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ETF Foundry Research (hypothetical) · rebalanced monthly
Every other metric on this page is the long-shortstrategy, which needs a short book. This fund is the long leg alone, so these are the figures for what it actually holds. The bottom-bucket number is that basket’s own return — not short P&L.
Gross of the placeholder expense ratio and trading costs · not investor results
Every constituent of the long leg — sort, search or filter by sector
| Ticker | Company | Sector | Market cap | Weight |
|---|---|---|---|---|
1XOM | EXXONMOBIL HOLDINGS CORP | Energy | $692.57B | 64.54% |
2VLO | VALERO ENERGY CORP | Energy | $104.57B | 9.74% |
3PSX | PHILLIPS 66 | Energy | $102.55B | 9.56% |
4SLB | SLB LIMITED | Energy | $75.14B | 7.00% |
5PR | PERMIAN RESOURCES CORP | Energy | $19.10B | 1.78% |
6VNOM | VIPER ENERGY INC | Energy | $14.77B | 1.38% |
7RRC | RANGE RESOURCES CORP | Energy | $12.03B | 1.12% |
8PBF | PBF ENERGY INC | Energy | $8.61B | 0.80% |
9SM | SM ENERGY CO | Energy | $7.70B | 0.72% |
10RIG | TRANSOCEAN LTD | Energy | $5.94B | 0.55% |
11VAL | VALARIS LTD | Energy | $5.60B | 0.52% |
12VVV | VALVOLINE INC | Energy | $4.44B | 0.41% |
13PTEN | PATTERSON UTI ENERGY INC | Energy | $4.05B | 0.38% |
14WBI | WATERBRIDGE INFRASTRUCTURE LLC | Energy | $3.37B | 0.31% |
15TALO | TALOS ENERGY INC | Energy | $2.65B | 0.25% |
16XPRO | EXPRO GROUP HOLDINGS NV | Energy | $1.49B | 0.14% |
17RES | RPC INC | Energy | $1.25B | 0.12% |
18TBN | TAMBORAN RESOURCES CORP | Energy | $1.00B | 0.09% |
19REPX | RILEY EXPLORATION PERMIAN INC | Energy | $977M | 0.09% |
20TTI | TETRA TECHNOLOGIES INC | Energy | $946M | 0.09% |
21PUMP | PROPETRO HOLDING CORP | Energy | $908M | 0.08% |
22TXO | TXO PARTNERS LP | Energy | $777M | 0.07% |
23WHK | WHITEHAWK MINERALS CORP | Energy | $705M | 0.07% |
24VTS | VITESSE ENERGY INC | Energy | $650M | 0.06% |
25SD | SANDRIDGE ENERGY INC | Energy | $488M | 0.05% |
26PNRG | PRIMEENERGY RESOURCES CORP | Energy | $304M | 0.03% |
27RNGR | RANGER ENERGY SERVICES INC | Energy | $297M | 0.03% |
28PED | PEDEVCO CORP | Energy | $173M | 0.02% |
Full long-leg book as of November 2026 · cap-weighted · total market cap $1.07T. Hypothetical model holdings — not a registered fund’s portfolio.
Size × value map of the long-leg book
Share of long-leg capital by market cap × book-to-market, using terciles of the 140-name universe at November 2026. Rows: Large ≥ $6.1B, Small < $1.8B. Columns: Value ≥ 0.65, Growth < 0.38 B/M. The dot marks the capital-weighted centroid of the book — 98% toward Large, 52% toward Growth. Hypothetical holdings — descriptive, not realized P&L.
Capital-weighted centroid of the long leg, December 1998 → November 2026; the right-hand end is the same value as the box’s dot. 28 names now. Hypothetical holdings — descriptive, not P&L.
How this book measures against the concentration and liquidity rules — as implemented here
The constraint checks couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.
Reloading the page usually resolves it.
Whether this long-only book is subject to the VaR tests at all
This assessment describes the long-only book this fund holds — the top bucket only.
This fund QUALIFIES for the limited-derivatives-user exception, so it is excepted from the VaR tests; the ratio below is informational, not the operative limit.
Rule 18f-4(c)(4): a fund whose derivatives exposure (gross notional, including the value of assets sold short) is <= 10% of net assets is excepted from the VaR tests and the full derivatives risk management program.
No confidence interval: this follows from portfolio construction, not from an estimate.
Rule 18f-4(c)(2)(i): fund VaR at 99% over 20 trading days must not exceed 200% of the designated reference portfolio's VaR on the same basis.
Informational — does not governThis fund is excepted from the VaR tests, so the ratio below is context rather than the operative limit. It is shown because it is still a description of the book’s risk, not because it decides anything.
historical method · 335 monthly observations · about 3.4 in the 99% tail · paired percentile bootstrap over months
The estimators agree, which is mild evidence the number isn’t an artefact of one method.
Engineering approximation of SEC Rule 18f-4 for research display. Not a compliance opinion and not a determination that any fund is compliant. Hypothetical model portfolio, not a registered fund.
The research long-short construction behind this factor does not qualify for this exception — a dollar-neutral book counts its full short notional, which is 100% of net assets against a 10% threshold. This product sidesteps that by holding the long leg alone, which is also why the long-leg Sharpe is reported separately throughout the site.
See the long-short verdict on the factor page →Did the edge survive the paper coming out?
Split at January of the year after the factor was published. The post-publication stretch IS genuinely out-of-sample relative to the original study -- the predictor was public by then -- so it speaks to whether the effect survived being known. Nothing is fitted here, so this is performance SINCE PUBLICATION, not validation of a model. Note the 'pre' side is our data before publication (our panel starts ~1999), NOT the study's original in-sample period, which usually ran decades earlier; a decay figure compares before-vs-after within our sample and is not a comparison against the published result.
Is this record broadly durable, or one regime?
3-year rolling windows, stepping 1 year (26 windows). Dispersion is the spread of window Sharpes — higher means the record depends more on which era you look at.
Rules-based factors fit no parameters, so these windows are not out-of-sample tests and do not validate a fitted model. They show whether the factor's record is consistent across eras or driven by one regime.
Long leg is what this fund holds — long-short is shown for reference
| Period | Long leg | Long-short |
|---|---|---|
| 1 yearcum. | 44.4% | 29.8% |
| 3 yearsp.a. | 23.4% | 12.1% |
| 5 yearsp.a. | 30.6% | 13.1% |
| 10 yearsp.a. | 10.8% | 0.0% |
| Since inceptionp.a. | 8.9% | -1.8% |
| Year | Long leg | Long-short |
|---|---|---|
| 202611 mo | 46.0% | 30.0% |
| 2025 | -4.2% | -7.5% |
| 2024 | 33.0% | 18.3% |
| 2023 | 13.5% | -3.2% |
| 2022 | 74.4% | 31.2% |
| 2021 | 30.5% | -17.5% |
| 2020 | -22.9% | 11.3% |
| 2019 | 14.2% | 4.2% |
| 2018 | -22.2% | -19.3% |
| 2017 | -17.2% | -28.7% |
| 2016 | 22.5% | 3.2% |
| 2015 | -39.6% | -17.6% |
| 2014 | 7.1% | 15.1% |
| 2013 | 27.9% | 1.9% |
| 2012 | 0.3% | -2.6% |
| 2011 | 7.8% | -3.5% |
| 2010 | 18.4% | -9.7% |
| 2009 | 42.9% | -9.8% |
| 2008 | -32.4% | 44.6% |
| 2007 | 21.0% | -33.1% |
| 2006 | 27.9% | 5.6% |
| 2005 | 27.7% | -3.2% |
| 2004 | 29.6% | 2.4% |
| 2003 | 23.7% | 7.5% |
| 2002 | -6.5% | 6.1% |
| 2001 | -14.7% | 1.9% |
| 2000 | 18.7% | -21.8% |
| 1999 | 6.4% | -13.8% |
Long leg = the top bucket this fund holds; long-short additionally shorts the bottom bucket and is not achievable in a long-only vehicle. Trailing figures run through November 2026: 1 year is a plain cumulative 12-month return (cum.), 3 years and longer are annualised (p.a.). Years marked with a month count are partial. These match the fact sheet’s tables by construction. Hypothetical backtest, gross of the placeholder expense ratio and trading costs — not investor results.
The Foundry Energy IndMom Factor ETF tracks a rules-based model that ranks Energy common stocks each month by a IndMom signal and holds the top quintile with the highest values. Signals are computed from point-in-time Sharadar fundamentals and total-return prices. The portfolio reconstitutes monthly and is cap-weighted within the long leg.
This is a hypothetical model portfolio for research display only — not a registered fund, not an offer, and not investment advice.
Auto-generated from the model’s metrics and current holdings. Every document is labeled DRAFT / hypothetical.
Objective, fees, strategy, and key risks.
Full strategy, model methodology, and risks.
Policies, construction, and governance.
One-page snapshot with top holdings.
Full current constituent list.
DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.