================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Earnings Quality (Accruals) Industry-Neutral Factor ETF (FACR) Fact Sheet · November 2026 · Dated 2026-11-14 Issuer: ETF Foundry Research (hypothetical) | Listing: Not listed (hypothetical) | CUSIP: Not applicable (hypothetical model portfolio) ## Investment Objective The Fund seeks long-term capital appreciation by tracking a rules-based Earnings Quality (Accruals) factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+-------------------------------------------------------------- Ticker (pseudo) | FACR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Earnings Quality (Accruals) factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2021-09-08 Number of holdings (long leg) | 216 Weighting | Cap-weighted Rebalance frequency | Monthly Holdings as of | November 2026 ## Performance The following performance is HYPOTHETICAL and BACKTESTED — it was calculated by applying the model to historical data with the benefit of hindsight, is gross of the placeholder expense ratio and trading costs, and does not represent the results of any actual account. Past (hypothetical) performance does not guarantee or predict future results. ## Hypothetical Calendar-Year Total Returns (long-short backtest) Year | Hypothetical Total Return -----+-------------------------- 2017 | 3.68% 2018 | 12.25% 2019 | -3.82% 2020 | -11.68% 2021 | -3.60% 2022 | 8.74% 2023 | 50.04% 2024 | -8.67% 2025 | -12.80% 2026 | 21.19% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 14.79% 3 Years | -1.53% 5 Years | 10.61% 10 Years | 4.08% Since Model Inception (full sample) | -2.14% ## Top 10 Holdings (of 216) # | Ticker | Company | Sector | Weight | Market Value ---+--------+-------------------------+------------------------+--------+------------- 1 | NFLX | NETFLIX INC | Communication Services | 15.11% | $15,111,410 2 | GEV | GE VERNOVA INC | Utilities | 12.72% | $12,716,947 3 | ISRG | INTUITIVE SURGICAL INC | Healthcare | 8.95% | $8,951,188 4 | SNOW | SNOWFLAKE INC | Technology | 6.19% | $6,186,104 5 | ETR | ENTERGY CORP | Utilities | 3.14% | $3,140,131 6 | WDAY | WORKDAY INC | Technology | 2.70% | $2,697,019 7 | FIX | COMFORT SYSTEMS USA INC | Industrials | 2.32% | $2,316,805 8 | RBLX | ROBLOX CORP | Communication Services | 2.16% | $2,160,353 9 | CRWV | COREWEAVE INC | Technology | 1.83% | $1,832,502 10 | DXCM | DEXCOM INC | Healthcare | 1.78% | $1,781,871 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Healthcare | 25.67% | 74 Technology | 20.19% | 33 Communication Services | 19.92% | 8 Utilities | 15.86% | 2 Industrials | 7.50% | 29 Consumer Cyclical | 3.95% | 25 Energy | 2.58% | 18 Basic Materials | 2.44% | 11 Financial Services | 0.95% | 8 Consumer Defensive | 0.87% | 6 Real Estate | 0.07% | 2 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.06 Annualized volatility | 15.69% Maximum drawdown | -74.27% Average monthly turnover | 23.37% Out-of-sample Sharpe (2019-26) | 0.27 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================