Introducing FDRS: The Founder-Led ETF

One recurring theme came up again and again at our Chase Center event last month from founders and investors alike: founder-led companies bring a level of vision, creativity, and commitment that can distinguish their operational approach from peers. Historically, there has been no easy way to gain diversified exposure to founders, aside from venture capital, investing in private markets, and individual stock picking.

Introducing FDRS

This is why Corgi is launching the Founder-Led ETF (Ticker: FDRS) on the NASDAQ. FDRS seeks to track the Founder-Led Index, an index designed to track the top 50 companies where a founder currently serves in a key executive role.

Our Methodology: Defining "Founder-Led"

Unlike strategies that rely solely on ownership data or voting control, FDRS focuses on active operational involvement.

We believe that a founder's impact is most potent when they are making daily decisions. Therefore, our Index methodology screens for companies where at least one original founder serves in a C-suite or equivalent key executive capacity.

The Investment Thesis: Vision and Execution

FDRS is not an instrument for short-term speculation; it is a long-term allocation to a specific management philosophy. We believe that companies with founders in top executive seats often exhibit distinct operational characteristics:

Innovation & Technical Leadership

By including founder-held roles beyond CEO (e.g., CTO, President), our methodology aims to capture founder "architect" influence, not only administrative leadership. In a January 2016 paper by Purdue's Krannert School (Wharton's Mack Institute), S&P 500 firms led by founder CEOs (1993–2003) were associated with a 31% higher citation-weighted patent count before controlling for Research & Development spending (and 23% higher after controlling). We believe keeping founders in the C-suite can help sustain an innovation orientation and willingness to push into new technological directions.

Long-Term Agility

Professional managers may feel pressure to meet quarterly earnings targets. Founders, by contrast, often possess the institutional authority and historical context to withstand short-term volatility in pursuit of a multi-year vision. This can allow for "venture-style agility" even at a public company scale—pivoting business models or entering new markets before they are obvious winners.

Cultural Continuity

When a founder remains as a President or CFO, they often act as the "custodian" of the company's original mission. We believe this continuity can help maintain a unified corporate culture as the business scales, potentially avoiding the bureaucratic drift that can affect mature firms.