Corgi Funds

Introducing $EUV. Exposure to lithography and photonics across the semiconductor value chain - the precision layer of chip manufacturing. Now trading on Cboe. Learn more: corgifunds.com/thematic/euv

@nico_laqua @UseCorgi Huge!!!

Today, @UseCorgi is announcing a $160M Series B at a $1.3B valuation led by TCV. This new round of funding will help us scale what we've built and expand into new verticals including trucking, payroll, and small business. This follows our $108M Series A that we announced 16 weeks ago, bringing total funding to over $268M.

Corgi is launching 28 (low-cost) theme ETFs today (pretty sure that's a record) incl US War Machine, Drones & Air Mobility, High Voltage Grid, Buy Now & Pay Later, Beauty & Skincare, Coffee & Energy Drinks and two regional focused ones: Bay Area and NYC Based ETF $NYNY Live shot pic of the launch via @MstarArmour @MstarBenJohnson

@brexHQ @UseCorgi 😀

@UseCorgi 👋 @UseCorgi

👋 @brexHQ

Markets are rallying sharply this afternoon after the US and Iran agreed to a two-week ceasefire, with the White House calling for a suspension in hostilities in exchange for Iran lifting its blockade of the Strait of Hormuz. The Dow is up over 1,200 points, the S&P 500 is up 2.5%, and the Nasdaq is up ~3.0%. Oil is telling the real story though, with Brent crude falling over 16% to around $91 a barrel as traders price in the reopening of one of the world's most critical shipping lanes. The relief rally extends beyond equities. The 10-year yield dropped 9 basis points to 4.25%, and rate cut expectations are ticking back up as the inflation risk from elevated oil prices eases.

Markets week ending 3/20/26 📉 S&P 500: -3.0% | YTD: -5.3% Oil (WTI): -1.4% | YTD: +70.9% Gold: -10.1% | YTD: +4.6% Bitcoin: -4.2% | YTD: -21.1% A rough week across the board. Stocks opened strong Mon/Tue but Wednesday’s hot PPI print + Fed holding rates wiped out all gains. Iran conflict uncertainty drove Friday’s selloff. Bonds spiked - 10Y hit 4.388%, 30Y hit 4.958% into the weekend. Gold logged its 3rd straight down week. Bitcoin briefly topped $76K before reversing with the broader market. Top sectors: energy minerals, industrial services, comms Laggards: consumer durables, process industries, non-energy minerals $SPY $BTC $GC $CL

🏦 FED HOLDS: FOMC votes 11-1 to keep rates at 3.5%-3.75%. Lone dissent: Gov. Stephen Miran (wanted a 25bps cut). Waller, who dissented in Jan, flipped to hold. 📊 Dot plot: still penciling in 1 cut in 2026, 1 more in 2027, but 7 of 19 officials now see NO cuts this year (up from 4 in Dec). ⚡ Why the pause? Iran war oil shock pushed inflation forecast to 2.7% (from 2.5%), labor market softening (92K jobs lost in Feb), and elevated geopolitical uncertainty. 👀 Look ahead: Powell's term ends May 15, Kevin Warsh nomination in limbo pending DOJ probe. June cut still possible IF Iran tensions ease and energy prices cool, but the bar just got higher. Bottom line: Fed's in full "wait and see" mode. One cut, maybe. Zero cuts, increasingly on the table. 🎯 #fomc

PPI just came in hot. Producer prices rose 0.7% in February, more than double the 0.3% economists expected. Year-over-year: up 3.4%, well above the 3% estimate. Energy is leading the charge. Diesel fuel alone accounted for nearly 30% of the monthly spike in intermediate demand. All eyes now on the Fed this afternoon. Markets are pricing in a hold at 3.5-3.75%, but Powell’s comments on oil and inflation will matter more than the decision itself. Brent crude near $108. PPI accelerating. Rate cuts getting pushed further out. The macro backdrop just got more complicated.

Jensen Huang takes the stage today at GTC 2026. On the table: Vera Rubin platform updates, a potential AI agent deployment service, dedicated inference chip news, and possibly a laptop CPU. The bigger question hanging over all of it: as AI shifts from training to inference, does Nvidia's GPU dominance hold? Watch GTC closely this week. The roadmap Huang lays out today will tell you a lot about which companies are best positioned to build on top of it.

Markets this week: S&P 500 — down 1.6% Nasdaq — down 1.3% Dow — down 2.0% The story? Iran. Oil near $99/barrel. Third straight losing week for the S&P. Rate cut odds collapsing — market now pricing just ONE cut in 2026. $SPY $QQQ $DIA $USO

Brent crude just closed above $100 for the first time since 2022. The Strait of Hormuz, through which 20% of global oil flows, is effectively closed. Iraq output is down 60%. UAE and Kuwait are cutting production as storage fills up. The IEA just released a record 400M barrels from emergency reserves. Markets shrugged. Until ships move through the Strait again, the ceiling on prices has not been reached.

Founders like Karp and Huang turn ideas into empires. $FDRX amps it up with 2x daily moves on the top 50. Fuel your portfolio. High Risk. Intended for short-term trading. Not for buy-and-hold investors. Learn more here: corgifunds.com/etfs/fdrx

Thank you to our shareholders! $FDRS has crossed $25M in assets under management. The founder movement is growing. Learn more here: corgifunds.com/etfs/fdrs

Founders like Elon, Zuck, and Jensen built the future. $FDRS builds a way to own their vision, all in one ETF. Innovation at your fingertips. Learn more: corgifunds.com/etfs/fdrs

OpenAI just raised $110 BILLION, the LARGEST private funding round in history, at a $730B pre-money valuation. Amazon is leading with $50B (initial $15B + $35B phased), Nvidia $30B, and SoftBank $30B. Even bigger than the cash: OpenAI is massively expanding its AWS partnership , adding another $100B in cloud commitments over the next 8 years. AWS becomes the exclusive third-party cloud provider for OpenAI’s new enterprise platform “Frontier”. Sam Altman: “We’re super excited about this deal. AI is going to happen everywhere. It’s transforming the whole economy, and the world needs a lot of collective computing power to meet the demand.” AI infrastructure race just went nuclear 💰☁️ #OpenAI #AI #AWS

$NVDA delivered another monster quarter yesterday: Q4 revenue $68.1B exploded 73% YoY to record levels on insane AI demand, crushed estimates across the board, and guided Q1 to ~$78B as hyperscalers keep racing to build out infrastructure. Yet the stock dropped 5.5% today, its worst drop in 10 months. Wall Street’s real message? Even spectacular beats aren’t enough anymore. The big fears driving the selloff: Can Big Tech actually generate strong, fast ROI on the hundreds of billions they’re pouring into AI capex before budgets tighten? Is the hyper-growth phase starting to peak? At sky-high valuations priced for perfection, any hint of hesitation triggers profit-taking and serious questions about long-term sustainability. The AI story is still powerful, but the bar is now extremely high.

Who is leading the charge? Top 10 Holdings in $FDRS include companies led by today's most innovative founders. See the full list: corgifunds.com/etfs/fdrs

Companies Reporting Earnings This Week (2/16-2/20) #Earnings