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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the “Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;table-layout:fixed;border:0;border-collapse:separate;border-spacing:0pt"> <tr> <td style="width:79.807692%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF">Management Fee </td> <td style="width:20.192308%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF">0.20% </td> </tr> <tr> <td style="width:79.807692%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF">Distribution and/or Service (12b-1) Fees </td> <td style="width:20.192308%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF">0.00% </td> </tr> <tr> <td style="width:79.807692%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF">Other Expenses(2) </td> <td style="width:20.192308%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF">0.00% </td> </tr> <tr> <td style="width:79.807692%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-bottom:1pt solid #000000">Acquired Fund Fees and Expenses(3) </td> <td style="width:20.192308%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-bottom:0.5pt solid #000000">0.00% </td> </tr> <tr> <td style="width:79.807692%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-bottom:1pt solid #000000">Total Annual Fund Operating Expenses </td> <td style="width:20.192308%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-top:0.5pt solid #000000;border-bottom:1pt solid #000000">0.20% </td> </tr> </table> (1) Under the unitary fee arrangement, Corgi Strategies, LLC (the “Adviser”) will bear substantially all of the Fund’s ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”); litigation expenses; and other non-routine or extraordinary expenses. (2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. (3) The Fund expects to incur a one-time upfront fee or commission in connection with its initial acquisition of interests in special purpose vehicles. If the Fund plans to hold SPV interests at inception, a reasonable good-faith estimate of that cost will be included in Acquired Fund Fees and Expenses in a pre-effective amendment. The Fund expects its initial SPV interests to charge no ongoing management fee, performance allocation, carried interest, or incentive allocation. Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.002 0 0 0 0.002 (1) Under the unitary fee arrangement, Corgi Strategies, LLC (the “Adviser”) will bear substantially all of the Fund’s ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”); litigation expenses; and other non-routine or extraordinary expenses. (2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. (3) The Fund expects to incur a one-time upfront fee or commission in connection with its initial acquisition of interests in special purpose vehicles. If the Fund plans to hold SPV interests at inception, a reasonable good-faith estimate of that cost will be included in Acquired Fund Fees and Expenses in a pre-effective amendment. The Fund expects its initial SPV interests to charge no ongoing management fee, performance allocation, carried interest, or incentive allocation. The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown. It assumes a $10,000 investment held for the periods shown and a full redemption at the end of each period, with a 5% annual return and unchanged operating expenses. Your actual expenses may differ; based on these assumptions, your costs would be as shown. <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;table-layout:fixed;border:0;border-collapse:separate;border-spacing:0pt"> <tr> <td style="width:50.000000%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-top:1pt solid #000000">1 Year </td> <td style="width:50.000000%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#FFFFFF;border-top:1pt solid #000000">3 Years </td> </tr> <tr> <td style="width:50.000000%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF;border-bottom:1pt solid #000000">$20</td> <td style="width:50.000000%;vertical-align:top;padding:0pt 5.4pt 0pt 5.4pt;border:0;background-color:#CCEEFF;border-bottom:1pt solid #000000">$64</td> </tr> </table> 20 64 Portfolio Turnover When the Fund buys and sells securities, it incurs trading costs such as brokerage commissions. Greater trading activity (often called portfolio turnover) generally means higher trading expenses and, in taxable accounts, may result in larger taxable distributions. These amounts are not included in Total Annual Fund Operating Expenses or in the Expense Example and will reduce the Fund's returns. Because the Fund is newly formed, a portfolio turnover rate is not yet available. Principal Investment Strategies The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of the following six companies and in SPV interests, total return swaps, and other financial instruments that provide economic exposure to the equity securities or equity value of those companies (collectively, the "MANGOS Companies"): Meta Platforms, Inc. ("Meta"), Anthropic PBC ("Anthropic"), NVIDIA Corporation ("Nvidia"), Alphabet Inc. ("Google"), OpenAI, Inc. ("OpenAI"), and Space Exploration Technologies Corp. ("SpaceX"). MANGOS is an acronym formed from the first letters of these six companies: Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. The Fund's 80% investment policy is defined by reference to these six specific named companies rather than by a thematic industry classification. For purposes of the policy, derivative instruments will be valued at their notional value. Meta Platforms, Inc. (NASDAQ: META) operates social media and messaging platforms, including Facebook, Instagram, WhatsApp, and Messenger, and develops virtual and augmented reality technologies and related hardware. Meta is headquartered in Menlo Park, California. Anthropic PBC is an AI safety company that develops and deploys large language models and frontier AI systems, including the Claude family of AI assistants. Anthropic is headquartered in San Francisco, California. As of the date of this Prospectus, Anthropic is not publicly traded and does not file periodic reports under the Securities Exchange Act of 1934. If and when Anthropic's securities become publicly listed, the Fund will disclose the applicable trading market and ticker symbol. NVIDIA Corporation (NASDAQ: NVDA) designs and supplies graphics processing units (GPUs), data center accelerators, networking solutions, and related hardware and software for gaming, professional visualization, data centers, automotive, and artificial intelligence markets. NVIDIA is headquartered in Santa Clara, California. Alphabet Inc. (NASDAQ: GOOGL) operates internet products and platforms, including Google Search, YouTube, Google Cloud, and related advertising and technology businesses, and invests in emerging technologies including autonomous vehicles, quantum computing, and artificial intelligence. Alphabet is headquartered in Mountain View, California. OpenAI, Inc. develops and deploys artificial intelligence systems, including large language models and the ChatGPT platform, and conducts frontier AI research. OpenAI is headquartered in San Francisco, California. As of the date of this Prospectus, OpenAI is not publicly traded and does not file periodic reports under the Securities Exchange Act of 1934. If and when OpenAI's securities become publicly listed, the Fund will disclose the applicable trading market and ticker symbol. Space Exploration Technologies Corp. (NASDAQ: SPCX) designs, manufactures, and launches advanced rockets and spacecraft; operates the Starlink satellite communications network; and, through its ownership of xAI and X, develops artificial-intelligence models and computing infrastructure and operates a social-media platform and related advertising business. SpaceX is headquartered in Hawthorne, California. Each publicly listed MANGOS Company is subject to the reporting requirements of the Securities Exchange Act of 1934 and files annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the U.S. Securities and Exchange Commission. These reports, including audited financial statements, are publicly available at www.sec.gov. Investors can locate information provided to or filed with the Commission by each publicly listed MANGOS Company, including financial statements, at www.sec.gov. In the event of a merger, reorganization, or other corporate action involving a MANGOS Company, the Fund will treat the surviving or successor entity as the applicable MANGOS Company, provided that the successor entity (i) is publicly listed on a U.S. securities exchange, (ii) continues to operate substantially the same core business lines as the predecessor company, and (iii) has a market capitalization at the time of the corporate action that would place it among the largest U.S.-listed companies. If a MANGOS Company ceases to exist and no successor entity satisfies all three criteria, the Fund will remove that company from the basket and reallocate its weight among the remaining MANGOS Companies. Derivatives and Total Return Swaps. The Fund may obtain exposure to each MANGOS Company through equity securities and financial instruments, including one-for-one, cash-settled total return swaps. For privately held companies, including OpenAI and Anthropic, the Fund expects to use swaps and/or eligible SPVs rather than direct purchases of private-company shares. Following a public listing, the Fund may use listed shares and financial instruments, including swaps. The mix may vary by company and over time with availability, costs, liquidity, valuation and applicable investment policies. The Fund may use one or more approved swap counterparties and is not committed to an exclusive provider. Derivatives counted toward the 80% policy must provide economic exposure to a MANGOS Company. The Fund does not propose to enter into swaps referencing SPV interests and will not engage in securities lending as a principal investment strategy. Private-Company Swap Pricing and Liquidity. Private-company swaps are expected to use reference pricing derived from perpetual futures contracts referencing the applicable company. The swap counterparty acts as calculation agent under the swap documentation and valuation agent under the collateral documentation, with pricing discretion subject to the governing terms. The swap counterparty selects and applies reference pricing under the governing agreements and may use alternative pricing sources when appropriate. Alternative perpetual futures venues or secondary-market private-share transaction data may be used if the primary source is unavailable or unsuitable. The Adviser may independently review the selected reference pricing and investigate discrepancies. The Fund’s NAV valuation remains subject to its valuation procedures. A perpetual futures price may differ materially from the value of the company’s shares. The Fund does not itself hold perpetual futures or maintain an account with, or post collateral to, a perpetual futures venue under this strategy. The swap’s return reflects changes in the agreed reference value and applicable distributions or adjustments, less applicable financing costs and fees. The governing agreement permits whole or partial termination by notice, subject to contractual valuation and settlement provisions. The Fund expects initially to classify private-company swaps as illiquid but may subsequently classify a swap as highly liquid, moderately liquid or less liquid when supported by current, documented evidence under Rule 22e-4. Classifications will be reviewed under the Fund’s liquidity risk management program using current, documented evidence, including termination rights, price impact and settlement terms. Cash settlement or a termination right alone does not determine the classification. Illiquid swap assets count toward the Fund’s 15% limit on illiquid investments. Private-Company Position Sizing. The Adviser determines private-company position sizes based on available investment opportunities, costs, liquidity, valuation and portfolio considerations. The Fund will not acquire exposure to a privately held MANGOS Company if, immediately after the acquisition, the Fund’s aggregate exposure to the privately held MANGOS Companies (currently Anthropic and OpenAI) would exceed 15% of its net assets. This limit applies however the exposure is obtained, including through swaps priced by reference to perpetual futures, SPV interests or direct holdings, and regardless of liquidity classification. For this purpose, exposure aggregates swap notional, the portion of SPV fair value reasonably attributable to those companies and any direct holdings. To the extent the Fund invests in investments classified as illiquid, it generally targets up to 10% of its net assets in such investments at the time of acquisition. Position sizes may change with creations and redemptions, investment performance, available capacity and compliance considerations. The Fund expects initially to classify its private-company swaps and SPV interests as illiquid and will comply with Rule 22e-4’s 15% limit on illiquid investments. Swap classifications may change when supported by current, documented evidence under the Fund’s liquidity risk management program. An IPO does not automatically make an investment liquid; any investment that remains illiquid continues to count toward that limit. Special Purpose Vehicles and Private Investments. The Fund may invest through passive, non-controlling interests in one or more unaffiliated SPVs holding private-company securities. It will not create or sponsor an SPV or act as its general partner or managing member. The Adviser evaluates each SPV’s ownership chain, underlying holdings, fees, restrictions, economic rights and available valuation information before investing. Only the portion attributable to a MANGOS Company counts toward the 80% policy. The Fund will invest only in SPVs that charge no ongoing management fee, performance allocation, carried interest or incentive allocation; a one-time acquisition fee or commission may apply. SPV interests will initially be classified as illiquid and included in the 15% illiquid-investment limit. The Fund may hold permissible liquid investments while suitable exposure is unavailable. Additional information about SPV diligence, valuation, monitoring and reporting appears under “Principal Investment Strategies for the Fund.” Cash Settlement and Creation/Redemption Baskets. The Fund uses cash in lieu of swaps and SPV interests in creation and redemption baskets; neither is transferred in kind. Each creation or redemption need not result in a simultaneous termination or sale of those holdings. The Fund manages available cash and liquid holdings to meet redemption and collateral obligations while investment proceeds are pending. Private-Company Exposure Management. The Fund’s use of derivatives is subject to Rule 18f-4 and its derivatives risk management program. The Adviser evaluates pricing reliability, market activity, counterparty exposure, collateral, termination and settlement terms, and anticipated cash needs under the applicable valuation and risk management procedures. It may refrain from increasing, reduce or terminate exposure, seek another approved counterparty, or consider an eligible SPV. These measures do not assure the availability of intended exposure or eliminate risk. Transition Following a Public Listing. Under the expected arrangements, upon an IPO and listing the perpetual futures contract referenced by an existing swap automatically changes its reference from pre-IPO shares to the company’s listed shares. The existing swap remains linked to the perpetual futures contract and may continue without being closed. Following the IPO, the Adviser will determine when to terminate the perpetual-futures-linked swap and replace it with a new swap referencing the company’s publicly traded shares directly, subject to applicable transaction terms and the availability of acceptable replacement terms. The governing transaction terms apply. An IPO does not itself convert an SPV interest into freely tradable shares or provide a cash exit. The Adviser aggregates exposure across instruments during the transition. For the avoidance of doubt, the Fund is not a “cryptocurrency fund” and does not seek investment exposure to cryptocurrencies or other digital assets (such as bitcoin or ether) directly. The Fund seeks exposure to the equity securities or equity value of the MANGOS Companies. Private-company swap reference pricing or counterparty hedging may nevertheless involve perpetual futures traded on digital asset derivatives venues, exposing the Fund to the related pricing, market and counterparty risks described below. The Fund employs a combination of fundamental analysis and quantitative screening to construct the Fund's portfolio and determine position sizing among the MANGOS Companies. The Adviser evaluates the MANGOS Companies based on, among other things, competitive positioning within the technology and innovation ecosystem, revenue growth trajectory, market opportunity, research and development pipeline, management quality, and valuation. The Fund is not an index fund and does not seek to replicate a market-capitalization-weighted or equal-weighted allocation among the MANGOS Companies. The Fund may hold cash, cash equivalents, or short-term U.S. Treasury instruments for liquidity management or to facilitate portfolio transitions. The Fund will provide shareholders with at least 60 days' prior written notice of any change to the Fund's 80% investment policy. The Fund is classified as non-diversified under the Investment Company Act of 1940. The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of the following six companies and in SPV interests, total return swaps, and other financial instruments that provide economic exposure to the equity securities or equity value of those companies (collectively, the "MANGOS Companies"): Meta Platforms, Inc. ("Meta"), Anthropic PBC ("Anthropic"), NVIDIA Corporation ("Nvidia"), Alphabet Inc. ("Google"), OpenAI, Inc. ("OpenAI"), and Space Exploration Technologies Corp. ("SpaceX"). MANGOS is an acronym formed from the first letters of these six companies: Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. The Fund's 80% investment policy is defined by reference to these six specific named companies rather than by a thematic industry classification. For purposes of the policy, derivative instruments will be valued at their notional value. Derivatives counted toward the 80% policy must provide economic exposure to a MANGOS Company. Only the portion attributable to a MANGOS Company counts toward the 80% policy. The Fund will provide shareholders with at least 60 days' prior written notice of any change to the Fund's 80% investment policy. The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of the value of its net assets (plus any borrowings for investment purposes) in equity securities of the following six companies and in SPV interests, total return swaps, and other financial instruments that provide economic exposure to the equity securities or equity value of those companies (collectively, the "MANGOS Companies"): Meta Platforms, Inc. ("Meta"), Anthropic PBC ("Anthropic"), NVIDIA Corporation ("Nvidia"), Alphabet Inc. ("Google"), OpenAI, Inc. ("OpenAI"), and Space Exploration Technologies Corp. ("SpaceX"). MANGOS is an acronym formed from the first letters of these six companies: Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. The Fund's 80% investment policy is defined by reference to these six specific named companies rather than by a thematic industry classification. For purposes of the policy, derivative instruments will be valued at their notional value. In the event of a merger, reorganization, or other corporate action involving a MANGOS Company, the Fund will treat the surviving or successor entity as the applicable MANGOS Company, provided that the successor entity (i) is publicly listed on a U.S. securities exchange, (ii) continues to operate substantially the same core business lines as the predecessor company, and (iii) has a market capitalization at the time of the corporate action that would place it among the largest U.S.-listed companies. If a MANGOS Company ceases to exist and no successor entity satisfies all three criteria, the Fund will remove that company from the basket and reallocate its weight among the remaining MANGOS Companies. Derivatives counted toward the 80% policy must provide economic exposure to a MANGOS Company. Only the portion attributable to a MANGOS Company counts toward the 80% policy. 0.80 6 MANGOS is an acronym formed from the first letters of these six companies: Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX. 60 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. Concentration and Single Issuer Risk. The Fund invests a significant portion of its assets in six specified issuers and may be particularly sensitive to negative developments affecting any one MANGOS Company, including adverse business results, regulatory actions, reputational events, cybersecurity incidents, or changes in competitive position. Meta, Nvidia, and Google are mega-capitalization companies whose share prices may be especially sensitive to changes in expectations regarding growth, artificial-intelligence investment, and valuation. Anthropic and OpenAI are privately held companies for which substantially less public information is available. SpaceX operates aerospace, satellite communications, artificial-intelligence, and social-media businesses that present distinct operational and regulatory risks. A decline in the value of any MANGOS Company may have a disproportionate negative effect on the Fund's performance and may increase volatility. The Fund will concentrate its investments in the following group of related industries in which the MANGOS Companies operate: artificial-intelligence model development and software; semiconductor design and AI computing infrastructure; interactive media, social networking, and digital advertising; cloud computing; aerospace and launch services; and satellite-based communications and related space technologies. Developments affecting these industries may affect the Fund more than a fund invested across a broader range of unrelated industries. Meta Platforms, Inc. Investing Risk. Meta depends substantially on its ability to attract and retain users, sustain engagement across its platforms, and generate advertising revenue. Changes in user preferences, competition, reduced advertising demand, restrictions imposed by mobile operating systems, unsuccessful products, or substantial spending on artificial intelligence, infrastructure, virtual reality, and related initiatives may adversely affect results. Meta is also exposed to content-moderation, misinformation, child-safety, privacy, cybersecurity, intellectual-property, antitrust, litigation, and regulatory risks in the United States and other jurisdictions. Anthropic PBC Investing Risk. Anthropic is a privately held, development-stage artificial-intelligence company operating in a capital-intensive and rapidly evolving market. It requires substantial investment in computing infrastructure, research, and specialized personnel and faces intense competition. Anthropic depends on third parties for cloud infrastructure, compute resources, financing, and commercial distribution. Its models may produce inaccurate, biased, harmful, or unintended outputs or may be misused. Limited public information, transfer restrictions, uncertain valuation, and the absence of a public market heighten the risks of the Fund's exposure. NVIDIA Corporation Investing Risk. Nvidia faces intense competition, rapid technological change, semiconductor cyclicality, fluctuations in AI-related demand, customer concentration, and potential mismatches between supply and demand. Nvidia depends on third parties to manufacture, assemble, test, and package its products. Export controls, national-security restrictions, tariffs, and geopolitical developments, particularly those affecting Taiwan or China, could restrict Nvidia's sales or supply chain. Product defects, cybersecurity incidents, loss of key personnel, or a decline in expectations regarding AI investment could materially affect Nvidia. Alphabet Inc. Investing Risk. Google derives a substantial portion of its revenue from advertising and depends on continued use of Google Search, YouTube, and its other platforms. Competition from AI-enabled search, changes in user behavior, loss of distribution arrangements, technologies that limit advertising, or unsuccessful investments may adversely affect results. Google is subject to significant antitrust proceedings and potential structural or behavioral remedies, as well as privacy, data-use, content-moderation, cybersecurity, intellectual-property, and other regulatory and litigation risks. OpenAI Investing Risk. OpenAI is a privately held artificial-intelligence company requiring substantial capital, computing infrastructure, data, and specialized personnel. Its models may generate inaccurate, biased, misleading, harmful, or infringing outputs or may be misused. OpenAI depends on strategic partners and third-party cloud and hardware providers and is exposed to cybersecurity, privacy, data-sourcing, intellectual-property, governance, model-safety, and emerging AI-regulation risks. Limited public information, organizational complexity, transfer restrictions, uncertain valuation, and the absence of a public market heighten the Fund's exposure. Space Exploration Technologies Corp. Investing Risk. SpaceX's launch and spaceflight operations use complex and inherently hazardous technologies. Launch failures, accidents, satellite failures, orbital debris, collisions, spectrum interference, or service disruptions could cause significant losses. SpaceX requires substantial capital, operates in heavily regulated industries, and derives meaningful revenue from government contracts. Through its ownership of xAI and X, it also faces risks involving frontier AI, computing infrastructure, social-media engagement, advertising, content moderation, privacy, cybersecurity, misinformation, intellectual property, and AI regulation. Its limited public trading history, integration risk, related-party transactions, dependence on key personnel, and changing strategic focus may increase volatility. Newly Public Companies Risk. SpaceX completed its initial public offering in June 2026. Securities of recently public companies can be more volatile and may have limited trading and operating histories as a public company, smaller public floats, and narrower research coverage, which can increase price swings and trading costs. Shares held by pre-offering investors may become eligible for sale upon the expiration of lock-up arrangements, which may add selling pressure. 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. No AP is obligated to engage in creation or redemption transactions. If these firms curtail or cease their activities and others do not step in, Shares may trade at significant premiums or discounts to NAV, experience wider bid-ask spreads, or be subject to trading halts or delisting. 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 portfolio experiences disruptions. Difficulty valuing or hedging the Fund’s private-company exposure, including during disruptions affecting perpetual futures reference markets, may reduce authorized participant or market maker participation, widen bid-ask spreads, and increase premiums or discounts to NAV. Technology Change, Innovation, and Competitive Dynamics Risk. The MANGOS Companies operate in rapidly evolving technology and innovation industries and may face intense competition, rapid product or service obsolescence, frequent changes in technology, standards, and customer preferences, and the need for ongoing research and development. These companies may have business models that depend on successful commercialization of new technologies, timely product launches, and broad adoption. Competitive pressures, platform consolidation, and dependence on key personnel and talent may adversely affect market share, pricing, margins, and growth prospects for the MANGOS Companies. Antitrust, Regulatory, and Government Scrutiny Risk. Meta, Google, Nvidia, Anthropic, OpenAI, and SpaceX (including its xAI and X businesses) are subject to antitrust, competition, or other regulatory scrutiny in the United States and internationally. Regulatory actions, including investigations, enforcement proceedings, consent decrees, structural remedies (such as mandatory divestitures or business separations), fines, or changes in laws or regulations applicable to technology companies, digital advertising, AI, data privacy, content moderation, or space exploration, could materially adversely affect the business, financial condition, competitive position, and valuation of one or more MANGOS Companies. Derivatives and Counterparty Risk. Derivatives, including total return swaps, expose the Fund to counterparty, correlation, liquidity, valuation, collateral and operational risks. A counterparty may fail to perform or become insolvent, and a derivative may perform differently than expected. Private-company swaps are bespoke, bilateral contracts that may lack an active secondary market. Contractual termination rights do not assure immediate cash settlement or an exit at the Fund’s valuation. Counterparty pricing discretion may create conflicts of interest, and unwind prices may be difficult to verify. The Fund expects initially to classify private-company swaps as illiquid but may subsequently classify a swap as highly liquid, moderately liquid or less liquid when supported by current, documented evidence under Rule 22e-4. Illiquid swap asset values count toward the 15% illiquid-investment limit, and classifications are reviewed under the Fund’s liquidity risk management program. Derivatives may increase portfolio turnover and taxable events. Perpetual Futures Reference Price Risk. The Fund’s private-company swaps may reference perpetual futures prices that differ materially from private-company share values, financing-round valuations, IPO prices, or subsequent listed-share prices. These contracts generally have no stated expiration date, and mechanisms intended to align their prices with the referenced company’s value may not be effective. Limited trading, concentrated participation, and unreliable information may cause volatility, pricing disruptions, or manipulation, including near the swap’s pricing time. Prices may change when Fund shares are not trading. The Fund’s NAV valuation may differ from contractual settlement amounts and does not change the swap’s payment terms. The calculation agent’s discretion in selecting or applying pricing inputs and adjustments may create conflicts of interest and affect the amount payable under the swap. Perpetual Futures Market and Counterparty Hedging Risk. The Fund does not itself enter into perpetual futures contracts under this strategy, but its swap counterparties may use them to hedge their obligations. Platform failures, trading interruptions, cybersecurity incidents, regulatory restrictions, funding changes, forced liquidation, or automatic reductions of hedge positions may impair pricing or counterparty performance. A counterparty may decline additional transactions or, where permitted by the swap terms, increase charges or terminate a swap. Replacement exposure may be unavailable, and collateral does not eliminate counterparty risk. Relevant venues may operate outside the United States and may not provide protections comparable to those of U.S.-regulated securities or futures exchanges. Private-Company Swap Cost Risk. Private-company swaps may have higher financing and transaction costs than public-company swaps. Interest rates, perpetual futures funding rates, market liquidity, and hedging availability may increase costs. Counterparties may pass through increased hedging costs where permitted by the swap terms. Reducing, terminating, or replacing swaps may involve additional costs, reducing returns and potentially causing the Fund to reduce or forgo exposure. SPV and Private Investment Risk. The Fund may obtain private-company exposure through interests in unaffiliated special purpose vehicles (SPVs). The Fund depends on the SPV sponsor or manager and generally lacks direct shareholder rights in the underlying company. Limited information, conflicts of interest, SPV expenses, liabilities and ownership terms may impair valuation, reduce returns or cause the exposure to differ from direct share ownership. Transfer restrictions, required consents, ownership defects or restrictions on withdrawals and redemptions may delay or prevent an exit or require a sale at a substantial discount. Distributions and liquidity events are uncertain; an IPO does not assure a cash exit, and distributions may consist of restricted securities or other illiquid property. SPV interests initially will be classified as illiquid and included in the Fund’s 15% illiquid-investment limit. Fair values may rely on stale information and significant judgment and differ materially from amounts realized. The Fund could lose some or all of its investment. Equity Market Risk. Equity securities fluctuate in value due to issuer-specific events, sector dynamics, and broad market factors. The Fund’s investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Foreign Securities and Depositary Receipts Risk. Investments in non-U.S. companies and depositary receipts, including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”), involve risks not typically associated with U.S. investments, including currency fluctuations, political and economic instability, differences in financial reporting standards, less stringent regulatory requirements, and limited availability of public information. AI and Algorithmic Decision Risk. Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX through xAI each develop, enable, or deploy artificial-intelligence systems and may rely on AI models, automated systems, and algorithmic decision-making to develop products, deliver services, or manage operations. The effectiveness of these tools may depend on the quality, availability, and timeliness of data, and outcomes may be inaccurate, biased, or otherwise flawed. Market expectations regarding AI-driven growth and related compute demand may change rapidly, which may contribute to valuation volatility for issuers with AI-related exposure. Pre-IPO and Transitional Company Risk. Anthropic and OpenAI may not become publicly traded on any particular timeline or at all. A public listing may involve valuation uncertainty, volatility, dilution and lock-up or transfer restrictions, and does not automatically make the Fund’s investment liquid. An existing swap may remain linked to a perpetual futures contract after that contract changes its reference to listed shares. Perpetual futures pricing and market risks therefore continue until that exposure is terminated, and its value may diverge from listed-share prices. An IPO does not assure an exit at the Fund’s NAV valuation. SPV interests remain subject to their governing terms and restrictions. The Fund may continue exposure through SPV interests, listed shares or swaps, subject to its strategy and applicable restrictions. Swap settlement or adjustment values may differ materially from IPO prices, the entry value of a replacement swap referencing listed shares, or listed-share purchase prices. Differences in pricing and transaction timing may cause losses, additional costs, or temporary gaps or overlap in exposure during a transition. Export Controls, Sanctions, and Restricted Market Risk. Nvidia and SpaceX may be subject to export controls, sanctions regimes, national security restrictions, or other limitations on cross-border sales and technology transfer. Changes in sanctions or other restrictions can result in penalties, reputational harm, and reduced investor confidence. In extreme cases, sanctions-related restrictions could result in the Fund being unable to sell an affected investment, potentially resulting in a complete loss. Cybersecurity, Data Breach, Privacy, and Trust Risk. Meta, Anthropic, Nvidia, Google, OpenAI, and SpaceX (including xAI and X) face heightened risks of cyberattacks, security breaches, service disruptions, and misuse or unauthorized disclosure of data. Such events may result in operational disruption, regulatory investigations, litigation, remediation expenses, loss of customers, and reputational harm. Heightened regulatory scrutiny of privacy and data-use practices may restrict certain business activities and increase compliance costs. Key Personnel and Talent Risk. The MANGOS Companies depend on highly skilled personnel, including founder-executives, leading AI researchers, and specialized engineers, and face intense competition to hire and retain qualified employees. The loss of key personnel or difficulty recruiting talent may impair a company's ability to innovate, maintain product quality, or execute its strategy. Space and Satellite Industry Risk. SpaceX may face risks related to launch failure, deployment delays, regulatory licensing requirements, and the capital-intensive nature of the industry. The space environment presents unique risks, including space debris and collision hazards. SpaceX may have meaningful dependence on government customers and budgets. Non-Diversified Fund Risk. As a non-diversified fund under the Investment Company Act of 1940, the Fund may invest a larger percentage of its assets in a smaller number of issuers. An adverse event affecting a single issuer could have a proportionately greater impact on the Fund’s NAV than it would on a diversified fund. Active Management Risk. Because the Fund is actively managed, the Fund’s performance depends on the Adviser’s ability to select securities and manage the portfolio effectively. The Adviser’s investment decisions may not produce the intended results. There is no guarantee that the Fund will achieve its investment objective. Brokerage Commissions and Bid-Ask Spread Risk. Investors transacting in the secondary market will pay brokerage commissions or other charges and may incur the cost of the bid-ask spread in addition to the price of the Shares. Because Shares trade at market prices rather than at NAV, Shares may trade at a price greater than NAV (premium) or less than NAV (discount). New Adviser Risk. The Adviser is both a newly registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing the Fund’s investment approach or in achieving the Fund’s intended investment objective. New Fund Risk. The Fund is newly organized and has limited or no operating history. It may take time to attract assets, build secondary-market liquidity, and achieve efficient portfolio management. During this period, the Fund may experience wider bid-ask spreads, more pronounced premiums or discounts to NAV, and higher expenses than more seasoned funds. Cash Creation and Redemption Risk. The Fund may effect creations and redemptions partly or wholly for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects its creations and redemptions only in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of portfolio securities may result in capital gains or losses and may also result in higher brokerage costs. Operational and Cybersecurity Risk. The Fund and its service providers rely on complex processes and technology, including for trading, valuation, shareholder recordkeeping, and the creation/redemption process. Human error, processing or communication failures, cyber incidents, or disruptions at counterparties and other third parties (including pricing services, custodians, and intermediaries) could impair operations, result in financial loss, or hinder the Fund’s ability to meet its objective. Capitalization Risk. The Fund may invest in companies of any market capitalization. Small and mid-capitalization companies can be more volatile and less liquid than larger companies and may have fewer financial resources, narrower product lines, and greater sensitivity to a single program, customer, or supplier. Large capitalization companies may be less able to sustain high growth rates and may be more exposed to broad industry headwinds given their scale, which can cause them to lag during periods when smaller competitors outperform. Liquidity and Valuation Risk. Some investments may be difficult to value or sell at favorable prices, particularly during market stress. When market quotations are unavailable or unreliable, fair-value estimates may differ from amounts realized on sale. Disruptions affecting private-company swaps or SPV interests may prevent the Fund from adjusting those positions as it processes creations and redemptions. Creations may dilute exposure to an affected company, while redemptions funded from liquid holdings may increase the proportion of private-company or illiquid investments remaining in the portfolio. These effects may cause allocation deviations and increase costs or risks for remaining shareholders. Replacement exposure may be unavailable or available only on unfavorable terms. Limited Shareholder Rights Risk. The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings, and the Board can take certain actions without a shareholder vote (including, in some cases, liquidating the Fund). These provisions can make it harder, more expensive, or slower for shareholders to bring claims or to influence how the Trust or the Fund is run, including because certain claims (other than claims arising under the federal securities laws) may be subject to a waiver of the right to a jury trial. Emerging Market Issuers Risk. Certain countries in which the Fund's portfolio companies are headquartered or have significant operations may be classified as emerging markets. Investments with exposure to emerging markets involve risks including political and economic instability, less developed regulatory frameworks, currency volatility, and reduced liquidity. Semiconductor, Capital Equipment, and Capex Cyclicality Risk. Nvidia is exposed to semiconductor markets that can be cyclical and sensitive to end-demand, inventory cycles, and customer capital spending. Pricing pressure, order cancellations, and rapid technology shifts may adversely affect revenues and margins. These industries may also face heightened sensitivity to export controls and geopolitical developments. Supply Chain, Manufacturing, and Component Dependency Risk. Nvidia and SpaceX, and to a lesser extent Meta and Google through their hardware and data-center operations, depend on complex global supply chains, specialized components, and critical suppliers. Supply constraints, geopolitical disruptions, tariffs, and single-source dependencies may delay production, increase costs, and adversely affect revenues and profitability. Performance Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. At that time, the Fund's performance will be compared to an appropriate broad-based market index (total return). The specific benchmark index (or indexes) used for this comparison will be identified in this section once performance information is presented and will be selected to represent the overall applicable market relevant to the Fund's investment exposure. Past performance (before and after taxes) is not a guarantee of future results. Once available, updated performance information will be posted on the Fund’s website at www.corgiinvest.com. Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com (1) Under the unitary fee arrangement, Corgi Strategies, LLC (the “Adviser”) will bear substantially all of the Fund’s ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”); litigation expenses; and other non-routine or extraordinary expenses. (2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. (3) The Fund expects to incur a one-time upfront fee or commission in connection with its initial acquisition of interests in special purpose vehicles. If the Fund plans to hold SPV interests at inception, a reasonable good-faith estimate of that cost will be included in Acquired Fund Fees and Expenses in a pre-effective amendment. The Fund expects its initial SPV interests to charge no ongoing management fee, performance allocation, carried interest, or incentive allocation.