Investment Objective. The Corgi FTSE Fallen Angels Bond ETF 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”).
Investors should consider the investment objectives, risks, charges, and expenses of each Fund carefully before investing. This and other important information is contained in the prospectus for each Fund, which can be obtained without charge from corgiinvest.com or from the SEC at www.sec.gov. Read the applicable prospectus carefully before investing.
The Fund is newly organized and has limited operating history. There can be no assurance that the Fund will grow to or maintain an economically viable size. It may take time for the Fund to attract sufficient assets and for an active secondary market for its shares to develop or be sustained, which could result in wider bid-ask spreads, increased trading costs, or trading at a premium or discount to net asset value.
The information on this site is for informational purposes only and does not constitute investment, tax, or legal advice. Please consult your own investment, tax, and legal professionals regarding your specific situation.
The Fund’s shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”). The Fund is not sponsored, endorsed, sold, or promoted by the Exchange. The Exchange makes no representation regarding the advisability of investing in the Fund and is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of Fund shares to be issued or in the determination or calculation of the equation by which shares of the Fund are redeemable. The Exchange has no obligation or liability in connection with the administration, marketing, or trading of Fund shares.
The Fund is not sponsored, endorsed, sold, or promoted by FTSE International Limited (the index provider) or FTSE Fixed Income LLC (the index licensor), or their affiliates (together, “FTSE Russell”). FTSE Russell makes no representation or warranty, express or implied, regarding the advisability of investing in the Fund or the ability of the FTSE Time-Weighted US Fallen Angel Bond 5% Issuer Capped Index to track general market performance. FTSE Russell has no obligation or liability in connection with the administration, marketing, or trading of the Fund.
Corgi FTSE Fallen Angels Bond ETF Risk. The Corgi FTSE Fallen Angels Bond ETF seeks to provide investment results that, before fees and expenses, track the investment results of the FTSE Time-Weighted US Fallen Angel Bond 5% Issuer Capped Index, 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”). Please see the Fund’s prospectus for a more complete discussion of these and other risks.
Market Risk. 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.
Debt Securities Risk. 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.
Income Risk. 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.
Inflation Risk. 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.
Liquidity Risk. 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.
ETF Risks. 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. 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. Costs of Buying or Selling Shares. Investors who trade Shares in the secondary market will pay brokerage commissions or other charges set by their broker. Commissions are often fixed amounts and can be a significant proportional cost for investors transacting in small sizes. Secondary-market investors also bear the bid-ask spread. The spread varies over time with trading volume and market liquidity; generally narrower when trading volume and liquidity are higher and wider when they are lower. A relatively small investor base, sizable asset flows into or out of 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. Shares May Trade at Prices Other Than NAV. 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. Trading. 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.
Tracking Difference and Tracking Error Risk. The Fund's results may differ from those of the Index for various reasons. The Fund bears operating expenses and portfolio transaction costs that the Index does not. The Fund may not be fully invested in Index constituents at all times, may hold securities not included in the Index, and may experience timing differences, cash holdings, corporate actions, tax considerations, or fair-value pricing that contribute to tracking difference.
Index Calculation & Methodology Risk. 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.
Third-Party Data Risk. 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.
Unaffiliated Index Provider Risk. 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.
Passive Strategy Risk. 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.
Operational and Cybersecurity Risk. The Fund and its service providers rely on complex processes and technology. Human error, processing or communication failures, cyber incidents, or disruptions at counterparties and other third parties could impair operations, result in financial loss, or hinder the Fund's ability to meet its objective.
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, 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.
New Fund Risk. The Fund is newly organized and has limited or no operating history. It may take time to attract assets, build secondary-market liquidity, and achieve efficient index tracking.
New Adviser Risk. 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.
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. 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.
Call Risk. 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.
Cash Transaction Risk. 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.
Concentration Risk. 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.
Credit Risk. 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.
Derivatives Risk. 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.
Duration Risk. 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.
Fallen Angel Risk. “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.
Financial Services Industries Risk. 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.
Foreign Issuer Risk. 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.
High Yield Securities Risk. 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.
Interest Rate Risk. 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.
Non-Diversification Risk. 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.
Sampling Risk. 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.
Services and Manufacturing Sector Risk. 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.
Investing involves risk, including possible loss of principal. There is no guarantee that any investment strategy or any Fund will achieve its objectives. Shares of the Fund are bought and sold on an exchange at market price and are not individually redeemable from the Fund. Market price will fluctuate, sometimes materially, and may be higher or lower than net asset value (“NAV”). Brokerage commissions, bid-ask spreads and other trading costs will reduce returns. Performance data represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
Premium/discount data shows the relationship between the market price of a Fund’s shares and that Fund’s NAV. Historical premium/discount data may not be indicative of future premium/discount levels.
The Fund issues and redeems shares only in large blocks called “Creation Units” at NAV next determined after an order is accepted. Only authorized participants (“APs”) may transact in Creation Units directly with the Fund. Creation Units are generally issued and redeemed in exchange for a basket of securities and/or cash; the Fund may, in its discretion, permit or require all-cash creations or redemptions. Investors should contact their broker or financial intermediary to place trades.
This site is intended only for investors resident in the United States. Nothing on this website is an offer to sell, or a solicitation of an offer to buy, any security in any jurisdiction where such offer or solicitation would be unlawful.
Corgi ETF Trust I. Investment adviser: Corgi Strategies, LLC. Distributor: Paralel Distributors LLC. Member Firm. Paralel is unaffiliated with Corgi Strategies, LLC, The Corgi Company. © 2026 Corgi Strategies, LLC. All rights reserved.
