Corgi U.S. Equities 15% Structured Buffer ETF
CMAY
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- Corgi U.S. Equities 15% Structured Buffer ETF – May Series is a U.S.-domiciled, actively managed defined-outcome exchange-traded fund that seeks to provide investors with the price return, excluding dividends, of the SPDR S&P 500 ETF Trust (SPY), up to a predetermined upside cap, while seeking to buffer the first 15% of SPY losses over each approximately 12-month outcome period. The Fund principally employs a portfolio of FLEX Options linked to SPY, together with cash and cash-equivalent instruments, rather than holding individual equity securities directly. Its strategy combines purchased and written call and put FLEX Options to establish capped S&P 500-linked upside participation and a defined downside buffer; the Fund’s current May 2026-April 2027 outcome period has an 11.00% cap before fees and expenses and a 15.00% downside buffer before fees and expenses. The Fund is intended for investors seeking U.S. large-cap equity market exposure with pre-defined outcome parameters, although shareholders purchasing or selling outside the full outcome period may experience materially different results, including a reduced or unavailable buffer. The Fund was formed on May 1, 2026, is listed on Cboe BZX under the ticker CMAY, and is advised by Corgi Strategies, LLC. It operates as a series of Corgi ETF Trust I and carries a 0.40% gross expense ratio and a 0.30% net expense ratio, reflecting a contractual management-fee waiver by its adviser. Corgi Strategies, LLC is associated with Corgi, an AI financial-infrastructure company that develops insurance and financial-services products. A major recent development was CMAY’s May 2026 launch and Cboe BZX listing as part of Corgi’s inaugural suite of nine structured buffer ETFs. The broader launch expanded Corgi’s investment-product offering across U.S. large-cap equities, growth and technology equities, U.S. small-cap equities, international developed equities, and emerging-markets equities, with buffer levels ranging from 10% to 100%. The CMAY strategy resets annually, establishing a new upside cap and downside buffer for each May-to-April outcome period based on prevailing market conditions at the beginning of that period.