================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry NetDebtPrice Industry-Neutral Factor ETF (FNER) 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 NetDebtPrice factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+----------------------------------------------- Ticker (pseudo) | FNER CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | NetDebtPrice factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2022-07-25 Number of holdings (long leg) | 309 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 | -5.65% 2018 | 1.59% 2019 | -10.07% 2020 | -9.83% 2021 | -11.55% 2022 | -7.74% 2023 | -5.80% 2024 | 22.94% 2025 | -19.01% 2026 | -18.27% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -20.35% 3 Years | -5.19% 5 Years | -7.84% 10 Years | -6.96% Since Model Inception (full sample) | -4.27% ## Top 10 Holdings (of 309) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+------------------------+--------+------------- 1 | BAC | BANK OF AMERICA CORP | Financial Services | 10.11% | $10,114,112 2 | NFLX | NETFLIX INC | Communication Services | 7.47% | $7,470,330 3 | AXP | AMERICAN EXPRESS CO | Financial Services | 6.19% | $6,189,131 4 | DIS | WALT DISNEY CO | Communication Services | 5.92% | $5,924,195 5 | VZ | VERIZON COMMUNICATIONS INC | Communication Services | 5.60% | $5,598,740 6 | TMUS | T-MOBILE US INC | Communication Services | 5.26% | $5,257,365 7 | T | AT&T INC | Communication Services | 4.34% | $4,335,930 8 | COF | CAPITAL ONE FINANCIAL CORP | Financial Services | 3.38% | $3,379,504 9 | BNY | BANK OF NEW YORK MELLON CORP | Financial Services | 2.98% | $2,983,546 10 | WM | WASTE MANAGEMENT INC | Industrials | 2.82% | $2,816,815 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Financial Services | 46.76% | 227 Communication Services | 39.82% | 38 Industrials | 7.39% | 12 Technology | 2.53% | 9 Consumer Cyclical | 2.02% | 15 Consumer Defensive | 1.12% | 3 Utilities | 0.31% | 1 Real Estate | 0.04% | 3 Healthcare | 0.01% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.32 Annualized volatility | 11.42% Maximum drawdown | -76.30% Average monthly turnover | 20.83% Out-of-sample Sharpe (2019-26) | -0.52 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================