0002078265 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:C000280201Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109102Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:C000280212Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109113Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:C000280223Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109124Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:C000280225Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109126Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:C000280226Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:InflationIndexedBondsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109127Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:C000280227Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:AgencySecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CommercialMortgageBackedSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ExtensionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:MortgageBackedSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:CorgiPrepaymentRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:TbaTransactionsAndDollarRollRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109128Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:C000280228Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109129Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:C000280229Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109130Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:C000280230Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109131Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:C000280202Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109103Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:C000280203Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109104Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:C000280204Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:HighYieldSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ServicesAndManufacturingSectorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109105Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:C000280205Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:FallenAngelRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:HighYieldSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ServicesAndManufacturingSectorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109106Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:C000280206Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:AgencySecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:ExtensionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:GovernmentSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:MortgageBackedSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:CorgiPrepaymentRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:TbaTransactionsAndDollarRollRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109107Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:C000280208Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:AgencySecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:GovernmentSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:USTreasuryObligationsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109109Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:C000280210Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:MunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:TaxRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109111Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:C000280211Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:LowShortTermInterestRatesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:MunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:TaxRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109112Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:C000280214Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CaliforniaMunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:MunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:TaxRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109115Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:C000280215Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:MunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:NewYorkMunicipalSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:TaxRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109116Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:C000280217Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CurrencyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:EmergingMarketsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ForeignSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:HighYieldSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:SovereignDebtRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109118Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:C000280218Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:CurrencyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:EmergingMarketsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ForeignSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:HighYieldSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:SovereignDebtRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109119Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:C000280219Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CurrencyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:DerivativesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:EmergingMarketsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ForeignSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:HighYieldSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109120Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:C000280220Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CallRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CorporateBondRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CurrencyHedgingAndForwardContractsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CurrencyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:FinancialServicesIndustriesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ForeignSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CorgiGeographicConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:InvestmentGradeSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109121Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:C000280221Member 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member oef:RiskLoseMoneyMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CashTransactionRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CorgiCreditRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CurrencyHedgingAndForwardContractsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CurrencyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:DebtSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:DurationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:EtfRisksMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ApAndMarketMakerDependenceRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CostsOfBuyingOrSellingSharesMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:SharesMayTradeAtPricesOtherThanNavMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:TradingMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ForeignIssuerRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ForeignSecuritiesRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CorgiGeographicConcentrationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:IncomeRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:IndexCalculationAndMethodologyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:InflationRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:CorgiInterestRateRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:LimitedShareholderRightsRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:LiquidityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:MarketRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:NewAdviserRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:NewFundRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member oef:RiskNondiversifiedStatusMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:OperationalAndCybersecurityRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:PassiveStrategyRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:SamplingRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:SovereignDebtRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ThirdPartyDataRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:TrackingDifferenceAndTrackingErrorRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:UnaffiliatedIndexProviderRiskMember 2026-10-13 2026-10-13 0002078265 cik0002078265:S000109122Member cik0002078265:ValuationRiskMember 2026-10-13 2026-10-13 pure iso4217:USD 485BPOS true 0002078265 2026-10-13 N-1A Post-Effective Amendment No. 138 Corgi ETF Trust I 2026-10-13 FUND SUMMARY - Corgi FTSE 7-10 Year U.S. Treasury Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE 7-10 Year U.S. Treasury Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least seven years and less than ten years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Treasury 7-10 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least seven years and less than ten years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index consists of U.S. domestic sovereign bonds eligible for the FTSE World Government Bond Index with a remaining maturity of at least seven years and less than ten years. Eligible U.S. Treasury securities are fixed-rate, denominated in U.S. dollars and have at least $5 billion of public amount outstanding, excluding Federal Reserve holdings. Inflation-linked bonds, Treasury bills, stripped zero-coupon securities and agency debt are excluded. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 13 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will not concentrate its investments (i.e., invest 25% or more of the value of its total assets) in any particular industry or group of industries. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk.</b><b> </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE 10-20 Year U.S. Treasury Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE 10-20 Year U.S. Treasury Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least ten years and less than twenty years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Treasury 10-20 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least ten years and less than twenty years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index consists of U.S. domestic sovereign bonds eligible for the FTSE World Government Bond Index with a remaining maturity of at least ten years and less than twenty years. Eligible U.S. Treasury securities are fixed-rate, denominated in U.S. dollars and have at least $5 billion of public amount outstanding, excluding Federal Reserve holdings. Inflation-linked bonds, Treasury bills, stripped zero-coupon securities and agency debt are excluded. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of September 2026, the Index comprised approximately 60 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will not concentrate its investments (i.e., invest 25% or more of the value of its total assets) in any particular industry or group of industries. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk.</b><b> </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE 20+ Year U.S. Treasury Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE 20+ Year U.S. Treasury Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least twenty years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Treasury 20+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated U.S. Treasury bonds with a remaining maturity of at least twenty years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index consists of U.S. domestic sovereign bonds eligible for the FTSE World Government Bond Index with a remaining maturity of at least twenty years. Eligible U.S. Treasury securities are fixed-rate, denominated in U.S. dollars and have at least $5 billion of public amount outstanding, excluding Federal Reserve holdings. Inflation-linked bonds, Treasury bills, stripped zero-coupon securities and agency debt are excluded. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 40 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will not concentrate its investments (i.e., invest 25% or more of the value of its total assets) in any particular industry or group of industries. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk.</b><b> </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE U.S. Treasury Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE U.S. Treasury Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated U.S. Treasury bonds.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Treasury 0+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated U.S. Treasury bonds that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index comprises the U.S. domestic sovereign component of the FTSE World Government Bond 0+ Years Index. It includes eligible fixed-rate U.S. Treasury bonds through the final month before maturity; a one-month minimum remaining maturity applies. Eligible issues must have at least $5 billion of public amount outstanding, excluding Federal Reserve holdings. Inflation-linked bonds, Treasury bills, stripped zero-coupon securities and agency debt are excluded. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 341 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will not concentrate its investments (i.e., invest 25% or more of the value of its total assets) in any particular industry or group of industries. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk. </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE U.S. TIPS Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE U.S. TIPS Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of inflation-protected U.S. Treasury bonds ("TIPS").</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Inflation-Linked Securities 0+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in inflation-protected U.S. Treasury bonds ("TIPS") that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket. Non-Index fixed-income securities will not be counted toward this Fund's 80% investment policy, even if they have economic characteristics similar to Index securities.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index comprises U.S. government inflation-linked securities eligible for the FTSE World Inflation-Linked Securities 0+ Years Index. It includes eligible TIPS through the final month before maturity, subject to a one-month minimum remaining maturity and the parent index's minimum public amount outstanding of $5 billion for U.S. issues, excluding Federal Reserve holdings. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">TIPS have a fixed coupon rate applied to principal that adjusts with changes in the Consumer Price Index. Inflation increases the adjusted principal and the interest payment; deflation can decrease them. At maturity, the Treasury pays the original principal or the inflation-adjusted principal, whichever is greater. Market prices of TIPS can decline despite their inflation adjustment.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 52 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will not concentrate its investments (i.e., invest 25% or more of the value of its total assets) in any particular industry or group of industries. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation-Indexed Bonds Risk. </b>The principal value of an investment in the Fund is not protected or otherwise guaranteed by virtue of the Fund's investments in inflation-indexed bonds. The value of inflation-indexed securities generally fluctuates with changes in real interest rates, decreasing when real interest rates rise and increasing when real interest rates fall. If the Fund purchases TIPS in the secondary market and the bonds' principal values previously were adjusted upward, but then there is a period of declining inflation rates, the Fund may receive at maturity less than it invested. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk.</b><b> </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE U.S. Aggregate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE U.S. Aggregate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated investment-grade bonds issued in the U.S. market.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Broad Investment-Grade Bond 0+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated investment-grade bonds issued in the U.S. market that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index measures the broad U.S. dollar-denominated investment-grade bond market through its 0+ Years universe. It includes U.S. Treasury, agency and other government-related debt, corporate bonds of U.S. and foreign issuers, agency mortgage-backed pass-through securities and eligible asset-backed securities. Eligible fixed-rate, fixed-to-floating-rate and zero-coupon securities are subject to the applicable sector rules; fixed-to-floating-rate bonds are removed before their floating-rate period under those rules. The 0+ Years universe extends eligible bonds below one year remaining to maturity.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Minimum amounts outstanding vary by sector: $5 billion for U.S. Treasuries excluding Federal Reserve holdings; $1 billion for U.S. agency and supranational issues; $500 million for non-U.S. sovereign and provincial issues; and $250 million for corporate and asset-backed issues. Mortgage components are represented by agency/coupon/program/origination-year cohorts, with separate coupon and cohort size requirements. Convertible and floating-rate securities are excluded. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 11,717 components, including 285 mortgage cohorts. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund may purchase and sell agency mortgage-backed securities in to-be-announced ("TBA") transactions to obtain mortgage exposure and help track the Index. In a TBA transaction, the parties agree on general security characteristics, price and a future settlement date; the specific mortgage pools are identified shortly before settlement. The Fund may also engage in dollar rolls by selling mortgage-backed securities for one settlement date and simultaneously agreeing to purchase substantially similar securities for a later settlement date. Dollar rolls may help maintain mortgage exposure or generate additional income, but may create leverage and increase turnover and transaction costs. TBA commitments and dollar rolls are not counted as Index bonds for the Fund's 80% investment policy; delivered qualifying Index securities may be counted.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Agency Securities Risk. </b>Some U.S. government agency and instrumentality securities, including securities issued or guaranteed by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the United States. The issuer or guarantor may be unable to meet its obligations, and there is no assurance of U.S. government financial support beyond legally binding commitments. Government guarantees do not protect the market value of securities or Shares. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Commercial Mortgage-Backed Securities Risk. </b>Commercial mortgage-backed securities are subject to default and losses on the underlying commercial real estate loans. Declining property values, occupancy or rental income, or difficulty refinancing loans, may reduce their value. Their prepayment, extension and liquidity risks may differ from those of other fixed-income securities. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Extension Risk. </b>During periods of rising interest rates, certain debt obligations may be paid off more slowly than expected, as longer-than-expected maturities may increase the volatility of the Fund's investments. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Mortgage-Backed Securities Risk. </b>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. During periods of declining interest rates, prepayment of underlying mortgages generally increases, which may cause the average anticipated maturity of the mortgage-backed securities to decrease and the Fund to have to reinvest the resulting proceeds at lower interest rates. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Prepayment Risk. </b>During periods of falling interest rates, issuers of certain debt obligations may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding instruments. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>TBA Transactions and Dollar Roll Risk. </b>The mortgage pools delivered in a TBA transaction may be less favorable than expected, and a counterparty may fail to perform. Market prices may move adversely before settlement. In a dollar roll, the Fund forgoes principal and interest payments on the securities sold and may receive securities with different prepayment characteristics. The price difference and income from reinvesting the proceeds may not offset forgone payments, costs or losses. Dollar rolls can create leverage, magnify losses and increase turnover and tracking differences. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE U.S. IG Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE U.S. IG Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Broad Investment-Grade Corporate Bond 0+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE US Broad Investment-Grade Bond 0+ Years Index. Eligible bonds are U.S. dollar-denominated corporate debt of U.S. and foreign issuers issued in the U.S. market, with at least $250 million outstanding. Eligible coupon structures include fixed-rate, fixed-to-floating-rate and zero-coupon bonds under the parent methodology. Convertible and floating-rate bonds are excluded. The 0+ Years universe includes eligible bonds with less than one year remaining to maturity. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 9,934 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In the Index Provider's August 2026 sample composition, financial services industries represented approximately 34.8% of total weight. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE 5-10 Year IG Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE 5-10 Year IG Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers with a remaining maturity of at least five years and less than ten years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Broad Investment-Grade Corporate Bond 5-10 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers with a remaining maturity of at least five years and less than ten years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE US Broad Investment-Grade Bond Index. Eligible bonds are U.S. dollar-denominated corporate debt of U.S. and foreign issuers issued in the U.S. market, with at least $250 million outstanding. Eligible coupon structures include fixed-rate, fixed-to-floating-rate and zero-coupon bonds under the parent methodology. Convertible and floating-rate bonds are excluded. Bonds must have a remaining maturity of at least five years and less than ten years. The Index is weighted by market value and rebalanced monthly. The Index measures remaining maturity using FTSE's remaining-average-life convention, as explained under Additional Information About the Funds.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 2,425 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In the Index Provider's August 2026 sample composition, financial services industries represented approximately 37.3% of total weight. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE 10+ Year IG Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE 10+ Year IG Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers with a remaining maturity of at least ten years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Broad Investment-Grade Corporate Bond 10+ Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated investment-grade corporate bonds of U.S. and foreign issuers with a remaining maturity of at least ten years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE US Broad Investment-Grade Bond Index. Eligible bonds are U.S. dollar-denominated corporate debt of U.S. and foreign issuers issued in the U.S. market, with at least $250 million outstanding. Eligible coupon structures include fixed-rate, fixed-to-floating-rate and zero-coupon bonds under the parent methodology. Convertible and floating-rate bonds are excluded. Bonds must have a remaining maturity of at least ten years. The Index is weighted by market value and rebalanced monthly. The Index measures remaining maturity using FTSE's remaining-average-life convention, as explained under Additional Information About the Funds.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 3,335 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE Aaa-A Intermediate Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE Aaa-A Intermediate Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated Aaa through A-rated corporate bonds of U.S. and foreign issuers with a remaining maturity of less than ten years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Corporate Bond AAA-A Rated 3% Issuer Capped 0-10 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated Aaa through A-rated corporate bonds of U.S. and foreign issuers with a remaining maturity of less than ten years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE US Broad Investment-Grade Bond 0+ Years Index. Eligible bonds are U.S. dollar-denominated corporate debt of U.S. and foreign issuers issued in the U.S. market, with at least $250 million outstanding. Eligible coupon structures include fixed-rate, fixed-to-floating-rate and zero-coupon bonds under the parent methodology. Convertible and floating-rate bonds are excluded. The 0+ Years universe includes eligible bonds with less than one year remaining to maturity. Bonds must have an Index rating of at least A- (including the equivalent Moody's rating) and a remaining maturity of less than ten years. The range includes short-term bonds; the Fund does not impose a three-year minimum on each holding. The Index is weighted by market value and rebalanced monthly. Each issuer is capped at 3% at rebalancing, with excess weight redistributed proportionately among other eligible issuers; bonds within an issuer are weighted by market value. The Index measures remaining maturity using FTSE's remaining-average-life convention, as explained under Additional Information About the Funds.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the Index comprised approximately 3,005 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, banks represented more than 25% of the Index's weight. The Index may also have significant exposure to other financial services industries. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities or other assets of one or more issuers, countries, industries, or asset classes. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE BBB Rated Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE BBB Rated Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated BBB-rated corporate bonds of U.S. and foreign issuers.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Corporate Bond BBB Rated 3% Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated BBB-rated corporate bonds of U.S. and foreign issuers that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE US Broad Investment-Grade Bond 0+ Years Index. Eligible bonds are U.S. dollar-denominated corporate debt of U.S. and foreign issuers issued in the U.S. market, with at least $250 million outstanding. Eligible coupon structures include fixed-rate, fixed-to-floating-rate and zero-coupon bonds under the parent methodology. Convertible and floating-rate bonds are excluded. The 0+ Years universe includes eligible bonds with less than one year remaining to maturity. Bonds must have an Index rating from BBB- through BBB+, inclusive (equivalent to Moody's Baa3 through Baa1). The Index is weighted by market value and rebalanced monthly. Each issuer is capped at 3% at rebalancing, with excess weight redistributed proportionately among other eligible issuers; bonds within an issuer are weighted by market value.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the Index comprised approximately 5,074 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, financial services industries represented approximately 26.7% of total weight. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities or other assets of one or more issuers, countries, industries, or asset classes. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE High Yield Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE High Yield Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated below-investment-grade corporate bonds of U.S. and foreign issuers.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US High-Yield Market 2% Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated below-investment-grade corporate bonds of U.S. and foreign issuers that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index comprises bonds eligible for the FTSE US High-Yield Market 0+ Years Index, with each issuer capped at 2% by market value at the monthly rebalance. Excess weight is redistributed proportionately among other eligible issuers. Eligible bonds have at least $250 million outstanding, include fixed-rate, fixed-to-floating-rate and zero-coupon structures, and may include cash-pay, deferred-interest and Rule 144A bonds. Floating-rate, convertible and defaulted bonds are excluded. The Index includes eligible bonds with less than one year remaining to maturity.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Eligible issuer countries are Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States under FTSE's fixed-income country-assignment rules. Index credit quality ranges from BB+ through C on the S&amp;P scale (Ba1 through Ca on the Moody's scale). The Index is weighted by market value, subject to its issuer cap, and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Below-investment-grade bonds, also called high yield bonds or "junk bonds," have ratings below BBB- by S&amp;P or Baa3 by Moody's. They are speculative investments with greater credit risk than investment-grade bonds. The Index Provider uses S&amp;P ratings or their Moody's equivalents and treats a bond as investment grade if one of those agencies rates it investment grade and the other rates it high yield.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the Index comprised approximately 1,825 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the services and manufacturing sectors represented approximately 35.4% and 29.1% of total weight, respectively. These are broad sector classifications; the Fund's industry concentration policy is applied separately. These exposures may change.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund's investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities or other assets of one or more issuers, countries, industries, or asset classes. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>High Yield Securities Risk. </b>Securities rated below investment grade are commonly referred to as high yield securities or "junk bonds." High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations. The secondary market for high yield securities may be less liquid than the markets for higher quality securities. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Services and Manufacturing Sector Risk.</b> Services issuers may be sensitive to changes in demand, competition, technology and discretionary spending. Manufacturing issuers may be affected by input and labor costs, supply disruptions, global trade and economic cycles. Adverse conditions in these sectors may have a greater effect on the Fund when its exposure is substantial. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE Fallen Angels Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE Fallen Angels Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated below-investment-grade corporate bonds of U.S. and Canadian issuers that were previously rated investment grade and subsequently downgraded ("fallen angels").</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0 0 0.0008 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$8 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$26 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 8 26 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Time-Weighted US Fallen Angel Bond 5% Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated below-investment-grade corporate bonds of U.S. and Canadian issuers that were previously rated investment grade and subsequently downgraded ("fallen angels") that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects fallen-angel bonds from the FTSE US High-Yield Market Index. Eligible bonds are issued by corporations domiciled in the United States or Canada and changed from investment grade to high yield in the preceding month. A bond need not have been investment grade at original issuance. Eligible bonds have at least $250 million outstanding and at least one year remaining to maturity, meet the parent index's coupon and security-type criteria, and have Index ratings from BB+ through C on the S&amp;P scale (Ba1 through Ca on the Moody's scale). Defaulted bonds are excluded.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Below-investment-grade bonds, also called high yield bonds or "junk bonds," have ratings below BBB- by S&amp;P or Baa3 by Moody's. They are speculative investments with greater credit risk than investment-grade bonds. The Index Provider uses S&amp;P ratings or their Moody's equivalents and treats a bond as investment grade if one of those agencies rates it investment grade and the other rates it high yield.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is rebalanced monthly. A bond remains eligible for up to 60 months after inclusion while it continues to meet the eligibility rules; if it exits and later re-enters, that period resets. Time-based weighting favors more recent fallen angels: each bond receives an initial time score, which starts declining in month 13. Scores are normalized to weights at each rebalance. Each issuer is capped at 5%, and each bond's time-based weight is capped at five times its market-capitalization weight.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">A bond that regains an investment-grade Index rating ceases to satisfy the high-yield eligibility requirement and is removed when that change is reflected in the next monthly Index composition. Because Index ratings are generally fixed for the performance month, an upgrade does not ordinarily trigger immediate intramonth removal. The Fund generally expects to sell a removed bond as it rebalances to track the Index. The Adviser may retain it temporarily to avoid adverse trading costs or illiquidity, consistent with the Fund's investment policies; after removal it will not count toward the Fund's 80% investment policy.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the Index comprised approximately 74 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the services and manufacturing sectors represented approximately 30.4% and 36.9% of Index weight, respectively, and financial services industries represented approximately 22.7%. These are broad sector classifications; the Fund's industry concentration policy is applied separately. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Fallen Angel Risk. </b>"Fallen angel" securities are bonds previously rated investment grade but subsequently downgraded to below investment grade. These securities may experience significant price declines as a result of the downgrade and may be more volatile and less liquid than bonds that were originally issued as high yield. The market for fallen angel bonds may be less developed than the broader high yield market. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments and differing regulatory environments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>High Yield Securities Risk. </b>Securities rated below investment grade are commonly referred to as high yield securities or "junk bonds." High yield securities are often issued by issuers that are restructuring, are smaller or less creditworthy than other issuers, or are more highly indebted than other issuers. High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. The prices of high yield securities are likely to be more sensitive to adverse economic changes or individual issuer developments than higher rated securities. During an economic downturn or substantial period of rising interest rates, high yield security issuers may experience financial stress that would adversely affect their ability to service their principal and interest payment obligations. The secondary market for high yield securities may be less liquid than the markets for higher quality securities. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Services and Manufacturing Sector Risk.</b> Services issuers may be sensitive to changes in demand, competition, technology and discretionary spending. Manufacturing issuers may be affected by input and labor costs, supply disruptions, global trade and economic cycles. Adverse conditions in these sectors may have a greater effect on the Fund when its exposure is substantial. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE U.S. MBS Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE U.S. MBS Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade U.S. agency mortgage-backed pass-through securities.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.02% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0002 0 0 0.0002 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$2 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$6 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 2 6 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Mortgage Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade U.S. agency mortgage-backed pass-through securities that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index measures fixed-rate mortgage-backed pass-through securities guaranteed by Fannie Mae, Freddie Mac or Ginnie Mae. It comprises 15-year and 30-year mortgage programs eligible for to-be-announced ("TBA") trading. Securities are grouped into cohorts by agency, program, coupon and origination year, rather than listing every individual mortgage pool. Cohorts generally enter with at least $1 billion outstanding if the related coupon has at least $5 billion outstanding; ongoing cohort and coupon thresholds also apply. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Ginnie Mae guarantees are backed by the full faith and credit of the United States. Fannie Mae and Freddie Mac guarantees are not. Mortgage principal may be repaid earlier or later than anticipated, which changes the securities' cash flows and interest-rate sensitivity.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 285 mortgage cohorts. This is a count of Index cohorts, not individual mortgage pools or underlying loans. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund may purchase and sell agency mortgage-backed securities in to-be-announced ("TBA") transactions to obtain mortgage exposure and help track the Index. In a TBA transaction, the parties agree on general security characteristics, price and a future settlement date; the specific mortgage pools are identified shortly before settlement. The Fund may also engage in dollar rolls by selling mortgage-backed securities for one settlement date and simultaneously agreeing to purchase substantially similar securities for a later settlement date. Dollar rolls may help maintain mortgage exposure or generate additional income, but may create leverage and increase turnover and transaction costs. TBA commitments and dollar rolls are not counted as Index bonds for the Fund's 80% investment policy; delivered qualifying Index securities may be counted.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. The Index consists entirely of agency mortgage-backed securities; this asset-class exposure is distinct from industry concentration.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Agency Securities Risk. </b>Some U.S. government agency and instrumentality securities, including securities issued or guaranteed by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the United States. The issuer or guarantor may be unable to meet its obligations, and there is no assurance of U.S. government financial support beyond legally binding commitments. Government guarantees do not protect the market value of securities or Shares. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. The Index consists entirely of agency mortgage-backed securities, which are not assigned to an industry for this policy. The Fund's exposure to that security type is addressed under Mortgage-Backed Securities Risk. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Extension Risk. </b>During periods of rising interest rates, certain debt obligations may be paid off substantially more slowly than originally anticipated and the value of those debt obligations may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments. <b>Government Securities Risk. </b>Securities issued or guaranteed by U.S. government-sponsored entities are not backed by the full faith and credit of the U.S. government, and there is no assurance that the U.S. government will provide financial support. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Mortgage-Backed Securities Risk. </b>Mortgage-backed securities are affected by, among other things, interest rate changes and the possibility of prepayment of the underlying mortgage loans. During periods of declining interest rates, prepayment of underlying mortgages generally increases, which may cause the average anticipated maturity of the mortgage-backed securities to decrease and the Fund to have to reinvest the resulting proceeds at lower interest rates. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Prepayment Risk. </b>During periods of falling interest rates, issuers of certain debt obligations may repay principal prior to the debt obligation's maturity, which may cause the Fund to have to reinvest in instruments with lower yields or a higher risk of default, resulting in a decline in the Fund's income or return potential. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>TBA Transactions and Dollar Roll Risk. </b>The mortgage pools delivered in a TBA transaction may be less favorable than expected, and a counterparty may fail to perform. Market prices may move adversely before settlement. In a dollar roll, the Fund forgoes principal and interest payments on the securities sold and may receive securities with different prepayment characteristics. The price difference and income from reinvesting the proceeds may not offset forgone payments, costs or losses. Dollar rolls can create leverage, magnify losses and increase turnover and tracking differences. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE Intermediate Government/Credit Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE Intermediate Government/Credit Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated government and investment-grade credit bonds with a remaining maturity of less than ten years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US Government/Credit Bond Treasury Capped 0-10 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated government and investment-grade credit bonds with a remaining maturity of less than ten years that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects bonds from the FTSE US Broad Investment-Grade Bond 0+ Years Index with a remaining maturity of less than ten years and excludes collateralized securities, including mortgage-backed, asset-backed and covered-bond classifications. It includes U.S. Treasury, agency, supranational and other government-related debt and corporate bonds of U.S. and foreign issuers. The range includes short-term bonds; the Fund does not impose a three-year minimum on each holding. The Index measures remaining maturity using FTSE's remaining-average-life convention, as explained under Additional Information About the Funds.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The parent index applies sector-specific size thresholds: $5 billion for U.S. Treasuries excluding Federal Reserve holdings, $1 billion for U.S. agency and supranational issues, $500 million for non-U.S. sovereign and provincial issues, and $250 million for corporate issues. Eligible fixed-rate, fixed-to-floating-rate and zero-coupon bonds are subject to the parent methodology; floating-rate and convertible bonds are excluded. The Index is weighted by market value, with the aggregate U.S. Treasury weight capped at 60% at each monthly rebalance and excess weight redistributed proportionately among the remaining constituents.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In FTSE's September 2026 monthly profile, the Index comprised approximately 7,783 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Agency Securities Risk. </b>Some U.S. government agency and instrumentality securities, including securities issued or guaranteed by Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the United States. The issuer or guarantor may be unable to meet its obligations, and there is no assurance of U.S. government financial support beyond legally binding commitments. Government guarantees do not protect the market value of securities or Shares. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Government Securities Risk. </b>Securities issued or guaranteed by U.S. government-sponsored entities are not backed by the full faith and credit of the U.S. government, and there is no assurance that the U.S. government will provide financial support. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>U.S. Treasury Obligations Risk.</b><b> </b>U.S. Treasury obligations may differ from other securities in their interest rates, maturities, times of issuance and other characteristics and may provide relatively lower returns than those of other securities. Changes in the U.S. government's financial condition or credit rating may cause the value of U.S. Treasury obligations to decline. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity, but the market value of such securities is not guaranteed and may fluctuate. Although U.S. Treasury obligations are backed by the full faith and credit of the United States, circumstances could arise that could prevent the timely payment of interest or principal. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE National Municipal Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE National Municipal Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade municipal bonds issued in the United States.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.05% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0005 0 0 0.0005 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$5 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$16 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 5 16 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US National AMT-Free Municipal Tax-Exempt Investment Grade Bond Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade municipal bonds issued in the United States that comprise the Index (the "80% investment policy"). The interest on these bonds must be exempt from regular federal income tax and not subject to federal AMT. This policy may be changed only with the approval of a majority of the Fund's outstanding voting securities, as defined in the 1940 Act. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects bonds from the FTSE US Municipal Tax-Exempt Investment-Grade Bond 0+ Years Index. Eligible bonds pay interest exempt from regular federal income tax and not subject to the federal alternative minimum tax ("AMT"). Bonds issued in Puerto Rico, the U.S. Virgin Islands and Guam are excluded. The Index excludes bonds classified by FTSE as Housing (HSNG) or Healthcare (HLTH) under its Class 2 Municipal Bond Classifications, or as Tobacco (TBCC) or Hospitals (HOSP) under its Corporate Bond Sector classifications. The 0+ Years parent extends eligible bonds through the final month before maturity, subject to its one-month minimum remaining maturity. Eligible fixed-rate and zero-coupon issues have at least $10 million outstanding and were part of a deal of at least $75 million at issuance, and must satisfy the parent's issue-date, credit and pricing rules. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 39,737 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Municipal securities generally are not assigned to an industry, except that private-activity municipal bonds are assigned to the industry of the ultimate user or use of proceeds. Geographic exposure to a state is distinct from industry concentration.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Municipal Securities Risk. </b>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Tax Risk. </b>There is no guarantee that the Fund's income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE Short-Term National Municipal Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE Short-Term National Municipal Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade municipal bonds issued in the United States with a remaining maturity of less than five years.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.03% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.03% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0003 0 0 0.0003 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$3 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$10 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 3 10 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE US National AMT-Free Municipal Tax-Exempt Investment Grade Bond 0-5 Years Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade municipal bonds issued in the United States with a remaining maturity of less than five years that comprise the Index (the "80% investment policy"). The interest on these bonds must be exempt from regular federal income tax and not subject to federal AMT. This policy may be changed only with the approval of a majority of the Fund's outstanding voting securities, as defined in the 1940 Act. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects bonds from the FTSE US Municipal Tax-Exempt Investment-Grade Bond 0+ Years Index. Eligible bonds pay interest exempt from regular federal income tax and not subject to the federal alternative minimum tax ("AMT"). Bonds issued in Puerto Rico, the U.S. Virgin Islands and Guam are excluded. The Index excludes bonds classified by FTSE as Housing (HSNG) or Healthcare (HLTH) under its Class 2 Municipal Bond Classifications, or as Tobacco (TBCC) or Hospitals (HOSP) under its Corporate Bond Sector classifications. Only bonds with a remaining maturity of less than five years are eligible. The 0+ Years parent extends eligible bonds through the final month before maturity, subject to its one-month minimum remaining maturity. Eligible fixed-rate and zero-coupon issues have at least $10 million outstanding and were part of a deal of at least $75 million at issuance, and must satisfy the parent's issue-date, credit and pricing rules. The Index is weighted by market value and rebalanced monthly. The Index measures remaining maturity using FTSE's remaining-average-life convention, as explained under Additional Information About the Funds.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 9,832 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Municipal securities generally are not assigned to an industry, except that private-activity municipal bonds are assigned to the industry of the ultimate user or use of proceeds. Geographic exposure to a state is distinct from industry concentration.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Low Short-Term Interest Rates Risk. </b>When short-term interest rates are low, the Fund’s yield may be very low and could be negative after fees and expenses. In such environments, the Fund may generate insufficient income to cover expenses and may have difficulty maintaining distributions at expected levels. Low short-term rates may also make it more difficult to manage cash flows and rebalance efficiently, which could increase tracking difference. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Municipal Securities Risk. </b>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Tax Risk. </b>There is no guarantee that the Fund's income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE California Municipal Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE California Municipal Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade municipal bonds issued in California.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0 0 0.0008 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$8 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$26 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 8 26 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE California AMT-Free Municipal Tax-Exempt Investment Grade Bond Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade municipal bonds issued in California that comprise the Index (the "80% investment policy"). The interest on these bonds must be exempt from regular federal income tax and California personal income tax and not subject to federal AMT. This policy may be changed only with the approval of a majority of the Fund's outstanding voting securities, as defined in the 1940 Act. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects bonds from the FTSE US Municipal Tax-Exempt Investment-Grade Bond 0+ Years Index. Eligible bonds pay interest exempt from regular federal income tax and not subject to the federal alternative minimum tax ("AMT"). Only bonds issued in California are included. The Index excludes bonds classified by FTSE as Housing (HSNG) or Healthcare (HLTH) under its Class 2 Municipal Bond Classifications, or as Tobacco (TBCC) or Hospitals (HOSP) under its Corporate Bond Sector classifications. The 0+ Years parent extends eligible bonds through the final month before maturity, subject to its one-month minimum remaining maturity. Eligible fixed-rate and zero-coupon issues have at least $10 million outstanding and were part of a deal of at least $75 million at issuance, and must satisfy the parent's issue-date, credit and pricing rules. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Issuer weights are measured by FTSE's Organization of Risk classification and are capped at 25%. Issuers with weights above 5% may not in aggregate exceed 50% of the Index at rebalancing. The methodology assigns issuers to an upper group subject to the 50% aggregate limit and a lower group subject to a 5% individual limit, redistributing excess weight proportionately. The upper group normally has at least five issuers; its minimum size is reduced if the Index has fewer than 16 issuers. Bonds within an issuer are weighted by market value.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 5,679 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Municipal securities generally are not assigned to an industry, except that private-activity municipal bonds are assigned to the industry of the ultimate user or use of proceeds. Geographic exposure to a state is distinct from industry concentration.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>California Municipal Securities Risk. </b>Investing in California municipal securities subjects the Fund to legal, regulatory, fiscal, political, economic and other risks that are specific to California. The State of California and its political subdivisions may experience financial difficulties, which could adversely affect the value of the Fund's investments. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. The Fund focuses its investments in California municipal securities. As a result, the Fund's performance will be substantially affected by political, regulatory, and economic conditions specific to California, including changes in the State's tax structure, budget conditions, pension obligations, employment levels, real estate market, exposure to natural disasters (such as wildfires, earthquakes, and drought), and other state-specific factors. Adverse developments in California may have a more pronounced effect on the Fund than on a national or geographically diversified municipal bond fund. This geographic focus is distinct from industry concentration. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Municipal Securities Risk. </b>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Tax Risk. </b>There is no guarantee that the Fund's income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE New York Municipal Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE New York Municipal Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade municipal bonds issued in New York.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0 0 0.0008 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$8 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$26 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 8 26 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE New York AMT-Free Municipal Tax-Exempt Investment Grade Bond Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade municipal bonds issued in New York that comprise the Index (the "80% investment policy"). The interest on these bonds must be exempt from regular federal income tax and New York personal income tax and not subject to federal AMT. This policy may be changed only with the approval of a majority of the Fund's outstanding voting securities, as defined in the 1940 Act. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects bonds from the FTSE US Municipal Tax-Exempt Investment-Grade Bond 0+ Years Index. Eligible bonds pay interest exempt from regular federal income tax and not subject to the federal alternative minimum tax ("AMT"). Only bonds issued in New York are included. The Index excludes bonds classified by FTSE as Housing (HSNG) or Healthcare (HLTH) under its Class 2 Municipal Bond Classifications, or as Tobacco (TBCC) or Hospitals (HOSP) under its Corporate Bond Sector classifications. The 0+ Years parent extends eligible bonds through the final month before maturity, subject to its one-month minimum remaining maturity. Eligible fixed-rate and zero-coupon issues have at least $10 million outstanding and were part of a deal of at least $75 million at issuance, and must satisfy the parent's issue-date, credit and pricing rules. The Index is weighted by market value and rebalanced monthly.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Issuer weights are measured by FTSE's Organization of Risk classification and are capped at 25%. Issuers with weights above 5% may not in aggregate exceed 50% of the Index at rebalancing. The methodology assigns issuers to an upper group subject to the 50% aggregate limit and a lower group subject to a 5% individual limit, redistributing excess weight proportionately. The upper group normally has at least five issuers; its minimum size is reduced if the Index has fewer than 16 issuers. Bonds within an issuer are weighted by market value.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 5,160 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Municipal securities generally are not assigned to an industry, except that private-activity municipal bonds are assigned to the industry of the ultimate user or use of proceeds. Geographic exposure to a state is distinct from industry concentration.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields, which would result in a decline in the Fund's income, or in instruments with greater risks or with other less favorable features. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. The Fund focuses its investments in New York municipal securities. As a result, the Fund's performance will be substantially affected by political, regulatory, and economic conditions specific to New York, including changes in the State's tax structure, budget conditions, pension obligations, financial sector exposure (concentrated in New York City), real estate market, exposure to extreme weather events, and other state-specific factors. Adverse developments in New York may have a more pronounced effect on the Fund than on a national or geographically diversified municipal bond fund. This geographic focus is distinct from industry concentration. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>Municipal Securities Risk. </b>Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to government regulation, taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation, utilities and water and sewer, conditions in those sectors can affect the overall municipal market. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>New York Municipal Securities Risk. </b>Investing in New York municipal securities subjects the Fund to legal, regulatory, fiscal, political, economic and other risks that are specific to New York. The State of New York and its political subdivisions may experience financial difficulties, which could adversely affect the value of the Fund's investments. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Tax Risk. </b>There is no guarantee that the Fund's income will be exempt from U.S. federal or state or local income taxes. Events occurring after the date of issuance of a municipal bond or after the Fund's acquisition of a municipal bond may result in a determination that interest on that bond is includible in gross income for U.S. federal income tax purposes retroactively to its date of issuance. Such a determination may cause a portion of prior distributions by the Fund to its shareholders to be taxable to those shareholders in the year of receipt. Federal, state or local changes in income or alternative minimum tax rates or in the tax treatment of municipal bonds may make municipal bonds less attractive as investments and cause them to lose value. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE EM USD Sovereign Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE EM USD Sovereign Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated sovereign bonds issued by emerging market countries.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.001 0 0 0.001 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$10 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$32 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 10 32 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Emerging Markets USD Government Bond Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated sovereign bonds issued by emerging market countries that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index consists of sovereign bonds eligible for the FTSE Emerging Markets USD Government Bond 0+ Years Index. It includes U.S. dollar-denominated fixed-rate government debt issued in domestic or international markets, with at least $500 million outstanding and a rating from S&amp;P or Moody's. Investment-grade, high-yield and defaulted sovereign bonds may be included. The 0+ Years universe includes eligible bonds with less than one year remaining; defaulted sovereign debt remains eligible under the parent's default and restructuring rules. Variable-rate, inflation-linked, zero-coupon and convertible securities are excluded.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Emerging-market eligibility follows the parent FTSE fixed-income methodology, which uses International Monetary Fund and World Bank economic classifications. The Index is weighted by market value and rebalanced monthly, with each issuer capped at 10% and excess weight redistributed proportionately among other eligible issuers.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Below-investment-grade bonds, also called high yield bonds or "junk bonds," have ratings below BBB- by S&amp;P or Baa3 by Moody's. They are speculative investments with greater credit risk than investment-grade bonds. The Index Provider uses S&amp;P ratings or their Moody's equivalents and treats a bond as investment grade if one of those agencies rates it investment grade and the other rates it high yield.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 665 securities. The number of Index components changes over time.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Sovereign debt of any single foreign country is treated as a single industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Currency Risk. </b>Although the Fund's holdings are predominantly denominated in U.S. dollars, changes in foreign currency exchange rates may indirectly affect the value of the Fund's investments by affecting the underlying issuers' ability to generate U.S.-dollar cash flows and service their U.S.-dollar-denominated obligations. Adverse movements in the currencies of the countries in which an issuer operates or earns revenues may increase the issuer's costs, reduce its earnings, and increase its default or credit-deterioration risk. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>Emerging Markets Risk. </b>Investments in emerging market countries involve additional risks compared to developed markets, including greater political, economic, and social instability; less developed legal and regulatory systems; smaller securities markets with lower trading volume and greater price volatility; and greater risk of settlement difficulties. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Foreign Securities Risk. </b>The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments, differing regulatory environments, and greater market volatility. <b>High Yield Securities Risk. </b>Securities rated below investment grade are commonly referred to as high yield securities or "junk bonds." High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Sovereign Debt Risk. </b>Investments in sovereign debt are subject to the risk that the governmental entity that controls repayment may be unable or unwilling to repay principal and/or interest when due. Political conditions, debt burdens, and currency instability may affect sovereign issuers' willingness or ability to pay. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE EM Local Currency Sovereign Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE EM Local Currency Sovereign Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of local-currency-denominated sovereign bonds issued by emerging market countries.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.001 0 0 0.001 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$10 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$32 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 10 32 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Emerging Markets Government Bond Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in local-currency-denominated sovereign bonds issued by emerging market countries that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index comprises bonds eligible for the FTSE Emerging Markets Government Bond 0+ Years Index. It includes fixed-rate government bonds denominated in the issuing country's domestic currency, with a minimum remaining weighted average life of one month. Eligible markets must satisfy FTSE's market-size, credit-quality and accessibility requirements. Emerging-market classification follows the parent methodology's International Monetary Fund and World Bank economic classifications. Minimum issue amounts vary by country. Both investment-grade and high-yield securities are eligible; the minimum credit quality is C by S&amp;P or Ca by Moody's, and defaulted bonds are excluded.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Below-investment-grade bonds, also called high yield bonds or "junk bonds," have ratings below BBB- by S&amp;P or Baa3 by Moody's. They are speculative investments with greater credit risk than investment-grade bonds. The Index Provider uses S&amp;P ratings or their Moody's equivalents and treats a bond as investment grade if one of those agencies rates it investment grade and the other rates it high yield.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is weighted by market value and rebalanced monthly. At each monthly rebalancing, the maximum issuer weight is 15% when the Index contains at least 15 countries and 22.5% when the Index contains fewer than 15 countries. The aggregate weight of issuers whose individual weights exceed 4.6% is limited to 45%.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund tracks the Index's unhedged return calculated in U.S. dollars. Changes in the value of the Index's local currencies relative to the U.S. dollar are reflected in that return.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The revised September 2026 sample profile supplied by FTSE comprised approximately 531 securities from 17 countries. The number of Index components changes over time.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund does not hedge its foreign currency exposure. Currency movements may increase or decrease the Fund's returns independently of the performance of its bonds in their local currencies.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Sovereign debt of any single foreign country is treated as a single industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Currency Risk. </b>The Fund invests in local-currency-denominated bonds and does not hedge its foreign currency exposure. Because the Fund's NAV is determined in U.S. dollars, depreciation of an emerging market currency against the U.S. dollar may reduce the Fund's NAV even if the bonds increase in value in their local currency. Exchange rates may be volatile and may change quickly and unpredictably. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>Emerging Markets Risk. </b>Investments in emerging market countries involve additional risks compared to developed markets, including greater political, economic, and social instability; less developed legal and regulatory systems; smaller securities markets with lower trading volume and greater price volatility; and greater risk of settlement difficulties. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Foreign Securities Risk. </b>The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments, differing regulatory environments, and greater market volatility. <b>High Yield Securities Risk. </b>Securities rated below investment grade are commonly referred to as high yield securities or "junk bonds." High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Sovereign Debt Risk. </b>Investments in sovereign debt are subject to the risk that the governmental entity that controls repayment may be unable or unwilling to repay principal and/or interest when due. Political conditions, debt burdens, and currency instability may affect sovereign issuers' willingness or ability to pay. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE EM USD Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE EM USD Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of U.S. dollar-denominated corporate bonds of issuers assigned to emerging market countries.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.001 0 0 0.001 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$10 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$32 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 10 32 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Emerging Markets USD Corporate Bond Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in U.S. dollar-denominated corporate bonds of issuers assigned to emerging market countries that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE Emerging Markets USD Broad Bond 0+ Years Index, using FTSE's corporate-sector classifications. Eligible bonds are U.S. dollar-denominated investment-grade or high-yield debt, with at least $250 million outstanding and credit quality of at least C by S&amp;P or Ca by Moody's. The parent's 0+ Years universe includes eligible bonds with less than one year remaining to maturity. Fixed-rate and eligible fixed-to-floating-rate bonds are included; floating-rate, convertible and defaulted corporate bonds are excluded. Emerging-market eligibility and issuer country assignment follow the parent FTSE fixed-income methodology.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is weighted by market value and rebalanced monthly. A 10% country cap and a 5% issuer cap apply simultaneously, with excess weight redistributed proportionately among eligible issuers subject to both limits.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Below-investment-grade bonds, also called high yield bonds or "junk bonds," have ratings below BBB- by S&amp;P or Baa3 by Moody's. They are speculative investments with greater credit risk than investment-grade bonds. The Index Provider uses S&amp;P ratings or their Moody's equivalents and treats a bond as investment grade if one of those agencies rates it investment grade and the other rates it high yield.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 1,058 securities. The number of Index components changes over time.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index may have significant exposure to financial services industries.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Currency Risk. </b>Although the Fund's holdings are predominantly denominated in U.S. dollars, changes in foreign currency exchange rates may indirectly affect the value of the Fund's investments by affecting the underlying issuers' ability to generate U.S.-dollar cash flows and service their U.S.-dollar-denominated obligations. Adverse movements in the currencies of the countries in which an issuer operates or earns revenues may increase the issuer's costs, reduce its earnings, and increase its default or credit-deterioration risk. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Derivatives Risk. </b>The Fund may invest up to 10% of its assets in futures, options, and swap contracts that the Adviser believes will help the Fund track the Index. Derivatives can be more volatile than the underlying securities and may behave in unexpected ways, especially in unusual market conditions. The use of derivatives may magnify gains or losses, create counterparty risk if a derivatives counterparty fails to perform, expose the Fund to settlement delays and collateral requirements, and result in tax treatment that differs from direct holdings of the underlying securities. The Fund's use of derivatives may also produce tracking error relative to the Index, particularly if the cost or availability of the derivative differs materially from the underlying exposure. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>Emerging Markets Risk. </b>Investments in emerging market countries involve additional risks compared to developed markets, including greater political, economic, and social instability; less developed legal and regulatory systems; smaller securities markets with lower trading volume and greater price volatility; and greater risk of settlement difficulties. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Foreign Securities Risk. </b>The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments, differing regulatory environments, and greater market volatility. <b>High Yield Securities Risk. </b>Securities rated below investment grade are commonly referred to as high yield securities or "junk bonds." High yield securities are subject to greater risk of loss of income and principal than higher rated securities and are considered speculative. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE International Developed Corporate Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE International Developed Corporate Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of investment-grade corporate bonds denominated in currencies other than the U.S. dollar and assigned to developed market countries.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.08% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.0008 0 0 0.0008 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$8 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$26 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 8 26 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Non-USD World Investment Grade Corporate Bond Developed Markets Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in investment-grade corporate bonds denominated in currencies other than the U.S. dollar and assigned to developed market countries that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects corporate bonds from the FTSE World Broad Investment-Grade Bond 0+ Years Index that are assigned to developed market countries under FTSE's country classification process and denominated in currencies other than the U.S. dollar. Eligible issuers may be domiciled in the United States or abroad. Accordingly, "International" describes the Fund's non-U.S. dollar bond-market exposure and does not exclude all U.S.-domiciled issuers. The parent's 0+ Years universe includes eligible bonds with less than one year remaining; minimum issue sizes and eligible coupon structures follow the parent's currency and sector requirements. Convertible and floating-rate bonds are excluded.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is weighted by market value and rebalanced monthly. Each issuer is capped at 5%, with excess weight redistributed proportionately among other eligible issuers and constituent bonds within each issuer weighted by market value.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index's USD-hedged return applies a 100% hedge of its non-U.S. dollar currency exposure using hypothetical rolling one-month foreign-exchange forward contracts. The hedge is reset monthly and does not eliminate all currency effects, including those arising from changes in security values or cash flows during the month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 5,549 securities. The number of Index components changes over time.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">To track the USD-hedged Index, the Fund intends to use foreign currency forward contracts to seek to hedge substantially all of the non-U.S. dollar currency exposure associated with its Index investments to the U.S. dollar. The Fund generally adjusts these hedges with the Index's monthly reset and may adjust them between resets for cash flows or portfolio changes. Hedging is intended to reduce currency exposure but may be imperfect and can increase costs and tracking differences. The currency hedges are not counted as Index bonds for purposes of the Fund's 80% investment policy.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In the Index Provider's August 2026 sample composition, financial services industries represented approximately 43.9% of total weight. These exposures may change as the Index changes.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Call Risk. </b>During periods of falling interest rates, an issuer of a callable debt obligation held by the Fund may "call" or repay the debt obligation before its stated maturity, and the Fund may have to reinvest the proceeds in instruments with lower yields. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Corporate Bond Risk. </b>Corporate bonds are subject to the risk that the issuer may not be able to make timely interest and principal payments. The value of corporate bonds may be affected by factors such as credit ratings, business and financial conditions of the issuer, and overall market conditions. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Currency Hedging and Forward Contracts Risk.</b> Currency hedges may not fully offset exchange-rate changes and may reduce gains that would otherwise result from favorable currency movements. Foreign currency forward contracts expose the Fund to counterparty default, settlement, liquidity and valuation risks. Differences in hedge timing, amounts, rates and costs may cause the Fund to deviate from its Index, and hedges can produce losses even when the underlying bonds increase in value. <b>Currency Risk. </b>The Fund invests primarily in bonds denominated in currencies other than the U.S. dollar. Changes in exchange rates directly affect the U.S. dollar value of those investments and may reduce the Fund's NAV. Although the Fund seeks to hedge substantially all of this currency exposure to the U.S. dollar, its hedges may be imperfect, and residual currency exposure may cause losses. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Financial Services Industries Risk.</b> Financial services issuers, including banks, insurers and other financial companies, are sensitive to credit losses, changes in interest rates, funding availability, borrower defaults, regulatory requirements and confidence in the financial system. Adverse developments affecting these issuers may have a greater effect on the Fund when its exposure to these industries is substantial. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Foreign Securities Risk. </b>The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments, differing regulatory environments, and greater market volatility. <b>Geographic Concentration Risk. </b>The Fund's investments may be concentrated in one or more countries or geographic regions. As a result, the Fund may be more susceptible to the economic, political, regulatory, and other conditions or events affecting those countries or regions. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Investment Grade Securities Risk. </b>Investment-grade bonds are generally considered to present lower credit risk than below-investment-grade bonds, but they remain subject to credit risk, downgrade risk, and liquidity risk. Bonds rated at the lower end of investment grade may be more sensitive to changes in economic conditions and more likely to be downgraded to below investment grade (“fallen angels”), which can increase volatility and reduce liquidity. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com FUND SUMMARY - Corgi FTSE International DM Sovereign Bond ETF Investment Objective <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Corgi FTSE International DM Sovereign Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the investment results of an index composed of non-U.S. dollar-denominated sovereign bonds issued by developed market countries outside the United States.</p> 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 (the "Shares"). <b>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.</b> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal;page-break-after:avoid"><b>Annual Fund Operating Expenses</b><b> </b>⁽¹⁾(expenses that you pay each year as a percentage of the value of your investment) </p> <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Management Fee </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Distribution and/or Service (12b-1) Fees </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Other Expenses⁽²⁾ </p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#CCEEFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.00% </p></td></tr> <tr><td style="width:90.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><b>Total Annual Fund Operating Expenses </b></p></td><td style="width:10.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:1pt solid #000000;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">0.10% </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0.75pt;border-top:none;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none;background-color:#FFFFFF"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> <p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:0.05pt"><br/></p> <p style="margin:0pt 0pt 12pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">^{(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; 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.}^<br/>^{<br/>(2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year.}</p> Annual Fund Operating Expenses (1) (expenses that you pay each year as a percentage of the value of your investment) 0.001 0 0 0.001 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. Expense Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" cellspacing="0" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:collapse;page-break-inside:avoid" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:1pt solid #000000;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">1 Year </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">3 Years </p></td></tr> <tr><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$10 </p></td><td style="width:50.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:1pt solid #000000;padding-left:5pt;border-left:none"><p style="margin:7pt 7pt 7pt 7pt;text-indent:0pt;text-align:center;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">$32 </p></td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:top;padding-top:0pt;border-top:none;padding-right:5pt;border-right:none;padding-bottom:0pt;border-bottom:none;padding-left:5pt;border-left:none"><p style="margin:0pt 0pt 0pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal"><br/></p></td></tr> </table> 10 32 Portfolio Turnover <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">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. </p> Principal Investment Strategies <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">In seeking to track the performance of the FTSE Non-USD World Government Bond Developed Markets Issuer Capped Index (the "Index"), the Fund uses representative sampling and is not required to purchase every Index security. In deciding whether to hold a subset or substantially all Index securities in approximately their Index proportions, Corgi Strategies, LLC (the "Adviser") considers the Fund's assets relative to the number and size of Index constituents, security availability and liquidity, bid-ask spreads and other transaction costs, minimum trading lots, settlement and market-access constraints, cash flows and creation/redemption activity, and the expected effect on tracking. Sampling is more likely when purchasing all constituents would be costly or impracticable. The Adviser seeks a portfolio with investment characteristics, including duration, remaining maturity, average life where relevant, credit quality, yield and issuer and sector exposures, similar to the Index. The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act"), and may invest a greater percentage of its assets in fewer issuers than a diversified fund.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund has adopted a non-fundamental investment policy to invest, under normal circumstances, at least 80% of the value of its net assets, plus borrowings for investment purposes, in non-U.S. dollar-denominated sovereign bonds issued by developed market countries outside the United States that comprise the Index (the "80% investment policy"). This policy may be changed by the Board of Trustees without shareholder approval upon 60 days' prior written notice to shareholders. The Fund may also invest in non-Index fixed-income securities, cash and cash equivalents and money market instruments, including money market funds advised by the Adviser, to assist in tracking the Index or managing cash. These investments are outside the 80% basket.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index selects government bonds from the FTSE World Government Bond 0+ Years Index issued by countries classified as developed markets under FTSE's country classification process, excluding U.S. dollar-denominated securities. It includes eligible fixed-rate domestic-currency sovereign debt with a remaining weighted average life of at least one month. Markets must satisfy the parent's market-size, investment-grade credit and accessibility requirements; minimum issue sizes vary by country. Inflation-linked bonds, Treasury bills and stripped securities are excluded.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is weighted by market value and rebalanced monthly. Each issuer is capped at 21%, and issuers with weights above 4.6% may not in aggregate exceed 45%. The methodology normally places at least five issuers in an upper group subject to that aggregate limit and applies a 4.6% individual cap to other issuers, redistributing excess weight proportionately. If the Index has fewer than 16 issuers, the minimum upper-group size is reduced.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Investment grade means rated BBB- or higher by S&amp;P Global Ratings ("S&amp;P") or Baa3 or higher by Moody's Investors Service, Inc. ("Moody's"). The Index Provider generally uses the S&amp;P rating or, if S&amp;P does not rate the bond, the equivalent Moody's rating. If one agency rates a bond investment grade and the other rates it below investment grade, the investment-grade rating is used. Index ratings are set at the monthly profile fixing and generally remain unchanged during that performance month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index's USD-hedged return applies a 100% hedge of its non-U.S. dollar currency exposure using hypothetical rolling one-month foreign-exchange forward contracts. The hedge is reset monthly and does not eliminate all currency effects, including those arising from changes in security values or cash flows during the month.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">As of August 2026, the Index comprised approximately 1,033 securities. The number of Index components changes over time.</p> <p style="margin:0pt 0pt 6pt 0pt;text-indent:0pt;text-align:justify;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">To track the USD-hedged Index, the Fund intends to use foreign currency forward contracts to seek to hedge substantially all of the non-U.S. dollar currency exposure associated with its Index investments to the U.S. dollar. The Fund generally adjusts these hedges with the Index's monthly reset and may adjust them between resets for cash flows or portfolio changes. Hedging is intended to reduce currency exposure but may be imperfect and can increase costs and tracking differences. The currency hedges are not counted as Index bonds for purposes of the Fund's 80% investment policy.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Index is provided by FTSE Russell. FTSE International Limited (the "Index Provider") is the benchmark administrator and is responsible for the Index's calculation, maintenance, constituent selection and weightings under its published methodology. FTSE Fixed Income LLC is the index licensor. These entities are part of the London Stock Exchange Group and are not affiliated with the Fund or the Adviser.</p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">The Fund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is so concentrated. Industry and sector exposures may change over time. U.S. government securities, including securities issued or guaranteed by U.S. government agencies and instrumentalities, are not assigned to an industry for this purpose. Sovereign debt of any single foreign country is treated as a single industry for this purpose.</p> The principal risks are presented below in alphabetical order. The order in which the risks appear does not necessarily indicate the relative importance of any particular risk to the Fund. 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. As with any investment, you could lose all or part of your investment. <b>Cash Transaction Risk. </b>The Fund may effect creations and redemptions partly or wholly for cash rather than in kind. As a result, the Fund may incur certain costs, such as brokerage expenses, and may recognize taxable gains or losses that it might not have incurred if it had made redemptions in kind. These costs may decrease the Fund's NAV to the extent that the costs are not offset by transaction fees charged to authorized participants. Cash transactions may also reduce the tax efficiency typically associated with ETFs that redeem in kind. <b>Concentration Risk. </b>To the extent the Fund's underlying Index concentrates in a particular industry or group of industries, the Fund will concentrate its investments to approximately the same extent. A concentrated fund may be more susceptible to risks of adverse economic, business, regulatory, or other developments affecting that industry or group of industries than a more broadly diversified fund. <b>Credit Risk. </b>The issuer of a fixed-income security may fail to make timely payments of interest or principal, or the issuer's credit rating may be downgraded. Changes in an issuer's financial condition or credit quality may adversely affect the value of its securities. Securities receiving the lowest investment-grade rating, and securities that are unrated but of comparable quality, may have more speculative characteristics, and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity to make principal and interest payments. <b>Currency Hedging and Forward Contracts Risk.</b> Currency hedges may not fully offset exchange-rate changes and may reduce gains that would otherwise result from favorable currency movements. Foreign currency forward contracts expose the Fund to counterparty default, settlement, liquidity and valuation risks. Differences in hedge timing, amounts, rates and costs may cause the Fund to deviate from its Index, and hedges can produce losses even when the underlying bonds increase in value. <b>Currency Risk. </b>Because the Fund invests in securities denominated in foreign currencies, changes in foreign currency exchange rates may significantly affect the Fund's NAV. <b>Debt Securities Risk. </b>The value of debt securities may rise or fall due to market fluctuations, increases in interest rates, the actual or perceived inability or unwillingness of issuers, guarantors, or liquidity providers to make scheduled principal or interest payments, or reduced liquidity in debt markets. Debt securities also involve the risk of lower returns due to reinvestment during periods of declining interest rates or early repayments by issuers of higher coupon or interest rate securities, and/or the risk of reduced income when interest rates fall. When interest rates rise, certain underlying obligations may be repaid substantially more slowly than expected and the value of those securities may decline sharply. Rising interest rates may cause the value of the Fund's fixed income securities to decrease, may adversely affect their liquidity, and may increase fixed income market volatility. If principal is prepaid sooner than anticipated, the Fund may need to reinvest that principal in obligations with lower interest rates. During periods of falling interest rates, the Fund's income may decrease. Interest rate changes generally have a greater impact on longer-duration debt securities. Returns from debt securities investments may lag returns from other investment alternatives, including equity securities. <b>Duration Risk. </b>Duration is a measure of a Fund's price sensitivity to changes in interest rates. The longer a Fund's duration, the more sensitive the Fund will be to changes in interest rates. For example, the value of a security with a duration of five years would generally be expected to decrease by approximately 5% for every 1% increase in interest rates, and to increase by approximately 5% for every 1% decrease in interest rates. Funds with longer durations are generally subject to greater interest-rate sensitivity than funds with shorter durations. <b>ETF Risks. </b>The Fund is an exchange-traded fund ("ETF") and is subject to risks associated with ETF structure and secondary-market trading. These include potential reliance on a limited number of market makers and Authorized Participants, the possibility that Shares trade at prices different from NAV, and the trading and transaction-cost considerations described below. •  <b>AP and Market Maker Dependence Risk. </b>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. •  <b>Costs of Buying or Selling Shares. </b>Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of a Fund, and/or periods of elevated market volatility may widen spreads. Because commissions and spreads add to trading costs, frequent trading of Shares can materially reduce returns and may be inadvisable for investors who expect to make regular, small purchases or sales. •  <b>Shares May Trade at Prices Other Than NAV. </b>As with all ETFs, Shares trade on an exchange at market prices that may differ from a Fund's NAV. At times, Shares may trade at an intraday premium (above NAV) or discount (below NAV) due to supply and demand for Shares or during volatile markets. This risk can be heightened in periods of market stress, sharp market declines, or when secondary-market trading activity in Shares is limited, in which case premiums or discounts may be significant. •  <b>Trading. </b>Although Shares are listed for trading on Cboe BZX Exchange, Inc. (the "Exchange") and may trade on other U.S. exchanges, there is no assurance that Shares will trade with active volume, or trade at all, on any exchange. In stressed market conditions, the liquidity of Shares and the liquidity of a Fund's portfolio holdings may deteriorate. <b>Foreign Issuer Risk.</b> Investments in securities of foreign issuers, including U.S. dollar-denominated issues, are subject to political, economic, regulatory, disclosure and enforcement risks that differ from U.S. investments. When a foreign market in which the Fund's underlying securities trade is closed while the Exchange is open, events may cause the value of those securities to change from their last quoted prices in the closed market. As a result, the market price of Shares may differ from the underlying value of those Shares, and premiums or discounts to NAV may widen. Limited ability to trade the underlying securities during these periods may also impair arbitrage and price discovery. <b>Foreign Securities Risk. </b>The Fund may invest in securities of non-U.S. issuers. Investments in securities of non-U.S. issuers are subject to risks not typically associated with investments in U.S. securities, including adverse political, social, and economic developments, differing regulatory environments, and greater market volatility. <b>Geographic Concentration Risk. </b>The Fund's investments may be concentrated in one or more countries or geographic regions. As a result, the Fund may be more susceptible to the economic, political, regulatory, and other conditions or events affecting those countries or regions. <b>Income Risk. </b>The Fund's income may decrease due to declining interest rates or other factors. During periods of falling interest rates, issuers of securities held by the Fund may call or redeem those securities, and the Fund would generally need to reinvest the proceeds in securities that pay lower interest rates. If an obligation held by the Fund is prepaid, the Fund may be required to reinvest the prepaid principal in other obligations that generate income at lower rates. <b>Index Calculation &amp; Methodology Risk. </b> The Index may be calculated incorrectly or the methodology may be misapplied due to errors, delays, or omissions in data, corporate action processing, or the application of Index rules. Such issues may cause unintended inclusions or exclusions, inaccurate weights, or delayed implementation of Index changes and, until corrected, may cause the Fund to deviate from its intended exposures and from the Index's published values. <b>Inflation Risk. </b>Inflation reduces the purchasing power of income and principal. Higher inflation expectations can lead to higher interest rates, which generally would reduce the value of fixed-income securities and could adversely affect the Fund's returns. <b>Interest Rate Risk. </b>The value of the Fund's investments in fixed-income securities will generally decline when interest rates rise. The risk is greater for longer-duration bonds. A period of rising interest rates may negatively affect the Fund's performance. Securities with longer maturities tend to produce higher yields but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. <b>Limited Shareholder Rights Risk. </b>The Trust's governing documents limit certain shareholder rights. For example, the Trust generally does not hold annual meetings of shareholders and permits removal of a Trustee only by the remaining Trustees. The Trust's Declaration of Trust provides that certain disputes must be resolved in a specific state court and contains a jury trial waiver. These provisions may discourage certain types of claims or limit shareholders' ability to bring claims in a judicial forum they consider favorable. In addition, under the Declaration of Trust, the Board may take certain actions without a shareholder vote, including liquidating the Fund. These provisions, set forth in Article VI, Section 4 of the Declaration of Trust, do not apply to claims arising under the federal securities laws. <b>Liquidity Risk. </b>Certain fixed-income investments may become less liquid, particularly during periods of market stress, reduced dealer balance sheet capacity, or heightened volatility. Reduced liquidity may make it more difficult or costly to buy or sell securities at desired times or prices, may increase bid-ask spreads, and may contribute to valuation differences and tracking error. <b>Market Risk. </b>The Fund's investments are subject to changes in overall economic conditions, broad market movements, and the risks inherent in investing in securities markets. Markets may be volatile, and investment prices may fluctuate significantly due to various factors, including, but not limited to, economic expansion or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and overall market liquidity. The Fund also faces the risk that geopolitical developments may disrupt securities markets and negatively affect global economies and markets. Local, regional, or global events (such as war, terrorism, the spread of infectious disease or other public health concerns, or similar events) could materially affect the Fund and its investments. <b>New Adviser Risk. </b>The Adviser is a recently registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor may judge the Adviser, and the Adviser may not be successful in implementing a Fund's investment approach or in achieving a Fund's intended investment objective. <b>New Fund Risk. </b>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. <b>Non-Diversification Risk.</b><b> </b>The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940, as amended. As a result, the Fund may invest a greater percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund's performance may be more sensitive to any single economic, business, political, regulatory, or other occurrence affecting those issuers. <b>Operational and Cybersecurity Risk. </b>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. <b>Passive Strategy Risk. </b>The Fund seeks to track the Index and, under normal circumstances, 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. <b>Sampling Risk. </b>Because the Fund uses representative sampling, it may hold fewer securities than the Index and may hold securities in different proportions. The selected portfolio may not match the Index's investment characteristics or performance. The Adviser's selection decisions and constraints on trading or security availability may cause the Fund to underperform the Index or increase tracking error compared with holding all Index securities in their Index weights. <b>Sovereign Debt Risk. </b>Investments in sovereign debt are subject to the risk that the governmental entity that controls repayment may be unable or unwilling to repay principal and/or interest when due. Political conditions, debt burdens, and currency instability may affect sovereign issuers' willingness or ability to pay. <b>Third-Party Data Risk. </b> The Index relies on third-party data (e.g., prices, amounts outstanding/issue size (and, where applicable, float-adjusted amounts outstanding), classifications, and corporate actions) and may be calculated by an unaffiliated index calculation agent based on rules owned and set by the Index Provider. Errors, delays, or misapplications by data vendors, the Index Provider, or the index calculation agent may cause incorrect constituents/weights or delayed changes, which could cause the Fund to deviate from the Index and its published values. If required data licenses are unavailable or revoked, or fees materially increase, Index calculation or dissemination may be interrupted or terminated on short notice. <b>Tracking Difference and Tracking Error Risk. </b>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. <b>Unaffiliated Index Provider Risk. </b> The Index is owned and maintained by an unaffiliated third party (the "Index Provider"). The Adviser has no control over the Index methodology or the Index Provider's determinations, including how the methodology is interpreted or applied to corporate actions, data questions, or constituent eligibility. Decisions, changes, or failures by the Index Provider may adversely affect the Index and, in turn, the Fund. <b>Valuation Risk.</b><b> </b> Certain portfolio holdings, and potentially a significant portion of the Fund's portfolio, may be valued using factors other than market quotations. This may occur more frequently during periods of market stress or reduced liquidity. When market quotations are not readily available, a portfolio holding may be valued using one of several available methods. The value assigned to a holding at a given time may differ from the value that would result if a different methodology were used or if the holding were priced using market quotations. Portfolio holdings valued using methods other than market quotations, including "fair-valued" securities, may experience greater day-to-day fluctuations in value than if market quotations were available. Performance <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Past performance (before and after taxes) is not a guarantee of future results. </p> <p style="margin:5pt 0pt 5pt 0pt;text-indent:0pt;text-align:left;font-family:Times New Roman,serif;font-size:10pt;line-height:normal">Once available, updated performance information will be posted on the Fund's website at www.corgiinvest.com. </p> Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will present a calendar-year bar chart and a table showing average annual total returns, which will help illustrate return variability over time and will compare the Fund's results with those of the Index and a broad-based securities market index. Past performance (before and after taxes) is not a guarantee of future results. 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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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. (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; 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.