MutualFundWire.com: An AI-Powered Insurer Startup Raises Its First ETFs

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Monday, October 27, 2025

An AI-Powered Insurer Startup Raises Its First ETFs

The team at a one-year-old, 70-person, artificial intelligence insurance company in California are entering the exchange-traded fund business.

On Friday (October 24), Emily Yuan of Corgi Strategies, LLC filed to launch the Founder-Led ETF (FDRS on the Nasdaq) and the Founder-Led 2x Daily ETF (FDRX). San Franciso-based Corgi Strategies serves as investment advisor and index owner to both funds. (The move comes two months after Yuan filed to create the Corgi ETF Trust I.)

Yuan, who serves as president and principal executive officer of the new series trust, is also co-founder and chief operating officer of Corgi Strategies' parent, Corgi Insurance Services, Inc., which is backed by Y Combinator. Nico Laqua, CEO and chief technology officer of Corgi Insurance, will also PM both FDRX and FDRS.

Last week's filing indicates that FDRS and FDRX are expected to debut on November 10. FDRX will come with an expense ratio of 108 basis points, while FDRS' expense ratio will be 49bps.

FDRS will be designed to track Corgi Strategies' Founder-Led Index, which tracks the top 50 found-led, publicly traded companies in the U.S. FDRX will offer twice the daily returns of that index.

FDRX and FDRS will be passively managed, non-diversified series of Corgi ETF Trust I. The planned ETFs' other service providers will include:

Paralel Distributors LLC as distributor;

Solactive AG as index calculator;

Tait, Weller & Baker LLP as independent accounting firm;

U.S. Bancorp Fund Services, LLC (dba U.S. Bank Global Fund Services) as administrator, dividend disbursing agent, fund accountant, and transfer agent; and

U.S. Bank N.A. as custodian.