================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Consumer Cyclical Net Operating Assets Factor ETF (FNOC) 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) | FNOC CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Net Operating Assets factor (Consumer Cyclical only) Placeholder expense ratio | 0.45% Placeholder inception date | 2019-12-18 Number of holdings (long leg) | 60 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 | 12.75% 2018 | 29.90% 2019 | 6.15% 2020 | 72.99% 2021 | 10.30% 2022 | -6.51% 2023 | -6.07% 2024 | 7.02% 2025 | 12.04% 2026 | 4.81% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 6.07% 3 Years | 7.02% 5 Years | 1.88% 10 Years | 12.50% Since Model Inception (full sample) | 7.40% ## Top 10 Holdings (of 60) # | Ticker | Company | Sector | Weight | Market Value ---+--------+-------------------------------+-------------------+--------+------------- 1 | SBUX | STARBUCKS CORP | Consumer Cyclical | 11.60% | $11,602,539 2 | BKNG | BOOKING HOLDINGS INC | Consumer Cyclical | 11.38% | $11,375,587 3 | MAR | MARRIOTT INTERNATIONAL INC | Consumer Cyclical | 10.38% | $10,376,152 4 | ABNB | AIRBNB INC | Consumer Cyclical | 10.26% | $10,256,224 5 | HLT | HILTON WORLDWIDE HOLDINGS INC | Consumer Cyclical | 7.87% | $7,869,425 6 | ROST | ROSS STORES INC | Consumer Cyclical | 7.19% | $7,191,272 7 | ORLY | O REILLY AUTOMOTIVE INC | Consumer Cyclical | 6.97% | $6,968,143 8 | YUM | YUM BRANDS INC | Consumer Cyclical | 4.06% | $4,055,913 9 | EXPE | EXPEDIA GROUP INC | Consumer Cyclical | 2.94% | $2,937,138 10 | WSM | WILLIAMS SONOMA INC | Consumer Cyclical | 2.80% | $2,798,194 ## Sector Allocation Sector | Weight | # Holdings ------------------+---------+----------- Consumer Cyclical | 100.00% | 60 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.55 Annualized volatility | 15.00% Maximum drawdown | -31.29% Average monthly turnover | 9.66% Out-of-sample Sharpe (2019-26) | 0.62 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================