================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry DelCOL Industry-Neutral Factor ETF (FDER) 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 DelCOL factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FDER CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | DelCOL factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2022-04-19 Number of holdings (long leg) | 218 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 | -17.80% 2018 | -17.93% 2019 | 2.37% 2020 | -20.70% 2021 | -4.88% 2022 | 48.64% 2023 | -20.31% 2024 | -27.48% 2025 | -16.47% 2026 | 27.61% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 23.26% 3 Years | -8.47% 5 Years | 0.70% 10 Years | -6.88% Since Model Inception (full sample) | -2.86% ## Top 10 Holdings (of 218) # | Ticker | Company | Sector | Weight | Market Value ---+--------+--------------------------------+------------------------+--------+------------- 1 | UNH | UNITEDHEALTH GROUP INC | Healthcare | 16.21% | $16,205,074 2 | NFLX | NETFLIX INC | Communication Services | 11.49% | $11,491,836 3 | DIS | WALT DISNEY CO | Communication Services | 9.11% | $9,113,370 4 | BMY | BRISTOL MYERS SQUIBB CO | Healthcare | 5.69% | $5,686,750 5 | MRSH | MARSH & MCLENNAN COMPANIES INC | Financial Services | 4.37% | $4,366,307 6 | CI | CIGNA GROUP | Healthcare | 3.49% | $3,485,059 7 | AJG | ARTHUR J GALLAGHER & CO | Financial Services | 3.17% | $3,173,762 8 | HON | HONEYWELL INTERNATIONAL INC | Industrials | 3.17% | $3,165,690 9 | AON | AON PLC | Financial Services | 3.16% | $3,157,816 10 | NDAQ | NASDAQ INC | Financial Services | 2.69% | $2,691,728 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Healthcare | 28.90% | 43 Communication Services | 24.66% | 16 Financial Services | 18.37% | 27 Industrials | 12.75% | 43 Technology | 6.03% | 34 Energy | 4.05% | 15 Consumer Cyclical | 3.27% | 25 Basic Materials | 1.07% | 5 Consumer Defensive | 0.89% | 8 Utilities | 0.02% | 1 Real Estate | 0.01% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.10 Annualized volatility | 16.25% Maximum drawdown | -72.51% Average monthly turnover | 25.06% Out-of-sample Sharpe (2019-26) | -0.11 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================