# EDGAR Filing Document

**Accession Number:** 0002078265
**File Stem:** 0002078265-25-000002
**Filing Date:** 2025-8
**Character Count:** 434108
**Document Hash:** 645cf343e9b6d2f6ce4fdca8f91f21c1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002078265-25-000002.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0002078265-25-000002

**CONFORMED SUBMISSION TYPE**: N-1A

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20250825

**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:** N-1A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24117
- **FILM NUMBER:** 251250064

**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:** N-1A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289838
- **FILM NUMBER:** 251250063

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON AUGUST 25, 2025

1933 Act Registration File No.: 333-_____

1940 Act File No.: 811-24117

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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. ___ | [ ] |
| *and/or* | *and/or* |
| <br>**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | [X] |
| Amendment No. ___ | [ ] |

---

#  **<u>Corgi ETF Trust I</u>** 
 *(Exact Name of Registrant as Specified in Charter)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 Pine St, Floor 5

San Francisco, CA 94104

 *(Address of Principal Executive Offices, Zip Code)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registrant's Telephone Number, including Area Code: (551) 330-2708

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwest Registered Agent Service, Inc.

8 The Green, STE B

Dover, DE 19901

 *(Name and Address of Agent for Service)*

 *With Copies to:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry B. Margulies

Corgi Strategies, LLC

473 Pine St, Floor 5

San Francisco, CA 94104

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 (date) 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.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file an amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to Section 8(a), may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUBJECT TO COMPLETION

Dated August 25, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ticker: FDRS**

Founder-Led ETF

listed on [ ]

## PROSPECTUS
[ ], 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

### **TABLE OF CONTENTS**

---

| |
|:---|
| [Fund Summary](#fdrs-fund-summary) |
| [Additional Information About the Fund](#fdrs-additional-info) |
| [Portfolio Holdings Information](#fdrs-portfolio-holdings) |
| [Management](#fdrs-management) |
| [How to Buy and Sell Shares](#fdrs-buy-sell) |
| [Dividends, Distributions, and Taxes](#fdrs-dividends-taxes) |
| [Distribution](#fdrs-distribution) |
| [Premium/Discount Information](#fdrs-premium-discount) |
| [Additional Notices](#fdrs-additional-notices) |
| [Financial Highlights](#fdrs-financial-highlights) |

---

### FOUNDER-LED ETF - FUND SUMMARY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investment Objective**

The Founder-Led ETF (the "Fund") seeks to track the performance, before fees and expenses, of the Founder-Led Index (the "Index").

 **Fees and Expenses of the Fund**

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

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

---

| | |
|:---|:---|
| Unitary Management Fee | 0.49% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Under the unitary fee arrangement, Corgi Strategies, LLC (the "Adviser"), or any sub-adviser it engages, 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.

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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. Brokerage commissions you may pay when buying or selling Shares are not included. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $50 | $157 |

---

The Fund also incurs transaction and financing costs associated with derivatives and with the purchase and sale of portfolio instruments. These costs are not reflected in the table or the Example above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Turnover**

When the Fund buys and sells securities and derivatives, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Investment Strategies**

The Fund is an exchange-traded fund ("ETF") that uses a "passive management" (or indexing) approach to track the performance, before fees and expenses, of the Founder-Led Index (the "Index"). The Index tracks the performance of the top 50 founder-led publicly traded U.S. companies, defined as companies where at least one original founder currently serves in a C-suite or equivalent key executive role (e.g., CEO, Executive Chair, President, CTO, CFO). The Index is owned and maintained by Corgi Strategies, LLC (the "Index Owner"), which is responsible for the selection criteria, constituent determination, and weighting methodology. Solactive AG (the "Index Calculator") calculates and disseminates the Index on behalf of Corgi Strategies, LLC.

### The Index
 **I. Eligible Universe**

The Index's eligible universe includes common equity securities of U.S.-listed companies with primary listings only (excluding American Depositary Receipts and over-the-counter securities).

 **II. Constituent Selection**

From the eligible universe, companies are screened to identify founder-led issuers, meaning companies where at least one original founder currently serves in a C-suite or equivalent key executive role (e.g., CEO, Executive Chair, President, CTO, CFO). Among these founder-led issuers, the Index selects 50 companies using free float adjusted market capitalization and liquidity criteria.

 **III. Weighting**

Constituents are weighted by free float adjusted market value, subject to a maximum of 10% per issuer as of each Rebalance Day. If the Index becomes concentrated in a particular sector or industry, the Fund is expected to mirror that concentration.

 **IV. Rebalancing**

The Index is reconstituted and rebalanced quarterly after the close on the third Friday of March, June, September, and December, with changes effective on the next trading day (each, a "Rebalance Day"). The 10% single issuer cap is applied at each Rebalance Day.

Between scheduled rebalances, if any constituent's closing weight rises above 20%, that name is reset to 10% and the excess weight is spread across the remaining constituents on a pro rata basis. This drift control can result in interim adjustments outside of the regular quarterly schedule. These interim adjustments may trigger additional transaction costs in the Fund during replication/sampling (see "Index Rebalancing Risk").

### The Fund's Investment Strategy
The Fund seeks to achieve its investment objective by obtaining exposure to the Index primarily through (i) direct holdings of some or all of the equity securities included in the Index and/or (ii) the use of financial instruments (such as swap contracts) that provide economic exposure to one or more Index constituents. The Fund may also hold cash and short-term U.S. government securities (and/or other cash equivalents) for liquidity, collateral, and portfolio management purposes.

Under normal market conditions, the Fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in founder-led company equities included in the Index and/or in financial instruments that collectively provide exposure to founder-led companies represented in the Index.

The Fund may use a replication approach or, when full replication is not practical, a representative sampling approach. In either case, the Fund seeks aggregate characteristics (including risk and return) that are consistent with its objective.

If the Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. The Fund is classified as non-diversified under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Risks of Investing in the Fund**

The principal risks are presented in alphabetical order to make comparison easier across funds. 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.

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

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

 **Concentration in Founder-Led Companies Risk.** Because the Index focuses on companies led by one or more original founders, the Fund's holdings may reflect governance practices, strategic choices, and corporate cultures that differ from peers. This thematic focus narrows the investable universe and may cause performance to differ, positively or negatively, from broader equity markets.

 **Control and Dual-Class Share Structures Risk.** Some founder-led issuers employ control mechanisms (e.g., dual-class voting) that concentrate voting power. Such structures can entrench management, reduce responsiveness to public shareholders, or amplify the market impact of founder-specific decisions or controversies.

 **Index Calculation & Methodology Risk.** Mistakes in index data, calculations, or application of the methodology can occur and may not be promptly remedied, which can affect the Fund. Errors, delays, or methodology misapplications (such as in classifying founder-led status, share counts, corporate actions, or float adjustments) may cause unintended inclusions/exclusions or inaccurate weights until corrected. Under the Index Calculation Agreement, Solactive does not serve as the index "administrator" and is engaged solely to calculate, maintain, and disseminate Index Levels in line with the methodology provided by the Index Owner; in cases not covered or not clearly regulated by the methodology, the Index Owner and Solactive consult to agree on treatment, and Solactive may, if guidance is not timely available, implement adjustments in its commercially reasonable judgment.

 **Index Ownership and Conflicts of Interest Risk.** The Adviser (or an affiliate) owns the Index intellectual property and licenses it to the Fund. Although the Adviser does not receive index-licensing revenue from the Fund, conflicts could arise in index rule design, constituent determinations, or timing of rebalances. The Trust maintains information-barrier policies and Board oversight; however, such measures may not fully eliminate perceived or actual conflicts.

 **Large-Capitalization Companies Risk.** Large-cap issuers can be slower to adapt to competitive or technological shifts and, in some environments, may underperform smaller companies that are more nimble.

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

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

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

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

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

 **Rebalance and Intra-Quarter Drift Adjustment Risk.** The Index applies a 10% single-stock cap at each scheduled quarterly rebalance and may implement out-of-cycle adjustments if a constituent's weight exceeds a 20% drift threshold (resetting to 10% and redistributing the excess pro rata). These actions can increase turnover, transaction costs, and taxable gains, and may contribute to tracking difference.

 **Sector/Industry Focus Risk.** Founder-led issuers may cluster in particular sectors or industries. If the Index becomes concentrated in any sector(s), the Fund will reflect that concentration and may be more sensitive to sector-specific developments than a more diversified approach.

 **Succession and Key-Person Exposure Risk.** The departure, reduced role, or loss of influence of a company's founder or other key executive may adversely affect the issuer's prospects and, in some cases, its continued eligibility for the Index, potentially leading to removals at reconstitution and additional turnover.

 **Swap Agreements and Other 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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 returns over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. Once available, updated performance information will be posted on the Fund's website at www.founderledfunds.com.

 **Management**

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

Portfolio Managers: The individual primarily responsible for the day-to-day management of the Fund is Brianna A. Lynch, Portfolio Manager for the Adviser; who has been a portfolio manager of the Fund since its inception in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase and Sale of Shares**

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

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

As available, information required by Rule 6c-11 (including the Fund's NAV, market price, historical premiums/discounts, and median bid-ask spread) will be posted on the Fund's website at www.founderledfunds.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 through a financial intermediary (e.g., a broker-dealer or bank), the Adviser or its affiliates may, from their own resources, compensate the intermediary for activities related to the distribution, marketing, promotion, or sale of Shares, or for shareholder and educational support. These payments may create a conflict of interest by incentivizing the intermediary or its personnel to recommend the Fund over other investments. Such payments are not made by the Fund and do not increase the expenses paid by the Fund. Ask your salesperson or visit your intermediary's website for more information.

### ADDITIONAL INFORMATION ABOUT THE FUND
 **Investment Objective**

The Founder-Led ETF (the "Fund") seeks to track the performance, before fees and expenses, of the Founder-Led Index (the "Index").

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.

 **Principal Investment Strategies**

The Fund's policy to invest, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of founder-led companies and/or in financial instruments that provide economic exposure to founder-led companies is non-fundamental and may be changed by the Board upon 60 days' prior written notice to shareholders. For purposes of the Fund's 80% policy, the Fund will measure assets including the notional value of derivatives (adjusted as required) consistent with Rule 35d-1.

 **The Index**

The Index is owned by Corgi Strategies, LLC and licensed for use by the Fund. The Adviser does not receive index-licensing revenue from the Fund. Because the Adviser (or an affiliate) owns the Index IP, this "self-indexing" arrangement presents potential conflicts of interest; the Trust maintains information-barrier policies and procedures, and the Board provides oversight of index-related processes.

Solactive AG ("Index Calculator") acts as the calculation agent and index-maintenance and dissemination service provider (via a dissemination agent) for the Index. Solactive does not act as the Index "administrator".

In summary, the Index screens U.S.-listed companies to identify founder-led issuers and selects the top 50 qualifying names by free-float market capitalization, subject to liquidity criteria. Constituents are weighted by free-float market capitalization, applying a 10% single-issuer cap on each Rebalance Day. Between Rebalance Days, if any constituent's closing weight exceeds 20%, it is reset to 10% and the excess weight is redistributed pro rata across the remaining constituents, subject to the methodology's constraints.

 **Rebalancing Schedule**

The Index is reconstituted and rebalanced quarterly after the close on the third Friday of March, June, September, and December, with changes effective on the next trading day (each, a "Rebalance Day").

 **Manager of Managers Structure**

The Fund does not currently employ a sub-adviser. The Adviser intends to seek exemptive relief from the SEC permitting the Adviser, subject to Board approval and applicable conditions, to appoint, replace, or materially amend agreements with unaffiliated sub-advisers without shareholder approval. Shareholders will be notified of any such changes as required. Any sub-advisory compensation will be paid by the Adviser and not by the Fund. The Adviser retains overall responsibility, under Board oversight, for supervising any sub-adviser(s), including selection, evaluation, and termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Risks of Investing in the Fund**

The principal risks are presented in alphabetical order to make it easier to locate specific risks and to compare them with those of other funds. Each risk summarized below is regarded as a "principal risk" of investing in the 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 the Fund's NAV, market price, income, or total return. Some or all of these risks may adversely affect the Fund's NAV per share price, yield, total return, and/or the Fund's ability to achieve its objective. The risks below could negatively affect the value of your investment in the Fund.

 **Equity Market Risk.** Common stocks generally carry more risk than preferred stock or debt because common shareholders are lower in the capital structure. Equity holdings may experience significant price volatility such as sharp, unexpected declines or extended downturns due to broad market conditions or developments specific to an issuer, industry, or sector held by the Fund.

 **ETF Risks.**

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

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

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

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

 **General Market Risk.** Global economies and financial markets are increasingly interconnected, which raises the likelihood that events or conditions in one country or region will adversely affect markets or issuers elsewhere. Securities held by the Fund may underperform the broader markets, a particular market segment, or other asset classes due to factors that can include inflation (or expectations of inflation), interest-rate changes, shifts in global demand for products or resources, natural disasters or other major events, public-health emergencies, terrorism, regulatory developments, and governmental controls.

 **Market Capitalization Risk.** Securities of large-capitalization companies may be relatively mature compared to smaller firms and therefore may exhibit slower growth during economic expansions. Large-capitalization companies may also be less agile in responding to new competitive challenges, including technological change and evolving consumer preferences.

 **Market Events Risk.** Financial markets can be volatile, and security prices can move substantially based on business cycles, interest-rate shifts, inflation or deflation views, perceived credit risk, and prevailing market liquidity, among other influences. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events. Global shocks, such as wars, terrorism, environmental or natural disasters, political instability, and epidemics or pandemics, as well as sanctions and trade restrictions (including those tied to recent conflicts in Eastern Europe and the Middle East) have increased market volatility and could continue to do so, affecting regional and global economies and certain securities.

 **New Fund Risk.** The Fund is newly organized and has limited or no operating history. As a result, prospective investors do not have a performance record on which to base their investment decisions. The Fund may require time to attract assets, develop secondary-market liquidity, and achieve efficient index tracking.

 **Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were diversified. Consequently, weakness in one issuer or in a small group of issuers can have a proportionately larger impact on the Fund's value.

 **Operational Risk.** The Fund is exposed to operational risks arising from people, processes, systems, and third parties. These risks include human mistakes; trade, settlement, or communication errors; failures or delays by service providers, counterparties, or other vendors; and breakdowns or outages in processes, technology, or other infrastructure. The Fund relies on external firms (e.g., custodian, transfer agent, administrator, pricing and data providers) for key functions, and difficulties engaging or retaining such providers, or disruptions in their services, could impair the Fund's operations and hinder achievement of its investment objective. The Fund and the Adviser maintain controls and procedures intended to manage operational risk, but no control environment can eliminate it entirely.

 **Passive Investment Risk.** The Fund is not actively managed and does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to its Index. Because the Fund seeks to track its Index, its returns may lag other strategies or asset classes. Different categories of securities lead or lag at different times, sometimes for multi-year stretches, and the Fund will not take defensive positions to avoid such cycles.

 **Sector and Industry Risk.** If the Fund invests more heavily in particular sectors or industries, its results will be especially sensitive to events that significantly affect those areas. To the extent the Index becomes concentrated in one or more sectors or industries, the Fund will have similar exposure and could be negatively affected by adverse developments impacting those sectors or industries.

*  **Information Technology Sector Risk.** Companies in the
 information technology sector, and firms that rely heavily on
 technology, face fast product cycles, the risk of rapid
 obsolescence, evolving standards, and heightened regulation.
 Competition can be intense both domestically and internationally,
 including from lower-cost foreign competitors. Share prices of such
 companies, especially smaller or less-seasoned issuers, tend to be
 more volatile than the broader market. Many information technology
 companies depend on patents and other intellectual property; loss,
 impairment, or adverse enforcement of those rights (or allegations
 of infringement) could negatively affect their operating results and
 valuations. Supply-chain constraints, shortages of key inputs, and
 challenges attracting and retaining specialized talent may further
 pressure profitability.
 

 **Third Party Data Risk.** The Index relies on information from third-party data vendors (e.g., prices, shares outstanding, free float, sector classifications, and corporate actions) and on calculations performed by an independent index calculator, Solactive AG (the "Index Calculator"). The Adviser (or an affiliate), as owner of the Index intellectual property, determines constituents and weights pursuant to the Index rules, including assessments of founder-led status based on public and other sources. Errors, delays, or misapplications by any party - data vendors, the Index Calculator, or the Adviser (or affiliate) - may result in unintended inclusions/exclusions, inaccurate weights, or delayed implementation of changes. Until corrected, such issues may cause the Fund to deviate from intended exposures and from the Index's published values. Solactive, as calculation agent, may use third-party data to calculate and maintain the Index, and certain data providers impose licensing and disclosure requirements. If required licenses are not in place or are revoked, or if a third-party data provider materially restricts use or significantly increases fees, Index calculation or dissemination may be interrupted or terminated on short notice.

 **Tracking Error Risk.** The Fund's results may differ from the Index because the Fund bears fees and trading costs the Index does not; at times the Fund may hold cash or positions not in the Index, or may not be fully invested in Index constituents.

 **Third-Party Data & Publication Risk.** The Index (and therefore the Fund) depends on third-party data and calculations. Neither the Fund's investment adviser nor the Index Calculator guarantees uninterrupted or timely index production or publication. The calculation and dissemination of Index values can be delayed or interrupted if the calculation agent, data vendors, or a relevant stock exchange experiences a malfunction or outage. Index values may be delayed by technology outages or other operational issues. If index publication is interrupted due to data or systems issues, trading in Shares could be disrupted or halted. Prolonged interruptions could lead to trading halts in Shares, which may have an adverse impact on the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PORTFOLIO HOLDINGS INFORMATION**

The Fund's complete portfolio holdings will be made available on the Fund's website at www.founderledfunds.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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT**

 **Investment Adviser**

Corgi Strategies, LLC (the "Adviser"), located at 473 Pine St, Floor 5, San Francisco, CA 94104, is a Delaware limited liability company seeking registration with the SEC as an investment adviser and serves as investment adviser to the Fund. The Adviser was founded in July 2025, and as of [ ], 2025, has no prior assets under management and has not served as the investment adviser or sub-adviser for any other registered funds.

The Adviser is responsible for overall portfolio management and administration of the 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 the Fund's operations.

For its services to the Fund, the Fund pays the Adviser a unitary management fee, calculated daily and paid monthly, at an annual rate of 0.49% of 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").

 **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 [ ], 2026, on Form N-CSR.

 **Portfolio Managers**

The individual primarily responsible for the day-to-day management of the Fund is Brianna A. Lynch, Portfolio Manager, who has served in this role since 2025. Before her current role, Ms. Lynch served as a Senior Associate in Affiliates Investments and Investor Relations at Affiliated Managers Group (AMG) from June 2022 to August 2024; earlier, she was a Corporate Senior Associate at HarbourVest Partners from June 2018 to June 2022, and worked in Transaction Support at EY from September 2016 to June 2018. Ms. Lynch received a Bachelor of Science in Business Management from Babson College in 2016 and completed Business Essentials training with the Corporate Finance Institute (CFI) in 2025. She is a member of the AICPA and holds the Certified Public Accountant (CPA) designation.

Additional information regarding the portfolio manager's compensation, other accounts managed, and ownership of Shares is provided in the Fund's SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in large blocks called "Creation Units," at the 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 the 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 [ ] (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Frequent Purchases and Redemptions of Shares**

The Fund does 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 the Fund's costs. The Fund and the Adviser reserve the right to reject any purchase order at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Determination of Net Asset Value**

The Fund's NAV is calculated as of the close of regular trading on [ ] (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fair Value Pricing**

The Board has designated the Adviser as the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investments by Other Registered Investment Companies in the Fund**

Investments by registered investment companies in the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DIVIDENDS, DISTRIBUTIONS, AND TAXES**

 **Dividends and Distributions**

The Fund intends to pay dividends and interest income, if any, annually, and to distribute any net realized capital gains to shareholders at least annually. The 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 the 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 the 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 the 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 the 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 the 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 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, the 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 the 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.

The 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.

The 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 the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTION**

[ ] (the "Distributor"), the 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 [ ].

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the 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 Fund does 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.founderledfunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

 **Index Owner Disclaimer.** Corgi Strategies, LLC ("Corgi") owns and licenses the Founder-Led Index (the "Index") to the Fund. Solely in its capacity as licensor of the Index (and not in its capacity as the Fund's investment adviser), Corgi does not sponsor, endorse, sell or promote the Fund and makes no representation regarding the advisability of investing in the Fund. Corgi does not guarantee the accuracy or completeness of the Index and is not liable for any errors or omissions in the Index, or for any results obtained from its use, except to the extent such liability cannot be limited under U.S. federal securities laws.

 **Solactive Disclaimer.** Solactive AG ("Index Calculator") is the calculation agent of the Founder-Led Index (the "Index"). The financial instrument that is referencing the Index is not sponsored, endorsed, promoted, sold or supported by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto.

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.

### FINANCIAL HIGHLIGHTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This section ordinarily presents Financial Highlights to help you understand the 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.

### Founder-Led ETF
 **Adviser**

Corgi Strategies, LLC

473 Pine St, Floor 5

San Francisco, CA 94104

 **Distributor**

[ ]

 **Independent Registered Public Accounting Firm**

[ ]

 **Administrator, Fund Accountant, and Transfer Agent**

[ ]

 **Custodian**

[ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors may find more information about the Fund in the following documents:

 **Statement of Additional Information:** The Fund's SAI includes further details about the Fund's investments and other information. A current SAI dated [ ], 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:

Founder-Led ETF, c/o [ ], [P.O. Box or street address], [City, State ZIP], or by calling [ ].

Shareholder reports and other information about the Fund are also available:

* 
 Free of charge from the SEC's EDGAR database on the SEC's website at
 http://www.sec.gov; or
 

* 
 Free of charge from the Fund's Internet website at
 www.founderledfunds.com; or
 

* For a fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-24117)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUBJECT TO COMPLETION

Dated August 25, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ticker: FDRX**

Founder-Led 2x Daily ETF

listed on [ ]

## PROSPECTUS
[ ], 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

### **TABLE OF CONTENTS**

---

| |
|:---|
| [Fund Summary](#fdrx-fund-summary) |
| [Additional Information About the Fund](#fdrx-additional-info) |
| [Portfolio Holdings Information](#fdrx-portfolio-holdings) |
| [Management](#fdrx-management) |
| [How to Buy and Sell Shares](#fdrx-buy-sell) |
| [Dividends, Distributions, and Taxes](#fdrx-dividends-taxes) |
| [Distribution](#fdrx-distribution) |
| [Premium/Discount Information](#fdrx-premium-discount) |
| [Additional Notices](#fdrx-additional-notices) |
| [Financial Highlights](#fdrx-financial-highlights) |

---

### FOUNDER-LED 2X DAILY ETF - FUND SUMMARY
 **Investment Objective**

The Founder-Led 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Founder-Led Index (the "Index"). The Fund does not aim to achieve 2x of the Index for any period other than a single day, measured from one NAV calculation to the next.

 **Important information about the Fund.** On a day when the Index rises, the Fund is designed to gain roughly twice as much as the Index. On a day when the Index falls, the Fund is designed to lose roughly twice as much as the Index. 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 Index return for the same period. The degree of difference will depend on factors that include:

- the magnitude of day to day Index moves,

- the volatility and path of Index returns, and

- how long shares are held.

In general, higher volatility and frequent directional reversals in the Index tend to reduce the Fund's return relative to 2x of the Index 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.

 **Fees and Expenses of the Fund**

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

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

---

| | |
|:---|:---|
| Unitary Management Fee | 1.08% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 1.08% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Under the unitary fee arrangement, Corgi Strategies, LLC (the "Adviser"), or any sub-adviser it engages, 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.

<sup>(2)</sup> Based on estimated amounts for the current fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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. Brokerage commissions you may pay when buying or selling Shares are not included. Your actual expenses may differ; based on these assumptions, your costs would be as shown.

---

| | |
|:---|:---|
| 1 Year | 3 Years |
| $110 | $343 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate generally leads to higher trading costs and, in taxable accounts, may increase taxable distributions. These costs are not included in the total annual fund operating expenses or in the Example and reduce performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Investment Strategies**

The Fund is an exchange traded fund that seeks, for a single day, investment results, before fees and expenses, that correspond to 2x the daily performance of the Founder-Led Index (the "Index"). The Fund follows a passive approach designed to deliver a multiple of the Index's daily move rather than to outperform the Index.

To pursue its 2x Daily Objective, the Fund expects to obtain most of its exposure through derivatives, including total return swaps on the Index and on baskets of Index constituents, and may also use exchange-traded equity index futures and other equity-linked instruments. From time to time, and when operationally efficient, the Fund may hold some Index constituents directly.

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 its net assets, plus any borrowings for investment purposes, in securities of founder-led companies included in the Index and/or in financial instruments (for example, swaps and futures) that, in the aggregate, provide leveraged exposure to such companies.

The Index measures the performance of U.S. publicly traded, founder-led companies. The Index is owned and administered by Corgi Strategies, LLC (the "Index Owner"), which sets the eligibility rules, selection process, and weighting framework. Solactive AG (the "Index Calculator") serves as calculation agent and publishes Index values on behalf of the Index Owner. Additional details about the Index appear below under "The Index".

### The Index
 **I. Eligible Universe**

The Index's eligible universe includes common equity securities of U.S.-listed companies with primary listings only (excluding American Depositary Receipts and over-the-counter securities).

 **II. Constituent Selection**

From the eligible universe, companies are screened to identify founder-led issuers, meaning companies where at least one original founder currently serves in a C-suite or equivalent key executive role (e.g., CEO, Executive Chair, President, CTO, CFO). Among these founder-led issuers, the Index selects 50 companies using free float adjusted market capitalization and liquidity criteria.

 **III. Weighting**

Constituents are weighted by free float adjusted market value, subject to a maximum of 10% per issuer as of each Rebalance Day. If the Index becomes concentrated in a particular sector or industry, the Fund is expected to mirror that concentration.

 **IV. Rebalancing**

The Index is reconstituted and rebalanced quarterly after the close on the third Friday of March, June, September, and December, with changes effective on the next trading day (each, a "Rebalance Day"). The 10% single issuer cap is applied at each Rebalance Day.

Between scheduled rebalances, if any constituent's closing weight rises above 20%, that name is reset to 10% and the excess weight is spread across the remaining constituents on a pro rata basis. This drift control can result in interim adjustments outside of the regular quarterly schedule. These interim adjustments may trigger additional transaction costs in the Fund during replication/sampling (see "Index Rebalancing Risk").

### The Fund's Investment Strategy
The Fund seeks to deliver 2x the Index's daily return, before fees and expenses, by maintaining leveraged exposure that is reset each trading day. As the Index and the Fund's net assets change during the day, the portfolio is adjusted, typically around the time the Fund calculates its NAV, to bring exposure back toward 2x of net assets for the next trading day.

Under normal circumstances, the Fund will be investing at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of founder-led companies and/or financial instruments (such as swaps) that provide indirect exposure to founder-led companies.

The Fund generally uses a replication approach, seeking to hold (directly or indirectly) each Index component in approximately the same weight as in the Index. When full replication is impracticable or inefficient (for example, due to liquidity, transaction costs, trading restrictions, or other considerations), the Fund may instead employ representative sampling by investing in a subset of securities and/or instruments with aggregate characteristics (including risk and return) similar to those of the Index as a whole.

To the extent the Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent.

The Fund is classified as non-diversified under the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Risks of Investing in the Fund**

The principal risks are presented in alphabetical order to make comparison easier across funds. 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.

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

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

 **Concentration in Founder-Led Companies Risk.** Because the Index focuses on companies led by one or more original founders, the Fund's holdings may reflect governance practices, strategic choices, and corporate cultures that differ from peers. This thematic focus narrows the investable universe and may cause performance to differ, positively or negatively, from broader equity markets.

 **Control and Dual-Class Share Structures Risk.** Some founder-led issuers employ control mechanisms (e.g., dual-class voting) that concentrate voting power. Such structures can entrench management, reduce responsiveness to public shareholders, or amplify the market impact of founder-specific decisions or controversies.

 **Correlation Risk.** The Fund seeks approximately 2x the daily performance of the Index 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.

 **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.

 **Index Calculation & Methodology Risk.** Mistakes in index data, calculations, or application of the methodology can occur and may not be promptly remedied, which can affect the Fund. Errors, delays, or methodology misapplications (such as in classifying founder-led status, share counts, corporate actions, or float adjustments) may cause unintended inclusions/exclusions or inaccurate weights until corrected. Under the Index Calculation Agreement, Solactive does not serve as the index "administrator" and is engaged solely to calculate, maintain, and disseminate Index Levels in line with the methodology provided by the Index Owner; in cases not covered or not clearly regulated by the methodology, the Index Owner and Solactive consult to agree on treatment, and Solactive may, if guidance is not timely available, implement adjustments in its commercially reasonable judgment.

 **Early Close/Late Close/Trading Halt Risk.** An exchange or market may close early, close late, or halt trading in specific securities or instruments. In such cases, the Fund may be unable to rebalance, may be unable to accurately price its holdings, and could incur substantial trading costs or losses.

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

 **Exchange Listing and Trading Risk.** Although Shares are expected to be listed on [ ] (the "Exchange"), there is no assurance of active or liquid trading. Market volatility, trading halts, systems outages, or limited market-making activity may impair the ability to transact in Shares at or near NAV.

 **Geopolitical and Macro Events Risk.** Changes in interest and inflation rates, economic slowdowns, supply-chain disruptions, public-health events, natural disasters, armed conflict, sanctions, and other policy actions can increase volatility and negatively affect the Fund's investments and secondary-market trading.

**Holding Period and Compounding Risk.** The Fund seeks 2x the Index'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 Index returns, and Index volatility will likely cause the Fund's performance to differ, sometimes significantly, from 2x the Index return for the same period. During volatile or frequently reversing markets, returns may be lower than 2x the Index return for the period, and you could lose money even if the Index is flat or rises over the holding period.

 **Index Ownership and Conflicts of Interest Risk.** The Adviser (or an affiliate) owns the Index intellectual property and licenses it to the Fund. Although the Adviser does not receive index-licensing revenue from the Fund, conflicts could arise in index rule design, constituent determinations, or timing of rebalances. The Trust maintains information-barrier policies and Board oversight; however, such measures may not fully eliminate perceived or actual conflicts.

 **Index Performance Risk.** The Index may underperform other asset classes or other equity indices. The Index's methodology and founder-led focus may cause it to lag broader or differently constructed benchmarks over certain periods.

 **Intraday Price Performance Risk.** Shares trade intraday at market prices that may differ from the Fund's end-of-day NAV. Performance for Shares purchased or sold during the day will reflect market movements until the next NAV calculation and may be higher or lower than the Fund's daily objective over that sub-day interval.

 **Large-Capitalization Companies Risk.** Large-cap issuers can be slower to adapt to competitive or technological shifts and, in some environments, may underperform smaller companies that are more nimble.

 **Leverage Risk.** The Fund uses leverage to target approximately 2x the Index's daily return. Losses are magnified relative to the Index. If the Index 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.

 **Money Market Instruments Risk.** The Fund may hold cash and high-quality, short-term instruments such as U.S. Treasury bills and repurchase agreements for collateral and liquidity. Adverse economic, market, or regulatory events affecting these instruments or their counterparties, including repo counterparties, may negatively impact the Fund. Government guarantees, if any, apply only to the underlying securities and not to Shares of the Fund.

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

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

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

 **Passive Strategy Risk.** The Fund is not actively managed. It seeks leveraged investment results that correspond to 2x the Index's daily performance and generally will not take defensive positions. During temporary defensive periods, the Fund will not seek to achieve its 2x daily objective. Performance may deviate from broad market returns or active strategies; the Fund will not attempt to mitigate declines in the Index.

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

 **Rebalance and Intra-Quarter Drift Adjustment Risk.** The Index applies a 10% single-stock cap at each scheduled quarterly rebalance and may implement out-of-cycle adjustments if a constituent's weight exceeds a 20% drift threshold (resetting to 10% and redistributing the excess pro rata). These actions can increase turnover, transaction costs, and taxable gains, and may contribute to tracking difference.

 **Sector/Industry Focus Risk.** Founder-led issuers may cluster in particular sectors or industries. If the Index becomes concentrated in any sector(s), the Fund will reflect that concentration and may be more sensitive to sector-specific developments than a more diversified approach.

 **Succession and Key-Person Exposure Risk.** The departure, reduced role, or loss of influence of a company's founder or other key executive may adversely affect the issuer's prospects and, in some cases, its continued eligibility for the Index, potentially leading to removals at reconstitution and additional turnover.

 **Swap Agreements and Other 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Performance**

The Fund has not operated for a full calendar year as of the date of this Prospectus, so performance data is not shown. After one full calendar year of operations, this section will include a calendar-year bar chart and a table of average annual total returns to illustrate how results vary over time and to compare the Fund's performance with that of the Index and a broad market benchmark. Because the Fund seeks 2x the daily performance of the Index, results for periods longer than a day will reflect compounding and may differ, potentially materially, from 2x the Index return for the same period. Past performance (before and after taxes) does not guarantee future results. When available, updated performance information will be posted on the Fund's website at www.founderledfunds.com.

 **Management**

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

Portfolio Managers: The individual primarily responsible for the day-to-day management of the Fund is Brianna A. Lynch, Portfolio Manager for the Adviser; who has been a portfolio manager of the Fund since 2025.

<sup>CPA is a professional license issued by U.S. state boards of accountancy, not a registered trademark.</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchase and Sale of Shares**

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

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

As available, information required by Rule 6c-11 (including the Fund's NAV, market price, historical premiums/discounts, and median bid-ask spread) will be posted on the Fund's website at www.founderledfunds.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 through a financial intermediary (e.g., a broker-dealer or bank), the Adviser or its affiliates may, from their own resources, compensate the intermediary for activities related to the distribution, marketing, promotion, or sale of Shares, or for shareholder and educational support. These payments may create a conflict of interest by incentivizing the intermediary or its personnel to recommend the Fund over other investments. Such payments are not made by the Fund and do not increase the expenses paid by the Fund. Ask your salesperson or visit your intermediary's website for more information.

### ADDITIONAL INFORMATION ABOUT THE FUND
 **Investment Objective**

The Founder-Led 2x Daily ETF (the "Fund") seeks daily investment results, before fees and expenses, that correspond to 2x the daily performance of the Founder-Led Index (the "Index"). A "single day" is measured from one NAV calculation to the next.

The Fund does not seek to achieve 2x the performance of the Index 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 Index return for the same period. During volatile or reversing markets, you may lose money even if the Index 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.

 **Principal Investment Strategies**

The Fund's policy to invest, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of founder-led companies and/or in financial instruments that provide economic exposure to founder-led companies is non-fundamental and may be changed by the Board upon 60 days' prior written notice to shareholders. For purposes of the Fund's 80% policy, the Fund will measure assets including the notional value of derivatives (adjusted as required) consistent with Rule 35d-1.

 **The Index**

The Index is owned by Corgi Strategies, LLC and licensed for use by the Fund. The Adviser does not receive index-licensing revenue from the Fund. Because the Adviser (or an affiliate) owns the Index IP, this "self-indexing" arrangement presents potential conflicts of interest; the Trust maintains information-barrier policies and procedures, and the Board provides oversight of index-related processes.

Solactive AG ("Index Calculator") acts as the calculation agent and index-maintenance and dissemination service provider (via a dissemination agent) for the Index. Solactive does not act as the Index "administrator".

In summary, the Index screens U.S.-listed companies to identify founder-led issuers and selects the top 50 qualifying names by free-float market capitalization, subject to liquidity criteria. Constituents are weighted by free-float market capitalization, applying a 10% single-issuer cap on each Rebalance Day. Between Rebalance Days, if any constituent's closing weight exceeds 20%, it is reset to 10% and the excess weight is redistributed pro rata across the remaining constituents, subject to the methodology's constraints.

 **Rebalancing Schedule**

The Index is reconstituted and rebalanced quarterly after the close on the third Friday of March, June, September, and December, with changes effective on the next trading day (each, a "Rebalance Day").

 **Manager of Managers Structure**

The Fund does not currently employ a sub-adviser. The Adviser intends to seek exemptive relief from the SEC permitting the Adviser, subject to Board approval and applicable conditions, to appoint, replace, or materially amend agreements with unaffiliated sub-advisers without shareholder approval. Shareholders will be notified of any such changes as required. Any sub-advisory compensation will be paid by the Adviser and not by the Fund. The Adviser retains overall responsibility, under Board oversight, for supervising any sub-adviser(s), including selection, evaluation, and termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Understanding the Fund's Daily Objective and Compounding**

 **What the Fund seeks to do.** The Fund seeks daily investment results, before fees and expenses, that correspond to 2x the daily performance of the Index. The Fund does not seek to, and should not be expected to, provide 2x the return of the Index for periods longer than a single trading day.

 **What this means for holding periods longer than one day.** The Fund resets its exposure each trading day to target approximately two times the daily move of the Index. Over periods longer than one day, the 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 Index for the same multi-day period.

 **Why multi-day results differ from 2x.** Several factors contribute to this difference:

*  **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 index return.
 

*  **Index volatility.** Higher day-to-day variability in the Index
 generally increases the dispersion between the Fund's multi-day
 return and 2x the Index's multi-day return. The effect tends to be
 more pronounced as volatility rises.
 

*  **Index trend.** When the Index trends steadily in one direction
 with low volatility, the Fund's multi-day return may be closer to or
 even exceed 2x the Index's multi-day return. In choppy or
 range-bound markets, the Fund's multi-day return will often be less
 than 2x.
 

*  **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 Index's performance.
 

*  **Dividends and corporate actions.** Differences between how
 dividends and corporate events affect the Index level versus the
 Fund's instruments can also impact results.
 

 **Important holding period note.** The Fund is 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. The Fund achieves exactly 2x of each day's Index move before fees and expenses. Even so, the 5-day total return of the Fund does not equal 2x the 5-day total return of the Index. This example is hypothetical and for illustration only. It assumes no dividends, no financing costs, and no Fund expenses. If those were included, the Fund's performance would be lower than shown.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Index Level** | **Index 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 |

---

Across five days, the Index gained approximately 3.0%, while the Fund gained approximately 5.8%, which differs from 2 x 3.0% (about 6.0%).

 **Additional simulations.** The Fund may present other hypothetical paths to show how volatility and trend can affect results. Unless otherwise noted, any such illustrations assume: (a) no dividends; (b) no Fund expenses; and (c) zero percent borrowing or lending rates. If these factors were reflected, results would differ. For any scenario analysis that references an assumed volatility rate, insert 16%, which may reference the approximate 5-year historical annualized volatility of a broad equity index for context. Historical volatility for the Index may differ materially from that reference figure.

 **Key takeaways for investors.**

* 
 The Fund seeks 2x the daily performance of the Index for a single
 trading day, not for any other period.
 

* 
 Over time, daily compounding, Index volatility, financing costs, and
 expenses will cause returns to deviate from 2x the Index's multi-day
 return.
 

* 
 If the Index is flat over a period, the Fund will likely lose value
 due to daily rebalancing, financing costs, and expenses.
 

* 
 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Principal Risks of Investing in the Fund**

The principal risks are presented in alphabetical order to make it easier to locate specific risks and to compare them with those of other funds. Each risk summarized below is regarded as a "principal risk" of investing in the 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 the Fund's NAV, market price, income, or total return. Some or all of these risks may adversely affect the Fund's NAV per share price, yield, total return, and/or the Fund's ability to achieve its objective.

The risks below could negatively affect the value of your investment in the Fund. Because the Fund seeks to deliver 2x the daily performance of the Index before fees and expenses, it is subject to additional risks associated with leverage, daily rebalancing, compounding, derivatives, and financing costs.

 **Compounding and Daily Rebalancing Risk.** The Fund seeks a multiple of the daily return of the Index, not of the Index's return for periods longer than one day. The Fund resets its exposure each trading day to target approximately 2x the Index's daily move. As a result, the Fund's performance over periods longer than one day will be the product of its daily returns for each day in the period, which can diverge in amount, and possibly in direction, from 2x the Index's return for the same multi-day period. In general, when Index volatility is higher, the impact of compounding and daily rebalancing will be more pronounced and the Fund's multi-day results will tend to be less than 2x the Index's return for the same period; when volatility is lower, multi-day results may be closer to or greater than 2x. If the Index is flat over time, the 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 the Fund within a single day. Deviations can occur over periods as short as one day when measured intraday rather than NAV to NAV.

 **Correlation Risk.** The Fund may not achieve a high degree of correlation with 2x the daily performance of the Index for a number of reasons, including, but not limited to, imperfect correlation between derivative instruments and the reference Index, the timing and size of daily rebalancing trades, market disruptions or closures, illiquidity in the markets for instruments used to obtain exposure, financing rates, dividend and corporate action differences, and the Fund's fees and expenses. Intraday Index movements, particularly those occurring near the close, can increase the likelihood that the Fund is materially under- or over-exposed at the end of the day.

 **Counterparty Risk.** The Fund expects to obtain exposure to the Index primarily through derivatives, including swaps and futures. The 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. The 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 the Fund's ability to exercise remedies.

 **Derivatives Risk.** The 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 the Index. Such risks include leverage, imperfect correlation with the Index, 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.

 **Equity Market Risk.** Common stocks generally carry more risk than preferred stock or debt because common shareholders are lower in the capital structure. Equity holdings may experience significant price volatility such as sharp, unexpected declines or extended downturns due to broad market conditions or developments specific to an issuer, industry, or sector held by the Fund.

 **ETF Risks.**

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

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

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

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

 **Financing and Cash Management Risk.** To pursue its 2x daily objective, the Fund expects to use derivatives that require the posting of margin or collateral and may maintain cash or cash equivalents for that purpose. The Fund's performance will be affected by the financing rates, spreads, and costs associated with its derivatives and any securities lending or cash management activities. These costs can reduce returns and may cause the Fund's results to deviate from 2x the daily performance of the Index.

 **General Market Risk.** Global economies and financial markets are increasingly interconnected, which raises the likelihood that events or conditions in one country or region will adversely affect markets or issuers elsewhere. Securities held by the Fund may underperform the broader markets, a particular market segment, or other asset classes due to factors that can include inflation (or expectations of inflation), interest-rate changes, shifts in global demand for products or resources, natural disasters or other major events, public-health emergencies, terrorism, regulatory developments, and governmental controls.

 **Leverage Risk.** By design, the Fund uses leverage to target 2x the daily performance of the Index. Leverage magnifies both gains and losses. As a result, small changes in the Index may produce larger changes in the Fund's NAV, and losses may be substantial. Leverage also increases the sensitivity of the Fund to financing costs, market volatility, and liquidity conditions. In adverse market conditions, the Fund may be required to reduce exposure rapidly or may be unable to maintain its targeted leverage.

 **Market Capitalization Risk.** Securities of large-capitalization companies may be relatively mature compared to smaller firms and therefore may exhibit slower growth during economic expansions. Large-capitalization companies may also be less agile in responding to new competitive challenges, including technological change and evolving consumer preferences.

 **Market Events Risk.** Financial markets can be volatile, and security prices can move substantially based on business cycles, interest-rate shifts, inflation or deflation views, perceived credit risk, and prevailing market liquidity, among other influences. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events. Global shocks, such as wars, terrorism, environmental or natural disasters, political instability, and epidemics or pandemics, as well as sanctions and trade restrictions (including those tied to recent conflicts in Eastern Europe and the Middle East) have increased market volatility and could continue to do so, affecting regional and global economies and certain securities.

 **New Fund Risk.** The Fund is newly organized and has limited or no operating history. As a result, prospective investors do not have a performance record on which to base their investment decisions. The Fund may require time to attract assets, develop secondary-market liquidity, and achieve efficient index tracking.

 **Non-Diversification Risk.** Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it were diversified. Consequently, weakness in one issuer or in a small group of issuers can have a proportionately larger impact on the Fund's value.

 **Operational Risk.** The Fund is exposed to operational risks arising from people, processes, systems, and third parties. These risks include human mistakes; trade, settlement, or communication errors; failures or delays by service providers, counterparties, or other vendors; and breakdowns or outages in processes, technology, or other infrastructure. The Fund relies on external firms (e.g., custodian, transfer agent, administrator, pricing and data providers) for key functions, and difficulties engaging or retaining such providers, or disruptions in their services, could impair the Fund's operations and hinder achievement of its investment objective. The Fund and the Adviser maintain controls and procedures intended to manage operational risk, but no control environment can eliminate it entirely.

 **Passive Investment Risk.** The Fund is not actively managed and does not attempt to outperform its Index or take defensive positions in declining markets. As a result, the Fund's performance may be adversely affected by a general decline in the market segments relating to its Index. Because the Fund seeks to track its Index, its returns may lag other strategies or asset classes. Different categories of securities lead or lag at different times, sometimes for multi-year stretches, and the Fund will not take defensive positions to avoid such cycles.

 **Sector and Industry Risk.** If the Fund invests more heavily in particular sectors or industries, its results will be especially sensitive to events that significantly affect those areas. To the extent the Index becomes concentrated in one or more sectors or industries, the Fund will have similar exposure and could be negatively affected by adverse developments impacting those sectors or industries.

*  **Information Technology Sector Risk.** Companies in the
 information technology sector, and firms that rely heavily on
 technology, face fast product cycles, the risk of rapid
 obsolescence, evolving standards, and heightened regulation.
 Competition can be intense both domestically and internationally,
 including from lower-cost foreign competitors. Share prices of such
 companies, especially smaller or less-seasoned issuers, tend to be
 more volatile than the broader market. Many information technology
 companies depend on patents and other intellectual property; loss,
 impairment, or adverse enforcement of those rights (or allegations
 of infringement) could negatively affect their operating results and
 valuations. Supply-chain constraints, shortages of key inputs, and
 challenges attracting and retaining specialized talent may further
 pressure profitability.
 

 **Third Party Data Risk.** The Index relies on information from third-party data vendors (e.g., prices, shares outstanding, free float, sector classifications, and corporate actions) and on calculations performed by an independent index calculator, Solactive AG (the "Index Calculator"). The Adviser (or an affiliate), as owner of the Index intellectual property, determines constituents and weights pursuant to the Index rules, including assessments of founder-led status based on public and other sources. Errors, delays, or misapplications by any party - data vendors, the Index Calculator, or the Adviser (or affiliate) - may result in unintended inclusions/exclusions, inaccurate weights, or delayed implementation of changes. Until corrected, such issues may cause the Fund to deviate from intended exposures and from the Index's published values. Solactive, as calculation agent, may use third-party data to calculate and maintain the Index, and certain data providers impose licensing and disclosure requirements. If required licenses are not in place or are revoked, or if a third-party data provider materially restricts use or significantly increases fees, Index calculation or dissemination may be interrupted or terminated on short notice.

 **Tracking Error Risk.** The Fund's results may differ from the Index because the Fund bears fees and trading costs the Index does not; at times the Fund may hold cash or positions not in the Index, or may not be fully invested in Index constituents.

 **Third-Party Data & Publication Risk.** The Index (and therefore the Fund) depends on third-party data and calculations. Neither the Fund's investment adviser nor the Index Calculator guarantees uninterrupted or timely index production or publication. The calculation and dissemination of Index values can be delayed or interrupted if the calculation agent, data vendors, or a relevant stock exchange experiences a malfunction or outage. Index values may be delayed by technology outages or other operational issues. If index publication is interrupted due to data or systems issues, trading in Shares could be disrupted or halted. Prolonged interruptions could lead to trading halts in Shares, which may have an adverse impact on the Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **PORTFOLIO HOLDINGS INFORMATION**

The Fund's complete portfolio holdings will be made available on the Fund's website at www.founderledfunds.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").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MANAGEMENT**

 **Investment Adviser**

Corgi Strategies, LLC (the "Adviser"), located at 473 Pine St, Floor 5, San Francisco, CA 94104, is a Delaware limited liability company seeking registration with the SEC as an investment adviser and serves as investment adviser to the Fund. The Adviser was founded in July 2025, and as of [ ], 2025, has no prior assets under management and has not served as the investment adviser or sub-adviser for any other registered funds.

The Adviser is responsible for overall portfolio management and administration of the 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 the Fund's operations.

Because the Fund seeks to deliver 2x the daily performance of the Index, the Adviser is responsible for daily rebalancing of the Fund's exposure to approximately two times the Index and for implementing the Fund's use of derivatives. The Fund expects to obtain leveraged exposure primarily through total return swaps on the Index, futures, and/or other derivatives. The Adviser oversees counterparty selection and monitoring, collateral and liquidity management, and the financing and transaction costs associated with such instruments. The Board has approved a derivatives risk management program and appointed a Derivatives Risk Manager who provides regular reports to the Board.

For its services to the Fund, the Fund pays the Adviser a unitary management fee, calculated daily and paid monthly, at an annual rate of 1.08% of 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").

For clarity, certain costs related to the Fund's use of derivatives (for example, financing charges reflected in swap payments, variation margin on futures, and other transaction-related costs) are not included in the Fund's Total Annual Fund Operating Expenses under the unitary fee. These amounts are embedded in the pricing and performance of the derivatives and therefore reduce the Fund's returns rather than appearing as operating expenses.

 **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 [ ], 2026, on Form N-CSR.

 **Portfolio Managers**

The individual primarily responsible for the day-to-day management of the Fund is Brianna A. Lynch, Portfolio Manager, who has served in this role since 2025. In addition to general portfolio management, Ms. Lynch is responsible for the Fund's daily rebalancing and the implementation of derivatives positions designed to maintain exposure equal to approximately 2x the Index. Before her current role, Ms. Lynch served as a Senior Associate in Affiliates Investments and Investor Relations at Affiliated Managers Group (AMG) from June 2022 to August 2024; earlier, she was a Corporate Senior Associate at HarbourVest Partners from June 2018 to June 2022, and worked in Transaction Support at EY from September 2016 to June 2018. Ms. Lynch received a Bachelor of Science in Business Management from Babson College in 2016 and completed Business Essentials training with the Corporate Finance Institute (CFI) in 2025. She is a member of the AICPA and holds the Certified Public Accountant (CPA) designation.

Additional information regarding the portfolio manager's compensation, other accounts managed, and ownership of Shares is provided in the Fund's SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **HOW TO BUY AND SELL SHARES**

The Fund issues and redeems Shares only in large blocks called "Creation Units," at the 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 the 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.

Because the Fund expects to achieve its 2x daily objective primarily through derivatives, the Fund generally expects to effect creations and redemptions in cash rather than in-kind. The Fund may impose transaction fees on cash creations and redemptions designed to cover the Fund's estimated costs, which may include the costs of entering into, maintaining, or unwinding derivatives.

Most investors buy and sell Shares in secondary-market transactions through brokers. Shares are expected to be listed for trading on [ ] (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Frequent Purchases and Redemptions of Shares**

The Fund does 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 the Fund's costs. The Fund and the Adviser reserve the right to reject any purchase order at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Determination of Net Asset Value**

The Fund's NAV is calculated as of the close of regular trading on [ ] (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. Derivative instruments used to obtain leveraged exposure to the Index (such as swaps and futures) are valued pursuant to these procedures, which may reference exchange settlement prices, quotations from counterparties or independent pricing sources, or the values of related instruments (for example, an ETF designed to track the Index), particularly if the Index level is not computed as of the U.S. market close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fair Value Pricing**

The Board has designated the Adviser as the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Investments by Other Registered Investment Companies in the Fund**

Investments by registered investment companies in the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DIVIDENDS, DISTRIBUTIONS, AND TAXES**

 **Dividends and Distributions**

The Fund intends to pay dividends and interest income, if any, annually, and to distribute any net realized capital gains to shareholders at least annually. The 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.

Because the Fund expects to use derivatives to pursue its investment objective, distributions may include a higher proportion of ordinary income and short-term capital gains than funds that invest directly in equity securities. In some cases the Fund may recognize taxable income without receiving the associated cash at the same time (for example, on certain swaps or futures), which may require the Fund to sell investments, including derivatives, at times it would not otherwise do so in order to meet distribution requirements.

 **Taxes**

The following discussion summarizes certain U.S. federal income tax considerations that generally apply to investments in the 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 the 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 the 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 the 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.

 **Special tax considerations for derivatives and leveraged exposure** Investments in derivatives (including swaps, futures, and options) are subject to special and complex U.S. federal income tax rules that can, among other things, affect the timing, character, and amount of income, gains, or losses recognized by the Fund and, in turn, the character of amounts distributed to shareholders. For example, amounts from certain "Section 1256 contracts" (which can include regulated futures and certain options) are generally marked to market at year end and treated as 60% long-term and 40% short-term capital gain or loss, regardless of holding period. Periodic payments or accruals on swaps are generally treated as ordinary income or loss. The "straddle," "constructive sale," and "wash sale" rules may defer losses or affect holding periods. Because these rules may be uncertain and could change, the Fund's use of derivatives could affect whether it has made sufficient distributions to maintain its qualification as a RIC and avoid fund-level tax. See the SAI for additional information, and consult your tax adviser regarding how these rules may affect you.

 **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 the 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 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, the 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 the 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.

The 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.

The 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 the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **DISTRIBUTION**

[ ] (the "Distributor"), the 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 [ ].

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the 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 Fund does 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.founderledfunds.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

 **Index Owner Disclaimer.** Corgi Strategies, LLC ("Corgi") owns and licenses the Founder-Led Index (the "Index") to the Fund. Solely in its capacity as licensor of the Index (and not in its capacity as the Fund's investment adviser), Corgi does not sponsor, endorse, sell or promote the Fund and makes no representation regarding the advisability of investing in the Fund. Corgi does not guarantee the accuracy or completeness of the Index and is not liable for any errors or omissions in the Index, or for any results obtained from its use, except to the extent such liability cannot be limited under U.S. federal securities laws.

 **Solactive Disclaimer.** Solactive AG ("Index Calculator") is the calculation agent of the Founder-Led Index (the "Index"). The financial instrument that is referencing the Index is not sponsored, endorsed, promoted, sold or supported by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto.

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.

### FINANCIAL HIGHLIGHTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This section ordinarily presents Financial Highlights to help you understand the 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.

### Founder-Led 2x Daily ETF
 **Adviser**

Corgi Strategies, LLC

473 Pine St, Floor 5

San Francisco, CA 94104

 **Distributor**

[ ]

 **Independent Registered Public Accounting Firm**

[ ]

 **Administrator, Fund Accountant, and Transfer Agent**

[ ]

 **Custodian**

[ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investors may find more information about the Fund in the following documents:

 **Statement of Additional Information:** The Fund's SAI includes further details about the Fund's investments and other information. A current SAI dated [ ], 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:

[Founder-Led 2x Daily ETF], c/o [ ], [P.O. Box or street address], [City, State ZIP], or by calling [ ].

Shareholder reports and other information about the Fund are also available:

* 
 Free of charge from the SEC's EDGAR database on the SEC's website at
 http://www.sec.gov; or
 

* 
 Free of charge from the Fund's Internet website at
 www.founderledfunds.com; or
 

* For a fee, by e-mail request to publicinfo@sec.gov.

(SEC Investment Company Act File No. 811-24117)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SUBJECT TO COMPLETION

Dated August 25, 2025

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

---

| | |
|:---|:---|
| **Ticker** | **Fund** |
| FDRS | Founder-Led ETF |
| FDRX | Founder-Led 2x Daily ETF |
| each listed on [ ] | each listed on [ ] |

---

## STATEMENT OF ADDITIONAL INFORMATION
[ ], 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Statement of Additional Information ("SAI") is not a prospectus and should be read together with the Prospectuses for the Founder-Led ETF and the Founder-Led 2x Daily ETF (each, a "Fund" and collectively, the "Funds"), each a series of Corgi ETF Trust I (the "Trust"), dated [ ], 2025, 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 compliance@founderledfunds.com, visiting www.founderledfunds.com, or writing to Founder-Led ETF, c/o [ ], P.O. Box [ ], [City, State ZIP] or Founder-Led 2x Daily ETF, c/o [ ], P.O. Box [ ], [City, State ZIP].

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-info) |
| [Additional Information about Investment Objectives, Policies, and Related Risks](#sai-additional-objectives) |
| [Description of Permitted Investments](#sai-permitted-investments) |
| [Investment Restrictions](#sai-investment-restrictions) |
| [Exchange Listing and Trading](#sai-exchange-listing) |
| [Management of the Trust](#sai-management-trust) |
| [Principal Shareholders, Control Persons and Management Ownership](#sai-principal-shareholders) |
| [Codes of Ethics](#sai-codes-ethics) |
| [Proxy Voting Policies](#sai-proxy-voting) |
| [Investment Adviser](#sai-investment-adviser) |
| [Portfolio Managers](#sai-portfolio-managers) |
| [The Distributor](#sai-distributor) |
| [Administrator](#sai-administrator) |
| [Transfer Agent and ETF Order Management](#sai-transfer-agent) |
| [Custodian](#sai-custodian) |
| [Independent Registered Public Accounting Firm](#sai-accounting-firm) |
| [Portfolio Holdings Disclosure Policies and Procedures](#sai-portfolio-disclosure) |
| [Description of Shares](#sai-description-shares) |
| [Limitation of Trustees' Liability](#sai-limitation-of-trustees-liability) |
| [Brokerage Transactions](#sai-brokerage) |
| [Portfolio Turnover Rate](#sai-portfolio-turnover) |
| [Book Entry Only System](#sai-book-entry) |
| [Purchase and Redemption of Shares in Creation Units](#sai-purchase-redemption) |
| [Determination of NAV](#sai-determination-of-nav) |
| [Dividends and Distributions](#sai-dividends-distributions) |
| [Federal Income Taxes](#sai-federal-taxes) |
| [Financial Statements](#sai-financial-statements) |

---

### GENERAL INFORMATION ABOUT THE TRUST
The Trust is an open-end management investment company with multiple series, including the Founder-Led ETF and the Founder-Led 2x Daily ETF (each, a "Fund"). 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 Founder-Led ETF seeks to track the performance, before fees and expenses, of the Founder-Led Index (the "Index"). The Founder-Led 2x Daily ETF seeks daily investment results, before fees and expenses, that correspond to 2x the Index's daily performance. Corgi Strategies, LLC (the "Adviser") and will serve upon effectiveness of its SEC registration as investment adviser to the Funds.

For the Founder-Led 2x Daily ETF, the Fund seeks daily investment results, before fees and expenses, that correspond to 2x the daily performance of the Index. The Fund resets its exposure each trading day to target approximately two times the Index's daily move and should not be expected to provide 2x the return of the Index for periods longer than a single day. Because of daily compounding, Index volatility, financing costs, and expenses, the Fund's results over periods longer than a day will usually differ in amount, and may differ in direction, from 2x the Index's multi-day return. The 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 the 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 the Founder-Led 2x Daily ETF expects to achieve its objective primarily through derivatives, the Trust generally anticipates effecting creations and redemptions for that 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 the Founder-Led 2x Daily ETF 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 Fund's derivatives exposure using value-at-risk (VaR) testing. Under Rule 18f-4, the Fund's VaR must not exceed 200% of the VaR of a designated reference portfolio (generally the Index) under the relative VaR test or, if a reference portfolio is not appropriate, 20% of the Fund's net assets under the absolute VaR test. The Fund intends to use the Index as its designated reference portfolio for the relative VaR test under Rule 18f-4 and monitor compliance accordingly. The Derivatives Risk Manager provides regular reports to the Board regarding the program's implementation and the Fund's compliance.

### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special Considerations for the Founder-Led 2x Daily ETF**

*  **Daily Objective and Compounding.** The Fund seeks 2x the
 Index's daily performance and resets exposure each trading day.
 Over periods longer than a day, the Fund's results reflect the
 compounding of daily returns and the path of daily Index moves and
 will usually differ from 2x the Index's return for the same
 period.
 

*  **Volatility Effect.** Generally, higher day-to-day volatility
 in the Index increases the divergence between the Fund's multi-day
 results and 2x the Index'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.
 

*  **Correlation and Rebalancing.** The Fund may not achieve
 perfect correlation to 2x the Index's daily performance for
 reasons that include derivative pricing and liquidity, intraday
 Index movements (including near the close), timing and size of
 rebalancing, market closures or trading halts, financing costs,
 and Fund expenses.
 

*  **Financing and Cash Management.** The Fund's use of swaps,
 futures, and other instruments involves financing or implied
 financing charges that reduce returns. The 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.
 

*  **Counterparty and Clearinghouse Exposure.** The 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.
 

*  **Use of ETF-Linked Swaps.** To the extent the Fund uses swaps
 referencing an ETF that seeks to track the Index (or a similar
 index), tracking differences between the ETF and the Index can add
 an additional source of correlation error.
 

*  **Not a Buy-and-Hold Substitute.** The 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.

 **Index Tracking Risks.** A Fund's return may not match the return of the Index for many reasons. For example, a Fund bears operating expenses (including taxes) not applicable to the Index and incurs costs associated with buying and selling securities, particularly when rebalancing its holdings to reflect changes to the Index, or when raising cash to meet redemptions or deploying cash from inflows. Transaction costs, including brokerage, can reduce a Fund's NAV.

Market disruptions or regulatory restrictions may impair a Fund's ability to adjust exposures to the levels required to track the Index. Unusual market conditions may cause the Index Calculator to postpone a scheduled rebalance, which can cause the Index to deviate from its typical composition. There is no assurance that the Index Calculator or any of its agents will compile or calculate the Index accurately. Errors in the quality, accuracy, or completeness of data used to compile the Index may occur and may not be identified and corrected promptly, particularly for less widely used benchmarks. Gains, losses, or costs associated with Index or data errors are generally borne by a Fund and its shareholders. For example, during any period when the Index contains an incorrect constituent, the Fund would have exposure to that constituent and be underexposed to other Index constituents. Such errors may positively or negatively affect a Fund and its shareholders.

If the Index is rebalanced on an ad hoc basis and a Fund rebalances to increase correlation, any resulting transaction costs and interim market exposures are borne by the Fund and its shareholders. A Fund may not be fully invested at times due to cash flows, or because it maintains cash reserves to meet expenses or redemptions. In addition, a Fund may not invest in certain securities or other assets included in the Index, or may hold them in different proportions than in the Index. A Fund's performance may also deviate from the Index due to exchange listing standards, a lack of liquidity in markets where Index securities trade, tax considerations or other regulatory reasons (such as diversification requirements). Liquidity shortfalls may arise from market events, economic conditions, or investor sentiment. Illiquid securities may be difficult to value and may be valued below comparable liquid securities, which can negatively affect performance. A Fund may also be delayed in purchasing or selling Index constituents. In volatile markets, the ability to sell securities at prices reflecting fair value may be impaired, potentially increasing trading costs and index tracking risk. A Fund may need to borrow to meet redemptions, which could increase expenses. For tax-efficiency, a Fund may sell certain securities in ways that realize losses, which can cause performance to deviate from the Index. Performance may also deviate due to the impact of withholding taxes, late announcements of Index changes, and high Index turnover.

A Fund may fair value certain investments. To the extent a Fund calculates NAV based on fair-valued prices that differ from prices used in Index calculations, the Fund's ability to track the Index may be adversely affected. The need to comply with the Code's diversification and other requirements may also affect tracking. Actions taken in response to proposed corporate actions can increase tracking error. In light of the foregoing, a Fund's return may deviate significantly from the Index's return.

Apart from scheduled rebalances, the Index Owner and Index Calculator or its agents may implement additional, ad hoc rebalances (for example, to correct an error in constituent selection). When the Index is rebalanced and a Fund rebalances to increase correlation, any resulting transaction costs and interim market exposures are borne by the Fund and its shareholders. Errors and ad hoc rebalances may therefore increase costs and tracking error risk.

Index tracking risk may be heightened during periods of increased market volatility or other unusual market conditions. Changes to the Index's composition in connection with a rebalance or reconstitution may cause a Fund to experience increased volatility, during which time the Fund's index tracking risk may be elevated.

 **Solactive Disclaimer.** Solactive AG ("Solactive") is the calculation agent of the Founder-Led Index (the "Index"). The financial instrument that is referencing the Index is not sponsored, endorsed, promoted, sold or supported by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto.

 **Index Owner Disclaimer.** Corgi Strategies, LLC ("Corgi") owns and licenses the Founder-Led Index (the "Index") to the Fund. Solely in its capacity as licensor of the Index (and not in its capacity as the Fund's investment adviser), Corgi does not sponsor, endorse, sell or promote the Fund and makes no representation regarding the advisability of investing in the Fund. Corgi does not guarantee the accuracy or completeness of the Index and is not liable for any errors or omissions in the Index, or for any results obtained from its use, except to the extent such liability cannot be limited under U.S. federal securities laws.

### DESCRIPTION OF PERMITTED INVESTMENTS
The following describes the investments and techniques the Fund may use, and the related risks. The 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 the Fund is permitted to use them, it is not required to do so.

 **Borrowing**

Although the Fund does not expect to borrow, it may do so to the extent allowed by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. Any borrowing would 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 the Founder-Led 2x Daily ETF, leverage is expected to come primarily from derivatives (for example, total return swaps and futures) rather than from cash borrowings. If the 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 the Fund's Shares to fall in value.

An investment in the 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 the Founder-Led 2x Daily ETF, equity exposure is typically obtained indirectly through derivatives that reference the Index 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Derivatives Used by the Founder-Led 2x Daily ETF**

The Founder-Led 2x Daily ETF seeks daily investment results, before fees and expenses, that correspond to 2x of the daily performance of the Index. To pursue this objective, the 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 the Fund's return for periods longer than one day to differ, and potentially differ significantly, from 2x the return of the Index for the same period. Market volatility, holding period, and the path of returns will affect the degree of such divergence.

*  **Swap Agreements.** The Fund may enter into total return swaps
 and other swap contracts that reference the Index or an
 exchange-traded fund designed to track the Index (or a similar
 index). Swaps typically require the Fund to exchange periodic
 payments based on the performance of the reference asset 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, the 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.
 

*  **Futures Contracts.** The Fund may use exchange-traded futures
 on broad equity indexes or on exchange-traded funds designed to
 track such indexes 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.
 

*  **Options.** The 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 reference asset and to time decay. The 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.
 

*  **Money Market Instruments and Short-Term Investments.** The
 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 the 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.
 

*  **Securities Lending.** See Securities Lending below for a
 fuller discussion. If the Fund engages in lending, it will do so
 pursuant to Board-approved guidelines; lending involves
 counterparty, collateral investment, and operational risks.
 

*  **Daily Rebalancing and Compounding.** To seek 2x of the
 Index's daily return, the 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 the Index 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 index moves.
 

*  **Derivatives Risk Management and Rule 18f-4.** The Fund
 expects to rely on Rule 18f-4 under the 1940 Act for its
 derivatives and certain financing transactions. Among other
 things, the Fund will operate a derivatives risk management
 program administered by a designated derivatives risk manager, and
 the Fund will be subject to a value-at-risk (VaR) limit.
 Generally, the Fund will satisfy the limit if the VaR of its
 portfolio (including derivatives) does not exceed 200% of the VaR
 of a designated reference portfolio (the Relative VaR test) or, if
 that test is not appropriate, 20% of the Fund's net assets (the
 Absolute VaR test).
 

*  **Commodity Interests and CFTC Matters.** To the extent the
 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**

The Fund may engage in short sales of securities it does not own (and, in some cases, short sales against-the-box). 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.

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.

 **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 Index or to a substantially similar index, 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. Certain 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 Fund seeks to remain fully invested in accordance with its principal strategies. In adverse market, economic, political, or other conditions, the 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, the Founder-Led 2x Daily ETF 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 the Fund. These restrictions cannot be changed for the 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, the Fund may not:

* 
 1. Borrow money or issue senior securities, as that term is defined
 in the 1940 Act, except to the extent permitted by the 1940 Act.
 

* 
 2. Make loans, except 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 permitted under the 1940 Act.
 

* 
 6. Concentrate its investments (that is, invest more than 25% of
 total assets) in any one industry or group of related industries,
 except that the Fund will mirror the Index'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 series of the Trust.

For the Founder-Led 2x Daily ETF, the Fund will generally treat exposure obtained through derivatives referencing the Index as exposure to the industries represented in the Index, 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 Fund. 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 Fund's 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 Fund 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 Fund's 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 Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional information about each Trustee appears below. Unless otherwise noted, the address of each Trustee is c/o Corgi ETF Trust I, 473 Pine St, Floor 5, San Francisco, CA 94104.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position Held with the Trust** | **Term of Office and Length of Time Served<sup>(1)</sup>** | **Number of Portfolios in Fund Complex Overseen by Trustee<sup>(2)</sup>** | **Principal Occupation(s) 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; since 2025 | 2 | Co-founder and Chief Executive Officer, OpenInvest (a J.P. Morgan company) (2015 to present). |
| Bryant C. Lee<br>(Born: 1984) | Trustee | Indefinite term; since 2025 | 2 | 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; since 2025 | 2 | 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; since 2025 | 2 | 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 (since 2021); Director, Bangers Snacks, Inc., a food and beverage company (since 2024). |
| Emily Z. Yuan<br>(Born: 2001) | Interested Trustee | Indefinite term; since 2025 | 2 | 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 (since 2021); Director, Bangers Snacks, Inc., a food and beverage company (since 2024). |

---

* 
 <sup>(1)</sup> 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.
 

* 
 <sup>(2)</sup> "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").
 

* 
 <sup>(3)</sup> "Independent Trustees" are Trustees who are not
 "interested persons" of the Trust under the 1940 Act.
 

* 
 <sup>(4)</sup>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 should serve based on the following, among other factors:

*  **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.
 

*  **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.
 

*  **Jennifer X. Benson.** The Board has concluded that Ms. Xiao
 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. Xiao 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. Xiao'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.
 

*  **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.
 

*  **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, 473 Pine St, Floor 5, San Francisco, CA 94104.

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| Emily Z. Yuan<br> (Born: 2001) | President and Principal Executive Officer | Indefinite term; since 2025 | 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 (since 2021); Director, Bangers Snacks, Inc., a food and beverage company (since 2024). |
| Brianna A. Lynch<br> (Born: 1995) | Principal Financial Officer; Principal Accounting Officer (Treasurer) | Indefinite term; since 2025 | Head of Finance, Corgi Insurance Services, Inc. (since 2025); Senior Associate, Affiliates Investments & Investor Relations, Affiliated Managers Group (AMG), an asset management company (Jun. 2022 to Aug. 2024); Corporate Senior Associate, HarbourVest Partners, a private equity firm (Jun. 2018 to Jun. 2022). |
| Henry B. Margulies<br> (Born: 2000) | Chief Compliance Officer; Secretary; Anti-Money Laundering Officer | Indefinite term; since 2025 | Chief of Staff, Corgi Insurance Services, Inc., an insurance agency (since 2025); Chief Compliance Officer, Bark Securities, LLC, a registered investment advisor (since 2025); Investment Associate, Wavemaker Partners, a venture capital firm (2020 to 2025). |

---

### 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 Funds had not commenced operations and no Shares were outstanding. As of [ ], 2025, no Trustee owned Shares of any series of the Trust.

As of [ ], 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.
The Trustees have agreed to receive no compensation for their service on the Board or its committees. 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. Because no compensation is paid, the table below reflects $0 for each Trustee for the fiscal year ending August 31, 2025. Amounts exclude any expense reimbursements.

---

| | | |
|:---|:---|:---|
| **Name** | **Estimated Aggregate Compensation From Fund** | **Estimated Total Compensation From Fund Complex Paid to Trustees<sup>(1)</sup>** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Nicolas S. Laqua | $0 | $0 |
| Emily Z. Yuan | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Conor M. Murray | $0 | $0 |
| Bryant C. Lee | $0 | $0 |
| Jennifer X. Benson | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Compensation is based on estimated amounts for the fiscal year ending [ ], 2025. 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, the Funds had not commenced operations and no Shares were outstanding.

### 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).

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 compliance@founderledfunds.com, (2) on the Funds' website at www.founderledfunds.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 473 Pine St, Floor 5, 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. Registration of the Adviser with the SEC under the Investment Advisers Act of 1940 is pending.

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, at the following rates: Founder-Led ETF (ticker: FDRS) 0.49%; Founder-Led 2x Daily ETF (ticker: FDRX) 1.08%. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 Brianna A. Lynch, a portfolio manager of the Adviser (the "Portfolio Manager"). The Portfolio Manager is not responsible for any other accounts as of [ ], 2025.

 **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, the Funds had not commenced operations and 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 Founder-Led ETF and Founder-Led 2x Daily ETF. Portfolio managers may also be eligible for long-term incentive awards (e.g., membership units or profit interests) that vest over 4 years. Portfolio managers do not receive compensation from index licensing revenue related to the Founder-Led Index.

 **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 expects to enter into a distribution agreement (the "Distribution Agreement") with [ ] (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 [ ].

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
[ ] (the "Administrator") serves as administrator and fund accountant to the Trust and the Funds. The Administrator is located at [ ]. 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
[ ] (the "Transfer Agent") serves as transfer agent, dividend disbursing agent, and ETF order-taking agent for the Funds. The Transfer Agent is located at [ ]. 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, [ ] (the "Custodian"), located at [ ], 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
[ ] 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.founderledfunds.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 the Founder-Led 2x Daily ETF ("FDRX"), 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 a 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.

### 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 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 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.

 **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.

 **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 brokers or dealers" (as defined in the 1940 Act) held at the close of its most recent fiscal year. Each Fund is new and, as of the date of this SAI, did not own equity securities of their regular brokers or dealers or their parent companies.

Each Fund is newly organized and, as of the date of this SAI, has not paid any brokerage commissions.

### 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 Founder-Led 2x Daily ETF rebalances exposure daily and primarily uses derivatives, its 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 Fund's primary listing exchange (the "Exchange") is open for regular trading. The Funds do not issue fractional Creation Units. Each Creation Unit consists of 25,000 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 the Founder-Led 2x Daily ETF in light of that Fund's use of derivatives to achieve its objective. From time to time, FDRX 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). For the Founder-Led 2x Daily ETF ("FDRX"), which 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 the 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 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 the maximum shown below, 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.

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Creation Transaction Fee** | **Maximum Variable Transaction Fee** |
| Founder-Led ETF ("FDRS") | $250 | 2.00% |
| Founder-Led 2x Daily ETF ("FDRX") | $500 | 3.00% |

---

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 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 the maximum shown below, 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.

---

| | | |
|:---|:---|:---|
| **Name of Fund** | **Fixed Redemption Transaction Fee** | **Maximum Variable Transaction Fee** |
| Founder-Led ETF ("FDRS") | $250 | 2.00% |
| Founder-Led 2x Daily ETF ("FDRX") | $500 | 3.00% |

---

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 reference asset 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 the Founder-Led 2x Daily ETF 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.**

The Founder-Led 2x Daily ETF's 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
Financial statements and annual reports will be available after a Fund has completed a fiscal year of operations. When available, you may request a copy of the Trust's Annual Certified Shareholder Report at no charge by email to compliance@founderledfunds.com or by visiting the Trust's website at www.founderledfunds.com.

### CORGI ETF TRUST I
 **PART C: OTHER INFORMATION**

### Item 28. Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| (a)(i) | [Certificate of Trust of Corgi ETF Trust I (the "Trust" or the "Registrant") - filed herewith.](ex99ai.htm) |
| (a)(ii) | [Certificate of Amendment to Certificate of Trust of Corgi ETF Trust I - filed herewith.](ex99aii.htm) |
| (a)(iii) | [Registrant's Agreement and Declaration of Trust - filed herewith.](ex99aiii.htm) |
| (b) | [Registrant's By-Laws - filed herewith.](ex99b.htm) |
| (c) | Instruments Defining Rights of Security Holders - See relevant portions of Declaration of Trust and By-Laws. |
| (d)(i) | [Investment Advisory Agreement between the Trust and Corgi Strategies, LLC - filed herewith.](ex99di.htm) |
| (d)(ii) | Investment Sub-Advisory Agreement between Corgi Strategies, LLC and [ ] - to be filed by subsequent amendment. |
| (e)(i) | Distribution Agreement between the Trust and [ ] - to be filed by subsequent amendment. |
| (e)(ii) | Form of Authorized Participant Agreement - to be filed by subsequent amendment. |
| (f) | Not applicable. |
| (g) | Custodian Agreement between the Trust and [ ] - to be filed by subsequent amendment. |
| (h)(i) | Fund Administration Servicing Agreement between the Trust and [ ] - to be filed by subsequent amendment. |
| (h)(ii) | Fund Accounting Servicing Agreement between the Trust and [ ] - to be filed by subsequent amendment. |
| (h)(iii) | Transfer Agent Agreement between the Trust and [ ] - to be filed by subsequent amendment. |
| (h)(iv) | [Index License Agreement among Index Owner and the Trust (covering the Founder-Led Index) - filed herewith.](ex99hiv.htm) |
| (i) | Opinion and Consent of Counsel - to be filed by subsequent amendment. |
| (j) | Not applicable. |
| (k) | Not applicable. |
| (l) | Subscription Agreement - to be filed by subsequent amendment. |
| (m) | [Rule 12b-1 Plan - filed herewith.](ex99m.htm) |
| (n) | Not applicable. |
| (o) | Reserved. |
| (p)(i) | [Joint Code of Ethics for Corgi ETF Trust I and Corgi Strategies, LLC - filed herewith.](ex99pi.htm) |
| (p)(ii) | Code of Ethics for Sub-Adviser - to be filed by subsequent amendment. |
| (q) | [Powers of Attorney - filed herewith.](ex99q.htm) |

---

### 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, to be filed with the Securities and Exchange Commission. As of the date of this filing, the adviser's registration is pending. Each Form ADV may be obtained, without charge, at www.adviserinfo.sec.gov when available.

 **[ ] (Sub-Adviser)** - SEC File No. 801-[ ]

Any other business, profession, vocation, or employment of a substantial nature engaged in by each officer and director (or managing member) of the investment adviser(s) will be provided by subsequent amendment.

### Item 32. Principal Underwriter
The principal underwriter for the Funds (the "Distributor") will be [ ].

(a) The list of investment companies (other than the Funds) for which the Distributor also serves as principal underwriter, depositor, or investment adviser will be filed by subsequent amendment.

(b) Information regarding the Distributor's directors, officers, or partners who hold positions with the Distributor and with the Funds will be filed by subsequent amendment.

(c) No commissions or other compensation have been received, directly or indirectly, from the Funds, which are new and have not commenced operations.

### 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:

---

| | |
|:---|:---|
| **Records Relating to:** | **Are located at:** |
| Registrant's Fund Administrator, Fund Accountant<br>and Transfer Agent | [ ]<br>[Address Line 1]<br>[Address Line 2] |
| Registrant's Custodian | [ ]<br>[Address Line 1]<br>[Address Line 2] |
| Registrant's Principal Underwriter | [ ] |
| Registrant's Investment Adviser | Corgi Strategies, LLC<br>473 Pine St, Floor 5<br>San Francisco, CA 94104 |
| Registrant's Sub-Adviser | [ ] |

---

### 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 August 25, 2025.

Corgi ETF Trust I

 <u>/s/ Emily Z. Yuan</u>

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 August 25, 2025.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| <u>/s/ Emily Z. Yuan</u><br>Emily Z. Yuan | President and Principal Executive Officer; Trustee |
| <u>/s/ Brianna A. Lynch</u><br>Brianna A. Lynch | Principal Financial Officer; Principal Accounting Officer (Treasurer) |
| <u>/s/ Nicolas S. Laqua</u><br>Nicolas S. Laqua | Trustee; Chair |
| <u>/s/ Conor M. Murray</u><br>Name | Lead Independent Trustee |
| <u>/s/ Bryant C. Lee</u><br>Name | Trustee |
| <u>/s/ Jennifer X. Benson</u><br>Name | Trustee |

---

## Ex-99.A

# CORGI ETF TRUST I

## STATE of DELAWARE CERTIFICATE of TRUST
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Certificate of Trust is filed in accordance with the provisions of the Delaware Statutory Trust Act (Title 12 of the Delaware Code, Section 3801 et seq.) and sets forth the following:

*  **First:** The name of the trust is **Corgi ETF Trust I**.
 

*  **Second:** The name and address of the Registered Agent in the
 State of Delaware is:
 Northwest Registered Agent Service, Inc.
 8 The Green STE B
 Dover, DE 19901.
 

*  **Third:** The Statutory Trust is or will become, prior to or
 within 180 days following the first issuance of beneficial interests,
 a registered investment company under the Investment Company Act of
 1940, as amended.
 

* **Fourth:** No additional provisions.

**Name:** Henry B. Margulies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **By:**

 <u>/s/ Henry B. Margulies</u>

Sole Initial Trustee

## Ex-99.A

# CORGI ETF TRUST I

## STATE OF DELAWARE CERTIFICATE OF AMENDMENT TO CERTIFICATE OF TRUST
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act, the undersigned Trust executed the following Certificate of Amendment:

* Name of Statutory Trust: **Corgi ETF Trust I**

* 
 The Certificate of Amendment to the Certificate of Trust is hereby
 amended as follows:  **Series Liability (12 Del. C. $3804(a)): the debts, liabilities, obligations and expenses of a series are enforceable solely against that series' assets.**

* 
 This Certificate of Amendments shall be effective **upon filing.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the undersigned have executed this Certificate on the 2nd day of August 2025 A.D.

**Name:** Henry B. Margulies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **By:**

 <u>/s/ Henry B. Margulies</u>

Sole Initial Trustee

## Ex-99.A

# CORGI ETF TRUST I

## AGREEMENT AND DECLARATION OF TRUST
Dated as of July 15, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THIS AGREEMENT AND DECLARATION OF TRUST (this "Declaration") is executed pursuant to 12 Del. C. §§ 3801-3826 (the "Delaware Act") and constitutes the Trust's "governing instrument" within the meaning of § 3801(f) thereof, effective as of July 15, 2025, by the undersigned Trustees, to form and govern a Delaware statutory trust for the investment and reinvestment of funds contributed by its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WHEREAS, the Trustees desire to organize a statutory trust pursuant to the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) and to register the Trust as an open-end management investment company comprised of one or more series, each of which shall be classified as diversified or non-diversified within the meaning of Section 5(b) of the 1940 Act, as designated for that Series in its registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, the Trustees direct that a Certificate of Trust be filed with the Secretary of State of the State of Delaware and declare that all property contributed to the Trust shall be held and managed for the benefit of its shareholders under the terms set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may, without shareholder authorization, change the name of the Trust or any Series and such change shall be effective upon the filing of an appropriate certificate of amendment with the Delaware Secretary of State; notice to affected shareholders shall be deemed given if the new name appears in any registration statement.

ARTICLE I - DEFINITIONS

Section 1. Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Trust shall be known as "Corgi ETF Trust I," and the Trustees may conduct its business under that name or any other name they may adopt from time to time.

Section 2. Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever used in this Declaration, unless the context otherwise requires, the following terms shall have the meanings assigned below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "1940 Act" means the Investment Company Act of 1940, as amended, together with all rules, regulations, interpretations, and any exemptive or other relief granted thereunder, each as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) "Assets belonging to" means the property, rights and proceeds that Article IV, Section 6 attributes to that Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "Business Day" means any day on which the New York Stock Exchange is open for regular trading, or such other day or days the Trustees specify for a particular Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) "By-Laws" refers to the rules of internal governance adopted and amended from time to time by the Trustees; taken together with this Declaration, those rules constitute the Trust's "governing instrument" for purposes of 12 Del. C. § 3801(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) "Certificate of Trust" means the Certificate of Trust of the Trust as filed with the Delaware Secretary of State, as amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) "Class" signifies a subdivision of Shares of the Trust or of a Series created under Article IV, each Class representing the same portfolio but potentially having different fees, voting rights or other terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) "Commission" means the United States Securities and Exchange Commission and any successor agency thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) "Covered Person" has the meaning provided in Article IX, Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) "Delaware Act" means Chapter 38 of Title 12 of the Delaware Code, commonly cited as the Delaware Statutory Trust Act, together with any amendments or successor provisions thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) "Exchange" means a national securities exchange as defined in Section 2(a)(26) of the 1940 Act or Section 6 of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) "Fundamental Policies" means the investment policies designated as fundamental in any registration statement of the Trust and amended only as permitted by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) "Interested Person" has the meaning assigned to that term in Section 2(a)(19) of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) "Investment Adviser" or "Adviser" means any Person then serving as investment adviser to the Trust or a Series pursuant to an investment-advisory agreement approved in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) "Majority Shareholder Vote" means "the vote of a majority of the outstanding voting securities" as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) "Net Asset Value per Share" means the net asset value of an Outstanding Share of any Series or Class, as determined by the Trustees in accordance with Article V, Section 6 (or any successor section dealing with NAV).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) "Outstanding Shares" means Shares recorded on the books of the Trust or its designated transfer agent as issued and outstanding, excluding any Shares that have been redeemed or otherwise reacquired by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) "Person" means any natural person or legal entity, including corporations, partnerships (general or limited), limited-liability companies, business or statutory trusts (domestic or foreign), joint ventures, associations, estates, nominees, custodians, governmental or political subdivisions, agencies or instrumentalities thereof, acting in its own or any representative capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) "Principal Underwriter" has the meaning assigned to that term in Section 2(a)(29) of the 1940 Act, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) "Series" means each separate series of Shares created pursuant to Article IV, having its own assets, liabilities and investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (t) "Shareholder" means any Person registered, in the books maintained for the Trust or the relevant Series, as the holder of Outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (u) "Shares" means transferable units of beneficial interest of the Trust (or of any Series), of no par value unless otherwise determined by the Trustees, including fractions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) "Tax Code" means the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) "Trust Property" means every asset, right or interest, real or personal, tangible or intangible, that is owned or held by or for the benefit of the Trust or any Series from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y) "Trustees" means each Person then duly elected or appointed, qualified and serving as a trustee under Article II, acting in such capacity and not individually.

ARTICLE II - THE TRUSTEES

Section 1. Management of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The business and affairs of the Trust shall be managed by, or under the direction of, the Trustees, who may exercise all powers necessary or convenient to carry out the purposes of the Trust in accordance with this Declaration, the Delaware Act, the 1940 Act, and other applicable law.

Section 2. Initial Trustees; Election and Number of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The individual executing this Declaration shall serve as the initial Trustee. Thereafter, the number of Trustees shall be fixed from time to time by majority vote of the Trustees, provided that at least one (1) Trustee shall always serve. Except as otherwise required by the 1940 Act or this Declaration, Trustees shall be elected solely by the Trustees. The number of Trustees may be increased or decreased by Board resolution, provided that the composition at all times satisfies Section 10 of the 1940 Act (i.e., at least 40 percent of the Board must be Independent Trustees).

Section 3. Term of Office; Resignation and Removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee shall serve during the continued existence of the Trust and until the earliest of (a) the Trustee's death, resignation, retirement, or removal, or (b) the election and qualification of a successor. A Trustee may resign by written notice delivered to the Trust. A Trustee may be removed (i) with or without cause, by written instrument signed by at least a majority of the other Trustees, or (ii) by the affirmative vote of two-thirds (2/3) of the Outstanding Shares entitled to vote, consistent with Section 16(c) of the 1940 Act.

Section 4. Vacancies; Appointment of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever a vacancy exists in the collective body of Trustees in office pursuant to Article II, acting with the authority granted by this Declaration; due to death, resignation, removal, retirement, incapacity, or any other reason, the remaining Trustees shall, by majority vote, appoint a new Trustee to fill such vacancy. The appointment shall be effective immediately upon written acceptance by the appointed Trustee or at a subsequent date set by the Trustees. Trustees may anticipate future vacancies due to retirement, resignation, or otherwise, and appoint successor Trustees in advance, provided such appointments become effective only upon actual vacancy.

Section 5. Temporary Vacancy or Absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; During any period when a Trustee is temporarily unable to fulfill their duties due to absence, incapacity, or vacancy, the remaining Trustees, regardless of their number, shall have full power to manage the Trust's affairs. In exercising authority under this Section the remaining Trustees may rely in good faith on the advice of counsel, auditors or other experts, and such reliance shall be conclusive evidence of reasonable care under § 3806(f) of the Delaware Act. In the extraordinary event that all Trustees simultaneously become unable to act, officers of the Trust shall have authority to appoint interim Trustees to restore proper governance as required under Section 16(a) of the 1940 Act.

Section 6. Actions by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise specified herein or in the By-Laws or required by applicable law, any action taken by the Trustees shall be valid if approved by a majority of Trustees present at a duly convened meeting where a quorum is present; a quorum shall consist of more than one-half of the number of Trustees then in office unless the By-Laws specify a higher percentage, or by written consent of the Trustees in the manner provided in the By-Laws. Trustees may meet by electronic or telephonic means if all participants can communicate effectively.

Section 7. Ownership of Trust Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal title to all Trust Property shall be vested exclusively in the Trust. The Trustees shall have the power to cause legal title of Trust Property to be held in the name of one or more Trustees or other designated persons as nominee, provided that beneficial ownership remains with the Trust. Upon resignation, death, or removal, a Trustee shall automatically cease to have any right, title, or interest in Trust Property, and such right, title, or interest shall vest in the remaining Trustees without further action.

Section 8. Effect of Trustees Not Serving.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The death, resignation, retirement, removal, incapacity, or refusal of any Trustee to serve shall not dissolve or terminate the Trust or revoke any action previously authorized by the Board. The authority of remaining Trustees shall continue in full effect, and such occurrence shall not impair the Trust's ability to continue its business or carry out its obligations.

Section 9. Trustees and Officers as Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, officers, employees, or agents of the Trust, including their affiliates, may acquire, own, and dispose of Shares to the same extent as any other Shareholder, subject to compliance with applicable laws, rules, and regulations, including Trust policies on conflicts of interest and personal securities transactions.

Section 10. Trustee Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee shall be entitled to such reasonable remuneration for serving as a Trustee, and to reimbursement of properly incurred expenses, as the Board may determine from time to time. Trustees may fix their own compensation from time to time, provided that no compensation shall be paid for services that duplicate those paid by any investment adviser or other service provider. Trustees compensated under any contract with the Trust's Adviser, Sub-Adviser, Distributor or other service provider shall not receive duplicative compensation from the Trust. No compensation shall accrue for any period after a Trustee's resignation, removal or retirement, except as the Board may expressly authorize for emeritus service.

ARTICLE III - POWERS OF THE TRUSTEES

Section 1. Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees shall act as principals, independent of Shareholder control, and may take or omit any action and execute any contract or instrument they deem necessary, proper or desirable in managing the Trust or any Series, without regard to statutory or common-law limitations on trust investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Operate as and carry on the business of an open-end management investment company registered under Section 8 of the 1940 Act and to exercise all powers necessary and proper to conduct such business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Subscribe for, invest in, reinvest in, purchase, hold, lend, pledge, mortgage, write options on, lease, sell, exchange or otherwise dispose of securities or other property of any kind permissible for registered investment companies, and exercise all rights of ownership with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Adopt, amend or repeal By-Laws governing the conduct of Trust and Series business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Elect and remove officers and appoint, engage or dismiss such agents, independent contractors and service providers as the Trustees deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Designate and compensate a Chief Compliance Officer and to adopt, implement and periodically review a compliance program in accordance with Rule 38a-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Employ one or more investment advisers, administrators, custodians, depositories, transfer agents, dividend-disbursing agents, shareholder-servicing agents, market makers, pricing agents and other persons or entities, and authorize each to employ sub-agents or sub-custodians, all on such terms as the Trustees determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Engage one or more qualified custodians (including sub-custodians or index-receipt agents) and authorize participation in book-entry or other central securities systems, including the ability to appoint foreign sub-custodians consistent with Rules 17f-5 and 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Retain transfer agents, dividend-disbursing, shareholder-servicing, accounting and similar agents, together with auditors, counsel, specialists, and (for exchange-traded series) market makers and IIV agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Arrange for the distribution, listing, trading or delisting of Shares, whether through a principal underwriter, the Trust itself, or any other lawful method, including pursuant to Rule 12b-1 or similar plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) Pay or cause to be paid all expenses and liabilities of the Trust or any Series or Class, including compensation of Trustees, officers, employees and service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) Fix record dates for any purpose consistent with this Declaration or the By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Maintain a registered office and agent in Delaware and elsewhere as the Trustees deem advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) Delegate such authority (while retaining ultimate responsibility) to officers, committees, advisers, administrators, custodians, underwriters or other agents as the Trustees find appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) Sell, exchange, pledge or otherwise dispose of any Trust or Series assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (o) Vote, assent, or exercise any ownership rights concerning portfolio securities or other property, including executing proxies or powers of attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (p) Exercise subscription, conversion or other rights arising from the Trust's holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (q) Hold securities or other property in unaffiliated custodial, nominee, book-entry or bearer form, consistent with customary practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (r) Acquire, develop, improve, lease, encumber or dispose of real property, wherever situated, and construct or alter improvements thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) Borrow money or otherwise obtain credit for any Trust purpose and secure obligations by pledging or mortgaging Trust or Series assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (t) Create, combine, redesignate or terminate Series or Classes and set their respective rights and preferences in accordance with Article IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (u) Interpret and construe the investment objectives, policies and limitations of each Series or Class and determine their application in any given circumstance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) Allocate or apportion assets, liabilities, income and expenses among the Trust, any Series and any Class, provided that liabilities incurred by a particular Series or Class shall be satisfied solely from the assets of that Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (w) Consent to, participate in or oppose any reorganization, consolidation, merger, bankruptcy or similar proceeding of any issuer whose securities are held by the Trust, and to exercise every attendant right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (x) Settle, compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any Series, including tax controversies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (y) Declare and pay dividends or other distributions of income, gains or other property, in cash or in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (z) Subject to applicable law and Fundamental Policies, borrow money, obtain credit, employ leverage and secure obligations by pledging or otherwise encumbering Trust property, including via securities-lending or guarantees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (aa) Set minimum investment or other Share-ownership conditions and compel redemption of Shares that fail to satisfy such conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (bb) Establish committees, including an executive committee or special litigation committee; and delegate to them any powers the Trustees may lawfully delegate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cc) Issue, sell, repurchase, redeem, retire, hold, reissue, cancel or otherwise deal in Shares; to suspend or terminate offerings; and to merge, combine or reorganize Series or Classes, subject to Section 17(a) of the 1940 Act concerning transactions with affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (dd) Adopt, amend and administer trustee, officer, employee or agent benefit, incentive, bonus or retirement plans and to fund such plans with Trust assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ee) Purchase and maintain insurance on behalf of the Trust, any Series or any Covered Person, and to provide indemnification or reimbursement to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ff) Enter into joint ventures, partnerships, business trusts or other combinations or associations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (gg) Endorse, guarantee or assume the obligations of others and to pledge Trust property as security for any such guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (hh) Collect all property due, prosecute or defend litigation, settle disputes and pay related expenses from Trust or Series assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Without shareholder approval unless required by the 1940 Act, invest assets of the Trust or any Series in one or more registered or unregistered investment companies or master funds, or to withdraw from such arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (jj) Enter into any contracts and engage in any lawful business or activity incidental or desirable to the exercise of any of the foregoing powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (kk) Exercise and enjoy, within or outside Delaware, all powers, rights and privileges granted to statutory trusts, and the enumeration of specific powers shall not limit the general powers so conferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ll) Generally, to do any and all acts and exercise any and all powers necessary, suitable or desirable to carry out the purposes of the Trust, whether or not specifically enumerated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The enumeration of powers above is illustrative and not limiting. All ambiguities in this Declaration shall be resolved broadly in favor of conferring authority on the Trustees. The Trust and each Series may invest without regard to investment-maturity considerations, and the Trustees need not obtain any court order to manage, dispose of, or otherwise act with respect to Trust Property.

Section 2. Certain Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the 1940 Act and any other applicable law, the Trustees may cause the Trust or any Series to purchase from, sell to, lend to, or otherwise transact with any Trustee, officer, Interested Person, or affiliate thereof, and may retain any such Person or entity to act as broker, custodian, legal counsel, investment adviser, administrator, distributor, transfer agent, or in any other capacity on customary terms.

ARTICLE IV - SERIES; CLASSES; SHARES

Section 1. Establishment of Series and Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trust shall comprise one or more Series, each constituting a separate portfolio of assets and liabilities, as the Trustees may establish by written resolution incorporated herein by reference. The Trustees may create additional Series or classes of Shares, merge or terminate existing Series or classes, or redesignate any Series or class, all without Shareholder approval except to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Shares of a given Series represent proportionate, undivided beneficial interests only in the assets allocated to that Series. Except as the Trustees may expressly provide, all Shares of a Series (or of a class within that Series) shall be identical; however, the Trustees may allocate expenses, fees, voting rights, distribution policies, redemption fees, or other preferences exclusively to a particular class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Series and classes listed on Schedule A are hereby designated the "Initial Series and Classes." Schedule A may be updated by the Trustees from time to time to reflect the creation, combination, or termination of any Series or class, and such changes shall become effective upon the Trustees' adoption of the relevant resolution without further action by the Shareholders; each update to Schedule A shall identify the adoption date so that regulatory filings may trace Series creation to the corresponding Board action.

Section 2. Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The beneficial interest in each Series is divided into an unlimited number of Shares of one or more Classes, all without par value and fully paid and non-assessable; and unless otherwise resolved by the Trustees the Shares shall be uncertificated and book-entry only The Trustees may, without Shareholder approval, issue, reissue, sell, or otherwise dispose of Shares (including fractional Shares), divide or combine Shares, classify or re-classify unissued Shares, and take any other action they deem advisable with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Except as otherwise provided for distinct Classes, each Share of a Series represents an equal, undivided beneficial interest in the net assets of that Series and entitles the holder to a proportionate share of all dividends and other distributions. Upon redemption, the Shareholder is paid solely from the assets of the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Trust or its transfer agent shall maintain definitive records of Share ownership. Certificates need not be issued unless the Trustees determine otherwise. Each Shareholder, on request, must furnish information the Trustees deem necessary to comply with the Internal Revenue Code, other tax laws, or applicable regulations.

Section 3. Pre-emptive, Appraisal and Contract Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No Shareholder has any preference, pre-emptive, appraisal, or similar right to acquire any Shares or other securities of the Trust or a Series, except to the extent expressly granted by the Trustees. No Shareholder shall have any appraisal rights with respect to its Shares, to the maximum extent permitted by the Delaware Act. The Trust's public filings do not create contractual rights between the Trust (or any Series) and its Shareholders.

Section 4. Investments in the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may accept investments in any Series from any person, at such times, for such consideration (cash or securities permissible for that Series), and on such terms as they deem appropriate. Investments are credited at the next calculated Net Asset Value per Share unless the Trustees fix another value for initial capital. For each ETF Series the Trustees may require that purchases and redemptions be effected only in Creation Units; references herein to 'redemptions' shall include the redemption of Creation Units unless the context otherwise requires. The Trustees may refuse any investment at any time for any reason.

Section 5. Tax Status Elections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may, in their discretion and without Shareholder approval, cause the Trust or any Series to elect or terminate any tax classification or treatment (including, without limitation, status under Subchapter M of the Code) that the Trustees determine to be in the best interests of the Trust or the affected Series.

Section 6. Assets and Liabilities of Series and Classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All consideration received for Shares of a Series, together with all income, earnings, profits, and proceeds thereof, are irrevocably allocated to that Series. Notice of the series limitation on liabilities shall be printed, if certificates are ever issued, on the face or reverse of each certificate in accordance with § 3804(c) of the Delaware Act. Liabilities incurred by a particular Series or Class shall be enforceable only against the assets of that Series or Class, and no other Series or Class shall be liable therefor.

Section 7. Ownership and Transfer of Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Record of Ownership. Ownership of every Share, classified by Series and Class, shall be recorded on the books of the Trust or its duly appointed transfer agent. Separate ledgers shall be maintained for each Series and Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Certificates. Shares shall be uncertificated unless the Trustees authorize certificates and prescribe their form and safeguards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Transfers. A Share is transferable only upon presentation of proper instructions (and any certificate, if issued) to the Trust or its transfer agent, together with evidence of authority the Trustees may reasonably require. The transferee shall be registered promptly, and until such registration the transferor remains the Shareholder of record for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Legal Representatives. Persons acquiring Shares by operation of law (e.g., death or bankruptcy) shall be registered upon proof satisfactory to the Trust; until then, the prior holder remains the Shareholder of record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Regulatory or Tax Restrictions. To preserve the Trust's status under the Code and the 1940 Act, the Trustees may refuse to issue or transfer, or may compel redemption of, Shares that would result in a concentration or other condition contrary to such status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Shareholder Information. The Trustees may require each Shareholder to furnish an address and any additional information necessary for compliance with applicable law or Trust policies. No distribution or notice need be made until such information is provided.

Section 8. Status of Shares; Limitation of Shareholder Liability

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Personal Property. Each Share constitutes personal property conferring only the rights expressly set forth in this Declaration and the By-Laws. Share ownership does not give any right to specific Trust or Series property, to partition, or to an accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No Personal Liability. Shareholders shall not be personally liable for any debt, obligation, or liability of the Trust, a Series, or a Class, and no creditor may look beyond the assets allocated to the relevant Series or Class for satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Assent to Terms. By acquiring Shares, every Shareholder agrees to be bound by this Declaration and the By-Laws. The death, incapacity, or bankruptcy of a Shareholder does not affect the Trust or entitle any representative to an accounting beyond the rights afforded herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Notice of Disclaimer. The Trustees may cause any instrument executed on behalf of the Trust or a Series to state that such instrument is executed by a trustee or officer in that capacity only and not individually, and that liability is limited to Trust or Series assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. Dividends, Distributions and Redemptions. No dividend, distribution or redemption may be effected except from assets properly allocable to the relevant Series or Class. The Trustees, in their sole discretion, determine what constitutes income or capital and may delegate the authority to declare and set the terms of any dividend or distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. Fractions. Fractional Shares carry proportionate voting rights and entitlements to dividends, distributions and redemptions identical to those of whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11. Exchange Privilege. The Trustees may establish procedures allowing Shareholders to exchange Shares of one Series or Class for Shares of another Series or Class (or for interests in an affiliated investment vehicle) on such terms as they may prescribe, subject to the 1940 Act.

ARTICLE V - DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE

Section 1. Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may from time to time declare and pay cash or in-kind dividends or other distributions from the income, capital gains or other assets of the Trust or of any Series, in such amounts, at such intervals and on such record, declaration and payment dates as they deem prudent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Except as otherwise provided for a particular Series or Class, each distribution shall be allocated pro rata among Outstanding Shares of the relevant Series in proportion to the number of such Shares held on the applicable record date; Class-specific distributions shall be allocated solely among Shares of that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Trustees may adopt, modify or terminate dividend-reinvestment, cash-dividend or similar programs and may make distributions in additional Shares to any extent permitted by law.

Section 2. Redemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Unless the Trustees have limited redemptions to Creation Units, any Shareholder may, on any Business Day, require the Trust to redeem all or part of the Shareholder's Shares of a Series at the Net Asset Value per Share next computed after receipt of a properly completed redemption request, less any redemption fee or other charge duly established by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Redemption proceeds may be paid wholly in cash, wholly in securities, or partly in each, as the Trustees consider fair to remaining Shareholders. Payment shall be made within the period required by the 1940 Act; however, the Trustees may postpone payment or suspend the right of redemption to the extent permitted by that Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) For any Series whose Shares are redeemable only in Creation Units, an order to redeem less than one Creation Unit may, in the Trustees' discretion, be rejected or deferred until aggregate requests equal at least one full Creation Unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Trust may retain from redemption proceeds any amount owed by the redeeming Shareholder to the Trust, any Series or Class.

Section 3. Redemption by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may direct the compulsory redemption of Shares at the price that would apply to a voluntary redemption if they determine that (i) continued ownership could violate law or jeopardize the Trust's or a Series' status under the Code or the 1940 Act; (ii) the Shareholder has failed to satisfy identification, minimum-investment or other requirements; or (iii) such action is otherwise in the best interests of the Trust or the affected Series or Class.

Section 4. Sale of Shares at the Trust's Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If Shares remain unclaimed or uncertificated in an account for a period designated by the Trustees and the Shareholder fails to respond to reasonable outreach, the Trustees may authorize the sale of those Shares for the Shareholder's account; after deducting reasonable expenses, the net proceeds shall be remitted to the Shareholder's address of record, and all further rights in the sold Shares shall terminate.

Section 5. Prevention of Personal Holding Company Status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To avoid classification as a "personal holding company" under Subchapter G of the Code, the Trustees may reject any purchase order, decline to register any transfer, or require the compulsory redemption of Shares, all as they deem necessary or advisable.

Section 6. Determination of Net Asset Value per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) "Net Asset Value per Share" ("NAV") of each Series and Class shall be determined in accordance with valuation procedures adopted by the Trustees and disclosed in the Trust's registration statement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Unless the Trustees determine otherwise, NAV shall be computed as of the close of regular trading on the principal exchange for the Series on each Business Day that such exchange is open, and at such additional times as the Trustees may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) If Shares have been issued or redeemed at an NAV later determined to be erroneous, the Trustees may, in their discretion and in accordance with Commission guidance, authorize equitable adjustments or re-processing of those transactions.

Section 7. Suspension of Redemption Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The right of redemption may be suspended, or the date of payment postponed, only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) for any period during which the New York Stock Exchange is closed (other than customary weekend and holiday closings) or trading thereon is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) for any period during which an emergency exists as a result of which disposal of the securities owned by the Trust or any Series is not reasonably practicable, or it is not reasonably practicable for the Trust or any Series fairly to determine the Net Asset Value of its Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) for any other period as the Commission may by order permit for the protection of Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) as otherwise permitted by Section 22(e) of the 1940 Act and the rules thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For any Series whose Shares are redeemable only in Creation Units, any such suspension shall apply to Creation-Unit redemptions.

ARTICLE VI - SHAREHOLDERS' POWERS AND MEETINGS

Section 1. Voting Powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Shareholders may vote only (i) on matters required by this Declaration, the By-Laws, the 1940 Act, the Delaware Act, or other applicable law, and (ii) on such additional matters as the Trustees expressly submit to Shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Except as otherwise provided, each Share confers one vote (or, if the Trustees so resolve, one vote for each dollar of NAV) on every matter for which the Share is entitled to vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) All Shares vote together in the aggregate unless the Trustees determine, or the 1940 Act requires, that a matter affects only particular Series or Classes, in which case the affected Series or Classes vote separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Voting is non-cumulative. Until Shares of a Series or Class are outstanding, the Trustees may exercise all Shareholder rights for that Series or Class. Treasury Shares carry no voting rights.

Section 2. Meetings of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Annual and special meetings shall be called, noticed and conducted as provided in the By-Laws or as the Trustees otherwise determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) A quorum consists of Shareholders representing one-third (33.33%) of Outstanding Shares entitled to vote (applied Series- or Class-by-Series when voting separately).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Unless a greater vote is required, a majority of Shares voted decides any matter; a plurality of Shares voted elects a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Any Shareholder meeting may be adjourned or postponed by the chair to any time or place without further notice if announced at the meeting, unless a new record date is fixed or the adjournment exceeds ninety (90) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Unless otherwise required by the 1940 Act, any action that may be taken at a meeting of Shareholders may be taken without a meeting by the written consent of the holders of the number (or proportion) of Shares that would be necessary to approve the matter at a meeting, subject to such procedures as the Trustees may establish.

Section 3. Inspection of Records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the fullest extent permitted by law, Shareholders have no right to inspect Trust or Series books or records, except as expressly required by the Delaware Act or authorized by the Trustees; upon written request the Trust will furnish copies of its Certificate of Trust, this Declaration, the By-Laws and publicly available tax information.

Section 4. Derivative and Direct Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)This Section is intended to enable bona-fide Shareholder claims while protecting the Trust and its Shareholders from meritless or duplicative litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) A Shareholder (together with any co-plaintiffs) must have continuously owned-both at the time of the alleged wrong and throughout the litigation-at least ten percent (10 %) of the Outstanding Shares of each Series or Class that would be affected by the proposed action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Before filing suit the Shareholder must deliver to the Board a written demand stating with reasonable particularity (i) the alleged breach or wrong, (ii) the relief sought and (iii) the basis for the Shareholder's standing. The Trustees, or a committee of independent Trustees, shall have not less than ninety (90) days to investigate the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) If a majority of the independent Trustees, after such investigation, determine in good faith that the requested action is not in the best interests of the Trust or the affected Series or Class, that decision is binding unless the plaintiff proves that the Trustees failed to satisfy the standard of conduct in Article X, Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) A Shareholder may assert a direct claim only for an injury distinct from the injury suffered by Shareholders generally; claims that affect Shareholders proportionally must be brought derivatively under this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) If a derivative or direct action is dismissed for failure to comply with this Section, the court may require the plaintiff Shareholder(s) to reimburse the Trust, Series or Class for its reasonable expenses, including attorneys' fees.

ARTICLE VII - CONTRACTS WITH SERVICE PROVIDERS

Section 1. Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may, on behalf of the Trust or any Series, enter into one or more investment-advisery or management agreements for such compensation and on such terms as they deem reasonable, providing for portfolio management, research, voting of proxies and related services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Each agreement may authorize the Adviser, subject to Board oversight, to delegate duties to one or more qualified sub-advisers. Every Adviser and sub-adviser must be registered or exempt under the Investment Advisers Act of 1940 and shall act as a fiduciary to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Every advisory contract shall comply with Section 15 of the 1940 Act, including requirements for initial approval, annual renewal, assignment and termination without penalty on sixty (60) days' written notice.

Section 2. Principal Underwriter / Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may appoint one or more Persons as exclusive or non-exclusive principal underwriter, distributor or marketing agent for any Series, and may enter into distribution agreements permitting issuance and sale of Shares directly, through selling agents, or pursuant to dealer arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Trustees may adopt and administer plans of distribution under Rule 12b-1 or any successor rule and may finance distribution-related expenses from Trust or Series assets to the extent permitted by law.

Section 3. Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All portfolio securities and similar investments of the Trust and each Series shall be placed and maintained with a custodian meeting the requirements of Section 17(f) of the 1940 Act pursuant to a written contract approved by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) A custodian agreement may authorize the custodian to (i) hold, settle, deliver and receive assets; (ii) collect income; (iii) disburse cash; (iv) keep appropriate books and accounts; and (v) employ sub-custodians, including foreign sub-custodians, as permitted by applicable rules.

Section 4. Transfer Agency, Shareholder Services and Administration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may retain one or more transfer agents, index-receipt agents, administrators, fund accountants, shareholder-servicing agents, market-making agents or other service providers, and may allocate such functions among multiple parties on terms they find appropriate.

Section 5. Parties to Contracts with Service Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No contract authorized by this Article shall be invalid or voidable because any Trustee, officer or Shareholder is an officer, director, partner, shareholder or affiliate of, or has another relationship with, the counter-party, provided that the contract is approved in accordance with the 1940 Act and other applicable law. Persons having such relationships may be counted for quorum and may vote on the approval of the contract.

Section 6. Modification, Amendment and Waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may modify, amend, supplement, assign, novate, extend, waive or terminate any contract described in this Article without Shareholder approval except to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The enumeration of contracts in this Article VII does not limit the Trustees' authority to engage any other service providers or enter into additional agreements they deem advisable in furtherance of the Trust's purposes.

ARTICLE VIII - EXPENSES OF THE TRUST, SERIES AND CLASSES

Section 1. General Authority to Pay and Allocate Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may incur, pay or cause to be paid out of the assets or income of the Trust, or of any particular Series or Class, all expenses, fees, charges, taxes and liabilities that arise in connection with the organization, operation or management of the Trust or such Series or Class, and may decide what portion shall be paid from principal and what portion from income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Without limiting subsection (a), permissible expenses include interest, taxes, brokerage commissions, portfolio pricing services, custodian and transfer-agency charges, insurance premiums, compensation of Trustees, officers, employees and agents, legal and auditing fees, registration and filing fees, prospectus and report production and mailing costs, shareholder-meeting and proxy expenses, office supplies, data-processing, telecommunications, trade-association dues, and all extraordinary or non-recurring items such as litigation costs or indemnification payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Expenses that are readily identifiable with a particular Series; or, if so designated by the Trustees, with a particular Class, shall be charged solely against the assets of that Series or Class. General Trust expenses may be allocated among Series or Classes in any fair and equitable manner determined by the Trustees, and each such allocation is conclusive and binding on all Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Trustees shall have a first lien on the assets of each Series (or, where applicable, each Class) for the reimbursement of any expense, disbursement, loss or liability that has been properly charged to that Series or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) The Trustees may, whenever they deem it equitable, require Shareholders (or Shareholders of a particular Series or Class) to pay directly, in advance or arrears, fees or charges attributable to their accounts; such amounts may be collected by (i) withholding declared but unpaid dividends or distributions; or (ii) redeeming or reducing the number of full or fractional Shares held in the relevant account to the extent necessary to satisfy the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Nothing in this Article precludes the Trust from paying any expense directly, nor limits the Trustees' discretion to waive, reimburse or recoup expenses as permitted under the 1940 Act and applicable tax regulations.

ARTICLE IX - LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 1. Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) All Persons contracting with, or asserting any claim against, the Trust or a particular Series must look solely to the assets of the Trust or that Series for satisfaction; no Trustee, officer, employee or Shareholder shall be personally liable therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) To the fullest extent permitted by law, no Covered Person is liable to the Trust, any Series or any Shareholder for any act or omission, unless liability results from willful misfeasance, bad faith, gross negligence, or reckless disregard of duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Every note, contract or other instrument may state that it is executed by a Trustee or officer in such capacity only and not individually and that no personal liability attaches; omission of such statement does not negate this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) No amendment or repeal of this Section shall retroactively impair the protection afforded with respect to actions taken prior to the date of such amendment or repeal.

Section 2. Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trust shall indemnify each Covered Person against all liabilities and reasonable expenses incurred by reason of being or having been a Covered Person, and shall advance expenses prior to final disposition upon receipt of a customary undertaking to repay if indemnification is ultimately denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No indemnification shall be provided where a Covered Person is finally adjudicated, or, in a settlement, determined, to have engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Indemnification rights are non-exclusive, may be insured against, and inure to the benefit of heirs and personal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Any determination as to a Covered Person's entitlement to indemnification shall afford that person a rebuttable presumption that the applicable standard of conduct was met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Reasonable expenses incurred in a proceeding shall be advanced by the Trust or relevant Series upon execution of an undertaking; such advancement shall not be deemed a "loan."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Liabilities and expenses subject to indemnification are joint and several obligations of the Trust and all Series, but may be allocated among Series or Classes in any fair and equitable manner determined by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) Repeal or modification of this Article applies only prospectively and shall not diminish any Covered Person's rights with respect to prior acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Nothing herein prevents the Trust from granting indemnification or advancement rights by contract or otherwise, including in connection with a merger, acquisition or similar transaction.

Section 3. Indemnification of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Shareholder (or former Shareholder) is held personally liable solely by reason of holding Shares and not because of that Shareholder's acts or omissions, the Trust (or the affected Series) shall indemnify and hold such Shareholder harmless from all loss and expense and, upon request, assume the defence and satisfy any judgment out of Trust Property or the assets belonging to the relevant Series.

ARTICLE X - MISCELLANEOUS

Section 1. Statutory Trust; No Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) This Declaration creates a Delaware statutory trust and nothing herein shall be construed to form a partnership, joint venture, corporation or any similar association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No Trustee, officer or Shareholder may bind any other Trustee, officer or Shareholder personally, and Shareholders shall not be deemed partners with the Trustees or with one another.

Section 2. Trustee Action; Expert Advice; No Bond or Surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Actions, decisions or omissions of the Trustees taken in good faith and with the care that an ordinarily prudent person in a like position would exercise under similar circumstances are binding on the Trust, its Series and all parties in interest. A Trustee is personally liable only for the consequences of the Trustee's own willful misconduct, bad faith or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) In discharging their duties the Trustees may rely in good-faith on the Trust's books and records and on information, reports, statements or opinions of officers, employees, counsel, accountants or other advisers chosen with reasonable care; such reliance conclusively evidences due care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) No Trustee shall be required to furnish a bond, surety or other security in connection with service as a Trustee.

Section 3. Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Trustees may purchase and maintain, with Trust or Series assets, insurance covering any liability or expense of the Trust or of a Covered Person arising out of that Person's service to or on behalf of the Trust, to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. Termination, Reorganization or Conversion of the Trust or Any Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trust and each Series shall exist perpetually unless the Trustees determine otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Without Shareholder approval, the Trustees may: (i) sell or liquidate all or substantially all assets of the Trust, a Series or Class; (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 or jurisdiction; (iv) exchange or convert Shares into interests of another investment company or entity; or (v) take any other action they deem appropriate to wind up, reorganize, merge or convert the Trust, a Series or a Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Upon deciding to dissolve the Trust or any Series, the Trustees shall give reasonable notice to affected Shareholders and, after paying or making reasonable provision for liabilities, distribute the remaining assets in cash or in kind.

Section 5. Amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustees may amend, supplement or restate this Declaration at any time without Shareholder approval except where the 1940 Act requires a Shareholder vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No amendment may retroactively curtail the exculpation, indemnification or insurance rights of any Person with respect to acts or omissions that occurred before the amendment became effective.

Section 6. Records; Headings; Counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The original or a certified copy of this Declaration and every amendment shall be kept at the Trust's principal office and made available for inspection as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Headings are for convenience only and shall not affect interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) This Declaration may be executed in any number of counterparts, each deemed an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. Governing Law; Exclusive Jurisdiction; Waiver of Jury Trial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) This Declaration and all internal affairs of the Trust and its Series are governed by the laws of the State of Delaware, without regard to Delaware conflict-of-laws principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any civil action or proceeding arising out of or relating to the Trust, a Series, this Declaration or the rights of Shareholders shall be brought exclusively in the Court of Chancery of the State of Delaware (or, if that court lacks subject-matter jurisdiction, another state or federal court located in Delaware). Each Shareholder, Trustee, officer and other person dealing with the Trust irrevocably submits to the personal jurisdiction of, and waives any objection to venue in, those courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) To the fullest extent permitted by law, each such person knowingly, voluntarily and irrevocably waives the right to trial by jury in any proceeding covered by paragraph (b).

Section 8. Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The fiscal year of the Trust and each Series shall be fixed, and may be changed, by resolution of the Trustees.

Section 9. Severability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any provision held inconsistent with the Delaware Act, the 1940 Act or other applicable law shall be deemed never to have constituted a part of this Declaration, and the remaining provisions shall continue in full force and effect.

Section 10. Interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unless the context otherwise requires, the singular includes the plural and pronouns include all genders; references such as "herein" and "hereof" refer to this Declaration as amended from time to time.

Section 11. Reliance by Third Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No person who deals with the Trust, any Series or the Trustees shall be obligated to look behind any act of the Trustees or to inquire into the validity or propriety of that act. The receipt or acquittance of the Trustees or of any officer authorized by the Trustees shall constitute a full discharge to such person for all money or property transferred to the Trustees or on their order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF, the undersigned, being the sole initial Trustee of Corgi ETF Trust I, has executed this Agreement and Declaration of Trust as of the date first written above.

<u>/s/ Henry B. Margulies</u>

Henry B. Margulies, as Initial Trustee and not individually

# Schedule A - Initial Series and Classes
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following Series and their sole Class of Shares are hereby established as of the date first written above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. Founder-Led ETF: Class A "ETF Shares" (Ticker FDRS); non-diversified, open-end ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. Founder-Led 2x Daily ETF: Class A "ETF Shares" (Ticker FDRX); non-diversified, leveraged ETF Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Class listed above represents an undivided beneficial interest in the corresponding Series' assets and carries identical rights, preferences and limitations except as expressly set forth in Article IV of this Declaration.

## Ex-99.B

# CORGI ETF TRUST I

## BY-LAWS
Dated as of July 15, 2025

These By-Laws (the "By-Laws") of Corgi ETF Trust I (the "Trust"), a Delaware statutory trust, are adopted pursuant to 12 Del. C. Section 3806 and are subject to the Trust's Agreement and Declaration of Trust, dated July 15, 2025, as amended from time to time (the "Declaration of Trust"). Capitalized terms not defined herein have the meanings given in the Declaration of Trust. If these By-Laws and the Declaration of Trust conflict, the Declaration of Trust governs.

ARTICLE I - OFFICES

Section 1. Principal Office.

The principal executive office of the Trust is 473 Pine St, Floor 5, San Francisco, CA 94104, or such other location as the Trustees may designate by resolution.

Section 2. Delaware Registered Office and Agent.

The Trust shall maintain a registered office in the State of Delaware and a registered agent for service of process, each as may be changed by the Trustees in accordance with Delaware law.

Section 3. Other Offices.

The Trustees may establish and discontinue such other offices or places of business, within or without Delaware, as they deem necessary or advisable for the conduct of the Trust's affairs.

ARTICLE II - OFFICERS AND THEIR ELECTION

Section 1. Officers.

The officers of the Trust shall include a President (who shall be the Chief Executive Officer unless otherwise designated), a Treasurer (Chief Financial Officer), a Secretary, and a Chief Compliance Officer, together with such additional officers as the Trustees may elect or appoint from time to time. No officer need be a Shareholder.

Section 2. Election and Term.

Each officer shall be elected by the Trustees and shall serve, in each case subject to the Declaration of Trust, until a successor is elected and qualified or until earlier resignation or removal. The same individual may hold multiple offices, except that the offices of President and Secretary shall not be held by the same person.

Section 3. Resignation and Removal.

An officer may resign by delivering written notice to the President or Secretary. Any officer may be removed, with or without cause, by majority vote of the Trustees; provided that the designation, compensation and removal of the Chief Compliance Officer shall be approved by the Board, including a majority of the Trustees who are not Interested Persons, in accordance with Rule 38a-1 under the 1940 Act and the Declaration of Trust.

Section 4. Vacancies.

A vacancy in any office may be filled for the unexpired portion of the term by the Trustees.

ARTICLE III - POWERS AND DUTIES OF TRUSTEES AND OFFICERS

Section 1. Management of the Trust (General).

The business and affairs of the Trust are managed by, or under the supervision of, the Trustees, who may exercise every power conferred by law, the Declaration of Trust or these By-Laws, except where any such power is expressly reserved to the Shareholders.

Section 2. Committees of Trustees.

By majority vote, the Trustees may establish one or more committees (including an Executive Committee) composed solely of Trustees and may delegate to any such committee any authority the Trustees may lawfully delegate. Each committee shall keep minutes, report to the Trustees, and serves at the pleasure of the Trustees, who may rescind any committee action prospectively.

Section 3. Compensation.

The Trustees may set, or delegate the setting of, reasonable compensation and reimbursement of expenses for Trustees and committee members. Officer salaries are fixed by the Trustees, but the compensation of the Chief Compliance Officer ("CCO") must be approved by a majority of the Trustees who are not Interested Persons, consistent with Rule 38a-1 under the 1940 Act.

Section 4. Chair of the Trustees.

The Trustees may designate one of their number as Chair (or Co-Chairs). The Chair is a non-executive Trustee who presides at Board and Shareholder meetings and may, together with any two other Trustees, call special meetings of the Trustees. Additional duties may be prescribed by Board resolution.

Section 5. President (Chief Executive Officer).

Subject to Board oversight, the President directs the day-to-day business and policies of the Trust; may execute contracts, powers of attorney and other instruments; and may appoint or remove subordinate officers, employees or agents as deemed necessary.

Section 6. Treasurer (Chief Financial Officer).

The Treasurer is the Trust's principal financial and accounting officer, safeguards all cash, securities and other property with the authorized custodian, maintains correct books and records, furnishes financial reports to the Trustees, and performs any additional duties assigned by the Trustees or President.

Section 7. Secretary.

The Secretary records all proceedings of the Trustees, committees and Shareholders in minute books, maintains the Trust seal and corporate records, and performs any other duties assigned by the Trustees or President.

Section 8. Vice Presidents.

Each Vice President shall perform such duties as the Trustees or President assign. In the President's absence or disability, the senior available Vice President shall act as President.

Section 9. Assistant Treasurers.

Assistant Treasurers perform duties assigned by the Trustees, President or Treasurer and, in the Treasurer's absence, the senior Assistant Treasurer present shall perform the Treasurer's functions.

Section 10. Assistant Secretaries.

Assistant Secretaries perform duties assigned by the Trustees, President or Secretary and, in the Secretary's absence, the senior Assistant Secretary present shall perform the Secretary's functions.

Section 11. Subordinate Officers.

The Trustees may appoint, and may authorize one or more officers or Board committees to appoint and remove, other officers or agents with such titles, terms, authorities and duties as the Trustees determine.

Section 12. Chief Compliance Officer.

A Chief Compliance Officer shall be appointed and removed only in accordance with Rule 38a-1 under the 1940 Act. The CCO administers the Trust's compliance program and reports directly to the Trustees at such times as the Board requires.

Section 13. Bonds.

The Trustees may require any officer or agent to furnish a fidelity or surety bond for faithful performance and for safeguarding Trust property, including any bond required under the 1940 Act.

Section 14. Removal of Officers.

Any officer may be removed, with or without cause, by majority vote of the Trustees; provided that removal of the CCO must comply with Rule 38a-1 under the 1940 Act. Vacancies may be filled by the Trustees for the unexpired term.

ARTICLE IV - SHAREHOLDER MEETINGS

Section 1. Call of Meetings.

Special meetings of Shareholders of the Trust, any Series, or any Class may be called at any time by (i) the President, the Chair (or any Co-Chair) of the Trustees, or a majority of the Trustees, or (ii) written request of Shareholders entitled to cast at least one-third of all votes entitled to be cast at such meeting, in accordance with procedures adopted by the Trustees for record-date fixing, advance notice, and cost reimbursement. Annual meetings are held only when required by applicable law.

Section 2. Place of Meetings.

Meetings may be held at any place, within or without Delaware, designated by the Trustees or, failing designation, at the Trust's principal executive office. The Trustees may authorize meetings to be held solely by means of remote communication as permitted by Delaware law.

Section 3. Notice of Meetings.

Written notice stating the place, date, hour, and general nature of the business shall be given to each Shareholder of record entitled to vote not fewer than 7 nor more than 150 calendar days before the meeting. If Trustees are to be elected, the notice shall identify the nominees known at the time the notice is given.

Section 4. Manner of Giving Notice; Affidavit.

Notice may be delivered by hand, mail, courier, electronic transmission or other lawful means and is deemed given when sent. An affidavit of mailing or other delivery shall be filed with the Trust's records.

Section 5. Conduct of Meetings.

The President, or in the President's absence the Chair (or a designee of the Trustees), shall preside, establish rules of order, and may recess or adjourn the meeting for any reason. The Secretary, or an Assistant Secretary, shall act as secretary of the meeting.

Section 6. Adjournment; Notice.

Any meeting, whether or not a quorum is present, may be adjourned from time to time by the presiding officer or by the vote of Shareholders holding a majority of Shares present. If the adjournment is for 90 days or less and the new time and place are announced at the meeting, no additional notice is required; otherwise, notice shall be given to each Shareholder entitled to vote.

Section 7. Voting.

The Shareholders entitled to vote are determined in accordance with the Declaration of Trust. Voting may be by voice vote, show of hands, written ballot, or any secure electronic system authorized by the Trustees. Unless a greater vote is required by the 1940 Act, the Declaration of Trust, these By-Laws, or a Board resolution, a majority of votes cast decides any matter. Abstentions and broker non-votes are counted for quorum but not as votes cast.

Section 8. Waiver of Notice.

A Shareholder may waive any notice required by law, the Declaration of Trust, or these By-Laws by a written waiver delivered to the Trust; attendance at a meeting constitutes waiver unless the Shareholder objects at the outset.

Section 9. Action Without a Meeting.

Any action that may be taken at a meeting of Shareholders may be taken without a meeting if a consent in writing or by electronic transmission is signed by the holders of the Shares having not less than the minimum number of votes that would be necessary to authorize the action at a meeting.

Section 10. Record Date.

The Trustees may fix in advance a record date, not more than 120 nor fewer than 7 calendar days before the meeting or action, to determine Shareholders entitled to notice, to vote, or to give consent. Different record dates may be set for different Series or Classes.

Section 11. Proxies.

A Shareholder may vote in person or by proxy executed in writing or by electronic transmission and dated not more than 11 months before the meeting unless a longer period is expressly provided. A proxy continues in effect until revoked in the manner specified by Delaware law.

Section 12. Inspectors of Election.

The Trustees or the presiding officer may appoint one or more inspectors to determine the number of Shares outstanding, ascertain the votes, and certify the results.

Section 13. Quorum.

Except as otherwise required by statute or the Declaration of Trust, the holders of one-third of all Shares entitled to vote, present in person or by proxy, constitute a quorum. If a quorum is not present, the meeting may be adjourned as provided in Section 6.

Section 14. Meetings by Remote Communication.

The Trustees may authorize Shareholder meetings to be held partly or solely by means of remote communication, provided the Trust implements reasonable measures to verify Shareholder identity and to give Shareholders a reasonable opportunity to participate and vote.

ARTICLE V - TRUSTEE MEETINGS

Section 1. Regular Meetings.

Regular meetings of the Trustees shall be held, without additional notice, at the dates, times and places (which may include remote-only meetings) fixed by resolution of the Trustees. Any Trustee who is absent when such resolution is adopted shall be given prompt notice of the schedule.

Section 2. Special Meetings.

Special meetings may be called at any time by the Chair (or any Co-Chair), the President, or any two Trustees. Notice stating the time, place (or remote platform) and purpose shall be given to each Trustee at least 24 hours in advance by personal delivery, telephone, electronic mail, or other electronic transmission, or three calendar days in advance if delivered by overnight courier or U.S. mail.

Section 3. Quorum.

The presence in person or by permitted remote means of a majority of the Trustees then in office constitutes a quorum for the transaction of business, unless a larger percentage is required by the Declaration of Trust or the Investment Company Act of 1940.

Section 4. Place of Meetings; Remote Participation.

Meetings may be held at the Trust's principal executive office or any other place the Trustees designate. Any meeting, regular or special, may be conducted wholly or partially by conference call, video conference or other means of remote communication that allows all participating Trustees to hear each other simultaneously. Participation by such means constitutes presence in person.

Section 5. Notice and Waiver.

A Trustee may waive any required notice before or after the meeting by written waiver, electronic transmission, or by attending the meeting without objection at its outset. The business to be transacted need not be specified in the notice or waiver, except when required by law.

Section 6. Adjournment; Notice.

A majority of Trustees present, whether or not a quorum is present, may adjourn any meeting to another time, date or place. If the adjournment is for more than 48 hours, notice of the adjourned meeting shall be given to all Trustees not present at the time of adjournment; otherwise, further notice is waived.

Section 7. Action Without a Meeting.

Any action required or permitted to be taken at a meeting may be taken without a meeting if a written consent (including electronic or facsimile signature) setting forth the action is signed by a majority of the Trustees then in office, including at least the minimum number of independent Trustees required by the Investment Company Act of 1940, and filed with the Trust's minutes. Such consent has the same force as a vote at a duly called meeting.

Section 8. Presence by Remote Communication.

Trustees participating in a meeting through permitted remote communication technology shall be deemed present in person, and the meeting shall be deemed held at the Trust's principal executive office unless otherwise stated in the minutes.

Section 9. Unanimous Meeting.

If all Trustees are present (physically or remotely) when a meeting is called to order, any business may be transacted without regard to the notice requirements of Section 2, provided that each Trustee either waives notice or is deemed to have waived notice under Section 5.

Section 10. Minutes.

The Secretary, or in the Secretary's absence an Assistant Secretary or other person designated by the presiding officer, shall record the proceedings of each Trustee meeting in the Trust's minute books, which shall be maintained at the principal executive office or such other location designated by the Trustees.

ARTICLE VI - COMMITTEES OF TRUSTEES

Section 1. Establishment and Powers.

By resolution adopted by a majority of the Trustees then in office, the Trustees may create one or more committees (including an Executive Committee) composed solely of Trustees and may delegate to any such committee any authority the Trustees may lawfully delegate, subject to the Declaration of Trust, Rule 17g-1 and Rule 38a-1 under the 1940 Act, and other applicable law. Each committee shall keep minutes of its proceedings, report regularly to the Trustees, and serves at the pleasure of the Trustees, who may enlarge, limit, or rescind any delegation at any time, prospectively.

Section 2. Proceedings and Quorum.

Unless the Trustees provide otherwise, a majority of the members of any committee constitutes a quorum, and the vote of a majority of the quorum is the act of the committee. Members may participate through any means of communication that allows all participants to hear each other simultaneously, and such participation constitutes presence in person. Each committee may adopt additional procedures consistent with these By-Laws and Delaware law. Vacancies may be filled, and alternate members appointed, by the Trustees at any time.

Section 3. Compensation.

Committee members may receive such compensation and reimbursement of expenses, if any, as the Trustees determine. Compensation of any committee member who is also the Chief Compliance Officer must comply with Rule 38a-1 under the 1940 Act.

ARTICLE VII - SHARES OF BENEFICIAL INTEREST

Section 1. Unlimited Shares; Series and Classes.

The beneficial interest in the Trust is divided into an unlimited number of transferable Shares of one or more Series or Classes, all without par value and fully paid and non-assessable. Except as the Trustees expressly provide for a particular Class, each Share of a Series represents an equal, undivided beneficial interest in that Series' net assets.

Section 2. Transfer of Shares.

A Share is transferable only upon presentation of proper transfer instructions (and any certificate, if certificates have been authorized) to the Trust or its duly appointed transfer agent, together with such evidence of authority as the Trustees may reasonably require. Until the transfer is recorded, the transferor remains the Shareholder of record for all purposes.

Section 3. Equitable Interests Not Recognized.

The Trust shall treat the registered holder of any Share as the absolute owner thereof and shall not be bound to recognize any equitable, beneficial or other claim to, or interest in, such Share by any Person other than the holder of record, except as otherwise required by law.

Section 4. Share Certificates; Book-Entry Form.

Unless the Trustees determine otherwise, Shares shall be uncertificated and maintained on the books of the Trust or its transfer agent. In lieu of a certificate, the Trust or its agent may issue a written or electronic confirmation. Any certificate the Trustees authorize shall state conspicuously that liability is limited to Trust or Series assets and shall be executed in the form prescribed by the Trustees.

Section 5. Lost, Stolen or Destroyed Certificates.

The Trustees may require any Shareholder requesting a replacement certificate to furnish an affidavit of loss and to post a bond or other security sufficient to indemnify the Trust against any loss or claim arising from the issuance of the replacement certificate.

Section 6. Regulatory Restrictions.

To protect the Trust's status under the Internal Revenue Code, the 1940 Act, or other applicable law, the Trustees may refuse to issue or transfer, or may compel the redemption of, Shares if they determine that ownership by any Person may result in adverse legal, tax or regulatory consequences to the Trust or its Shareholders.

ARTICLE VIII - OWNERSHIP OF ASSETS OF THE TRUST

The Trustees, acting for and on behalf of the Trust, shall be deemed to hold both legal and beneficial title to (i) all portfolio securities and other property of the Trust, and (ii) any income, dividends, proceeds or rights derived therefrom, whether such assets or issuers are organized under the laws of the United States or any foreign jurisdiction. No Shareholder shall have, or may assert, any direct ownership interest in any specific asset of the Trust.

ARTICLE IX - INSPECTION OF RECORDS

Section 1. Inspection by Shareholders.

The Trustees shall determine whether, to what extent, at what times, and under what conditions the Trust's books, accounts and records may be inspected by Shareholders, consistent with the 1940 Act and Delaware law. No Shareholder has an inherent right of inspection except as expressly granted by the Trustees or required by law.

Section 2. Inspection by Trustees.

Every Trustee has an absolute right at any reasonable time to inspect all books, records and documents of every kind and the physical properties of the Trust, in person or by agent, and to make copies or extracts.

Section 3. Financial Statements.

Semi-annual and annual financial statements prepared for each Series shall be kept on file at the principal executive office for at least twelve months and made available to any Shareholder upon written request, or mailed in accordance with SEC rules.

ARTICLE X - INSURANCE AND INDEMNIFICATION OF TRUSTEES, OFFICERS AND EMPLOYEES

Section 1. Permitted Insurance.

The Trust may purchase and maintain insurance on behalf of any current or former Trustee, officer, employee or agent ("Covered Person") against any liability asserted against, and incurred by, that Covered Person in such capacity, to the fullest extent permitted by the 1940 Act, the Delaware Statutory Trust Act and other applicable law.

Section 2. Prohibited Coverage.

No policy shall insure any Covered Person against liability to the Trust or its Shareholders arising from willful misfeasance, bad faith, gross negligence, or reckless disregard of duties involved in the conduct of such Covered Person's office ("Disabling Conduct").

Section 3. Indemnification.

To the maximum extent permitted by Article IX of the Declaration of Trust, the Trust shall indemnify and hold harmless each Covered Person against all losses, claims, damages or expenses reasonably incurred, except to the extent resulting from that person's Disabling Conduct. The Trustees may enter into separate indemnification agreements consistent with this Section.

Section 4. Advancement of Expenses.

The Trust shall advance reasonable expenses of defense to any Covered Person entitled to indemnification upon receipt of an undertaking to repay such amounts if ultimately found not entitled to indemnification.

ARTICLE XI - SEAL

Section 1. Adoption and Use.

The Trustees may adopt a seal of the Trust in such form and with such inscription as they determine. Unless the Trustees require otherwise, the seal need not be affixed to, and its absence shall not affect the validity of, any document executed on behalf of the Trust.

Section 2. Authority to Affix.

Any Trustee, officer or authorized agent may affix the seal to any instrument executed in the name of the Trust.

ARTICLE XII - FISCAL YEAR

The fiscal year of the Trust and of each Series or Class shall be fixed, and may be changed, by resolution of the Trustees or by such officer as the Trustees delegate.

ARTICLE XIII - AMENDMENTS

Except as otherwise required by the Declaration of Trust or applicable law, these By-Laws may be amended, restated, supplemented or repealed only by majority vote of the Trustees then in office; Shareholder approval is not required. No amendment may limit retroactively the rights to indemnification or insurance provided in the Declaration of Trust or these By-Laws with respect to acts or omissions occurring prior to the amendment.

ARTICLE XIV - NOTICES

Section 1. Form and Delivery.

Notices to Shareholders or Trustees may be given personally, by mail, courier, overnight delivery, telephone, electronic mail, facsimile, or any other means permitted by Delaware law. Mailed notice is deemed given when deposited with postage prepaid; electronic notice when transmitted to the address supplied to the Trust. Electronic transmissions that satisfy the Delaware Uniform Electronic Transactions Act (or any successor statute) are deemed written notices for all purposes of these By-Laws and the Declaration of Trust.

Section 2. Waiver of Notice.

A Shareholder or Trustee may waive any notice before or after the date and time stated in it by a written or electronic waiver filed with the Trust's records. Attendance at a meeting, without timely objection, constitutes a waiver of notice.

ARTICLE XV - HEADINGS

Section headings appear solely for organizational ease and have no bearing on the construction or effect of these By-Laws.

ARTICLE XVI - GENERAL PROVISIONS

Section 1. Checks, Drafts and Other Instruments.

All checks, drafts, payment orders, notes and other evidences of indebtedness issued in the name of the Trust or any Series shall be signed or endorsed by the Treasurer or such other officer, agent or depository as the Trustees may authorize by resolution.

Section 2. Contracts and Commitments.

Except as the Trustees may otherwise direct, the President, any Vice President, the Treasurer or any person authorized by them may enter into any contract or execute any instrument in the name of and on behalf of the Trust or any Series, and such authority may be general or confined to specific instances. No person shall bind the Trust except as authorized in this Section or by Board resolution.

Section 3. Electronic Writings and Signatures.

To the fullest extent permitted by applicable law, (a) any requirement in these By-Laws that a document be "written" or "in writing" is satisfied by an electronic record in a form acceptable to the Trustees, and (b) an "electronic signature" in a form acceptable to the Trustees satisfies any requirement that a writing be "signed."

Section 4. Severability.

If any provision of these By-Laws is held invalid or unenforceable in any jurisdiction, that outcome will not impair the remainder of the document, nor affect the validity of that provision in other jurisdictions. Should the Trustees, after consulting counsel, conclude that a provision conflicts with applicable law, that clause will be treated as if it never formed part of these By-Laws, without invalidating prior actions duly taken.

END OF BY-LAWS

Approved by the Board of Trustees of the Trust on July 15, 2025, effective July 15, 2025.

## Ex-99.D

# CORGI ETF TRUST I

## INVESTMENT ADVISORY AGREEMENT
Corgi ETF Trust I, a Delaware statutory trust (the "Trust"), and Corgi Strategies, LLC, a Delaware limited-liability company (the "Adviser"), hereby enter into this investment advisory agreement, effective August 22 2025, on behalf of each series identified on Schedule A (individually, a "Fund" and, collectively, the "Funds").

WHEREAS, the Trust is registered with the U.S. Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and may issue separate series of beneficial interests;

WHEREAS, the Adviser is, and will continue to be, registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and engages in the business of providing investment-management services;

WHEREAS, the Trust wishes to retain the Adviser to provide investment-management services to the Funds, and the Adviser is willing to furnish such services on the terms set forth herein;

NOW, THEREFORE, for and in consideration of the mutual promises set forth below, the parties stipulate and agree as follows:

ARTICLE 1 - APPOINTMENT; DUTIES OF THE ADVISER

Section 1. Scope of Services.

The Adviser will develop and implement, on an ongoing basis, an investment management program for each Fund, exercising discretion to purchase, hold, lend, pledge or sell portfolio securities and other instruments; all subject to the supervision of the Trust's Board of Trustees (the "Board") and to each Fund's investment objectives, policies and restrictions as set forth in its registration statement and as the Board may amend from time to time.

Section 2. Compliance.

In performing its duties the Adviser shall comply with (a) the 1940 Act, the Advisers Act and all other federal and state laws and regulations applicable to the Trust and the Funds, (b) the Trust's Agreement and Declaration of Trust, By-laws, registration statement, and written policies or instructions of the Board, and (c) the listing standards of any exchange on which Fund shares are traded.

Section 3. Sub-Advisers.

Subject to Board approval and any required shareholder approval, the Adviser may engage one or more sub-advisers and shall oversee, compensate and remain fully responsible for any services so delegated.

Section 4. Personnel and Expenses (Unitary Fee).

The Adviser, at its own expense, shall furnish the personnel, office space, and equipment necessary to perform its obligations and shall pay, out of the advisory fee described in Article 3, all ordinary operating expenses of the Trust and each Fund except: (i) brokerage commissions and other transaction-related costs; (ii) taxes; (iii) interest on borrowings; (iv) acquired-fund fees and expenses; (v) distribution or service (12b-1) fees; (vi) litigation or other extraordinary expenses; and (vii) any expenses that the Board, by resolution, designates as being outside the scope of the unitary arrangement. This "unitary fee" structure is intended to centralize the payment of Fund expenses at the Adviser level, thereby efficiently directing cash flows from the Trust to the Adviser.

Section 5. Books and Records.

The Adviser shall maintain all records required by Rule 31a-1 and Rule 31a-2 under the 1940 Act that are not otherwise maintained by the Trust's administrator, custodian or other service providers. All such records shall belong to the Trust, and the Adviser will deliver or make them available to the Trust on request and, in any event, upon termination of this Agreement.

ARTICLE 2 - PORTFOLIO TRANSACTIONS

Section 1. Brokerage Selection.

The Adviser shall place all orders for the purchase and sale of portfolio securities for each Fund and shall seek to obtain overall best execution, taking into account price, execution quality, and other factors it deems material. In accordance with Section 28(e) of the Exchange Act, the Adviser may cause a Fund to pay a brokerage commission that exceeds the commission another broker might charge, provided it determines in good faith that such additional amount is fair in relation to the value of brokerage or research services received.

Section 2. Aggregation and Allocation.

Where the Adviser believes that combining orders will benefit a Fund, transactions may be aggregated with those for other clients and shall be allocated in a manner the Adviser considers equitable over time.

Section 3. Affiliated Brokers.

Transactions may be effected through brokers that are "affiliated persons" of the Adviser only in accordance with Rule 17e-1 under the 1940 Act and the Trust's compliance policies.

ARTICLE 3 - ADVISORY FEE; UNITARY EXPENSE ARRANGEMENT

Section 1. Fee Rate.

For services rendered and expenses borne pursuant to Article 1, each Fund shall pay the Adviser a unitary advisory fee at the annual rate set forth opposite such Fund's name on Schedule A, calculated daily as a percentage of the Fund's average daily net assets and paid monthly in arrears.

Section 2. Accrual and Payment.

The fee accrues daily on a 365-day basis (366 days in leap years) and is payable to the Adviser within ten (10) business days after month-end. In the event this Agreement terminates before the end of a month, the fee shall be prorated through the date of termination. The Adviser may voluntarily waive or reduce any portion of its fee; any such waiver shall be treated as a contractual obligation for so long as it remains in effect.

ARTICLE 4 - STATUS & NON-EXCLUSIVITY

Section 1. Independent Contractor.

The Adviser acts hereunder as an independent contractor and, except as expressly authorised, has no authority to bind the Trust.

Section 2. Non-Exclusive Services.

Nothing herein prevents the Adviser or its affiliates from advising other clients, provided the Adviser's obligations to the Funds are not materially diminished.

ARTICLE 5 - PERMISSIBLE INTERESTS

Trustees, officers, and shareholders of the Trust may own interests in the Adviser (and vice-versa). Such cross-holdings are permissible so long as they comply with the 1940 Act and the Trust's policies.

ARTICLE 6 - LIABILITY AND INDEMNIFICATION

Section 1. Standard of Care.

The Adviser will exercise reasonable care and diligence but shall not be liable for losses unless caused by its willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations ("Disabling Conduct").

Section 2. Adviser Indemnification.

The Trust shall indemnify and hold harmless the Adviser and its affiliates from any claim, loss or expense ("Losses") arising out of the Adviser's activities under this Agreement, other than Losses resulting from the Adviser's Disabling Conduct.

Section 3. Trust Indemnification.

The Adviser shall indemnify and hold harmless the Trust, the Funds, their trustees and officers from any Losses arising out of (a) Disabling Conduct, or (b) any material misstatement or omission in Trust filings that is based on information provided by the Adviser.

ARTICLE 7 - TERM AND TERMINATION

Section 1. Initial Term & Renewal.

This Agreement takes effect on the date above and, with respect to each Fund, continues for an initial two-year term. Thereafter the Agreement renews annually subject to the approval requirements of Section 15(c) of the 1940 Act.

Section 2. Termination by Either Party.

The Trust (by Board action or majority vote of the outstanding voting securities of a Fund) or the Adviser may terminate this Agreement as to any or all Funds on sixty (60) days' written notice without payment of penalty.

Section 3. Automatic Termination.

This Agreement shall terminate automatically in the event of its "assignment" (as defined in the 1940 Act) unless an exemption is obtained.

ARTICLE 8 - AMENDMENTS

Any amendment or waiver of this Agreement must be in writing and executed by both parties; any 'material' amendment must also receive the approvals required under the 1940 Act.

ARTICLE 9 - GOVERNING LAW

This Agreement is governed by, and shall be interpreted under, the internal laws of the State of Delaware (without regard to its conflict-of-law provisions).

ARTICLE 10 - REPRESENTATIONS AND WARRANTIES

Section 1. Organization & Authority.

The Adviser is a Delaware limited liability company duly organized, validly existing, and in good standing, and is fully authorized to enter into this Agreement.

Section 2. Registration.

The Adviser is, and will remain, registered as an investment adviser under the Advisers Act.

Section 3. Code of Ethics.

The Adviser has adopted a written code of ethics that complies with Rule 17j-1 under the 1940 Act and shall provide the Trust with periodic certifications regarding its compliance.

ARTICLE 11 - LIMITATION OF TRUST LIABILITY

The Adviser agrees that any obligations of the Trust are binding only upon the assets and property of the particular Fund in question, and that no trustee, shareholder, nominee, officer or agent of the Trust shall be personally liable therefor.

ARTICLE 12 - USE OF NAMES AND LOGOS

The Trust may use the names "Corgi Strategies" and related marks only for so long as this Agreement remains in effect and only with prior written consent of the Adviser. Upon termination, such use shall cease promptly.

ARTICLE 13 - SEVERABILITY

If any provision of this Agreement is held invalid or unenforceable, the remainder shall remain in full force and effect.

ARTICLE 14 - NOTICES

Notices must be in writing and will be effective (i) when delivered by hand or by overnight courier with proof of delivery, or (ii) three (3) days after being mailed first-class, certified mail, return-receipt requested.

ARTICLE 15 - MISCELLANEOUS

Section 1. Successors & Assigns.

This Agreement binds and inures to the benefit of the parties and their successors and permitted assigns.

Section 2. Entire Agreement.

This document constitutes the entire agreement regarding the subject matter hereof and supersedes all prior agreements.

Section 3. Counterparts.

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

Section 4. Headings.

Headings are for convenience only and shall not affect interpretation.

Section 5. No Third-Party Beneficiaries.

Nothing herein creates any right in favor of any person not a party to this Agreement.

IN WITNESS WHEREOF, the undersigned have caused this Investment Advisory Agreement to be executed by their duly authorized officers as of the date first above written.

Corgi ETF Trust I, on behalf of each Fund listed on Schedule A

By: <u>/s/ Emily Z. Yuan</u>

Name: Emily Z. Yuan

Title: President and Principal Executive Officer; Trustee

Corgi Strategies, LLC

By: <u>/s/ Henry B. Margulies</u>

Name: Henry B. Margulies

Title: Chief Executive Officer

# SCHEDULE A - FUNDS AND ANNUAL UNITARY ADVISORY FEE
This Schedule A may be amended from time to time to (i) add or remove Funds and/or (ii) adjust the advisory fee of any Fund, in each case upon approval in the manner required by Article 8 of the Agreement.

Fund (Class A "ETF" Shares)

Ticker

Annual Unitary Advisory Fee (% of average daily net assets)

Founder-Led ETF

FDRS

0.49%

Founder-Led 2x Daily ETF

FDRX

1.08%

## Ex-99.H

# CORGI ETF TRUST I

## INDEX LICENSE AGREEMENT
Approved by the Board of Trustees on August 22, 2025.

This Index License Agreement (this "Agreement") is made as of August 22, 2025 (the "Effective Date") by and between Corgi Strategies, LLC, a Delaware limited liability company ("Adviser"), and Corgi ETF Trust I, a Delaware statutory trust (the "Trust"). The Trust and Adviser are each a "Party" and, collectively, the "Parties."

ARTICLE I - PURPOSE & SCOPE

Adviser owns the intellectual property in one or more equity indexes, including the "Founder-Led Index (Price Return)" (each, an "Index"). The Trust wishes to license the Index for use by one or more series of the Trust that seek to track, or otherwise reference, the Index (each, a "Fund").

ARTICLE II - DEFINITIONS

"Affiliate" means, as to a Party, any entity controlling, controlled by, or under common control with that Party.

"Index" means each index listed in Exhibit A and any successor, as modified per its published methodology.

"License" has the meaning in Article III.

"Funds" means each present or future series of the Trust that uses the Index pursuant to this Agreement.

"Information Materials" means statutory and marketing materials for the Funds.

ARTICLE III - GRANT OF LICENSE

Section 1. License.

Adviser grants the Trust a non-exclusive, non-transferable, non-sublicensable, royalty-free license to:

(a) use the Index and Index Data internally to operate each Fund;

(b) reference the Index in Information Materials; and

(c) disclose Index information as required by law or stock-exchange rule.

Section 2. Limits.

Except as expressly permitted, the Trust shall not redistribute Index Data (other than insubstantial excerpts in Information Materials) or create derivative indexes.

Section 3. Affiliates & Service Providers.

The Trust may permit its service providers (administrator, distributor, custodian, market maker, pricing vendors) to use Index Data solely to support the Funds, conditioned on confidentiality and no further distribution.

ARTICLE IV - INDEX CALCULATION & MAINTENANCE

Section 1. Methodology.

Adviser shall own, publish, and maintain the Index methodology and rebalancing calendar for each Index listed in Exhibit A, and may update methodologies from time to time with public notice.

Section 2. Calculation.

Adviser (or its delegate) shall calculate Index levels on days designated in the methodology using commercially reasonable practices.

Section 3. Changes / Interruptions.

Adviser may modify, suspend, or discontinue an Index if calculation is impracticable (e.g., market closures, data vendor issues), upon prompt notice to the Trust.

ARTICLE V - TRUST OBLIGATIONS

Section 1. Compliance.

The Trust is solely responsible for determining whether use of the Index is appropriate for the Funds and for compliance with applicable law, listing standards, and offering-document requirements.

Section 2. Records.

The Trust will keep customary records of its use of the Index and furnish reasonable information to the Adviser upon request to verify compliance with this Agreement.

ARTICLE VI - NAMES, MARKS & IP

Section 1. Ownership.

Adviser retains all right, title, and interest in and to each Index, Index Data, related methodologies, and any Adviser Marks. No rights are granted other than the License.

Section 2. Use of Marks.

If the Trust references any Adviser Mark, it shall include the notice "(c) Corgi Strategies, LLC. All rights reserved." and follow any reasonable brand-use guidelines provided by Adviser.

Section 3. No Challenge.

The Trust will not challenge Adviser's rights in the Index or Adviser Marks.

ARTICLE VII - DISCLOSURE LANGUAGE

Section 1. Required Statements.

The Trust will include the disclosure in Exhibit B (long-form in statutory filings; short-form in marketing) in a prominent manner.

Section 2. Review Right.

Adviser may reasonably review drafts of Information Materials that describe the Index or use Adviser Marks to verify accuracy of such descriptions.

ARTICLE VIII - THIRD-PARTY DATA

The Trust acknowledges that Index calculation may rely on third-party market data and corporate actions. If a data provider requires direct licensing or imposes restrictions that materially affect calculation or use, the Parties will cooperate in good faith to address such requirements; failing that, Adviser may suspend or terminate use of such data for the Index on notice to the Trust.

ARTICLE IX - FEES & TAXES

Section 1. Fees.

The License is royalty-free as between Adviser and the Trust.

Section 2. Taxes.

Each Party bears its own taxes arising from this Agreement; no gross-up or withholding is expected.

ARTICLE X - TERM & TERMINATION

Section 1. Term.

This Agreement begins on the Effective Date and continues unless terminated under this Article.

Section 2. Termination for Convenience.

Either Party may terminate on 90 days' written notice.

Section 3. Termination for Cause.

Either Party may terminate immediately for material breach uncured after 30 days' notice, or if the other Party dissolves, ceases business, or is subject to bankruptcy proceedings.

Section 4. Effect.

Upon termination, the Trust will cease new use of the Index and Adviser Marks; existing Funds may continue to use the Index for up to 90 days to facilitate orderly transition or liquidation.

ARTICLE XI - REPRESENTATIONS

Each Party represents that it is duly organized, has authority to execute and perform this Agreement, and is not subject to applicable sanctions prohibitions.

ARTICLE XII - LIABILITY; INDEMNIFICATION

Section 1. No Warranties.

The Index and Index Data are provided "as is." Adviser does not guarantee accuracy, completeness, or results.

Section 2. Limitation.

Neither Party is liable for indirect, special, punitive, or consequential damages. Direct damages of either Party shall not exceed $100,000 in the aggregate arising out of this Agreement, except for (i) a Party's willful misconduct or fraud; (ii) breach of Article VI (IP/Marks) or Article XIII (Confidentiality); or (iii) each Party's indemnity obligations.

Section 3. Indemnities.

(a) Adviser will defend and indemnify the Trust against third-party IP claims alleging that the Index or Adviser Marks, as provided by Adviser and used per this Agreement, infringe such party's IP rights; Adviser may replace or modify the Index or terminate the License to resolve a claim.

(b) The Trust will defend and indemnify Adviser against claims arising from the Trust's operation or distribution of the Funds (other than to the extent arising primarily from the Index as provided by Adviser).

ARTICLE XIII - CONFIDENTIALITY

Non-public information exchanged under this Agreement must be kept confidential and used only for performing hereunder, except as required by law or regulator. Obligations survive 5 years after termination.

ARTICLE XIV - COOPERATION

The Trust will reasonably cooperate with Adviser's requests for information necessary to describe the Index accurately in Information Materials and to address regulator inquiries related to the Index. Any on-site review will occur on reasonable notice during normal hours.

ARTICLE XV - GOVERNING LAW; VENUE

This Agreement is governed by Delaware law. The Parties consent to exclusive jurisdiction in the state and federal courts located in Wilmington, Delaware.

ARTICLE XVI - MISCELLANEOUS

Section 1. Assignment.

Neither Party may assign this Agreement without the other Party's prior written consent, except to an Affiliate in connection with a reorganization that does not materially impair performance.

Section 2. Notices.

Notices must be in writing and delivered by hand, courier, or email to the addresses the Parties designate in writing.

Section 3. Entire Agreement.

This Agreement is the entire agreement on the subject and supersedes prior understandings.

Section 4. Amendment; Counterparts; E-Signatures.

Amendments must be in writing. This Agreement may be executed in counterparts and by electronic signature.

ARTICLE XVII - REGULATORY MATTERS

Section 1. Conflicts Controls.

Adviser will maintain policies and procedures reasonably designed to address conflicts where an affiliate acts as index provider and fund adviser, including information-barrier controls to prevent the release of non-public rebalance information to Fund portfolio management and trading personnel prior to public dissemination.

Section 2. Public Methodology.

Adviser will publish the material features of each Index methodology and any material changes on a public website on or before their effectiveness, and will coordinate with the Trust so Information Materials remain accurate.

Section 3. Board Oversight.

The Trust's Chief Compliance Officer will report to the Board, as appropriate, on material matters under this Agreement in the ordinary course of compliance reporting.

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

Corgi ETF Trust I

By: <u>/s/ Emily Z. Yuan</u>

Name: Emily Z. Yuan

Title: President and Principal Executive Officer; Trustee

Date: August 22, 2025

Corgi Strategies, LLC

By: <u>/s/ Henry B. Margulies</u>

Name: Henry B. Margulies

Title: Chief Executive Officer

Date: August 22, 2025

# EXHIBIT A - INDEX & LICENSE DETAILS
A-1. Index. Founder-Led Index or FDRI

Constituents: 50 U.S.-listed common equities (primary listings only) meeting "founder-led" criteria; free-float market-cap weighting; quarterly rebalance after the close on the third Friday of March, June, September, and December; methodology as published by Adviser and incorporated by reference.

Use: Benchmark for Funds and related disclosure.

Fees: $0 (royalty-free).

A-2. Related Funds (for reference).

Founder-Led ETF (FDRS), Founder-Led 2x Daily ETF (FDRX).

# EXHIBIT B - REQUIRED DISCLOSURE LANGUAGE
Long-Form - statutory filings.

"Corgi Strategies, LLC ("Corgi") owns and licenses the Founder-Led Index (the "Index") to the Fund. Solely in its capacity as licensor of the Index (and not in its capacity as the Fund's investment adviser), Corgi does not sponsor, endorse, sell or promote the Fund and makes no representation regarding the advisability of investing in the Fund. Corgi does not guarantee the accuracy or completeness of the Index and is not liable for any errors or omissions in the Index, or for any results obtained from its use, except to the extent such liability cannot be limited under U.S. federal securities laws."

Short-Form - marketing.

"Index licensed from Corgi Strategies, LLC. No sponsorship or guarantee. Index may be changed or discontinued without notice."

## Ex-99.M

# CORGI ETF TRUST I

## RULE 12B-1 DISTRIBUTION AND SHAREHOLDER SERVICE PLAN
Adopted August 22, 2025, by the Board of Trustees

ARTICLE I - ADOPTION OF PLAN

Section 1. Adoption.

The Trust, on behalf of each present or future series listed on Schedule A (each, a "Fund"), adopts this Rule 12b-1 Distribution and Shareholder Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

ARTICLE II - PURPOSE AND FINDINGS

Section 1. Purpose.

The Plan permits each Fund to finance from Fund assets certain activities primarily intended to result in the sale of Fund shares and the provision of shareholder services.

Section 2. Findings.

The Board of Trustees (the "Board"), including a majority of the Trustees who are not "interested persons" of the Trust and who have no direct or indirect financial interest in the operation of the Plan or in any related agreements (the "Independent Trustees"), determines, in the exercise of reasonable business judgment and in light of its fiduciary duties, that there is a reasonable likelihood the Plan will benefit each Fund and its shareholders.

ARTICLE III - DEFINITIONS

Section 1. Definitions.

"Distributor" means the Trust's principal underwriter.

"Fund" means each series of the Trust listed on Schedule A.

"Maximum Annual Rate" means the cap on payments permitted under this Plan for a Fund, as set forth on Schedule A.

"Current Rate" means the rate, which may be zero, approved by the Board for a Fund, as set forth on Schedule A.

ARTICLE IV - PAYMENTS; MAXIMUM AMOUNT; NATURE OF PLAN

Section 1. Maximum Annual Rate.

Each Fund may pay distribution and/or shareholder servicing fees at an annual rate not to exceed the Maximum Annual Rate set forth on Schedule A.

Section 2. Nature of Plan.

The Plan is a compensation plan. Amounts, if any, may be paid without regard to the Distributor's or any intermediary's actual expenses.

Section 3. Current Rate.

The Current Rate for each Fund is shown on Schedule A and may be changed by Board action from time to time.

ARTICLE V - RECIPIENTS AND COVERED ACTIVITIES

Section 1. Recipients.

Payments under the Plan may be made to the Distributor and/or to financial intermediaries or other service providers, as approved by the Distributor.

Section 2. Covered Activities.

Covered activities include, without limitation, marketing, educational and promotional support; printing and distribution of prospectuses to persons other than existing shareholders, sales literature and other communications; platform, website and data fees related to making the Funds available to clients; ongoing personal services to shareholders and maintenance of shareholder accounts; and related overhead and administrative expenses.

ARTICLE VI - AGREEMENTS; ADMINISTRATION; REPORTS

Section 1. Agreements.

The Distributor may enter into written agreements consistent with this Plan and applicable law.

Section 2. Administration.

The Distributor administers the Plan on behalf of each Fund.

Section 3. Reports.

At least quarterly, the Distributor provides the Board written reports describing any amounts expended under the Plan and the purposes for which such expenditures were made.

ARTICLE VII - BOARD APPROVAL AND ANNUAL CONTINUANCE

Section 1. Approval.

The Board, including a majority of the Independent Trustees voting separately, approves the Plan and any related agreements.

Section 2. Continuance.

The Plan continues in effect for one year from the adoption date and thereafter from year to year only if such continuance is approved annually by the Board, including a majority of the Independent Trustees.

ARTICLE VIII - AMENDMENTS; SHAREHOLDER APPROVAL

Section 1. Amendments.

All material amendments to the Plan must be approved by the Board, including a majority of the Independent Trustees.

Section 2. Shareholder Approval.

The Plan may not be amended to increase materially the amount to be spent for distribution with respect to any Fund without approval by a majority of the outstanding voting securities of that Fund.

ARTICLE IX - TERMINATION

Section 1. Termination.

The Plan may be terminated with respect to any Fund at any time, without penalty, by a vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of that Fund. The Plan terminates automatically upon its assignment as defined in the 1940 Act.

ARTICLE X - RECORDKEEPING

Section 1. Recordkeeping.

The Trust preserves copies of the Plan, any related agreements and the reports made pursuant to Article VI for not less than six years from the date of such document or report, the first two years in an easily accessible place.

ARTICLE XI - NO WAIVER OF FIDUCIARY DUTIES

Section 1. No Waiver.

Nothing in the Plan shall be deemed to impair the Board's or any Trustee's fiduciary duties under applicable law.

EFFECTIVE DATE & REVISION HISTORY

Adopted by the Board on August 22, 2025. Future amendments become effective upon Board approval.

# SCHEDULE A - FUNDS AND FEE RATES
Founder-Led ETF ("FDRS")

Maximum Annual Rate: 0.25% of average daily net assets

Current Rate: 0.00% (no payments expected during the first 12 months)

Founder-Led 2x Daily ETF ("FDRX")

Maximum Annual Rate: 0.25% of average daily net assets

Current Rate: 0.00% (no payments expected during the first 12 months)

## Ex-99.P

# CORGI ETF TRUST I

## JOINT CODE OF ETHICS
Corgi ETF Trust I (the "Trust") & Corgi Strategies, LLC (the "Adviser")

Adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 and Rule 204A-1 under the Investment Advisers Act of 1940 to deter and detect unlawful or unethical conduct by Access Persons.

I. INTRODUCTION

The Board of Trustees (the "Board") of the Trust and the executive management of the Adviser have determined that this Code is reasonably designed to prevent conduct proscribed by Rule 17j-1 and Rule 204A-1 and to promote fiduciary principles.

Capitalised terms not defined in-line are set forth in Annex A (Glossary).

A. Structure.

The Trust is a Delaware statutory trust registered as an open-end investment company. Each series, currently Founder-Led ETF (FDRS), Founder-Led 2x Daily ETF (FDRX) and any future series (collectively, the "Funds"), is advised by the Adviser.

B. Covered Persons.

This Code applies to every officer, director, employee, consultant or other "supervised person" of the Adviser or the Trust (collectively, "Access Persons") as that term is defined in Rule 17j-1.

1. Any natural person who, in the ordinary course of duties, participates in or obtains information regarding Fund securities transactions.

2. Any person with access to non-public portfolio information.

3. Any trustee, officer or director of the Distributor whose functions relate to Fund trades.

II. FIDUCIARY STANDARDS AND BUSINESS CONDUCT

Put the interests of Fund shareholders and other advisory clients ahead of personal gain.

Execute personal transactions only in a manner that avoids actual or apparent conflicts with client trading.

Never use one's position or information gained through that position for inappropriate personal advantage.

All Access Persons must at all times comply with Section 206 of the Advisers Act and with applicable federal securities laws.

III. PERSONAL SECURITIES TRANSACTIONS

(A) No Access Person shall, directly or indirectly, employ any device, scheme or artifice to defraud a Fund; make any statement that is materially false or misleading, or omit material facts necessary for the statement to be accurate; engage in any act, practice or course of business that operates as a fraud; or manipulate the price or market for any security held or to be acquired for a Fund.

(B) Prior written approval from the Chief Compliance Officer ("CCO") is required before any Access Person acquires beneficial ownership of (i) securities issued in an initial public offering or (ii) securities offered in a transaction exempt from registration under Sections 4(a)(2) or 4(a)(5) of the Securities Act, or Rules 504-506 thereunder. Approval, if granted, is valid only for the calendar day on which it is issued.

(C) Routine Pre-clearance. Except for "Exempt Securities" (Annex F), no Access Person may buy or sell a security in which he or she has a beneficial interest unless the trade is pre-cleared by the CCO. Requests are made via the Personal Trade Request Form (Annex B). Approval may be revoked prior to execution. Requests submitted by the Chief Compliance Officer ("CCO") must be reviewed and approved by the Chief Legal Officer or, if none, an Independent Trustee designated by the Board. Pre-clearance normally will be denied if the same security is (i) held by any Fund on that day, (ii) being considered for purchase or sale by any Fund, or (iii) subject to a pending allocation notice.

(D) 30-Day Rule. An Access Person may not profit from the purchase and sale, or sale and purchase, of the same (or equivalent) security within 30 calendar days. Any profit will be donated to a charity chosen by the Adviser, and the transaction history will be reported to the Board at its next regular meeting.

(E) Short sales, short calls, or purchases of puts against any security, including inverse ETFs, require CCO approval and are strictly prohibited when the position targets a Fund or any pooled vehicle advised by the Adviser.

(F) Independent Trustees. Independent Trustees who have no day-to-day access to confidential portfolio information are exempt from paragraphs C-F above, except where they knowingly trade on non-public information received in their trustee capacity.

IV. REPORTING AND DISCLOSURE OBLIGATIONS

1. Within 10 days of becoming an Access Person, and each January thereafter, submit an Initial/Annual Holdings Report current to within 45 days.

2. No later than 30 days after each calendar quarter end, file a Quarterly Transaction Report covering all reportable securities and any new brokerage accounts.

3. Direct all brokers to send duplicate trade confirmations and monthly statements electronically to the CCO.

4. The CCO may waive reporting for accounts over which the Access Person has no direct or indirect influence or control after obtaining written certifications from both the Access Person and the account fiduciary.

5. Independent Trustees file only when they know or reasonably should know that a trade occurred before the next public portfolio posting and involves a security currently being bought or sold by a Fund.

V. ADMINISTRATION

Distribute the Code to all Access Persons and obtain annual acknowledgments.

Maintain an updated roster of Access Persons and their reporting status.

Each quarter, reconcile reported personal trades to Fund trades and investigate variances.

Report apparent violations to the Board.

The Board, including a majority of the Independent Trustees, must (i) approve this Code before the Trust retains the Adviser and (ii) approve any material amendment not later than six months after its adoption.

Annually, the Adviser will furnish the Board with a written report describing Code issues, material violations, sanctions imposed, and certifying that procedures remain reasonably designed to prevent violations.

VI. RECORDKEEPING

The Adviser will maintain all records required by Rule 17j-1(d) and Rule 204-2, including: a copy of the current and past five years' Codes; records of violations and sanctions; Access-Person reports; lists of persons subject to the Code; annual CCO reports; and approvals for IPOs/Private Placements.

VII. MISCELLANEOUS

A. Confidentiality. All reports and information furnished under this Code will be treated as confidential and used solely for compliance purposes, except as otherwise required by law or regulation.

B. Interpretive Standard. The phrase "should have known" does not impose a duty of inquiry or impute knowledge based on public Fund disclosures.

Effective: August 22, 2025

# ANNEX A - Glossary
Advisory Client - Every pooled investment vehicle, separately-managed account, sub-advisory mandate or other portfolio for which the Adviser provides discretionary or non-discretionary investment advice.

Access Person - Any Supervised Person who participates in, or is aware of, Fund trades; has access to non-public portfolio information; or is a trustee, officer or director of the Trust, Adviser or Distributor whose functions relate to Fund transactions.

Beneficial Ownership - A direct or indirect pecuniary interest in a security, including interests of immediate family members sharing the same household, trusts, partnerships or derivative contracts, as interpreted under Rule 16a-1(a)(2).

Exempt Security - A security listed as "Exempt" in Annex F or later designated in writing as exempt by the Chief Compliance Officer ("CCO").

Family / Household - Spouse, domestic partner, child, step-child, grandchild, parent, step-parent, grand-parent, sibling, in-law of similar degree, or any other person sharing the Access Person's primary residence for six months or longer.

Limited Offering - Any private placement relying on Section 4(a)(2) or Regulation D of the Securities Act of 1933, or a comparable foreign exemption.

Security - Any "security" within Section 2(a)(36) of the Investment Company Act, Section 202(a)(18) of the Advisers Act or Section 3(a)(10) of the Exchange Act, together with any digital asset, warrant, option, future, swap or other instrument economically linked to the foregoing.

# ANNEX B - Personal Trade Request Form (PTR-1)
PERSONAL TRADE REQUEST FORM

Complete one form per security. Approval is valid only until 11:59 p.m. ET on the approval date. The 30-Day Short-Term-Trade Rule applies.

Entity: [ ] Corgi ETF Trust I [ ] Corgi Strategies, LLC

1. Trade Details

Security Name / Ticker / CUSIP: _________________

Trade Type: [ ] Buy [ ] Sell

Quantity / Principal Amount: _________________

Limit or Market Price (USD): _________________

Brokerage Account Name & Number: _________________

2. Special Designations

[ ] Limited Offering [ ] Initial Public Offering

[ ] Position Over 5% of issuer's outstanding shares

3. Employee Certification

"I certify that this transaction complies with the Joint Code of Ethics and that I possess no material non-public information."

Name_____________________ Signature___________________ Date__________

4. Compliance Use Only

[ ] Granted [ ] Denied Comments ____________________________________

CCO/Designee_____________ Date__________

Send duplicate confirms and monthly statements to compliance@founderledfunds.com.

# ANNEX C - Initial / Annual Holdings Report (Form COE-H)
INITIAL / ANNUAL SECURITIES HOLDINGS REPORT

As of __________ (mm/dd/yyyy - no more than 45 days old)

Personal Information

Name_____________ Title_____________ Department_____________

Reportable Holdings (exclude Exempt Securities)

For each holding provide:

Security Name / Type / Ticker or CUSIP

Shares or Face Amount

Broker / Custodian

Nature of Interest (e.g., Direct, Spouse, Trust)

Brokerage & Bank Accounts.

List every account that holds securities:

Firm & Account Number

Date Opened (mm/dd/yy)

Control? Yes / No

Certification - "The foregoing is complete and accurate."

Signature_____________________ Date__________

# ANNEX D - Quarterly Transaction Report (Form COE-Q)
QUARTERLY TRANSACTION REPORT

[ ] Q1 [ ] Q2 [ ] Q3 [ ] Q4 Year _____

1. No-Transactions Certification

[ ] "I had no reportable transactions this quarter."

2. Reportable Transactions

For each trade list: _______________________

Trade Date: _______________________

Buy / Sell / Other (specify): _______________________

Security: _______________________

Quantity / Principal Amount: _______________________

Price: _______________________

Broker: _______________________

Comments: _______________________

3. New Accounts Opened This Quarter

Firm & Account Number: _______________________

Date Opened (mm/dd/yy): _______________________

Signature_____________ Date__________

# ANNEX E - Code of Ethics Acknowledgment
ANNUAL ACKNOWLEDGMENT OF JOINT CODE OF ETHICS

To be signed within 10 days of hire and every July thereafter.

"I have read and understand the Joint Code of Ethics dated August 22, 2025 (or as amended) and agree to comply fully. I have reported, or will promptly report, all personal securities holdings and transactions as required."

Name_____________ Signature_____________ Date__________

ANNEX F - Exempt Securities Schedule

1. U.S. Treasury bills, notes, bonds

Report Exempt: Yes. Pre-Clear Exempt: Yes.

2. Bankers' acceptances and FDIC-insured certificates of deposit

Report Exempt: Yes. Pre-Clear Exempt: Yes.

3. Commercial paper rated A-1 / P-1 or higher

Report Exempt: Yes. Pre-Clear Exempt: Yes.

4. Repurchase agreements collateralized by U.S. Treasuries

Report Exempt: Yes. Pre-Clear Exempt: Yes.

5. Investment-grade corporate bonds (NAIC 1-2)

Report Exempt: No. Pre-Clear Exempt: Yes.

6. Shares of unaffiliated open-end mutual funds

Report Exempt: Yes. Pre-Clear Exempt: Yes.

7. Shares of money-market funds

Report Exempt: Yes. Pre-Clear Exempt: Yes.

8. Unaffiliated ETFs and ETNs

Report Exempt: No. Pre-Clear Exempt: Yes.

9. Purchases of any ETF for which Corgi Strategies, LLC or an affiliate acts as investment adviser or sub-adviser

Report Exempt: No. Pre-Clear Exempt: Yes. (sales require clearance)

10. Qualified tuition programs under IRC Section 529 (unaffiliated)

Report Exempt: Yes. Pre-Clear Exempt: Yes.

11. Any instrument later designated by the Chief Compliance Officer

Report Exempt: As specified. Pre-Clear Exempt: As specified.

Note: Transactions that are report-only (i.e., exempt from pre-clearance) are still subject to the 30-Day Short-Term-Trading Rule and must appear in Forms COE-H (holdings) and COE-Q (quarterly transactions).

## Ex-99

# CORGI ETF TRUST I

## POWER OF ATTORNEY
POWER OF ATTORNEY

Adopted August 22, 2025, by the Board of Trustees

ARTICLE I - APPOINTMENT & AUTHORITY

Each undersigned Trustee or Officer of Corgi ETF Trust I (the "Trust") hereby constitutes and appoints the persons identified on Schedule A (each, an "Attorney-in-Fact"), and each of them acting singly, as his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, to:

(a) sign in the undersigned's name and on the undersigned's behalf the Trust's registration statement(s) (including on Form N-1A or any successor form) and any and all amendments or supplements thereto under the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended;

(b) execute, deliver and file with the U.S. Securities and Exchange Commission any related exhibits, consents, certificates and other instruments or documents in connection therewith; and

(c) perform any and all other acts that such Attorney-in-Fact deems necessary or appropriate to effect the foregoing.

ARTICLE II - COUNTERPARTS; ELECTRONIC SIGNATURES

This Power of Attorney may be executed in multiple counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Signatures may be manual, electronic or facsimile to the extent permitted by applicable law, including Rule 302 of Regulation S-T.

ARTICLE III - RATIFICATION; EFFECTIVENESS

The undersigned hereby ratify and confirm all lawful acts performed by any Attorney-in-Fact pursuant to this Power of Attorney. This Power of Attorney is effective upon execution by the undersigned and remains in effect until revoked in writing by the undersigned.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney as of the 22nd of August, 2025.

By: <u>/s/ Emily Z. Yuan</u>

Name: Emily Z. Yuan

Title: Trustee

By: <u>/s/ Nicolas S. Laqua</u>

Name: Nicolas S. Laqua

Title: Trustee; Chair

By: <u>/s/ Conor M. Murray</u>

Name: Conor Murray

Title: Lead Independent Trustee

By: <u>/s/ Bryant C. Lee</u>

Name: Bryant Lee

Title: Trustee

By: <u>/s/ Jennifer X. Benson</u>

Name: Jennifer X. Benson

Title: Trustee

OFFICERS

By: <u>/s/ Emily Z. Yuan</u>

Name: Emily Z. Yuan

Title: President and Principal Executive Officer

By: <u>/s/ Henry B. Margulies</u>

Name: Henry B. Margulies

Title: Chief Compliance Officer

By: <u>/s/ Brianna A. Lynch</u>

Name: Brianna A. Lynch

Title: Principal Financial Officer; Principal Accounting Officer (Treasurer)

# SCHEDULE A - ATTORNEYS-IN-FACT
The following individuals, acting singly and with full power of substitution and resubstitution, are appointed as Attorneys-in-Fact for the purposes set forth in Article I - Appointment & Authority:

* 
 Brianna A. Lynch, CPA, Treasurer & Principal Financial Officer
 

* Emily Z. Yuan, President & Principal Executive Officer

* 
 Henry B. Margulies, Chief Compliance Officer, Secretary, AML Officer
 

* 
 Any Assistant Secretary of the Trust duly appointed from time to time
 

Each Attorney-in-Fact may designate one or more substitutes and may revoke any such designation.