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Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (the "Shares"). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" cellspacing="1" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:separate" width="100%"> <tr><td style="width:87.6175%;vertical-align:middle;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">Management Fee</td><td style="width:12.3825%;vertical-align:middle;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">0.15%</td></tr> <tr><td style="width:87.6175%;vertical-align:middle;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">Distribution and/or Service (12b-1) Fees</td><td style="width:12.3825%;vertical-align:middle;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">0.00%</td></tr> <tr><td style="width:87.6175%;vertical-align:middle;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">Other Expenses(2)</td><td style="width:12.3825%;vertical-align:middle;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">0.00%</td></tr> <tr><td style="width:87.6175%;vertical-align:middle;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">Total Annual Fund Operating Expenses</td><td style="width:12.3825%;vertical-align:middle;padding-top:0.75pt;border-top:1pt solid #000000;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none">0.15%</td></tr> <tr><td style="width:87.6175%;vertical-align:middle;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">Fee Waiver(3)</td><td style="width:12.3825%;vertical-align:middle;padding-top:0.75pt;border-top:1pt solid #000000;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none">(0.05)%</td></tr> <tr><td style="width:87.6175%;vertical-align:middle;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">Total Annual Fund Operating Expenses After Fee Waiver</td><td style="width:12.3825%;vertical-align:middle;padding-top:0.75pt;border-top:1pt solid #000000;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none">0.10%</td></tr> <tr><td colspan="2" style="width:100.0000%;vertical-align:middle;padding-top:0.75pt;border-top:1pt solid #000000;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none"> </td></tr> </table> (1) Under the unitary fee arrangement, Corgi Strategies, LLC (the "Adviser") will bear substantially all of the Fund's ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"); litigation expenses; and other non-routine or extraordinary expenses. (2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. (3) The Adviser has contractually agreed to waive a portion of its management fee equal to 0.05% of the Fund’s average daily net assets per annum, reducing the annual management fee from 0.15% to 0.10%. The agreement has no fixed termination date and continues indefinitely unless terminated in accordance with its terms. The agreement may not be terminated, and the waiver may not be reduced, through October 13, 2027. After that date, the agreement may be terminated only by the Board of Trustees, or with its consent, upon not less than thirty (30) days’ prior written notice to the Adviser; such notice may be given only after October 13, 2027. The Adviser has no unilateral right to terminate the agreement. Notwithstanding these restrictions, the agreement terminates automatically upon termination of the Fund’s Investment Advisory Agreement, without regard to the minimum commitment period or the thirty (30) day notice requirement. Amounts waived are not subject to recoupment by the Adviser. Annual Fund Operating Expenses(1) (expenses that you pay each year as a percentage of the value of your investment) 0.0015 0 0 0.0015 -0.0005 0.001 The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. The agreement has no fixed termination date and continues indefinitely unless terminated in accordance with its terms. The agreement may not be terminated, and the waiver may not be reduced, through October 13, 2027. After that date, the agreement may be terminated only by the Board of Trustees, or with its consent, upon not less than thirty (30) days’ prior written notice to the Adviser; such notice may be given only after October 13, 2027. The Adviser has no unilateral right to terminate the agreement. Notwithstanding these restrictions, the agreement terminates automatically upon termination of the Fund’s Investment Advisory Agreement, without regard to the minimum commitment period or the thirty (30) day notice requirement. 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="1" style="width:468pt;max-width:100%;font-family:Times New Roman,serif;font-size:10pt;border-collapse:separate" width="100%"> <tr><td colspan="2" style="width:100.0000%;vertical-align:middle;padding-top:0.75pt;border-top:1pt solid #000000;padding-right:0.75pt;border-right:none;padding-bottom:0.75pt;border-bottom:none;padding-left:0.75pt;border-left:none"> </td></tr> <tr><td style="width:46.8269%;vertical-align:middle;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt">1 Year</td><td style="width:53.1731%;vertical-align:middle;padding-top:0.75pt;padding-right:0.75pt;padding-bottom:0.75pt;padding-left:0.75pt">3 Years</td></tr> <tr><td style="width:46.8269%;vertical-align:middle;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">$10</td><td style="width:53.1731%;vertical-align:middle;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">$32</td></tr> </table> 10 32 Portfolio Turnover When the Fund buys and sells securities, it incurs trading costs such as brokerage commissions. Greater trading activity (often called portfolio turnover) generally means higher trading expenses and, in taxable accounts, may result in larger taxable distributions. These amounts are not included in Total Annual Fund Operating Expenses or in the Expense Example and will reduce the Fund's returns. Because the Fund is newly formed, a portfolio turnover rate is not yet available. Principal Investment Strategies The Fund operates as a "government money market fund" pursuant to Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). Government money market funds generally must invest at least 99.5% of their total assets in cash, government securities, or fully collateralized repurchase agreements. The Fund's policies are narrower: it invests exclusively in direct obligations of the U.S. Department of the Treasury ("U.S. Treasury securities") and immediately available cash denominated in U.S. dollars, subject to Rule 2a-7. These restrictions apply at all times, including during temporary defensive periods and periods of unusual cash flows. The Fund is an actively managed exchange-traded fund ("ETF") that does not seek to replicate the performance of a specified index. U.S. Treasury securities include Treasury bills, notes, and bonds that meet the Fund's maturity requirements. These securities are direct obligations of the United States and are backed by its full faith and credit. The Fund does not invest in securities issued by U.S. government agencies or government-sponsored enterprises or in shares of other investment companies, including money market funds and ETFs. The Fund will not enter into repurchase agreements or reverse repurchase agreements, engage in securities lending or securities borrowing, or otherwise transfer portfolio assets under arrangements providing rights to reacquire the same or similar assets from the transferee. Under normal circumstances, the Fund invests at least 80% of the value of its net assets (plus any borrowings for investment purposes) in Money Market Securities. For purposes of this policy, "Money Market Securities" means direct obligations of the U.S. Department of the Treasury that satisfy the Fund's maturity requirements under Rule 2a-7 under the Investment Company Act of 1940, as amended. This 80% policy is a non-fundamental policy and the Fund will not change it without providing shareholders with at least 60 days' prior notice. The Fund invests in securities maturing in 397 days or less and maintains a portfolio dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Furthermore, the Fund will hold securities that are sufficiently liquid to meet reasonably foreseeable shareholder redemptions and maintain at least 25% of its total assets in "daily" liquid assets and at least 50% of its total assets in "weekly" liquid assets. The maturity of certain variable and floating rate instruments is measured by reference to the next interest rate reset date rather than the absolute maturity of the instrument. The Fund may transact in securities on a when-issued, delayed delivery or forward commitment basis. The Fund expects initially to focus its investments in U.S. Treasury bills. The Fund may hold immediately available U.S. dollar cash for liquidity and operational purposes. In selecting investments, Corgi Strategies, LLC (the "Adviser") selects money market instruments for the Fund based on its assessment of relative values and changes in market and economic conditions. The Adviser also considers safety of principal and liquidity in selecting securities for the Fund and thus may not buy securities that offer the highest yield. Although the Fund will seek to continue to qualify as a "government money market fund," it will not seek to maintain a stable net asset value ("NAV") per share using the amortized cost or penny rounding method of valuation. Instead, the Fund will calculate its NAV per share based on the market value of its investments. In addition, unlike a traditional money market fund, the Fund operates as an exchange-traded fund ("ETF"). As an ETF, the Fund's shares will be traded on Cboe BZX Exchange, Inc. and will generally fluctuate in accordance with changes in NAV per share as well as the relative supply of, and demand for, shares on the exchange. The Fund does not currently intend to impose a liquidity fee on redemptions. You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. Principal Risks of Investing in the Fund The principal risks are presented alphabetically below. Each risk described below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. You could lose money by investing in the Fund. Active Management Risk. The Fund is actively managed and its performance depends on the investment decisions of the Adviser. There is no guarantee that the techniques employed will produce the desired results. The Fund's yield may be lower than that of other money market funds with broader investment mandates. AP and Market Maker Dependence Risk. The Fund relies on a limited number of financial institutions that are authorized to purchase and redeem Creation Units directly with the Fund (each, an Authorized Participant or "AP"). There may also be a limited number of market makers and other liquidity providers active in Shares. If (i) APs exit the business, become unable to process creation and/or redemption orders, and no other APs step in, or (ii) market makers and/or other liquidity providers leave the market or materially scale back their activity and no replacements emerge, Shares may trade at a material discount to NAV and, in extreme cases, could face delisting. Brokerage Commissions and Bid-Ask Spread Risk. Investors transacting in the secondary market will pay brokerage commissions and may bear costs associated with the bid-ask spread. These costs tend to rise when trading volume is low or markets are stressed and can materially reduce investment results, especially for frequent or small transactions. Cash Transaction Risk. The Fund may effect some or all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund may have to sell portfolio securities at inopportune times in order to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's NAV. Counterparty Risk. Counterparty risk may arise because of the counterparty's financial condition, market activities and developments, or other reasons. A counterparty's inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. Credit Risk. The Fund is exposed to the credit risk of the U.S. Government through its investments in U.S. Treasury securities. An actual or perceived decline in the creditworthiness of the U.S. Government, including a credit rating downgrade, may reduce the value and liquidity of the Fund's holdings, may delay or reduce payments owed to the Fund, and may adversely affect the Fund's NAV and yield. Income Risk. The Fund's income may decrease due to declining short-term interest rates. In market environments where short-term interest rates are very low, the Fund's yield may be very low, and the Fund could have a negative yield (i.e., it could lose money on a net basis). If there is an insufficient supply of U.S. Treasury bills, notes, and bonds to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Fund. Interest Rate Risk. Interest rate risk is the risk that the value of a debt security may fall when interest rates rise. In general, the market price of debt securities with longer maturities will go up or down more in response to changes in interest rates than the market price of shorter-term securities. Because the Fund invests in short-term securities, its interest rate sensitivity is generally lower than that of funds investing in longer-term instruments. Very low or negative interest rates may magnify interest rate risk. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns or pay dividends to shareholders. Large Shareholder and Large-Scale Redemption Risk. Certain shareholders, including an Authorized Participant, a third-party investor, the Adviser, an affiliate of the Adviser, or another entity, may from time to time own or manage a substantial amount of Fund shares, or may invest in the Fund and hold their investment for a limited period of time. There can be no assurance that any large shareholder would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains. In addition, large redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund's NAV. Limited Shareholder Rights Risk. 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. Liquidity Risk. In certain circumstances, such as the disruption of the orderly markets for the financial instruments in which the Fund invests, the Fund might not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the value of the Fund. Market Risk. Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends, or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers. You could lose money. Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund's shares trading in the secondary market at a premium or discount to NAV. Money Market Fund Risk. The share price of the Fund can fall. Unlike a traditional money market fund, the Fund operates as an ETF. As an ETF, the Fund's shares will be traded on the exchange and will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the exchange. You should not rely on or expect the Adviser to enter into support agreements or take other actions to maintain the Fund's share price. The credit quality of the Fund's holdings can change rapidly in certain market environments, and the default of a single holding could have an adverse impact on the Fund's share price. The Fund's share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets. The actions of a few large investors in the Fund may have a significant adverse effect on the share price of the Fund. New Adviser Risk. The Adviser is a newly registered investment adviser and has limited experience managing a registered fund. As a result, there is no long-term track record against which an investor can judge the Adviser. New Fund Risk. The Fund is newly organized and has limited or no operating history. There can be no assurance that the Fund will grow to or maintain an economically viable size, that an active trading market for the Fund's shares will develop or be maintained, or that the Fund's shares' listing will continue unchanged. Operational and Cybersecurity Risk. The Fund and its service providers are directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence and machine learning ("AI"), which may result in losses for the Fund and its shareholders or may impair the Fund's operations. Premium/Discount to NAV Risk. Shares trade at market prices that may be above (premium) or below (discount) NAV, particularly when market volatility is elevated, trading volume is limited, or the portfolio experiences disruptions. Risks of Holding Cash. The Fund will at all times hold cash positions, which may hurt the Fund's performance. Cash positions may also subject the Fund to additional risks and costs including any fees imposed by the Fund's custodian for large cash balances. Security Selection Risk. While the Fund invests in short-term securities, which by nature should be relatively stable investments, it is possible that the securities in which the Fund invests will not perform as expected. This could cause the Fund's yield to lag behind those of similar money market funds and could result in a decline in share price. U.S. Government Default Risk. Due to the rising U.S. government debt burden and potential limitations caused by the statutory debt ceiling, it is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. In the past, U.S. sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. Such a credit event may adversely impact the financial markets and the Fund. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of certain kinds of debt. U.S. Treasury Obligations Risk. Direct obligations of the U.S. Treasury have historically involved little risk of loss of principal if held to maturity. However, due to fluctuations in interest rates, the market value of such securities may vary during the period shareholders own shares of the Fund. In addition, notwithstanding that 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, such as reaching the legislative "debt ceiling." Such non-payment could result in losses to the Fund and substantial negative consequences for the U.S. economy and the global financial system. Changes to the financial condition or credit rating of the U.S. Government may cause the value of U.S. Treasury obligations to decline. Valuation Risk. 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, investments are fair valued by the Adviser, and such methods may involve more subjectivity than the use of market quotations. Variable and Floating Rate Instrument Risk. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their coupon rates do not reset as high, or as quickly, as comparable market interest rates, and generally carry lower yields than fixed securities of the same maturity. These securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction in income received from variable and floating rate securities held by the Fund and may adversely affect the value of the Fund's shares. Benchmark interest rates may not accurately track market interest rates. When-Issued and Delayed Delivery Securities and Forward Commitments Risk. When-issued and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price. Performance Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. At that time, the Fund's performance will be compared to an appropriate broad-based market index (total return). The specific benchmark index (or indexes) used for this comparison will be identified in this section once performance information is presented and will be selected to represent the overall applicable market relevant to the Fund's investment exposure. Past performance (before and after taxes) is not a guarantee of future results. Once available, updated performance information will be posted on the Fund’s website at www.corgiinvest.com. Because the Fund has not completed a full calendar year of operations as of the date of this Prospectus, performance information is not presented. After the Fund has a full calendar year of results, this section will include a calendar-year bar chart and a table of average annual total returns, which will help illustrate the variability of the Fund's returns over time. Past performance (before and after taxes) is not a guarantee of future results. www.corgiinvest.com (1) Under the unitary fee arrangement, Corgi Strategies, LLC (the "Adviser") will bear substantially all of the Fund's ordinary operating expenses, except for: advisory fees; interest on borrowings for investment purposes; dividends and other expenses on securities sold short; taxes; brokerage commissions and other costs of purchasing and selling portfolio securities and other investment instruments; acquired fund fees and expenses; accrued deferred tax liability; any distribution fees and expenses paid under a Rule 12b-1 plan adopted pursuant to the Investment Company Act of 1940, as amended (the "1940 Act"); litigation expenses; and other non-routine or extraordinary expenses. (2) The Fund is newly organized. All fees and expenses are estimated for the current fiscal year. (3) The Adviser has contractually agreed to waive a portion of its management fee equal to 0.05% of the Fund’s average daily net assets per annum, reducing the annual management fee from 0.15% to 0.10%. The agreement has no fixed termination date and continues indefinitely unless terminated in accordance with its terms. The agreement may not be terminated, and the waiver may not be reduced, through October 13, 2027. After that date, the agreement may be terminated only by the Board of Trustees, or with its consent, upon not less than thirty (30) days’ prior written notice to the Adviser; such notice may be given only after October 13, 2027. The Adviser has no unilateral right to terminate the agreement. Notwithstanding these restrictions, the agreement terminates automatically upon termination of the Fund’s Investment Advisory Agreement, without regard to the minimum commitment period or the thirty (30) day notice requirement. Amounts waived are not subject to recoupment by the Adviser.