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2025.03.1

Risk Factors· Corgi Innovation ETFCORGX

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Summary

An investment in shares of the Corgi Innovation ETF (the “Fund”) involves investment risks. This section describes principal risks that the Trust believes may affect the value of your investment. The order of presentation is not indicative of relative importance, and additional risks not described here may be significant under particular market conditions. You should consider these risks together with all other information in this prospectus and the Statement of Additional Information (“SAI”) before investing.

The Fund is an exchange-traded fund (“ETF”) that seeks investment results that, before fees and expenses, correspond generally to the price and yield performance of the Corgi Global Innovation & Technology Index (the “Index”). The Index is designed to measure the performance of U.S. and non-U.S. equity securities of companies that derive a significant portion of revenue from technology, digital services, software, semiconductor, cloud infrastructure, and adjacent innovation-oriented business activities, as described in the Index methodology published by the Index provider. There is no assurance the Fund will achieve its investment objective or that the Index will continue to be published.

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Risks of equity securities

The Fund invests primarily in equity securities, which are subject to stock market risk. Stock markets have experienced periods of substantial volatility and may decline sharply and suddenly in response to general economic and market conditions, interest rate movements, inflation expectations, geopolitical developments, public health events, changes in fiscal or monetary policy, or investor behavior unrelated to the fundamentals of individual issuers held by the Fund.

Individual issuers may experience adverse developments, including earnings disappointments, management turnover, litigation, regulatory enforcement, product recalls, or loss of major customers. Such events may cause the market price of an issuer’s securities to decline independently of broader market movements.

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Market and volatility risk

Technology and innovation-oriented equity securities have historically exhibited higher volatility than the broader U.S. equity market as measured by certain broad-based indices. Volatility may be driven by rapid changes in growth expectations, sensitivity to interest rates and discount rates applied to long-duration cash flows, competitive disruption, and concentration of returns in a relatively small number of large-capitalization issuers.

During periods of market stress, correlations among securities held by the Fund may increase, reducing the benefits of diversification within the portfolio. High-frequency trading, social media-driven sentiment, and coordinated trading among institutional participants may amplify short-term price swings.

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Sector concentration risk

The Fund’s investments may be concentrated in the technology sector and related industries, including software, semiconductors, IT services, internet and direct marketing retail, and communication services. Concentration increases the Fund’s sensitivity to regulatory changes, antitrust investigations, export controls, supply chain disruptions, labor actions, intellectual property disputes, and demand cycles affecting those industries.

A technology-sector downturn may occur even when other sectors of the economy are stable or improving. Conversely, the Fund may underperform diversified broad market indices during periods when technology-oriented sectors lag.

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Non-diversification risk

The Fund is classified as “non-diversified” under the Investment Company Act of 1940, as amended (the “1940 Act”), which means it may invest a greater percentage of its assets in fewer issuers than a diversified fund. As a result, the Fund may be more susceptible to adverse events affecting any one issuer or a small group of issuers.

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Foreign investment risk

The Fund may invest in depositary receipts and equity securities of non-U.S. issuers, including issuers in emerging markets. Foreign investments involve risks not typically associated with U.S. investments, including less transparent regulatory regimes, weaker corporate governance practices, currency fluctuation, withholding taxes, settlement and custody risk, nationalization or expropriation risk, and restrictions on repatriation of capital.

Emerging market securities may be less liquid and more volatile than securities of developed market issuers. Political instability, sanctions, embargoes, or abrupt changes in local law may materially impair the value or liquidity of such investments.

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Currency risk

Because the Fund’s shares are denominated in U.S. dollars, changes in foreign currency exchange rates may affect the U.S. dollar value of securities denominated or quoted in other currencies. The Fund may not hedge currency exposure, and any hedging strategy used in the future may not eliminate currency risk and may reduce potential gains.

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Small- and mid-capitalization risk

The Fund may invest in securities of small- and mid-capitalization companies. Such companies may have limited product lines, management depth, financial resources, or trading liquidity. Their securities may be more volatile and harder to buy or sell at favorable prices, particularly during periods of market stress.

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Large-capitalization risk

The Index and the Fund may be heavily weighted in large-capitalization issuers. Returns may be influenced by performance of a relatively small number of stocks. Negative developments affecting one or more large constituents may have an outsized impact on Fund performance.

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Growth-style investing risk

The Index’s methodology may emphasize growth-oriented companies, which may trade at elevated valuation multiples relative to earnings, book value, or cash flow. Growth stocks may underperform value stocks for extended periods and may decline sharply if investor sentiment shifts or if growth expectations are not realized.

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Index tracking / correlation risk

There is no guarantee that the Fund will achieve a high degree of correlation with the Index. Tracking error may result from rounding of share quantities, cash drag, market illiquidity, timing of cash flows, regulatory constraints, sampling techniques (if used), expenses and fees, fair valuation of portfolio holdings, and changes to the Index composition or methodology.

If the Index provider makes unanticipated methodology changes, the Fund may need to rebalance its portfolio quickly, potentially increasing transaction costs and realization of taxable gains for shareholders who hold Fund shares in taxable accounts.

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Index provider risk

The Fund depends on the Index provider to maintain, calculate, and publish the Index. Errors in Index construction, data inputs, or corporate action adjustments may adversely affect Fund performance. If the Index provider discontinues the Index or materially changes its objective, the Fund may need to seek shareholder approval to track a different index, liquidate, or merge, any of which could be disadvantageous to shareholders.

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Authorized participation / creation and redemption risk

Only certain financial institutions (“Authorized Participants”) may create or redeem large blocks of Fund shares (“Creation Units”) directly with the Fund. If Authorized Participants exit the business or reduce activity, the spread between the market price of Fund shares and NAV may widen. During stressed market conditions, the Fund may trade at a significant premium or discount to NAV.

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Secondary market trading risk

Fund shares are listed on a national securities exchange; however, the listing does not guarantee an active trading market. Low trading volume, exchange halts, or operational issues may impair liquidity. Investors buying or selling shares in the secondary market will typically pay brokerage commissions and may transact at prices above or below NAV.

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Cybersecurity and operational risk

The Fund and its service providers, including the Adviser, administrator, custodian, transfer agent, and index provider, rely on information technology systems that may be vulnerable to cyberattacks, ransomware, denial-of-service events, insider threats, or third-party vendor failures. Such events could disrupt trading, pricing, recordkeeping, or shareholder servicing and could negatively affect Fund operations or portfolio valuation.

Portfolio companies may also suffer cybersecurity incidents that impair operations, reduce revenues, or result in legal liability, any of which may adversely affect the market prices of securities held by the Fund.

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Intellectual property and innovation risk

Many companies in the Index rely on patents, trade secrets, trademarks, and copyrights. Adverse litigation outcomes, patent expirations, or failure to protect proprietary technology may erode competitive advantages and reduce issuer profitability.

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Regulatory and legislative risk

Technology and data-oriented businesses are subject to evolving regulation concerning privacy, consumer protection, content moderation, competition, artificial intelligence, cross-border data flows, and industry-specific licensing. New laws or enforcement priorities in the United States or abroad may increase compliance costs, restrict business models, or result in fines or structural remedies that adversely affect issuers held by the Fund.

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Geopolitical and sanctions risk

Export controls, tariffs, sanctions, and trade disputes may disrupt supply chains for semiconductors, hardware, and cloud infrastructure. Issuers with significant sales or operations in affected regions may experience revenue declines or increased costs.

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Interest rate and discount-rate risk

Even though the Fund does not primarily invest in debt securities, equity valuations—particularly for longer-duration growth equities—may be sensitive to changes in interest rates and inflation expectations. Rapid increases in risk-free rates may compress valuation multiples and contribute to equity market volatility.

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Liquidity risk

Although the Fund invests primarily in publicly traded securities, market liquidity may deteriorate during periods of stress. The Fund may receive large purchase or redemption orders that require rapid trading, potentially affecting execution prices and increasing transaction costs. Rule 22e-4 under the 1940 Act requires the Fund to manage liquidity risk; however, liquidity classification methodologies may not perfectly predict realized liquidity under stress.

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Securities lending risk

To the extent the Fund engages in securities lending, it will be subject to counterparty default risk with respect to collateral and lent securities, operational risk, and the risk that lending income may not offset losses from reinvestment of collateral or borrower default. The Fund may also bear indemnification obligations under the securities lending agreement.

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Tax risk

The federal tax treatment of Fund distributions and sales of shares may be affected by future legislation, Treasury regulations, or IRS guidance. The tax consequences to you of an investment in the Fund depend on your individual circumstances; you should consult your tax adviser.

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Cash and cash equivalents risk

The Fund may hold cash or cash equivalents for liquidity, pending investment, or during rebalancing. Such holdings may dilute returns relative to the Index during periods when equity markets rise and may expose the Fund to inflation risk and low yields on short-term instruments.

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Fluctuation of net asset value

The NAV of the Fund will fluctuate based on changes in the value of portfolio securities. You may lose money, including near-term loss of principal, even if the broader stock market is rising.

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Fund shares are not deposits or obligations of a bank

Shares of the Fund are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other agency of the U.S. government. There can be no assurance that the Fund will be able to maintain a stable net asset value per share.