exercise of business judgment on the Fund's behalf. In addition, shareholders owning Shares representing no less than a majority of the Fund's outstanding shares must join in bringing any derivative action. If a demand is rejected, the complaining shareholders may be responsible for the Fund's costs and expenses (including attorneys' fees) incurred in considering the demand if a court determines that the demand was made without reasonable cause or for an improper purpose. If a derivative action is brought in violation of the Declaration of Trust, the shareholders bringing the action may be responsible for the Fund's costs, including attorneys' fees, if a court determines that the action was brought without reasonable cause or for an improper purpose. The Declaration of Trust provides that no shareholder may bring a direct action alleging injury as a shareholder of the Trust or any Fund where the matters alleged would, if true, give rise to a claim belonging to the Trust (or the Trust on behalf of the Fund), unless the shareholder has suffered a harm distinct from that of other shareholders. A shareholder bringing a direct claim must be a shareholder of the Fund at the time of the alleged injury or must have acquired the shares by operation of law from a person who was also a shareholder as of that time. The Declaration of Trust further provides that the Fund will pay attorneys' fees and legal expenses incurred by a complaining shareholder only if required by law, and any attorneys' fees the Fund is obligated to pay will be calculated using reasonable hourly rates. These provisions do not apply to claims brought under the federal securities laws.

The Declaration of Trust provides that shareholder actions against the Fund must be filed exclusively in state or federal courts located in Delaware. This forum provision does not apply to claims under the federal securities laws. Limiting actions to courts in Delaware may impose economic hardship on shareholders (e.g., travel costs, the need to retain local counsel) and may limit access to a forum some shareholders would otherwise prefer, which could discourage such actions.

The Declaration of Trust also provides that shareholders waive the right to a jury trial for claims arising out of or relating to the Declaration of Trust, the Trust, or the Shares. This jury trial waiver does not apply to claims arising under the federal securities laws.

Reorganization, Merger, and Consolidation. Under Article X, Section 4(b) of the Declaration of Trust, the Trustees may, without prior shareholder approval, (i) sell, convey, or transfer all or substantially all of the assets of the Trust, any Series, or any Class to another entity; (ii) merge, consolidate, or combine the Trust or any Series or Class with or into another entity; (iii) reorganize the Trust or any Series under any other form of legal entity or jurisdiction; or (iv) exchange or convert Shares into interests of another investment company or entity. This means that in certain circumstances, the Board may authorize the merger or reorganization of a Fund without submitting the matter to a shareholder vote. Any merger or consolidation involving affiliated registered investment companies will be conducted in compliance with Rule 17a-8 under the 1940 Act, including the required Board determinations (including by a majority of the independent Trustees) that the transaction is in the best interests of each participating fund and its shareholders and that the interests of existing shareholders will not be diluted, and the related recordkeeping requirements. These provisions do not override any requirement for a shareholder vote imposed by the 1940 Act or other applicable law.

**LIMITATION OF TRUSTEES' LIABILITY**

The Declaration of Trust provides that a Trustee is liable only for losses resulting from the Trustee's own willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. A Trustee is not liable for errors in judgment or mistakes of fact or law made in good faith.

The Declaration of Trust provides for indemnification of Trustees and officers (and, upon due approval of the Trustees, other covered persons) for claims and expenses arising in connection with their service, except to the extent resulting from willful misfeasance, bad faith, gross negligence, or reckless disregard of duties.

Nothing in this section protects or indemnifies any person against liability to which they would otherwise be subject under the federal securities laws.

**BROKERAGE TRANSACTIONS**

The Adviser is responsible for executing portfolio transactions for the Funds and for allocating brokerage among eligible broker dealers, subject to the supervision of the Adviser and the Board. In carrying out portfolio transactions, the Adviser seeks the most favorable execution for the Funds, taking into account factors such as price, applicable commissions or dealer spreads, the size and difficulty of the order, market impact, the quality of execution and settlement, and the operational capabilities of the broker dealer. The lowest available commission is not necessarily the most favorable overall result.

**Brokerage Transactions.** Generally, equity securities, whether listed or over the counter, are bought and sold through brokerage transactions for which commissions are payable. Purchases from underwriters will include the underwriting commission or concession, and purchases from dealers acting as market makers will include the dealers markup or reflect a markdown. Money market and other debt securities are usually bought directly from the issuer, an underwriter, or a market maker, and the Fund generally will not pay brokerage commissions for those purchases. When the Fund effects transactions in the over the counter market, it will generally deal with primary market makers unless more favorable prices are otherwise obtainable.

The Trust's policy for purchases and sales of portfolio securities for each Fund is to seek the most favorable overall terms reasonably available. Primary consideration is given to obtaining effective execution at competitive prices; this does not require that the lowest available commission be paid in every case. A constant focus on the lowest commission could, in some circumstances, impair effective portfolio management or the quality of execution and related services.

In evaluating execution quality for a particular transaction, the Adviser may consider a range of factors, including but not limited to: price; commission or commission equivalents; spread; size and difficulty of the order; liquidity and market impact; timing and speed; likelihood of execution and settlement; access to block trading and willingness to commit capital; financial condition and operational capabilities of the broker; reliability and accuracy of communications and clearing; the use of alternative trading systems (including electronic crossing networks); and the value of research and brokerage services, if any, consistent with Section 28(e) of the Securities Exchange Act of 1934. The relative importance of these factors will vary depending on the particular transaction.

The Trust has adopted policies and procedures that prohibit considering the sale of Fund shares as a factor in selecting brokers or dealers. The Adviser owes a fiduciary duty of best execution and selects the broker or dealer it believes is most capable of providing the services necessary to obtain the most favorable execution under the circumstances.

Subject to these policies, brokers or dealers selected to execute the Funds' portfolio transactions may include Authorized Participants or their affiliates (see "Purchase and Redemption of Shares in Creation Units"). An Authorized Participant or its affiliate may be selected in connection with an all-cash creation or redemption or with orders that include cash-in-lieu, provided such selection is consistent with best execution and the Trust's policies.

For swaps and other bilateral derivatives, the Adviser selects counterparties based on a range of factors, which may include pricing, execution quality, creditworthiness, collateral terms, operational capabilities, and overall relationship. These transactions are not executed through traditional brokerage in the same manner as equity trades, and commissions may not be paid. For exchange-traded futures and options, the Fund incurs exchange fees and pays commissions or other charges to its futures commission merchants. The Adviser seeks best overall terms reasonably available under the circumstances.

**Brokerage Selection.** The Trust does not expect to use any single broker dealer exclusively. When one or more brokers are believed capable of providing the best combination of price and execution, the Adviser may consider brokerage or research services provided to the Adviser in selecting among such brokers, and may pay a higher commission than might otherwise be available if it makes a good faith determination that the commission is reasonable in relation to the value of the services provided.

**Brokerage and Research Services; Section 28(e).** Where permitted by law, the Adviser may cause a Fund to pay a broker a commission in excess of that which another broker might have charged in recognition of brokerage and research services provided, consistent with Section 28(e). Research services may include, among other things, market data and analytics, portfolio analytics, execution management and order handling tools that are directly related to investment research, and access to company or industry information. The Adviser will not cause a Fund to pay a commission greater than is reasonable in relation to the value of the brokerage and research services provided, viewed in terms of either that particular transaction or the Adviser's overall responsibilities, in accordance with Section 28(e). The Adviser may also receive proprietary research that is bundled with execution services. The Adviser may use research services obtained for the benefit of any account it manages, and not all such services will necessarily be used in connection with the account that generated the commissions. This may create an incentive to select or recommend brokers based on the research services they provide; the Adviser monitors these arrangements and reports to the Board as part of the Trust's brokerage oversight program. The Adviser does not currently use Fund assets for, or participate in, third party soft dollar arrangements and does not receive proprietary research from full service brokers. The Adviser also does not increase commissions to pay up for any such proprietary research. If, in the future, the Adviser obtains brokerage or research services from broker dealers, it would do so only in arrangements consistent with Section 28(e) of the Securities Exchange Act of 1934.

**Aggregation and Allocation.** When the Adviser considers purchases or sales for a Fund at or about the same time as for other accounts it manages, transactions may be aggregated to seek more favorable execution. Orders are allocated among participating accounts in a manner the Adviser believes to be fair and equitable over time. Aggregation may, in some cases, adversely affect the price or size of the position for a Fund; in other cases, it may be beneficial, for example, by enabling participation in larger transactions or by reducing commissions. From time to time, the Adviser may place a combined order for two or more accounts it manages, including the Funds, when it believes combined execution is in the best interest of each participant and will result in best price and execution. Although joint execution could adversely affect the price or volume obtained by a particular account, in the Advisers judgment, subject to Board oversight, the advantages of combined orders generally outweigh the possible disadvantages.

**Affiliated Brokerage; Principal Transactions.** Each Fund may effect brokerage transactions through registered broker-dealer affiliates of the Trust or the Adviser, to the extent permitted by the Investment Company Act of 1940 (the "1940 Act"), the Exchange Act, and SEC rules, including any applicable procedures adopted by the Board (including procedures consistent with Rule 17e-1 under the 1940 Act). Commissions paid to an affiliate will not exceed amounts that are reasonable and fair compared to commissions charged by others for comparable transactions. Principal transactions with affiliates are prohibited unless permitted by rule, regulation, or exemptive relief.

**Directed Brokerage.** The Funds do not have any practice of directing brokerage for the promotion or sale of Fund shares. The Funds are newly organized and, as of the date of this SAI, have not paid commissions on brokerage transactions directed to brokers pursuant to any arrangement for research or brokerage services.

**Regular Brokers or Dealers.** Each Fund is required to identify any securities of its regular broker-dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents held by the Fund as of the end of the most recent fiscal year. This information is not provided because the Funds had not yet completed their first fiscal year of operations as of the date of this SAI.

No brokerage commission information is provided since the Funds had not yet completed their first fiscal year of operations as of the date of this SAI.

**PORTFOLIO TURNOVER RATE**

The portfolio turnover rate is, in general terms, the percentage obtained by dividing the lesser of a Fund's purchases or sales of securities (excluding short-term instruments and securities received or delivered in-kind) by the average value of the Fund during the period. A rate of 100% indicates that the equivalent of the Fund's entire portfolio has been bought and sold during a year. Higher turnover may increase transaction costs and may affect the amount, timing, and character of distributions for tax purposes. To the extent a Fund realizes net short-term capital gains, distributions attributable to those gains will be treated as ordinary income for federal income tax purposes.

Because the Funds rebalance their exposure daily and primarily use derivatives, their portfolio turnover rate (as calculated pursuant to SEC rules) may be higher than that of traditional index funds, and reported turnover may not fully reflect the extent of derivatives activity. Periods of elevated market volatility typically increase trading activity and costs.

Each Fund is new and does not have a portfolio turnover rate to report as of the date of this SAI.

**BOOK ENTRY ONLY SYSTEM**

The Depository Trust Company ("DTC") acts as securities depository for the Shares. Shares are represented by securities registered in the name of DTC or its nominee, Cede & Co., and are deposited with, or on behalf of, DTC. Certificates will not be issued for Shares.

DTC is a limited-purpose trust company and a member of the Federal Reserve System, a "clearing agency" registered with the SEC, and a subsidiary of The Depository Trust & Clearing Corporation. DTC holds securities of its participants ("DTC Participants") and facilitates the clearance and settlement of securities transactions among DTC Participants through electronic book-entry changes in accounts of DTC Participants, thereby eliminating the need for physical movement of certificates. DTC Participants include broker-dealers, banks, trust companies, clearing corporations, and other organizations. Access to the DTC system is also available to others such as banks, brokers, and dealers that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants, and persons holding interests through DTC Participants or Indirect Participants (collectively, "Beneficial Owners"). Ownership of beneficial interests in Shares is shown on, and the transfer of ownership is effected only through, records maintained by DTC (for DTC Participants) and by DTC Participants (for Indirect Participants and Beneficial Owners). The Trust recognizes DTC or its nominee as the record owner of all Shares for all purposes. Beneficial Owners are not entitled to have Shares registered in their names and will not receive physical delivery of Share certificates. Beneficial Owners must rely on the procedures of DTC and the DTC Participant or Indirect Participant through which they hold Shares to exercise rights of a holder of Shares.

Notices, statements, and other communications to Beneficial Owners will be transmitted through DTC and DTC Participants. Distributions of dividends and other amounts with respect to Shares will be made to DTC or its nominee, which will credit DTC Participants' accounts in proportion to their respective beneficial interests. Payments by DTC Participants to Indirect Participants and to Beneficial Owners will be governed by standing instructions and customary practices and are the responsibility of such DTC Participants and Indirect Participants, and not of the Trust, the Funds, or their service providers.

DTC may discontinue providing depository services with respect to Shares at any time by giving reasonable notice in accordance with its procedures and applicable law. Under such circumstances, the Trust will seek a replacement for DTC to perform its functions at a comparable cost; if a replacement is not available, the Trust may make other arrangements, which may include issuing printed certificates, as permitted by applicable law (and, if required, in a manner satisfactory to the Fund's listing exchange). The Trust, the Funds, and their service providers have no responsibility for records, notices, or payments maintained or transmitted by DTC, DTC Participants, or Indirect Participants.

**PURCHASE AND REDEMPTION OF SHARES IN CREATION UNITS**

The Trust issues and redeems shares of each Fund (the "Shares") only in aggregations of a specified number of Shares ("Creation Units") on a continuous basis, without a sales load but subject to applicable transaction fees. Creation and redemption orders are effected at the net asset value ("NAV") per Share next determined after an order is received in proper form and accepted on a Business Day by the Trust through its transfer agent (the "Transfer Agent") in accordance with an Authorized Participant Agreement (a "Participant Agreement"). Each Fund's NAV is calculated on each Business Day as of the scheduled close of regular trading on the primary listing exchange for the Shares (generally 4:00 p.m., Eastern Time). A "Business Day" is any day on which the Exchange is open for regular trading. The Funds do not issue fractional Creation Units. Each Creation Unit consists of 5,000 Shares (or such other amount as the Trust may determine and disclose).

The Trust generally expects to permit or require cash creations and redemptions for each Fund in light of the Fund's use of derivatives to achieve its objective. From time to time, a Fund may require all-cash creations and/or redemptions. Cash transactions may cause the Fund to incur costs, including costs of entering into or unwinding derivatives positions, which may be passed through to Authorized Participants via transaction fees designed to approximate the Fund's costs.

**Fund Deposit.** The consideration for a purchase of a Creation Unit (the "Fund Deposit") generally consists of (i) a designated basket of securities (the "Deposit Securities") together with (ii) a cash amount (the "Cash Component"). The Cash Component equals the difference between the NAV of a Creation Unit and the aggregate value of the Deposit Securities, and may be a positive or negative amount. The Trust may permit or require the substitution of cash in lieu of some or all Deposit Securities ("Deposit Cash"). When a Fund accepts cash (in whole or in part), the Fund may incur costs associated with acquiring portfolio positions that would otherwise have been delivered in kind; such costs may be borne by the Fund, by an Authorized Participant, or otherwise as set forth in the Participant Agreement.

The Fund Deposit (Deposit Securities or Deposit Cash, as applicable, plus the Cash Component) represents the minimum initial and subsequent investment for a Creation Unit. Computation of the Cash Component excludes any stamp duties, transfer taxes, or other similar charges associated with the transfer of beneficial ownership of Deposit Securities, which are the responsibility of the Authorized Participant.

**Daily Dissemination.** On each Business Day, prior to the opening of regular trading on the Exchange (currently 9:30 a.m., Eastern Time), the names and required quantities of Deposit Securities (or the required amount of Deposit Cash, as applicable) for each Fund, together with the Cash Component, are disseminated via the National Securities Clearing Corporation ("NSCC") based on information as of the close of the prior Business Day. The composition of the Fund Deposit is subject to change and may differ from a Fund's portfolio holdings for a variety of reasons (for example, corporate actions, index rebalances, or operational considerations). Because each Fund may obtain exposure through derivatives such as total return swaps, the Trust may from time to time require cash creations and/or cash redemptions, in whole or in part, to reflect a Fund's investment strategy.

**Custom Baskets.** Each Fund may accept or deliver "custom baskets" (i.e., baskets that are not a pro rata slice of the Fund's portfolio) consistent with Rule 6c-11 under the Investment Company Act of 1940, as amended (the "1940 Act"). The Adviser has adopted written policies and procedures governing the construction, acceptance, and oversight of custom baskets, which are subject to Board of Trustees (the "Board") oversight.

**Eligibility to Transact; Authorized Participants.** Orders for Creation Units may be placed only by entities that are (i) participants in the NSCC's Continuous Net Settlement system (each, a "Participating Party") or (ii) participants in The Depository Trust Company ("DTC") (each, a "DTC Participant") and, in each case, that have executed a Participant Agreement with respect to the relevant Fund (each such entity, an "Authorized Participant"). An Authorized Participant agrees, among other things, to pay the Cash Component, applicable creation transaction fees, and any taxes or other charges in connection with an order.

An investor transacting through a broker that is not an Authorized Participant must route orders through an Authorized Participant, and such investor may incur additional charges. At any given time, only a limited number of broker-dealers may have executed a Participant Agreement, and only a subset may support all order types or international settlement capabilities.

**Placing Purchase Orders; Cut-Offs.** All orders to purchase Shares directly from a Fund must be for one or more whole Creation Units and must be submitted in the manner and by the deadline specified in the Participant Agreement and/or applicable order form. Unless otherwise specified, the purchase order cut-off time is expected to be 4:00 p.m. Eastern Time and may be modified by the Fund. The date on which a purchase order (or a redemption order, as described below) is received in proper form and accepted is the "Order Placement Date." On days when the Exchange closes earlier than normal, the Funds may require that orders be placed earlier. If a market on which a Fund's portfolio investments principally trade is closed, the Fund generally will not accept orders on such day.

**Delivery of the Fund Deposit; Settlement; Additional Cash Deposit.** Fund Deposits must be delivered by an Authorized Participant through DTC (for equity securities), through the Federal Reserve wire system (for cash), and/or through other arrangements acceptable to the Trust or its agents. The cash portion must be received by the custodian (the "Custodian") no later than the contractual settlement date. The typical settlement cycle for each creation transaction is one Business Day after the trade date ("T+1"), unless otherwise agreed by the Fund and the Authorized Participant or as permitted by Rule 15c6-1 under the Securities Exchange Act of 1934 (the "Exchange Act").

The Funds may permit a creation order to proceed before all Deposit Securities have been received. In such cases, the Authorized Participant must deposit additional cash collateral (the "Additional Cash Deposit") by 4:00 p.m. Eastern Time on the contractual settlement date (or such other time as specified). The Additional Cash Deposit is held in a non-interest bearing account and is subject to increase or decrease until all missing Deposit Securities are received. The Trust may purchase missing Deposit Securities at any time; the Authorized Participant will be liable to the Trust for any costs of such purchases (including any difference between the actual purchase price and the value used for Fund Deposit purposes, plus related transaction costs). Any unused portion of the Additional Cash Deposit will be returned once all missing Deposit Securities have been received or purchased and deposited into the Fund. If the Fund does not receive all required components by the specified time, the order may be canceled; upon written notice to the Transfer Agent, such canceled order may be resubmitted on the next Business Day using the then-current Fund Deposit.

**Deemed Receipt; Proper Form.** An order is deemed received on the Business Day it is placed only if it is in proper form prior to the applicable cut-off time and federal funds in the appropriate amount are deposited with the Custodian on the contractual settlement date by 4:00 p.m. Eastern Time (or such other time as specified). If proper form or funds are not timely received, the order may be rejected and the Authorized Participant may be liable for any resulting losses.

**Issuance of Creation Units.** Except as otherwise provided, Creation Units will not be issued until (i) the Transfer Agent has verified receipt of the required Deposit Securities or Deposit Cash, as applicable, (ii) the Custodian has received the Cash Component and any required Additional Cash Deposit, and (iii) all other conditions to creation have been satisfied. Upon confirmation, the Trust will issue and deliver the Creation Units, typically no later than the contractual settlement date. The Authorized Participant is responsible for any losses resulting from untimely delivery of required components.

**Acceptance or Rejection of Purchase Orders.** The Trust reserves the right to reject any creation order, including if: (1) the order is not in proper form; (2) the Fund Deposit (including the names or quantities of Deposit Securities or the amount of Deposit Cash) does not match the information disseminated through NSCC for that date; (3) the investor(s), upon obtaining the Shares ordered, would beneficially own 80% or more of the outstanding Shares of the Fund (the Trust reserves the right to require information reasonably necessary to determine beneficial ownership for purposes of this 80% test); (4) acceptance of the Fund Deposit would, in the judgment of the Trust, be unlawful; (5) acceptance or receipt of the order would, in the opinion of counsel to the Trust, be unlawful; or (6) circumstances outside the control of the Trust, the Custodian, any sub-custodian, the Transfer Agent, and/or the Adviser make it impracticable to process orders. Illustrative examples include natural disasters; extreme weather; fires or floods; widespread utility or telecommunications outages; market-wide trading halts; or systems failures affecting the Trust, the distributor, the Custodian or any sub-custodian, the Transfer Agent, DTC, NSCC, the Federal Reserve System, or other participants. The Transfer Agent will notify a prospective creator and/or its Authorized Participant of any rejection. The Trust, the Transfer Agent, the Custodian, any sub-custodian, and the distributor have no duty to notify of defects or irregularities in any Fund Deposit and shall not be liable for failure to give such notice. The Trust will exercise any right to reject orders in a manner consistent with Rule 6c-11 and related SEC guidance, including with respect to limited suspensions and extraordinary circumstances, and in a manner designed not to impair the arbitrage mechanism.

All questions as to the composition of the Fund Deposit, the number of shares of each Deposit Security, and the validity, form, eligibility, and acceptance of any securities or cash tendered will be determined by the Trust, and the Trust's determinations will be final and binding.

**Creation Transaction Fees.** A fixed creation transaction fee of $300 may be imposed to offset transfer and other transaction costs associated with processing creation orders. The fixed fee is payable to the Custodian (or another service provider, as applicable) and applies to each creation order regardless of the number of Creation Units purchased in that order. The fixed fee may be changed from time to time and may be waived for certain orders if the Fund determines to waive all or part of the costs, or if another party (such as the Adviser) agrees to pay such fee.

In addition, for cash creations, partial cash creations, or non-standard orders, a variable fee payable to the Fund of up to 3.00%, which may be charged in addition to the fixed transaction fee, may be charged to cover the Fund's trading costs, taxes, and other expenses related to purchasing portfolio investments with cash. The Adviser may determine not to impose a variable fee when it believes doing so is in the best interests of shareholders.

Investors who use the services of a broker or other intermediary may be charged a fee for such services. Investors are responsible for any costs of transferring securities to or from their accounts as part of the creation process.

**Risks of Purchasing Creation Units.** Purchases of Creation Units directly from a Fund involve certain legal risks. Because Shares may be continuously offered, a "distribution" could be occurring at any time. Depending on the facts and circumstances, activities of a shareholder may cause the shareholder to be deemed a statutory underwriter under the Securities Act of 1933 (the "Securities Act") and subject to prospectus delivery and liability provisions. For example, a shareholder may be deemed a statutory underwriter if it purchases Creation Units, breaks them into Shares, and sells those Shares directly to customers, or combines the creation of new Shares with an active selling effort. Whether a person is an underwriter depends on all facts and circumstances. Dealers participating in a distribution and dealing with Shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act may be unable to rely on the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

Redemption.

Shares may be redeemed only in Creation Units at the NAV next determined after a redemption request in proper form is received and accepted by the Fund through the Transfer Agent on a Business Day. Except upon liquidation of a Fund, the Trust does not redeem Shares in amounts less than a Creation Unit. Investors who are not Authorized Participants must accumulate sufficient Shares in the secondary market to constitute a Creation Unit to redeem. There can be no assurance that secondary-market liquidity will always permit assembly of a Creation Unit; investors should expect to incur brokerage and other costs in connection with aggregating Shares.

Prior to the opening of regular trading on the Exchange on each Business Day, the Custodian, through NSCC, makes available the list of names and quantities of portfolio securities (the "Fund Securities") and the cash amount, if any, that will be applicable to redemption requests received that day in proper form. Fund Securities received upon redemption may differ from the Deposit Securities applicable to creations.

Redemption proceeds are paid in kind, in cash, or a combination thereof, as determined by the Trust in its discretion. For in-kind redemptions, redemption proceeds for a Creation Unit generally consist of the Fund Securities announced for that day, plus or minus a cash amount equal to the difference between the NAV of the Shares being redeemed and the value of the Fund Securities (the "Cash Redemption Amount"), less applicable fees. When the value of the Fund Securities exceeds the NAV of the Shares being redeemed, the redeeming shareholder will be required to pay the difference in cash through its Authorized Participant. The Trust may, in its discretion, substitute cash for any Fund Security.

The typical settlement cycle for each redemption transaction is T+1, unless otherwise agreed by the Fund and the Authorized Participant or as permitted by Rule 15c6-1 under the Exchange Act. In certain cases (for example, due to local market holidays or other market conditions), settlement of redemption proceeds may occur later.

**Redemption Transaction Fees.** A fixed redemption transaction fee of $300 may be imposed to offset transfer and other transaction costs associated with processing redemption orders. The fixed fee is payable to the Custodian (or another service provider, as applicable) and applies to each redemption order, regardless of the number of Creation Units redeemed. The fixed fee may be changed from time to time and may be waived for certain orders if the Fund determines to waive all or part of the costs, or if another party (such as the Adviser) agrees to pay such fee.

In addition, for cash redemptions, partial cash redemptions, or non-standard orders, a variable fee payable to the Fund of up to 3.00%, which may be charged in addition to the fixed transaction fee, may be charged to cover the Fund's trading costs, taxes, and other expenses related to selling portfolio investments to raise cash. The Adviser may determine not to impose a variable fee when it believes doing so is in the best interests of shareholders.

Investors who use the services of a broker or other intermediary may be charged a fee for such services. Investors are responsible for any costs of transferring Fund Securities from the Trust to their account or as otherwise directed.

**Procedures for Redemption of Creation Units; Cut-Offs.** Redemption orders must be submitted in proper form to the Transfer Agent by an Authorized Participant prior to 4:00 p.m. Eastern Time (or such other time as specified in the Participant Agreement and/or applicable order form). A redemption request is in proper form if: (i) the Authorized Participant has transferred, or caused to be transferred, the Creation Unit(s) being redeemed through DTC to the account of the Transfer Agent by the time specified; and (ii) the Transfer Agent has received an acceptable redemption request from the Authorized Participant within the time periods specified. If Shares are not received through DTC's facilities by the required time, or the request otherwise is not in proper form, the redemption request will be rejected.

**Additional Redemption Procedures.** A redeeming shareholder or an Authorized Participant acting on its behalf must maintain appropriate custody arrangements to receive Fund Securities. The Trust may, in its discretion, require or permit cash redemptions. In either case, the redeeming investor will receive a cash amount equal to the NAV of the Shares next determined after receipt of a redemption request in proper form, less applicable fees and charges (including any variable fee for cash redemptions). Upon request, the Trust may deliver a basket of securities that differs from the announced Fund Securities but does not differ in NAV.

Redemptions in kind are subject to applicable federal and state securities laws. The Trust reserves the right to redeem Creation Units for cash to the extent it could not lawfully deliver specific Fund Securities or could not do so without first registering such securities. An Authorized Participant or an investor for which it is acting that is subject to a legal restriction with respect to a particular Fund Security may receive an equivalent amount of cash. An Authorized Participant that is not a "qualified institutional buyer" ("QIB") as defined in Rule 144A under the Securities Act will be unable to receive Fund Securities that are restricted securities eligible for resale under Rule 144A; the Trust may require written confirmation of QIB status as a condition to delivery of such securities.

**Suspension of Redemptions.** The right of redemption may be suspended or the date of payment postponed: (1) for any period when the Exchange is closed (other than customary weekend and holiday closings); (2) for any period when trading on the Exchange is suspended or restricted; (3) for any period when an emergency exists that makes it not reasonably practicable to dispose of Shares or determine NAV; or (4) in such other circumstances as are permitted by the SEC. The Trust will administer any suspension in a manner consistent with Rule 6c-11 and related SEC guidance and in a manner designed not to impair the arbitrage mechanism.

**DETERMINATION OF NET ASSET VALUE**

NAV per Share for each Fund is computed by dividing the value of the Fund's net assets (the value of total assets minus total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees (including any management fees) accrue daily and are reflected in the determination of NAV.

The NAV of each Fund is calculated by the Administrator as of the scheduled close of regular trading on the Fund's primary listing exchange (generally 4:00 p.m., Eastern Time) on each day that the exchange is open for regular trading. If market closures or early closes affect particular asset classes (for example, an early close for certain fixed-income markets announced by the Securities Industry and Financial Markets Association, "SIFMA"), valuations for those holdings may reflect the earlier close on such day.

In valuing portfolio investments, each Fund generally uses market-based valuations. Prices may be obtained from one or more pricing services, directly from an exchange or trading venue, from quotations of major market makers or dealers, or, where appropriate, using amortized cost for short-term instruments. For investments that trade on an exchange, a market valuation generally refers to the last reported sale price or official closing price. Investments and other assets (and liabilities) denominated in currencies other than U.S. dollars are converted to U.S. dollars at current market rates as quoted by one or more sources on the valuation date.

When market quotations are not "readily available" or are deemed unreliable, the Fund will determine a fair value in accordance with Rule 2a-5 under the Investment Company Act of 1940. The Board has adopted valuation policies and procedures and has designated the Adviser as the Fund's valuation designee (the "Valuation Designee") pursuant to Rule 2a-5 to perform fair value determinations, subject to Board oversight. Fair value methodologies may consider, among other things, evaluated prices from pricing services, model inputs, observable market data, corporate actions, trading halts, significant events occurring after market close, and, for derivatives, counterparty quotations and collateral. The use of fair value prices may result in values that differ from quoted or published prices and may cause the Fund's NAV to differ from the value of an index at a point in time.

Derivatives used to obtain leveraged exposure (for example, swaps, futures, and options) are valued pursuant to the Fund's valuation procedures. Depending on the instrument, valuation inputs may include exchange settlement prices, quotations from one or more dealers or pricing services, models that reference observable market data, and, when appropriate, values of related instruments such as an exchange-traded fund designed to track the Fund's relevant Underlying ETF or benchmark (particularly if that benchmark level is not computed as of the U.S. market close). When market quotations are not readily available or are deemed unreliable, such instruments are valued at fair value in good faith under the Fund's Rule 2a-5 procedures.

**DIVIDENDS AND DISTRIBUTIONS**

The following supplements, and should be read with, the Prospectus section titled "Dividends, Distributions, and Taxes."

**General policies.** Each Fund intends to distribute substantially all of its net investment income, if any, at least annually, and to distribute any net realized capital gains to shareholders at least annually. The Funds may make additional distributions as necessary to meet distribution requirements under the Internal Revenue Code of 1986, as amended (the "Code"), in a manner consistent with the Investment Company Act of 1940 and to minimize federal excise taxes.

Distributions of income and capital gains, if any, are declared and paid in cash. Dividends and other distributions on Shares are made on a pro rata basis to beneficial owners of record through Depository Trust Company ("DTC") participants and indirect participants, with proceeds transmitted by the Trust to DTC for allocation to DTC participants and then to beneficial owners.

The Trust may declare special dividends or other distributions if, in its reasonable discretion, such action is necessary or advisable to maintain a Fund's status as a regulated investment company ("RIC") or to avoid Fund-level income or excise taxes on undistributed amounts. Each Fund intends to make distributions in amounts and at times intended to avoid the 4% federal excise tax described under "Federal Income Taxes" below.

Use of derivatives may cause each Fund to recognize income, gain, or loss for tax and accounting purposes without a corresponding receipt or payment of cash in the same period. As a result, the Fund may be required to sell investments, including derivatives, at times it would not otherwise do so in order to meet distribution requirements.

**Dividend reinvestment service.** The Trust does not offer a DTC book-entry dividend reinvestment service. However, certain broker-dealers may offer a dividend reinvestment service for beneficial owners through DTC participants. Investors should contact their brokers to determine availability, applicable procedures, and any deadlines. If such a service is used, distributions will be reinvested in additional whole Shares at the then-current NAV, and such reinvested amounts will be taxable to the same extent as if received in cash.

**FEDERAL INCOME TAXES**

The following is a summary of certain U.S. federal income tax considerations generally affecting the Funds and their shareholders. It supplements the Prospectus and is not a complete discussion of all tax matters that may be relevant. This summary is based on current provisions of the Code, Treasury regulations, judicial decisions, and administrative rulings and guidance, all of which are subject to change (possibly with retroactive effect). Investors should consult their own tax advisers about federal, state, local, and foreign tax consequences to them in light of their particular circumstances.

**Taxation of the Funds.** Each Fund intends to elect and qualify each year for treatment as a RIC under the Code. If a Fund qualifies as a RIC and distributes its income and gains in a timely manner to shareholders, the Fund generally will not be subject to U.S. federal income tax on the income and gains it distributes. To qualify as a RIC, among other requirements, a Fund must (1) distribute in each taxable year at least 90% of its "investment company taxable income" and 90% of its net tax-exempt income, if any (the "Distribution Requirement"); (2) derive at least 90% of its gross income each taxable year from certain qualifying sources such as dividends, interest, gains from the sale or other disposition of stock, securities, or foreign currencies, or income derived with respect to its business of investing in such stock, securities, or currencies (the "Qualifying Income Requirement"); and (3) satisfy certain asset diversification tests at the end of each quarter (the "Diversification Requirement").

To the extent a Fund invests in instruments that may generate income that is not qualifying income (which can include certain derivatives), the Fund intends to monitor and limit such investments so that its non-qualifying income does not exceed 10% of gross income. If a Fund were to fail the Qualifying Income Requirement or the Diversification Requirement, relief provisions may be available in limited circumstances if the failure is due to reasonable cause and not willful neglect and the Fund pays a penalty tax and/or takes corrective action. If relief were not available and a Fund failed to qualify for RIC treatment for a taxable year, the Fund would be subject to tax at the Fund level on all of its taxable income at corporate rates, and distributions from earnings and profits (including distributions of net capital gain) would be taxable to shareholders as ordinary income. The Fund could be required to recognize and distribute earnings and profits as a condition to requalifying as a RIC in a subsequent year.

A Fund may elect to treat part or all of certain "late-year losses" as incurred in the following taxable year for purposes of determining its taxable income and distributions. Net capital losses (capital losses in excess of capital gains) generally may be carried forward indefinitely by a RIC to offset future capital gains, subject to limitations. The carryover of losses may be limited following certain ownership changes.

Each Fund may be subject to a 4% nondeductible federal excise tax on certain undistributed amounts if it does not distribute during each calendar year at least (i) 98% of its ordinary income for the calendar year and (ii) 98.2% of its capital gain net income for the one-year period ending on October 31 (or, if the Fund makes an election, for its fiscal year), plus any shortfalls from the prior year. The Funds intend to make distributions in amounts and at times intended to minimize excise tax, but there can be no assurance that all such liability will be eliminated.

If a Fund retains net capital gain, it may designate the retained amount as "undistributed capital gains" in a notice to shareholders. In that case, shareholders would (i) be required to include their share of such undistributed amount in income as long-term capital gain, (ii) be entitled to a credit for their share of the tax paid by the Fund on such undistributed amount, and (iii) increase their tax basis in Shares by the excess of the amount included in income over the tax deemed paid.

**Taxation of shareholders - distributions.** Distributions of a Fund's "investment company taxable income" (computed without regard to the dividends-paid deduction) are taxable to shareholders as ordinary income, whether paid in cash or reinvested. Distributions of a Fund's net capital gain (net long-term capital gains in excess of net short-term capital losses) are taxable as long-term capital gains, regardless of how long a shareholder has held Shares. A portion of ordinary income dividends paid to non-corporate shareholders may be eligible to be taxed at the reduced rates applicable to "qualified dividend income" if certain holding period and other requirements are met by both the Fund and the shareholder. To the extent properly reported, certain dividends received by corporate shareholders may be eligible for the dividends-received deduction, subject to holding period and other limitations.

Distributions are generally taxable when paid; however, any dividend declared in October, November, or December with a record date in such month and paid in January is treated for U.S. federal income tax purposes as received on December 31 of the year declared. Distributions may also be subject to state and local taxes.

If a Fund's distributions exceed its current and accumulated earnings and profits, all or a portion of such excess will be treated as a return of capital to shareholders, reducing each shareholder's tax basis in Shares (and, after such basis is reduced to zero, resulting in capital gain).

**Taxation of shareholders - sale or exchange of Shares.** A sale or other taxable disposition of Shares generally will result in a capital gain or loss equal to the difference between the amount realized and the shareholder's adjusted tax basis in the Shares. The gain or loss will be long-term if the Shares were held for more than one year, and short-term otherwise. Any loss realized on a disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of any amounts treated as long-term capital gain that were distributed (or deemed distributed) with respect to such Shares. Losses may be disallowed under the "wash sale" rules if substantially identical Shares are acquired within 30 days before or after the disposition. Shareholders should consult their brokers regarding available cost-basis reporting methods and elections.

Special and Complex Rules Applicable to Derivatives.

Each Funds' investments in derivatives are subject to special and complex U.S. federal income tax rules that can affect the character, timing, and amount of the Fund's income, gains, losses, and distributions.

Certain exchange-traded futures and options may be treated as "Section 1256 contracts" and are required to be marked to market at year end. Gains or losses on Section 1256 contracts generally are treated as 60% long-term and 40% short-term capital gain or loss, regardless of holding period, and may be required to be recognized for tax purposes even if no corresponding cash is received.

Payments (or accruals) under swap agreements and other non-Section 1256 derivatives generally are treated as ordinary income or loss. The "straddle," "wash sale," and "constructive sale" rules may defer losses, accelerate recognition of gains, or otherwise affect the character of the Fund's income and gains. The Fund's use of derivatives could also affect whether the Fund has made sufficient distributions to maintain its qualification as a regulated investment company and to avoid fund-level tax. Shareholders should consult their tax advisers regarding how these rules may affect their own tax situation. See Federal Income Taxes in this SAI for additional details.

**Creations and redemptions by Authorized Participants.** An Authorized Participant that exchanges securities for Creation Units generally will recognize gain or loss equal to the difference between the market value of the Creation Units at the time and the sum of the Authorized Participant's aggregate basis in the securities surrendered plus the cash paid, if any. An Authorized Participant that redeems Creation Units generally will recognize gain or loss equal to the difference between the Authorized Participant's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the cash received, if any. The Internal Revenue Service may take the position that a loss realized upon an exchange of securities for Creation Units may be disallowed under the wash sale rules (for an exchanger that does not mark-to-market) or on the basis that there has been no significant change in economic position. If, after a creation, a purchaser (or group) would own 80% or more of a Fund's outstanding Shares and Section 351 of the Code otherwise would apply, the Fund may reject the order and may require beneficial ownership information reasonably necessary to evaluate the application of Section 351. If the Fund nonetheless issues Creation Units in such circumstances, the Authorized Participant may not recognize gain or loss on the exchange. Authorized Participants should consult their own tax advisers.

**Taxation of Fund investments.** Certain investments (including, without limitation, derivatives, foreign currency contracts, and transactions subject to the "straddle," "constructive sale," or "mark-to-market" rules) may be subject to complex provisions of the Code that, among other things, could affect the character of gains and losses realized by a Fund, accelerate the recognition of income to a Fund, defer losses, or affect whether income is qualifying income for RIC purposes. These rules may also require a Fund to recognize income or gains without a corresponding receipt of cash, potentially requiring the Fund to sell securities to meet the Distribution Requirement. Each Fund intends to monitor transactions, make appropriate elections, and maintain books and records as required to mitigate adverse tax consequences and preserve RIC status.

**Backup withholding and reporting.** A Fund may be required to withhold federal income tax ("backup withholding") from dividends, capital gain distributions, and redemption proceeds payable to shareholders who fail to provide a correct taxpayer identification number, who are subject to backup withholding due to under-reporting, who fail to certify that they are not subject to backup withholding, or who fail to certify their U.S. status. Backup withholding is not an additional tax and amounts withheld may be credited against a shareholder's federal income tax liability.

**Net investment income tax.** Certain individuals, trusts, and estates are subject to a 3.8% tax on their "net investment income," (the "NII tax") which generally includes distributions from a Fund and net gains from the sale or other disposition of Shares.

**Non-U.S. shareholders.** Distributions to non-U.S. shareholders generally will be subject to U.S. withholding tax at the rate of 30% (or a lower applicable treaty rate) to the extent derived from ordinary income. Subject to certain requirements, a Fund may report a portion of its distributions as "interest-related dividends" or "short-term capital gain dividends," which generally are exempt from such withholding for non-U.S. shareholders; special rules and exceptions apply, including for individuals present in the United States for 183 days or more during the year. Gains realized by non-U.S. shareholders on the sale of Shares generally are not subject to U.S. federal income tax, subject to certain exceptions. Non-U.S. shareholders may be subject to backup withholding if they fail to provide required certifications.

**FATCA.** Under the Foreign Account Tax Compliance Act ("FATCA"), a Fund may be required to withhold 30% on ordinary income distributions paid to certain foreign financial institutions and non-financial foreign entities that fail to satisfy documentation, reporting, or other requirements. FATCA may also affect a Fund's returns on certain investments. Investors should consult their tax advisers regarding FATCA.

**Tax-exempt shareholders.** Tax-exempt investors (including retirement plans and IRAs) are generally exempt from federal income tax on Fund distributions and gains, except to the extent that such amounts constitute unrelated business taxable income ("UBTI"). In certain circumstances, investments by a Fund (for example, in residual interests of real estate mortgage investment conduits or certain real estate investment trusts) could generate UBTI to tax-exempt shareholders. Tax-exempt investors should consult their tax advisers.

**Certain reporting.** Shareholders may be required to file IRS Form 8886 if they recognize a loss on a disposition of Shares that exceeds applicable thresholds. Significant penalties may apply for failure to comply with reporting requirements. The fact that a loss is reportable does not affect whether the treatment of the loss is proper.

The tax information provided here is only a summary of certain considerations. Prospective investors should consult their own tax advisers regarding the U.S. federal, state, local, and foreign tax consequences of an investment in the Funds.

**FINANCIAL STATEMENTS**

The Funds have not yet commenced investment operations and, therefore, have not produced financial statements. Once produced, you can obtain copies of the Annual Report without charge by calling the Fund at (855) 552-6744 or visiting the SEC's website at www.sec.gov.

CORGI ETF TRUST I

PART C: OTHER INFORMATION

Item 28. Exhibits

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| | |
|:---|:---|
| &nbsp;&nbsp;Exhibit No.  | &nbsp;&nbsp;Description of Exhibit  |
| &nbsp;&nbsp;(a)(i)  | &nbsp;&nbsp;[Certificate of Trust. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (a)(i).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99ai.htm) |
| &nbsp;&nbsp;(a)(ii)  | &nbsp;&nbsp;[Certificate of Amendment to Certificate of Trust. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (a)(ii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99aii.htm) |
| &nbsp;&nbsp;(a)(iii)  | &nbsp;&nbsp;[Agreement and Declaration of Trust. Incorporated by reference to Accession No. 0002078265-25-000002, Exhibit (a)(iii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99aiii.htm) |
| &nbsp;&nbsp;(b)  | &nbsp;&nbsp;[By-Laws. Incorporated by reference to Accession No. 0002078265-25-000002, Exhibit (b).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99b.htm) |
| &nbsp;&nbsp;(c)  | &nbsp;&nbsp;Instruments Defining Rights of Security Holders - See relevant portions of Declaration of Trust and By-Laws.  |
| &nbsp;&nbsp;(d)(i)  | &nbsp;&nbsp;[Investment Advisory Agreement between the Registrant and Corgi Strategies, LLC. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (d)(i).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99di.htm) |
| &nbsp;&nbsp;(d)(ii)  | &nbsp;&nbsp;[Amendment No. 1 to the Investment Advisory Agreement between the Registrant and Corgi Strategies, LLC. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed April 29, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000058, Exhibit (d)(ii)](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000058/ex99dii.htm) |
| &nbsp;&nbsp;(e)(i)  | &nbsp;&nbsp;[Distribution Agreement between the Trust and Paralel Distributors LLC. Incorporated by reference to the Registrants Pre-Effective Amendment No. 1 on Form N-1A, filed October 24, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000006, Exhibit (e)(i).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000006/ex99e1_distribution_prl.htm) |
| &nbsp;&nbsp;(e)(ii) | &nbsp;&nbsp;[<br>Amendment No. 1 to the Distribution Agreement between the Trust and Paralel Distributors LLC. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed April 29, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000058, Exhibit (e)(ii)](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000058/ex99eii.htm) |
| &nbsp;&nbsp;(e)(iii)  | &nbsp;&nbsp;[Amendment No. 2 to the Distribution Agreement between the Trust and Paralel Distributors LLC. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed May 28, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000182, Exhibit (e)(iii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000182/Ex-eiii.htm) |
| &nbsp;&nbsp;(e)(iv)  | &nbsp;&nbsp;[Form of Authorized Participant Agreement. Incorporated by reference to the Registrants Pre-Effective Amendment No. 1 on Form N-1A, filed October 24, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000006, Exhibit (e)(ii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000006/ex99e2_ap_form.htm) |
| &nbsp;&nbsp;(f)  | &nbsp;&nbsp;Not applicable.  |
| &nbsp;&nbsp;(g)(i) | &nbsp;&nbsp;[Custodian Agreement between the Trust and U.S. Bank National Association. Incorporated by reference to the Registrants Pre-Effective Amendment No. 1 on Form N-1A, filed October 24, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000006, Exhibit (g).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000006/ex99g_custody_usbna.htm) |
| &nbsp;&nbsp;(g)(ii) | &nbsp;&nbsp;[First Amendment to Custodian Agreement between the Trust and U.S. Bank National Association. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed April 29, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000058, Exhibit (g)(ii)](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000058/ex99giiCustody.htm) |
| &nbsp;&nbsp;(g)(iii) | &nbsp;&nbsp;[Second Amendment to Custodian Agreement between the Trust and U.S. Bank National Association. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed May 28, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000182, Exhibit (g)(iii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000182/ex-giii.htm) |
| &nbsp;&nbsp;(g)(iv)  | &nbsp;&nbsp;[Third Amendment to Custodian Agreement between the Trust and U.S. Bank National Association. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed May 28, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000182, Exhibit (g)(iv).](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000182/ex-giv.htm)  |
| &nbsp;&nbsp;(h)(i)  | &nbsp;&nbsp;[Fund Administration, Fund Accounting and Transfer Agent Services Agreement between the Registrant and U.S. Bank Global Fund Services. Incorporated by reference to the Registrants Pre-Effective Amendment No. 1 on Form N-1A, filed October 24, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000006, Exhibit (h)(i).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000006/ex99h1_admin_acct_ta.htm) |
| &nbsp;&nbsp;(h)(ii)  | &nbsp;&nbsp;[First Amendment to the Fund Administration, Fund Accounting and Transfer Agent Services Agreement between the Registrant and U.S. Bank Global Fund Services. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed April 29, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000058, Exhibit (h)(ii)](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000058/ex99hiiFS.htm) |
| &nbsp;&nbsp;(h)(iii)  | &nbsp;&nbsp;[Second Amendment to the Fund Administration, Fund Accounting and Transfer Agent Services Agreement between the Registrant and U.S. Bank Global Fund Services. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed May 28, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000182, Exhibit (h)(iii).](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000182/ex-hiii.htm)  |
| &nbsp;&nbsp;(h)(iv)  | &nbsp;&nbsp;[Third Amendment to the Fund Administration, Fund Accounting and Transfer Agent Services Agreement between the Registrant and U.S. Bank Global Fund Services. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed May 28, 2026 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-26-000182, Exhibit (h)(iv).](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000182/ex-hiv.htm)  |
| &nbsp;&nbsp;(h)(v)  | &nbsp;&nbsp;Not separately filed. The services described in Item 28(h)(v) are provided under the agreement filed as Exhibit (h)(i).  |
| &nbsp;&nbsp;(h)(vi)  | &nbsp;&nbsp;[ISDA Master Agreement between the Trust and Clear Street LLC, dated November 18, 2025. Filed herewith.](ex-hvi.htm)  |
| &nbsp;&nbsp;(h)(vii)  | &nbsp;&nbsp;[First Amendment to the ISDA Master Agreement between the Trust and Clear Street LLC, dated March 19, 2026. Filed herewith.](ex-hvii.htm)  |
| &nbsp;&nbsp;(h)(viii)  | &nbsp;&nbsp;[Second Amendment to the ISDA Master Agreement between the Trust and Clear Street LLC, dated May 11, 2026. Filed herewith.](ex-hviii.htm)  |
| &nbsp;&nbsp;(h)(ix)  | &nbsp;&nbsp;[ISDA 2002 Master Agreement between the Trust and Marex Securities Products Inc. Filed herewith.](ex-hix.htm)  |
| &nbsp;&nbsp;(h)(x)  | &nbsp;&nbsp;[Schedule to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated November 14, 2025. Filed herewith.](ex-hx.htm)  |
| &nbsp;&nbsp;(h)(xi)  | &nbsp;&nbsp;[Paragraph 13 to the Schedule to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated November 14, 2025. Filed herewith.](ex-hxi.htm)  |
| &nbsp;&nbsp;(h)(xii)  | &nbsp;&nbsp;[First Amendment to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated May 13, 2026. Filed herewith.](ex-hxii.htm)  |
| &nbsp;&nbsp;(h)(xiii)  | &nbsp;&nbsp;[ISDA 2002 Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025. Filed herewith.](ex-hxiii.htm)  |
| &nbsp;&nbsp;(h)(xiv)  | &nbsp;&nbsp;[Schedule to the ISDA Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025. Filed herewith.](ex-hxiv.htm)  |
| &nbsp;&nbsp;(h)(xv)  | &nbsp;&nbsp;[Credit Support Annex to the ISDA Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025. Filed herewith.](ex-hxv.htm)  |
| &nbsp;&nbsp;(h)(xvi)  | &nbsp;&nbsp;[First Amendment to the ISDA Master Agreement between the Trust and CF Secured LLC, dated April 23, 2026. Filed herewith.](ex-hxvi.htm)  |
| &nbsp;&nbsp;(h)(xvii)  | &nbsp;&nbsp;[Second Amendment to the ISDA Master Agreement between the Trust and CF Secured LLC, dated May 11, 2026. Filed herewith.](ex-hxvii.htm)  |
| &nbsp;&nbsp;(i)  | &nbsp;&nbsp;[Opinion and Consent of Counsel. Filed herewith.](ex-i.htm)  |
| &nbsp;&nbsp;(j)  | &nbsp;&nbsp;[Consent of Independent Registered Public Accounting Firm. Filed herewith.](ex-j.htm) |
| &nbsp;&nbsp;(k)  | &nbsp;&nbsp;Not applicable.  |
| &nbsp;&nbsp;(l)  | &nbsp;&nbsp;[Form of Subscription Agreement. Incorporated by reference to the Registrants Pre-Effective Amendment No. 1 on Form N-1A, filed October 24, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000006, Exhibit (l).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000006/ex99l_seed_subscription.htm) |
| &nbsp;&nbsp;(m)(i) | &nbsp;&nbsp;[Rule 12b-1 Plan. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (m).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99m.htm) |
| &nbsp;&nbsp;(m)(ii) | &nbsp;&nbsp;[Amended Schedule A to the Rule 12b-1 Distribution and Shareholder Service Plan. Incorporated by reference to the Registrant's Post-Effective Amendment on Form N-1A, filed April 29, 2026 (File Nos. 333-289838; 811-24117), Accession No.0002078265-26-000058, Exhibit (m)(ii)](https://www.sec.gov/Archives/edgar/data/2078265/000207826526000058/ex99mii.htm) |
| &nbsp;&nbsp;(n)  | &nbsp;&nbsp;Not applicable.  |
| &nbsp;&nbsp;(o)  | &nbsp;&nbsp;Reserved.  |
| &nbsp;&nbsp;(p)(i)  | &nbsp;&nbsp;[Joint Code of Ethics for the Registrant and Corgi Strategies, LLC. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (p)(i).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99pi.htm) |
| &nbsp;&nbsp;(p)(ii)  | &nbsp;&nbsp;Reserved.  |
| &nbsp;&nbsp;(q)  | &nbsp;&nbsp;[Powers of Attorney. Incorporated by reference to the Registrants Form N-1A filed August 25, 2025 (File Nos. 333-289838; 811-24117), Accession No. 0002078265-25-000002, Exhibit (q).](https://www.sec.gov/Archives/edgar/data/2078265/000207826525000002/ex99q.htm) |

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Item 29. Persons Controlled by or Under Common Control with Registrant

No person is directly or indirectly controlled by or under common control with the Registrant.

Item 30. Indemnification

Reference is made to Article IX of the Registrant's Agreement and Declaration of Trust. In general, that provision authorizes indemnification of Trustees, officers, employees, and agents of the Trust for liabilities and expenses arising in connection with their service to the Trust, subject to the limitations set forth therein and under applicable law.

Pursuant to Rule 484 under the Securities Act of 1933, as amended (the "Securities Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act may be permitted to Trustees, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. If a claim for indemnification against such liabilities is made (other than reimbursement by the Registrant of expenses incurred or paid by a Trustee, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless its counsel determines that the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification is against public policy as expressed in the Securities Act, and the Registrant will be bound by the court's final adjudication of the issue."

Item 31. Business and Other Connections of Investment Adviser

**Corgi Strategies, LLC** - SEC File No. 801-134212

This item incorporates by reference the Uniform Application for Investment Adviser Registration (Form ADV) of Corgi Strategies, LLC, which is on file with the Securities and Exchange Commission. The Form ADV is available at www.adviserinfo.sec.gov.

The other business activities of the officers and managing members of the Adviser are described in their respective Forms ADV, including Schedules A and D, which are incorporated by reference.

Item 32. Principal Underwriter

The principal underwriter for the Funds (the "Distributor") is Paralel Distributors LLC.

(a) Cullen Funds (6 series); Collaborative Investment Series Trust (7 series); Elevation Series Trust (37 Series); PFS Funds (5 series); Azzad Funds Trust (2 Series); Reaves Utility Income Fund (ATM Offering); Coller Secondaries Private Equity Opportunities Fund; Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering), Shelton Equity Premium Income ETF, The Pre-IPO and Growth Fund, Wisdom Short Duration Income Fund & Wisdom Short Term Government Fund.

(b) None.

(c) None.

Item 33. Location of Accounts and Records

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained at the following locations:

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| | |
|:---|:---|
| Records Relating to: | Are located at: |
| Registrant's Fund Administrator, Fund Accountant<br>and Transfer Agent  | U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services)<br>777 E. Wisconsin Ave.<br>Milwaukee, WI 53202 |
| Registrant's Custodian | U.S. Bank National Association<br>Lunken Operations Center<br>CN-OH-L2GL<br>5065 Wooster Rd<br>Cincinnati, OH 45226 |
| Registrant's Principal Underwriter | Paralel Distributors LLC<br>1700 Broadway, Suite 2100<br>Denver, CO 80290 |
| Registrant's Investment Adviser | Corgi Strategies, LLC<br>425 Bush St, Suite 500<br>San Francisco, CA 94104  |
| Not applicable | N/A |

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Item 34. Management Services

Not applicable.

Item 35. Undertakings

Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in San Francisco, California, on May 28, 2026.

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| |
|:---|
| &nbsp;&nbsp;Corgi ETF Trust I |
| &nbsp;&nbsp;/s/ Emily Z. Yuan |
| &nbsp;&nbsp;President and Principal Executive Officer  |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated on May 28, 2026.

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| | |
|:---|:---|
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Title |
| &nbsp;&nbsp;/s/ Emily Z. Yuan | &nbsp;&nbsp;President and Principal Executive Officer; Trustee  |
| &nbsp;&nbsp;Emily Z. Yuan |  |
| &nbsp;&nbsp;/s/ Nicolas S. Laqua | &nbsp;&nbsp;Trustee; Chair; Principal Financial Officer;  |
| &nbsp;&nbsp;Nicolas S. Laqua | &nbsp;&nbsp;Principal Accounting Officer (Treasurer)  |
| &nbsp;&nbsp;/s/ Conor M. Murray | &nbsp;&nbsp;Lead Independent Trustee |
| &nbsp;&nbsp;Conor M. Murray |  |
| &nbsp;&nbsp;/s/ Bryant C. Lee | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Bryant C. Lee |  |
| &nbsp;&nbsp;/s/ Jennifer X. Benson | &nbsp;&nbsp;Trustee |
| &nbsp;&nbsp;Jennifer X. Benson |  |

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## Ex-99.I

Richard M. Cutshall

D: 303.572.6527

T: 303.572.6500

cutshallr@gtlaw.com

May 28, 2026

Corgi ETF Trust I

425 Bush St, Suite 500

San Francisco, CA 94104

Re: Post-Effective Amendments to Registration Statement on Form N-1A<u> </u>

(File Nos. 333-289838 and 811-24117)

Ladies and Gentlemen:

We have acted as counsel for Corgi ETF Trust I, a statutory trust formed under the laws of Delaware (the "**Trust**") in connection with the registration under the Securities Act of 1933 (the "**1933 Act**") of an issuance of shares of beneficial interest in certain series of the Trust designated as the 2X Daily ETFs (the "**Shares**") in Post-Effective Amendment Number 48 to the Trust's registration statement No. 333-289838 on Form N-1A (the "**Registration Statement**"), to be filed on or about May 28, 2026.

As counsel to the Trust in connection with the Registration Statement, we have examined originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate and other records, certificates and other papers as we deemed it necessary to examine for the purpose of this opinion, including but not limited to the Agreement and Declaration of Trust (the "**Trust Agreement**") and bylaws of the Trust, actions of the Board of Trustees of the Trust authorizing the issuance of Shares of the Funds and the Registration Statement.

Among other things, the Registration Statement is deemed to register the Shares pursuant to Rule 24f-2 under the Investment Company Act of 1940 (the "**1940 Act**"). You have advised us that the Trust will, from year to year, timely file a notice pursuant to Rule 24f-2 perfecting the registration of the Shares sold by the Trust during each fiscal year during which such registration of an indefinite number of Shares remains in effect. You have also informed us that the Shares will be sold in accordance with Section 5(b) of the 1933 Act.

Based on the foregoing information and examination, we are of the opinion that upon the issuance and delivery of the Shares of each Fund in accordance with the Trust Agreement and the actions of the Board of Trustees authorizing the issuance of the Shares, and the receipt by the Trust of the authorized consideration therefor, the Shares so issued will be validly issued, fully paid and non-assessable (although shareholders may be subject to liability under certain circumstances as described in the Statement of Additional Information of the Trust included as Part B of the Registration Statement under the caption "General Information About the Trust").

This opinion is limited solely to the Delaware Statutory Trust Act to the extent that the same may apply to or govern the transaction referred to herein, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the state of Delaware. Further, we express no opinion as to any state or federal securities laws, including the securities laws of the state of Delaware. No opinion is given herein as to the choice of law or internal substantive rules of law which any tribunal may apply to such transaction. In addition, to the extent that the Trust Agreement or the bylaws refer to, incorporate or require compliance with, the 1940 Act, or any other law or regulation applicable to the Trust, except for the Delaware Statutory Trust Act, we have assumed compliance by the Trust with the 1940 Act and such other laws and regulations.

We consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this opinion, we do not admit that we are in the category of persons whose consent is required under section 7 of the 1933 Act.

---

| | |
|:---|:---|
| Best regards,  | Best regards,  |
| GREENBERG TRAURIG, LLP  | GREENBERG TRAURIG, LLP  |
| By:  | /s/ Richard M. Cutshall  |
|  | Richard M. Cutshall, Shareholder  |

---

## Ex-99.J

# CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the references to our firm in the Post-Effective Amendment No. 48 to the Registration Statement on Form N-1A of Corgi ETF Trust I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**May 28, 2026**

## Ex-99.H

#### Exhibit (h)(vii)
First Amendment to the ISDA Master Agreement between the Trust and Clear Street LLC, dated March 19, 2026

Filed herewith.

------

**FIRST AMENDMENT TO THE ISDA MASTER AGREEMENT**

This First Amendment (this "Amendment") to the ISDA 2002 Master Agreement dated November 17, 2025, by and between Clear Street LLC ("Clear Street") and Each Entity listed on Appendix A of the Schedule to the ISDA Master Agreement acting through Corgi Strategies LLC, as agent and not in its individual capacity (attached thereto) (each a "Party B"), severally but not jointly (such agreement, as amended, restated, supplemented or otherwise modified to date, the "Agreement"), is effective as of March 19, 2026 (the "Effective Date").

WHEREAS, Clear Street and Party B wish to amend the Agreement as described herein and restate all prior amendments to the Master Agreement (other than terms set forth in Confirmations of Transactions thereunder unless explicitly provided below);

NOW THEREFORE, the parties hereto, intending to be bound legally, hereby agree as follows, effective as of the Effective Date: 1. Amendment of Credit Support Annex: The Credit Support Annex to the Agreement (the "CSA") is amended as follows:

(a) Paragraph 13(b)(iv)(B) "Minimum Transfer Amount" is amended and restated with the following new "Minimum Transfer Amount":

"Minimum Transfer Amount" means with respect to Party A: $[\*\*\*] and with respect to Party B, as indicated in Appendix A to the Schedule to the ISDA Master Agreement respectively under the column labelled "MTA" as may be amended, restated, supplemented, or otherwise modified from time to time, provided, however, that if an Event of Default, Potential Event of Default, or Additional Termination Event (where all Transactions are Affected Transactions) with respect to a Party has occurred and is continuing, the Minimum Transfer Amount with respect to such party shall be zero. 2. Representations. Each party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment. 3. Miscellaneous. (a) Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such terms in the Agreement. (b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. This Amendment supersedes and replaces in its entirety all previous amendments to the Agreement (other than terms set forth in Confirmations of Transactions thereunder unless explicitly provided otherwise herein). (c) Agreement Continuation. All terms and provisions of the Agreement not expressly amended hereby, either expressly or by necessary implication, shall remain in full force and effect. In the event of any conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall prevail.

(d) Counterparts. This Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together will constitute one and the same agreement. Counterparts may be executed in either original or electronic form in conformity with the U.S. federal ESIGN Act of 2000 (e.g., DocuSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and original signature of the party delivering the electronic signature. Upon execution and delivery of this

document, the CSA shall be modified and amended in accordance with the terms herein and shall continue in full force and effect. (e) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment. (f) Governing Law. This Amendment and, to the fullest extent permitted by applicable law, all matters arising out of or relating in any way to this Agreement will be governed by and construed in accordance with the laws of the state of New York.

IN WITNESS WHEREOF the parties have executed this Amendment with effect from the date specified on the first page of this Amendment.

**CLEAR STREET LLC**

By: /s/ Charles Dietz

Name: Charles Dietz

Title: Managing Director

Date: March 28, 2026 <br>

**Each Entity listed on Appendix A of the Schedule to the ISDA Master Agreement acting through Corgi Strategies LLC, as agent and not in its individual capacity, severally but not jointly**

By: /s/ Emily Yuan

Name: Emily Yuan

Title: COO

Date: March 27, 2026 <br>

*[SIGNATURE PAGE TO THE FIRST AMENDMENT TO THE ISDA MASTER AGREEMENT DATED EFFECTIVE MARCH 19, 2026]*

Appendix A

Legal Name Trust Payee Tax Representations

Part 2(b)(ii)(1) Payee Tax Representations

Part 2(b)(ii)(2) MTA Corgi ETF Trust I Founder-Led ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441- 4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi ETF Trust I Founder-Led 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441- 4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00

## Ex-99.H

#### Exhibit (h)(vi)
ISDA Master Agreement between the Trust and Clear Street LLC, dated November 18, 2025

Filed herewith.

------

ISDA International Swaps and Derivatives Association, Inc.

**2002 MASTER AGREEMENT**

dated as of November 17, 2025

Clear Street LLC and Each entity listed on Appendix A to the Schedule to the ISDA Master Agreement (attached thereto) as may be amended from time to time, severally but not jointly, acting through Corgi Strategies LLC have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this 2002 Master Agreement, which includes the schedule (the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this "Master Agreement". Accordingly, the parties agree as follows:— 1. Interpretation (a) Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement. (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction. (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any Transactions. 2. Obligations (a) General Conditions. (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. (ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement.

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing,

(2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. (c) Netting of Payments. If on any date amounts would otherwise be payable:— (i) in the same currency; and (ii) in respect of the same Transaction, by each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that "Multiple Transaction Payment Netting" applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. (d) Deduction or Withholding for Tax. (i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party ("X") will:— (1) promptly notify the other party ("Y") of such requirement; (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this

Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:— (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. (ii) Liability. If:— (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); (2) X does not so deduct or withhold; and (3) a liability resulting from such Tax is assessed directly against X, then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). 3. Representations Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any "Additional Representation" is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. (a) Basic Representations. (i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing; (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets; (iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and (v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. (d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. (g) No Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity. 4. Agreements Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs:— (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; (ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. (b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. (c) Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction"), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 5. Events of Default and Termination Events (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an "Event of Default") with respect to such party:— (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party; (ii) Breach of Agreement; Repudiation of Agreement. (1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under

Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any

Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); (iii) Credit Support Default. (1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; (v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— (1) defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction; (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day); (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or (4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross-Default. If "Cross-Default" is specified in the Schedule as applying to the party, the occurrence or existence of:— (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less than the applicable Threshold Amount; (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:— (1) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or (B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:— (1) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or (2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. (b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in clause

(ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:— (i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):— (1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or (2) for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit Support Document; (ii) Force Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day:— (1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or

**ISDA®1994**

impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or (2) such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were required on that day), so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability; (iii) Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date (A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); (iv) Tax Event Upon Merger. The party (the "Burdened Party") on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; (v) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, "X") and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A "Designated Event" with respect to X means that:— X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the

**ISDA®1994**

date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity; (1) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or (2) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or (vi) Additional Termination Event. If any "Additional Termination Event" is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation). (c) Hierarchy of Events. An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be. (i) Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. (ii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. (d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:— the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or (i) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate. (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party's head or home office, (ii)

Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or

**ISDA®1994**

compliance with the relevant provision by the Affected Party's head or home office and (iv) the Affected Party's head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i)or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party's head or home office, such failure will not constitute an Event of Default under

Section 5(a)(i) or 5(a)(iii)(1). 6. Early Termination; Close-Out Netting (a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, "Automatic Early Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). (b) Right to Terminate Following Termination Event. Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require. (i) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. (ii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

**ISDA®1994**

(iii) Right to Terminate. If:— (A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or (B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non-affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. (2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:— (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions. (B) An Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions. (c) Effect of Designation. If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. (i) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii).

**ISDA®1994**

(d) Calculations; Payment Date. (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations), (2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and (3) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data. (ii) Payment Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event. (e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date (the "Early Termination Amount") will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non-defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party. (ii) Termination Events. If the Early Termination Date results from a Termination Event:— (1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively. (2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount equal to (A) the sum of

(I) one-half of the difference between the higher amount so determined (by party "X") and the lower amount so determined (by party "Y") and (II) the Termination Currency Equivalent of the Unpaid Amounts owing to X less

(B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount to Y.

**ISDA®1994**

(3) Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party will:— (A) if obtaining quotations from one or more third parties (or from any of the Determining Party's Affiliates), ask each third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and (B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). (iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and (2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). (v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions. (f) Set-Off. Any Early Termination Amount payable to one party (the "Payee") by the other party (the "Payer"), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non-affected Party, as the case may be ("X") (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts ("Other Amounts") payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this Section 6(f). For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such currency.

**ISDA®1994**

If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise). 7. Transfer Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:— (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and (b) a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11. Any purported transfer that is not in compliance with this Section 7 will be void. 8. Contractual Currency (a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the "Contractual Currency"). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using

**ISDA®1994**

commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 9. Miscellaneous (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud. (b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system. (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction. (d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. (e) Counterparts and Confirmations. (i)

**ISDA®1994**

(1) Interest on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate. (2) Compensation for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery. (3) Interest on Deferred Payments. If:— (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or (C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event

**ISDA®1994**

continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral Rate. (4) Compensation for Deferred Deliveries. If:— (A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery; (B) a delivery is deferred pursuant to Section 5(d); or (C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting Period has expired, the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. (ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction:— (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate. (2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close- out Rate. (iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed.

**ISDA®1994**

10. Offices; Multibranch Parties (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction. (b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing). (c) The Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the Transaction. Subject to

Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written consent of the other party. 11. Expenses A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of- pocket expenses, including legal fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 12. Notices (a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed effective as indicated:— (i) if in writing and delivered in person or by courier, on the date it is delivered; (ii) if sent by telex, on the date the recipient's answerback is received; (iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine); (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; (v) if sent by electronic messaging system, on the date it is received; or

**ISDA®1994**

(vi) if sent by e-mail, on the date it is delivered, unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. (b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or e-mail details at which notices or other communications are to be given to it. 13. Governing Law and Jurisdiction (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. (b) Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement ("Proceedings"), each party irrevocably:— (i) submits:— (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or (2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non- exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and (iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction. (c) Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. (d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

**ISDA®1994**

14. Definitions As used in this Agreement:— "Additional Representation" has the meaning specified in Section 3. "Additional Termination Event" has the meaning specified in Section 5(b). "Affected Party" has the meaning specified in Section 5(b). "Affected Transactions" means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions. "Affiliate" means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person. "Agreement" has the meaning specified in Section 1(c). "Applicable Close-out Rate" means:— (a) in respect of the determination of an Unpaid Amount:— (i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; (iii) in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and (iv) in all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and (b) in respect of an Early Termination Amount:— (i) for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:— (1) if the Early Termination Amount is payable by a Defaulting Party, the Default Rate; (2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and (3) in all other cases, the Applicable Deferral Rate; and

**ISDA®1994**

(ii) for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment:— (1) if a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate; (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies), the Default Rate; (3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above applies), the Non-default Rate; and (4) in all other cases, the Termination Rate. "Applicable Deferral Rate" means:— for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; (a) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and (b) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. "Automatic Early Termination" has the meaning specified in Section 6(a). "Burdened Party" has the meaning specified in Section 5(b)(iv). "Change in Tax Law" means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction. "Close-out Amount" means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in

**ISDA®1994**

Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable. Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out-of- pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information: — (i) quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; (ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or (iii) information of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party's Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards. When considering information described in clause (i), (ii) or (iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market information. Without duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its terminating, liquidating or re-establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them). Commercially reasonable procedures used in determining a Close-out Amount may include the following:— (1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and

**ISDA®1994**

(2) application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. "Confirmation" has the meaning specified in the preamble. "consent" includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. "Contractual Currency" has the meaning specified in Section 8(a). "Convention Court" means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. "Credit Event Upon Merger" has the meaning specified in Section 5(b). "Credit Support Document" means any agreement or instrument that is specified as such in this Agreement. "Credit Support Provider" has the meaning specified in the Schedule. "Cross-Default" means the event specified in Section 5(a)(vi). "Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. "Defaulting Party" has the meaning specified in Section 6(a). "Designated Event" has the meaning specified in Section 5(b)(v). "Determining Party" means the party determining a Close-out Amount. "Early Termination Amount" has the meaning specified in Section 6(e). "Early Termination Date" means the date determined in accordance with Section 6(a) or 6(b)(iv). "electronic messages" does not include e-mails but does include documents expressed in markup languages, and "electronic messaging system" will be construed accordingly. "English law" means the law of England and Wales, and "English" will be construed accordingly. "Event of Default" has the meaning specified in Section 5(a) and, if applicable, in the Schedule. "Force Majeure Event" has the meaning specified in Section 5(b). "General Business Day" means a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits). "Illegality" has the meaning specified in Section 5(b).

**ISDA®1994**

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). "law" includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and "unlawful" will be construed accordingly. "Local Business Day" means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction. "Local Delivery Day" means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. "Master Agreement" has the meaning specified in the preamble. "Merger Without Assumption" means the event specified in Section 5(a)(viii). "Multiple Transaction Payment Netting" has the meaning specified in Section 2(c). "Non-affected Party" means, so long as there is only one Affected Party, the other party. "Non-default Rate" means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market. "Non-defaulting Party" has the meaning specified in Section 6(a). "Office" means a branch or office of a party, which may be such party's head or home office. "Other Amounts" has the meaning specified in Section 6(f).

**ISDA®1994**

"Payee" has the meaning specified in Section 6(f). "Payer" has the meaning specified in Section 6(f). "Potential Event of Default" means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. "Proceedings" has the meaning specified in Section 13(b). "Process Agent" has the meaning specified in the Schedule. "rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. "Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. "Schedule" has the meaning specified in the preamble. "Scheduled Settlement Date" means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. "Specified Entity" has the meaning specified in the Schedule. "Specified Indebtedness" means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. "Specified Transaction" means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross- currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell- back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. "Stamp Tax" means any stamp, registration, documentation or similar tax. "Stamp Tax Jurisdiction" has the meaning specified in Section 4(e).

**ISDA®1994**

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. "Tax Event" has the meaning specified in Section 5(b). "Tax Event Upon Merger" has the meaning specified in Section 5(b). "Terminated Transactions" means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. "Termination Currency" means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. "Termination Currency Equivalent" means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. "Termination Event" means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. "Termination Rate" means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. "Threshold Amount" means the amount, if any, specified as such in the Schedule. "Transaction" has the meaning specified in the preamble. "Unpaid Amounts" owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for

Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. "Waiting Period" means:—

ISDA®1994 (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance; and (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document. Clear Street LLC

**EACH ENTITY LISTED ON APPENDIX A TO**

**THE SCHEDULE OF THE ISDA MASTER AGREEMENT THERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC**

By: /s/ Emily Yuan

By: /s/ Charles Dietz

Name: Charles Dietz

Name: Charles Dietz

Title: Managing Director

Title: Managing Director

Date: 18 November 2025

Date: 18 November 2025 Signature page of ISDA Master Agreement dated November 17, 2025 COO Managing Director

**ISDA®1994**

ISDA® International Swaps and Derivatives Association, Inc.

SCHEDULE to the 2002 Master Agreement

dated as of November 17, 2025

between

Clear Street LLC, a limited liability company organized and existing under the laws of the State of Delaware ("Party A"),

and separately, each entity listed on Appendix A (attached hereto) as may be amended from time to time, duly registered as an investment company under the Investment Company Act of 1940, as amended ("1940 Act"), severally but not jointly, (each a "Party B") each acting through Corgi Strategies LLC a Delaware Limited Liability Company acting, except as otherwise provided herein, as investment manager to Party B and not in its individual capacity ("Investment Manager") It is understood and agreed that the ISDA Master Agreement, including this Schedule and the Credit Support Annex to this Schedule, shall constitute a separate agreement with each Party B listed on Appendix A attached hereto to the Schedule to the ISDA Master Agreement, as if each such party so listed on Appendix A had entered into a separate agreement naming only such party as "Party B", and that no party listed on Appendix A shall have any liability under this Agreement for the Obligations of any other party so listed on Appendix A. With respect to any party listed on Appendix A, (i) only Confirmations of Transactions and a Master Confirmation Agreement between such party so listed and Party A shall be part of the Agreement with such party so listed and Party A, and (ii) any references in the Agreement or a Confirmation to the Schedule shall be deemed to refer to the Schedule to the Agreement with such party so listed and Party A and any Annex applicable to such party so listed, and the term "this Agreement" shall be construed accordingly.

Part 1 Termination Provisions (a) "Specified Entity" means in relation to Party A for the purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v): None. "Specified Entity" means in relation to Party B for the purposes of Sections 5(a)(v), 5(a)(vi), 5(a)(vii) and 5(b)(v): None. (b) "Specified Transaction" will have the meaning specified in Section 14 but shall also include any transaction with respect to prime brokerage, margin lending transactions, cash loans and short sales of any financial instrument, any exchange-traded futures transactions, or clearing and/or execution arrangements involving swaps or futures, options or other derivatives and as amended by inserting the words, "or any Affiliate of Party A" immediately after "Agreement" in the second line thereof. (c) The "Cross-Default" provisions of Section 5(a)(vi) will apply to Party A and will apply to Party B.

**ISDA®1994**

In connection therewith, "Specified Indebtedness" will have the meaning set forth in Section 14 but shall also include any transaction with respect to prime brokerage, margin lending transactions, cash loans and short sales of any financial instrument, any exchange-traded futures transactions, or clearing and/or execution arrangements involving swaps or futures, options or other derivatives and as amended by inserting the words, "or any Affiliate of Party A" immediately after "Agreement" in the second line thereof. "Threshold Amount" means, with respect to Party A, $[\*\*\*] (or the equivalent in another currency, currency unit or combination thereof) and with respect to Party B, the lesser of $[\*\*\*] (or the equivalent in another currency, currency unit or combination thereof) and an amount equal to three percent (3%) of the Net Asset Value of Party B. "Net Asset Value" or "NAV" means Total Assets minus Total Liabilities. "Total Assets" means, on any particular date, all assets of Party B which, in accordance with generally accepted accounting principles in the country in which Party B is organized and on a basis consistent with prior periods, would be classified as assets upon its balance sheet as of such date. "Total Liabilities" means, on any particular date, all liabilities of Party B which, in accordance with generally accepted accounting principles in the country in which Party B is organized and on a basis consistent with prior periods, would be classified as liabilities upon its balance sheet as of such date. (d) The "Credit Event Upon Merger" provisions of Section 5(b)(v) will apply to Party A and will apply to Party B. (e) The "Automatic Early Termination" provision of Section 6(a) will not apply to Party A and will not apply to Party B. (f) "Termination Currency" means United States Dollars. (g) Grace Periods. The parties agree to amend the following sub-section of Section 5(a) as follows: clause (ii)(1): in the fifth line of this clause, delete the number "30" and insert the number "5". (h) Additional Termination Event will apply and the following shall be Additional Termination Events with respect to which Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions except that, in the case of any Additional Termination Event as described in clauses (i) through (iii) below affecting one or more series listed in Appendix A and not Party B, only Transactions with those series shall be Affected Transactions: (i) Periodic Decline in NAV. The NAV of Party B, as of the last Local Business Day of any calendar month, has declined by: (A) [\*\*\*]% or more compared to its NAV on the last day of the immediately preceding calendar month; or (B) [\*\*\*]% or more compared to its NAV on the last day of the third preceding calendar month; or (C) [\*\*\*]% or more compared to its NAV on the last day of the twelfth preceding calendar month (D) NAV Floor. The NAV of Party B at any time after 30 days from the day of the first transaction executed under this Agreement is less than the Net Asset Value Floor. Where "Net Asset Value Floor" means, as used with respect to Party B, an amount equal to [\*\*\*]% of the highest NAV of Party B as of the end of any month since the date of this Agreement, provided however, following the first year the Net Asset Value Floor will be calculated against the December 31st NAV of the prior fiscal year. (ii) Key Person. Emily Yuan has/have ceased to be regularly involved in the investment decisions of Party B for a continuous 30-day period. (iii) Investment Manager Replacement. The Investment Manager ceases to be the investment manager of Party B and is not replaced by a manager that Party has not reasonably objected to within thirty (30) days following notice of such replacement. "Investment Manger" means Corgi Strategies LLC, or such other manager designated pursuant to the foregoing.

**ISDA®1994**

(iv) Failure to Deliver Documents. Party B fails to deliver any document in accordance with Section 3(b) of this Schedule, and such failure is not remedied within one (1) Local Business Day following notice thereof from Party A. (v) Investment Manager Event. (A) Any event in Section 5(a)(vii) occurs with respect to the Investment Manager; (B) the authority of the Investment Manager to act on behalf of Party B is terminated or materially limited at any time; (B) any representation made by the Investment Manager in this Agreement or any side letter required to be delivered to Party A in accordance with Part 3 hereof at any time proves to have been incorrect or misleading; or (C) the Investment Manager fails to comply with or perform any agreement in this Agreement or any side letter required to be delivered to Party A in accordance with

Part 3 hereof; (D) any of the Investment Manager's licenses or registrations to conduct its business are suspended or revoked; or (E) any governmental authority or regulator of the Investment Manager institutes a proceeding (whether formal or informal) alleging fraud on the part of the Investment Manager or its employees or the Investment Manager's failure to comply with applicable rules or regulations. (vi) Regulatory Event. (i) Party B or the Investment Manager (A) acts in a manner which is unlawful or in breach of any Applicable Law, (B) fails to act where such failure is unlawful or in breach of any Applicable Law, or (C) commits, or is formally investigated, indicted or convicted of a breach of any Applicable Law or (ii) official findings of breach of any Applicable Law by any such persons are made by a regulator, judicial or governmental entity. (vii) Where "Applicable Law" means all applicable laws, rules, regulations and customs, including those of all U.S. and non-U.S., federal, state and local governmental authorities, self-regulatory organizations, markets, exchanges and clearing facilities, in all cases where applicable. (viii) Failure to publish NAV. Party B's custodian fails to publish a Statement of Net Asset Value for Party B and Party B does not provide a good faith estimate of NAV to Party A as required by the terms of Part 3(b) hereof.

(ix) Prohibited Transaction. Party A determines that the execution or performance of this Agreement or any Transaction hereunder constitutes, or may constitute, a prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or Section 4975 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), for which no exemption is available with respect to this Agreement or such Transaction, or constitutes a breach or violation of any federal, state, local or non-U.S. law, rule or restriction applicable to the assets of one or more "governmental plans" (as defined in ERISA or the Code) or other type of employee benefit plans that is substantively similar or of similar effect to Section 406 of ERISA or Section 4975 of the Code ("Similar Law").

(i) PB Event of Default. It shall constitute an Event of Default with respect to Party B upon the occurrence of a default, event of default, close-out event, termination event or similar event or condition (howsoever described) in respect of Party B under a prime brokerage agreement (or similar account or custody agreement relating to prime brokerage and margining financing) entered into between Party B and Party A or one of its Affiliates, after giving effect to any applicable cure or grace periods therein.

Part 2 Tax Representations (a) Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B will make the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement, and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation

**ISDA®1994**

where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position.

(b) Payee Tax Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B make the representations specified below, if any:

(i) The following representations will apply to Party A:

(1) Party A is a limited liability company organized and existing under the laws of the State of Delaware.

(2) It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes.

(ii) The following representations will apply to Party B:

(1) As indicated in Appendix A to the Schedule to the ISDA Master Agreement respectively under the column labelled "Payee Tax Representations Part 2(b)(ii)(1)" as may be amended, restated, supplemented, or otherwise modified from time to time.

(2) As indicated in Appendix A to the Schedule to the ISDA Master Agreement respectively under the column labelled "Payee Tax Representations Part 2(b)(ii)(2)" as may be amended, restated, supplemented, or otherwise modified from time to time.

Part 3 Agreement to Deliver Documents

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees to deliver the following documents:

(a) Tax forms, documents or certificates to be delivered are:

Party required to deliver document

Document Date by which to be delivered Party A A valid U.S. Internal Revenue Service Form W-9 or any successor thereto.

(i) Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by Party B, and (iii) promptly upon learning that any such tax form previously provided by Party A has become obsolete or incorrect.

Party B A valid U.S. Internal Revenue Service Form W-9 or any successor thereto. (i) Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by Party A, and (iii) promptly upon learning that any such tax form previously provided by Party B has become obsolete or incorrect.

**ISDA®1994**

Party required to deliver document

Document Date by which to be delivered Party B A valid U.S. Internal Revenue Service Form W-8BEN

(i) Upon execution and delivery of this Agreement, (ii) promptly upon reasonable demand by Party A, and (iii) promptly upon learning that any such tax form previously provided by Party B has become obsolete or incorrect.

(b) Other documents to be delivered are:

Party required to deliver document

Form/Document/Certificate

Date by which to be delivered

Covered by

Section 3(d) Representation

Party A and Party B

Credit Support Document, if any, specified in Part 4 of the Schedule, such Credit Support Document being duly executed if required.

Upon execution and delivery of this Agreement. Yes Party A and Party B Copies of all corporate or partnership authorizations, as the case may be, and any other documents with respect to the execution, delivery and performance of this Agreement and any Credit Support Document.

Upon execution and delivery of this Agreement. Yes Party A and Party B Certificate of authority and specimen signatures of individuals executing this Agreement and any other document executed in connection with this Agreement.

Upon execution and delivery of this Agreement and of any other documents executed in connection with this Agreement, and thereafter upon request. Yes Party A Annual Report of Party A containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the country in which such party is organized.

As soon as available and in any event within 120 days after the end of each fiscal year of Party A. Yes

**ISDA®1994**

Party required to deliver document

Form/Document/Certificate

Date by which to be delivered

Covered by

Section 3(d) Representation

Party B Annual Report of Party B containing audited, consolidated financial statements certified by independent certified public accountants and prepared in accordance with generally accepted accounting principles in the country in which such party is organized.

As soon as available and in any event within 120 days after the end of each fiscal year of Party B. Yes

Party B Unaudited statement of NAV and performance ("Statement of Net Asset Value")

As soon as available and in any event within 10 calendar days after each month end.

Yes Party B Good faith estimate of NAV

Within one (1) Local Business Day after a request therefor by Party A.

Yes Party B All of Party B's operative documents, including, without limitation, constitutional documents, offering memorandum and offering documents, investment policies or guidelines, investment management agreement, limited partnership agreement, limited liability agreement, and, where applicable, similar documents for any feeder entity investing directly through Party B (collectively, the "Operative Documents") and any material amendments thereto or restatements thereof.

Upon execution and delivery of this Agreement and thereafter, concurrently with delivery to investors of Party B.

Yes Party B Evidence of Investment Manager's authority to act on behalf of Party B.

Upon execution and delivery of this Agreement. Yes Party B Investment Manager side letter substantially in the form attached hereto, executed by each Investment Manager.

As of the execution of this Agreement (or as of any amendment execution adding a new Investment Manager) No

(c) Party B Acknowledgement. Party B hereby acknowledges and agrees that copies provided to Party A of any disclosure document relating to Party B, any investment management or advisory agreement relating to Party B, any investment guidelines or investment policies applicable to Party B or any other document setting out any requirements and/or limitations on the transactions that Party B, or the Investment Manager on behalf of Party B, may engage in from time to time (collectively, the "Party B Permitted Investment Activity Documents") are being provided to Party A solely for general credit evaluation and trading account opening purposes and will not be construed by the parties hereto as imposing on Party A any responsibility, duty or obligation (express or implied)

**ISDA®1994**

to monitor the trading activities between Party B and Party A or to refrain from entering into any transaction with Party B that may violate or otherwise deviate from any of the provisions or disclosures, as the case may be, set out in any of the Party B Permitted Investment Activity Documents, and Party B hereby further acknowledges and agrees that Party B and the Investment Manager shall be solely responsible for ensuring compliance with the provisions and disclosures (including, without limitation, any requirements and/or limitations therein in respect of transactions that Party B, or the Investment Manager on behalf of Party B, may engage in from time to time) set out in the Party B Permitted Investment Activity Documents.

Part 4 Miscellaneous

(a) Address for Notices. For the purpose of Section 12(a) of this Agreement:

(i) Address for notices or communications to Party A:

Clear Street LLC, 4 World Trade Center, Floor 45 150 Greenwich Street, New York, NY 10007 Attention: John DiBacco Telephone: +1 (646) 650-5777 Email: derivatives@clearstreet.io

A copy of all notices or communications to legal@clearstreet.io

(ii) Address for notices or communications to Party B:

Corgi Strategies, LLC Address: 425 Bush St, Suite 500 San Francisco, CA 94104 Email: operations@founderledfunds.com Phone: (855) 552-6744

(iii) Section 12(a) shall be amended by deleting the following words: "(except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or email)". Any notice, demand or other communication to be provided by a party pursuant to this Agreement (including, without limitation, any notice, demand or communication pursuant to Section 6(a) or Section 6(b)(iv) of this Agreement) shall be effective when sent to the address of the other party provided in this Part 4(a) without regard to the delivery to any other persons required to be copied on distributions to such party. Any failure by a party to provide copies to such other entities or persons shall in no way abrogate, invalidate or otherwise affect the validity or enforceability of the notice, demand or communication or the matters set forth therein, including, without limitation, the designation of an Event of Default, Termination Event, Early Termination Date or any other such matter. (b) Process Agent. For the purpose of Section 13(c): Party A appoints as its Process Agent: Not applicable. If Party B or the Investment Manager is organized in the United States, then for the purpose of Section 13(c), Party B's Process Agent will be the party or entity designated in Part 4(a) for receipt of notices. If neither Party B nor the Investment Manager is organized in the United States, then Party B will notify Party A in writing of the person appointed to be its Process Agent in New York. Party B agrees to (i) cooperate with Party A, its agents or employees, as the case may be, in the service of such process; and (ii) indemnify in full and hold Party A harmless from any and all losses, costs and expenses (including, without limitation, any losses, costs and expenses incurred by Party A, its agents or employees by reason of any delay in the service of process) as a result, whether directly or indirectly, of its failure to appoint a Process Agent hereunder. Party B appoints as its Process Agent:

**ISDA®1994**

Corgi Strategies, LLC 473 Pine St, FL 5 San Francisco, CA 94104. (c) Offices. The provisions of Section 10(a) will apply to this Agreement. (d) Multibranch Party. For the purpose of Section 10(b) of this Agreement: Party A is not a Multibranch Party. Party B is not a Multibranch Party. (e) Calculation Agent. The Calculation Agent is Party A; (f) Credit Support Document. Details of any Credit Support Document: Each of the following, as amended, extended, supplemented or otherwise modified in writing from time to time, is a "Credit Support Document": In relation to Party A and Party B, the ISDA Credit Support Annex attached hereto, which forms a part of this Agreement. (g) Credit Support Provider. Credit Support Provider means in relation to Party A: Not applicable. Credit Support Provider means in relation to Party B: Not applicable. (h) Governing Law; Jurisdiction. This Agreement and any and all controversies arising out of or in relation to this Agreement shall be governed by and construed in accordance with the laws of the State of New York (without reference to its choice of law doctrine but without prejudice to Section 5-1401 of the General Obligations Law of the State of New York).

Section 13 is amended by (i) deleting in Section 13(b)(i)(2) the word "non-exclusive" and replacing it with "exclusive" and (ii) deleting Section 13(b)(iii) in its entirety. (i) Netting of Payments. Unless the parties otherwise so agree, "Multiple Transaction Payment Netting" will apply for the purpose of Section 2(c) of this Agreement to all Transactions, starting as of the date of this Agreement. (j) "Affiliate" will have the meaning specified in Section 14 of this Agreement. (k) Absence of Litigation. For the purpose of Section 3(c): "Specified Entity" means in relation to Party A, none; and "Specified Entity" means in relation to Party B, Affiliates. (l) No Agency. The provisions of Section 3(g) will apply to this Agreement. (m) Additional Representation will apply. For the purpose of Section 3 of this Agreement, each of the following will constitute an Additional Representation, which will be made by the party indicated below at the times specified below: (i) Mutual Representations. Each party makes the following representations to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into): (A) Relationship Between Parties. Absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction: (1) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is

**ISDA®1994**

appropriate or proper for it based upon its own judgment and upon advice from such advisors as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction shall not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction. (2) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.

(3) Status of Parties. The other party is not acting as a fiduciary for or an advisor to it in respect of that Transaction.

(B) Eligible Contract Participant. It is an "eligible contract participant" as such term is defined in

Section 1a(18) of the U.S. Commodity Exchange Act, as amended ("CEA"), "Swap Obligation" means any obligation incurred with respect to a transaction that is a "swap" as defined in the

Section 1a(47) of the CEA and Commodity Futures Trading Commission ("CFTC") Regulation 1.3.

(ii) Party B Representations. Party B makes the following representations (which representations will be deemed to be repeated at all times until the termination of this Agreement): (A) No Plan Assets. (1) Party B is not, and its assets are not deemed the assets of, (I) an "employee benefit plan" within the meaning of Section 3(3) of ERISA that is subject to Part 4 of Subtitle B of Title I of ERISA, (II) a "plan" within the meaning of Section 4975(e)(1) of the Code, to which Section 4975 of the Code applies, (III) an entity whose underlying assets include "plan assets" subject to Title I of ERISA or Section 4975 of the Code by reason of Section 3(42) of ERISA, 29 CFR § 2510.3-101 or otherwise, or (IV) a "governmental plan" (as defined in ERISA or the Code) or another type of plan (or an entity whose assets are considered to include the assets of any such governmental or other plan) that is subject to any Similar Law; and (2) Party B will immediately give written notice to Party A in the event that Party B is in breach or that, with the passing of time, giving of notice or expiry of any applicable grace period, will be in breach of any aspect of any of the representations in this Part 4(m)(ii)(A) or that any of such representations are or will be untrue. (B) Investment Manager Authority. The Investment Manager has full discretion, power and authority, without obtaining any prior consent or approval from Party B or any other person, as Party B's agent and attorney-in-fact, to (1) make all investment decisions in respect of the assets of Party B, (2) engage in Transactions of any kind on behalf of Party B, including without limitation swaps, caps, collars and floors (including options on any of the foregoing), (3) place orders with respect to, and to arrange for, any of the foregoing, (4) in furtherance of the foregoing, do anything which the Investment Manager in its sole discretion shall deem requisite, appropriate or advisable in connection therewith. Party A is entitled to rely conclusively upon and will incur no liability from operating pursuant to any request, instruction, certificate, representation or other document furnished to Party A, or action taken, by any employee or agent of the Investment Manager in connection with this Agreement and the Transactions thereunder, as though the same had been given or made by Party B, unless and until such time as Party B delivers written notice to Party A affirmatively revoking, terminating or modifying such authorization. (C) Municipal Advisor Rule. It is not, and does not act on behalf of, either a "municipal entity" or "obligated person" (in each case as defined in Section 15B of the Securities Exchange Act of

**ISDA®1994**

1934, as amended ("Exchange Act"), and the rules adopted by the Securities and Exchange Commission with respect to municipal advisor registration).

(n) Recording of Conversations. Each party consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties and their Affiliates in connection with this Agreement or any potential Transaction, with or without the use of a warning tone, and to the retention, monitoring or transfer to or from third parties (in any jurisdiction) of such recordings, for the purposes of compliance with applicable law or regulation, quality assurance or record-keeping, provided, however, that it shall be the responsibility of each party to satisfy any notice and/or consent requirements imposed by applicable law or regulation with respect to the recording that it conducts.

Part 5 Other Provisions

(a) No Violation or Conflict Representations. Section 3(a)(iii) is hereby amended by inserting the words "or investment policies, guidelines, procedures or restrictions" immediately following the word "documents".

(b) Financial Statements. Section 3(d) is hereby amended by adding in the third line thereof after the word "respect" and before the period: "or, in the case of financial statements, a fair presentation of the financial condition of the relevant party".

(c) 2002 Master Agreement Protocol. Annexes 1 to 18 and Section 6 of the ISDA 2002 Master Agreement Protocol as published by the International Swaps and Derivatives Association, Inc. on July 15, 2003 are incorporated into and apply to this Agreement. References in those definitions and provisions to any ISDA Master Agreement will be deemed to be references to this Agreement. (d) Consent to Disclosure.

(i) (A) Party B consents to the disclosure to Party A's Affiliates, as Party A may deem appropriate, of records and information disclosed to or otherwise provided to Party A by Party B for the purpose of processing and executing Party B's instructions, or in pursuance of Party B's or Party A's commercial interest, and (B) for the avoidance of doubt, such consent gives Party A the right to allow any intended recipient of such Party B information access, by any means, to such Party B information.

(ii) Each party hereby consents to the disclosure of information:

(A) to the extent required or permitted under, or made in accordance with, the provisions of any applicable law, rule or regulation, including the European Market Infrastructure Regulation ("EMIR") and the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd Frank") and any applicable supporting law, rule or regulation ("Reporting Regulation"), which mandate reporting and/or retention of transaction and similar information or to the extent required or permitted under, or made in accordance with, any order or directive in relation to (and including) such Reporting Regulation regarding reporting and/or retention of transaction and similar information issued by any authority or body or agency in accordance with which the other party is required or accustomed to act ("Reporting Requirements"); and

(B) to and between the other party's head office, branches or Affiliates, or any persons or entities who provide services to such other party or its head office, branches or Affiliates, in each case, in connection with such Reporting Requirements. Each party acknowledges that pursuant to the relevant Reporting Regulation, regulators require reporting of trade data to increase market transparency and enable regulators to monitor systemic risk to ensure safeguards are implemented globally.

(iii) Each party acknowledges that:

(A) disclosures made pursuant to this Part 5(d) may include, without limitation, the disclosure of trade information including a party's identity (by name, address, corporate affiliation, identifier or otherwise) to any trade repository registered or recognized in accordance with the relevant Reporting Regulation, including Article 55 of EMIR, Article 77 of EMIR or with CFTC Rule

**ISDA®1994**

published on September 1, 2011 with respect to Swap Data Repositories (76 FR 54538) or with Securities and Exchange Commission Rule published March 19, 2015 with respect to Security- Based Swap Data Repositories (80 FR 14437) or one or more systems or services operated by any such trade repository ("TR") and any relevant regulators (including without limitation, the U.S. Commodity Futures Trading Commission, U.S. Securities and Exchange Commission or other U.S. regulators in the case of trade reporting under applicable U.S. laws, the European Securities and Markets Authority and national regulators in the European Union) under the Reporting Regulation;

(B) such disclosures could result in certain anonymous transaction and pricing data becoming available to the public;

(C) for purposes of complying with regulatory reporting obligations, a party may use a third party service provider to transfer trade information into a TR and any such TR may engage the services of a global trade repository regulated by one or more governmental regulators; and

(D) disclosures made pursuant hereto may be made to recipients in a jurisdiction other than that of the disclosing party or a jurisdiction that may not necessarily provide an equivalent or adequate level of protection for personal data as the counterparty's home jurisdiction.

(iv) For the avoidance of doubt, (A) to the extent that applicable non-disclosure, confidentiality, bank secrecy, data privacy or other law imposes non-disclosure requirements on transaction and similar information required or permitted to be disclosed as contemplated herein but permits a party to waive such requirements by consent, the consent and acknowledgements provided herein shall be a consent by each party for purposes of such law; (B) any agreement between the parties to maintain confidentiality of information contained herein or in any non-disclosure, confidentiality or other agreement shall continue to apply to the extent that such agreement is not inconsistent with the disclosure of information in connection with the Reporting Requirements as set out herein; and (C) nothing herein is intended to limit the scope of any other consent to disclosure separately given by each party to the other party.

(e) WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF

OR RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. (f) Method of Notice.

(i) Section 12(a)(ii) and (iii) of this Agreement is deleted in its entirety and replaced with "[RESERVED];".

(g) Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act. "Tax" as used in Part 2(a) of this Schedule (Payer Tax Representation) and "Indemnifiable Tax" as defined in Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement.

This Part 5(g) shall replace any "Express Provisions" where "Express Provisions" means any provisions expressly set out in any confirmation of a Transaction that supplements, forms a part of, and is subject to, this Agreement; that provide for amendments to (i) any Payer Tax Representation contained in this Agreement, (ii)

Section 2(d) of this Agreement, or (iii) the definition of "Indemnifiable Tax" in this Agreement, in each case, only in relation to FATCA Withholding Tax. (h) 2015 Section 871(m) Protocol. Notwithstanding Section 1(b) of this Agreement and any provision that is inconsistent or to the contrary in any Confirmation, to the extent that either party to this Agreement is not an adhering party to the ISDA 2015 Section 871(m) Protocol published by the International Swaps and Derivatives Association, Inc. on November 2, 2015 and available at www.isda.org, as may be amended, supplemented, replaced or superseded from time to time (the "871(m) Protocol"), the parties agree that the provisions and

**ISDA®1994**

amendments contained in the Attachment to the 871(m) Protocol are incorporated into and apply to this Agreement as if set forth in full herein, and each Confirmation dated prior to the date hereof or on or subsequent to the date hereof is hereby amended to reflect such provisions and amendments. The parties further agree that, solely for purposes of applying such provisions and amendments to this Agreement, references to "each Covered Master Agreement" in the 871(m) Protocol will be deemed to be references to this Agreement, and references to the "Implementation Date" in the 871(m) Protocol will be deemed to be references to the date of this Agreement. (i) 2006 ISDA Definitions. This Agreement and each Transaction are subject to the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. and as amended and supplemented from time to time (as so amended and supplemented, the "2006 ISDA Definitions") and will be governed by the provisions of the 2006 ISDA Definitions. The provisions of the 2006 ISDA Definitions are incorporated by reference in, and shall form part of, this Agreement and each Confirmation. Any reference to a "Swap Transaction" in the 2006 ISDA Definitions is deemed to be a reference to a "Transaction" for purposes of this Agreement or any Confirmation, and any reference to a "Transaction" in this Agreement or any Confirmation is deemed to be a reference to a "Swap Transaction" for purposes of the 2006 ISDA Definitions. The provisions of this Agreement (exclusive of the 2006 ISDA Definitions) shall prevail in the event of any conflict between such provisions and the 2006 ISDA Definitions. (j) ISDA SBS Protocol. If, prior to the date of this Agreement, both parties have adhered to the ISDA 2021 SBS Protocol, as published by ISDA on May 3, 2021 and have delivered "Matched Questionnaires" (as defined in the ISDA 2021 SBS Protocol Agreement), then the parties agree that this Master Agreement shall be supplemented to the same extent as if it were a "Matched PCA," as such term is used in each of the ISDA 2021 SBS Protocol Agreement. If Party B has either not adhered to the ISDA 2021 SBS Protocol or matched questionnaires for purposes thereof with Party A, Party B agrees that it shall do so prior to engaging in any "security-based swap" (as such term is defined in the Exchange Act, and the SEC rules and regulations thereunder) with Party A or will have entered into a bilateral agreement intended to capture the substantive provisions of the ISDA 2021 SBS Protocol with Party A prior to engaging in any security-based swap with Party A. (k) Special Entity. Party B represents, warrants and covenants to Party A at all times until the termination of this Agreement that it is not a "special entity" as defined in the CEA and the CFTC rules and regulations thereunder.

**ISDA®1994**

IN WITNESS WHEREOF, the parties have executed this Schedule by their duly authorized officers as of the date hereof. Clear Street LLC

By: /s/ Emily Yuan

Name: Emily Yuan

Title: Managing Director

**EACH ENTITY LISTED ON APPENDIX A HERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC**

By: /s/ Charles Dietz

By: /s/ Charles Dietz

Name: Charles Dietz

Title: Managing Director

Date: 18 November 2025

Date: 18 November 2025 Signature page for ISDA Schedule dated November 17, 2025 COO Managing Director

**ISDA®1994**

Appendix A

to the Schedule to the ISDA Master Agreement dated November 17, 2025 by and between Clear Street LLC ("Party A") and each party listed on this Appendix A, severally and not jointly (each, a "Party B") acting by and through CORGI STRATEGIES LLC

Legal Name Trust Payee Tax Representations

Part 2(b)(ii)(1) Payee Tax Representations

Part 2(b)(ii)(2) Corgi ETF Trust I Founder-Led ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. Corgi ETF Trust I Founder-Led 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes.

**ISDA®1994**

*[PLACE ON INVESTMENT MANAGER LETTERHEAD]*

November 17, 2025

Clear Street LLC 150 Greenwich Street, Floor 45 New York, NY 10007,

Investment Manager side letter

Ladies and Gentlemen: I am the Chief Operating Officer for CORGI STRATEGIES LLC ("we", "us" or the "Investment Manager"). We act as investment manager for EACH ENTITY LISTED ON APPENDIX A OF THE SCHEDULE TO THE ISDA MASTER AGREEMENT ATTACHED THERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC (each a "Fund") to the ISDA 2002 Master Agreement between Clear Street LLC ("CS") and EACH

ENTITY LISTED ON APPENDIX A OF THE SCHEDULE TO THE ISDA MASTER AGREEMENT ATTACHED THERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC dated November 17, 2025, as may be amended from time to time (the "Agreement"). We will be entering into oral or written contracts ("Contracts") with CSD for the account of the Fund for Transactions under the Agreement. Unless otherwise defined herein, capitalized terms will have the respective meanings specified in the Agreement.

We, in our individual capacity, hereby represent to CS (which representations shall be deemed repeated at all times until the termination of the Agreement) that:

(1) we are duly organized and validly existing under the laws of the jurisdiction of our organization or incorporation and, if relevant under such laws, in good standing;

(2) we maintain all governmental, regulatory and self-regulatory registrations, licenses and authorizations as may be necessary to act as investment manager for the Fund; no action has been taken by any government or regulatory or self-regulatory agency to suspend or revoke any such registration, license or authorization; and, to our knowledge, no investigation or regulatory proceeding has been commenced that is reasonably likely to result in such suspension or revocation;

(3) we have full discretion, power and authority, without obtaining any prior consent or approval from the Fund or any other person, as the Funds' agent and attorney in fact, to (a) make all investment decisions in respect of the assets of the Fund, (b) execute and deliver the Agreements and engage in Transactions of any kind on behalf of the Fund, (c) place orders with respect to, and to arrange for, any of the foregoing, (d) in furtherance of the foregoing, do anything which we in our sole discretion shall deem requisite, appropriate or advisable in connection therewith, and (e) CS is entitled to rely conclusively upon and will incur no liability from operating pursuant to any request, instruction, certificate, representation or other document furnished to CS, or action taken, by any employee or agent of us in connection with the Agreement and any Transaction, as though the same had been given or made by the Fund, unless and until such time as the Fund delivers written notice to CS affirmatively revoking, terminating or modifying such authorization; and

(4) the Fund nor the assets of the Fund are deemed the assets of, (a) an "employee benefit plan" within the meaning of

Section 3(3) of ERISA that is subject to Part 4 of Subtitle B of Title I of ERISA, (b) a "plan" within the meaning of

Section 4975(e)(1) of the Code, to which Section 4975 of the Code applies, (c) an entity whose underlying assets include "plan assets" subject to Title I of ERISA or Section 4975 of the Code by reason of Section 3(42) of ERISA, 29 CFR § 2510.3-101 or otherwise, or (d) a "governmental plan" (as defined in ERISA or the Code) or another type of plan (or an entity whose assets are considered to include the assets of any such governmental or other plan) that is subject to any Similar Law.

We will promptly give written notice to CS in the event that we are in breach or that, with the passing of time, giving of notice or expiry of any applicable grace period, we will be in breach of any aspect of any of the representations in this letter or that any of such representations are or will be untrue.

ISDA®1994 We represent and warrant that we have taken all necessary action, corporate and legal, to provide and comply with the terms of this letter and will maintain all necessary authority to enter into Contracts on behalf of the Fund, and we acknowledge that CS is entering into the Agreement and each Transaction in reliance on this letter.

This letter supersedes and replaces any other similar letters, in relation to our authority to enter into Contracts on behalf of the Fund given to CS prior to the date of this letter. The undersigned represents that he or she is authorized to execute this letter on behalf of the Investment Manager. We agree to indemnify and hold harmless CS and its Affiliates (the "Indemnified Parties") from and against any Losses incurred by the Indemnified Parties as a result of any of the representations in this letter being or becoming untrue. The provisions of this letter will remain in full force and effect in the event that the Agreement and/or all Transactions are terminated.

This letter will be governed by and construed in accordance with the laws of the State of New York without reference to choice of law doctrine.

Very truly yours,

By: /s/ Emily Yuan

Name: Emily Yuan

Title: COO

**ISDA®1994**

ISDA® International Swaps and Derivatives Association, Inc.

CREDIT SUPPORT ANNEX to the Schedule to the

2002 ISDA Master Agreement

dated as of November 17, 2025

between

and Clear Street LLC

**EACH ENTITY LISTED ON APPENDIX A OF**

THE SCHEDULE TO THE ISDA MASTER AGREEMENT ATTACHED THERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC

This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party.

Accordingly, the parties agree as follows:—

Paragraph 1. Interpretation (a) Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail. (b) Secured Party and Pledgor. All references in this Annex to the "Secured Party" will be to either party when acting in that capacity and all corresponding references to the "Pledgor" will be to the other party when acting in that capacity; provided, however, that if Other Posted Support is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.

Paragraph 2. Security Interest Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set-off against all Posted Collateral Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral, the security interest and lien granted hereunder on that Posted Collateral will be released immediately and, to the extent possible, without any further action by either party.

**ISDA®1994**

Paragraph 3. Credit Support Obligations (a) Delivery Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (rounded pursuant to

Paragraph 13). Unless otherwise specified in Paragraph 13, the "Delivery Amount" applicable to the Pledgor for any Valuation Date will equal the amount by which: (i) the Credit Support Amount exceeds (ii) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party. (b) Return Amount. Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount for that Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the "Return Amount" applicable to the Secured Party for any Valuation Date will equal the amount by which: (i) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party exceeds (ii) the Credit Support Amount. "Credit Support Amount" means, unless otherwise specified in Paragraph 13, for any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any, minus (iv) the Pledgor's Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the calculation of Credit Support Amount yields a number less than zero.

Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and Substitutions (a) Conditions Precedent. Each Transfer obligation of the Pledgor under Paragraphs 3 and 5 and of the Secured Party under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the conditions precedent that: (i) no Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party; and (ii) no Early Termination Date for which any unsatisfied payment obligations exist has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the other party.

(b) Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the second Local Business Day thereafter. (c) Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the

**ISDA®1994**

date of calculation). (d) Substitutions. (i) Unless otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the items of Posted Credit Support to be exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (the "Substitute Credit Support"); and (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support specified by the Pledgor in its notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit Support, unless otherwise specified in Paragraph 13 (the "Substitution Date"); provided that the Secured Party will only be obligated to Transfer Posted Credit Support with a Value as of the date of Transfer of that Posted Credit Support equal to the Value as of that date of the Substitute Credit Support.

Paragraph 5. Dispute Resolution If a party (a "Disputing Party") disputes (I) the Valuation Agent's calculation of a Delivery Amount or a Return Amount or (II) the Value of any Transfer of Eligible Credit Support or Posted Credit Support, then (1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following (X) the date that the demand is made under Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on the Local Business Day following (X) the date that the demand is made under

Paragraph 3 in the case of (I) above or (Y) the date of Transfer in the case of (II) above, (3) the parties will consult with each other in an attempt to resolve the dispute and (4) if they fail to resolve the dispute by the Resolution Time, then:

(i) In the case of a dispute involving a Delivery Amount or Return Amount, unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: (A) utilizing any calculations of Exposure for the Transactions (or Swap Transactions) that the parties have agreed are not in dispute; (B) calculating the Exposure for the Transactions (or Swap Transactions) in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction (or Swap Transaction), then fewer than four quotations may be used for that Transaction (or Swap Transaction); and if no quotations are available for a particular Transaction (or Swap Transaction), then the Valuation Agent's original calculations will be used for that Transaction (or Swap Transaction); and (C) utilizing the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support. (ii) In the case of a dispute involving the Value of any Transfer of Eligible Credit Support or Posted Credit Support, the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13. Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer.

Paragraph 6. Holding and Using Posted Collateral (a) Care of Posted Collateral. Without limiting the Secured Party's rights under Paragraph 6(c), the

**ISDA®1994**

Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral, including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto. (b) Eligibility to Hold Posted Collateral; Custodians. (i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral, the Secured Party will be entitled to hold Posted Collateral or to appoint an agent (a "Custodian") to hold Posted Collateral for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian, the Pledgor's obligations to make any Transfer will be discharged by making the Transfer to that Custodian. The holding of Posted Collateral by a Custodian will be deemed to be the holding of that Posted Collateral by the Secured Party for which the Custodian is acting. (ii) Failure to Satisfy Conditions. If the Secured Party or its Custodian fails to satisfy any conditions for holding Posted Collateral, then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian to Transfer all Posted Collateral held by it to a Custodian that satisfies those conditions or to the Secured Party if it satisfies those conditions. (iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian to the same extent that the Secured Party would be liable hereunder for its own acts or omissions. (c) Use of Posted Collateral. Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: (i) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and (ii) register any Posted Collateral in the name of the Secured Party, its Custodian or a nominee for either.

For purposes of the obligation to Transfer Eligible Credit Support or Posted Credit Support pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted Collateral pursuant to (i) or (ii) above. (d) Distributions and Interest Amount. (i) Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer to the Pledgor not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). (ii) Interest Amount. Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral in the form of Cash (all of which may be retained by the Secured Party), the Secured Party will Transfer to the Pledgor at the times specified in Paragraph 13 the Interest Amount to the extent that a Delivery Amount would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the

**ISDA®1994**

date of calculation will be deemed to be a Valuation Date for this purpose). The Interest Amount or portion thereof not Transferred pursuant to this Paragraph will constitute Posted Collateral in the form of Cash and will be subject to the security interest granted under Paragraph 2.

Paragraph 7. Events of Default For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if: (i) that party fails (or fails to cause its Custodian) to make, when due, any Transfer of Eligible Collateral, Posted Collateral or the Interest Amount, as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party; (ii) that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or (iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party.

Paragraph 8. Certain Rights and Remedies (a) Secured Party's Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are then due, the Secured Party may exercise one or more of the following rights and remedies: (i) all rights and remedies available to a secured party under applicable law with respect to Posted Collateral held by the Secured Party; (ii) any other rights and remedies available to the Secured Party under the terms of Other Posted Support, if any; (iii) the right to Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and (iv) the right to liquidate any Posted Collateral held by the Secured Party through one or more public or private sales or other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted Collateral to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral to any amounts payable by the Pledgor with respect to any Obligations in that order as the Secured Party may elect. Each party acknowledges and agrees that Posted Collateral in the form of securities may decline speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral by the Secured Party, except any notice that is required under applicable law and cannot be waived. (b) Pledgor's Rights and Remedies. If at any time an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to less than all Transactions (or Swap Transactions) where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): (i) the Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral held by the Secured Party;

**ISDA®1994**

(ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support, if any; (iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral and the Interest Amount to the Pledgor; and (iv) to the extent that Posted Collateral or the Interest Amount is not so Transferred pursuant to

(iii) above, the Pledgor may: (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral or the Cash equivalent of any Posted Collateral held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral); and (B) to the extent that the Pledgor does not Set-off under (iv)(A) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining Posted Collateral held by the Secured Party, until that Posted Collateral is Transferred to the Pledgor. (c) Deficiencies and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with respect to any Obligations; the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b). (d) Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability under Section 2(d) of this Agreement), the Secured Party will Transfer to the Pledgor all Posted Credit Support and the Interest Amount, if any.

Paragraph 9. Representations Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral) that: (i) it has the power to grant a security interest in and lien on any Eligible Collateral it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien; (ii) it is the sole owner of or otherwise has the right to Transfer all Eligible Collateral it Transfers to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2; (iii) upon the Transfer of any Eligible Collateral to the Secured Party under the terms of this Annex, the Secured Party will have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that Eligible Collateral gives the notices and takes the action required of it under applicable law for perfection of that interest); and (iv) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral other than the security interest and lien granted under Paragraph 2.

Paragraph 10. Expenses (a) General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith. (b) Posted Credit Support. The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support held by the Secured Party upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support is subsequently disposed of under

Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the Secured

**ISDA®1994**

Party's rights under Paragraph 6(c). (c) Liquidation/Application of Posted Credit Support. All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or application of any Posted Credit Support under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the parties.

Paragraph 11. Miscellaneous (a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral or the Interest Amount will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral or Interest Amount was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. (b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support or an Interest Amount or to effect or document a release of a security interest on Posted Collateral or an Interest Amount. (c) Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or lien that involves Posted Credit Support Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured Party's rights under Paragraph 6(c). (d) Good Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. (e) Demands and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph 13. (f) Specifications of Certain Matters. Anything referred to in this Annex as being specified in

Paragraph 13 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly.

Paragraph 12. Definitions As used in this Annex:— "Cash" means the lawful currency of the United States of America. "Credit Support Amount" has the meaning specified in Paragraph 3. "Custodian" has the meaning specified in Paragraphs 6(b)(i) and 13. "Delivery Amount" has the meaning specified in Paragraph 3(a). "Disputing Party" has the meaning specified in Paragraph 5. "Distributions" means with respect to Posted Collateral other than Cash, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral under Paragraph 6(c). Distributions will not include any item of property acquired by the Secured Party upon any disposition or liquidation of Posted Collateral or, with respect to any Posted Collateral in the form of Cash, any distributions on that collateral, unless otherwise specified herein. "Eligible Collateral" means, with respect to a party, the items, if any, specified as such for that party in

Paragraph 13.

**ISDA®1994**

"Eligible Credit Support" means Eligible Collateral and Other Eligible Support. "Exposure" means for any Valuation Date or other date for which Exposure is calculated and subject to

Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all Transactions (or Swap Transactions) were being terminated as of the relevant Valuation Time; provided that Market Quotation will be determined by the Valuation Agent using its estimates at mid-market of the amounts that would be paid for Replacement Transactions (as that term is defined in the definition of "Market Quotation"). "Independent Amount" means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. "Interest Amount" means, with respect to an Interest Period, the aggregate sum of the amounts of interest calculated for each day in that Interest Period on the principal amount of Posted Collateral in the form of Cash held by the Secured Party on that day, determined by the Secured Party for each such day as follows: (x) the amount of that Cash on that day; multiplied by (y) the Interest Rate in effect for that day; divided by (z) 360. "Interest Period" means the period from (and including) the last Local Business Day on which an Interest Amount was Transferred (or, if no Interest Amount has yet been Transferred, the Local Business Day on which Posted Collateral in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the Local Business Day on which the current Interest Amount is to be Transferred. "Interest Rate" means the rate specified in Paragraph 13. "Local Business Day", unless otherwise specified in Paragraph 13, has the meaning specified in the Definitions Section of this Agreement, except that references to a payment in clause (b) thereof will be deemed to include a Transfer under this Annex. "Minimum Transfer Amount" means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. "Notification Time" has the meaning specified in Paragraph 13. "Obligations" means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph 13. "Other Eligible Support" means, with respect to a party, the items, if any, specified as such for that party in Paragraph 13. "Other Posted Support" means all Other Eligible Support Transferred to the Secured Party that remains in effect for the benefit of that Secured Party. "Pledgor" means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support under Paragraph 3(a). "Posted Collateral" means all Eligible Collateral, other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to Paragraph 3(b), 4(d)(ii) or 6(d)(i) or released by the Secured Party under Paragraph 8. Any Interest Amount or portion thereof not Transferred pursuant to Paragraph 6(d)(ii) will constitute Posted Collateral in the form of Cash. "Posted Credit Support" means Posted Collateral and Other Posted Support. "Recalculation Date" means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute,

**ISDA®1994**

then the "Recalculation Date" means the most recent Valuation Date under Paragraph 3. "Resolution Time" has the meaning specified in Paragraph 13. "Return Amount" has the meaning specified in Paragraph 3(b). "Secured Party" means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support. "Specified Condition" means, with respect to a party, any event specified as such for that party in Paragraph 13. "Substitute Credit Support" has the meaning specified in Paragraph 4(d)(i). "Substitution Date" has the meaning specified in Paragraph 4(d)(ii). "Threshold" means, with respect to a party, the amount specified as such for that party in Paragraph 13; if no amount is specified, zero. "Transfer" means, with respect to any Eligible Credit Support, Posted Credit Support or Interest Amount, and in accordance with the instructions of the Secured Party, Pledgor or Custodian, as applicable: (i) in the case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient; (ii) in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; (iii) in the case of securities that can be paid or delivered by book-entry, the giving of written instructions to the relevant depository institution or other entity specified by the recipient, together with a written copy thereof to the recipient, sufficient if complied with to result in a legally effective transfer of the relevant interest to the recipient; and (iv) in the case of Other Eligible Support or Other Posted Support, as specified in Paragraph 13.

**ISDA®1994**

"Valuation Agent" has the meaning specified in Paragraph 13. "Valuation Date" means each date specified in or otherwise determined pursuant to

Paragraph 13. "Valuation Percentage" means, for any item of Eligible Collateral, the percentage specified in Paragraph 13. "Valuation Time" has the meaning specified in

Paragraph 13. "Value" means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to: (i) Eligible Collateral or Posted Collateral that is: (A) Cash, the amount thereof; and (B) a security, the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; (ii) Posted Collateral that consists of items that are not specified as Eligible Collateral, zero; and (iii) Other Eligible Support and Other Posted Support, as specified in Paragraph 13

**ISDA®1994**

Paragraph 13. Elections and Variables.

(a) Security Interest for Obligations. The term "Obligations" as used in this Annex includes the following additional obligations: With respect to Party A: None. With respect to Party B: None.

(b) Credit Support Obligations.

(i) "Delivery Amount", "Return Amount" and "Credit Support Amount".

(A) "Delivery Amount" has the meaning specified in Paragraph 3(a) of this Annex.

(B) "Return Amount" has the meaning specified in Paragraph 3(b) of this Annex.

(C) "Credit Support Amount" has the meaning specified in Paragraph 3 of this Annex.

(ii) Eligible Collateral. The following items shall qualify as "Eligible Collateral" for the party specified:

Party A Party B Valuation Percentage

(A) Cash

X X 100%

(B) Any other item agreed upon in writing from time to time by the parties X X As agreed by the parties Notwithstanding any agreement on a Valuation Percentage to the contrary, if at any time the Valuation Percentage assigned to an item of Eligible Collateral with respect to a party (as the Pledgor) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of margin applicable to the other party (as the Secured Party), then the Valuation Percentage with respect to such item of Eligible Collateral and such party will be such maximum permitted valuation percentage. Such maximum permitted valuation percentage will be the applicable Valuation Percentage for the affected items with effect from the Local Business Day following the date of delivery of a notice by a party (a "VP Adjustment Notice") which: (a) specifies the relevant law requiring such maximum permitted valuation percentage; and (b) identifies the relevant affected items and, if applicable, describes the reason why such item falls within such law. To the extent relevant, such VP Adjustment Notice may break an item type into sub-categories and identify the related maximum permitted valuation percentages if lower than the assigned percentage.

(iii) Other Eligible Support. The following items shall qualify as "Other Eligible Support" for the party specified: Not applicable.

(iv) Thresholds.

(A) "Independent Amount" means with respect to Party A: zero; and with respect to Party B, as specified in a Confirmation for a Transaction, or if not so specified, as determined by Party A in its sole discretion. Notwithstanding any amount specified in a Confirmation, the Independent Amount for any Transaction shall be no less than the "initial margin amount" in respect of such Transaction pursuant to SEC Rule 18a-3 or any similar requirement under which Party A is required to

**ISDA®1994**

collect initial margin for the Transaction. Party B acknowledges and agrees that Party A shall have the right, at any time upon notice to Party B (which notice may come in the form of a call for Eligible Collateral hereunder), to increase the Independent Amount applicable to any Transaction if Party A determines such increase is reasonably necessary to comply with SEC Rule 18a-3 or any other applicable law.

(B) "Threshold" means with respect to Party A: zero. "Threshold" means with respect to Party B: zero. "Minimum Transfer Amount" means with respect to either party USD [\*\*\*] or such other amount as may be agreed in writing between the parties; provided, however, that if an Event of Default, Potential Event of Default, or Additional Termination Event (where all Transactions are Affected Transactions) with respect to a party has occurred and is continuing, the Minimum Transfer Amount with respect to such party shall be zero.

(C) Rounding. The Delivery Amount and the Return Amount will be rounded up and down, respectively, to the nearest integral multiple of USD 10,000.00.

(c) Valuation and Timing.

(i) "Valuation Agent" means Party A. The Valuation Agent shall make all calculations, valuations and determinations in good faith and in a commercially reasonable manner.

(i) "Valuation Date" means each New York Banking Day (as defined in the 2006 ISDA Definitions as published by the International Swaps and Derivatives Association, Inc. ("ISDA") without regard to any amendment after the date hereof).

(ii) "Valuation Time" means the close of business in New York on the New York Banking Day before the Valuation Date or date of calculation, as applicable, or any time on the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure shall be made as of approximately the same time on the same date.

(iii) "Notification Time" means 10:00 a.m., New York time, on a Local Business Day.

(iv) Transfer Timing. Paragraph 4(b) of this Annex is amended by (A) deleting the word "next" in the third line thereof and replacing it with the word "same"; and (B) deleting the words "second Local Business Day thereafter" in the fifth line thereof and replacing them with the words "next Local Business Day".

(d) Conditions Precedent and Secured Party's Rights and Remedies. The following Termination Event(s) will be a "Specified Condition" for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party): Party A Party B Illegality

*[ ]*

[ ] Force Majeure Event

*[ ]*

[ ] Tax Event

*[ ]*

[X] Tax Event Upon Merger

*[X]*

[X] Credit Event Upon Merger

*[X]*

[X] Additional Termination Event(s):

*[X]*

*[X]*

(e) Substitution.

(i) "Substitution Date" has the meaning specified in Paragraph 4(d)(ii).

**ISDA®1994**

(ii) Consent. The Pledgor need not obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d).

(f) Dispute Resolution.

(i) "Resolution Time" means 1:00 p.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5 of this Annex.

(ii) Value. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of Posted Credit Support will be, with respect to Cash, the face amount thereof.

(iii) Alternative. Paragraph 5 is amended by substituting the following for subclauses (1) and (2): "(1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day (X) that the Transfer otherwise would have been due if no dispute had existed in the case of (I) above, or (Y) following the date of Transfer in the case of (II) above, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on the Local Business Day (X) that the Transfer otherwise would have been due if no dispute had existed in the case of (I) above, or (Y) following the date of Transfer in the case of (II) above,"

(g) Holding and Using Posted Collateral.

(i) Eligibility to Hold Posted Collateral. Either party shall be entitled to hold Posted Collateral pursuant to Paragraph 6(b) of this Annex; provided that the following conditions applicable to it are satisfied:

(1) Such party is not a Defaulting Party.

(2) Posted Collateral may be held only in the following jurisdictions: United States.

(ii) Notwithstanding anything to the contrary in paragraph (i) immediately above:

All Posted Collateral for the benefit of Party A shall be held pursuant to a tri-party control agreement entered into among Party A, Party B, and U.S. Bank National Association in connection with this Credit Support Annex (the "Control Agreement").

All Posted Collateral for the benefit of Party B shall be held by Party B or Party B's Custodian. As of the date of this Credit Support Annex, Party B's Custodian is U.S. Bank National Association.

(iii) Use of Posted Collateral. The provisions of Paragraph 6(c) will not apply.

(h) Distributions and Interest Amount.

(i) Interest Rate. The "Interest Rate" shall be, with respect to Eligible Collateral in the form of Cash, for any day, the rate set forth in the pricing letter/term sheet negotiated between the parties (which is hereby incorporated by reference), and is not subject to compounding.

(ii) Transfer of Interest Amount. The Transfer of the Interest Amount shall be made as soon as practicable after, but no later than the fifth Local Business Day after, the end of the relevant Interest Period.

(iii) Definition of Interest Period. The definition of "Interest Period" in Paragraph 12 shall be deleted and replaced with the following:

**ISDA®1994**

""Interest Period" means the period from the first day of a calendar month to the last day of such calendar month, each inclusive."

(iv) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii) shall apply.

(v) Incorporation of ISDA 2014 Collateral Agreement Negative Interest Protocol. The parties to this Annex agree that the amendments set out in the Attachment to the ISDA 2014 Collateral Agreement Negative Interest Protocol published by ISDA on May 12, 2014 and available on the ISDA website (www.isda.org) (the "Protocol") shall apply to this Annex. The parties further agree that this Annex will be deemed to be a Protocol Covered Collateral Agreement and that the Implementation Date will be the effective date of this Annex notwithstanding the definitions of such terms in the Protocol.

(i) Additional Representation(s). Each of Party A and Party B represents that it is not a U.S. bank or thrift institution subject to the Federal Deposit Insurance Act, as amended (including amendments effected by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989).

(j) Other Eligible Support and Other Posted Support.

(i) "Value" with respect to Other Eligible Support and Other Posted Support means: Not applicable.

(ii) "Transfer" with respect to Other Eligible Support and Other Posted Support means: Not applicable.

(k) Demands and Notices. All demands, specifications and notices to Party A under this Annex shall be made to:

Clear Street LLC, 4 World Trade Center, Floor 45 150 Greenwich Street, New York, NY 10007, Attention: John DiBacco Telephone: +1 (646) 845-0036 E-mail: derivatives@clearstreet.io

A copy of all demands, specifications and notices, to be effective, must be sent to: legal@clearstreet.io

All demands, specifications and notices to Party B under this Annex shall be made to:

Corgi Strategies, LLC Address: 425 Bush St, Suite 500 San Francisco, CA 94104 Email: operations@founderledfunds.com Phone: (855) 552-6744

provided that any demand, specification or notice may be made by telephone ("Telephone Notice") between employees of each party if such Telephone Notice is confirmed by a subsequent written instruction (which may be delivered via email) by the close of business on the same day that such Telephone Notice is given.

(l) Addresses for Transfers. Party A: as specified by Party A at the time of its demand, with respect to the relevant Transfer.

**ISDA®1994**

Party B: as specified by Party B at the time of its demand, with respect to the relevant Transfer.

(m) Other Provisions.

(i) Events of Default. Paragraph 7(i) is amended by deleting the words "two Local Business Days" and replacing them with the words "one Local Business Day."

(ii) Non-Waiver. Notwithstanding any other provision in this Agreement to the contrary, no full or partial failure to exercise and no delay in exercising, on the part of Party A or Party B, any right, remedy, power or privilege permitted hereunder shall operate in any way as a waiver thereof by such party, including without limitation any failure to exercise or any delay in exercising to any or to the full extent of such party's rights with respect to transfer timing pursuant to Paragraph 4(b) regardless of the frequency of such failure or delay.

(iii) Currency. In all cases, in order to facilitate calculation of the Delivery Amount and the Return Amount for a particular Valuation Date in accordance with Paragraph 3 of this Annex: (A) Eligible Collateral; (B) Independent Amount (if any); (C) Exposure; and (D) Posted Collateral shall each be expressed in United States Dollars. If any of these items are expressed in a currency other than United States Dollars, then they shall be converted into United States Dollars at the spot exchange rate determined by the Valuation Agent on that Valuation Date.

(iv) 2002 Master Agreement Protocol. The parties agree that the definitions and provisions contained in Annex 14 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association, Inc. on the 15th of July 2003 are incorporated into and apply to this Agreement.

(v) Combined Minimum Transfer Amount for Delivery and Return Amount. If there is for any Valuation Date both a Delivery Amount and a Return Amount applicable to the same party then for the purpose of determining whether the Minimum Transfer Amount has been reached the Delivery Amount and the Return Amount shall be aggregated accordingly (i) the reference in line 2 of Paragraph 3(a) to the Delivery Amount and (ii) the reference in line 2 of the Paragraph 3(b) to the Return Amount shall be replaced by a reference to "the sum of the Delivery Amount and the Return Amount applicable to that party.

(vi) Form of Annex. The parties hereby agree that the text of Paragraphs 1-12 of this Annex is the form of 1994 ISDA Credit Support Annex (Bilateral Form – ISDA Agreements Subject to New York Law Only version) as published and copyrighted by ISDA.

(vii) Security Interest. Paragraph 2 of the Annex is amended by adding the following after the first sentence thereof:

"In addition, and solely for the avoidance of any doubt, in the case where Party B is the Pledgor, Party B hereby pledges to Party A, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set- off against all Posted Collateral Transferred to or received by the Custodian and each Account (as defined in the Control Agreement) established under the Control Agreement."

(Signature page follows)

**ISDA®1994**

IN WITNESS WHEREOF, the parties have executed this Credit Support Annex by their duly authorized officers as of the date hereof. Clear Street LLC

**EACH ENTITY LISTED ON APPENDIX A OF THE**

**SCHEDULE TO THE**

**ISDA MASTER AGREEMENT ATTACHED THERETO, SEVERALLY AND NOT JOINTLY, ACTING THROUGH CORGI STRATEGIES LLC**

By: /s/ Emily Yuan

By: /s/ Charles Dietz

Name: Charles Dietz

Name: Charles Dietz

Title: Managing Director

Title: Managing Director

Date: 18 November 2025

Date: 18 November 2025 Signature page for CSA Paragraph 13 dated November 17, 2025 COO Managing Director

## Ex-99.H

#### Exhibit (h)(xi)
Paragraph 13 to the Schedule to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated November 14, 2025

Filed herewith.

------

Corgi Strategies, LLC

Paragraph 1. – 12. Incorporation Paragraphs 1 through and including 12 of the ISDA Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law Only) published in 1994 by the International Swaps and Derivatives Association Inc. are incorporated herein by reference and made part hereof.

Paragraph 13. Elections and Variables. (a) Security Interest for "Obligations". The term "Obligations" as used in this Annex includes the following additional obligations: With respect to Party A: not applicable. With respect to Party B: not applicable. (b) Credit Support Obligations. (i) Delivery Amount and Return Amount. (A) "Delivery Amount" has the meaning specified in Paragraph 3(a), unless otherwise specified here: Subject to Paragraphs 4 and 5, (I) upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount (VM) for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount (VM), then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the Delivery Amount (VM) (rounded pursuant to this Paragraph 13), and (II) upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount (IA) for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount (IA), then the Pledgor will Transfer to the Secured Party Eligible Credit Support having a Value as of the date of Transfer at least equal to the Delivery Amount (IA) (rounded pursuant to this Paragraph 13). As used herein, the "Delivery Amount" applicable to the Pledgor for any Valuation Date means the Delivery Amount (VM), the Delivery Amount (IA) or both, as applicable, each as defined below. The "Delivery Amount (VM)" applicable to the Pledgor for any Valuation Date will equal the amount, if any, by which: (a) the Secured Party's Exposure for that Valuation Date exceeds (b) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party but excluding any Independent Amounts; provided, however, that the Delivery Amount (VM) will be deemed to be zero whenever the calculation of Delivery Amount (VM) yields a number less than zero. The "Delivery Amount (IA)" applicable to the Pledgor for any Valuation Date will equal the amount, if any, by which: (X) the sum of all Independent Amounts applicable to the Pledgor, if any exceeds

Corgi Strategies, LLC

(Y) the Value as of that Valuation Date of all IA Collateral; provided, however, that the Delivery Amount (IA) will be deemed to be zero whenever the calculation of Delivery Amount (IA) yields a number less than zero. (B) "Return Amount" has the meaning specified in Paragraph 3(b), unless otherwise specified here: Subject to Paragraphs 4 and 5, (I) upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount (VM) for that Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount (VM), then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the Return Amount (VM) (rounded pursuant to this Paragraph 13), and (II) upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount (IA) for that Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount (IA), then the Secured Party will Transfer to the Pledgor Posted Credit Support specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the Return Amount (IA) (rounded pursuant to this Paragraph 13). As used otherwise herein, the "Return Amount" applicable to the Secured Party for any Valuation Date means the Return Amount (VM), the Return Amount (IA) or both, as applicable, each as defined below. The "Return Amount (VM)" applicable to the Secured Party for any Valuation Date will equal the amount, if any, by which: (a) the Value as of that Valuation Date of all Posted Credit Support held by the Secured Party but excluding any Independent Amounts exceeds (b) the Secured Party's Exposure for that Valuation Date; provided, however, that the Return Amount (VM) will be deemed to be zero whenever the calculation of Return Amount (VM) yields a number less than zero. The "Return Amount (IA)" applicable to the Secured Party for any Valuation Date will equal the amount, if any, by which: (X) the Value as of that Valuation Date of all IA Collateral exceeds (Y) the sum of all Independent Amounts as of that Valuation Date applicable to the Pledgor, if any; provided, however, that the Return Amount (IA) will be deemed to be zero whenever the calculation of Return Amount (IA) yields a number less than zero. (C) No Offset. For the avoidance of doubt, no Delivery Amount (VM) or Return Amount

(VM) shall be offset against (or netted with) any Delivery Amount (IA) or Return Amount (IA). (ii) Eligible Collateral. The following items will qualify as "Eligible Collateral" for the party specified:

Corgi Strategies, LLC

Party A Party B Valuation %

(A) Cash (USD) X X 100%

(B) Treasury Securities having a remaining term to maturity of less than 3 months; X X 100%

(C) Treasury Securities having a remaining term to maturity of more than 3 months but less than 6 months; X X 99.5%

(D) Treasury Securities having a remaining term to maturity of more than 6 months but less than 9 months; X X 99.25%

(E) Treasury Securities having a remaining term to maturity of more than 9 months but less than 12 months; X X 99%

(F) Treasury Securities having a remaining term to maturity of more than 12 months but less than 2 years; X X 98.5%

(G) Treasury Securities having a remaining term to maturity of more than 2 years but less than 3 years; X X 98%

(H) Treasury Securities having a remaining term to maturity of more than 3 years but less than 5 years; X X 97%

(I) Treasury Securities having a remaining term to maturity of more than 5 years but less than 10 years; X X 96%

(J) Treasury Securities having a remaining term to maturity of more than 10 years but less than 15 years; X X 95.5%

(K) Treasury Securities having a remaining term to maturity of more than 15 years but less than 20 years; X X 95%

(L) Treasury Securities having a remaining term to maturity of more than 20 years but less than 25 years; X X 94.5%

(M) Treasury Securities having a remaining term to maturity of more than 25 years; X X 94%

(N) Any other collateral to which the parties may agree in writing and in compliance with applicable law. X X As agreed by the parties.

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Where "Treasury Securities" means fungible notes, bills, bonds or other instruments issued by U.S. Treasury Department in return for a loan of money, that are evidenced by the book-entry electronic records of a recognized depositary, are permitted to be openly sold and bought under applicable law and: (a) are denominated in USD; (b) have an issuer rating from at least two of Moody's Investors Service, Inc. or its successor thereto ("Moody's"), and/or Standard & Poor's, a Division of The McGraw-Hill Companies, Inc., or any successor thereto ("S&P"), and/or Fitch Ratings (A division of the Fitch Group) and its successors ("Fitch"), of Aa3 / AA-/AA- or higher; and (c) are neither index-linked nor separate trading of registered interest and principal securities, also known as STRIPS; (iii) Other Eligible Support. Not applicable. (iv) Thresholds. (A) "Independent Amount" means with respect to Party A, zero, unless specified in the relevant Confirmation. "Independent Amount" means with respect to Party B, the percentage of the total notional amount of each transaction as specified in the relevant Confirmation. (B) "Threshold" means with respect to Party A and to Party B, zero. (C) "Minimum Transfer Amount (VM)" means with respect to both Party A and Party B, USD [\*\*\*], provided that if an Event of Default or a Termination Event has occurred and is continuing with respect to a party, the Minimum Transfer Amount (VM) with respect to such party shall be zero with effect from the date on which the Event of Default or Termination Event has occurred. "Minimum Transfer Amount (IA)" means (i) with respect to Party A, zero, unless specified in the relevant Confirmation and (ii) with respect to Party B, zero, unless specified in the relevant Confirmation provided that, if an Event of Default or a Termination Event has occurred and is continuing with respect to a party, the Minimum Transfer Amount (IA) with respect to that party shall be zero with effect from the date on which the Event of Default or Termination Event has occurred. (D) Rounding. Neither the Delivery Amount nor the Return Amount will be rounded. (c) Valuation and Timing. (i) "Valuation Agent" means Party A, provided, however, that in all cases, if an Event of Default or a Specified Condition has occurred with respect to Party A, then in such case, Party B will be the Valuation Agent. (ii) "Valuation Date" means each Local Business Day. (iii) "Valuation Time" means the close of business on the Local Business Day immediately preceding the Valuation Date or date of calculation, as applicable, provided however that the calculations of Value and Exposure will be made as of approximately the same time on the same date.

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(iv) "Notification Time" means 10:00 a.m. (New York time) on a Local Business Day. (d) Conditions Precedent and Secured Party's Rights and Remedies. The following Termination Event(s) will be a Specified Condition with respect to Party A and with respect to Party B (the Party with respect to whom the Termination Event occurs being the Affected Party): Specified Condition for the purpose of Paragraph 4 Specified Condition for the purpose of Paragraph 8 Illegality X X Force Majeure Event X X Credit Event Upon Merger X X Additional Termination Event(s) X X (e) Substitution. (i) "Substitution Date" has the meaning specified in Paragraph 4(d)(ii). (ii) Consent. Not applicable. (f) Dispute Resolution. (i) "Resolution Time" means 1:00 p.m. (New York time), on the Local Business Day following the date on which notice of the dispute is given under Paragraph 5. (ii) Value. For the purpose of Paragraph 5(i)(C) and 5(ii), the Value of Posted Credit Support will be calculated in accordance with the below: Cash: The face value amount thereof. Securities: The Valuation Agent will seek three bid-side market quotations as of the relevant Valuation Date or date of transfer from leading dealers in the relevant market for the securities in question. The Value in each such case will be the arithmetic mean of the quotations received by the Valuation Agent, multiplied by the applicable Valuation Percentage, if any. (iii) Alternative. The provisions of Paragraph 5 will apply. (g) Holding and Using Posted Collateral. (i) Eligibility to Hold Posted Collateral; Custodians. (A) Party A will not be entitled to hold any Posted Collateral received from Party B. Posted Collateral in favor of Party A shall be held in the Segregated Account by Party B's Custodian. (B) Party B's Custodian will be entitled to hold such Posted Collateral provided that the following conditions (the "Conditions for the Custodian") are met: (I) Party B is not a Defaulting Party.

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(II) If Posted Collateral is held by the Custodian, such Posted Collateral may only be held in one or more accounts in the United States and any account or sub-account established by the Custodian to hold Posted Collateral shall be established and maintained for the sole purpose of receiving deliveries of and holding Posted Collateral. (III) If the Custodian at any time may not hold Posted Collateral consistent with this

Paragraph 13(g) or elects not to do so, Party B shall promptly give notice to Party A. (IV) The Custodian shall have entered into the Account Control Agreement (as defined in the Schedule) with Party A and Party B, pursuant to which Party A has a perfected security interest in the account holding Posted Collateral pledged by Party B to secure its obligations under this Agreement. Initially, the Custodian for Party B is: U.S. Bank (ii) Use of Posted Collateral for the Independent Amount. Not applicable. (iii) Use of Posted Collateral for Delivery Amount (VM) received from Party B. Not Applicable. (h) Distributions and Interest Amount. (i) Interest Rate. Not applicable. (ii) Transfer of Interest Amount. Not applicable. (iii) Alternative to Interest Amount. Not applicable. (iv) ISDA 2014 Collateral Agreement Negative Interest Protocol. Party A and Party B hereby agree that the terms of the ISDA 2014 Collateral Agreement Negative Interest Protocol, published on May 12, 2014 by the International Swaps and Derivatives Association, Inc. ("Negative Interest Protocol") apply to all Transactions hereunder and are incorporated into this Agreement as if each of them had adhered to the Negative Interest Protocol without amendment. For purposes of the Negative Interest Protocol, the parties agree that this Agreement shall be deemed a Protocol Covered Collateral Agreement (as such term is defined in the Negative Interest Protocol). (i) Additional Representation(s). Not applicable. (j) Other Eligible Support and Other Posted Support. (i) "Value" with respect to Other Eligible Support and Other Posted Support means: Not Applicable. (ii) "Transfer" with respect to Other Eligible Support and Other Posted Support means: Not Applicable. (k) Demands and Notices. Attention: Conor Foley & Mike Rosen Address: Marex Derivative Products, Inc. 140 East 45th Street, Floor 10, New York, NY 10017 Telephone: +1 (212) 894-0028 E-mail: cfoley@marex.com & mrosen@marex.com

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With copy to: Attention: Head of Legal E-mail: uslegal@marex.com Address for notices or communications to Party B: Attention: Corgi Strategies, LLC Address: 425 Bush St, Suite 500, San Francisco, CA 94104 Telephone: (855) 552-6744 Email: compliance@founderledfunds.com (l) Addresses for Transfers. To Party A: To be provided separately. To Party B: To be provided separately. (m) Other Provisions. (i) Security Interest. Paragraph 2 is hereby amended by adding the following sentence at the end thereof: "If at any time an Early Termination Date has occurred as the result of any Event of Default or Termination Event with respect to Party A, then (except in the case of an Early Termination Date relating to less than all Transactions), where Party B has paid in full all of its Obligations that are then due, the security interest and lien granted hereunder in respect of any Collateral will be released immediately and, to the extent possible, without any further action by either party. For the avoidance of doubt, nothing in this Paragraph 2 shall affect any security interest granted under any other agreement." (ii) Conditions Precedent. Paragraph 4(a) is hereby amended by adding the following sentence at the end thereof: "In addition, each Transfer obligation of Party A under Paragraphs 3, 4(d)(ii), 5 and 6(d) is subject to the condition precedent that Party B has satisfied each of its Transfer obligations under Paragraphs 3 and 5, including by the application of Paragraph 13(m)(vii), in accordance with the terms of the Account Control Agreement." (iii) Transfer Timing. Paragraph 4(b) is hereby amended by deleting it in its entirety and replacing it with the following: "Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified, if a demand for the Transfer of Eligible Credit Support or Posted Credit Support is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the same Local Business Day, and if such a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day thereafter."

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(iv) Calculation Details. Paragraph 4(c) is hereby amended by adding the following at the end thereof: "and, if requested, the Valuation Agent shall provide reasonable details of its calculations, including but not limited to the following details in relation to each Transaction falling within the definition of Exposure: -the trade reference -the Notional Amount -the Trade Date -the Maturity Date -the Currency -the mark-to-market value The details of the calculations will be exchanged by an Excel format file through electronic mail to facilitate reconciliation." (v) Dispute Resolution. Paragraph 5 is hereby amended by:

(A) amending and restating subparagraphs (I)(1) and (I)(2) thereof as follows: "(1) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on the date that the Transfer is due in respect of such Delivery Amount or Return Amount in the case of (I) above, or in the case of (II) above, the Local Business Day following the date of Transfer, (2) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on the date on which the Transfer is due in respect of such Delivery Amount or Return Amount in the case of (I) above or, in the case of (II) above, the Local Business Day following the date of the Transfer;"; and

(B) amending and restating subparagraph 5(i)(B) thereof as follows: "(B) calculating the Exposure for the Transactions in dispute by seeking four actual quotations at mid- market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that if four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent's original calculations will be used for the Transaction". (vi) Events of Default. Paragraph 7 is hereby amended by (A) deleting the phrase "two (2) Local Business days" in the third line of clause (i) thereof and substituting in lieu thereof "one (1) Local Business Day" and (B) deleting the phrase "five (5) Local Business Days" in the second line of clause (ii) thereof and substituting in lieu thereof the phrase "three (3) Local Business Days". (vii) Close-out Amount. Paragraph 12 is hereby amended by:

(A) amending and restating the definition of "Exposure" therein as follows: "'Exposure' means for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(1) of this Agreement if all Transactions were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and (ii) United States Dollars is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid- market of the amounts that would be paid for transactions providing the economic equivalent of (x) the material terms of the Transactions, including the

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payments and deliveries by the parties under Section 2(a)(i) in respect of the Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)); and (y) the option rights of the parties in respect of the Transactions"; and

(B) by inserting the following defined term therein in the correct alphabetical order: "'Set-off' means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement to which the payer of an amount under Section 6 of this Agreement (Early Termination; Close-out Netting) is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or imposed on, such payer." (viii) Transfer. Notwithstanding anything to the contrary in the Annex, the parties understand and agree that for purposes of this Annex, the Transfer of (A) Posted Credit Support by Party A to an account of Party B at the Custodian shall be deemed to be a Transfer of Posted Credit Support to Party B pursuant to the terms hereof, and (B) Posted Credit Support by or on behalf of Party B to the Custodian pursuant to the Account Control Agreement for credit to one or more Segregated Accounts shall be deemed to be a Transfer of Eligible Credit Support to Party A for any Independent Amount pursuant to the terms hereof. For the avoidance of doubt, the term "Transfer" also is deemed to include Transfers made in accordance with the instructions of the Custodian. (ix) Failure to Satisfy any Conditions for the Custodian. If, at any time, the Custodian fails to satisfy any of the Conditions for the Custodian, either party can elect to serve notice on the other party stating that such failure has occurred. At which point (1) the Custodian shall promptly remedy such failure or (2) Party B shall appoint a successor custodian, which has been approved by Party B's board of trustees, that is reasonably acceptable to Party A, and which satisfies the criteria set forth in this Paragraph 13. If, following notice, the Custodian does not remedy any failure to satisfy the Conditions to the reasonable satisfaction of Party A or Party B does not appoint a successor custodian approved by its board of trustees and reasonably acceptable to Party A within five (5) Local Business Days after delivery of notice by Party A to Party B hereunder, either party will be entitled to designate an Additional Termination Event with both parties being the Affected Parties. (x) Custodian Risk – Pledgor Liable. Notwithstanding anything to the contrary in this Annex (including, without limitation, Paragraph 6), the parties agree that: (A) The Custodian is not Party A's Custodian for purposes of Paragraph 6(b)(iii) or for any other purposes under the Annex, and Paragraph 6(b)(iii) shall not apply with respect to the Custodian. (B) Other than with respect to its express obligations as set forth in the Account Control Agreement, Party A will have no duty to assure the safe custody of Collateral held by the Custodian. (C) Any obligation of Party A to Transfer, or cause the Custodian to Transfer, Collateral held by the Custodian to Party B shall be deemed satisfied by Party A's sending appropriate instructions to the Custodian in accordance with the terms of the Account Control Agreement to effect such Transfer. For the avoidance of doubt, Party A shall bear no liability for the failure of the Custodian to comply with such instructions and no such failure shall constitute an Event of Default with respect to Party A. (xi) Certain Rights and Remedies. Clause (1) of Paragraph 8(a) will not apply with respect to Collateral. (xii) Currency. Monetary amounts set forth in this Annex are in United States Dollars ("USD") unless expressly stated to be in another currency.

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(xiii) Custodial Fees and Expenses. Party B is responsible for all expenses and fees of the Custodian and agrees to reimburse Party A for any fees and expenses paid by Party A to the Custodian in connection with one or more Segregated Accounts. (xiv)

Paragraph 2. Security Interest. Paragraph 2 is hereby amended by adding the following language after the first sentence therein: "Party B, as the Pledgor, hereby pledges to Party A, as the Secured Party, as security for Party B's Obligations, and grants to Party A as the Secured Party a first priority continuing security interest in, lien on and right of Set-off against the Account (as defined in the Account Control Agreement) and all Posted Collateral now or hereafter held in the Account." (xv) Liability. Paragraph 6(b)(iii) of the Credit Support Annex is hereby amended and restated as follows: "(iii) Liability. Party B will be liable for the acts or omissions of the Custodian, and Party B assumes all custodial risk with respect to the Posted Collateral posted to the Custodian." (xvi) Termination of Account Control Agreement. If any party to the Account Control Agreement elects to terminate that agreement (other than a termination under Paragraph 13(m)(viii) hereof) in accordance with the terms thereof while this Annex remains in effect, Party B shall, prior to the scheduled termination of the Account Control Agreement (the "Account Control Agreement Termination Date"), select a successor custodian that has been approved by Party B's board of trustees, that is reasonably acceptable to Party A, and that satisfies the criteria set forth in Paragraph 13(g)(i)(B) herein to serve as Custodian with respect to Posted Collateral delivered to Party A by Party B provided, however, that if Party A elects to terminate the Account Control Agreement as a result of Party A failing or being subject to a reasonable risk of failing to have a valid and perfected first priority security interest in the Posted Collateral held at the Custodian, the Account Control Agreement Termination Date shall be deemed to occur 1 Local Business Day after notice from Party A to Party B regarding its determination that Party A fails or has a reasonable risk of failing to have a valid and perfect first priority security interest in the Posted Collateral. In the event that a mutually acceptable successor to Custodian is not approved by Party B's fund board of trustees and appointed on or prior to the Account Control Agreement Termination Date, either Party A or Party B will be entitled to designate an Additional Termination Event with both parties being the Affected Parties. (xvii) Additional Definitions. For purposes of this Annex, the following Definitions shall be added to the Agreement: "Account Control Agreement" means the agreement among Party A, Party B and the Custodian, as amended from time to time, according to which a Segregated Account is maintained, and which has been specified to be the "control agreement" for purposes of this Annex in a written agreement executed by the parties (which may be the control agreement itself or a separate agreement) or any replacement "control agreement" as described in the definition the Custodian below. "Custodian" means U.S. Bank and its successors. In the event that Party A and Party B enter into a replacement for the Account Control Agreement, the references herein to the Custodian shall, upon the effectiveness of such agreement, be deemed to be references to the "custodian" or "securities intermediary" (or other person, however described or denominated therein, that will hold Collateral) identified in such agreement and the references herein to the "Account Control Agreement" shall be deemed to be references to such agreement, as amended from time to time. "IA Collateral" means any Posted Credit Support in respect of Independent Amounts Transferred to one or more Segregated Accounts that is not subsequently Transferred to Party B. "Local Business Day" means a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in Paris and New York.

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"Pledgor" means, notwithstanding the definition provided within Paragraph 1 of this Annex and solely for purposes of determining Delivery Amount (IA) or Return Amount (IA) in respect of any demand for the Transfer of Eligible Credit Support in respect of Independent Amounts and all related provisions, Party B. "Secured Party" means, notwithstanding the definition provided within Paragraph 1 of this Annex and solely for purposes of determining Delivery Amount (IA) or Return Amount (IA) in respect of any demand for the Transfer of Eligible Credit Support in respect of Independent Amounts and all related provisions, Party A. "Segregated Account" means any "Account," as such term is defined in the Account Control Agreement.

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IN WITNESS WHEREOF, the parties executing this Credit Support Annex by their duly authorized officers have executed the Master Agreement and have agreed as to the contents of this Credit Support Annex. Marex Securities Products Inc., as Party A

By: /s/ Jennifer Kaiser

Name: Jennifer Kaiser

Title: Authorized Signatory

By: /s/ Michael Rosen

Name: Michael Rosen

Title: Authorized Signatory Each of the entities set forth on Appendix I of the Schedule to the Master Agreement, as amended, amended and restated, supplemented, or otherwise modified from time to time, severally but not jointly, as Party B Corgi ETF Trust I

By: /s/ Emily Yuan

Name: Emily Yuan

Title: Trustee (Signature page of 1994 CSA Paragraph 13 extract dated 11/14/2025) Authorized Signatory Authorized Signatory

## Ex-99.H

#### Exhibit (h)(x)
Schedule to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated November 14, 2025

Filed herewith.

------

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ISDA® International Swaps and Derivatives Association, Inc.

SCHEDULE to the 2002 Master Agreement

dated as of November 14, 2025 among Marex Securities Products Inc. ("Party A") and Each series of Corgi ETF Trust I that is set forth on Appendix I of this Schedule, as such Appendix I may be amended, supplemented or otherwise modified from time to time, severally but not jointly, and acting by and through Corgi Strategies, LLC solely in its capacity as investment adviser and agent for each such series (each, a "Party B") It is understood and agreed that the ISDA Master Agreement, including this Schedule and the Credit Support Annex to this Schedule, shall constitute a separate agreement between Party A and each Party B listed on Appendix I of this Schedule, as if each such Party B had entered into a separate agreement with Party A naming only such party as "Party B", and that accordingly no party listed on Appendix I shall have any liability under this Agreement for the Obligations of any other party so listed on Appendix I. With respect to any Party B set forth on Appendix I, (i) only Confirmations of Transactions and a Master Confirmation Agreement between such Party B and Party A shall be part of the Agreement between such Party B and Party A, and (ii) any references in the Agreement or a Confirmation to the Schedule shall be deemed to refer to the Schedule to the Agreement that includes such Party B on Appendix I thereto (including, without limitation, any Annex applicable to such Party B), and the term "this Agreement" shall be construed accordingly.

Part 1. Termination Provisions. (a) "Specified Entity" means in relation to Party A for the purpose of:

Section 5(a)(v): ………………………………………………………………………….. None Specified

Section 5(a)(vi): …………………………………………………………………………. None Specified

Section 5(a)(vii): ………………………………………………………………………… None Specified

Section 5(b)(v): ………………………………………………………………………….. None Specified and in relation to Party B for the purpose of:

Section 5(a)(v): ………………………………………………………………………….. None Specified

Section 5(a)(vi): …………………………………………………………………………. None Specified

Section 5(a)(vii): ………………………………………………………………………… None Specified

Section 5(b)(v): ………………………………………………………………………….. None Specified (b) "Specified Transaction" will have the meaning specified in Section 14 of this Agreement.

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(c) The "Cross-Default" provisions of Section 5(a)(vi) will apply to Party A and to Party B; provided, however that Section 5(a)(vi)(1) is hereby amended by deleting the clause "or becoming capable at such time of being declared". For the purpose of this Part 1(c): "Specified Indebtedness" means any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. "Threshold Amount" means, with respect to Party A, the lower of 3% of its shareholders' equity (as reported in its most recent annual financial statements) and USD [\*\*\*] (or its equivalent in any other currency) and with respect to Party B, the lower of 3% of its Net Asset Value (as reported in its most recent financial statements) and USD [\*\*\*] (or its equivalent in any other currency). (d) The "Credit Event Upon Merger" provisions of Section 5(b)(v) will not apply to Party A and will not apply to Party B. (e) The "Automatic Early Termination" provisions of Section 6(a) will not apply to Party A and will not apply to Party B; provided, however, that with respect to either party, where the Event of Default specified in clauses (1), (3), (4), (5), (6) or, to the extent analogous thereto clause (8), of Section 5(a)(vii) is governed by a system of law which does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provisions of Section 6(a) will apply. (f) "Termination Currency" means United States Dollars ("USD"). (g) Additional Termination Event. Additional Termination Events will apply to Party B as set forth below. The occurrence of any of the following events, as determined by Party A, will constitute an Additional Termination Event in accordance with Section 5(b)(vi) with respect to which Party B will be the sole Affected Party and all Transactions will be Affected Transactions. For the purpose of this Part 1(g): "Net Asset Value" ("NAV") means, with respect to Party B, as of any date of determination, the dollar value of a single share, which dollar value will be, for the avoidance of doubt, (i) the value of Party B's total assets minus its liabilities, divided by the number of shares outstanding, and (ii) calculated at the end of each Business Day, in each case in accordance with the Investment Company Act of 1940, as amended (the "40 Act"). (i) Bankruptcy or Suspension of Investment Adviser or any Sub-Adviser. (A) Corgi Strategies, LLC (the "Investment Adviser") or any sub-adviser to Party B engaged by the Investment Adviser that enters into Transactions hereunder on behalf of Party B and that is identified in writing by the Investment Adviser to Party A (each, a "Sub-Adviser") becomes ineligible to serve as investment adviser to Party B under Section 9(a) (or any analogous provision) of the 40 Act or otherwise and no exemption is granted pursuant to Section 9(c) (or any analogous provision) of that law, (B) Investment Adviser's and/or the Sub-Adviser's registration with the SEC has been suspended or terminated under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), or (C) any of the events described in Section 5(a)(vii) of this Agreement has occurred and is continuing in respect of the Investment Adviser or a Sub-Adviser. (ii) Change of Investment Adviser. (A) The board of trustees of Party B (the "Fund Board") fails to approve the investment management contract of the Investment Adviser pursuant to Section 15(c) (or any

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analogous provision) of the 40 Act and the Investment Adviser is not duly serving under an interim contract entered into in accordance with Rule 15a-4 (or any analogous rule) under the 40 Act. (B) The Investment Adviser as of the date of this Agreement, ceases to exercise its functions as Party B's investment adviser and has not been replaced by another entity that (1) is registered as an investment adviser with the SEC under the Advisers Act, (2) is eligible to serve as such under the 40 Act, (3) has had its investment management agreement (as amended, amended and restated, supplemented, or otherwise modified from time to time (including by a novation or assignment permitted under the terms thereof), the "Investment Management Agreement") duly approved by the Fund Board and by the shareholders of Party B (if required), and (4) is satisfactory to Party A in its reasonable discretion. (iii) NAV Decline. Party B's NAV has declined by any of the percentages below over the prescribed periods of time:

(A) [\*\*\*] percent ([\*\*\*]%) or more from the NAV at the end of the previous Business Day;

(B) [\*\*\*] percent ([\*\*\*]%) or more end from the NAV at the end of the last Business Day of the previous calendar month; or

(C) [\*\*\*] percent ([\*\*\*]%) or more over any three consecutive calendar months. (iv) NAV Floor. Party B's aggregate NAV is, at any time, less than $[\*\*\*]. (v) Suspension of Creations or Redemptions. Party B suspends redemptions or creations. (vi) Delisting. The listing of the shares of Party B on a regulated national securities exchange or the listing of any single share that Party B tracks uniquely for the purpose of its investment strategy is suspended or terminated without such shares having become listed on another regulated national securities exchange. (vii) General Compliance with the 40 Act and the Listing Exchange Requirements. By act or omission during the term of any Transaction, Party B fails to comply in all material respects with its obligations under the 40 Act including, without limitation, Section 12(d)(3) of that law and Rules 2a-5, 6c-11, 12d3-1, 18f-4, and 22e-4 thereunder and with the rules of the applicable listing exchange (the "Listing Exchange Requirements"). (viii) Enforcement action by the SEC or any State Regulator. An action by the U.S. Securities and Exchange Commission (the "SEC") or one or more State or other regulatory authorities against Party B, the Investment Adviser or any Sub-Adviser is commenced or pending that alleges violations of Section 18 of the 40 Act, any other provision of that law, including without limitation Rule 22e-4 or any other rule thereunder or violations of Section 206 of the Advisers Act, any other provision of that law, and the rules and regulations thereunder or violations of anti-fraud provisions under state or federal law and such allegations or charges, in the reasonable judgment of Party A, if the SEC or such other regulatory authorities were to prevail, would materially impair Party B's ability to perform its obligations hereunder, impair the ability of Party B to continue to distribute its shares, or impair the ability of the Investment Adviser or of any Sub-Adviser to act as investment adviser to Party B, or which could result in a parallel or related action by the SEC or any of such regulatory authorities against Party A. (ix) Suspension of Activities. Any action is taken to unwind Party B or to terminate or suspend Party B's activities or any enforcement or sequestration action or proceedings are taken or are instituted

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against any part of Party B's assets where such enforcement, sequestration action or proceedings impairs Party B's ability to perform its obligations under this Agreement. (x) Breach of the Investment Management Agreement. By act or omission, Party B breaches the Investment Management Agreement in effect as of the date of this Agreement between Party B and the Investment Adviser that, according to the terms of the Investment Management Agreement, would impair Party B's ability to perform its obligations under this Agreement. (xi) Material Change in Investment Strategy. There occurs a material amendment to the investment strategy or to the restrictions set out in the Prospectus, which, in the reasonable opinion of Party A, would materially impair Party B's ability to perform its obligations under this Agreement. (xii) Delivery of Notices. Party B fails to deliver any of the notices or information specified under Part 3(b) of this Schedule and such failure is not remedied on or before the first Local Business Day after notice of such failure is given by Party A to Party B. (xiii) Material Change in method used to calculate NAV. Party B amends its accounting methodology (including the accounting methodology for calculating its NAV per share) other than in accordance with generally accepted accounting principles as applicable in the United States, also known as US GAAP. (xiv) Illegal Activity. An indictment or official criminal charge by a government authority, agency, court, prosecutor, or regulator alleging fraud, financial misconduct, embezzlement, money laundering, insider trading, market manipulation or other similar illegal or prohibited activity or breach of regulation is issued against Party B, the Investment Adviser or a Sub-Adviser. (xv) Stop Order; Suspension of Trading. The SEC issues a stop order in respect to Party B's registration statement or trading in the shares of Party B or any single share that Party B tracks uniquely for the purpose of its investment strategy has been suspended for over three (3) Business Days.

Part 2. Tax Representations. (a) Payer Representations. For the purpose of Section 3(e) of the Agreement, each of Party A and Party B make the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and (iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. (b) Payee Representations. For the purposes of Section 3(f) of this Agreement: (i) Party A makes the following representations:

(A) It is a "U.S. person" (as that term is used in Section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States federal income tax purposes; and

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(B) It is an "exempt recipient" under Section 1.6049-4(c)(1)(ii) of United States Treasury Regulations. (ii) Party B makes the following representations:

(A) It is a "U.S. person" (as that term is used in Section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for United States federal income tax purposes; and

(B) It is an "exempt recipient" under Section 1.6049-4(c)(1)(ii) of United States Treasury Regulations.

Part 3. Agreement to Deliver Documents. For the purpose of Section 4(a)(i) and 4(a)(ii) of the Agreement, each party agrees to deliver the following documents, as applicable: (a) Tax forms, documents or certificates to be delivered are: Party required to deliver document Forms/Documents/Certificates Date by which to be delivered Party A IRS Form W-9 (with all parts fully completed), or any successor form thereto, and appropriate attachments (if any).

(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party B and (iii) promptly upon Party A learning that any such form previously provided by Party A has become obsolete, incorrect, or ineffective. Party B IRS Form W-9 (with all parts fully completed), or any successor form thereto, and appropriate attachments (if any).

(i) Upon execution of this Agreement, (ii) promptly upon reasonable demand by Party A and (iii) promptly upon Party B learning that any such form previously provided by Party B has become obsolete, incorrect, or ineffective. (b) Other documents to be delivered are: Party required to deliver document Form/Document/Certificate Date by which to be delivered Covered by

Section 3(d) Representation Party A Appropriate evidence, to the satisfaction of the other party, of its legal capacity, and the authority of its signatory or signatories to enter into this Agreement, and/or each Transaction on its behalf. Upon execution and delivery of this Agreement, and in relation to each Transaction, Yes

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promptly upon request of the other party. Party B Appropriate evidence, to the satisfaction of the other party, of its legal capacity, and the authority of its signatory or signatories to enter into this Agreement, and/or each Transaction on its behalf. Upon execution and delivery of this Agreement, and in relation to each Transaction, promptly upon request of the other party. Yes Party A A copy of Party A's most recently available annual report containing consolidated financial statements for its most recently ended fiscal year certified by its independent public accountants as fairly presenting the financial condition of a party and its consolidated subsidiaries as at the close of such fiscal year; provided that Party A's annual report and audited financial statements are publicly available and may be accessed by Party B at https://www.marex.com and for so long as such annual reports and audited financial statements are publicly available, Party A shall not be independently required to deliver its annual reports or audited financial statements to Party B hereunder. By the 120th calendar

day following the end of the relevant fiscal year. Yes Party B A copy of Party B's most recently available annual report containing consolidated financial statements for its most recently ended fiscal year certified by its independent public accountants as fairly presenting the financial condition of a party and its consolidated subsidiaries as at the close of such fiscal year; provided that if Party B's annual report and audited financial

statements

are

publicly availablehttps://www.marex.com/, Party B shall not be independently required to deliver its annual reports or audited financial statements to Party A hereunder. By the 90th calendar

day following the end of the relevant fiscal year. Yes Party B A copy of Party B's most recently available quarterly and semi-annual financial reports fairly presenting the financial condition of a party and its consolidated subsidiaries as at the close of such relevant period; provided that if such financial statements are publicly available, Party B shall not be independently required to deliver such financial statements to Party A hereunder. By the 45th calendar

day following the end of the relevant period. Yes

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Party A and Party B The Credit Support Documents and the Investment Adviser Side Letter duly executed. Upon execution and delivery of this Agreement. Yes Party B Operative Documents and any amendments thereto. "Operative Documents" means, as applicable, (1) the trust indenture, corporate charter, limited partnership agreement, memorandum and articles of association, by-laws or other constituent documents of Party B, including, if applicable, the master trust agreement and series trust agreement of Party B; (2) the then-current disclosure document of Party B, including the Prospectus and statement of additional information; (3) if applicable, the listing application filed by the listing exchange under Rule 19b-4 and the related Order; (4) if applicable, the exemptive application filed by Part B with the SEC under the Act, as amended; (5) a list of authorized participants of Party B; and (6) the Investment Management Agreement and any sub-advisory agreement. "Prospectus" means the prospectus of Party B, as amended, supplemented or varied from time to time. Upon execution and delivery of this Agreement; and in the case of any amendments thereto, upon the occurrence

of such amendments. Yes

Part 4. Miscellaneous. (a) Addresses for Notices. For the purpose of Section 12(a) of this Agreement: Address for notices or communications to Party A: Attention: Mike Rosen and Conor Foley, Address: Marex Securities Products Inc., 140 East 45th Street, Floors 10 & 11 New York, NY 10017 Telephone: +1 (516) 746-5723 +1 (212) 894-0028 E-mail: mrosen@marex.com

cfoley@marex.com With copy to: Attention: Marex Legal E-mail: uslegal@marex.com Address for notices or communications to Party B: Attention: Corgi Strategies, LLC 425 Bush St, Suite 500 San Francisco, CA 94104 Telephone:

(855) 552-6744 E-mail: compliance@founderledfunds.com

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(b) Process Agent. For the purpose of Section 13(c) of this Agreement: Party A appoints as its Process Agent: not applicable. Party B appoints as its Process Agent: not applicable. (c) Offices. Not applicable. (d) Multibranch Party. For the purpose of Section 10(b) of this Agreement: Party A is not a Multibranch Party. Party B is not a Multibranch Party. (e) Calculation Agent. (i) The Calculation Agent is Party A (unless otherwise specified in a Confirmation in relation to the relevant Transaction) and provided that no Event of Default with respect to Party A has occurred and is continuing. If an Event of Default with respect to Party A has occurred and is continuing, then the Calculation Agent shall be a recognized, independent dealer in derivatives selected by Party B.

(ii) Party A and Party B agree to use their best efforts to resolve expeditiously any disagreements concerning calculations or determinations hereunder. If Party A and Party B cannot agree on any calculations or determinations, they agree to appoint expeditiously and jointly an independent dealer in the instruments or other obligations the subject of the relevant Transaction to make such calculations and determinations.

(iii) All calculations and determinations made by the Calculation Agent shall be made in good faith and in a commercially reasonable manner. The failure of a party to perform its obligations as Calculation Agent hereunder shall not be construed as an Event of Default or Termination Event. Any amounts determined by the Calculation Agent shall, absent manifest error, be binding upon the parties. (f) Credit Support Document. Details of any Credit Support Document: In relation to Party A and Party B, the Credit Support Annex dated on or around the date hereof between Party A and Party B (the "Credit Support Annex") and the Account Control Agreement (as defined in the Credit Support Annex). (g) Credit Support Provider. Not applicable. (h) Governing Law. Sections 13(a) and (b) of this Agreement are deleted and replaced in their entirety with the following: "(a) Governing Law. This Agreement and each Confirmation entered into hereunder will be governed by, and construed, interpreted and enforced in accordance with the laws of the State of New York (without reference to the Conflicts of Laws provisions thereof (other than Sections 5-1401 and 5- 1402 of the New York General Obligations Law)). (b) Jurisdiction. Each party hereby irrevocably and unconditionally submits to the jurisdiction of the United States District Court for the Southern District of New York and any New York State court located in the Borough of Manhattan in New York City and any appellate court thereof for the purpose of any legal suit, action or proceeding arising out of or relating to this Agreement ("Proceeding"). Each party hereby irrevocably agrees that all claims in respect of any Proceeding may be heard and determined in such Federal or New York State court and irrevocably waives, to the fullest extent it may effectively do so, any objection it may now or hereafter have to the laying of venue of any Proceeding in any of the aforementioned courts and the defense of an inconvenient forum." (i) Netting of Payments. "Multiple Transaction Payment Netting" will apply for the purpose of Section 2(c) of this Agreement.

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(j) Affiliates. The word "Affiliate" will have the meaning specified in Section 14 of this Agreement; provided, that with respect to Party B, the term "Affiliate" shall exclude for all purposes any person or entity directly or indirectly controlling Party B or under common control with Party B including the Investment Adviser or any Sub-Adviser. In addition, no Party B shall be deemed to be an "Affiliate" or an "Affiliated Person" (as defined in Section 2(a)(3) of the 40 Act) of any other Party B. (k) Absence of Litigation. For the purposes of Section 3(c): "Specified Entity" means in relation to Party A, none. "Specified Entity" means in relation to Party B, none. (l) No Agency. The provisions of Section 3(g) will apply to this Agreement. (m) Additional Representation. For the purpose of Section 3 of this Agreement, the following will constitute an Additional Representation: (i) Relationship between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction):

(A) Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction.

(B) Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction.

(C) Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction. (ii) Eligible Contract Participant. (A) With respect to Party A, it is an "eligible contract participant" as defined in Section 1a(18)(A)(v) of the Commodity Exchange Act (as amended, the "CEA"), or the rules promulgated by the Commodity Futures Trading Commission and the SEC thereunder, and

(B) with respect to Party B, it is an "eligible contract participant" as defined in Section 1a(18)(A)(iii) of the CEA. (iii) Compliance with the 40 Act. Party B represents and warrants to Party A that its entry into and performance of its obligations hereunder and entry into the transactions contemplated by this Agreement and any Confirmation hereunder do not and will not violate any law, regulation, rule or order to which Party B is subject, including, without limitation, the 40 Act and the rules and regulations of the SEC thereunder, Party B's registration statement, as declared effective by the SEC or Party B's policies and procedures, including without limitation, its derivatives risk management program, which it has adopted and maintained in accordance with Rule 18f-4 under the 40 Act. Party B will promptly notify Party A in writing if any aspect of this representation and undertaking becomes untrue.

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(iv) Authority. It has full corporate or other organizational power and authority to enter into and perform its obligations under this Agreement and each Transaction.

Part 5. Other Provisions. (a) Definitions. The definitions and provisions contained in the 2006 ISDA Definitions, as amended and supplemented by the ISDA Benchmarks Supplement (the "ISDA Definitions"), as published by the International Swaps and Derivatives Association, Inc. ("ISDA") and any other relevant definitions booklet published by or in conjunction with ISDA, as may be amended, supplemented or updated from time to time and as amended and supplemented by the ISDA Benchmarks Supplement (together, the "Definitions") are incorporated into this Agreement, each Transaction and each Confirmation. All terms appearing in a Confirmation with initial capital letters shall have the meaning set forth in the Definitions, unless otherwise defined in such Confirmation. Any amendments, supplements or updates to the Definitions shall be deemed to apply to Transactions entered into after the relevant publication date and the prior Definitions will be deemed superseded thereby, unless otherwise stated in the relevant Confirmation. (b) Inconsistency. In the event of any inconsistencies, the components of this Agreement prevail over each other in the following order: (i) the Confirmation, for the purpose of the relevant Transaction; (ii) this Schedule; and (iii) the Definitions. (c) Accuracy of Specified Information. Section 3(d) of this Agreement is hereby amended by adding in the third line thereof after the word "respect" and before the period the words "or, in the case of audited or unaudited financial statements, a fair presentation of the financial condition of the relevant person." (d) Change of Account. Each Party may change its account provided that if such new account is not in the same Tax jurisdiction as the original account, the party not changing its account shall not be obliged to pay any greater amounts and shall not receive lesser amounts as a result of such change than would have been the case if such change had not taken place. (e) Administrative Errors. The provisions of Section 5(a)(i) and Section 5(a)(v) of this Agreement will apply to Party A and will apply to Party B, but shall exclude any payment default that results solely from an error or omission of an administrative or operational nature (so long as sufficient funds were available to the relevant party on the relevant date to make the relevant payment), but only if the payment is made within two Local Business Days after such error or omission has been notified to, or otherwise discovered by, the relevant party. (f) Additional Representation of Investment Adviser. The Investment Adviser hereby represents and warrants to (which representations and warranties will be deemed to be repeated at all times until the termination of this Agreement) and agrees with Party A as follows: (i) The Investment Adviser (and to the extent applicable, any Sub-Adviser) is duly organized and validly existing and in good standing under the laws of its place of organization and complies in all material respects with the 40 Act and the regulations promulgated thereunder; (ii) The Investment Adviser (and to the extent applicable, any Sub-Adviser) is fully authorized to act as investment adviser to Party B pursuant to an Investment Management Agreement that has been approved in accordance with the requirements of the 40 Act, and is fully authorized by said Investment Management Agreement to act as the agent of Party B, to execute and deliver the Agreement on Party B's behalf, and to bind Party B with respect to all the assets of Party B as to any Transaction contemplated hereunder, including without limitation entering into Transactions on

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behalf of Party B, negotiating and executing Confirmations on behalf of Party B, delivering Confirmations on behalf of Party B, exercising any termination or other rights of Party B hereunder, posting assets of Party B as collateral for Transactions with Party A pursuant to the Account Control Agreement and receiving payments and making transfers on behalf of Party B; (iii) Each Transaction entered into in connection with this Agreement on behalf of Party B is suitable and appropriate and in accordance with the investment objectives and guidelines for Party B and complies with the terms of Party B's prospectus and statement of additional information; and (iv) The Investment Adviser Side Letter dated on or about the date hereof is true, correct, and accurate in all respects, and the Investment Adviser will comply with all obligations undertaken by it therein. (g) Additional Representations of Party B. Party B hereby represents and warrants to (which representations and warranties will be deemed to be repeated at all times until the termination of this Agreement) and agrees with Party A as follows: (i) Party A may rely on the representations herein with respect to the Investment Adviser's (and to the extent applicable, the Sub-Adviser's) authority to act on behalf of Party B until Party A shall have received written notice of a change in, revocation or rescission of such authority; no change in, revocation or rescission of such authority shall affect in any manner the rights and indemnities inuring to Party A with respect to the obligations of Party B hereunder arising prior to actual receipt by Party A of written notice of such change, revocation or rescission; (ii) Party A is not acting as a fiduciary in respect of Party B and has no responsibility governing the conduct thereof, or of the Investment Adviser or any Sub-Adviser, or of fiduciaries thereto; and any information given by Party A in connection with any Transaction will not serve as a primary basis of any investment decision by or on behalf of Party B or of the Investment Adviser or any Sub-Adviser; (iii) Any action taken or purported to be taken by the Investment Adviser or any Sub-Adviser on behalf of Party B shall be binding on Party B and Party A shall not be under any obligation to inquire as to the authority of the Investment Adviser or any the Sub-Adviser to bind Party B (iv) Party B will indemnify, defend and hold harmless Party A in respect of any and all actions taken or purported to be taken (including, without limitation, in respect of any Transaction) on behalf of Party B by the Investment Adviser in connection with this Agreement that exceed the authority of the Investment Adviser; (v) With respect to this Agreement and each Transaction, it will be in full compliance with all Operative Documents, and this Agreement and each Transaction is and will be authorized and permissible transactions and investments hereunder; (vi) All governmental and other consents that are required to have been obtained by Party B with respect to this Agreement have been obtained and are in force and effect and all conditions of such consents have been complied with; (vii) Party B is duly registered with the SEC as an investment company under the 40 Act and an exchange-traded fund operated in accordance with Rule 6c-11 under the 40 Act and has operated in compliance in all material respects with the 40 Act; (viii) No proposal has been submitted to the holders of Party B's outstanding voting securities regarding any proposed change to or modification of (1) Party B's classification under Section 5 of the 40 Act,

(2) Party B's investment policies or guidelines or any Operative Document regarding the use of derivatives, (3) the nature of Party B's business or (4) any matter requiring the vote of the holders of Party B's voting securities under Section 13 of the 40 Act, which in each case could reasonably be

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expected to materially adversely affect this Agreement or any Transaction; (ix) No action has been taken by the SEC and applicable state securities regulators to suspend or revoke any applicable registration and to its knowledge no investigation or regulatory proceeding has been commenced by the SEC or any state securities regulatory authority which is reasonably likely to materially adversely affect Party B's ability to perform its obligations hereunder and under any Transaction; (x) The assets of Party B do not and will not constitute the assets of an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of 1974, as amended or a "Plan" within the meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986; and (xi) Party B has complied in good faith with written policies and procedures that are reasonably designed to ensure that Investment Adviser is capable of (A) evaluating recommendations that may be made by Party A (if any) with respect to any Transaction and (B) making trading decisions on behalf of Party B; and (xii) Party B, in consultation with Investment Adviser, will exercise independent judgment in evaluating recommendations that may be made by Party A (if any) with respect to any security-based swap transaction. (h) Scope of the Agreement. This Agreement shall govern any Specified Transaction, which the parties have entered into or may enter into, other than any securities lending transaction, repurchase transaction, reverse repurchase transaction, or any other transaction in respect of which the relevant document or other confirming evidence expressly incorporates by reference the application of a master agreement or other terms and conditions other than this Agreement. Each such Specified Transaction shall be deemed to constitute a Transaction for the purpose of this Agreement. For the purpose of this provision only, "Specified Transaction" means (i) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement and the other party to this Agreement

(1) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (2) which is a type of transaction that is similar to any transaction referred to in clause (1) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, and (ii) any combination of these transactions.

(i) Limitation of Liability; No Individual Liability of Investment Adviser. Notwithstanding anything to the contrary in this Agreement or any Schedule, addendum, Confirmation or other document or agreement issued, delivered or entered into in connection with this Agreement or any Transaction under this Agreement, Party A acknowledges and agrees that: (A) any obligation or liability of a particular Party B under or related to this Agreement, any Transaction hereunder and all other documentation executed in connection herewith or therewith shall be limited to, and paid solely out of, the assets of such Party B and no other Party B or series or portfolio hereunder, and (B) neither the Investment Adviser nor any of their respective affiliates, officers, directors, managers, employees or agents shall be personally liable for any obligation or liability hereunder. (j) Waiver of Confidentiality. Notwithstanding any agreement to the contrary, Party B agrees to cooperate with Party A, so far as necessary, in order to report any Transaction or information relating to a Transaction to a swap data repository or security-based swap data repository in accordance with any applicable laws or

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regulation. Notwithstanding anything to the contrary in this Agreement or in any non-disclosure, confidentiality or other agreement between the parties, Party B hereby consents to the disclosure of information to affiliated third parties or service providers of Party A as reasonably necessary for Party A to fulfill its regulatory obligations. (k) Bankruptcy Code. Without limiting the applicability of any other provision of Title 11 of the United States Code, 11 U.S.C. §§ 101 et. seq., as amended (the "Bankruptcy Code") (including, without limitation, Sections 362, 546, 553, 556, 560, 561 and 562 of the Bankruptcy Code and the applicable definitions in

Section 101 of the Bankruptcy Code) or any other applicable law, the parties acknowledge and agree that all Transactions entered into hereunder are intended to constitute "swap agreements" as defined in Section 101

(53B) of the Bankruptcy Code, that the rights and remedies of the parties under Section 6 are intended to constitute contractual rights to terminate, accelerate and liquidate Transactions, and that the parties are entities entitled to the rights under, and protections afforded by, Sections 362, 546, 553, 556, 560, 561 and 562 of the Bankruptcy Code and the applicable definitions in Section 101 of the Bankruptcy Code, and any other applicable law. (l) WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO HAVE A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY CREDIT SUPPORT DOCUMENT OR ANY TRANSACTION. (m) LIMITATION OF LIABILITY. NO PARTY SHALL BE REQUIRED TO PAY OR BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, SPECIAL OR INDIRECT DAMAGES (REGARDLESS OF WHETHER ARISING FROM ITS OWN NEGLIGENCE AND EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) TO ANY OTHER PARTY EXCEPT TO THE EXTENT THAT THE PAYMENTS REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT ARE DEEMED TO BE SUCH DAMAGES; PROVIDED, HOWEVER, THAT NOTHING IN THIS PROVISION SHALL AFFECT THE VALIDITY OR ENFORCEABILITY OF ANY TERM OR PROVISION IN SECTION 6(e) OF THIS AGREEMENT. IF AND TO THE EXTENT ANY PAYMENT REQUIRED TO BE MADE PURSUANT TO THIS AGREEMENT IS DEEMED TO CONSTITUTE LIQUIDATED DAMAGES, THE PARTIES ACKNOWLEDGE AND AGREE THAT SUCH DAMAGES ARE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THAT SUCH PAYMENT IS INTENDED TO BE A REASONABLE APPROXIMATION OF THE AMOUNT OF SUCH DAMAGES AND NOT A PENALTY. (n) Delivery of Confirmations. For each Transaction entered into hereunder, Party A shall promptly send to Party B a Confirmation (which may be via email or other electronic transmission). Party B agrees to promptly respond to such Confirmation, either confirming agreement thereto by sending its executed counterpart thereto to Party A or requesting a correction of any error(s) contained therein. Any failure by Party A to send a Confirmation, or any failure by Party B to so respond shall not affect the validity or enforceability of any Transaction that has been validly executed and, absent manifest error, there shall be a presumption that the terms contained in such Confirmation correctly state the terms of the Transaction and such Confirmation shall be binding on Party A and Party B in all respects. (o) Severability. If any term, provision, covenant, or condition of this Agreement, or the application thereof to any party or circumstance is held to be invalid or unenforceable (in whole or in part) for any reason, the remaining terms, provisions, covenants, and conditions hereof shall continue in full force and effect as if this Agreement had been executed with the invalid or unenforceable portion eliminated so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits or expectations of the parties to this Agreement and will preserve the economic value thereof provided, however, that this severability provision shall not be applicable if any provision of Sections 1(c), 2, 5, 6 or 13 of this Agreement (or any definition or provision in Section 14 of this Agreement to

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the extent it relates to, or is used in or in connection with any such Section) shall be so held to be invalid or unenforceable. (p) USA PATRIOT Act Notice. Party A hereby notifies Party B that, pursuant to the requirements of the USA Patriot Act (Title III of Pub. L 107-56 (signed into law October 26, 2001)) (the "Act"), it is required to obtain, verify and record information that identifies Party B, which information includes the name and address of Party B, its Tax-Identification Number, and other information that will allow Party A to identify Party B in accordance with the Act. (q) Statute of Frauds. The parties agree not to contest, or to enter or assert any defense or counterclaim concerning, the validity or enforceability of any Transaction on the grounds that the documentation for such Transaction fails to comply with the requirements of any jurisdiction's (of whatever country, province, or state) statute of frauds or any other statute, regulation or judicial decision that agreements be written or signed. (r) ISDA 2016 Bail-in Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg /Spanish/UK entity-in-resolution version). The parties to this Agreement agree that the amendments set out in the Attachment to the ISDA 2016 Bail-in Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/ Luxembourg/Spanish/UK entity-in-resolution version Protocol published by ISDA on July 14, 2016 and available on the ISDA website (www.isda.org) shall apply to this Agreement. The parties further agree that this Agreement will be deemed to be a Covered ISDA Master Agreement and that the Implementation Date shall be the effective date of this Agreement as amended by the parties for the purpose of such Protocol amendments regardless of the definitions of such terms in the Protocol. (s) ISDA 2015 Section 871(m) Protocol. The parties to this Agreement agree that the amendments set out in the Attachment to the ISDA 2015 Section 871(m) Protocol published by ISDA on November 02, 2015 and available on the ISDA website (www.isda.org) shall apply to this Agreement. The parties further agree that this Agreement will be deemed to be a Covered Master Agreement and that the Implementation Date shall be the effective date of this Agreement as amended by the parties for the purpose of such Protocol amendments regardless of the definitions of such terms in the Protocol. (t) Dodd-Frank Protocols. Party B agrees that it has or, if not, prior to entry into this Agreement, Party B agrees to (1) adhere to the ISDA August 2012 DF Protocol published by ISDA on August 13, 2012, the ISDA March 2013 DF Protocol published by ISDA on March 22, 2013 and the ISDA 2021 SBS Top-Up Protocol published by ISDA on May 3, 2021 (each, a "Protocol Agreement"), as applicable and as requested by Party A, by delivery to ISDA of an Adherence Letter and (2) complete and submit any necessary Questionnaire (as defined in the Protocol Agreement). (u) Condition Precedent. Section 2(a)(iii) of the Agreement is amended to insert the words ", Additional Termination Event" after the words "no Event of Default". (w) Security-Based Swap Dealer Statements. Party A hereby notifies Party B that it: (i) is not an insured depository institution (as defined in 12 U.S.C. § 1813) and (ii) is not a financial company (as defined in

section 201(a)(11) of the Dodd-Frank Act, 12 U.S.C. § 5381(a)(11)). (x) Additional Representation of Party A – ISDA SBS Protocol II. For the avoidance of doubt, Party A hereby represents and warrants as follows: (i) Party A agrees to the terms of SBS II Schedule 3, (ii) Party A agrees to the terms of SBS II Schedule 4, (iii) for purposes of Part III of SBS II, Schedule 4, Party A agrees to exchange Portfolio Data and (iv) for purposes of Part V of SBS II Schedule 4, Party A agrees to reconcile against SBSDR Data. (y) Resolution Stay Rules. The parties agree that to the extent that prior to the date hereof all parties have adhered to the 2018 ISDA U.S. Resolution Stay Protocol (the "Protocol"), the terms of the Protocol are incorporated into and form part of this Agreement, and for such purposes this Agreement shall be deemed a

Corgi Strategies, LLC

Protocol Covered Agreement and each party shall be deemed to have the same status as "Regulated Entity" and/or "Adhering Party" as applicable to it under its most recent adherence to the Protocol. In the event that, after the date of this Agreement, all parties hereto have become adhering parties to the Protocol, the terms of the Protocol will replace the terms of this sub-clause. In the event of any inconsistencies between this Agreement and the terms of the Protocol, the Bilateral Agreement or the Bilateral Terms (each, the "QFC Stay Terms"), as applicable, the QFC Stay Terms will govern. Terms used in this sub-clause without definition shall have the meanings assigned to them under the QFC Stay Rules. For purposes of this sub-clause the following definitions shall apply: "Covered Entity" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). "QFC Stay Rules" means the regulations promulgated pursuant to the Federal Deposit Insurance Act (12 U.S.C. 1811-1835a) and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381-5394), codified at 12 C.F.R. 252.2, 252.81-8, 12 C.F.R. 382.1-7 and 12 C.F.R. 47.1-8 as of the date of this Agreement, which, subject to limited exceptions, require an express recognition of the stay-and- transfer powers of the FDIC under the Federal Deposit Insurance Act and the Orderly Liquidation Authority under Title II of the Dodd Frank Wall Street Reform and Consumer Protection Act and the override of default rights related directly or indirectly to the entry of an affiliate into certain insolvency proceedings and any restrictions on the transfer of any covered affiliate credit enhancements.

(z) Consent to Recording. Each party consents to the recording of the conversations of trading and marketing personnel of the parties in connection with this Agreement or any potential transaction whether by one or any or all of the parties or their agents. (Signature page follows)

Corgi Strategies, LLC

IN WITNESS WHEREOF, the parties executing this Schedule by their duly authorized officers have executed the Master Agreement and have agreed as to the contents of this Schedule. Marex Securities Products, Inc., as Party A

By: /s/ Jennifer Kaiser

Name: Jennifer Kaiser

Title: Authorized Signatory

By: /s/ Michael Rosen

Name: Michael Rosen

Title: Authorized Signatory Each series of Corgi ETF Trust I that is set forth on Appendix I of this Schedule, as such Appendix I may be amended, supplemented or otherwise modified from time to time, severally but not jointly, as Party B

By: Corgi ETF Trust I

By: /s/ Emily Yuan

Name: Emily Yuan

Title: Trustee Corgi Strategies, LLC, in its individual corporate capacity solely with respect to the representations made by it within

Part 5(f) of the Schedule to this Agreement

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President (Signature page of 2002 ISDA Schedule dated 11/14/2025) Authorized Signatory Authorized Signatory

Corgi Strategies, LLC

Appendix I

Trust Series Ticker Date of Agreement

Corgi ETF Trust I Founder-Led ETF FDRS November 14, 2025

Corgi ETF Trust I Founder-Led 2x Daily ETF FDRX November 14, 2025

## Ex-99.H

#### Exhibit (h)(xiv)
Schedule to the ISDA Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025

Filed herewith.

------

SCHEDULE to the

**2002 MASTER AGREEMENT**

dated as of November 25, 2025 between CF Secured, LLC ("Party

A ") and CORGI ETF TRUST I, a series trust organized under the laws of the State of Delaware, on behalf of each of its series listed on Appendix A hereto, severally but not jointly (each, a "Party B")

PART 1 Termination Provisions (1) "Specified Entity" means, in relation to Party A, for the purpose of:

Section 5(a)(v), none;

Section 5(a)(vi), none;

Section 5(a)(vii), none; and

Section 5(b)(v), none; and, in relation to Party B, for the purpose of:

Section 5(a)(v), none;

Section 5(a)(vi), none;

Section 5(a)(vii), none; and

Section 5(b)(v), none. (2) "Specified Transaction" The definition of "Specified Transaction" in Section 14 of this Agreement is amended in its entirety as follows: "Specified Transaction" (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between (X) with respect to Party A, Party A (or any Credit Support Provider of such party or any applicable Specified Entity of such party) Cantor Fitzgerald, L.P., Cantor Fitzgerald Securities, Cantor Fitzgerald & Co., Cantor Fitzgerald Ireland Limited, and Cantor Fitzgerald Europe and Party B (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party), and (Y) with respect to Party B, Party B (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and Party A (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest

(including any option with respect to any of these transactions): (ii) which is a transaction under a futures agreement (including any over-the-counter cleared derivatives agreement), prime brokerage agreement, or margin lending agreement; or (iii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement of the relevant confirmation. (3) The "Cross-Default" provisions of Section 5(a)(vi) as modified below, will apply to Party A and to Party B; "Specified Indebtedness" will have the meaning specified in Section 14 of this Agreement, except that deposits received in the ordinary course of a party's banking business which such party is prevented from repaying solely as a result of (i) a technical, operational or administrative error, provided that the indebtedness is repaid within three Local Business Days from the due date; and / or (ii) any order, directive or other action of any governmental or regulatory authority or court on grounds unrelated to issues of solvency or liquidity shall not constitute Specified Indebtedness. In the case of Party B, such indebtedness will include any obligation of Party B, any Credit Support Provider of Party B or any Specified Entity of Party B in connection with a Financial Transaction.

"Financial Transaction" means (1) transactions under a futures agreement (including any over-the-counter cleared derivatives agreement), prime brokerage agreement, or margin lending agreement or any other financial instrument, and (2) any transaction which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), or any combination of these transactions, or any transaction identified as a Swap Transaction or a Transaction in the related Confirmation. "Threshold Amount" means, with respect to Party A, an amount equal to the greater of (i) three percent of the Shareholder's Equity (as defined below) of Party A or (ii) USD [\*\*\*]; and with respect to Party B an amount equal to three percent of such party's Net Asset Value. For the purposes of Section 5(a)(vi) of this Agreement, any Specified Indebtedness of a party denominated in a currency other than the currency in which the financial statements of such party are denominated will be converted into the currency in which such financial statements are denominated at the exchange rate therefore as of the date of conversion reasonably chosen by the other party. For such purposes: A party's "Shareholder's Equity" A party's "Shareholder's Equity" is its shareholders' equity, including subordinated debt, as of the end of its most recently completed fiscal year (determined in accordance with generally accepted accounting principles ("GAAP") in its jurisdiction); and "Net Asset Value" means, as of any date of determination, an amount equal to the total assets of Party B minus the total liabilities of Party B, determined in accordance with generally accepted accounting principles in the United States and on a basis consistent with prior periods. (4) The "Credit Event Upon Merger" provisions of Section 5(b)(v) will apply to both Party A and Party B. (5) The "Automatic Early Termination" provision of Section 6(a) will not apply to Party A or Party B; provided, however, that with respect to a party where the Event of Default specified in Section 5(a)(vii)(1), (3), (4), (5), (6) or to the extent analogous thereto, (8), is governed by a system of law which, as of the date of

the relevant Event of Default, does not permit termination to take place after the occurrence of the relevant Event of Default, then the Automatic Early Termination provisions of Section 6(a) will apply to such party. (6) "Termination Currency" means United States Dollars. (7) Additional Termination Event

will apply. It will constitute an Additional Termination Event hereunder upon the occurrence of any event specified to constitute an Additional Termination Event in any Master Confirmation Agreement between the parties or other applicable Confirmation hereunder. (a) It will constitute an Additional Termination Event hereunder with respect to Party B if: (i) Decline in Net Assets. As of the last Local Business Day of any calendar month, the Net Asset Value of Party B (as defined below) has declined by: (A) [\*\*\*]% or more from the Net Asset Value of Party B calculated as of the last Local Business Day of the immediately preceding month; or (B) [\*\*\*]% or more from the Net Asset Value of Party B calculated as of the last Local Business Day of the third preceding month; or (C) [\*\*\*]% or more from the Net Asset Value of Party B calculated as of the last Local Business Day of the twelfth preceding month. For the purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party, all Transactions shall be Affected Transactions and: (ii) Failure to Provide Net Asset Value Calculation and other Documentation. Party B fails to provide its documentation and Net Asset Value information in accordance with the terms of Part 3 of this Schedule. For the purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions. (iii) Key Person. Nicolas S. Laqua suffers a Key Man Event and has not been replaced by another person or entity approved by Party A (such approval not to be unreasonably withheld or delayed). For the purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party, all Transactions shall be Affected Transactions and: "Key Man Event" means (A) dying; or (B) appointing one or more attorneys under a lasting power of attorney registered with the Office of the Public Guardian pursuant to the UK Mental Capacity Act 2005 (or equivalent legislation in the relevant jurisdiction) and any such attorney taking any action pursuant to that lasting power of attorney; or (C) ceasing to be actively involved in the investment management of the assets of Party B. (iv) Conduct. Any event occurs or circumstance occurs in relation to Party B, the effect of which, in Party A's sole discretion, is that the designation of an Early Termination Date is necessary or desirable for Party A's protection and/or the protection of any Affiliate of Party A including, without limitation, to prevent (what Party A may in its reasonable discretion consider to be) a violation or continued violation of any applicable law or regulation or

good standards of market practice or any regulatory authority, of which Party B or the Investment Manager is a member of, suspends or terminates the usual business of Party B or the Investment Manager. "Investment Manager" means Corgi Strategies, LLC, the investment manager of Party B. (v) Failure to comply with investment policies. Party B fails to comply with or breaches any of its investment policies, guidelines or restrictions as contained in its most recent offering documents and/or the Investment Management Agreement; (vi) Investment Manager Event. If, for any reason, the Investment Manager or any entity to which Party B has delegated its powers under this Agreement: (i) ceases to have authority to bind Party B with respect to this Agreement, any Credit Support Document or any Transaction;

(i) does not have all necessary licenses and regulatory authorizations to enter into contracts on behalf of Party B or otherwise operate its business; (iii) suffers any of the events described in

Section 5(a)(vii) of the Agreement; (iv) makes or is deemed to have made any representation in this Agreement or in any side letter which is or proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; or (v) merges or consolidates with or transfers all or a material part of its business or assets to any person or entity;

(vii) Regulatory Intervention Clause. Party B is not aware of and will provide Party A with written notification within one (1) business day of first becoming aware of: any action, suit, or proceeding (formal or informal), any criminal indictment, any administrative or judicial proceeding or action by the U.S. Department of Justice, Treasury, the Securities and Exchange Commission ("SEC"), any state regulatory authority, or any self-regulatory organization ("SRO") having jurisdiction over you, any action relating to money laundering, terrorist financing, or OFAC violations, pending or threatened against Party B or any officer, director, principal, financial or operations principal, or employee, or other person associated with Party B by or before any court or tribunal, any arbitrator, or, any governmental authority, if any of the foregoing could adversely or materially impact Party B's ability to carry out your duties and responsibilities under this Agreement. In addition to the written notification, Party B will promptly provide Party A, unless prohibited by law or other governmental or SRO authority, with a copy of any documents received in writing relating to the same, including a copy of any complaint or charge, or notice of inquiry. Party B's failure to provide the above notification and information shall be considered a material default under this Agreement and grounds for immediate termination of the Agreement;

(viii) For the purpose of this Agreement, an Additional Termination Event applicable to Party B shall occur if either (1) the market value of any Transaction(s), as determined by Calculation Agent at any time during such day and taking into account any open margin call and accrued interest, declines by [\*\*\*] percent ([\*\*\*]%) or more from the valuation completed by the Calculation Agent on the immediately preceding Business Day or (2) the market value of the reference asset to a Transaction(s) on any exchange at any time on such day declines by [\*\*\*] percent ([\*\*\*]%) or more from the closing price on the primary exchange for such reference asset(s) on the immediately preceding Business Day as determined by Calculation Agent. (ix) Suspension of Creations or Redemptions. Party B suspends redemptions or creations; (x) Delisting. The listing of the shares of Party B on a regulated national securities exchange is suspended or terminated without such shares having become listed on another regulated national securities exchange;

(xi) Senior Security. Any Transaction entered into hereunder that constitutes a senior security is not, in the reasonable judgment of Party A, maintained by Party B in compliance with the requirements of Section 18 of the 1940 Act and Rule 18f-4 thereunder;

(xii) At any time on any Local Business Day, Party B is in excess of any Trading Limit set by Party A in Party A's sole discretion. "Trading Limit" shall mean any limit in any form set by Party A in its sole discretion and notified to Party B at any time and from time to time applicable to Party B's Transactions in connection with this Master Agreement. The Trading Limit in effect as of the date hereof is: For purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party, and the portion of the Transactions in excess of the Trading Limit shall be Affected Transactions. For the purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party and all Transactions shall be Affected Transactions. Party

B Trading

Limit

The Founder-Led 2x Daily ETF USD [\*\*\*]

PART 2 Tax Representations For the purpose of Section 3(e) of this Agreement: (1) Payer

Tax

Representations

. For the purpose of Section 3(e) of this Agreement, Party A and Party B each hereby make the following representation: It is not required by any applicable law, as modified by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 9(h) of this Agreement or amounts payable hereunder that may be considered to be U.S.-source interest for United States federal income tax purposes) to be made by it to the other party under this Agreement. In making this representation, it may rely on (i) the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement, (ii) the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement and

(iii) the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, provided that it will not be a breach of this representation where reliance is placed on sub-clause (ii) above and the other party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. (2) Payee

Tax

Representations

. For the purpose of Section 3(f) of this Agreement, Party A and Party B each hereby make the following representations: (i) The following representations will apply to Party A and will not apply to Party B: It is a limited liability company organized under the laws of the State of Delaware. (ii) The following representations will apply to Party B and will not apply to Party A: It (or, if Party B is a disregarded entity for U.S. federal income tax purposes, its sole beneficial owner) is a "U.S. person" (as that term is used in Section 1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for United States federal income tax purposes.

PART 3 Agreement to Deliver Documents For the purpose of Sections 4(a)(i) and 4(a)(ii) of this Agreement, each party agrees to deliver the following documents: For the purpose of Section 4(a) of this Agreement: Tax forms, documents or certificates to be delivered are: Party required to deliver document Form/Document/ Certificate Date by which to Be delivered Party A and Party B U.S. Internal Revenue Service Form W-9 or applicable W-8 (or any successor form), in each case together with any appropriate attachments.

(i) Promptly upon becoming a party hereto, (ii) promptly upon reasonable demand by the other party and (iii) promptly upon learning that any such form previously provided by it has become obsolete or incorrect. Other documents to be delivered are: Party required to deliver document Form/Document/Certificate Date by which to be delivered Covered by

Section 3(d) Representation Party A and Party B Party B Annual Report: Where it is not freely publicly available (for example, on the internet), the relevant party's most recent available annual report containing annual audited consolidated financial statements for its most recently ended fiscal year. A monthly Statement ("monthly Statement") setting forth (i) the NAV as of the last business day of each calendar month and (ii) the percentage change in NAV per Share as of the last business day of each calendar month as compared to its NAV per Share from the last business day of the immediately preceding calendar month. Where such financial statement is not reasonably available on a party's internet home page, promptly upon request and no later than 120 days after the end of the relevant fiscal period.

As soon as available and in any event with in 15 Local Business Days after the end of each month. Yes

Yes

Party required to deliver document Form/Document/Certificate Date by which to be delivered Covered by

Section 3(d) Representation Party A and Party B Evidence of authority of signatories Promptly upon execution of this Agreement and thereafter upon reasonable request of the other party. Yes Party B A completed ISDA EMIR Classification Letter If applicable (as determined by Party A in its sole discretion), prior to execution of this Agreement. Yes Party B A completed ISDA/FIA EMIR Reporting Delegation Agreement If applicable (as determined by Party A in its sole discretion), prior to execution of this Agreement. Yes Party B Such other forms and documents as Party A may reasonably request in order to comply with its obligations under applicable law Promptly upon reasonable request by Party A. Yes Party B A written certificate or report of a responsible officer of Party B stating the Net Asset Value of Party B as of the last day of the most recently ended calendar month. Within 10 calendar days after the end of each such calendar month. Yes Party B A good faith oral estimate of the Net Asset Value of Party B as of the close of business on the most recent Local Business Day. Promptly following the request of Party A. No

PART 4 Miscellaneous (1) Addresses for Notices

. For the purpose of Section 12(a) of this Agreement: Address for notice or communications to Party A: Address: 110 East 59th Street, New York, NY 10022 Attention: Jeroen Visser Telephone No.: +1-212-915-1792 E-mail: Jeroen.Visser@cantor.com With a copy to the following address for any notice delivered for purposes of Sections 5 and 6 of this Agreement: Address: 110 East 59th Street, 7th Floor, New York, NY 10022 Attention: General Counsel Email: CantorContractManagement-NY@cantor.com Address for notice or communications to Party B: Address: 425 Bush St, Suite 500 Attention: Emily Z. Yuan Facsimile No.: N/A Telephone No.: (855) 552-6744 E-mail: operations@founderledfunds.com (2) Process Agent

. For the purpose of Section 13(c) of this Agreement: Party A appoints as its Process Agent: N/A Party B appoints as its Process Agent: Corgi Strategies, LLC (3) Offices

. The provisions of Section 10(a) will apply to this Agreement. (4) Multibranch Party

. For the purpose of Section 10 of this Agreement: Party A is not a Multibranch Party. Party B is a not a Multibranch Party. (5) Calculation Agent

. The Calculation Agent will be Party A. In the event that the Calculation Agent fails to perform any of its obligations under this Agreement, any such failure shall not constitute an Event of Default pursuant to Section 5(a) of this Agreement. (6) Credit Support Document

. Any "Credit Support Annex" between Party A and Party B and such other documents as the parties may agree in writing to constitute a "Credit Support Document" for purposes of this Agreement. (7) Credit Support Provider

. Does not apply to Party A or Party B. (8) Governing Law

. This Agreement and any non-contractual obligations arising out of or in connection with it or with the subject matter of this contract shall be governed by and construed in accordance with the law of the State of New York.

(9) Jurisdiction

. Section 13(b) – Jurisdiction shall be deleted in its entirety and replaced with the following: "(b) Jurisdiction. With respect to any dispute, claim, difference or controversy arising out of, relating to or having any connection with this Agreement, including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity and any dispute relating to any non- contractual obligations arising out of or in connection with it ("Proceedings"), each party irrevocably:-

(i) submits to the exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; and

(ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party." (10) Netting of Payments

. "Multiple Transaction Payment Netting" will apply for the purpose of Section 2(c) of this Agreement. All payments made under a Transaction shall be made in accordance with the account details set out in the relevant written notice or as otherwise notified between the parties. (11) Absence of Litigation

. For the purpose of Section 3(c) of this Agreement: "Specified Entity" means, in relation to Party A, none. "Specified Entity" means, in relation to Party B, none. (12) No Agency

. The provisions of Section 3(g) of this Agreement will apply to this Agreement. (13) Additional Representation

will apply. For the purpose of Section 3 of this Agreement, the following will each constitute an Additional Representation: (h) Relationship Between Parties. Each party will be deemed to represent to the other party on the date on which it enters into a Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): Non-Reliance. It is acting for its own account, and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment and upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of the other party as investment advice or as a recommendation to enter into that Transaction, it being understood that information and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from the other party will be deemed to be an assurance or guarantee as to the expected results of that Transaction. Assessment and Understanding. It is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. Status of Parties. The other party is not acting as a fiduciary for or an adviser to it in respect of that Transaction.

Other Transactions. It understands and acknowledges that the other party may, either in connection with entering into a Transaction or from time to time thereafter, engage in open market transactions that are designed to hedge or reduce the risks incurred by it in connection with such Transaction and that the effect of such open market transactions may be to affect or reduce the value of such Transaction. No Material, Non-Public Information. Party B will be deemed to represent and warrant to Party A on each date on which it enters into a Transaction, that it is not entering into any Transaction while in possession of material, non-public information concerning the Eligible Securities. (vi) No Beneficial Ownership Through Voting or Investment Power. Party B does not have, and shall not obtain, directly or indirectly, any right or ability to control, direct, or influence the voting or disposition of any securities or shares that are the subject of any Transaction under this Agreement, including without limitation any right to direct Party A (or any of its Affiliates or agents) with respect to voting or investment decisions in respect of any such securities. Party B acknowledges that if it were to obtain such rights or powers, it may be deemed to have beneficial ownership under Rule 13d-3(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). (14) Eligible Contract Participant

. Party B represents (which representation will be deemed to be repeated by on each date on which a Transaction is entered into) that it is an "eligible contract participant", as defined in

Section 1a of the U.S. Commodity Exchange Act, as amended, and the Commodity Futures Trading Commission regulations thereunder. (15) Recording of Conversations

. Each party (i) consents to the recording of telephone conversations between the trading, marketing and other relevant personnel of the parties and their Affiliates in connection with this Agreement or any potential Transaction, (ii) agrees to obtain any necessary consent of, and give any necessary notice of such recording to, its relevant personnel and (iii) agrees, to the extent permitted by applicable law, that recordings may be submitted in evidence in any Proceedings.

PART 5 Other Provisions (1) Scope

. This Agreement shall only apply to Transactions between the parties that are "Equity Swap Transactions," as such term is defined in the 2002 ISDA Equity Derivative Definitions and which constitute "security-based swaps," as such term is defined in the U.S. Securities Exchange Act of 1934, as amended. (2) Waiver of Jury Trial

. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Agreement or any Credit Support Document. Each party (i) certifies that no representative, agent or attorney of the other party or any Credit Support Provider has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement and provide for any Credit Support Document, as applicable, by, among other things, the mutual waivers and certifications in this Section. (3) Waiver of Tax Confidentiality

. Notwithstanding anything herein to the contrary, Party B and each of its employees, representatives or other agents may disclose to any and all persons, without limitation of any kind, the U.S. federal and state income tax treatment and the U.S. federal and state income tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to Party B relating to such tax treatment and tax structure insofar as such treatment and/or structure relates to a U.S. federal or state income tax strategy provided to Party B by Party A and/or its affiliates. (4) Form of Agreement

. The parties hereby agree that the text of the body of this Agreement is intended to be the printed form of the ISDA 2002 Master Agreement as published and copyrighted by the International Swaps and Derivatives Association, Inc®.

(5) Inconsistency

. In the event of any inconsistency between any of the following documents, the relevant document first listed below shall govern: (i) a Confirmation; (ii) the Schedule or Paragraph 13 of an ISDA Credit Support Annex (as applicable); (iii) the ISDA Definitions; and (iv) the printed form of ISDA Master Agreement and ISDA Credit Support Annex (as applicable). (6) Accuracy of Specified Information

. Section 3(d) is hereby amended by adding in the third line thereof after the word "respect" and before the period, the phrase "or, in the case of audited or unaudited financial statements, a fair presentation of the financial condition of the relevant entity as of the date of such statements." (7) Confidentiality

. The parties agree that information provided hereunder will be subject any current or future non-disclosure agreements between the parties, as may be amended, restated or otherwise modified by the parties from time to time. (8) Transaction Reporting

. Notwithstanding anything to the contrary in this Agreement or any non-disclosure, confidentiality or other agreements entered into between the parties from time to time, each party hereby consents to the Disclosure of information (the "Reporting Consent"): (i) to the extent required by, or necessary in order to comply with, any applicable law, rule or regulation which mandates Disclosure of transaction and similar information or to the extent required by, or necessary in order to comply with, any order, request or directive regarding Disclosure of transaction and similar information issued by any relevant authority or body or agency ("Reporting Requirements"); or (ii) to and between the other party's head office, branches or affiliates; to any person, agent, third party or entity who provides services to such other party or its head office, branches or affiliates (to the extent such service providers are bound by confidentiality terms); to a Market; or to any trade data repository or any systems or services operated by any trade repository or Market, in each case, solely for the purpose of complying with the Reporting Requirements. For the purposes hereof: "Disclosure" means disclosure, reporting, retention, or any action similar or analogous to any of the aforementioned; and "Market" means any exchange, regulated market, clearing house, central clearing counterparty, multilateral trading facility or organized trading facility. Disclosures made pursuant to this Reporting Consent may include, without limitation, Disclosure of information relating to disputes over transactions between the parties, a party's identity, and certain transaction and pricing data and may result in such information becoming available to the public or recipients in a jurisdiction which may have a different level of protection for personal data from that of the relevant party's home jurisdiction. Notwithstanding anything to the contrary as set out herein, this Reporting Consent shall be deemed to constitute an agreement between the parties with respect to Disclosure in general and shall survive the termination of this Agreement. No amendment to or termination of this Reporting Consent shall be effective unless such amendment or termination is made in writing between the parties and specifically refers to this Reporting Consent. (9) Withholding Tax imposed on payments under the United States Foreign Account Tax Compliance Act

"Tax" as used in Part 2(a) of this Schedule (Payer Tax Representation) and "Indemnifiable Tax" as defined in

Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section

1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a "FATCA Withholding Tax"). For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement. (10)

Section 871(m) Protocol.

Party A and Party B agree that the amendments contained in the Attachment to the ISDA 2015 Section 871(m) Protocol published by ISDA on November 2, 2015 (the "Protocol"), which is available on the ISDA website (www.isda.org), will apply to any Transaction hereunder. Party A and Party B further agree that this Agreement will be deemed to be a Covered Master Agreement and that the Implementation Date will be the effective date of this Agreement as amended by the parties for the purposes of such amendments, regardless of the definitions of such terms in the Protocol. (11) ERISA

. (i) Party B and the Investment Manager represent and warrant to Party A (which representations and warranties will be deemed to be repeated at all times until there are no obligations outstanding under this Agreement and the B agreement and all Transactions hereunder have been terminated) that no class of equity interests issued by Party B is directly or indirectly owned to the extent of 25% by one or more "benefit plan investors" as defined under the DOL Regulation 29 CFR § 2510.3-101 (the

"Plan Asset Regulation" as modified by Section 3(42) of ERISA or Section 401 of the ERISA. Party B and the Investment Manager hereby agree to provide notice to Party A in the event that it is aware that it is in breach of any aspect of this representation or is aware that with the passing of time, giving of notice of expiry of any applicable grace period it will breach this representation. For the avoidance of doubt the parties agree that any breach of this representation shall be material for the purposes of

Section 5(a)(iv). (ii) Party B and the Investment Manager represent and warrant (which representations and warranties will be deemed to be repeated at all times until all Transactions are terminated and no obligations remain outstanding under this Agreement) that if any investor in Party B is a Governmental Plan, Party B will not be subject to any law, regulation, policy or procedure which is similar to Section 406 of ERISA or Section 4975 of the Code and that is applicable to Party A by reason of such Governmental Plan's investment in Party B. (iii) Party B and the Investment Manager agree that, should any class of equity interest issued by Party B, at any time from the date of this Agreement, be directly or indirectly owned to the extent of 25% or more by one or more "benefit plan investors", as defined under the Plan Asset Regulation as modified by Section 34(2) of ERISA or Section 401 of ERISA, Party B shall notify Party A immediately in writing and the following provisions shall apply: (A) Party B and the Investment Manager shall represent and warrant (which representations and warranties will be deemed to be repeated at all times until there are no obligations outstanding under this Agreement and all Transactions hereunder have been terminated) that: (I)

(aa) the Investment Manager is a "qualified professional asset manager" as defined under the QPAM Exemption and the requirements and conditions of the QPAM Exemption have been and will be satisfied; and in the event that the plan assets of any plan invested in Party B, when combined with the plan assets of other plans established or maintained by the same employer (or any affiliate thereof as described in Part VI(c) of the QPAM Exemption) or by the same employee organization, and managed in Party B, constitute 10 percent or more of the assets of Party B (such plans, "10% Plans"), the Investment Manager will notify Party A promptly of the identity of any such 10% Plan or Plans and a list of

names provided to the Investment Manager by any investing 10% Plan purporting to be the individuals or entities with the authority to (x) appoint or terminate the Investment Manager as manager of such 10% Plan's assets invested in Party B or (v) negotiate the terms of the investment management agreement with the Investment Manager including renewals or modifications thereof) on behalf of such 10% Plan with respect to such 10% Plan's assets invested in Party B, as well as. information provided to the Investment Manager by such 10% Plan with respect to the business affiliations of such individuals or entities, or (bb) the requirements and conditions of another Exemption have been and will be satisfied with respect to this Agreement and each Transaction, Auxiliary Transaction and Credit Support Document hereunder; (II) all conditions of the Exemption necessary for the applicability of such Exemption have been and will be satisfied with respect to this Agreement and each Transaction, Auxiliary Transaction and Credit Support Document hereunder (III)

(aa) neither Party A nor its Affiliates are acting as a fiduciary within the meaning of Section 3(21) of ERISA in respect of Party B, (bb) neither Party A nor its Affiliates have received and will not receive any compensation for providing investment advice in respect of the assets of Party B, (cc) neither Party A nor its Affiliates have responsibility for governing or overseeing the conduct of Party B or the Investment Manager and all decisions have been the result of arms' length negotiations between the parties, and (dd) it has analyzed how this Agreement and each Transaction, Auxiliary Transaction and Credit Support Document fit into Party B's and each Plan's overall objectives and has determined that entering into such agreements is in the best interest of each Plan's participants and beneficiaries; and (IV) any assets pledged as collateral by Party B in connection with this Agreement or any Transaction do not and will not constitute "plan assets" within the meaning of Title I of ERISA or Section 4975 of the Code. (B) Additional Termination Event will apply. The following event shall constitute an Additional Termination Event pursuant to Section 5(6)(vi) (for the purposes of which all Transactions shall be Affected Transactions and Party B shall be the sole Affected Party): Exemption Failure. The Exemption fails or ceases to apply with respect to this Agreement or any Transaction, Auxiliary Transaction or Credit Support Document and Party B has not provided Party A with evidence satisfactory to Party A that none of the Agreement or any Transaction, Auxiliary Transaction or Credit Support Document is a prohibited transaction under Section 406 of ERISA or Section 4975 of the Code because one or more exemptions thereunder applies at all times to this Agreement and each Transaction and Auxiliary Transaction and any Credit Support Document or Party B becomes subject to any law, regulation, policy or procedure which is similar to Section 406 of ERISA or Section 4975 of the Code and that is applicable to Party B by reason of any Governmental Plan's investment in Party B. (C) Modified Representation. For purposes of Section 3(a)(iii) and 3(a)(iv) of this Agreement, the following shall be added to each, immediately prior to the semi-colon at the end thereof:

"provided that this representation does not apply with respect to Party B or Party A to the extent that the Exemption does not apply or does not continue to apply to this Agreement or any Transaction, Auxiliary Transaction or Credit Support Document as a result of the breach by the other party of any representation or covenant set forth herein."

(iv) Additional Definitions. The following additional definitions are added to Section 14 of this Agreement:

" Investment Manager " means Corgi Strategies, LLC

"Auxiliary Transaction" means any transaction engaged in by Party B or the Investment Manager in furtherance of this Agreement or any Transaction.

"Code" means the Internal Revenue Code of 1986, as amended from time to time, or any successor federal statute.

"DOL" means the United States Department of Labor or any other federal agency to the extent such agency succeeds to any of the functions of the United States Department of Labor.

"ERISA" means the Employee Retirement Income Security Act of 1974, as amended, or any successor federal statute.

"Exemption" means the QPAM Exemption or such other exemption from the prohibited transaction provisions of Section 406 of ERISA and Section 4975 of the Code as Party B may from time to time advise Party A is applicable to this Agreement or any Transaction, Auxiliary Transaction or Credit Support Document in advance of the entering into of any Transaction, Auxiliary Transaction or Credit Support Document.

"Governmental Plan" shall have the meaning assigned to it under Section 3(32) of ERISA.

"Plan" or "Plans" means each employee benefit plan within the meaning of Section 3(3) of ERISA that is covered by Title I of ERISA and the assets of which are held in Party B.

"QPAM Exemption" means Prohibited Transaction Class Exemption 84-14 issued by the DOL, as amended. (v) Party B and the Investment Manager will indemnify, defend and hold harmless Party A in respect of any losses, claims, damages or liability arising out of any Transaction which is a "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Code (including without limitation against any penalty or excise tax). (12) Consent to Reporting

. Without prejudice to the generality of any applicable law, and with respect to any "Equity Swap Transaction" (as such term is defined in the 2002 ISDA Equity Derivative Definitions), Party B expressly consents to the disclosure by Party A or its affiliates to the relevant authorities in the jurisdiction of the incorporation or organization of any relevant issuer (a "Relevant Jurisdiction"), each jurisdiction in which the Eligible Securities and/or Hedge Positions (as defined in the 2002 ISDA Equity Derivative Definitions) attributable to Party A and/or its affiliates are located and/or traded (each, a "Local Jurisdiction") or any jurisdiction of tax residence of any relevant issuer (a "Tax Residence Jurisdiction"), information relating to the Transaction (including, without limitation, the name of Party B and any dates and amounts specified in the relevant Confirmation) as may be required by such relevant authorities from time to time pursuant to applicable laws and regulations of the Relevant Jurisdiction, the Local Jurisdiction and/or the Tax Residence Jurisdiction (as applicable). (13) Failure to Pay or Deliver.

Section 5(a)(i) (Failure to Pay or Deliver) of the Master Agreement shall be amended:

(a) with respect to, and for the purposes of any payments or deliveries to be made by a party under, any Credit Support Annex hereto, Section 5(a)(i) shall be amended by deleting all that follows after the phrase "required to be made by it" in the second line thereof. (14) Set Off.

Section 6(f) of this Agreement is deleted in its entirety and replaced with the following:

"(f) Upon the designation of any Early Termination Date, the party that is not the Defaulting Party or Affected Party ("X") may, without prior notice to the Defaulting or Affected Party ("Y"), set off any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by Y to X or any Affiliate of X (the "X Set Off Amount") against any sum or obligation (whether or not arising under this Agreement, whether matured or unmatured, whether or not contingent and irrespective of the currency, place of payment or booking office of the sum or obligation) owed by X or any Affiliate of X to Y (the "Y Set Off Amount"). X will give notice to the other party of any set off effected under this Section 6(f). For this purpose, either the X Set Off Amount or the Y Set Off Amount (or the relevant portion of such set off amounts) may be converted by X into the currency in which the other set off amount is denominated at the rate of exchange at which X would be able, acting in a reasonable manner and in good faith, to purchase the relevant amount of such currency. If a sum or obligation is unascertained, X may in good faith estimate that obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, combination of accounts, lien or other rights to which any party is at any time otherwise entitled (whether by operation of law, contract or otherwise)." (15) ISDA 2020 UK EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol.

Parts I to III of the attachment to the ISDA 2020 UK EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol published by the International Swaps and Derivatives Association Inc. on 17 December 2020 and available on the ISDA website (www.isda.org) (the "PDD Protocol") are incorporated into and apply to this Agreement as if set out in full in this Agreement but with the following amendments and elections: (a) The definition of "Adherence Letter" is deleted and references to "Adherence Letter", "such party's Adherence Letter" and "Adherence Letter of such party" are deemed to be references to this

Part 5(19). (b) References to "Implementation Date" are deemed to be references to the date of this Agreement. (c) The definition of "Protocol" is deemed to be deleted. (d) The definitions of "Portfolio Data Sending Entity" and "Portfolio Data Receiving Entity" are replaced with the following (notwithstanding that either party may have adhered to the PDD Protocol as a Portfolio Data Sending Entity or a Portfolio Data Receiving Entity (as applicable)): "Portfolio Data Sending Entity" means Party A, subject to Part I(2)(a) of the PDD Protocol. "Portfolio Data Receiving Entity" means Party B, subject to Part I(2)(a) of the PDD Protocol. (e) Local Business Days for the purposes of portfolio reconciliation and dispute resolution.

(i) Party A specifies the following place(s) for the purposes of the definition of Local Business Day as it applies to it for the purposes of portfolio reconciliation and dispute resolution only: London and New York. (ii) Party B specifies the following place(s) for the purposes of the definition of Local Business Day as it applies to it for the purposes of portfolio reconciliation and dispute resolution only: New York (f) Contact details for the purposes of portfolio reconciliation and dispute resolution. Notwithstanding Part 4 of this Agreement and unless otherwise agreed between the parties in writing, the following items shall be delivered to the respective parties as follows: (i) Notices to Party A: Portfolio Data: To Be Advised Notice of a discrepancy: To Be Advised Dispute Notice: To Be Advised (ii) Notices to Party B: Portfolio Data: Corgi ETF Trust I, on behalf of its series FDRX Notice of a discrepancy: Corgi ETF Trust I, on behalf of its series FDRX Dispute Notice: Corgi ETF Trust I, on behalf of its series FDRX Any notice given by email in accordance with this Part 5[(15)], will be deemed effective on the date it is delivered unless the date of that delivery (or attempted delivery) is not a Local Business Day (in respect of the receiving party) or, subject to Part I(1)(a)(iv) of the PDD Protocol, that communication is delivered (or attempted) after the close of business on a Local Business Day (in respect of the receiving party), in which case that communication will be deemed given and effective on the first following day that is a Local Business Day (in respect of the receiving party). (16) Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution version.

The parties agree that the provisions set out in the attachment (the "Attachment") to the ISDA 2016 Bail-in Article 55 BRRD Protocol (Dutch/French/German/Irish/Italian/Luxembourg/Spanish/UK entity-in-resolution version) are incorporated into and form part of this Agreement. This Agreement shall be deemed a Protocol Covered Agreement for the purposes of the Attachment and the Implementation Date for the purposes of the Attachment shall be deemed to be the date of this Agreement. In the event of any inconsistencies between the Attachment and the other provisions of this Agreement, the Attachment will prevail. (17) Party B Further Agreements.

In addition to Party B's agreements under Section 4 of the Agreement, Party B further agrees that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party: (i) Party B will at all times indemnify, defend and hold harmless Party A against all liability or loss in respect of any and all actions taken or purported to be taken (including, without limitation, in respect of any Transaction) on behalf of Party B by the Investment Manager (or any employee or agent of the Investment Manager) in connection with this Agreement that exceed the authority of the Adviser or such employee or agent; and (ii) Party B will, upon learning of the occurrence or existence of any event or condition that constitutes (or that, with the giving of notice or passage of time (or both) would constitute) an Event of Default of Termination Event with respect to it, promptly give the other party notice of such event or condition. (a)

Part 6 Foreign Exchange Transactions and Currency Option Transactions

(a) Incorporation of 1998 FX and Currency Option Definitions. The definitions and provisions contained in the1998 FX and Currency Option Definitions (as amended and supplemented by the 2005 Barrier Option Supplement, together the "1998 FX Definitions") as published by the International Swaps and Derivatives Association, Inc. and Emerging Markets Traders Association ("EMTA") and The Foreign Exchange Committee ("FXC), are incorporated into any Confirmation, with respect to FX Transactions or Currency Options, which supplements and forms part of this Agreement, and all capitalized terms used in a Confirmation shall have the meaning set forth in the 1998 FX Definitions, unless otherwise defined in a Confirmation.

(b) Confirmations. Any FX Transaction or Currency Option Transaction into which the parties may before the date of this Agreement have entered, or may in the future enter, where the relevant Confirmation on its face does not expressly exclude the application of this Agreement, shall (to the extent not otherwise provided for in this Agreement) be subject to governed by and construed in accordance with this Agreement. Each such FX Transaction and Currency Option Transaction shall be a Transaction, and the documents and other confirming evidence (including electronic messages on an electronic messaging service) exchanged between the parties or otherwise effective for the purpose of confirming such FX Transaction or Currency Option Transaction shall each be a Confirmation (even where not so specified therein), for the purposes of this Agreement.

(c) Incorporation of Master Confirmation Agreement for Non-Deliverable Forward FX and Currency Option Transactions. The terms and conditions contained in each of (i) the Master Confirmation Agreement for Non-Deliverable Forward FX Transactions ("NDFs"), as published by the FXC, EMTA and the Foreign Exchange Joint Standing Committee (such agreement, the "MCA for NDFs") and (ii) the Master Confirmation Agreement for Non-Deliverable Currency Option Transactions (European Style) ("NDOs") as published by the FXC, EMTA and the Foreign Exchange Joint Standing Committee (such agreement, the

"MCA for NDOs") are incorporated into this Agreement, and such terms and conditions shall supplement form part of and be governed by this Agreement as if the parties had executed each of the MCA for NDFs and the MCA for NDOs as of the date of this Agreement with the elections in respect of the Addendum thereto as set forth immediately below: (i) Master Agreement. "Master Agreement" for purposes of each of the MCA for NDFs and the MCA for NDOs shall mean this Agreement. (ii) Calculation Agent. The parties agree that the Calculation Agent for each NDF Transaction or NDO Transaction shall be Party A. (iii) Account Details. The parties agree that the account details for each NDF Transaction or NDO Transaction shall be: Account details are as specified in applicable standing settlement instructions. (iv) Contact Information. The parties agree that the contact details for notices or communications for each NDF Transaction or NDO Transaction shall be: Address and other contact details for notices or communications to Party B: As specified in Part 4(a) of this Schedule. Address and other contact details for notices or communications to Party A: As specified in Part 4(a) of this Schedule or as may be notified to Party B by Party A from time to time.

(d) Deliverable FX Transactions. Section 2.2(a) of the FX Definitions is hereby amended by substituting the following therefor in its entirety:

"Deliverable FX Transaction. Unless the parties expressly agree in a Confirmation of a Deliverable FX Transaction that this subsection i shall be inapplicable to such Deliverable FX Transaction, the obligation of Party A to make a payment in respect of any Deliverable FX Transaction on a Settlement Date is subject to the condition precedent that Party B shall have first satisfied its obligation to make each payment under such Deliverable FX Transaction, subject to any applicable condition precedent and any applicable provisions of Article 5.If the parties expressly agree in a Confirmation of a Deliverable FX Transaction that subsection (i) immediately above shall be inapplicable to such Deliverable FX Transaction, each party will pay, on the Settlement Date in respect of such Deliverable FX Transaction, the amount specified as payable by it in the related Confirmation, subject to any applicable condition precedent and any applicable provisions of Article 5."

**CF SECURED, LLC**

**CORGI ETF TRUST I, ON BEHALF OF EACH OF**

**ITS SERIES LISTED IN APPENDIX A HERETO, SEVERALLY BUT NOT JOINTLY**

By: /s/ Pascal Bandelier

Name: Pascal Bandelier

Title: Executive Managing Director

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President and Principal Executive Officer; Trustee CORGI STRATEGIES, LLC ("Investment Manager"), in its individual corporate capacity solely with respect to its representations, warranties and agreements set forth herein.

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President and Principal Executive Officer; Trustee

APPENDIX A Trust Series Corgi ETF Trust I The Founder-Led 2x Daily ETF

Appendix I

[Investment Adviser's Letterhead] November 25, 2025

CF SECURED, LLC 110 East 59th Street, 7th Floor, New York, NY 10022 Ladies and Gentlemen: In connection with the purchase, sale (including short sales), lending or borrowing of securities, commodities, foreign exchange, futures, options, or any other financial instrument or over-the-counter or on-exchange transaction (collectively, "Transactions") to be entered into between Corgi ETF Trust I, on behalf each of its series listed in Appendix A hereto, severally but not jointly (the "Client") and CF Secured, LLC ("Cantor'") or any of its subsidiaries, affiliates or branches (collectively, the "Cantor Group" , and individually, a "Cantor Group member"), which may include rate swap transactions, basis swaps, forward rate transactions, commodity swaps, commodity options, equity or equity index swaps, equity or equity index options, bond options, interest rate options, foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, and any other derivative transactions, transactions under futures agreement (including any over-the-counter cleared derivatives agreement), prime brokerage agreement, or margin lending agreement, repurchase and reverse repurchase transactions, and spot and forward transactions (including without limitation any option with respect to any of these transactions and combinations of the foregoing), Corgi Strategies, LLC ("Adviser") hereby acknowledge, represent and warrant continuously to, and covenant and agree with, each Cantor Group member as follows: (a) In the event we transact in "restricted securities" or derivative transactions referencing restricted securities, as such term is defined in Rule 144(a)(3) of the Securities Act of 1933, as amended, we are an investment adviser registered under the Investment Advisers Act of 1940, as amended, and are in compliance with the requirements of such Act, and we are a "qualified institutional buyer" as defined in Rule 144A of the Securities Act of 1933, as amended. (b) Pursuant to a management or advisory agreement with the Client, we have been duly authorized by the Client to, at our discretion, enter into Transactions on behalf of the Client with Cantor and each other Cantor Group member, execute confirmations of Transactions and master agreements, security agreements and other agreements and instruments relating to Transactions on behalf of the Client and bind the Client with respect to such Transactions. You may rely on our assurance, that, on the basis of such investigation as we have deemed appropriate, we are satisfied that the person or persons who signed our management or advisory agreement were themselves properly authorized by the Client. We agree that each Cantor Group member is entitled to rely upon (i) this letter as conclusive evidence that any Transaction with any Cantor Group member entered into by the undersigned on behalf of the Client will be duly authorized and will constitute a binding obligation of the Client with respect to all its assets, and (2) any request, instruction, certificate or other document furnished or other action taken by any employee or agent of the undersigned, identified by the undersigned or the Client from time to time and reasonably believed by such Cantor Group member to be authorized to act under this letter or any Transaction, as genuine and authorized. (c) We have knowledge and experience in financial and business matters and are capable of evaluating the merits and risks of Transactions on behalf of the Client, and prior to entering into any Transaction

on behalf of the Client, we shall determine that such Transaction is appropriate and suitable for such Client. We are not relying on any communication of any Cantor Group member as investment advice or as a recommendation to enter. into any Transaction. No communication (written or oral) received from any Cantor Group member shall be deemed to be an assurance or guarantee as to the expected results of any Transaction. No Cantor Group member is acting as a fiduciary for or adviser to us or the Client in respect of any Transaction. (d) We will indemnify each Cantor Group member against any losses, claims, damages or liability arising out of any Transaction being characterized as a "prohibited transaction" under Section 406 of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (including without limitation against any penalty or excise tax). With respect to Transactions with any Cantor Group member entered into by the undersigned on behalf of the Client, no advice given to the undersigned or the Client by or on behalf of any Cantor Group member shall form a primary basis for any investment decision by the undersigned, the Client or any plan subject to ERISA the assets of which are held by the Client, no Cantor Group member has or will have any discretionary authority or control over the assets of the Client or any such plan, no Cantor Group member shall have any responsibility for governing or overseeing the conduct of any investment adviser or fiduciary of the Client or any such plan, and no Cantor Group member is or will become a "fiduciary" within the meaning of Section 3(21) of ERISA or Section 4974 of the Code with respect to the Client or any such plan. (e) The person executing this letter on our behalf has been authorized to do so and this letter has been duly executed and delivered by us and is binding upon and enforceable against us in accordance with its terms. This letter does not and will not violate any law applicable to us, any provision of our organizational or governing documents, any agreement by which we are bound or any order or judgment of any court or regulatory or governmental authority applicable to us or any of our assets. There is not pending or, to our knowledge, threatened against us or any of our affiliates any action, suit or proceeding at law or in equity or before any court, tribunal governmental body, agency or official or any arbitrator, or any pending or in-process investigation by any regulatory or governmental authority, that is likely to affect the legality, validity or enforceability against us of this letter, our ability to perform our obligations as investment adviser to the Client or our business or financial condition. (f) In the event any Cantor Group member becomes involved in any capacity in any action, proceeding or investigation arising out of or based upon any false representation or warranty or breach or failure by us to comply with any covenant or agreement made by us herein, or in any other document furnished to any Cantor Group member by us in connection with Transactions with the Client, or in the event any action or claim is brought against any Cantor Group member alleging facts or circumstances which constitute or could constitute a breach of any of the foregoing representations, warranties, covenants or agreements, including, without limitation, an action or claim that any Transaction between any Cantor Group member and the Client was unauthorized or unsuitable or inappropriate for such Client, we will indemnify and hold harmless Cantor Group for its legal and other expenses (including the cost of any investigation and preparation) incurred in connection therewith, including without limitation the reasonable fees and disbursements of counsel in any action to which any Cantor Group member is a party (whether or not we or the Client are a party to such action). We also will indemnify Cantor Group against any losses, claims damages or liability to which Cantor Group may become subject in connection with any such matter. Our reimbursement and indemnity obligations under this paragraph shall be in addition to any liability which we may otherwise have and shall survive the termination of this letter. (g) The representations, warranties, covenants and indemnities set forth in this letter shall inure to the benefit of the Cantor Group and their successors and assigns, and shall survive the termination of this letter and any Transaction. This letter shall be governed by and construed in accordance with the laws of the State of New York (without reference to choice of law doctrine). The invalidity or unenforceability of any provision of this letter shall not affect the validity or enforceability of any other provision hereof, all of which shall remain in full force and effect.

(h) In connection with any ISDA Master Agreement dated November 25, 2025 or any other agreement between any Cantor Group member and Client that does not otherwise provide for an agent for service of process or current address within the United States, we agree to act as agent for service of process for Client under each such agreement. We understand and acknowledge that the Cantor Group will rely on the foregoing representations, warranties covenants and agreements when offering to enter into Transactions with the Client. Without limiting our responsibility or obligations under this letter, we agree to notify CF Secured, LLC immediately at the address above, attention General Counsel, if at any time we discover or learn of facts at variance with the foregoing representations and warranties. Corgi Strategies, LLC

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President and Principal Executive Officer; Trustee

## Ex-99.H

#### Exhibit (h)(xvii)
Second Amendment to the ISDA Master Agreement between the Trust and CF Secured LLC, dated May 11, 2026

Filed herewith.

------

**AMENDMENT TO THE ISDA MASTER AGREEMENT**

Dated as of May 11, 2026

This Amendment (this "Amendment") to the ISDA 2002 Master Agreement, dated November 25, 2025, by and between CF Secured, LLC ("Party A") and Corgi ETF Trust I, a series trust organized under the laws of the State of Delaware, on behalf of each of its series listed in Appendix A to the Schedule, severally but not jointly (each a "Party B"), severally but not jointly (such agreement, as amended, restated, supplemented or otherwise modified to date, the "Agreement"), is effective as of May 11, 2026 (the "Effective Date").

WHEREAS, Party A and Party B wish to amend the Agreement as described herein.

NOW THEREFORE, the parties hereto, intending to be bound legally, hereby agree as follows, effective as of the Effective Date: 1. Amendment of Appendix A, Appendix A of the Agreement is hereby deleted and replaced with a new Appendix A attached hereto. Each entity listed on the attached Appendix A as of the date hereof, is each a "Party B" under the Agreement. 2. Amendment of the Agreement. Part 1 Paragraph (7)(a) of the Schedule to the Agreement is hereby amended by adding the following at the end thereof: (xii) At any time on any Local Business Day, Party B is in excess of any Trading Limit set by Party A in Party A's sole discretion. "Trading Limit" shall mean any limit in any form set by Party A in its sole discretion and notified to Party B at any time and from time to time applicable to Party B's Transactions in connection with this Master Agreement. The Trading Limit in effect as of the date hereof is: Party B Trading Limit The Founder-Led 2x Daily ETF USD [\*\*\*] Corgi Mag 7 ETF USD [\*\*\*] Corgi All World 2x Daily ETF USD [\*\*\*] Corgi Brazil 2x Daily ETF USD [\*\*\*] Corgi China 2x Daily ETF USD [\*\*\*] Corgi Chinese Internet 2x Daily ETF USD [\*\*\*] Corgi Emerging Markets 2x Daily ETF USD [\*\*\*] Corgi Europe Equities 2x Daily ETF USD [\*\*\*] Corgi Ex-U.S. Equities 2x Daily ETF USD [\*\*\*] Corgi India 2x Daily ETF USD [\*\*\*] Corgi U.S. Large-Cap 2x Daily ETF USD [\*\*\*] Corgi U.S. Mega-Cap Growth 2x Daily ETF USD [\*\*\*] Corgi U.S. Mid-Cap 2x Daily ETF USD [\*\*\*] Corgi U.S. Small-Cap 2x Daily ETF USD [\*\*\*] Corgi South Korea 2x Daily ETF USD [\*\*\*] Corgi Taiwan 2x Daily ETF USD [\*\*\*] Corgi Total U.S. Market 2x Daily ETF USD [\*\*\*] Corgi U.S. Biotech 2x Daily ETF USD [\*\*\*] Corgi U.S. Consumer Discretionary 2x Daily ETF USD [\*\*\*] Corgi U.S. Consumer Staples 2x Daily ETF USD [\*\*\*] Corgi U.S. Energy 2x Daily ETF USD [\*\*\*]

Corgi U.S. Financials 2x Daily ETF USD [\*\*\*] Corgi U.S. Growth 2x Daily ETF USD [\*\*\*] Corgi U.S. Healthcare 2x Daily ETF USD [\*\*\*] Corgi U.S. Industrials 2x Daily ETF USD [\*\*\*] Corgi U.S. Infrastructure 2x Daily ETF USD [\*\*\*] Corgi U.S. Materials 2x Daily ETF USD [\*\*\*] Corgi U.S. Micro-Cap 2x Daily ETF USD [\*\*\*] Corgi U.S. Real Estate 2x Daily ETF USD [\*\*\*] Corgi U.S. Regional Banks 2x Daily ETF USD [\*\*\*] Corgi U.S. Semiconductors 2x Daily ETF USD [\*\*\*] Corgi U.S. Technology 2x Daily ETF USD [\*\*\*] Corgi U.S. Utilities 2x Daily ETF USD [\*\*\*] Corgi All Commodities 2x Daily ETF USD [\*\*\*] Corgi AGIX 2x Daily ETF USD [\*\*\*] Corgi Aerospace & Commercial Aviation 2x Daily ETF USD [\*\*\*] Corgi AI Cybersecurity 2x Daily ETF USD [\*\*\*] Corgi Battery Energy Storage Systems 2x Daily ETF USD [\*\*\*] Corgi Bay Area Based 2x Daily ETF USD [\*\*\*] Corgi Beauty, Skincare & Aesthetics 2x Daily ETF USD [\*\*\*] Corgi Coffee & Energy Drinks 2x Daily ETF USD [\*\*\*] Corgi Crypto Infrastructure 2x Daily ETF USD [\*\*\*] Corgi Data & Surveillance 2x Daily ETF USD [\*\*\*] Corgi Genomics & Precision Medicine 2x Daily ETF USD [\*\*\*] Corgi High Voltage Grid Equipment 2x Daily ETF USD [\*\*\*] Corgi Lifestyle Brands 2x Daily ETF USD [\*\*\*] Corgi Longevity Consumer 2x Daily ETF USD [\*\*\*] Corgi Natural Gas Power & Turbines 2x Daily ETF USD [\*\*\*] Corgi NYC Based 2x Daily ETF USD [\*\*\*] Corgi Ports, Rail & Freight 2x Daily ETF USD [\*\*\*] Corgi Quantum Computing 2x Daily ETF USD [\*\*\*] Corgi Robots & Humanoids 2x Daily ETF USD [\*\*\*] Corgi Shipping & Global Logistics 2x Daily ETF USD [\*\*\*] Corgi Sports Betting & Gambling 2x Daily ETF USD [\*\*\*] Corgi Travel & Leisure 2x Daily ETF USD [\*\*\*] Corgi U.S. War Machine 2x Daily ETF USD [\*\*\*] Corgi Buy Now Pay Later 2x Daily ETF USD [\*\*\*] Corgi Space & Satellite Communications 2x Daily ETF USD [\*\*\*] Corgi Mag 7 2x Daily ETF USD [\*\*\*] Corgi IP Licensing & Royalties 2x Daily ETF USD [\*\*\*] Corgi Drones & Urban Air Mobility 2x Daily ETF USD [\*\*\*] Corgi Lithography & Semiconductor Photonics 2x Daily ETF USD [\*\*\*] Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF USD [\*\*\*] For purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party, and the portion of the Transactions in excess of the Trading Limit shall be Affected Transactions.

2. Representations. Each party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment. 3. Miscellaneous. (a) Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such terms in the Agreement. (b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. This Amendment supersedes and replaces in its entirety all previous amendments to the Agreement (other than terms set forth in Confirmations of Transactions thereunder unless explicitly provided otherwise herein). (c) Agreement Continuation. All terms and provisions of the Agreement not expressly amended hereby, either expressly or by necessary implication, shall remain in full force and effect. In the event of any conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall prevail. (d) Counterparts. This Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together will constitute one and the same agreement. Counterparts may be executed in either original or electronic form in conformity with the U.S. federal ESIGN Act of 2000 (e.g., DocuSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and original signature of the party delivering the electronic signature. Upon execution and delivery of this document, the CSA shall be modified and amended in accordance with the terms herein and shall continue in full force and effect. (e) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment. (f) Governing Law. This Amendment and, to the fullest extent permitted by applicable law, all matters arising out of or relating in any way to this Agreement will be governed by and construed in accordance with the laws of the state of New York.

*[Signature Page to Follow]*

IN WITNESS WHEREOF the parties have executed this Amendment with effect from the date specified on the first page of this Amendment.

**CF SECURED, LLC**

By: /s/ Pascal Bandelier

Name: Pascal Bandelier

Title: Executive Managing Director

Date: 2026-05-18

**CORGI ETF TRUST I, ON BEHALF OF EACH OF ITS SERIES LISTED IN**

**APPENDIX A HERETO, SEVERALLY**

**BUT NOT JOINTLY**

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President

Date: 05/18/2026

*[Signature page of Amendment to the ISDA 2002 Master Agreement between Corgi ETF Trust I and CF Secured, LLC dated May 11, 2026]*

APPENDIX A Trust Series Corgi ETF Trust I The Founder-Led 2x Daily ETF Corgi ETF Trust I Corgi Mag 7 ETF Corgi ETF Trust I Corgi All World 2x Daily ETF Corgi ETF Trust I Corgi Brazil 2x Daily ETF Corgi ETF Trust I Corgi China 2x Daily ETF Corgi ETF Trust I Corgi Chinese Internet 2x Daily ETF Corgi ETF Trust I Corgi Emerging Markets 2x Daily ETF Corgi ETF Trust I Corgi Europe Equities 2x Daily ETF Corgi ETF Trust I Corgi Ex-U.S. Equities 2x Daily ETF Corgi ETF Trust I Corgi India 2x Daily ETF Corgi ETF Trust I Corgi U.S. Large-Cap 2x Daily ETF Corgi ETF Trust I Corgi U.S. Mega-Cap Growth 2x Daily ETF Corgi ETF Trust I Corgi U.S. Mid-Cap 2x Daily ETF Corgi ETF Trust I Corgi U.S. Small-Cap 2x Daily ETF Corgi ETF Trust I Corgi South Korea 2x Daily ETF Corgi ETF Trust I Corgi Taiwan 2x Daily ETF Corgi ETF Trust I Corgi Total U.S. Market 2x Daily ETF Corgi ETF Trust I Corgi U.S. Biotech 2x Daily ETF Corgi ETF Trust I Corgi U.S. Consumer Discretionary 2x Daily ETF Corgi ETF Trust I Corgi U.S. Consumer Staples 2x Daily ETF Corgi ETF Trust I Corgi U.S. Energy 2x Daily ETF Corgi ETF Trust I Corgi U.S. Financials 2x Daily ETF Corgi ETF Trust I Corgi U.S. Growth 2x Daily ETF Corgi ETF Trust I Corgi U.S. Healthcare 2x Daily ETF Corgi ETF Trust I Corgi U.S. Industrials 2x Daily ETF Corgi ETF Trust I Corgi U.S. Infrastructure 2x Daily ETF Corgi ETF Trust I Corgi U.S. Materials 2x Daily ETF Corgi ETF Trust I Corgi U.S. Micro-Cap 2x Daily ETF Corgi ETF Trust I Corgi U.S. Real Estate 2x Daily ETF Corgi ETF Trust I Corgi U.S. Regional Banks 2x Daily ETF Corgi ETF Trust I Corgi U.S. Semiconductors 2x Daily ETF Corgi ETF Trust I Corgi U.S. Technology 2x Daily ETF Corgi ETF Trust I Corgi U.S. Utilities 2x Daily ETF Corgi ETF Trust I Corgi All Commodities 2x Daily ETF Corgi ETF Trust I Corgi AGIX 2x Daily ETF Corgi ETF Trust I Corgi Aerospace & Commercial Aviation 2x Daily ETF Corgi ETF Trust I Corgi AI Cybersecurity 2x Daily ETF Corgi ETF Trust I Corgi Battery Energy Storage Systems 2x Daily ETF Corgi ETF Trust I Corgi Bay Area Based 2x Daily ETF Corgi ETF Trust I Corgi Beauty, Skincare & Aesthetics 2x Daily ETF Corgi ETF Trust I Corgi Coffee & Energy Drinks 2x Daily ETF Corgi ETF Trust I Corgi Crypto Infrastructure 2x Daily ETF Corgi ETF Trust I Corgi Data & Surveillance 2x Daily ETF

Corgi ETF Trust I Corgi Genomics & Precision Medicine 2x Daily ETF Corgi ETF Trust I Corgi High Voltage Grid Equipment 2x Daily ETF Corgi ETF Trust I Corgi Lifestyle Brands 2x Daily ETF Corgi ETF Trust I Corgi Longevity Consumer 2x Daily ETF Corgi ETF Trust I Corgi Natural Gas Power & Turbines 2x Daily ETF Corgi ETF Trust I Corgi NYC Based 2x Daily ETF Corgi ETF Trust I Corgi Ports, Rail & Freight 2x Daily ETF Corgi ETF Trust I Corgi Quantum Computing 2x Daily ETF Corgi ETF Trust I Corgi Robots & Humanoids 2x Daily ETF Corgi ETF Trust I Corgi Shipping & Global Logistics 2x Daily ETF Corgi ETF Trust I Corgi Sports Betting & Gambling 2x Daily ETF Corgi ETF Trust I Corgi Travel & Leisure 2x Daily ETF Corgi ETF Trust I Corgi U.S. War Machine 2x Daily ETF Corgi ETF Trust I Corgi Buy Now Pay Later 2x Daily ETF Corgi ETF Trust I Corgi Space & Satellite Communications 2x Daily ETF Corgi ETF Trust I Corgi Mag 7 2x Daily ETF Corgi ETF Trust I Corgi IP Licensing & Royalties 2x Daily ETF Corgi ETF Trust I Corgi Drones & Urban Air Mobility 2x Daily ETF Corgi ETF Trust I Corgi Lithography & Semiconductor Photonics 2x Daily ETF Corgi ETF Trust I Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF

## Ex-99.H

#### Exhibit (h)(xvi)
First Amendment to the ISDA Master Agreement between the Trust and CF Secured LLC, dated April 23, 2026

Filed herewith.

------

**AMENDMENT TO THE ISDA MASTER AGREEMENT**

Dated as of April 23, 2026

This Amendment (this "Amendment") to the ISDA 2002 Master Agreement, dated November 25, 2025, by and between CF Secured, LLC ("Party A") and Corgi ETF Trust I, a series trust organized under the laws of the State of Delaware, on behalf of each of its series listed in Appendix A to the Schedule, severally but not jointly (each a "Party B"), severally but not jointly (such agreement, as amended, restated, supplemented or otherwise modified to date, the "Agreement"), is effective as of April 23, 2026 (the "Effective Date").

WHEREAS, Party A and Party B wish to amend the Agreement as described herein.

NOW THEREFORE, the parties hereto, intending to be bound legally, hereby agree as follows, effective as of the Effective Date:

1. Amendment of Appendix A, Appendix A of the Agreement is hereby deleted and replaced with a new Appendix A attached hereto. Each entity listed on the attached Appendix A as of the date hereof, is each a "Party B" under the Agreement.

2. Amendment of the Agreement. Part 1 Paragraph (7)(a) of the Schedule to the Agreement is hereby amended by adding the following at the end thereof: (xii) At any time on any Local Business Day, Party B is in excess of any Trading Limit set by Party A in Party A's sole discretion. "Trading Limit" shall mean any limit in any form set by Party A in its sole discretion and notified to Party B at any time and from time to time applicable to Party B's Transactions in connection with this Master Agreement. The Trading Limit in effect as of the date hereof is: Party B Trading Limit The Founder-Led 2x Daily ETF USD [\*\*\*] Corgi Mag 7 ETF USD [\*\*\*]

For purposes of the foregoing Additional Termination Event, Party B shall be the sole Affected Party, and the portion of the Transactions in excess of the Trading Limit shall be Affected Transactions.

2. Representations. Each party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment.

3. Miscellaneous. (a) Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such terms in the Agreement. (b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. This Amendment supersedes and replaces in its entirety all previous amendments to the Agreement (other than terms set forth in Confirmations of Transactions thereunder unless explicitly provided otherwise herein).

(c) Agreement Continuation. All terms and provisions of the Agreement not expressly amended hereby, either expressly or by necessary implication, shall remain in full force and effect. In the event of any conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall prevail.

(d) Counterparts. This Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together will constitute one and the same agreement. Counterparts may be executed in either original or electronic form in conformity with the U.S. federal ESIGN Act of 2000 (e.g., DocuSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and original signature of the party delivering the electronic signature. Upon execution and delivery of this document, the CSA shall be modified and amended in accordance with the terms herein and shall continue in full force and effect. (e) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment. (f) Governing Law. This Amendment and, to the fullest extent permitted by applicable law, all matters arising out of or relating in any way to this Agreement will be governed by and construed in accordance with the laws of the state of New York.

*[Signature Page to Follow]*

IN WITNESS WHEREOF the parties have executed this Amendment with effect from the date specified on the first page of this Amendment.

**CF SECURED, LLC**

By: /s/ Pascal Bandelier

Name: Pascal Bandelier

Title: Executive Managing Director

Date: 04/24/2026

**CORGI ETF TRUST I, ON BEHALF OF EACH OF ITS SERIES LISTED IN**

**APPENDIX A HERETO, SEVERALLY**

**BUT NOT JOINTLY**

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President

Date: 4/23/2026 [Signature page of Amendment to the ISDA 2002 Master Agreement between Corgi ETF Trust I and CF Secured, LLC dated April 23, 2026]

APPENDIX A Trust Series Corgi ETF Trust I The Founder-Led 2x Daily ETF Corgi ETF Trust I Corgi Mag 7 ETF

## Ex-99.H

#### Exhibit (h)(xv)
Credit Support Annex to the ISDA Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025

Filed herewith.

------

**ISDA®2016**

(Bilateral Form) (ISDA Agreements Subject to New York Law Only) International Swaps and Derivatives Association, Inc.

**2016 CREDIT SUPPORT ANNEX FOR VARIATION MARGIN (VM)**

dated as of November 25, 2025 to the Schedule to the ISDA Master Agreement

dated as of November 25, 2025 between CF Secured, LLC ("Party

A ") and Corgi ETF Trust I, on behalf of each of its series listed in Appendix A to the Schedule to the ISDA Master Agreement, severally but not jointly (each a "Party

B ")

This Annex supplements, forms part of, and is subject to, the above-referenced Agreement, is part of its Schedule and is a Credit Support Document under this Agreement with respect to each party. Accordingly, the parties agree as follows:

Paragraph 1. Interpretation

(a) Definitions and Inconsistency. Capitalized terms not otherwise defined herein or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 12, and all references in this Annex to Paragraphs are to Paragraphs of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 13 and the other provisions of this Annex, Paragraph 13 will prevail.

(b) Secured Party and Pledgor. All references in this Annex to the "Secured Party" will be to either party when acting in that capacity and all corresponding references to the "Pledgor" will be to the other party when acting in that capacity; provided, however, that if Other Posted Support (VM) is held by a party to this Annex, all references herein to that party as the Secured Party with respect to that Other Posted Support (VM) will be to that party as the beneficiary thereof and will not subject that support or that party as the beneficiary thereof to provisions of law generally relating to security interests and secured parties.

(c) Scope of this Annex and the Other CSA. The only Transactions which will be relevant for the purposes of determining "Exposure" under this Annex will be the Covered Transactions specified in Paragraph 13. Each Other CSA, if any, is hereby amended such that the Transactions that will be relevant for purposes of determining "Exposure" thereunder, if any, will exclude the Covered Transactions. Except as provided in Paragraphs 8(a), 8(b) and 11(j), nothing in this Annex will affect the rights and obligations, if any, of either party with respect to "independent amounts" or initial margin under each Other CSA, if any, with respect to Transactions that are Covered

**ISDA®2016**

Transactions.

Paragraph 2. Security Interest Each party, as the Pledgor, hereby pledges to the other party, as the Secured Party, as security for its Obligations, and grants to the Secured Party a first priority continuing security interest in, lien on and right of Set -off against all Posted Collateral (VM) Transferred to or received by the Secured Party hereunder. Upon the Transfer by the Secured Party to the Pledgor of Posted Collateral (VM), the security interest and lien granted hereunder on that Posted Collateral

(VM) will be released immediately and, to the extent possible, without any further action by either party.

Paragraph 3. Credit Support Obligations

(a) Delivery Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Secured Party on or promptly following a Valuation Date, if the Delivery Amount (VM) for that Valuation Date equals or exceeds the Pledgor's Minimum Transfer Amount, then the Pledgor will Transfer to the Secured Party Eligible Credit Support (VM) having a Value as of the date of Transfer at least equal to the applicable Delivery Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in Paragraph 13, the "Delivery Amount (VM)" applicable to the Pledgor for any Valuation Date will equal the amount by which: (i) the Secured Party's Exposure exceeds (ii) the Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party.

(b) Return Amount (VM). Subject to Paragraphs 4 and 5, upon a demand made by the Pledgor on or promptly following a Valuation Date, if the Return Amount (VM) for that Valuation Date equals or exceeds the Secured Party's Minimum Transfer Amount, then the Secured Party will Transfer to the Pledgor Posted Credit Support (VM) specified by the Pledgor in that demand having a Value as of the date of Transfer as close as practicable to the applicable Return Amount (VM) (rounded pursuant to Paragraph 13). Unless otherwise specified in

Paragraph 13, the "Return Amount" applicable to the Secured Party for any Valuation Date will equal the amount by which: (i) the Value as of that Valuation Date of all Posted Credit Support (VM) held by the Secured Party exceeds (ii) the Secured Party's Exposure.

Paragraph 4. Conditions Precedent, Transfer Timing, Calculations and Substitutions

(a) Conditions Precedent. Unless otherwise specified in Paragraph 13, each Transfer obligation of the Pledgor under Paragraphs 3, 5 and 6(d) and of the Secured Party under Paragraphs 3, 4(d)(ii), 5, 6(d) and 11(h) is subject to the conditions precedent that: (i) no Event of Default, Potential Event of Default or Specified Condition has occurred and is continuing with respect to the other party; and (ii) no Early Termination Date for which any unsatisfied payment obligations exist has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the other party.

(b) Transfer Timing. Subject to Paragraphs 4(a) and 5 and unless otherwise specified in Paragraph 13, if a demand for the Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM) is made by the Notification Time, then the relevant Transfer will be made not later than the close of business on the Regular Settlement Day; if a demand is made after the Notification Time, then the relevant Transfer will be made not later than the close of business on the next Local Business Day following the Regular Settlement Day.

(c) Calculations. All calculations of Value and Exposure for purposes of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the Valuation Time; provided that the Valuation Agent may use, in the case of any calculation of (i) Value, Values most recently reasonably available for close of business in the relevant market for the relevant Eligible Credit Support (VM) as of the Valuation Time and (ii) Exposure, relevant information or data most recently reasonably available for close of business in the relevant market(s) as of the Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its

**ISDA®2016**

calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or in the case of Paragraph 6(d), following the date of calculation).

(d) Substitutions. (i) Unless otherwise specified in Paragraph 13, upon notice to the Secured Party specifying the items of Posted Credit Support (VM) to be exchanged, the Pledgor may, on any Local Business Day, Transfer to the Secured Party substitute Eligible Credit Support (VM) (the "Substitute Credit Support (VM)"); and (ii) subject to Paragraph 4(a), the Secured Party will Transfer to the Pledgor the items of Posted Credit Support (VM) specified by the Pledgor in its notice not later than the Local Business Day following the date on which the Secured Party receives the Substitute Credit Support (VM), unless otherwise specified in

Paragraph 13 (the "Substitution Date"); provided that the Secured Party will only be obligated to Transfer Posted Credit Support (VM) with a Value as of the date of Transfer of that Posted Credit Support

(VM) equal to the Value as of that date of the Substitute Credit Support (VM).

Paragraph 5. Dispute Resolution If a party (a "Disputing Party") disputes (I) the Valuation Agent's calculation of a Delivery Amount (VM) or a Return Amount (VM) or (II) the Value of any Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM), then: (i) the Disputing Party will notify the other party and the Valuation Agent (if the Valuation Agent is not the other party) not later than the close of business on (X) the date that the Transfer is due in respect of such Delivery Amount (VM) or Return Amount (VM) in the case of (I) above, or (Y) the Local Business Day following the date of Transfer in the case of (II) above, (ii) subject to Paragraph 4(a), the appropriate party will Transfer the undisputed amount to the other party not later than the close of business on (X) the date that the Transfer is due in respect of such Delivery Amount (VM) or Return Amount (VM) in the case of (I) above, or (Y) the Local Business Day following the date of Transfer in the case of (II) above, (iii) the parties will consult with each other in an attempt to resolve the dispute, and (iv) if they fail to resolve the dispute by the Resolution Time, then: (A) In the case of a dispute involving a Delivery Amount (VM) or Return Amount (VM), unless otherwise specified in Paragraph 13, the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: (1) utilizing any calculations of Exposure for the Covered Transactions that the parties have agreed are not in dispute; (2)

(I) if this Agreement is a 1992 ISDA Master Agreement, calculating the Exposure for the Covered Transactions in dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained, or (II) if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of Loss and/or Market Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA, calculating the Exposure for the Covered Transactions in dispute by seeking four actual quotations at mid-market from third parties for purposes of calculating the relevant Close-out Amount, and taking the arithmetic average of those obtained; provided that, in either case, if four quotations are not available for a particular Covered Transaction, then fewer than four quotations may be used for that Covered Transaction, and if no quotations are available for a particular Covered Transaction, then the Valuation Agent's original calculations will be used for that Covered Transaction; and (3) utilizing the procedures specified in Paragraph 13 for calculating the Value, if disputed, of Posted Credit Support (VM). (B) In the case of a dispute involving the Value of any Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM), the Valuation Agent will recalculate the Value as of the date of Transfer pursuant to Paragraph 13.

**ISDA®2016**

Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following that notice by the Valuation Agent or a resolution pursuant to

(iii) above and subject to Paragraphs 4(a) and 4(b), make the appropriate Transfer.

Paragraph 6. Holding and Using Posted Collateral (VM)

(a) Care of Posted Collateral (VM). Without limiting the Secured Party's rights under Paragraph 6(c), the Secured Party will exercise reasonable care to assure the safe custody of all Posted Collateral (VM) to the extent required by applicable law, and in any event the Secured Party will be deemed to have exercised reasonable care if it exercises at least the same degree of care as it would exercise with respect to its own property. Except as specified in the preceding sentence, the Secured Party will have no duty with respect to Posted Collateral (VM), including, without limitation, any duty to collect any Distributions, or enforce or preserve any rights pertaining thereto.

(b) Eligibility to Hold Posted Collateral (VM); Custodians (VM).

(i) General. Subject to the satisfaction of any conditions specified in Paragraph 13 for holding Posted Collateral (VM), the Secured Party will be entitled to hold Posted Collateral (VM) or to appoint an agent (a "Custodian (VM)") to hold Posted Collateral (VM) for the Secured Party. Upon notice by the Secured Party to the Pledgor of the appointment of a Custodian (VM), the Pledgor's obligations to make any Transfer will be discharged by making the Transfer to that Custodian (VM). The holding of Posted Collateral (VM) by a Custodian (VM) will be deemed to be the holding of that Posted Collateral (VM) by the Secured Party for which the Custodian (VM) is acting.

(ii) Failure to Satisfy Conditions. If the Secured Party or its Custodian (VM) fails to satisfy any conditions for holding Posted Collateral (VM), then upon a demand made by the Pledgor, the Secured Party will, not later than five Local Business Days after the demand, Transfer or cause its Custodian (VM) to Transfer all Posted Collateral (VM) held by it to a Custodian (VM) that satisfies those conditions or to the Secured Party if it satisfies those conditions.

(iii) Liability. The Secured Party will be liable for the acts or omissions of its Custodian (VM) to the same extent that the Secured Party would be liable hereunder for its own acts or omissions.

(c) Use of Posted Collateral (VM). Unless otherwise specified in Paragraph 13 and without limiting the rights and obligations of the parties under Paragraphs 3, 4(d)(ii), 5, 6(d) and 8, if the Secured Party is not a Defaulting Party or an Affected Party with respect to a Specified Condition and no Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then the Secured Party will, notwithstanding Section 9-207 of the New York Uniform Commercial Code, have the right to: (i) sell, pledge, rehypothecate, assign, invest, use, commingle or otherwise dispose of, or otherwise use in its business any Posted Collateral (VM) it holds, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor; and (ii) register any Posted Collateral (VM) in the name of the Secured Party, its Custodian (VM) or a nominee for either. For purposes of the obligation to Transfer Eligible Credit Support (VM) or Posted Credit Support (VM) pursuant to Paragraphs 3 and 5 and any rights or remedies authorized under this Agreement, the Secured Party will be deemed to continue to hold all Posted Collateral (VM) and to receive Distributions made thereon, regardless of whether the Secured Party has exercised any rights with respect to any Posted Collateral (VM) pursuant to (i) or (ii) above.

(d) Distributions, Interest Amount (VM) and Interest Payment (VM). (i) Distributions. Subject to Paragraph 4(a), if the Secured Party receives or is deemed to receive Distributions on a Local Business Day, it will Transfer to the Pledgor not later than the following Local Business Day any Distributions it receives or is deemed to receive to the extent that a Delivery Amount (VM) would not be created or increased by that Transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed to be a Valuation Date for this purpose). (ii) Interest Amount (VM) and Interest Payment (VM). Unless otherwise specified in Paragraph 13 and subject to Paragraph 4(a), in lieu of any interest, dividends or other amounts paid or deemed to have been paid with respect to Posted Collateral (VM) in the form of Cash (all of which may be retained by the Secured Party), (A) if "Interest Transfer" is specified as applicable in Paragraph 13, the Interest Payer (VM) will

**ISDA®2016**

Transfer to the Interest Payee (VM), at the times specified in Paragraph 13, the relevant Interest Payment (VM); provided that if "Interest Payment Netting" is specified as applicable in

Paragraph 13: (I) if the Interest Payer (VM) is entitled to demand a Delivery Amount (VM) or Return Amount (VM), in respect of the date such Interest Payment (VM) is required to be Transferred: (a) such Delivery Amount (VM) or Return Amount (VM) will be reduced (but not below zero) by such Interest Payment (VM); provided that, in case of such Return Amount (VM), if the amount of Posted Collateral (VM) which is comprised of Cash in the Base Currency is less than such Interest Payment (VM), such reduction will only be to the extent of the amount of such Cash which is Posted Collateral (VM) (the "Eligible Return Amount (VM)"); and (b) the Interest Payer (VM) will Transfer to the Interest Payee (VM) the amount of the excess, if any, of such Interest Payment (VM) over such Delivery Amount (VM) or Eligible Return Amount (VM), as applicable; and (II) if under Paragraph 6(d)(ii)(A)(I)(a) a Delivery Amount (VM) is reduced (the amount of such reduction, the "Delivery Amount Reduction (VM)") or a Return Amount (VM) is reduced (the amount of such reduction, the "Return Amount Reduction (VM)"), then for purposes of determining Posted Collateral (VM), the Secured Party (a) will be deemed to have received an amount in Cash in the Base Currency equal to any Delivery Amount Reduction (VM), and such amount will constitute Posted Collateral (VM) in such Cash and will be subject to the security interest granted under Paragraph 2 or (b) will be deemed to have Transferred an amount in Cash in the Base Currency equal to any Return Amount Reduction (VM), as applicable, in each case on the day on which the relevant Interest Payment (VM) was due to be Transferred, as applicable; and (B) if "Interest Adjustment" is specified as applicable in Paragraph 13, the Posted Collateral (VM) will be adjusted by the Secured Party, at the times specified in Paragraph 13, as follows: (I) if the Interest Amount (VM) for an Interest Period is a positive number, the Interest Amount (VM) will constitute Posted Collateral (VM) in the form of Cash in the Base Currency and will be subject to the security interest granted under Paragraph 2; and (II) if the Interest Amount (VM) for an Interest Period is a negative number and any Posted Collateral (VM) is in the form of Cash in the Base Currency, the Interest Amount (VM) will constitute a reduction of Posted Collateral (VM) in the form of such Cash in an amount (such amount, the "Interest Adjustment Reduction Amount (VM)") equal to the absolute value of the Interest Amount (VM); provided that if the amount of Posted Collateral (VM) which is comprised of such Cash is less than the Interest Adjustment Reduction Amount (VM), such reduction will only be to the extent of the amount of such Cash which is Posted Collateral (VM) and the Pledgor will be obligated to Transfer the remainder of the Interest Adjustment Reduction Amount (VM) to the Secured Party on the day that such reduction occurred.

Paragraph 7. Events of Default For purposes of Section 5(a)(iii)(1) of this Agreement, an Event of Default will exist with respect to a party if:

(i) that party fails (or fails to cause its Custodian (VM)) to make, when due, any Transfer of Eligible Collateral (VM), Posted Collateral (VM) or the Interest Payment (VM), as applicable, required to be made by it and that failure continues for two Local Business Days after notice of that failure is given to that party;

(ii) that party fails to comply with any restriction or prohibition specified in this Annex with respect to any of the rights specified in Paragraph 6(c) and that failure continues for five Local Business Days after notice of that failure is given to that party; or (iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) and that failure continues for 30 days after notice of that failure is given to that party.

Paragraph 8. Certain Rights and Remedies

**ISDA®2016**

(a) Secured Party's Rights and Remedies. If at any time (1) an Event of Default or Specified Condition with respect to the Pledgor has occurred and is continuing or (2) an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Pledgor, then, unless the Pledgor has paid in full all of its Obligations that are then due, the Secured Party may exercise one or more of the following rights and remedies: (i) all rights and remedies available to a secured party under applicable law with respect to Posted Collateral (VM) held by the Secured Party; (ii) any other rights and remedies available to the Secured Party under the terms of Other Posted Support (VM), if any; (iii) the right to Set-off (A) any amounts payable by the Pledgor with respect to any Obligations and (B) any Cash amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any Other CSA Excluded Credit Support) the return of which is due to the Secured Party against any Posted Collateral (VM) or the Cash equivalent of any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral (VM)); and (iv) the right to liquidate any Posted Collateral (VM) held by the Secured Party through one or more public private sales or other dispositions with such notice, if any, as may be required under applicable law, free from any claim or right of any nature whatsoever of the Pledgor, including any equity or right of redemption by the Pledgor (with the Secured Party having the right to purchase any or all of the Posted Collateral (VM) to be sold) and to apply the proceeds (or the Cash equivalent thereof) from the liquidation of the Posted Collateral (VM) to (A) any amounts payable by the Pledgor with respect to any Obligations and (B) any Cash amounts and the Cash equivalent of any non-Cash items posted to the Pledgor by the Secured Party as margin under any Other CSA (other than any Other CSA Excluded Credit Support) the return of which is due to the Secured Party in that order as the Secured Party may elect. Each party acknowledges and agrees that Posted Collateral (VM) in the form of securities may decline speedily in value and is of a type customarily sold on a recognized market, and, accordingly, the Pledgor is not entitled to prior notice of any sale of that Posted Collateral (VM) by the Secured Party, except any notice that is required under applicable law and cannot be waived.

(b) Pledgor's Rights and Remedies. If at any time an Early Termination Date has occurred or been designated as the result of an Event of Default or Specified Condition with respect to the Secured Party, then (except in the case of an Early Termination Date relating to fewer than all Transactions where the Secured Party has paid in full all of its obligations that are then due under Section 6(e) of this Agreement): (i) the Pledgor may exercise all rights and remedies available to a pledgor under applicable law with respect to Posted Collateral (VM) held by the Secured Party; (ii) the Pledgor may exercise any other rights and remedies available to the Pledgor under the terms of Other Posted Support (VM), if any; (iii) the Secured Party will be obligated immediately to Transfer all Posted Collateral (VM) and, if the Secured Party is an Interest Payer (VM), the Interest Payment (VM) to the Pledgor; and (iv) to the extent that Posted Collateral (VM) or the Interest Payment (VM) is not so Transferred pursuant to (iii) above, the Pledgor may: (A) Set-off any amounts payable by the Pledgor with respect to any Obligations against any Posted Collateral (VM) or the Cash equivalent of any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral (VM)); (B) Set-off, net, or apply credit support received under any Other CSA or the proceeds thereof against any Posted Collateral (VM) or the Cash equivalent of any Posted Collateral (VM) held by the Secured Party (or any obligation of the Secured Party to Transfer that Posted Collateral (VM)); and (C) to the extent that the Pledgor does not Set-off under (iv)(A) or (iv)(B) above, withhold payment of any remaining amounts payable by the Pledgor with respect to any Obligations, up to the Value of any remaining Posted Collateral (VM) held by the Secured Party, until that Posted Collateral (VM) is Transferred to the Pledgor.

**ISDA®2016**

(c) Deficiencies and Excess Proceeds. The Secured Party will Transfer to the Pledgor any proceeds and Posted Credit Support (VM) remaining after liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b) after satisfaction in full of all amounts payable by the Pledgor with respect to any Obligations; and the Pledgor in all events will remain liable for any amounts remaining unpaid after any liquidation, Set-off and/or application under Paragraphs 8(a) and 8(b).

(d) Final Returns. When no amounts are or thereafter may become payable by the Pledgor with respect to any Obligations (except for any potential liability under Section 2(d) of this Agreement, any obligation to Transfer any Interest Payment (VM) under this Paragraph 8(d) or any obligation to transfer any interest payment under any Other CSA), (i) the Secured Party will Transfer to the Pledgor all Posted Credit Support (VM), and (ii) the Interest Payer (VM) will Transfer to the Interest Payee (VM) any Interest Payment (VM).

Paragraph 9. Representations Each party represents to the other party (which representations will be deemed to be repeated as of each date on which it, as the Pledgor, Transfers Eligible Collateral (VM)) that:

(i) it has the power to grant a security interest in and lien on any Eligible Collateral (VM) it Transfers as the Pledgor and has taken all necessary actions to authorize the granting of that security interest and lien;

(ii) it is the sole owner of or otherwise has the right to Transfer all Eligible Collateral (VM) it Transfers to the Secured Party hereunder, free and clear of any security interest, lien, encumbrance or other restrictions other than the security interest and lien granted under Paragraph 2; (iii) upon the Transfer of any Eligible Collateral (VM) to the Secured Party under the terms of this Annex, the Secured Party will have a valid and perfected first priority security interest therein (assuming that any central clearing corporation or any third-party financial intermediary or other entity not within the control of the Pledgor involved in the Transfer of that Eligible Collateral (VM) gives the notices and takes the action required of it under applicable law for perfection of that interest); and (iv) the performance by it of its obligations under this Annex will not result in the creation of any security interest, lien or other encumbrance on any Posted Collateral (VM) other than the security interest and lien granted under Paragraph 2.

Paragraph 10. Expenses

(a) General. Except as otherwise provided in Paragraphs 10(b) and 10(c), each party will pay its own costs and expenses in connection with performing its obligations under this Annex and neither party will be liable for any costs and expenses incurred by the other party in connection herewith.

(b) Posted Credit Support (VM). The Pledgor will promptly pay when due all taxes, assessments or charges of any nature that are imposed with respect to Posted Credit Support (VM) held by the Secured Party upon becoming aware of the same, regardless of whether any portion of that Posted Credit Support (VM) is subsequently disposed of under Paragraph 6(c), except for those taxes, assessments and charges that result from the exercise of the Secured Party's rights under Paragraph 6(c).

(c) Liquidation/Application of Posted Credit Support (VM). All reasonable costs and expenses incurred by or on behalf of the Secured Party or the Pledgor in connection with the liquidation and/or application of any Posted Credit Support (VM) under Paragraph 8 will be payable, on demand and pursuant to the Expenses Section of this Agreement, by the Defaulting Party or, if there is no Defaulting Party, equally by the parties.

Paragraph 11. Miscellaneous

(a) Default Interest. A Secured Party that fails to make, when due, any Transfer of Posted Collateral (VM) will be obligated to pay the Pledgor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the Value of the items of property that were required to be Transferred, from (and including) the date that Posted Collateral (VM) was required to be Transferred to (but excluding) the date of Transfer of that Posted Collateral (VM). This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. An Interest Payer (VM) that fails to make, when due, any Transfer of an Interest Payment (VM) will be obligated to pay the Interest Payee (VM) (to the extent permitted under applicable law) an amount equal to interest at the Default Rate (and for such purposes, if the Default Rate is less than zero, it will be deemed to be zero) multiplied by that Interest Payment (VM), from (and including) the date that Interest Payment (VM) was required to be Transferred to (but excluding) the date of Transfer of that Interest Payment

(VM) . This interest will be calculated on the basis of daily compounding and the actual number of days elapsed.

**ISDA®2016**

(b) Further Assurances. Promptly following a demand made by a party, the other party will execute, deliver, file and record any financing statement, specific assignment or other document and take any other action that may be necessary or desirable and reasonably requested by that party to create, preserve, perfect or validate any security interest or lien granted under Paragraph 2, to enable that party to exercise or enforce its rights under this Annex with respect to Posted Credit Support (VM) or an Interest Payment (VM) or to effect or document a release of a security interest on Posted Collateral (VM) or an Interest Payment (VM).

(c) Further Protection. The Pledgor will promptly give notice to the Secured Party of, and defend against, any suit, action, proceeding or lien that involves Posted Credit Support (VM) Transferred by the Pledgor or that could adversely affect the security interest and lien granted by it under Paragraph 2, unless that suit, action, proceeding or lien results from the exercise of the Secured Party's rights under Paragraph 6(c).

(d) Good Faith and Commercially Reasonable Manner. Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner.

(e) Demands and Notices. All demands and notices made by a party under this Annex will be made as specified in the Notices Section of this Agreement, except as otherwise provided in Paragraph 13.

(f) Specifications of Certain Matters. Anything referred to in this Annex as being specified in Paragraph 13 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly.

(g) Legally Ineligible Credit Support (VM). Unless otherwise specified in Paragraph 13, upon delivery of a Legal Ineligibility Notice by a party, each item of Eligible Credit Support (VM) (or a specified amount of such item) identified in such notice (i) will cease to be Eligible Credit Support (VM) for purposes of Transfers to such party as the Secured Party hereunder as of the applicable Transfer Ineligibility Date, (ii) will cease to be Eligible Credit Support (VM) for the other party as the Pledgor for all purposes hereunder as of the Total Ineligibility Date and (iii) will have a Value of zero on and from the Total Ineligibility Date. "Legal Ineligibility Notice" means a written notice from the Secured Party to the Pledgor in which the Secured Party (i) represents that the Secured Party has determined that one or more items of Eligible Credit Support (VM) (or a specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under law applicable to the Secured Party requiring the collection of variation margin (the "Legal Eligibility Requirements"), (ii) lists the item(s) of Eligible Credit Support (VM) (and, if applicable, the specified amount) that have ceased to satisfy, or as of a specified date will cease to satisfy, the Legal Eligibility Requirements, (iii) describes the reason(s) why such item(s) of Eligible Credit Support (VM) (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements and (iv) specifies the Total Ineligibility Date and, if different, the Transfer Ineligibility Date. "Total Ineligibility Date" means the date on which the relevant item of Eligible Credit Support (VM) (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements applicable to the Secured Party for all purposes hereunder; provided that, unless otherwise specified in Paragraph 13, if such date is earlier than the fifth Local Business Day following the date on which the Legal Ineligibility Notice is delivered, the Total Ineligibility Date will be the fifth Local Business Day following the date of such delivery. "Transfer Ineligibility Date" means the date on which the relevant item of Eligible Credit Support (VM) (or a specified amount of such item) has ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements for purposes of Transfers to the Secured Party hereunder; provided that, unless otherwise specified in Paragraph 13, if such date is earlier than the fifth Local Business Day following the date on which the Legal Ineligibility Notice is delivered, the Transfer Ineligibility Date will be the fifth Local Business Day following the date of such delivery.

(h) Return of Posted Credit Support (VM) with a Value of Zero. Subject to Paragraph 4(a), the Secured Party will, promptly upon demand (but in no event later than the time at which a Transfer would be due under Paragraph 4(b) with respect to a demand for the Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM)) , Transfer to the Pledgor any item of Posted Credit Support (VM) (or the specified amount of such item) that as of the date of such demand has a Value of zero; provided that the Secured Party will only be obligated to Transfer any Posted Credit Support (VM) in accordance with this Paragraph 11(h), if, as of the date of Transfer of such item, the Pledgor has satisfied all of its Transfer obligations under this Annex, if any.

**ISDA®2016**

(i) Reinstatement of Credit Support Eligibility. Upon a reasonable request by the Pledgor, the Secured Party will determine whether an item (or a specified amount of such item) of Eligible Credit Support (VM) that was the subject of a prior Legal Ineligibility Notice would currently satisfy the Legal Eligibility Requirements applicable to the Secured Party. If the Secured Party determines that as of such date of determination such item (or specified amount of such item) satisfies the Legal Eligibility Requirements applicable to the Secured Party, the Secured Party will promptly following such determination rescind the relevant Legal Ineligibility Notice with respect to such item (or specified amount of such item) by written notice to the Pledgor. Upon the delivery of such notice, the relevant item (or specified amount of such item) will constitute Eligible Credit Support (VM) hereunder.

(j) Credit Support Offsets. If the parties specify that "Credit Support Offsets" is applicable in Paragraph 13, and on any date: (i) a Transfer of Eligible Credit Support (VM) is due under this Annex to satisfy a Delivery Amount (VM) or a Return Amount (VM) obligation, and a transfer of credit support (other than any Other CSA Excluded Credit Support) is also due under any Other CSA; (ii) the parties have notified each other of the credit support that they intend to Transfer under this Annex a transfer under such Other CSA (other than any Other CSA Excluded Credit Support) to satisfy their respective obligations; and (iii) in respect of Paragraph 11(j)(ii), each party intends to transfer one or more types of credit support that are fully fungible with one or more types of credit support the other party intends to transfer (each such credit support, a "Fungible Credit Support Type"), then, on such date and in respect of each such Fungible Credit Support Type, each party's obligation to make a transfer of any such Fungible Credit Support Type hereunder or under such Other CSA will be automatically satisfied and discharged and, if the aggregate amount that would have otherwise been transferred by one party exceeds the aggregate amount that would have otherwise been transferred by the other party, replaced by an obligation hereunder or under such Other CSA, as applicable, upon the party by which the larger aggregate amount would have been transferred to transfer to the other party the excess of the larger aggregate amount over the smaller aggregate amount. If a party's obligation to make a transfer of credit support under this Annex or an Other CSA is automatically satisfied and discharged pursuant to this Paragraph 11(j), then, for purposes of this Annex or the Other CSA, as applicable, the other party will be deemed to have received credit support of the applicable Fungible Credit Support Type in the amount that would otherwise have been required to be transferred, in each case on the day on which the relevant transfer was due.

Paragraph 12. Definitions As used in this Annex: "Base Currency" means the currency specified as such in Paragraph 13. "Base Currency Equivalent" means, with respect to an amount on a Valuation Date, in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the "Other Currency"), the amount of Base Currency required to purchase such amount of the Other Currency at the spot exchange rate on such Valuation Date as determined by the Valuation Agent. "Cash" means, respectively, the Base Currency and each other Eligible Currency. "Covered Transaction" has the meaning specified in Paragraph 13. "Credit Support Eligibility Condition (VM)" means, with respect to any item specified for a party as Eligible Collateral (VM) in Paragraph 13, any condition specified for that item in Paragraph 13. "Custodian (VM)" has the meaning specified in Paragraphs 6(b)(i) and 13. "Delivery Amount (VM)" has the meaning specified in Paragraph 3(a). "Delivery Amount Reduction (VM)" has the meaning specified in Paragraph 6(d)(ii)(A)(II). "Disputing Party" has the meaning specified in Paragraph 5. "Distributions" means with respect to Posted Collateral (VM) other than Cash, all principal, interest and other payments and distributions of cash or other property with respect thereto, regardless of whether the Secured Party has disposed of that Posted Collateral (VM) under Paragraph 6(c). Distributions will not include any item of property acquired by the

**ISDA®2016**

Secured Party upon any disposition or liquidation of Posted Collateral (VM) or, with respect to any Posted Collateral

(VM) in the form of Cash, any distributions on that collateral, unless otherwise specified herein. "Eligible Collateral (VM)" has the meaning specified in Paragraph 13. "Eligible Credit Support (VM)" means Eligible Collateral (VM) and Other Eligible Support (VM). "Eligible Currency" means each currency specified as such in Paragraph 13, if such currency is freely available. "Eligible Return Amount (VM)" has the meaning specified in Paragraph 6(d)(ii)(A)(I)(a). "Exposure" means, unless otherwise specified in Paragraph 13, for any Valuation Date or other date for which Exposure is calculated and subject to Paragraph 5 in the case of a dispute: (i) if this Agreement is a 1992 ISDA Master Agreement, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e)(ii)(2)(A) of this Agreement as if all Covered Transactions were being terminated as of the relevant Valuation Time on the basis that the Base Currency is the Termination Currency; provided that Market Quotation will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for Replacement Transactions (as that term is defined in the definition of "Market Quotation"); and (ii) if this Agreement is an ISDA 2002 Master Agreement or a 1992 ISDA Master Agreement in which the definition of Loss and/or Market Quotation has been amended (including where such amendment has occurred pursuant to the terms of a separate agreement or protocol) to reflect the definition of Close-out Amount from the pre-printed form of the ISDA 2002 Master Agreement as published by ISDA, the amount, if any, that would be payable to a party that is the Secured Party by the other party (expressed as a positive number) or by a party that is the Secured Party to the other party (expressed as a negative number) pursuant to Section 6(e) (ii)(1) (but without reference to clause (3) of Section 6(e)(ii)) of this Agreement as if all Covered Transactions were being terminated as of the relevant Valuation Time on the basis that the Base Currency is the Termination Currency; provided that the Close-out Amount will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the amounts that would be paid for transactions providing the economic equivalent of (X) the material terms of the Covered Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of the Covered Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)), and (Y) the option rights of the parties in respect of the Covered Transactions. "Fungible Credit Support Type" has the meaning specified in Paragraph 11(j)(iii). "FX Haircut Percentage" means, for any item of Eligible Collateral (VM), the percentage specified as such in

Paragraph 13. "Interest Adjustment Reduction Amount (VM)" has the meaning specified in Paragraph 6(d)(ii)(B)(II). "Interest Amount (VM)" means, with respect to an Interest Period, the aggregate sum of the Base Currency Equivalents of the amounts of interest determined for each relevant currency and calculated for each day in that Interest Period on any Posted Collateral (VM) in the form of Cash in such currency held by the Secured Party on that day, determined by the Secured Party for each such day as follows: (i) the amount of Cash in such currency on that day plus, only if "Daily Interest Compounding" is specified as applicable in Paragraph 13, the aggregate of each Interest Amount (VM) in respect of such currency determined for each preceding day, if any, in that Interest Period; multiplied by (ii) the Interest Rate (VM) in effect for that day; divided by (iii) 360 (or, in the case of pounds sterling or any other currency specified as an "A/365 Currency" in

Paragraph 13, 365); provided that, unless "Negative Interest" is specified as applicable in Paragraph 13, if the Interest Amount (VM) for an Interest Period would be a negative amount, it will be deemed to be zero. "Interest Payee (VM)" means, in relation to an Interest Payer (VM), the other party. "Interest Payer (VM)" means the Secured Party; provided that if "Negative Interest" is specified as applicable in Paragraph 13 and an Interest Payment (VM) is determined in respect of a negative Interest Amount (VM), the Interest Payer

**ISDA®2016**

(VM) in respect of such Interest Payment (VM) will be the Pledgor. "Interest Payment (VM)" means, with respect to an Interest Period, the Interest Amount (VM) determined in respect of such Interest Period; provided that in respect of any negative Interest Amount (VM), the Interest Payment (VM) will be the absolute value of such negative Interest Amount (VM). "Interest Period" means the period from (and including) the last day on which (i) a party became obligated to Transfer an Interest Payment (VM) or (ii) an Interest Amount (VM) was included or otherwise became constituted as part of Posted Collateral (VM) (or, if no Interest Payment (VM) or Interest Amount (VM) has yet fallen due or been included or otherwise became constituted as a part of Posted Collateral (VM), respectively, the day on which Eligible Credit Support (VM) in the form of Cash was Transferred to or received by the Secured Party) to (but excluding) the day on which (i) a party is obligated to Transfer the current Interest Payment (VM) or (ii) the current Interest Amount (VM) is included or otherwise becomes constituted as a part of Posted Collateral (VM). "Interest Rate (VM)" means, with respect to an Eligible Currency, the rate specified in Paragraph 13 for that currency. "Legal Eligibility Requirements" has the meaning specified in Paragraph 11(g). "Legal Ineligibility Notice" has the meaning specified in Paragraph 11(g). "Local Business Day", unless otherwise specified in Paragraph 13, means: (i) in relation to a Transfer of cash or other property (other than securities) under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal financial center, if any, of the currency of such payment; (ii) in relation to a Transfer of securities under this Annex, a day on which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other means, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; (iii) in relation to the Resolution Time, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one Valuation Date Location for Party A and at least one Valuation Date Location for Party B; and (iv) in relation to any notice or other communication under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient. "Minimum Transfer Amount" means, with respect to a party, the amount specified as such for that party in

Paragraph 13; if no amount is specified, zero. "Notification Time" has the meaning specified in Paragraph 13. "Obligations" means, with respect to a party, all present and future obligations of that party under this Agreement and any additional obligations specified for that party in Paragraph 13. "Other CSA" means, unless otherwise specified in Paragraph 13, any other credit support annex or credit support deed that is in relation to, or that is a Credit Support Document in relation to, this Agreement. "Other CSA Excluded Credit Support" means, with respect to an Other CSA, any amounts and items posted as margin under such Other CSA, which, pursuant to the terms of such Other CSA, Party A and Party B have agreed must be segregated in an account maintained by a third-party custodian or for which offsets are prohibited. "Other Eligible Support (VM)" means, with respect to a party, the items, if any, specified as such for that party in

Paragraph 13. "Other Posted Support (VM)" means all Other Eligible Support (VM) Transferred to the Secured Party that remains in effect for the benefit of that Secured Party. "Pledgor" means either party, when that party (i) receives a demand for or is required to Transfer Eligible Credit Support

**ISDA®2016**

(VM) under Paragraph 3(a) or (ii) has Transferred Eligible Credit Support (VM) under Paragraph 3(a). "Posted Collateral (VM)" means all Eligible Collateral (VM), other property, Distributions, and all proceeds thereof that have been Transferred to or received by the Secured Party under this Annex and not Transferred to the Pledgor pursuant to

Paragraph 3(b), 4(d)(ii), 6(d)(i) or 11(h) or released by the Secured Party under Paragraph 8. With respect to any Interest Amount (VM) in respect of any Interest Payment (VM) or relevant part thereof not Transferred pursuant to

Paragraph 6(d)(ii)(A) or Paragraph 6(d)(ii)(B), as applicable, if such Interest Amount (VM) is a positive number, such Interest Amount (VM) will constitute Posted Collateral (VM) in the form of Cash in the Base Currency. "Posted Credit Support (VM)" means Posted Collateral (VM) and Other Posted Support (VM). "Recalculation Date" means the Valuation Date that gives rise to the dispute under Paragraph 5; provided, however, that if a subsequent Valuation Date occurs under Paragraph 3 prior to the resolution of the dispute, then the "Recalculation Date" means the most recent Valuation Date under Paragraph 3. "Regular Settlement Day," means, unless otherwise specified in Paragraph 13, the same Local Business Day on which a demand for the Transfer of Eligible Credit Support (VM) or Posted Credit Support (VM) is made. "Resolution Time" has the meaning specified in Paragraph 13. "Return Amount (VM)" has the meaning specified in Paragraph 3(b). "Return Amount Reduction (VM)" has the meaning specified in Paragraph 6(d)(ii)(A)(II). "Secured Party" means either party, when that party (i) makes a demand for or is entitled to receive Eligible Credit Support

(VM) under Paragraph 3(a) or (ii) holds or is deemed to hold Posted Credit Support (VM). "Set-off" means set-off, offset, combination of accounts, right of retention or withholding or similar right or requirement (whether arising under this Agreement, another contract, applicable law or otherwise) and, when used as a verb, the exercise of any such right or the imposition of any such requirement. "Specified Condition" means, with respect to a party, any event specified as such for that party in Paragraph 13. "Substitute Credit Support (VM)" has the meaning specified in Paragraph 4(d)(i). "Substitution Date" has the meaning specified in Paragraph 4(d)(ii). "Total Ineligibility Date" has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph 13. "Transfer" means, with respect to any Eligible Credit Support (VM), Posted Credit Support (VM) or Interest Payment (VM), and in accordance with the instructions of the Secured Party, Pledgor or Custodian (VM), as applicable: (i) in the case of Cash, payment or delivery by wire transfer into one or more bank accounts specified by the recipient; (ii) in the case of certificated securities that cannot be paid or delivered by book-entry, payment or delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, assignments in blank, transfer tax stamps and any other documents necessary to constitute a legally valid transfer to the recipient; (iii) in the case of securities that can be paid or delivered by book-entry, causing the relevant depository institution(s) or other securities intermediaries to make changes to their books and records sufficient to result in a legally effective transfer of the relevant interest to the recipient or its agent; and (iv) in the case of Other Eligible Support (VM) or Other Posted Support (VM), as specified in Paragraph 13. "Transfer Ineligibility Date" has the meaning specified in Paragraph 11(g) unless otherwise specified in Paragraph 13. "Valuation Agent" has the meaning specified in Paragraph 13. "Valuation Date" means, unless otherwise specified in Paragraph 13, each day from, and including, the date of this Annex, that is a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one Valuation Date Location for Party A and at least one Valuation Date Location for Party B. "Valuation Date Location" has the meaning specified in Paragraph 13. "Valuation Percentage" means, for any item of Eligible Collateral (VM), the percentage specified as such in

Paragraph 13.

**ISDA®2016**

"Valuation Time" means, unless otherwise specified in Paragraph 13, the time as of which the Valuation Agent computes its end of day valuations of derivatives transactions in the ordinary course of its business (or such other commercially reasonable convenient time on the relevant day as the Valuation Agent may determine). "Value" means for any Valuation Date or other date for which Value is calculated and subject to Paragraph 5 in the case of a dispute, with respect to: (i) Eligible Collateral (VM) or Posted Collateral (VM) that is: (A) an amount of Cash, the Base Currency Equivalent of such amount multiplied by (VP – HFX); and (B) a security, the Base Currency Equivalent of the bid price obtained by the Valuation Agent multiplied by (VP – HFX), where: VP equals the applicable Valuation Percentage; and HFX equals the applicable FX Haircut Percentage; (ii) Posted Collateral (VM) that consists of items that are not Eligible Collateral (VM) (including any item or any portion of any item that fails to satisfy any (A) Credit Support Eligibility Condition (VM) applicable to it or (B) applicable Legal Eligibility Requirements), zero; and (iii) Other Eligible Support (VM) and Other Posted Support (VM), as specified in Paragraph 13.

Paragraph 13. Elections and Variables

(a) Base Currency and Eligible Currency. (i) "Base Currency" means United States Dollars. (ii) "Eligible Currency" means the Base Currency and as otherwise specified in the Master Confirmation Agreement.

(b) Covered Transactions; Exposure. (i) The term "Covered Transactions" as used in this Annex includes any Transaction, except as otherwise provided in the Confirmation of such Transaction. (ii) The term "Exposure" has the meaning specified in Paragraph 12

(c) Credit Support Obligations. (i) Delivery Amount (VM/IA) and Return Amount (VM/IA). The following amendments and additional terms for inclusion of Independent Amounts will apply: (A) Notwithstanding Paragraph 3(a), the "Delivery Amount (VM/IA)" applicable to the Pledgor for any Valuation Date will equal the amount by which: (i) the Credit Support Amount (VM/IA) exceeds (ii) the Value as at the Valuation Date of all Posted Credit Support (VM/IA) held by the Secured Party. (B) Notwithstanding Paragraph 3(b), the "Return Amount (VM/IA)" applicable to the Secured Party for any Valuation Date will equal the amount by which: (i) the Value as of that Valuation Date of all Posted Credit Support (VM/IA) held by the Secured Party exceeds (ii) the Credit Support Amount (VM/IA). (C) "Credit Support Amount (VM/IA)" means for any Valuation Date (i) the Secured Party's Exposure for that Valuation Date plus (ii) the aggregate of all Independent Amounts applicable to the Pledgor, if any, minus (iii) all Independent Amounts applicable to the Secured Party, if any; provided, however, that the Credit Support Amount (VM/IA) will be deemed to be zero whenever the calculation of Credit Support Amount (VM/IA) yields a number less than zero. (D) "Independent Amount" means:

**ISDA®2016**

(i) with respect to Party A: zero, unless otherwise specified in any Confirmation with respect to a Transaction. (ii) with respect to Party B: zero, unless otherwise specified in any Confirmation with respect to a Transaction. (ii) Eligible Collateral (VM/IA). Subject to Paragraph 11(g), if applicable, and each Credit Support Eligibility Condition (VM/IA) applicable to it specified in Paragraph 13, if any, the following items will qualify as "Eligible Collateral (VM/IA)" for the party specified (as the Pledgor): Asset Party A Valuation Percentage Party B Valuation Percentage Cash in an Eligible Currency Applicable 100% Applicable 100% (iii) Legally Ineligible Credit Support (VM/IA). The provisions of Paragraph 11(g) will apply: (A) "Total Ineligibility Date" has the meaning specified in Paragraph 11(g). (B) "Transfer Ineligibility Date" has the meaning specified in Paragraph 11(g). (iv) Credit Support Eligibility Conditions (VM/IA). None Applicable. (v) "Valuation Percentage"; "FX Haircut Percentage" (A) "Valuation Percentage" means, with respect to each party (as the Pledgor) and item of Eligible Collateral (VM/IA), the percentage (expressed as a decimal) specified in Paragraph 13(c)(ii); provided that if nothing is specified in Paragraph 13(c)(ii), the Valuation Percentage will be 100%. If at any time the Valuation Percentage assigned to an item of Eligible Collateral (VM/IA) with respect to a party (as the Pledgor) under this Annex is greater than the maximum permitted valuation percentage (prescribed or implied) for such item of collateral under any law requiring the collection of variation margin applicable to the other party (as the Secured Party), then the Valuation Percentage with respect to such item of Eligible Collateral (VM/IA) and such party will be such maximum permitted valuation percentage. The Valuation Percentage for either party and any item of Eligible Collateral (VM/IA) will further be subject to the terms and conditions, if any, specified below as applicable to such party and item: (B) "FX Haircut Percentage" means, with respect to each party (as the Pledgor) and item of Eligible Collateral (VM/IA), an amount determined by Valuation Agent in its sole discretion, unless the Eligible Collateral (VM/IA) is in the form of cash or is denominated in a currency that matches an Eligible Currency, in which case the FX Haircut Percentage will be 0%. (vi) Other Eligible Support (VM/IA). The following items will qualify as "Other Eligible Support (VM/IA) for the party specified: None specified. (vii) Minimum Transfer Amount. (A) "Minimum Transfer Amount" means: with respect to Party A: Zero. For the avoidance of doubt, if an Event of Default has occurred and is continuing with respect to Party A, the Minimum Transfer Amount with respect to Party A shall be zero. with respect to Party B: Zero. For the avoidance of doubt, if an Event of Default has occurred and is continuing with respect to Party B, the Minimum Transfer Amount with respect to Party B shall be zero. (B) Rounding. The Delivery Amount (VM/IA) will be rounded up to the nearest integral multiple of 10,000 units of Base Currency and the Return Amount (VM) will be rounded down to the nearest integral multiple of 10,000 units of Base Currency. (viii) Transfer Timing. "Regular Settlement Day" has the meaning specified in Paragraph 12.

(d) Valuation and Timing.

**ISDA®2016**

(i) "Valuation Agent" means Party A. "Valuation Date" means each day on which banks are open for general business in at least one Valuation Date Location for Party A and at least one Valuation Date Location for Party B. For purposes of determining the Valuation Date and clause (iii) of the definition of "Local Business Day" in Paragraph 12, "Valuation Date Location" means, with respect to each party, each city, region, or country specified below: Party A: New York Party B: New York (ii) "Valuation Time" means any time selected by the Valuation Agent on or in respect of a Valuation Date. The Valuation Agent must select at least one, and may select more than one, Valuation Time on each Valuation Date. Where there is more than one Valuation Time on or in respect of a Valuation Date, there may be more than one Delivery Amount or Return Amount determined for that Valuation Date, and more than one demand for a Delivery Amount or more than one demand for a Return Amount may be made in respect of a single Valuation Date, and the provisions of this Annex will be construed accordingly.

(iii) "Notification Time" means 10:00 a.m., New York time, on a Local Business Day.

(e) Conditions Precedent and Secured Party's Rights and Remedies. (i) The provisions of Paragraph 4(a) will apply. (ii) If the provisions of Paragraph 4(a) are applicable, the following Termination Event(s) will be a "Specified Condition" for the party specified (that party being the Affected Party if the Termination Event occurs with respect to that party): Party A Party B Illegality

*[X]*

[X] Force Majeure Event

*[X]*

[X] Tax Event

*[X]*

[X] Tax Event Upon Merger

*[X]*

[X] Credit Event Upon Merger

*[X]*

[X] Additional Termination Event(s)

*[X]*

[X] Provided that, for the purposes of Paragraph 8(a), "Specified Condition" shall also include any Termination Event where the Affected Party is the Pledgor and all outstanding Transactions are Affected Transactions.

(f) Substitution.

(i) "Substitution Date" has the meaning specified in Paragraph 4(d)(ii).

(ii) Consent. If specified here as applicable, then the Pledgor must obtain the Secured Party's consent for any substitution pursuant to Paragraph 4(d): Applicable.

(g) Dispute Resolution. (i) "Resolution Time" means 10:00 a.m., New York time, on the Local Business Day following the date on which the notice is given that gives rise to a dispute under Paragraph 5. (ii) Value. For the purpose of Paragraphs 5(iv)(A)(3) and 5(iv)(B), the Value of Posted Credit Support (VM/IA) or of any transfer of Eligible Collateral (VM/IA) will be calculated as follows: With respect to cash in any Eligible Currency, the Value will be calculated by the Valuation Agent as provided in the definition of Value in Paragraph 12. (iii) Alternative. The provisions of Paragraph 5 will apply.

(h) Holding and Using Posted Collateral (VM/IA). (i) Eligibility to Hold Posted Collateral (VM/IA); Custodians (VM/IA). Each Party and its Custodian (VM/IA) will be entitled to hold Posted Collateral (VM/IA) pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied:

**ISDA®2016**

(1) Such is not a Defaulting Party.

(2) Posted Collateral may be held only in the following jurisdictions: United States. (ii) Use of Posted Collateral (VM/IA). Notwithstanding anything to the contrary in paragraph (i) immediately above: All Posted Collateral for the benefit of Party A shall be held pursuant to a tri-party control agreement entered into among Party A, Party B, and U.S. Bank National Association in connection with this Credit Support Annex (the "Control Agreement"). All Posted Collateral for the benefit of Party B shall be held by Party B or Party B's Custodian. As of the date of this Credit Support Annex, Party B's Custodian is U.S. Bank National Association. The provisions of Paragraph 6(c) of the Annex will not apply to Collateral. (i) Distributions of Interest Payment (VM/IA). (i) Interest Rate (VM/IA). The "Interest Rate (VM/IA)" in relation to each Eligible Currency will be set forth in writing by Party A from time to time. (ii) Transfer of Interest Payment (VM/IA) or application of Interest Amount (VM/IA). Interest Transfer: Applicable Interest Payment Netting: Not Applicable Interest Adjustment: Not Applicable The transfer of an Interest Payment (VM/IA) by the Interest Payer (VM/IA) will be made on the 3rd Local Business Day of each calendar month in relation to the previous Interest Period. (iii) Other Interest Elections. Negative Interest: Applicable Daily Interest Compounding: Not Applicable (iv) Alternative to Interest Amount (VM/IA) and Interest Payment (VM/IA). The provisions of Paragraph 6(d)(ii) will apply.

(j) Credit Support Offsets. If specified here as applicable, then the "Credit Support Offsets" provisions in Paragraph 11(j) of this Annex will apply: Not Applicable.

(k) Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices Section of this Agreement, unless otherwise specified here: Party A: Not specified. Party B: Not specified.

(l) Addresses for Transfers. Party A: To be specified by Party A in writing. Party B: To be specified by Party B in writing. (m) "Other CSA" has the meaning specified in Paragraph 12.

(n) Other Provisions. (i) 2016 ISDA Credit Support Annex for Variation Margin (VM) (Bilateral Form – ISDA Agreements Subject to New York Law). Except as otherwise provided in this Paragraph 13, it is the intention of the parties that the printed form of Paragraphs 1 to 12 of the 2016 ISDA Credit Support Annex for Variation Margin (VM) (Bilateral Form – ISDA Agreements Subject to New York Law) as published by the International Swaps and Derivatives Association, Inc. ("ISDA VM CSA Published Form") shall apply to this Annex and in the event of inconsistency between Paragraphs 1 – 12 of this Annex and the ISDA VM CSA Published Form, the ISDA VM CSA Published Form shall prevail.

**ISDA®2016**

(ii) Events of Default. Paragraph 7(i) is hereby amended by deleting all that follows the phrase "required to be made by it" in its entirety. (iii) Legal Ineligibility Notice. The definition of "Legal Ineligibility Notice" in Paragraph 11(g) is hereby amended to read in its entirety as follows:

"Legal Ineligibility Notice" means a written notice from the Secured Party to the Pledgor in which the Secured Party (i) represents that the Secured Party has determined that one or more items of Eligible Credit Support (VM/IA) (or specified amount of any such item) either has ceased to satisfy, or as of a specified date will cease to satisfy, collateral eligibility requirements under laws applicable to the Secured Party requiring the collection of variation margin (the "Legal Eligibility Requirements"), (ii) lists the item(s) of Eligible Credit Support (VM/IA) (and, if applicable, the specified amount) that have ceased to satisfy, or as of a specified date will cease to satisfy, the Legal Eligibility Requirements, (iii) unless, in the sole view of the Pledgor, prohibited by law or regulation, describes the reason(s) why such item(s) of Eligible Credit Support (VM/IA) (or the specified amount thereof) have ceased to satisfy, or will cease to satisfy, the Legal Eligibility Requirements and (iv) specifies the Total Ineligibility Date and, if different, the Transfer Ineligibility Date. (iv) Entire Agreement. This Annex constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. (v) Counterparts. This Annex may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original. (vi) Governing law. This Annex and any non-contractual obligations arising out of or in connection with it will be governed by and construed in accordance with New York law. (vii) Waiver of Trial by Jury. EACH PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY CREDIT SUPPORT DOCUMENT. EACH PARTY ACKNOWLEDGES THAT IT AND THE OTHER PARTY HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND PROVIDE FOR ANY CREDIT SUPPORT DOCUMENT, AS APPLICABLE, BY AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS PARAGRAPH. (Signature Page Follows)

**ISDA®2016**

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

**CF SECURED, LLC**

**CORGI ETF TRUST I, ON BEHALF OF EACH OF**

**ITS SERIES LISTED IN APPENDIX A TO THE**

**SCHEDULE TO THE ISDA MASTER**

**AGREEMENT, SEVERALLY BUT NOT JOINTLY**

By: /s/ Pascal Bandelier

Name: Pascal Bandelier

Title: Executive Managing Director

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President and Principal Executive Officer; Trustee

## Ex-99.H

#### Exhibit (h)(xiii)
ISDA 2002 Master Agreement between the Trust and CF Secured LLC, dated November 25, 2025

Filed herewith.

------

ISDA® International Swaps and Derivatives Association, Inc.

**2002 MASTER AGREEMENT**

dated as of November 25, 2025 CF Secured, LLC ("Party A") and CORGI ETF TRUST I, a series trust organized under the laws of the State of Delaware, on behalf of each of its series listed on Appendix A to the Schedule, severally but not jointly (each, a "Party B") have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this 2002 Master Agreement, which includes the schedule (the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this "Master Agreement". Accordingly, the parties agree as follows: 1. Interpretation (a) Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement. (b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction. (c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any Transactions. 2. Obligations (a) General Conditions. (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. (ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary

for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing,

(2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii). (b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change. (c) Netting of Payments. If on any date amounts would otherwise be payable: (i) in the same currency; and (ii) in respect of the same Transaction, by each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that "Multiple Transaction Payment Netting" applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. (d) Deduction or Withholding for Tax. (i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party ("X") will: (1) promptly notify the other party ("Y") of such requirement; (2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y; (3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is

otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for: (A) the failure by Y to comply with or perform any agreement contained in

Section 4(a)(i), 4(a)(iii) or 4(d); or (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. (ii) Liability. If: (1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); (2) X does not so deduct or withhold; and (3) a liability resulting from such Tax is assessed directly against X, then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a) (i), 4(a)(iii) or 4(d)). 3. Representations Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any "Additional Representation" is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation. (a) Basic Representations. (i) Status. It is duly organized and validly existing under the laws of the jurisdiction of its organization or incorporation and, if relevant under such laws, in good standing; (ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorize such execution, delivery and performance; (iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or

affecting it or any of its assets; (iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and (v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). (b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party. (c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. (d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. (e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true. (f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. (g) No Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity. 4. Agreements Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party: (a) Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs: (i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; (ii) any other documents specified in the Schedule or any Confirmation; and (iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as

the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable. (b) Maintain Authorizations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future. (c) Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party. (d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. (e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction"), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party. 5. Events of Default and Termination Events (a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an "Event of Default") with respect to such party: (i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party; (ii) Breach of Agreement; Repudiation of Agreement. (1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or (2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); (iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; (2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or (3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); (iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; (v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:

(l) defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction; (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day); (3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or (4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); (vi) Cross-Default. If "Cross-Default" is specified in the Schedule as applying to the party, the occurrence or existence of:

(l) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less

than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less than the applicable Threshold Amount; (vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:

(l) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or

(B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (l) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or (viii) Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganizes, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganization, reincorporation or reconstitution:

(l) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations

under this Agreement. (b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in clause

(ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:— (i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):— (1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or (2) for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit Support Document; (ii) Force Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day: (1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or (2) such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability; (iii) Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date

(A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); (iv) Tax Event Upon Merger. The party (the "Burdened Party") on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganizing, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption; (v) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, "X") and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A "Designated Event" with respect to X means that: (1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the date of this Master Agreement) to, or reorganizes, reincorporates or reconstitutes into or as, another entity; (2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or (3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or (vi) Additional Termination Event. If any "Additional Termination Event" is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation).

(c) Hierarchy of Events. (i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a) (ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be. (ii) Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event. (iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event. (d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until: (i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or (ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate. (e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party's head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or compliance with the relevant provision by the Affected Party's head or home office and (iv) the Affected Party's head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in Section 5(b)(i)(1) or 5(b) (ii)(1), as the case may be, and the Affected Party's head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1). 6. Early Termination; Close-Out Netting (a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, "Automatic Early Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time

immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8). (b) Right to Terminate Following Termination Event. (i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require. (ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. (iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event. (iv) Right to Terminate. (1) If: (A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or (B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non- affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. (2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and

any applicable Waiting Period has expired: (A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions. (B) An Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2) (A), in respect of less than all Affected Transactions. (c) Effect of Designation. (i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. (ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii). (d) Calculations; Payment Date. (i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (l) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations),

(2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and

(3) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data. (ii) Payment Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event.

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date (the "Early Termination Amount") will be determined pursuant to this Section 6(e) and will be subject to Section 6(f). (i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non- defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party. (ii) Termination Events. If the Early Termination Date results from a Termination Event: (1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively. (2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party "X") and the lower amount so determined (by party "Y") and

(II) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount to Y. (3) Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party will: (A) if obtaining quotations from one or more third parties (or from any of the Determining Party's Affiliates), ask each third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and (B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party. (iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). (iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support

Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and

(2) otherwise accrue interest in accordance with Section 9(h)(ii)(2). (v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions. (f) Set-Off. Any Early Termination Amount payable to one party (the "Payee") by the other party (the "Payer"), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non- affected Party, as the case may be ("X") (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts ("Other Amounts") payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this Section 6(f). For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such currency. If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise). 7. Transfer Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that: (a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and (b) a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11. Any purported transfer that is not in compliance with this Section 7 will be void.

8. Contractual Currency (a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the "Contractual Currency"). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. (b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. (c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. (d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made. 9. Miscellaneous (a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud. (b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system. (c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. (e) Counterparts and Confirmations. (i)

(C) below), at the Default Rate. (2) Compensation for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery.

(3) Interest on Deferred Payments. If: (A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a) (iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate; (B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or (C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral Rate. (4) Compensation for Deferred Deliveries. If: (A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery; (B) a delivery is deferred pursuant to Section 5(d); or (C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting Period has expired, the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. (ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in

respect of a Transaction: (1) Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate. (2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate. (iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed. 10. Offices; Multibranch Parties (a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organization, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction. (b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing). (c) The Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written consent of the other party. 11. Expenses A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of- pocket expenses, including legal fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 12. Notices (a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner

described below (except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging system or e- mail details provided (see the Schedule) and will be deemed effective as indicated: (i) if in writing and delivered in person or by courier, on the date it is delivered; (ii) if sent by telex, on the date the recipient's answerback is received; (iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine); (iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted; (v) if sent by electronic messaging system, on the date it is received; or (vi) if sent by e-mail, on the date it is delivered, unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day. (b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or e-mail details at which notices or other communications are to be given to it. 13. Governing Law and Jurisdiction (a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. (b) Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement ("Proceedings"), each party irrevocably: (i) submits: (1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or (2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City; (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and (iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law. (d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 14. Definitions As used in this Agreement: "Additional Representation" has the meaning specified in Section 3. "Additional Termination Event" has the meaning specified in Section 5(b). "Affected Party" has the meaning specified in Section 5(b). "Affected Transactions" means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions. "Affiliate" means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person. "Agreement" has the meaning specified in Section 1(c). "Applicable Close-out Rate" means: (a) in respect of the determination of an Unpaid Amount: (i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate; (ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; (iii) in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and (iv) in all other cases following the occurrence of a Termination Event (except where interest accrues

pursuant to clause (iii) above), the Applicable Deferral Rate; and (b) in respect of an Early Termination Amount: (i) for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable: (1) if the Early Termination Amount is payable by a Defaulting Party, the Default Rate; (2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and (3) in all other cases, the Applicable Deferral Rate; and (ii) for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment: (1) if a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate; (2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies), the Default Rate; (3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above applies), the Non-default Rate; and (4) in all other cases, the Termination Rate. "Applicable Deferral Rate" means: (a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; (b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and (c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount. "Automatic Early Termination" has the meaning specified in Section 6(a). "Burdened Party" has the meaning specified in Section 5(b)(iv). "Change in Tax Law" means the enactment, promulgation, execution or ratification of, or any change in or amendment

to, any law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction. "Close-out Amount" means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions. Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable. Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out- of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts. In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information: (i) quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation; (ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or (iii) information of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party's Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions. The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards. When considering information described in clause (i), (ii) or

(iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilized. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market information. Without duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its terminating, liquidating or re- establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them).

Commercially reasonable procedures used in determining a Close-out Amount may include the following: (1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and (2) application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions. "Confirmation" has the meaning specified in the preamble. "consent" includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. "Contractual Currency" has the meaning specified in Section 8(a). "Convention Court" means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters. "Credit Event Upon Merger" has the meaning specified in Section 5(b). "Credit Support Document" means any agreement or instrument that is specified as such in this Agreement. "Credit Support Provider" has the meaning specified in the Schedule. "Cross-Default" means the event specified in Section 5(a)(vi). "Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. "Defaulting Party" has the meaning specified in Section 6(a). "Designated Event" has the meaning specified in Section 5(b)(v). "Determining Party" means the party determining a Close-out Amount. "Early Termination Amount" has the meaning specified in Section 6(e). "Early Termination Date" means the date determined in accordance with Section 6(a) or 6(b)(iv). "Electronic messages" does not include e-mails but does include documents expressed in markup languages, and "Electronic messaging system" will be construed accordingly. "English law" means the law of England and Wales, and "English" will be construed accordingly. "Event of Default" has the meaning specified in Section 5(a) and, if applicable, in the Schedule. "Force Majeure Event" has the meaning specified in Section 5(b).

"General Business Day" means a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits). "Illegality" has the meaning specified in Section 5(b). "Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organized, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document). "law" includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and "unlawful" will be construed accordingly. "Local Business Day" means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial center, if any, of the currency of such payment and, if that currency does not have a single recognized principal financial center, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a) (i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction. "Local Delivery Day" means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. "Master Agreement" has the meaning specified in the preamble. "Merger Without Assumption" means the event specified in Section 5(a)(viii). "Multiple Transaction Payment Netting" has the meaning specified in Section 2(c). "Non-affected Party" means, so long as there is only one Affected Party, the other party. "Non-default Rate" means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market.

"Non-defaulting Party" has the meaning specified in Section 6(a). "Office" means a branch or office of a party, which may be such party's head or home office. "Other Amounts" has the meaning specified in Section 6(f). "Payee" has the meaning specified in Section 6(f). "Payer" has the meaning specified in Section 6(f). "Potential Event of Default" means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. "Proceedings" has the meaning specified in Section 13(b). "Process Agent" has the meaning specified in the Schedule. "Rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. "Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organized, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. "Schedule" has the meaning specified in the preamble. "Scheduled Settlement Date" means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. "Specified Entity" has the meaning specified in the Schedule. "Specified Indebtedness" means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. "Specified Transaction" means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause (i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and

(c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. "Stamp Tax" means any stamp, registration, documentation or similar tax. "Stamp Tax Jurisdiction" has the meaning specified in Section 4(e). "Tax" means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. "Tax Event" has the meaning specified in Section 5(b). "Tax Event Upon Merger" has the meaning specified in Section 5(b). "Terminated Transactions" means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date. "Termination Currency" means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York. "Termination Currency Equivalent" means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. "Termination Event" means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event. "Termination Rate" means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. "Threshold Amount" means the amount, if any, specified as such in the Schedule. "Transaction" has the meaning specified in the preamble. "Unpaid Amounts" owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for

Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have

been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. "Waiting Period" means: (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance; and (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance.

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

CF SECURED, LLC ("Party A") CORGI ETF TRUST I, a series trust organized under the laws of the State of Delaware, on behalf of each of its series listed on Appendix A to the Schedule, severally but not jointly (each a "Party B")

By: /s/ Pascal Bandelier

Name: Pascal Bandelier

Title: Executive Managing Director

Date: 02/13/2026

By: /s/ Emily Yuan

Name: Emily Yuan

Title: President and Principal Executive Officer; Trustee

Date: 11/25/25

## Ex-99.H

#### Exhibit (h)(xii)
First Amendment to the ISDA Master Agreement between the Trust and Marex Securities Products Inc., dated May 13, 2026

Filed herewith.

------

FIRST AMENDMENT TO ISDA AGREEMENT THIS FIRST AMENDMENT TO ISDA AGREEMENT (this "Amendment") is made and entered into this 8th day of May 2026 by and between Marex Securities Products Inc. ("Party A") and each of the series of Corgi ETF Trust I listed in Appendix I of the Schedule to the Agreement (as defined below), as such Appendix I may be amended or supplemented from time to time (severally and not jointly, each, a "Party B"), acting by and through Corgi Strategies, LLC (not individually, but solely in its capacity as investment adviser and agent for each Party B, the "Investment Adviser").

WHEREAS, Party A and Party B have entered into that certain 2002 ISDA Agreement, dated as of November 14, 2025 (the "2002 Agreement"), which 2002 Agreement includes the Schedule to the 2002 Agreement (the "Schedule"), the Credit Support Annex to the Schedule (the "Credit Support Annex", and together with the 2002 Agreement and the Schedule, as each may be amended from time to time, the "Agreement"; all capitalized terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement); and

WHEREAS, Party A and Party B desire to amend and restate Appendix I of the Schedule to include certain additional series of Corgi ETF Trust I as Party B to the Agreement;

NOW, THEREFORE, in consideration of the foregoing premises, each of which are hereby incorporated into the terms hereof, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Party A and Party B hereby agree as follows:

**1. AMENDMENTS.**

(a) Each of the series below-named is hereby added as a Party B to the Agreement in the appropriate chronological order (as defined by reference to the column with header "Agreement Date"):

Corgi All World 2x Daily ETF Corgi Brazil 2x Daily ETF Corgi China 2x Daily ETF Corgi Chinese Internet 2x Daily ETF Corgi Emerging Markets 2x Daily ETF Corgi Europe Equities 2x Daily ETF Corgi Ex-U.S. Equities 2x Daily ETF Corgi Gold 2x Daily ETF Corgi India 2x Daily ETF Corgi U.S. Large-Cap 2x Daily ETF Corgi U.S. Mega-Cap Growth 2x Daily ETF Corgi U.S. Mid-Cap 2x Daily ETF Corgi Platinum 2x Daily ETF Corgi Silver 2x Daily ETF Corgi U.S. Small-Cap 2x Daily ETF Corgi South Korea 2x Daily ETF Corgi Taiwan 2x Daily ETF Corgi Total U.S. Market 2x Daily ETF Corgi U.S. Biotech 2x Daily ETF Corgi U.S. Consumer Discretionary 2x Daily ETF

Corgi U.S. Consumer Staples 2x Daily ETF Corgi U.S. Energy 2x Daily ETF Corgi U.S. Financials 2x Daily ETF Corgi U.S. Growth 2x Daily ETF Corgi U.S. Healthcare 2x Daily ETF Corgi U.S. Industrials 2x Daily ETF Corgi U.S. Infrastructure 2x Daily ETF Corgi U.S. Materials 2x Daily ETF Corgi U.S. Micro-Cap 2x Daily ETF Corgi U.S. Real Estate 2x Daily ETF Corgi U.S. Regional Banks 2x Daily ETF Corgi U.S. Semiconductors 2x Daily ETF Corgi U.S. Technology 2x Daily ETF Corgi U.S. Utilities 2x Daily ETF Corgi Copper 2x Daily ETF Corgi All Commodities 2x Daily ETF Corgi Oil 2x Daily ETF Corgi Natural Gas 2x Daily ETF Corgi Uranium 2x Daily ETF Corgi Palladium 2x Daily ETF Corgi AGIX 2x Daily ETF Corgi Aerospace & Commercial Aviation 2x Daily ETF Corgi AI Cybersecurity 2x Daily ETF Corgi Battery Energy Storage Systems 2x Daily ETF Corgi Bay Area Based 2x Daily ETF Corgi Beauty, Skincare & Aesthetics 2x Daily ETF Corgi Coffee & Energy Drinks 2x Daily ETF Corgi Crypto Infrastructure 2x Daily ETF Corgi Data & Surveillance 2x Daily ETF Corgi Genomics & Precision Medicine 2x Daily ETF Corgi High Voltage Grid Equipment 2x Daily ETF Corgi Lifestyle Brands 2x Daily ETF Corgi Longevity Consumer 2x Daily ETF Corgi Natural Gas Power & Turbines 2x Daily ETF Corgi NYC Based 2x Daily ETF Corgi Ports, Rail & Freight 2x Daily ETF Corgi Quantum Computing 2x Daily ETF Corgi Robots & Humanoids 2x Daily ETF Corgi Shipping & Global Logistics 2x Daily ETF Corgi Sports Betting & Gambling 2x Daily ETF Corgi Travel & Leisure 2x Daily ETF Corgi U.S. War Machine 2x Daily ETF Corgi Buy Now Pay Later 2x Daily ETF Corgi Space & Satellite Communications 2x Daily ETF Corgi Mag 7 2x Daily ETF Corgi IP Licensing & Royalties 2x Daily ETF Corgi Drones & Urban Air Mobility 2x Daily ETF Corgi Lithography & Semiconductor Photonics 2x Daily ETF Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF

(b) Appendix I of the Schedule to the Agreement accordingly is hereby amended and restated in its entirety with the Appendix I attached hereto as Exhibit A to this Amendment. 2. MISCELLANEOUS.

(a) Agreement Survival. Except as expressly amended herein, all provisions of the Agreement remain in full force and effect, and all references to the Agreement in the Agreement or in any related document for all purposes shall constitute references to the Agreement as amended hereby. This Amendment shall in no way operate as a novation, release, or discharge of any of the provisions of the Agreement (except as amended herein) or of any indebtedness thereby evidenced.

(b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto.

(c) Counterparts. This Amendment may be executed electronically and delivered in any number of counterparts, each of which will be deemed an original, and all of which taken together shall constitute one and the same instrument.

(d) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of nor to be taken into consideration in interpreting this Amendment.

(e) Governing Law. This Amendment and any and all controversies arising out of or in relation to this Amendment shall be governed by and construed in accordance with the laws of the State of New York (without reference to its conflict of laws doctrine). Signature page follows.

IN WITNESS WHEREOF, Party A and Party B have caused this First Amendment to ISDA Agreement to be executed by their respective duly authorized signatories as of the day and year first above written.

MAREX SECURITIES PRODUCTS INC., as Party A EACH OF THE SERIES OF CORGI ETF

**TRUST I LISTED IN APPENDIX I OF THE**

SCHEDULE TO THE AGREEMENT, AS AMENDED OR SUPPLEMENTED FROM TIME TO TIME, SEVERALLY BUT NOT JOINTLY, as Party B

By: Corgi ETF Trust I

By: /s/ Michael Rosen

By: /s/ Michael Rosen

Name: Michael Rosen

Name: Emily Yuan

Title: Authorized Signatory

Title: Trustee

By: /s/ Jennifer Kaiser

Name: Jennifer Kaiser

Title: Authorized Signatory

Exhibit A

Trust Series Agreement Date 1. Corgi ETF Trust I Founder-Led 2x Daily ETF November 14, 2025 2. Corgi ETF Trust I Corgi All World 2x Daily ETF May 8, 2026 3. Corgi ETF Trust I Corgi Brazil 2x Daily ETF May 8, 2026 4. Corgi ETF Trust I Corgi China 2x Daily ETF May 8, 2026 5. Corgi ETF Trust I Corgi Chinese Internet 2x Daily ETF May 8, 2026 6. Corgi ETF Trust I Corgi Emerging Markets 2x Daily ETF May 8, 2026 7. Corgi ETF Trust I Corgi Europe Equities 2x Daily ETF May 8, 2026 8. Corgi ETF Trust I Corgi Ex-U.S. Equities 2x Daily ETF May 8, 2026 9. Corgi ETF Trust I Corgi Gold 2x Daily ETF May 8, 2026 10. Corgi ETF Trust I Corgi India 2x Daily ETF May 8, 2026 11. Corgi ETF Trust I Corgi U.S. Large-Cap 2x Daily ETF May 8, 2026 12. Corgi ETF Trust I Corgi U.S. Mega-Cap Growth 2x Daily ETF May 8, 2026 13. Corgi ETF Trust I Corgi U.S. Mid-Cap 2x Daily ETF May 8, 2026 14. Corgi ETF Trust I Corgi Platinum 2x Daily ETF May 8, 2026 15. Corgi ETF Trust I Corgi Silver 2x Daily ETF May 8, 2026 16. Corgi ETF Trust I Corgi U.S. Small-Cap 2x Daily ETF May 8, 2026 17. Corgi ETF Trust I Corgi South Korea 2x Daily ETF May 8, 2026 18. Corgi ETF Trust I Corgi Taiwan 2x Daily ETF May 8, 2026 19. Corgi ETF Trust I Corgi Total U.S. Market 2x Daily ETF May 8, 2026 20. Corgi ETF Trust I Corgi U.S. Biotech 2x Daily ETF May 8, 2026 21. Corgi ETF Trust I Corgi U.S. Consumer Discretionary 2x Daily ETF May 8, 2026 22. Corgi ETF Trust I Corgi U.S. Consumer Staples 2x Daily ETF May 8, 2026 23. Corgi ETF Trust I Corgi U.S. Energy 2x Daily ETF May 8, 2026 24. Corgi ETF Trust I Corgi U.S. Financials 2x Daily ETF May 8, 2026 25. Corgi ETF Trust I Corgi U.S. Growth 2x Daily ETF May 8, 2026 26. Corgi ETF Trust I Corgi U.S. Healthcare 2x Daily ETF May 8, 2026 27. Corgi ETF Trust I Corgi U.S. Industrials 2x Daily ETF May 8, 2026 28. Corgi ETF Trust I Corgi U.S. Infrastructure 2x Daily ETF May 8, 2026 29. Corgi ETF Trust I Corgi U.S. Materials 2x Daily ETF May 8, 2026

Exhibit A

30. Corgi ETF Trust I Corgi U.S. Micro-Cap 2x Daily ETF May 8, 2026 31. Corgi ETF Trust I Corgi U.S. Real Estate 2x Daily ETF May 8, 2026 32. Corgi ETF Trust I Corgi U.S. Regional Banks 2x Daily ETF May 8, 2026 33. Corgi ETF Trust I Corgi U.S. Semiconductors 2x Daily ETF May 8, 2026 34. Corgi ETF Trust I Corgi U.S. Technology 2x Daily ETF May 8, 2026 35. Corgi ETF Trust I Corgi U.S. Utilities 2x Daily ETF May 8, 2026 36. Corgi ETF Trust I Corgi Copper 2x Daily ETF May 8, 2026 37. Corgi ETF Trust I Corgi All Commodities 2x Daily ETF May 8, 2026 38. Corgi ETF Trust I Corgi Oil 2x Daily ETF May 8, 2026 39. Corgi ETF Trust I Corgi Natural Gas 2x Daily ETF May 8, 2026 40. Corgi ETF Trust I Corgi Uranium 2x Daily ETF May 8, 2026 41. Corgi ETF Trust I Corgi Palladium 2x Daily ETF May 8, 2026 42. Corgi ETF Trust I Corgi AGIX 2x Daily ETF May 8, 2026 43. Corgi ETF Trust I Corgi Aerospace & Commercial Aviation 2x Daily ETF May 8, 2026 44. Corgi ETF Trust I Corgi AI Cybersecurity 2x Daily ETF May 8, 2026 45. Corgi ETF Trust I Corgi Battery Energy Storage Systems 2x Daily ETF May 8, 2026 46. Corgi ETF Trust I Corgi Bay Area Based 2x Daily ETF May 8, 2026 47. Corgi ETF Trust I Corgi Beauty, Skincare & Aesthetics 2x Daily ETF May 8, 2026 48. Corgi ETF Trust I Corgi Coffee & Energy Drinks 2x Daily ETF May 8, 2026 49. Corgi ETF Trust I Corgi Crypto Infrastructure 2x Daily ETF May 8, 2026 50. Corgi ETF Trust I Corgi Data & Surveillance 2x Daily ETF May 8, 2026 51. Corgi ETF Trust I Corgi Genomics & Precision Medicine 2x Daily ETF May 8, 2026 52. Corgi ETF Trust I Corgi High Voltage Grid Equipment 2x Daily ETF May 8, 2026 53. Corgi ETF Trust I Corgi Lifestyle Brands 2x Daily ETF May 8, 2026 54. Corgi ETF Trust I Corgi Longevity Consumer 2x Daily ETF May 8, 2026 55. Corgi ETF Trust I Corgi Natural Gas Power & Turbines 2x Daily ETF May 8, 2026 56. Corgi ETF Trust I Corgi NYC Based 2x Daily ETF May 8, 2026 57. Corgi ETF Trust I Corgi Ports, Rail & Freight 2x Daily ETF May 8, 2026 58. Corgi ETF Trust I Corgi Quantum Computing 2x Daily ETF May 8, 2026 59. Corgi ETF Trust I Corgi Robots & Humanoids 2x Daily ETF May 8, 2026

Exhibit A

60. Corgi ETF Trust I Corgi Shipping & Global Logistics 2x Daily ETF May 8, 2026 61. Corgi ETF Trust I Corgi Sports Betting & Gambling 2x Daily ETF May 8, 2026 62. Corgi ETF Trust I Corgi Travel & Leisure 2x Daily ETF May 8, 2026 63. Corgi ETF Trust I Corgi U.S. War Machine 2x Daily ETF May 8, 2026 64. Corgi ETF Trust I Corgi Buy Now Pay Later 2x Daily ETF May 8, 2026 65. Corgi ETF Trust I Corgi Space & Satellite Communications 2x Daily ETF May 8, 2026 66. Corgi ETF Trust I Corgi Mag 7 2x Daily ETF May 8, 2026 67. Corgi ETF Trust I Corgi IP Licensing & Royalties 2x Daily ETF May 8, 2026 68. Corgi ETF Trust I Corgi Drones & Urban Air Mobility 2x Daily ETF May 8, 2026 69. Corgi ETF Trust I Corgi Lithography & Semiconductor Photonics 2x Daily ETF May 8, 2026 70. Corgi ETF Trust I Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF May 8, 2026

## Ex-99.H

#### Exhibit (h)(ix)
ISDA 2002 Master Agreement between the Trust and Marex Securities Products Inc.

Filed herewith.

------

ISDA® International Swaps and Derivatives Association, Inc.

**2002 MASTER AGREEMENT**

dated as of the date first written on the Schedule hereto between Marex Securities Products Inc.

and Corgi ETF Trust I have entered and/or anticipate entering into one or more transactions (each a "Transaction") that are or will be governed by this 2002 Master Agreement, which includes the schedule (the "Schedule"), and the documents and other confirming evidence (each a "Confirmation") exchanged between the parties or otherwise effective for the purpose of confirming or evidencing those Transactions. This 2002 Master Agreement and the Schedule are together referred to as this "Master Agreement".

Accordingly, the parties agree as follows:-

1. Interpretation

(a) Definitions. The terms defined in Section 14 and elsewhere in this Master Agreement will have the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement, such Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this "Agreement"), and the parties would not otherwise enter into any Transactions.

2. Obligations

(a) General Conditions.

(i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. (iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing,

(2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively designated and (3) each other condition specified in this Agreement to be a condition precedent for the purpose of this Section 2(a)(iii).

(b) Change of Account. Either party may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the Scheduled Settlement Date for the payment or delivery to which such change applies unless such other party gives timely notice of a reasonable objection to such change.

(c) Netting of Payments. If on any date amounts would otherwise be payable:-

(i) in the same currency; and

(ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make payment of any such amount will be automatically satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by which the larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount and payment obligation will be determined in respect of all amounts payable on the same date in the same currency in respect of those Transactions, regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or any Confirmation by specifying that "Multiple Transaction Payment Netting" applies to the Transactions identified as being subject to the election (in which case clause (ii) above will not apply to such Transactions). If Multiple Transaction Payment Netting is applicable to Transactions, it will apply to those Transactions with effect from the starting date specified in the Schedule or such Confirmation, or, if a starting date is not specified in the Schedule or such Confirmation, the starting date otherwise agreed by the parties in writing. This election may be made separately for different groups of Transactions and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries.

(d) Deduction or Withholding for Tax.

(i) Gross-Up. All payments under this Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in effect. If a party is so required to deduct or withhold, then that party ("X") will:-

(1) promptly notify the other party ("Y") of such requirement;

(2) pay to the relevant authorities the full amount required to be deducted or withheld (including the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount has been assessed against Y;

(3) promptly forward to Y an official receipt (or a certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and

(4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required to pay any additional amount to Y to the extent that it would not be required to be paid but for:-

(A) the failure by Y to comply with or perform any agreement contained in

Section 4(a)(i), 4(a)(iii) or 4(d); or

(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law.

(ii) Liability. If:-

(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4);

(2) X does not so deduct or withhold; and

(3) a liability resulting from such Tax is assessed directly against X,

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

3. Representations

Each party makes the representations contained in Sections 3(a), 3(b), 3(c), 3(d), 3(e) and 3(f) and, if specified in the Schedule as applying, 3(g) to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement). If any "Additional Representation" is specified in the Schedule or any Confirmation as applying, the party or parties specified for such Additional Representation will make and, if applicable, be deemed to repeat such Additional Representation at the time or times specified for such Additional Representation.

(a) Basic Representations.

(i) Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good standing;

(ii) Powers. It has the power to execute this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

(v) Obligations Binding. Its obligations under this Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this Agreement or any Credit Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened against it, any of its Credit Support Providers or any of its applicable Specified Entities any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true.

(g) No Agency. It is entering into this Agreement, including each Transaction, as principal and not as agent of any person or entity.

4. Agreements

Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:-

(a) Furnish Specified Information. It will deliver to the other party or, in certain cases under clause (iii) below, to such government or taxing authority as the other party reasonably directs:-

(i) any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation;

(ii) any other documents specified in the Schedule or any Confirmation; and

(iii) upon reasonable demand by such other party, any form or document that may be required or reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain any that may become necessary in the future.

(c) Comply With Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, organised, managed and controlled or considered to have its seat, or where an Office through which it is acting for the purpose of this Agreement is located ("Stamp Tax Jurisdiction"), and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party's execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the other party.

5. Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any of the following events constitutes (subject to Sections 5(c) and 6(e)(iv)) an event of default (an "Event of Default") with respect to such party:-

(i) Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party;

(ii) Breach of Agreement; Repudiation of Agreement.

(1) Failure by the party to comply with or perform any agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied within 30 days after notice of such failure is given to the party; or

(2) the party disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, this Master Agreement, any Confirmation executed and delivered by that party or any

Transaction evidenced by such a Confirmation (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

(iii) Credit Support Default.

(1) Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed;

(2) the expiration or termination of such Credit Support Document or the failing or ceasing of such Credit Support Document, or any security interest granted by such party or such Credit Support Provider to the other party pursuant to any such Credit Support Document, to be in full force and effect for the purpose of this Agreement (in each case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit Support Document relates without the written consent of the other party; or

(3) the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

(iv) Misrepresentation. A representation (other than a representation under Section 3(e) or 3(f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated;

(v) Default Under Specified Transaction. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:-

(l) defaults (other than by failing to make a delivery) under a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, that Specified Transaction;

(2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment due on the last payment or exchange date of, or any payment on early termination of, a Specified Transaction (or, if there is no applicable notice requirement or grace period, such default continues for at least one Local Business Day);

(3) defaults in making any delivery due under (including any delivery due on the last delivery or exchange date of) a Specified Transaction or any credit support arrangement relating to a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, such default results in a liquidation of, an acceleration of obligations under, or an early termination of, all transactions outstanding under the documentation applicable to that Specified Transaction; or

(4) disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, a Specified Transaction or any credit support arrangement relating to a Specified Transaction that is, in either case, confirmed or evidenced by a document or other confirming evidence executed and delivered by that party, Credit Support Provider or Specified Entity (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf);

(vi) Cross-Default. If "Cross-Default" is specified in the Schedule as applying to the party, the occurrence or existence of:-

(l) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (2) below, is not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments before it would otherwise have been due and payable; or

(2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (1) above, of not less than the applicable Threshold Amount;

(vii) Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party:-

(l) is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4)(A) institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official, or

(B) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding-up or liquidation, and such proceeding or petition is instituted or presented by a person or entity not described in clause (A) above and either (I) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (II) is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

(6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 15 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in clauses (l) to (7) above (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or

(viii) Merger Without Assumption. The party or any Credit Support Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganises, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer, reorganisation, reincorporation or reconstitution:-

(l) the resulting, surviving or transferee entity fails to assume all the obligations of such party or such Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party; or

(2) the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes (subject to Section 5(c)) an Illegality if the event is specified in clause (i) below, a Force Majeure Event if the event is specified in clause (ii) below, a Tax Event if the event is specified in clause (iii) below, a Tax Event Upon Merger if the event is specified in clause (iv) below, and, if specified to be applicable, a Credit Event Upon Merger if the event is specified pursuant to clause (v) below or an Additional Termination Event if the event is specified pursuant to clause (vi) below:-

(i) Illegality. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, due to an event or circumstance (other than any action taken by a party or, if applicable, any Credit Support Provider of such party) occurring after a Transaction is entered into, it becomes unlawful under any applicable law (including without limitation the laws of any country in which payment, delivery or compliance is required by either party or any Credit Support Provider, as the case may be), on any day, or it would be unlawful if the relevant payment, delivery or compliance were required on that day (in each case, other than as a result of a breach by the party of Section 4(b)):-

(1) for the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction to perform any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, to receive a payment or delivery in respect of such Transaction or to comply with any other material provision of this Agreement relating to such Transaction; or

(2) for such party or any Credit Support Provider of such party (which will be the Affected Party) to perform any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, to receive a payment or delivery under such Credit Support Document or to comply with any other material provision of such Credit Support Document;

(ii) Force Majeure Event. After giving effect to any applicable provision, disruption fallback or remedy specified in, or pursuant to, the relevant Confirmation or elsewhere in this Agreement, by reason of force majeure or act of state occurring after a Transaction is entered into, on any day:-

(1) the Office through which such party (which will be the Affected Party) makes and receives payments or deliveries with respect to such Transaction is prevented from performing any absolute or contingent obligation to make a payment or delivery in respect of such Transaction, from receiving a payment or delivery in respect of such Transaction or from complying with any other material provision of this Agreement relating to such Transaction (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or

impracticable for such Office so to perform, receive or comply (or it would be impossible or impracticable for such Office so to perform, receive or comply if such payment, delivery or compliance were required on that day); or

(2) such party or any Credit Support Provider of such party (which will be the Affected Party) is prevented from performing any absolute or contingent obligation to make a payment or delivery which such party or Credit Support Provider has under any Credit Support Document relating to such Transaction, from receiving a payment or delivery under such Credit Support Document or from complying with any other material provision of such Credit Support Document (or would be so prevented if such payment, delivery or compliance were required on that day), or it becomes impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply (or it would be impossible or impracticable for such party or Credit Support Provider so to perform, receive or comply if such payment, delivery or compliance were required on that day),

so long as the force majeure or act of state is beyond the control of such Office, such party or such Credit Support Provider, as appropriate, and such Office, party or Credit Support Provider could not, after using all reasonable efforts (which will not require such party or Credit Support Provider to incur a loss, other than immaterial, incidental expenses), overcome such prevention, impossibility or impracticability;

(iii) Tax Event. Due to (1) any action taken by a taxing authority, or brought in a court of competent jurisdiction, after a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (2) a Change in Tax Law, the party (which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Settlement Date

(A) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (B) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest under Section 9(h)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B));

(iv) Tax Event Upon Merger. The party (the "Burdened Party") on the next succeeding Scheduled Settlement Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 9(h)) or (2) receive a payment from which an amount has been deducted or withheld for or on account of any Tax in respect of which the other party is not required to pay an additional amount (other than by reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets (or any substantial part of the assets comprising the business conducted by it as of the date of this Master Agreement) to, or reorganising, reincorporating or reconstituting into or as, another entity (which will be the Affected Party) where such action does not constitute a Merger Without Assumption;

(v) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified in the Schedule as applying to the party, a Designated Event (as defined below) occurs with respect to such party, any Credit Support Provider of such party or any applicable Specified Entity of such party (in each case, "X") and such Designated Event does not constitute a Merger Without Assumption, and the creditworthiness of X or, if applicable, the successor, surviving or transferee entity of X, after taking into account any applicable Credit Support Document, is materially weaker immediately after the occurrence of such Designated Event than that of X immediately prior to the occurrence of such Designated Event (and, in any such event, such party or its successor, surviving or transferee entity, as appropriate, will be the Affected Party). A "Designated Event" with respect to X means that:-

(1) X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets (or any substantial part of the assets comprising the business conducted by X as of the

date of this Master Agreement) to, or reorganises, reincorporates or reconstitutes into or as, another entity;

(2) any person, related group of persons or entity acquires directly or indirectly the beneficial ownership of (A) equity securities having the power to elect a majority of the board of directors (or its equivalent) of X or (B) any other ownership interest enabling it to exercise control of X; or

(3) X effects any substantial change in its capital structure by means of the issuance, incurrence or guarantee of debt or the issuance of (A) preferred stock or other securities convertible into or exchangeable for debt or preferred stock or (B) in the case of entities other than corporations, any other form of ownership interest; or

(vi) Additional Termination Event. If any "Additional Termination Event" is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties will be as specified for such Additional Termination Event in the Schedule or such Confirmation).

(c) Hierarchy of Events.

(i) An event or circumstance that constitutes or gives rise to an Illegality or a Force Majeure Event will not, for so long as that is the case, also constitute or give rise to an Event of Default under Section 5(a)(i), 5(a)(ii)(1) or 5(a)(iii)(1) insofar as such event or circumstance relates to the failure to make any payment or delivery or a failure to comply with any other material provision of this Agreement or a Credit Support Document, as the case may be.

(ii) Except in circumstances contemplated by clause (i) above, if an event or circumstance which would otherwise constitute or give rise to an Illegality or a Force Majeure Event also constitutes an Event of Default or any other Termination Event, it will be treated as an Event of Default or such other Termination Event, as the case may be, and will not constitute or give rise to an Illegality or a Force Majeure Event.

(iii) If an event or circumstance which would otherwise constitute or give rise to a Force Majeure Event also constitutes an Illegality, it will be treated as an Illegality, except as described in clause (ii) above, and not a Force Majeure Event.

(d) Deferral of Payments and Deliveries During Waiting Period. If an Illegality or a Force Majeure Event has occurred and is continuing with respect to a Transaction, each payment or delivery which would otherwise be required to be made under that Transaction will be deferred to, and will not be due until:-

(i) the first Local Business Day or, in the case of a delivery, the first Local Delivery Day (or the first day that would have been a Local Business Day or Local Delivery Day, as appropriate, but for the occurrence of the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event) following the end of any applicable Waiting Period in respect of that Illegality or Force Majeure Event, as the case may be; or

(ii) if earlier, the date on which the event or circumstance constituting or giving rise to that Illegality or Force Majeure Event ceases to exist or, if such date is not a Local Business Day or, in the case of a delivery, a Local Delivery Day, the first following day that is a Local Business Day or Local Delivery Day, as appropriate.

(e) Inability of Head or Home Office to Perform Obligations of Branch. If (i) an Illegality or a Force Majeure Event occurs under Section 5(b)(i)(1) or 5(b)(ii)(1) and the relevant Office is not the Affected Party's head or home office, (ii) Section 10(a) applies, (iii) the other party seeks performance of the relevant obligation or

compliance with the relevant provision by the Affected Party's head or home office and (iv) the Affected Party's head or home office fails so to perform or comply due to the occurrence of an event or circumstance which would, if that head or home office were the Office through which the Affected Party makes and receives payments and deliveries with respect to the relevant Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and such failure would otherwise constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) with respect to such party, then, for so long as the relevant event or circumstance continues to exist with respect to both the Office referred to in

Section 5(b)(i)(1) or 5(b)(ii)(1), as the case may be, and the Affected Party's head or home office, such failure will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1).

6. Early Termination; Close-Out Netting

(a) Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the "Defaulting Party") has occurred and is then continuing, the other party (the "Non-defaulting Party") may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all outstanding Transactions. If, however, "Automatic Early Termination" is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

(i) Notice. If a Termination Event other than a Force Majeure Event occurs, an Affected Party will, promptly upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction, and will also give the other party such other information about that Termination Event as the other party may reasonably require. If a Force Majeure Event occurs, each party will, promptly upon becoming aware of it, use all reasonable efforts to notify the other party, specifying the nature of that Force Majeure Event, and will also give the other party such other information about that Force Majeure Event as the other party may reasonably require.

(ii) Transfer to Avoid Termination Event. If a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, other than immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist.

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i).

Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other party's policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed.

(iii) Two Affected Parties. If a Tax Event occurs and there are two Affected Parties, each party will use all reasonable efforts to reach agreement within 30 days after notice of such occurrence is given under Section 6(b)(i) to avoid that Termination Event.

(iv) Right to Terminate.

(1) If:-

(A) a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days after an Affected Party gives notice under Section 6(b)(i); or

(B) a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party,

the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event or an Additional Termination Event if there are two Affected Parties, or the Non- affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one Affected Party may, if the relevant Termination Event is then continuing, by not more than 20 days notice to the other party, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions.

(2) If at any time an Illegality or a Force Majeure Event has occurred and is then continuing and any applicable Waiting Period has expired:-

(A) Subject to clause (B) below, either party may, by not more than 20 days notice to the other party, designate (I) a day not earlier than the day on which such notice becomes effective as an Early Termination Date in respect of all Affected Transactions or (II) by specifying in that notice the Affected Transactions in respect of which it is designating the relevant day as an Early Termination Date, a day not earlier than two Local Business Days following the day on which such notice becomes effective as an Early Termination Date in respect of less than all Affected Transactions. Upon receipt of a notice designating an Early Termination Date in respect of less than all Affected Transactions, the other party may, by notice to the designating party, if such notice is effective on or before the day so designated, designate that same day as an Early Termination Date in respect of any or all other Affected Transactions.

(B) An Affected Party (if the Illegality or Force Majeure Event relates to performance by such party or any Credit Support Provider of such party of an obligation to make any payment or delivery under, or to compliance with any other material provision of, the relevant Credit Support Document) will only have the right to designate an Early Termination Date under Section 6(b)(iv)(2)(A) as a result of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2) following the prior designation by the other party of an Early Termination Date, pursuant to Section 6(b)(iv)(2)(A), in respect of less than all Affected Transactions.

(c) Effect of Designation.

(i) If notice designating an Early Termination Date is given under Section 6(a) or 6(b), the Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing.

(ii) Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 9(h)(i) in respect of the Terminated Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date will be determined pursuant to Sections 6(e) and 9(h)(ii).

(d) Calculations; Payment Date.

(i) Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (l) showing, in reasonable detail, such calculations (including any quotations, market data or information from internal sources used in making such calculations),

(2) specifying (except where there are two Affected Parties) any Early Termination Amount payable and

(3) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation or market data obtained in determining a Close-out Amount, the records of the party obtaining such quotation or market data will be conclusive evidence of the existence and accuracy of such quotation or market data.

(ii) Payment Date. An Early Termination Amount due in respect of any Early Termination Date will, together with any amount of interest payable pursuant to Section 9(h)(ii)(2), be payable (1) on the day on which notice of the amount payable is effective in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default and (2) on the day which is two Local Business Days after the day on which notice of the amount payable is effective (or, if there are two Affected Parties, after the day on which the statement provided pursuant to clause (i) above by the second party to provide such a statement is effective) in the case of an Early Termination Date which is designated as a result of a Termination Event.

(e) Payments on Early Termination. If an Early Termination Date occurs, the amount, if any, payable in respect of that Early Termination Date (the "Early Termination Amount") will be determined pursuant to this Section 6(e) and will be subject to Section 6(f).

(i) Events of Default. If the Early Termination Date results from an Event of Default, the Early Termination Amount will be an amount equal to (1) the sum of (A) the Termination Currency Equivalent of the Close-out Amount or Close-out Amounts (whether positive or negative) determined by the Non- defaulting Party for each Terminated Transaction or group of Terminated Transactions, as the case may be, and (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less

(2) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If the Early Termination Amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of the Early Termination Amount to the Defaulting Party.

(ii) Termination Events. If the Early Termination Date results from a Termination Event:-

(1) One Affected Party. Subject to clause (3) below, if there is one Affected Party, the Early Termination Amount will be determined in accordance with Section 6(e)(i), except that references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and to the Non-affected Party, respectively.

(2) Two Affected Parties. Subject to clause (3) below, if there are two Affected Parties, each party will determine an amount equal to the Termination Currency Equivalent of the sum of the Close-out Amount or Close-out Amounts (whether positive or negative) for each Terminated Transaction or group of Terminated Transactions, as the case may be, and the Early Termination Amount will be an amount equal to (A) the sum of (I) one-half of the difference between the higher amount so determined (by party "X") and the lower amount so determined (by party "Y") and

(II) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to Y. If the Early Termination Amount is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of the Early Termination Amount to Y.

(3) Mid-Market Events. If that Termination Event is an Illegality or a Force Majeure Event, then the Early Termination Amount will be determined in accordance with clause (1) or (2) above, as appropriate, except that, for the purpose of determining a Close-out Amount or Close-out Amounts, the Determining Party will:-

(A) if obtaining quotations from one or more third parties (or from any of the Determining Party's Affiliates), ask each third party or Affiliate (I) not to take account of the current creditworthiness of the Determining Party or any existing Credit Support Document and (II) to provide mid-market quotations; and

(B) in any other case, use mid-market values without regard to the creditworthiness of the Determining Party.

(iii) Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because Automatic Early Termination applies in respect of a party, the Early Termination Amount will be subject to such adjustments as are appropriate and permitted by applicable law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii).

(iv) Adjustment for Illegality or Force Majeure Event. The failure by a party or any Credit Support Provider of such party to pay, when due, any Early Termination Amount will not constitute an Event of Default under Section 5(a)(i) or 5(a)(iii)(1) if such failure is due to the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event. Such amount will (1) accrue interest and otherwise be treated as an Unpaid Amount owing to the other party if subsequently an Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions and

(2) otherwise accrue interest in accordance with Section 9(h)(ii)(2).

(v) Pre-Estimate. The parties agree that an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks, and, except as otherwise provided in this Agreement, neither party will be entitled to recover any additional damages as a consequence of the termination of the Terminated Transactions.

(f) Set-Off. Any Early Termination Amount payable to one party (the "Payee") by the other party (the "Payer"), in circumstances where there is a Defaulting Party or where there is one Affected Party in the case where either a Credit Event Upon Merger has occurred or any other Termination Event in respect of which all outstanding Transactions are Affected Transactions has occurred, will, at the option of the Non-defaulting Party or the Non- affected Party, as the case may be ("X") (and without prior notice to the Defaulting Party or the Affected Party, as the case may be), be reduced by its set-off against any other amounts ("Other Amounts") payable by the Payee to the Payer (whether or not arising under this Agreement, matured or contingent and irrespective of the currency, place of payment or place of booking of the obligation). To the extent that any Other Amounts are so set off, those Other Amounts will be discharged promptly and in all respects. X will give notice to the other party of any set-off effected under this

Section 6(f).

For this purpose, either the Early Termination Amount or the Other Amounts (or the relevant portion of such amounts) may be converted by X into the currency in which the other is denominated at the rate of exchange at which such party would be able, in good faith and using commercially reasonable procedures, to purchase the relevant amount of such currency.

If an obligation is unascertained, X may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained.

Nothing in this Section 6(f) will be effective to create a charge or other security interest. This Section 6(f) will be without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).

7. Transfer

Subject to Section 6(b)(ii) and to the extent permitted by applicable law, neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party, except that:-

(a) a party may make such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any Early Termination Amount payable to it by a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11.

Any purported transfer that is not in compliance with this Section 7 will be void.

8. Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that payment (the "Contractual Currency"). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in good faith and using commercially reasonable procedures in converting the currency so tendered into the Contractual Currency, of the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or order expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement or (iii) in respect of a judgment or order of another court for the payment of any amount described in clause (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at which the Contractual Currency is converted into the currency of the judgment or order for the purpose of such judgment or order and the rate of exchange at which such party is able, acting in good faith and using

commercially reasonable procedures in converting the currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party.

(c) Separate Indemnities. To the extent permitted by applicable law, the indemnities in this Section 8 constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an actual exchange or purchase been made.

9. Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter. Each of the parties acknowledges that in entering into this Agreement it has not relied on any oral or written representation, warranty or other assurance (except as provided for or referred to in this Agreement) and waives all rights and remedies which might otherwise be available to it in respect thereof, except that nothing in this Agreement will limit or exclude any liability of a party for fraud.

(b) Amendments. An amendment, modification or waiver in respect of this Agreement will only be effective if in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii), the obligations of the parties under this Agreement will survive the termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission and by electronic messaging system), each of which will be deemed an original.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement.

(h) Interest and Compensation.

(i) Prior to Early Termination. Prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction:-

(1) Interest on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or

(C) below), at the Default Rate.

(2) Compensation for Defaulted Deliveries. If a party defaults in the performance of any obligation required to be settled by delivery, it will on demand (A) compensate the other party to the extent provided for in the relevant Confirmation or elsewhere in this Agreement and (B) unless otherwise provided in the relevant Confirmation or elsewhere in this Agreement, to the extent permitted by applicable law and subject to Section 6(c), pay to the other party interest (before as well as after judgment) on an amount equal to the fair market value of that which was required to be delivered in the same currency as that amount, for the period from (and including) the originally scheduled date for delivery to (but excluding) the date of actual delivery (and excluding any period in respect of which interest or compensation in respect of that amount is due pursuant to clause (4) below), at the Default Rate. The fair market value of any obligation referred to above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party that was entitled to take delivery.

(3) Interest on Deferred Payments. If:-

(A) a party does not pay any amount that, but for Section 2(a)(iii), would have been payable, it will, to the extent permitted by applicable law and subject to Section 6(c) and clauses (B) and (C) below, pay interest (before as well as after judgment) on that amount to the other party on demand (after such amount becomes payable) in the same currency as that amount, for the period from (and including) the date the amount would, but for Section 2(a)(iii), have been payable to (but excluding) the date the amount actually becomes payable, at the Applicable Deferral Rate;

(B) a payment is deferred pursuant to Section 5(d), the party which would otherwise have been required to make that payment will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the amount of the deferred payment to the other party on demand (after such amount becomes payable) in the same currency as the deferred payment, for the period from (and including) the date the amount would, but for Section 5(d), have been payable to (but excluding) the earlier of the date the payment is no longer deferred pursuant to Section 5(d) and the date during the deferral period upon which an Event of Default or Potential Event of Default with respect to that party occurs, at the Applicable Deferral Rate; or

(C) a party fails to make any payment due to the occurrence of an Illegality or a Force Majeure Event (after giving effect to any deferral period contemplated by clause (B) above), it will, to the extent permitted by applicable law, subject to Section 6(c) and for so long as the event or circumstance giving rise to that Illegality or Force Majeure Event

continues and no Event of Default or Potential Event of Default with respect to that party has occurred and is continuing, pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the date the party fails to make the payment due to the occurrence of the relevant Illegality or Force Majeure Event (or, if later, the date the payment is no longer deferred pursuant to Section 5(d)) to (but excluding) the earlier of the date the event or circumstance giving rise to that Illegality or Force Majeure Event ceases to exist and the date during the period upon which an Event of Default or Potential Event of Default with respect to that party occurs (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (B) above), at the Applicable Deferral Rate.

(4) Compensation for Deferred Deliveries. If:-

(A) a party does not perform any obligation that, but for Section 2(a)(iii), would have been required to be settled by delivery;

(B) a delivery is deferred pursuant to Section 5(d); or

(C) a party fails to make a delivery due to the occurrence of an Illegality or a Force Majeure Event at a time when any applicable Waiting Period has expired,

the party required (or that would otherwise have been required) to make the delivery will, to the extent permitted by applicable law and subject to Section 6(c), compensate and pay interest to the other party on demand (after, in the case of clauses (A) and (B) above, such delivery is required) if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

(ii) Early Termination. Upon the occurrence or effective designation of an Early Termination Date in respect of a Transaction:-

(1) Unpaid Amounts. For the purpose of determining an Unpaid Amount in respect of the relevant Transaction, and to the extent permitted by applicable law, interest will accrue on the amount of any payment obligation or the amount equal to the fair market value of any obligation required to be settled by delivery included in such determination in the same currency as that amount, for the period from (and including) the date the relevant obligation was (or would have been but for Section 2(a)(iii) or 5(d)) required to have been performed to (but excluding) the relevant Early Termination Date, at the Applicable Close-out Rate.

(2) Interest on Early Termination Amounts. If an Early Termination Amount is due in respect of such Early Termination Date, that amount will, to the extent permitted by applicable law, be paid together with interest (before as well as after judgment) on that amount in the Termination Currency, for the period from (and including) such Early Termination Date to (but excluding) the date the amount is paid, at the Applicable Close-out Rate.

(iii) Interest Calculation. Any interest pursuant to this Section 9(h) will be calculated on the basis of daily compounding and the actual number of days elapsed.

10. Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office represents to and agrees with the other party that, notwithstanding the place of booking or its jurisdiction of incorporation or organisation, its obligations are the same in terms of recourse against it as if it had entered into the Transaction through its head or home office, except that a party will not have recourse to the head or home office of the other party in respect of any payment or delivery deferred pursuant to Section 5(d) for so long as the payment or delivery is so deferred. This representation and agreement will be deemed to be repeated by each party on each date on which the parties enter into a Transaction.

(b) If a party is specified as a Multibranch Party in the Schedule, such party may, subject to clause (c) below, enter into a Transaction through, book a Transaction in and make and receive payments and deliveries with respect to a Transaction through any Office listed in respect of that party in the Schedule (but not any other Office unless otherwise agreed by the parties in writing).

(c) The Office through which a party enters into a Transaction will be the Office specified for that party in the relevant Confirmation or as otherwise agreed by the parties in writing, and, if an Office for that party is not specified in the Confirmation or otherwise agreed by the parties in writing, its head or home office. Unless the parties otherwise agree in writing, the Office through which a party enters into a Transaction will also be the Office in which it books the Transaction and the Office through which it makes and receives payments and deliveries with respect to the Transaction. Subject to Section 6(b)(ii), neither party may change the Office in which it books the Transaction or the Office through which it makes and receives payments or deliveries with respect to a Transaction without the prior written consent of the other party.

11. Expenses

A Defaulting Party will on demand indemnify and hold harmless the other party for and against all reasonable out-of- pocket expenses, including legal fees, execution fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection.

12. Notices

(a) Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner described below (except that a notice or other communication under Section 5 or 6 may not be given by electronic messaging system or e-mail) to the address or number or in accordance with the electronic messaging system or e-mail details provided (see the Schedule) and will be deemed effective as indicated:-

(i) if in writing and delivered in person or by courier, on the date it is delivered;

(ii) if sent by telex, on the date the recipient's answerback is received;

(iii) if sent by facsimile transmission, on the date it is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender's facsimile machine);

(iv) if sent by certified or registered mail (airmail, if overseas) or the equivalent (return receipt requested), on the date it is delivered or its delivery is attempted;

(v) if sent by electronic messaging system, on the date it is received; or

(vi) if sent by e-mail, on the date it is delivered,

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication will be deemed given and effective on the first following day that is a Local Business Day.

(b) Change of Details. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system or e-mail details at which notices or other communications are to be given to it.

13. Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to any dispute arising out of or in connection with this Agreement ("Proceedings"), each party irrevocably:-

(i) submits:-

(1) if this Agreement is expressed to be governed by English law, to (A) the non-exclusive jurisdiction of the English courts if the Proceedings do not involve a Convention Court and (B) the exclusive jurisdiction of the English courts if the Proceedings do involve a Convention Court; or

(2) if this Agreement is expressed to be governed by the laws of the State of New York, to the non-exclusive jurisdiction of the courts of the State of New York and the United States District Court located in the Borough of Manhattan in New York City;

(ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party; and

(iii) agrees, to the extent permitted by applicable law, that the bringing of Proceedings in any one or more jurisdictions will not preclude the bringing of Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent, if any, specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any reason any party's Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12(a)(i), 12(a)(iii) or 12(a)(iv). Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by applicable law.

(d) Waiver of Immunities. Each party irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any court, (iii) relief by way of injunction or order for specific performance or recovery of property, (iv) attachment of its assets (whether before or after judgment) and

(v) execution or enforcement of any judgment to which it or its revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings.

14. Definitions

As used in this Agreement:-

"Additional Representation" has the meaning specified in Section 3. "Additional Termination Event" has the meaning specified in Section 5(b). "Affected Party" has the meaning specified in Section 5(b). "Affected Transactions" means (a) with respect to any Termination Event consisting of an Illegality, Force Majeure Event, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event (which, in the case of an Illegality under Section 5(b)(i)(2) or a Force Majeure Event under Section 5(b)(ii)(2), means all Transactions unless the relevant Credit Support Document references only certain Transactions, in which case those Transactions and, if the relevant Credit Support Document constitutes a Confirmation for a Transaction, that Transaction) and (b) with respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, "control" of any entity or person means ownership of a majority of the voting power of the entity or person.

"Agreement" has the meaning specified in Section 1(c).

"Applicable Close-out Rate" means:-

(a) in respect of the determination of an Unpaid Amount:-

(i) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(ii) in respect of obligations payable or deliverable (or which would have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate;

(iii) in respect of obligations deferred pursuant to Section 5(d), if there is no Defaulting Party and for so long as the deferral period continues, the Applicable Deferral Rate; and

(iv) in all other cases following the occurrence of a Termination Event (except where interest accrues pursuant to clause (iii) above), the Applicable Deferral Rate; and

(b) in respect of an Early Termination Amount:-

(i) for the period from (and including) the relevant Early Termination Date to (but excluding) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable:-

(1) if the Early Termination Amount is payable by a Defaulting Party, the Default Rate;

(2) if the Early Termination Amount is payable by a Non-defaulting Party, the Non-default Rate; and

(3) in all other cases, the Applicable Deferral Rate; and

(ii) for the period from (and including) the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable to (but excluding) the date of actual payment:-

(1) if a party fails to pay the Early Termination Amount due to the occurrence of an event or circumstance which would, if it occurred with respect to a payment or delivery under a Transaction, constitute or give rise to an Illegality or a Force Majeure Event, and for so long as the Early Termination Amount remains unpaid due to the continuing existence of such event or circumstance, the Applicable Deferral Rate;

(2) if the Early Termination Amount is payable by a Defaulting Party (but excluding any period in respect of which clause (1) above applies), the Default Rate;

(3) if the Early Termination Amount is payable by a Non-defaulting Party (but excluding any period in respect of which clause (1) above applies), the Non-default Rate; and

(4) in all other cases, the Termination Rate.

"Applicable Deferral Rate" means:-

(a) for the purpose of Section 9(h)(i)(3)(A), the rate certified by the relevant payer to be a rate offered to the payer by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market;

(b) for purposes of Section 9(h)(i)(3)(B) and clause (a)(iii) of the definition of Applicable Close-out Rate, the rate certified by the relevant payer to be a rate offered to prime banks by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the payer after consultation with the other party, if practicable, for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market; and

(c) for purposes of Section 9(h)(i)(3)(C) and clauses (a)(iv), (b)(i)(3) and (b)(ii)(1) of the definition of Applicable Close-out Rate, a rate equal to the arithmetic mean of the rate determined pursuant to clause (a) above and a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount.

"Automatic Early Termination" has the meaning specified in Section 6(a).

"Burdened Party" has the meaning specified in Section 5(b)(iv).

"Change in Tax Law" means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs after the parties enter into the relevant Transaction.

"Close-out Amount" means, with respect to each Terminated Transaction or each group of Terminated Transactions and a Determining Party, the amount of the losses or costs of the Determining Party that are or would be incurred under then prevailing circumstances (expressed as a positive number) or gains of the Determining Party that are or would be realised under then prevailing circumstances (expressed as a negative number) in replacing, or in providing for the Determining Party the economic equivalent of, (a) the material terms of that Terminated Transaction or group of Terminated Transactions, including the payments and deliveries by the parties under Section 2(a)(i) in respect of that Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that date (assuming satisfaction of the conditions precedent in

Section 2(a)(iii)) and (b) the option rights of the parties in respect of that Terminated Transaction or group of Terminated Transactions.

Any Close-out Amount will be determined by the Determining Party (or its agent), which will act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result. The Determining Party may determine a Close-out Amount for any group of Terminated Transactions or any individual Terminated Transaction but, in the aggregate, for not less than all Terminated Transactions. Each Close-out Amount will be determined as of the Early Termination Date or, if that would not be commercially reasonable, as of the date or dates following the Early Termination Date as would be commercially reasonable.

Unpaid Amounts in respect of a Terminated Transaction or group of Terminated Transactions and legal fees and out- of-pocket expenses referred to in Section 11 are to be excluded in all determinations of Close-out Amounts.

In determining a Close-out Amount, the Determining Party may consider any relevant information, including, without limitation, one or more of the following types of information:-

(i) quotations (either firm or indicative) for replacement transactions supplied by one or more third parties that may take into account the creditworthiness of the Determining Party at the time the quotation is provided and the terms of any relevant documentation, including credit support documentation, between the Determining Party and the third party providing the quotation;

(ii) information consisting of relevant market data in the relevant market supplied by one or more third parties including, without limitation, relevant rates, prices, yields, yield curves, volatilities, spreads, correlations or other relevant market data in the relevant market; or

(iii) information of the types described in clause (i) or (ii) above from internal sources (including any of the Determining Party's Affiliates) if that information is of the same type used by the Determining Party in the regular course of its business for the valuation of similar transactions.

The Determining Party will consider, taking into account the standards and procedures described in this definition, quotations pursuant to clause (i) above or relevant market data pursuant to clause (ii) above unless the Determining Party reasonably believes in good faith that such quotations or relevant market data are not readily available or would produce a result that would not satisfy those standards. When considering information described in clause (i), (ii) or

(iii) above, the Determining Party may include costs of funding, to the extent costs of funding are not and would not be a component of the other information being utilised. Third parties supplying quotations pursuant to clause (i) above or market data pursuant to clause (ii) above may include, without limitation, dealers in the relevant markets, end-users of the relevant product, information vendors, brokers and other sources of market information.

Without duplication of amounts calculated based on information described in clause (i), (ii) or (iii) above, or other relevant information, and when it is commercially reasonable to do so, the Determining Party may in addition consider in calculating a Close-out Amount any loss or cost incurred in connection with its terminating, liquidating or re- establishing any hedge related to a Terminated Transaction or group of Terminated Transactions (or any gain resulting from any of them).

Commercially reasonable procedures used in determining a Close-out Amount may include the following:-

(1) application to relevant market data from third parties pursuant to clause (ii) above or information from internal sources pursuant to clause (iii) above of pricing or other valuation models that are, at the time of the determination of the Close-out Amount, used by the Determining Party in the regular course of its business in pricing or valuing transactions between the Determining Party and unrelated third parties that are similar to the Terminated Transaction or group of Terminated Transactions; and

(2) application of different valuation methods to Terminated Transactions or groups of Terminated Transactions depending on the type, complexity, size or number of the Terminated Transactions or group of Terminated Transactions.

"Confirmation" has the meaning specified in the preamble.

"consent" includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent.

"Contractual Currency" has the meaning specified in Section 8(a).

"Convention Court" means any court which is bound to apply to the Proceedings either Article 17 of the 1968 Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters or Article 17 of the 1988 Lugano Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Cross-Default" means the event specified in Section 5(a)(vi).

"Default Rate" means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a). "Designated Event" has the meaning specified in Section 5(b)(v). "Determining Party" means the party determining a Close-out Amount. "Early Termination Amount" has the meaning specified in Section 6(e). "Early Termination Date" means the date determined in accordance with Section 6(a) or 6(b)(iv).

"electronic messages" does not include e-mails but does include documents expressed in markup languages, and "electronic messaging system" will be construed accordingly.

"English law" means the law of England and Wales, and "English" will be construed accordingly. "Event of Default" has the meaning specified in Section 5(a) and, if applicable, in the Schedule. "Force Majeure Event" has the meaning specified in Section 5(b). "General Business Day" means a day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits).

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in respect of a payment under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the case of tax matters, by the practice of any relevant governmental revenue authority), and "unlawful" will be construed accordingly.

"Local Business Day" means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognised principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction.

"Local Delivery Day" means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery.

"Master Agreement" has the meaning specified in the preamble.

"Merger Without Assumption" means the event specified in Section 5(a)(viii). "Multiple Transaction Payment Netting" has the meaning specified in Section 2(c). "Non-affected Party" means, so long as there is only one Affected Party, the other party. "Non-default Rate" means the rate certified by the Non-defaulting Party to be a rate offered to the Non-defaulting Party by a major bank in a relevant interbank market for overnight deposits in the applicable currency, such bank to be selected in good faith by the Non-defaulting Party for the purpose of obtaining a representative rate that will reasonably reflect conditions prevailing at the time in that relevant market.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or home office.

"Other Amounts" has the meaning specified in Section 6(f).

"Payee" has the meaning specified in Section 6(f).

"Payer" has the meaning specified in Section 6(f).

"Potential Event of Default" means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default.

"Proceedings" has the meaning specified in Section 13(b).

"Process Agent" has the meaning specified in the Schedule.

"rate of exchange" includes, without limitation, any premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made.

"Schedule" has the meaning specified in the preamble.

"Scheduled Settlement Date" means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction.

"Specified Entity" has the meaning specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction (including an agreement with respect to any such transaction) now existing or hereafter entered into between one party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of such other party) which is not a Transaction under this Agreement but (i) which is a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (ii) which is a type of transaction that is similar to any transaction referred to in clause

(i) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made, (b) any combination of these transactions and

(c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Stamp Tax Jurisdiction" has the meaning specified in Section 4(e).

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means, with respect to any Early Termination Date, (a) if resulting from an Illegality or a Force Majeure Event, all Affected Transactions specified in the notice given pursuant to Section 6(b)(iv), (b) if resulting from any other Termination Event, all Affected Transactions and (c) if resulting from an Event of Default, all Transactions in effect either immediately before the effectiveness of the notice designating that Early Termination Date or, if Automatic Early Termination applies, immediately before that Early Termination Date.

"Termination Currency" means (a) if a Termination Currency is specified in the Schedule and that currency is freely available, that currency, and (b) otherwise, euro if this Agreement is expressed to be governed by English law or United States Dollars if this Agreement is expressed to be governed by the laws of the State of New York.

"Termination Currency Equivalent" means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the "Other Currency"), the amount in the Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Close-out Amount is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Force Majeure Event, a Tax Event, a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts.

"Threshold Amount" means the amount, if any, specified as such in the Schedule.

"Transaction" has the meaning specified in the preamble.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for

Section 2(a)(iii) or due but for Section 5(d)) to such party under Section 2(a)(i) or 2(d)(i)(4) on or prior to such Early Termination Date and which remain unpaid as at such Early Termination Date, (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii) or 5(d)) required to be settled by delivery to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market value of that which was (or would have been) required to be delivered and (c) if the Early Termination Date results from an Event of Default, a Credit Event Upon Merger or an Additional Termination Event in respect of which all outstanding Transactions are Affected Transactions, any Early Termination Amount due prior to such Early Termination Date and which remains unpaid as of such Early Termination Date, in each case together with any amount of interest accrued or other

compensation in respect of that obligation or deferred obligation, as the case may be, pursuant to Section 9(h)(ii)(1) or (2), as appropriate. The fair market value of any obligation referred to in clause (b) above will be determined as of the originally scheduled date for delivery, in good faith and using commercially reasonable procedures, by the party obliged to make the determination under Section 6(e) or, if each party is so obliged, it will be the average of the Termination Currency Equivalents of the fair market values so determined by both parties. "Waiting Period" means:- (a) in respect of an event or circumstance under Section 5(b)(i), other than in the case of Section 5(b)(i)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of three Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance; and (b) in respect of an event or circumstance under Section 5(b)(ii), other than in the case of Section 5(b)(ii)(2) where the relevant payment, delivery or compliance is actually required on the relevant day (in which case no Waiting Period will apply), a period of eight Local Business Days (or days that would have been Local Business Days but for the occurrence of that event or circumstance) following the occurrence of that event or circumstance.

IN WITNESS WHEREOF, the parties have executed this document on the respective dates specified below with effect from the date specified on the first page of this document.

MAREX SECURITIES PRODUCTS INC. Corgi ETF Trust I

By: /s/ Jennifer Kaiser

By: /s/ Michael Rosen

Name: Michael Rosen

Title: Authorized Signatory

Name: Emily Yuan

Title: Trustee

By: /s/ Michael Rosen

Name: Michael Rosen

Title: Authorized Signatory Authorized Signatory Authorized Signatory

## Ex-99.H

#### Exhibit (h)(viii)
Second Amendment to the ISDA Master Agreement between the Trust and Clear Street LLC, dated May 11, 2026

Filed herewith.

------

**SECOND AMENDMENT TO THE ISDA MASTER AGREEMENT**

This Second Amendment (this "Amendment") to the ISDA 2002 Master Agreement dated November 17, 2025, by and between Clear Street LLC ("Clear Street") and Each Entity listed on Appendix A of the Schedule to the ISDA Master Agreement acting through Corgi Strategies LLC, as agent and not in its individual capacity (attached thereto) (each a "Party B"), severally but not jointly (such agreement, as amended, restated, supplemented or otherwise modified to date, the "Agreement"), is effective as of May 8, 2026 (the "Effective Date").

WHEREAS, Clear Street and Party B wish to amend the Agreement as described herein and restate all prior amendments to the Master Agreement (other than terms set forth in Confirmations of Transactions thereunder unless explicitly provided below);

NOW THEREFORE, the parties hereto, intending to be bound legally, hereby agree as follows, effective as of the Effective Date: 1. Amendment of Appendix A. Appendix A of the Agreement is hereby deleted and replaced with Appendix A attached hereto. Each entity listed on the attached Appendix A, as of the date hereof, is a "Party B" under the Agreement. 2. Representations. Each party represents to the other party that all representations contained in the Agreement are true and accurate as of the date of this Amendment and that such representations are deemed to be given or repeated by each party, as the case may be, on the date of this Amendment. 3. Miscellaneous. (a) Definitions. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings specified for such terms in the Agreement. (b) Entire Agreement. This Amendment constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes all oral communication and prior writings (except as otherwise provided herein) with respect thereto. (c) Agreement Continuation. All terms and provisions of the Agreement not expressly amended hereby, either expressly or by necessary implication, shall remain in full force and effect. In the event of any conflict between the terms of the Agreement and this Amendment, the terms of this Amendment shall prevail.

(d) Counterparts. This Agreement may be executed in several counterparts, each of which will be an original, and all such counterparts taken together will constitute one and the same agreement. Counterparts may be executed in either original or electronic form in conformity with the U.S. federal ESIGN Act of 2000 (e.g., DocuSign), which shall be accepted as if they were original execution signatures. The parties further agree that an electronic signature on any contract, certificate or other document delivered to the other party shall constitute a true and original signature of the party delivering the electronic signature. Upon execution and delivery of this document, the Agreement and CSA shall be modified and amended in accordance with the terms herein and shall continue in full force and effect. (e) Headings. The headings used in this Amendment are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Amendment. (f) Governing Law. This Amendment and, to the fullest extent permitted by applicable law, all matters arising out of or relating in any way to this Agreement will be governed by and construed in accordance with the laws of the state of New York.

IN WITNESS WHEREOF the parties have executed this Amendment with effect from the date specified on the first page of this Amendment.

**CLEAR STREET LLC**

By: /s/ Charles Dietz

Name: Charles Dietz

Title: Managing Director

Date: May 13, 2026 <br>

**Each Entity listed on Appendix A of the Schedule to the ISDA Master Agreement acting through Corgi Strategies LLC, as agent and not in its individual capacity, severally but not jointly**

By: /s/ Emily Yuan

Name: Emily Yuan

Title: COO

Date: May 18, 2026 <br>

*[SIGNATURE PAGE TO THE SECOND AMENDMENT TO THE ISDA MASTER AGREEMENT DATED EFFECTIVE MAY 8, 2026]*

Appendix A

Legal Name Trust Payee Tax Representations

Part 2(b)(ii)(1) Payee Tax Representations

Part 2(b)(ii)(2) MTA Corgi ETF Trust I Founder-Led ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441- 4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi ETF Trust I Founder-Led 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441- 4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Mag 7 ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Copper 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Uranium 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Aerospace & Commercial Aviation 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi AI Cybersecurity 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00

Corgi Battery Energy Storage Systems 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Bay Area Based 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Beauty, Skincare & Aesthetics 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Coffee & Energy Drinks 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Crypto Infrastructure 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Data & Surveillance 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Genomics & Precision Medicine 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi High Voltage Grid Equipment 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. $10,000.00

federal income tax purposes. Corgi Lifestyle Brands 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Longevity Consumer 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Natural Gas Power & Turbines 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi NYC Based 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Ports, Rail & Freight 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Quantum Computing 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Robots & Humanoids 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Shipping & Global Logistics 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury $10,000.00

and existing under the laws of the State of Delaware. Regulations) for U.S. federal income tax purposes. Corgi Sports Betting & Gambling 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Travel & Leisure 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. War Machine 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Buy Now Pay Later 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Space & Satellite Communications 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Mag 7 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi IP Licensing & Royalties 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Drones & Urban Air Mobility 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United $10,000.00

and existing under the laws of the State of Delaware. States Treasury Regulations) for U.S. federal income tax purposes. Corgi Lithography & Semiconductor Photonics 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Digital Banking & Fintech Infrastructure 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Oil 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Natural Gas 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Brazil 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi China 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Chinese Internet 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Ex-U.S. Equities 2x Daily ETF Party B is an Exchange Traded Fund and series of a It is a "U.S. person" (as that term is used in section $10,000.00

statutory trust organized and existing under the laws of the State of Delaware. 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. Corgi India 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Platinum 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Silver 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Small-Cap 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Taiwan 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Biotech 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Energy 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00

Corgi U.S. Micro-Cap 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Real Estate 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Regional Banks 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi All Commodities 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Palladium 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi AGIX 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Financials 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Mid-Cap 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. $10,000.00

federal income tax purposes. Corgi Europe Equities 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi South Korea 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Industrials 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Infrastructure 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Materials 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Semiconductors 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Technology 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi All World 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury $10,000.00

and existing under the laws of the State of Delaware. Regulations) for U.S. federal income tax purposes. Corgi Emerging Markets 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Gold 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Large-Cap 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Mega-Cap Growth 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi Total U.S. Market 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Consumer Discretionary 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Consumer Staples 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Growth 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United $10,000.00

and existing under the laws of the State of Delaware. States Treasury Regulations) for U.S. federal income tax purposes. Corgi U.S. Healthcare 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00 Corgi U.S. Utilities 2x Daily ETF Party B is an Exchange Traded Fund and series of a statutory trust organized and existing under the laws of the State of Delaware. It is a "U.S. person" (as that term is used in section 1.1441-4(a)(3)(ii) of United States Treasury Regulations) for U.S. federal income tax purposes. $10,000.00