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DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
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Foundry Energy Cash Factor ETF  (FCAE)
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 Cash factor model,
before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                        
------------------------------+----------------------------------------------
Ticker (pseudo)               | FCAE                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | Cash factor (Energy only)                    
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2020-04-21                                   
Number of holdings (long leg) | 28                                           
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 | 1.43%                    
2018 | -7.26%                   
2019 | 10.77%                   
2020 | -10.80%                  
2021 | -14.62%                  
2022 | 10.61%                   
2023 | -14.03%                  
2024 | -24.68%                  
2025 | -10.70%                  
2026 | 4.69%                    

## Average Annual Total Returns (hypothetical, as of the most recent sample month)

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 3.76%                                
3 Years                             | -10.17%                              
5 Years                             | -7.36%                               
10 Years                            | -6.13%                               
Since Model Inception (full sample) | -3.98%                               

## Top 10 Holdings (of 28)

#  | Ticker | Company                       | Sector | Weight | Market Value
---+--------+-------------------------------+--------+--------+-------------
1  | MPC    | MARATHON PETROLEUM CORP       | Energy | 26.33% | $26,333,165 
2  | VLO    | VALERO ENERGY CORP            | Energy | 24.50% | $24,495,658 
3  | EOG    | EOG RESOURCES INC             | Energy | 18.90% | $18,901,333 
4  | FTI    | TECHNIPFMC PLC                | Energy | 5.91%  | $5,913,359  
5  | TPL    | TEXAS PACIFIC LAND CORP       | Energy | 4.54%  | $4,543,240  
6  | DINO   | HF SINCLAIR CORP              | Energy | 4.10%  | $4,100,800  
7  | PBF    | PBF ENERGY INC                | Energy | 2.02%  | $2,016,761  
8  | NFG    | NATIONAL FUEL GAS CO          | Energy | 1.70%  | $1,699,929  
9  | WFRD   | WEATHERFORD INTERNATIONAL PLC | Energy | 1.45%  | $1,451,664  
10 | WHD    | CACTUS INC                    | Energy | 1.16%  | $1,159,851  

## Sector Allocation

Sector | Weight  | # Holdings
-------+---------+-----------
Energy | 100.00% | 28        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | -0.16  
Annualized volatility          | 16.87% 
Maximum drawdown               | -78.32%
Average monthly turnover       | 10.75% 
Out-of-sample Sharpe (2019-26) | -0.34  


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DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
================================================================================================