Corgi’s thematic ETF expansion draws scrutiny over strategy and scale

Corgi, described as both an insurer and an ETF issuer, has built a broad lineup of thematic funds, including products focused on coffee and energy drinks, New York City companies, beauty, buy now/pay later, gambling, surveillance, the US war machine and lifestyle brands. Those funds are said to generate $25,000 in combined gross fees.

A semiconductor-photonics ETF is described as accounting for $506 million of Corgi’s $914 million in assets under management and generating $1.8 million in annual gross fees. The figures are reported in the discussion but are not independently verified there.

The strategy has prompted a public exchange between Corgi’s Niko and investor Sheel Monat. Sheel called launching inexpensive ETFs to see what gains traction reasonable when costs are near zero; Niko accused him of selectively highlighting newer funds and overlooking an unleveraged version with $90 million in AUM. It remains unclear whether the ETF activity represents a pivot from Corgi’s insurance business.