================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Financial Services NetDebtPrice Factor ETF (FNEF) 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) | FNEF CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | NetDebtPrice factor (Financial Services only) Placeholder expense ratio | 0.45% Placeholder inception date | 2019-10-12 Number of holdings (long leg) | 177 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 | -0.19% 2018 | 7.58% 2019 | -11.85% 2020 | 9.83% 2021 | 7.26% 2022 | 4.91% 2023 | -1.19% 2024 | 10.86% 2025 | -4.06% 2026 | -1.67% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -1.11% 3 Years | 1.24% 5 Years | 1.63% 10 Years | 1.83% Since Model Inception (full sample) | 2.94% ## Top 10 Holdings (of 177) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+--------------------+--------+------------- 1 | SCHW | SCHWAB CHARLES CORP | Financial Services | 18.24% | $18,243,658 2 | BNY | BANK OF NEW YORK MELLON CORP | Financial Services | 11.85% | $11,848,132 3 | HOOD | ROBINHOOD MARKETS INC | Financial Services | 8.44% | $8,441,945 4 | APO | APOLLO GLOBAL MANAGEMENT INC | Financial Services | 8.26% | $8,256,868 5 | STT | STATE STREET CORP | Financial Services | 5.45% | $5,446,267 6 | AMP | AMERIPRISE FINANCIAL INC | Financial Services | 5.14% | $5,137,019 7 | RJF | RAYMOND JAMES FINANCIAL INC | Financial Services | 3.71% | $3,708,463 8 | NTRS | NORTHERN TRUST CORP | Financial Services | 3.71% | $3,708,348 9 | TROW | PRICE T ROWE GROUP INC | Financial Services | 2.66% | $2,660,454 10 | CRCL | CIRCLE INTERNET GROUP INC | Financial Services | 1.89% | $1,886,856 ## Sector Allocation Sector | Weight | # Holdings -------------------+---------+----------- Financial Services | 100.00% | 177 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.28 Annualized volatility | 13.73% Maximum drawdown | -47.80% Average monthly turnover | 8.37% Out-of-sample Sharpe (2019-26) | 0.20 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================