ETF Evaluator:
Founder-Led ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
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Risk
Index
Risk
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ETF Details
Founder-Led ETF Overview
Founder-Led ETF (FDRS) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Corgi Funds launched the ETF in 2025.
The investment seeks to track the performance, before fees and expenses, of the Founder-Led Index.
The index tracks the performance of the top 50 founder-led publicly traded U.S. companies, defined as companies where at least one original founder currently serves in a C-suite or equivalent key executive role. Under normal market conditions, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in founder-led company equities included in the index and/or in financial instruments that collectively provide exposure to founder-led companies represented in the index. The fund is non-diversified.
About Founder-Led ETF (FDRS)
There are 1 members of the management team with an average tenure of 0.59 years: Matthew Tuttle (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Founder Led USD index with a weighting of 100%. Founder-Led ETF has 52 securities in its portfolio. The top 10 holdings constitute 54.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Founder-Led ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Founder-Led ETF has 4.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.3% There is 4.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Founder-Led ETF has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $86 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FDRS Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Founder-Led ETF expense ratio is average compared to funds in the Large Blend category. Founder-Led ETF has an expense ratio of 0.49%, which is 18% higher than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Founder-Led ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Founder-Led ETF returned -4.4%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Founder-Led ETF has a trailing yield of 0.00%, which is below the 1.16% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Founder-Led ETF Grades
Year to date, the ETF has returned -8.8%, 18.3 percentage points worse than the category, which translates into a grade of F.
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FDRS Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FDRS Return (NAV) | -4.4% | 0.5% | na | na | na | na |
| FDRS Return (Price) | -4.0% | 0.8% | na | na | na | na |
| NAV +/- Price Return | -0.353% | -0.250% | na | na | na | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| FDRS Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -3.6% | -3.2% | na | na | na | na |
| FDRS Tax-Cost Ratio | na | na | na | na | na | na |
FDRS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FDRS Return (NAV) | -8.8% | na | na | na | na | na | na | na | na | na | na |
| FDRS Return (Price) | -8.6% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.019% | na | na | na | na | na | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| FDRS Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -18.3% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 86 Mil |
| Share Class Assets: | $ 86 Mil |
| Turnover: | 31.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | Yes |
| Index Tracked: | Founder Led USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.6 years | |||
| Managers (Year): Tuttle Matthew (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 52 |
| % in Top 10 Holdings: | 54.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.8% |
Portfolio Allocation |
|
| Domestic Stock: | 94.3% |
| Foreign Stock: | 4.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Corgi Funds |
| Phone Number: | 855-552-6744 |
| Website: | www.founders.com |
| Inception Date: | December 29, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.41% |
