Investment Objective. The Corgi MANGOS ETF (MN) seeks capital appreciation.
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 corgifunds.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 Funds’ shares are listed for trading on Cboe BZX Exchange, Inc. (the “Exchange”). The Funds are not sponsored, endorsed, sold, or promoted by the Exchange. The Exchange makes no representation regarding the advisability of investing in any 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 any Fund are redeemable. The Exchange has no obligation or liability in connection with the administration, marketing, or trading of Fund shares.
Corgi MANGOS ETF Risk. The Corgi MANGOS ETF is subject to the investment risks associated with a highly concentrated portfolio of mega-capitalization technology and technology-enabled companies. Because the Fund holds only six equity issuers (and uses derivatives to gain exposure to them), poor performance by any single holding can have a disproportionate impact on overall Fund returns. The Fund's performance will depend to a greater extent on technology sector conditions, regulatory developments affecting large technology companies (including antitrust, data privacy, and AI regulation), competitive dynamics among the largest global technology platforms, and macroeconomic conditions affecting technology spending and advertising revenue.
Concentration and Single Issuer Risk. The Fund invests a significant portion of its assets in six specified issuers and may be particularly sensitive to negative developments affecting any one MANGOS Company, including adverse business results, regulatory actions, reputational events, cybersecurity incidents, or changes in competitive position. Meta, Nvidia, and Google are mega-capitalization companies whose share prices may be especially sensitive to changes in expectations regarding growth, artificial-intelligence investment, and valuation. Anthropic and OpenAI are privately held companies for which substantially less public information is available. SpaceX operates aerospace, satellite communications, artificial-intelligence, and social-media businesses that present distinct operational and regulatory risks. A decline in the value of any MANGOS Company may have a disproportionate negative effect on the Fund's performance and may increase volatility. The Fund will concentrate its investments in the following group of related industries in which the MANGOS Companies operate: artificial-intelligence model development and software; semiconductor design and AI computing infrastructure; interactive media, social networking, and digital advertising; cloud computing; aerospace and launch services; and satellite-based communications and related space technologies. Developments affecting these industries may affect the Fund more than a fund invested across a broader range of unrelated industries.
Technology Change, Innovation, and Competitive Dynamics Risk. The MANGOS Companies operate in rapidly evolving technology and innovation industries and may face intense competition, rapid product or service obsolescence, frequent changes in technology, standards, and customer preferences, and the need for ongoing research and development. These companies may have business models that depend on successful commercialization of new technologies, timely product launches, and broad adoption. Competitive pressures, platform consolidation, and dependence on key personnel and talent may adversely affect market share, pricing, margins, and growth prospects for the MANGOS Companies.
Antitrust, Regulatory, and Government Scrutiny Risk. Meta, Google, Nvidia, Anthropic, OpenAI, and SpaceX (including its xAI and X businesses) are subject to antitrust, competition, or other regulatory scrutiny in the United States and internationally. Regulatory actions, including investigations, enforcement proceedings, consent decrees, structural remedies (such as mandatory divestitures or business separations), fines, or changes in laws or regulations applicable to technology companies, digital advertising, AI, data privacy, content moderation, or space exploration, could materially adversely affect the business, financial condition, competitive position, and valuation of one or more MANGOS Companies.
Derivatives and Counterparty Risk. Derivatives, including total return swaps, expose the Fund to counterparty, correlation, liquidity, valuation, collateral and operational risks. A counterparty may fail to perform or become insolvent, and a derivative may perform differently than expected. Private-company swaps are bespoke, bilateral contracts that may lack an active secondary market. Contractual termination rights do not assure immediate cash settlement or an exit at the Fund’s valuation. Counterparty pricing discretion may create conflicts of interest, and unwind prices may be difficult to verify. The Fund expects initially to classify private-company swaps as illiquid but may subsequently classify a swap as highly liquid, moderately liquid or less liquid when supported by current, documented evidence under Rule 22e-4. Illiquid swap asset values count toward the 15% illiquid-investment limit, and classifications are reviewed under the Fund’s liquidity risk management program. Derivatives may increase portfolio turnover and taxable events.
Perpetual Futures Reference Price Risk. The Fund’s private-company swaps may reference perpetual futures prices that differ materially from private-company share values, financing-round valuations, IPO prices, or subsequent listed-share prices. These contracts generally have no stated expiration date, and mechanisms intended to align their prices with the referenced company’s value may not be effective. Limited trading, concentrated participation, and unreliable information may cause volatility, pricing disruptions, or manipulation, including near the swap’s pricing time. Prices may change when Fund shares are not trading. The Fund’s NAV valuation may differ from contractual settlement amounts and does not change the swap’s payment terms. The calculation agent’s discretion in selecting or applying pricing inputs and adjustments may create conflicts of interest and affect the amount payable under the swap.
Perpetual Futures Market and Counterparty Hedging Risk. The Fund does not itself enter into perpetual futures contracts under this strategy, but its swap counterparties may use them to hedge their obligations. Platform failures, trading interruptions, cybersecurity incidents, regulatory restrictions, funding changes, forced liquidation, or automatic reductions of hedge positions may impair pricing or counterparty performance. A counterparty may decline additional transactions or, where permitted by the swap terms, increase charges or terminate a swap. Replacement exposure may be unavailable, and collateral does not eliminate counterparty risk. Relevant venues may operate outside the United States and may not provide protections comparable to those of U.S.-regulated securities or futures exchanges.
Private-Company Swap Cost Risk. Private-company swaps may have higher financing and transaction costs than public-company swaps. Interest rates, perpetual futures funding rates, market liquidity, and hedging availability may increase costs. Counterparties may pass through increased hedging costs where permitted by the swap terms. Reducing, terminating, or replacing swaps may involve additional costs, reducing returns and potentially causing the Fund to reduce or forgo exposure.
SPV and Private Investment Risk. The Fund may obtain private-company exposure through interests in unaffiliated special purpose vehicles (SPVs). The Fund depends on the SPV sponsor or manager and generally lacks direct shareholder rights in the underlying company. Limited information, conflicts of interest, SPV expenses, liabilities and ownership terms may impair valuation, reduce returns or cause the exposure to differ from direct share ownership. Transfer restrictions, required consents, ownership defects or restrictions on withdrawals and redemptions may delay or prevent an exit or require a sale at a substantial discount. Distributions and liquidity events are uncertain; an IPO does not assure a cash exit, and distributions may consist of restricted securities or other illiquid property. SPV interests initially will be classified as illiquid and included in the Fund’s 15% illiquid-investment limit. Fair values may rely on stale information and significant judgment and differ materially from amounts realized. The Fund could lose some or all of its investment.
In addition, the fund is subject to general equity market volatility and may experience amplified fluctuation due to its industry concentration.
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 Funds are bought and sold on an exchange at market price and are not individually redeemable from the Funds. 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. 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.
Shares may trade at a premium or discount to NAV and may have limited liquidity
