EXPENSE LIMITATION AGREEMENT Corgi ETF Trust I
This Expense Limitation Agreement (this “Agreement”) is entered into as of the date set forth on the signature page hereof, by and between Corgi ETF Trust I, a Delaware statutory trust (the “Trust”), on behalf of each of the series of the Trust listed on Schedule A hereto (each, a “Fund” and collectively, the “Funds”), and Corgi Strategies, LLC, a limited liability company organized under the laws of the State of Delaware (the “Adviser”).
RECITALS
WHEREAS, the Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”);
WHEREAS, the Adviser serves as the investment adviser to each Fund pursuant to an Investment Advisory Agreement between the Trust, on behalf of each Fund, and the Adviser (the “Advisory Agreement”);
WHEREAS, the Adviser is willing to waive a portion of its advisory fees with respect to each Fund to the extent necessary to limit the total annual operating expenses of each Fund to the level set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
AGREEMENT
1. Expense Limitation.
The Adviser hereby agrees to waive its advisory fees (the “Fee Waiver”) with respect to each Fund to the extent necessary to ensure that the Total Annual Fund Operating Expenses of each Fund (excluding, as applicable, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other transactional expenses, foreign currency transactions, acquired fund fees and expenses, extraordinary expenses, and distribution (12b-1) fees) do not exceed 0.30% of each Fund’s average daily net assets per annum (the “Expense Cap”).
The gross advisory fee rate payable by each Fund under the Advisory Agreement is 0.40% of average daily net assets per annum. Pursuant to this Agreement, the Adviser waives advisory fees in an amount equal to 0.10% of each Fund’s average daily net assets per annum, resulting in a net advisory fee rate of 0.30% per annum.
2. Waiver Calculation and Payment.
The Fee Waiver shall be calculated daily and accrued monthly based on each Fund’s average daily net assets. The Fund’s administrator shall calculate the gross advisory fee accrual and the corresponding waiver offset on each business day. The Adviser shall be entitled to receive only the net advisory fee amount (i.e., the gross advisory fee less the applicable waiver) from each Fund on each payment date.
3. No Recoupment.
The Adviser expressly waives any right to recoup from any Fund any fees waived pursuant to this Agreement. Fees waived hereunder shall not be subject to recoupment by the Adviser in any subsequent period, and no waived amounts shall be carried forward, accumulated, or treated as a liability of any Fund.
4. Term and Termination.
This Agreement shall become effective as of the date first set forth on the signature page hereof and has no termination date and may not be terminated without the approval of the Board of Trustees of the Trust (the “Board”), upon not less than thirty (30) days’ prior written notice to the Adviser; provided that the Board may not terminate this Agreement with respect to any Fund prior to the one-year anniversary of the effective date of this Agreement with respect to such Fund. The Adviser may not unilaterally terminate this Agreement. For purposes of this Section 4, the effective date of this Agreement with respect to each Fund shall be the date on which such Fund commences investment operations.
Termination of this Agreement with respect to one or more Funds shall not affect the continued effectiveness of this Agreement with respect to any other Fund unless expressly specified in the notice of termination. Upon termination, the Adviser’s obligation to waive fees shall cease as of the effective date of termination, and the Adviser shall be entitled to receive the full advisory fee rate set forth in the Advisory Agreement from and after such date.
This Agreement shall terminate automatically upon the termination of the Advisory Agreement between the Trust and the Adviser with respect to the applicable Fund.
5. Amendments.
This Agreement may be amended at any time by mutual written consent of the parties, subject to approval by the Board of Trustees of the Trust (the “Board”) as required under applicable law. The Board shall review the terms of this Agreement at such intervals as it deems appropriate.
6. Board Approval.
This Agreement has been approved by the Board, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust or the Adviser, at a meeting duly called and held for such purpose, or by unanimous written consent of the Board in accordance with applicable law.
7. Representations and Warranties.
Each party represents and warrants to the other that: (a) it has full power and authority to enter into and perform its obligations under this Agreement; (b) this Agreement has been duly authorized by all necessary action; and (c) this Agreement constitutes a legal, valid, and binding obligation of such party, enforceable against it in accordance with its terms.
8. Governing Law.
This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws principles, and to the extent applicable, the 1940 Act and the rules and regulations thereunder.
9. Entire Agreement.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof. In the event of any conflict between this Agreement and the Advisory Agreement with respect to fee waivers, the terms of this Agreement shall control.
10. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Electronic or PDF signatures shall be deemed valid and binding to the same extent as original signatures.
11. Severability.
If any provision of this Agreement is held to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.
CORGI STRATEGIES, LLC, as Investment Adviser
By: _/s/▇▇▇▇▇ ▇▇▇▇
Name: ▇▇▇▇▇ ▇▇▇▇
Title: President
Date: 4/25/2026
▇▇▇▇▇ ETF TRUST I, on behalf of each Fund listed on Schedule A
By:_ /s/▇▇▇▇▇ ▇▇▇▇ __
Name: ▇▇▇▇▇ ▇▇▇▇
Title: President
Date: 4/25/26
SCHEDULE A
Funds Subject to this Agreement
1. Corgi Growth & Technology 15% Structured Buffer ETF - May Series
2. Corgi U.S. Equities 10% Structured Buffer ETF - May Series
3. Corgi U.S. Equities 15% Structured Buffer ETF - May Series
4. Corgi Emerging Markets Equities 15% Structured Buffer ETF - May Series
5. Corgi International Developed Equities 15% Structured Buffer ETF - May Series
6. Corgi Growth & Technology 10% Structured Buffer ETF - May Series
7. Corgi U.S. Equities 100% Structured Buffer ETF - May Series
8. Corgi U.S. Equities 30% Structured Buffer ETF - May Series
9. Corgi U.S. Small-Cap 15% Structured Buffer ETF - May Series
10. Corgi Growth & Technology 15% Structured Buffer ETF - August Series
11. Corgi Growth & Technology 15% Structured Buffer ETF - July Series
12. Corgi Growth & Technology 15% Structured Buffer ETF - June Series
13. Corgi U.S. Equities 10% Structured Buffer ETF - August Series
14. Corgi U.S. Equities 10% Structured Buffer ETF - July Series
15. Corgi U.S. Equities 10% Structured Buffer ETF - June Series
16. Corgi U.S. Equities 15% Structured Buffer ETF - August Series
17. Corgi U.S. Equities 15% Structured Buffer ETF - July Series
18. Corgi U.S. Equities 15% Structured Buffer ETF - June Series
19. Corgi Emerging Markets Equities 15% Structured Buffer ETF - June Series
20. Corgi International Developed Equities 15% Structured Buffer ETF - June Series
21. Corgi Growth & Technology 10% Structured Buffer ETF - August Series
22. Corgi Growth & Technology 10% Structured Buffer ETF - July Series
23. Corgi Growth & Technology 10% Structured Buffer ETF - June Series
24. Corgi U.S. Equities 100% Structured Buffer ETF - June Series
25. Corgi U.S. Equities 30% Structured Buffer ETF - June Series
26. Corgi U.S. Small-Cap 15% Structured Buffer ETF - June Series
27. Corgi Growth & Technology 10% Structured Buffer ETF - April Series
28. Corgi Growth & Technology 10% Structured Buffer ETF - December Series
29. Corgi Growth & Technology 10% Structured Buffer ETF - February Series
30. Corgi Growth & Technology 10% Structured Buffer ETF - January Series
31. Corgi Growth & Technology 10% Structured Buffer ETF - March Series
32. Corgi Growth & Technology 10% Structured Buffer ETF - November Series
33. Corgi Growth & Technology 10% Structured Buffer ETF - October Series
34. Corgi Growth & Technology 10% Structured Buffer ETF - September Series
35. Corgi Growth & Technology 15% Structured Buffer ETF - April Series
36. Corgi Growth & Technology 15% Structured Buffer ETF - December Series
37. Corgi Growth & Technology 15% Structured Buffer ETF - February Series
38. Corgi Growth & Technology 15% Structured Buffer ETF - January Series
39. Corgi Growth & Technology 15% Structured Buffer ETF - March Series
40. Corgi Growth & Technology 15% Structured Buffer ETF - November Series
41. Corgi Growth & Technology 15% Structured Buffer ETF - October Series
42. Corgi Growth & Technology 15% Structured Buffer ETF - September Series
43. Corgi U.S. Equities 10% Structured Buffer ETF - April Series
44. Corgi U.S. Equities 10% Structured Buffer ETF - December Series
45. Corgi U.S. Equities 10% Structured Buffer ETF - February Series
46. Corgi U.S. Equities 10% Structured Buffer ETF - January Series
47. Corgi U.S. Equities 10% Structured Buffer ETF - March Series
48. Corgi U.S. Equities 10% Structured Buffer ETF - November Series
49. Corgi U.S. Equities 10% Structured Buffer ETF - October Series
50. Corgi U.S. Equities 10% Structured Buffer ETF - September Series
51. Corgi U.S. Equities 15% Structured Buffer ETF - April Series
52. Corgi U.S. Equities 15% Structured Buffer ETF - December Series
53. Corgi U.S. Equities 15% Structured Buffer ETF - February Series
54. Corgi U.S. Equities 15% Structured Buffer ETF - January Series
55. Corgi U.S. Equities 15% Structured Buffer ETF - March Series
56. Corgi U.S. Equities 15% Structured Buffer ETF - November Series
57. Corgi U.S. Equities 15% Structured Buffer ETF - October Series
58. Corgi U.S. Equities 15% Structured Buffer ETF - September Series
59. Corgi Emerging Markets Equities 15% Structured Buffer ETF - August Series
60. Corgi Emerging Markets Equities 15% Structured Buffer ETF - July Series
61. Corgi International Developed Equities 15% Structured Buffer ETF - August Series
62. Corgi International Developed Equities 15% Structured Buffer ETF - July Series
63. Corgi U.S. Equities 100% Structured Buffer ETF - August Series
64. Corgi U.S. Equities 100% Structured Buffer ETF - July Series
65. Corgi U.S. Equities 30% Structured Buffer ETF - August Series
66. Corgi U.S. Equities 30% Structured Buffer ETF - July Series
67. Corgi U.S. Small-Cap 15% Structured Buffer ETF - August Series
68. Corgi U.S. Small-Cap 15% Structured Buffer ETF - July Series
69. Corgi Emerging Markets Equities 15% Structured Buffer ETF - April Series
70. Corgi Emerging Markets Equities 15% Structured Buffer ETF - December Series
71. Corgi Emerging Markets Equities 15% Structured Buffer ETF - February Series
72. Corgi Emerging Markets Equities 15% Structured Buffer ETF - January Series
73. Corgi Emerging Markets Equities 15% Structured Buffer ETF - March Series
74. Corgi Emerging Markets Equities 15% Structured Buffer ETF - November Series
75. Corgi Emerging Markets Equities 15% Structured Buffer ETF - October Series
76. Corgi Emerging Markets Equities 15% Structured Buffer ETF - September Series
77. Corgi International Developed Equities 15% Structured Buffer ETF - April Series
78. Corgi International Developed Equities 15% Structured Buffer ETF - December Series
79. Corgi International Developed Equities 15% Structured Buffer ETF - February Series
80. Corgi International Developed Equities 15% Structured Buffer ETF - January Series
81. Corgi International Developed Equities 15% Structured Buffer ETF - March Series
82. Corgi International Developed Equities 15% Structured Buffer ETF - November Series
83. Corgi International Developed Equities 15% Structured Buffer ETF - October Series
84. Corgi International Developed Equities 15% Structured Buffer ETF - September Series
85. Corgi U.S. Equities 100% Structured Buffer ETF - April Series
86. Corgi U.S. Equities 100% Structured Buffer ETF - December Series
87. Corgi U.S. Equities 100% Structured Buffer ETF - February Series
88. Corgi U.S. Equities 100% Structured Buffer ETF - January Series
89. Corgi U.S. Equities 100% Structured Buffer ETF - March Series
90. Corgi U.S. Equities 100% Structured Buffer ETF - November Series
91. Corgi U.S. Equities 100% Structured Buffer ETF - October Series
92. Corgi U.S. Equities 100% Structured Buffer ETF - September Series
93. Corgi U.S. Equities 30% Structured Buffer ETF - April Series
94. Corgi U.S. Equities 30% Structured Buffer ETF - December Series
95. Corgi U.S. Equities 30% Structured Buffer ETF - February Series
96. Corgi U.S. Equities 30% Structured Buffer ETF - January Series
97. Corgi U.S. Equities 30% Structured Buffer ETF - March Series
98. Corgi U.S. Equities 30% Structured Buffer ETF - November Series
99. Corgi U.S. Equities 30% Structured Buffer ETF - October Series
100. Corgi U.S. Equities 30% Structured Buffer ETF - September Series
101. Corgi U.S. Small-Cap 15% Structured Buffer ETF - April Series
102. Corgi U.S. Small-Cap 15% Structured Buffer ETF - December Series
103. Corgi U.S. Small-Cap 15% Structured Buffer ETF - February Series
104. Corgi U.S. Small-Cap 15% Structured Buffer ETF - January Series
105. Corgi U.S. Small-Cap 15% Structured Buffer ETF - March Series
106. Corgi U.S. Small-Cap 15% Structured Buffer ETF - November Series
107. Corgi U.S. Small-Cap 15% Structured Buffer ETF - October Series
108. Corgi U.S. Small-Cap 15% Structured Buffer ETF - September Series
Each Fund listed above is a series of Corgi ETF Trust I. The Expense Cap applicable to each Fund is 0.30% of average daily net assets per annum, reflecting a fee waiver of 0.10% per annum from the gross advisory fee rate of 0.40% per annum.