================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Long-Term Reversal Factor ETF (FLRR) 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 Long-Term Reversal factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FLRR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Long-Term Reversal factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2020-07-22 Number of holdings (long leg) | 248 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 | -19.24% 2018 | -22.07% 2019 | -19.73% 2020 | -39.35% 2021 | -2.24% 2022 | 78.97% 2023 | -28.38% 2024 | -35.53% 2025 | -19.84% 2026 | 12.45% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 12.48% 3 Years | -14.04% 5 Years | -5.41% 10 Years | -14.10% Since Model Inception (full sample) | -6.83% ## Top 10 Holdings (of 248) # | Ticker | Company | Sector | Weight | Market Value ---+--------+----------------------------+--------------------+--------+------------- 1 | MRNA | MODERNA INC | Healthcare | 15.30% | $15,303,179 2 | EL | ESTEE LAUDER COMPANIES INC | Consumer Defensive | 6.55% | $6,545,903 3 | ILMN | ILLUMINA INC | Healthcare | 5.18% | $5,179,688 4 | U | UNITY SOFTWARE INC | Technology | 3.64% | $3,640,903 5 | RIVN | RIVIAN AUTOMOTIVE INC | Consumer Cyclical | 3.05% | $3,054,289 6 | DOCU | DOCUSIGN INC | Technology | 2.45% | $2,448,957 7 | BAX | BAXTER INTERNATIONAL INC | Healthcare | 2.18% | $2,176,976 8 | ALGN | ALIGN TECHNOLOGY INC | Healthcare | 1.92% | $1,924,024 9 | AVTR | AVANTOR INC | Basic Materials | 1.73% | $1,730,334 10 | SYRE | SPYRE THERAPEUTICS INC | Healthcare | 1.60% | $1,597,735 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Healthcare | 45.50% | 94 Technology | 20.30% | 46 Consumer Cyclical | 12.56% | 42 Consumer Defensive | 7.52% | 9 Communication Services | 4.58% | 13 Basic Materials | 3.29% | 6 Industrials | 2.30% | 17 Real Estate | 1.88% | 7 Financial Services | 1.68% | 11 Utilities | 0.36% | 2 Energy | 0.03% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.27 Annualized volatility | 19.24% Maximum drawdown | -86.07% Average monthly turnover | 18.97% Out-of-sample Sharpe (2019-26) | -0.42 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================