================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Conservative Asset Growth Industry-Neutral Factor ETF (FASR) Fact Sheet · November 2026 · Dated 2026-11-13 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 Conservative Asset Growth factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+------------------------------------------------------------ Ticker (pseudo) | FASR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Conservative Asset Growth factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2022-09-21 Number of holdings (long leg) | 284 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 | -6.10% 2018 | -2.56% 2019 | -1.79% 2020 | 1.67% 2021 | 10.35% 2022 | 32.74% 2023 | -29.37% 2024 | -24.04% 2025 | -24.34% 2026 | 5.02% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 2.27% 3 Years | -15.00% 5 Years | -10.17% 10 Years | -5.24% Since Model Inception (full sample) | -0.86% ## Top 10 Holdings (of 284) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+--------------------+--------+------------- 1 | BLK | BLACKROCK INC | Financial Services | 7.62% | $7,617,968 2 | SCHW | SCHWAB CHARLES CORP | Financial Services | 6.42% | $6,419,205 3 | PLD | PROLOGIS INC | Real Estate | 4.95% | $4,954,554 4 | CME | CME GROUP INC | Financial Services | 4.58% | $4,579,042 5 | EQIX | EQUINIX INC | Real Estate | 4.31% | $4,305,912 6 | BX | BLACKSTONE INC | Financial Services | 3.61% | $3,610,323 7 | AMT | AMERICAN TOWER CORP | Real Estate | 3.57% | $3,568,984 8 | KKR | KKR & CO INC | Financial Services | 3.52% | $3,516,202 9 | SPG | SIMON PROPERTY GROUP INC | Real Estate | 3.05% | $3,054,610 10 | APO | APOLLO GLOBAL MANAGEMENT INC | Financial Services | 2.91% | $2,905,258 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Financial Services | 50.95% | 179 Real Estate | 47.74% | 95 Industrials | 0.67% | 4 Communication Services | 0.31% | 1 Basic Materials | 0.23% | 2 Energy | 0.06% | 1 Technology | 0.04% | 1 Healthcare | 0.00% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.03 Annualized volatility | 15.87% Maximum drawdown | -64.95% Average monthly turnover | 29.11% Out-of-sample Sharpe (2019-26) | -0.22 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================