================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Consumer Cyclical CompEquIss Factor ETF (FCOC) 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 CompEquIss factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FCOC CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | CompEquIss factor (Consumer Cyclical only) Placeholder expense ratio | 0.45% Placeholder inception date | 2021-12-09 Number of holdings (long leg) | 57 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 | 18.17% 2018 | 13.98% 2019 | -6.76% 2020 | 23.02% 2021 | -10.06% 2022 | -28.86% 2023 | -18.27% 2024 | 11.33% 2025 | -24.60% 2026 | -6.11% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -8.84% 3 Years | -10.24% 5 Years | -16.23% 10 Years | -4.39% Since Model Inception (full sample) | -3.11% ## Top 10 Holdings (of 57) # | Ticker | Company | Sector | Weight | Market Value ---+--------+-------------------------------+-------------------+--------+------------- 1 | MAR | MARRIOTT INTERNATIONAL INC | Consumer Cyclical | 15.96% | $15,956,522 2 | RCL | ROYAL CARIBBEAN CRUISES LTD | Consumer Cyclical | 12.57% | $12,566,995 3 | HLT | HILTON WORLDWIDE HOLDINGS INC | Consumer Cyclical | 12.10% | $12,101,659 4 | NKE | NIKE INC | Consumer Cyclical | 8.18% | $8,183,919 5 | EBAY | EBAY INC | Consumer Cyclical | 7.70% | $7,695,995 6 | WSM | WILLIAMS SONOMA INC | Consumer Cyclical | 4.30% | $4,303,083 7 | CASY | CASEYS GENERAL STORES INC | Consumer Cyclical | 3.81% | $3,811,000 8 | TPR | TAPESTRY INC | Consumer Cyclical | 3.80% | $3,803,237 9 | PHM | PULTEGROUP INC | Consumer Cyclical | 3.41% | $3,408,759 10 | RL | RALPH LAUREN CORP | Consumer Cyclical | 3.37% | $3,370,280 ## Sector Allocation Sector | Weight | # Holdings ------------------+---------+----------- Consumer Cyclical | 100.00% | 57 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.03 Annualized volatility | 22.13% Maximum drawdown | -65.61% Average monthly turnover | 15.01% Out-of-sample Sharpe (2019-26) | -0.17 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================