================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Net Operating Assets Factor ETF (FNOA) 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 Net Operating Assets factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FNOA CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Net Operating Assets factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2022-04-22 Number of holdings (long leg) | 285 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 | 8.64% 2018 | 4.17% 2019 | -0.20% 2020 | -14.03% 2021 | 11.96% 2022 | 18.60% 2023 | 4.55% 2024 | -33.24% 2025 | 0.73% 2026 | 17.73% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 14.85% 3 Years | -7.56% 5 Years | 0.48% 10 Years | 0.72% Since Model Inception (full sample) | 4.09% ## Top 10 Holdings (of 285) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+--------------------+--------+------------- 1 | GEV | GE VERNOVA INC | Utilities | 12.73% | $12,725,521 2 | SCHW | SCHWAB CHARLES CORP | Financial Services | 9.30% | $9,299,351 3 | MCK | MCKESSON CORP | Healthcare | 7.30% | $7,304,674 4 | BKNG | BOOKING HOLDINGS INC | Consumer Cyclical | 7.04% | $7,042,216 5 | BNY | BANK OF NEW YORK MELLON CORP | Financial Services | 6.04% | $6,039,355 6 | FTNT | FORTINET INC | Technology | 5.59% | $5,590,693 7 | HOOD | ROBINHOOD MARKETS INC | Financial Services | 4.30% | $4,303,118 8 | APO | APOLLO GLOBAL MANAGEMENT INC | Financial Services | 4.21% | $4,208,779 9 | CAH | CARDINAL HEALTH INC | Healthcare | 3.78% | $3,776,399 10 | MET | METLIFE INC | Financial Services | 3.76% | $3,760,603 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Financial Services | 49.12% | 193 Healthcare | 17.06% | 53 Utilities | 12.73% | 1 Consumer Cyclical | 10.08% | 6 Technology | 8.41% | 14 Industrials | 1.91% | 10 Communication Services | 0.37% | 3 Energy | 0.21% | 2 Basic Materials | 0.11% | 2 Consumer Defensive | 0.02% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.34 Annualized volatility | 15.41% Maximum drawdown | -39.16% Average monthly turnover | 9.30% Out-of-sample Sharpe (2019-26) | 0.04 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================