div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund is an exchange-traded fund ("ETF") that seeks to meet its objective by having Corgi Strategies, LLC (the "Adviser") actively manage the Fund and, under ordinary market conditions, invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of companies that derive material revenue from intellectual property ("IP") licensing, royalty streams, franchise royalties, or other IP-based monetization arrangements. For purposes of this policy, qualifying IP monetization activities include: patent licensing and royalty collection; technology licensing (including standards-essential patent licensing); software licensing; content and media licensing and royalties (including music, film, television, and publishing royalties); brand, trademark, and character licensing; franchise royalties and fees; and pharmaceutical or life sciences royalty streams. A company will not qualify for the Fund's 80% basket solely on the basis of owning IP assets without current, demonstrable licensing, royalty, or franchising revenue or a dedicated, disclosed monetization program. /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;" /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund invests primarily in the common stock of companies that derive material revenue from IP licensing, royalties, or franchising. The Fund considers a company "materially involved" if, at the time of investment, as determined by the Adviser, the company meets at least one of the following criteria at the firm level: (1) at least 50% of the company's total revenues are derived from the activities identified in the Fund's 80% investment policy above; (2) at least 50% of the company's total profits are derived from such activities; (3) at least 50% of the company's total assets are dedicated to such activities; or (4) the company ranks among the top 10 companies engaged in such activities by total revenues or net income, as determined using publicly available financial data./div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;" /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund's investable universe generally consists of equity securities of U.S. and foreign companies of any market capitalization, including large-, mid-, small-, and micro-cap companies. While the Fund expects that a majority of its investments will be in companies with primary listings on U.S. securities exchanges, the Fund may also invest in equity securities of non-U.S. companies, including companies listed on foreign securities exchanges and American Depositary Receipts ("ADRs")./div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;" /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund may invest up to 15% of its net assets in illiquid investments. Illiquid investments may include, among other things, passive, minority interests in special purpose vehicles ("SPVs") managed by unaffiliated third parties, as a means of gaining limited exposure to private securities within the Fund’s investment theme, securities that are subject to legal or contractual restrictions on resale, and other investments that otherwise lack an active secondary market. The Fund does not create, sponsor, or exercise primary control over any SPV, and does not intend to acquire interests in SPVs that charge ongoing management fees or performance allocations. The Fund does not, and does not intend to, create or acquire primary control of any entity that engages in investment activities in securities or other assets, other than an entity wholly-owned by the Fund. The Fund may invest in other investment companies, including ETFs, to gain exposure to certain market segments, for cash management purposes, or to facilitate portfolio transitions./div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;" /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund employs a bottom-up security selection process that combines fundamental analysis with thematic and quantitative screening to construct the Fund’s portfolio from among companies that satisfy the Fund’s 80% investment policy, as described above. The Adviser evaluates qualifying companies based on, among other things, the sustainability of IP-driven cash flows (including licensing, royalties, and franchising), strategic positioning within relevant IP ecosystems, and valuation./div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;" /div div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;display:inline;"The Fund may hold cash, cash equivalents, or short-term U.S. Treasury instruments for liquidity management or to facilitate portfolio transitions. The Fund will provide shareholders with at least 60 days' prior notice of any change to the Fund's 80% investment policy. The Fund is classified as non-diversified under the Investment Company Act of 1940./div