================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry CashProd Factor ETF (FCAS) 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 CashProd factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FCAS CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | CashProd factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2022-12-06 Number of holdings (long leg) | 312 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 | -18.56% 2018 | -10.69% 2019 | -6.99% 2020 | -31.50% 2021 | -11.35% 2022 | 20.35% 2023 | -34.01% 2024 | -17.74% 2025 | -11.33% 2026 | 5.72% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 5.72% 3 Years | -8.29% 5 Years | -8.11% 10 Years | -12.66% Since Model Inception (full sample) | -4.11% ## Top 10 Holdings (of 312) # | Ticker | Company | Sector | Weight | Market Value ---+--------+--------------------------------+------------------------+--------+------------- 1 | VZ | VERIZON COMMUNICATIONS INC | Communication Services | 7.37% | $7,367,165 2 | CB | CHUBB LTD | Financial Services | 5.42% | $5,423,933 3 | DUK | DUKE ENERGY CORP | Utilities | 3.83% | $3,828,578 4 | TRV | TRAVELERS COMPANIES INC | Financial Services | 3.16% | $3,155,277 5 | AEP | AMERICAN ELECTRIC POWER CO INC | Utilities | 2.68% | $2,680,425 6 | ALL | ALLSTATE CORP | Financial Services | 2.52% | $2,519,947 7 | D | DOMINION ENERGY INC | Utilities | 2.27% | $2,267,434 8 | O | REALTY INCOME CORP | Real Estate | 2.15% | $2,151,984 9 | DVN | DEVON ENERGY CORP | Energy | 2.01% | $2,011,954 10 | SRE | SEMPRA | Utilities | 1.97% | $1,972,753 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Financial Services | 34.52% | 140 Utilities | 33.11% | 42 Communication Services | 8.39% | 5 Energy | 8.01% | 25 Real Estate | 6.10% | 29 Consumer Cyclical | 2.51% | 23 Consumer Defensive | 2.47% | 12 Technology | 2.46% | 4 Industrials | 1.66% | 25 Basic Materials | 0.57% | 3 Healthcare | 0.20% | 4 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.18 Annualized volatility | 15.86% Maximum drawdown | -82.76% Average monthly turnover | 12.02% Out-of-sample Sharpe (2019-26) | -0.58 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================