================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Financial Services Net Operating Assets Factor ETF (FNOF) 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) | FNOF CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Net Operating Assets factor (Financial Services only) Placeholder expense ratio | 0.45% Placeholder inception date | 2019-12-09 Number of holdings (long leg) | 137 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 | -4.97% 2018 | -20.07% 2019 | 4.49% 2020 | -1.42% 2021 | 14.13% 2022 | 18.67% 2023 | -10.03% 2024 | 11.45% 2025 | 1.87% 2026 | -11.49% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -8.68% 3 Years | 2.29% 5 Years | 1.70% 10 Years | -0.39% Since Model Inception (full sample) | 1.21% ## Top 10 Holdings (of 137) # | Ticker | Company | Sector | Weight | Market Value ---+--------+--------------------------------+--------------------+--------+------------- 1 | BNY | BANK OF NEW YORK MELLON CORP | Financial Services | 29.48% | $29,479,060 2 | HOOD | ROBINHOOD MARKETS INC | Financial Services | 21.00% | $21,004,205 3 | STT | STATE STREET CORP | Financial Services | 13.55% | $13,550,730 4 | NTRS | NORTHERN TRUST CORP | Financial Services | 9.23% | $9,226,654 5 | CRCL | CIRCLE INTERNET GROUP INC | Financial Services | 4.69% | $4,694,643 6 | EQH | EQUITABLE HOLDINGS INC | Financial Services | 4.25% | $4,253,685 7 | HGTY | HAGERTY INC | Financial Services | 1.56% | $1,557,072 8 | ARX | ACCELERANT HOLDINGS | Financial Services | 1.24% | $1,238,633 9 | BANF | BANCFIRST CORP | Financial Services | 1.14% | $1,143,153 10 | NP | NEPTUNE INSURANCE HOLDINGS INC | Financial Services | 1.13% | $1,131,082 ## Sector Allocation Sector | Weight | # Holdings -------------------+---------+----------- Financial Services | 100.00% | 137 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.16 Annualized volatility | 13.73% Maximum drawdown | -34.91% Average monthly turnover | 8.84% Out-of-sample Sharpe (2019-26) | 0.26 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================