================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Investment Discipline Factor ETF (FINV) 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 Investment Discipline factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FINV CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Investment Discipline factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2020-05-11 Number of holdings (long leg) | 251 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 | -9.69% 2018 | 8.79% 2019 | -4.05% 2020 | 9.54% 2021 | 0.06% 2022 | 16.81% 2023 | 0.97% 2024 | 10.83% 2025 | -32.57% 2026 | 17.67% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 16.47% 3 Years | -3.66% 5 Years | 1.90% 10 Years | 0.62% Since Model Inception (full sample) | 6.94% ## Top 10 Holdings (of 251) # | Ticker | Company | Sector | Weight | Market Value ---+--------+----------------------------------+-------------+--------+------------- 1 | APP | APPLOVIN CORP | Technology | 10.89% | $10,889,948 2 | MRNA | MODERNA INC | Healthcare | 7.82% | $7,815,385 3 | HON | HONEYWELL INTERNATIONAL INC | Industrials | 5.92% | $5,920,564 4 | SRE | SEMPRA | Utilities | 4.31% | $4,313,273 5 | MSTR | STRATEGY INC | Technology | 4.03% | $4,034,351 6 | RPRX | ROYALTY PHARMA PLC | Healthcare | 3.30% | $3,302,982 7 | ODFL | OLD DOMINION FREIGHT LINE INC | Industrials | 2.95% | $2,952,927 8 | ROIV | ROIVANT SCIENCES LTD | Healthcare | 2.42% | $2,419,128 9 | ON | ON SEMICONDUCTOR CORP | Technology | 2.40% | $2,396,310 10 | WST | WEST PHARMACEUTICAL SERVICES INC | Healthcare | 2.39% | $2,392,110 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Healthcare | 27.61% | 69 Technology | 23.76% | 19 Industrials | 13.43% | 28 Financial Services | 11.04% | 66 Real Estate | 7.50% | 26 Utilities | 4.54% | 3 Communication Services | 2.91% | 5 Basic Materials | 2.62% | 5 Consumer Defensive | 2.35% | 8 Energy | 2.26% | 6 Consumer Cyclical | 1.98% | 16 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.55 Annualized volatility | 13.88% Maximum drawdown | -39.58% Average monthly turnover | 17.65% Out-of-sample Sharpe (2019-26) | 0.15 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================