================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Healthcare Price Factor ETF (FPRH) 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 Price factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FPRH CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Price factor (Healthcare only) Placeholder expense ratio | 0.45% Placeholder inception date | 2022-08-02 Number of holdings (long leg) | 93 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 | -14.38% 2018 | -22.08% 2019 | 3.64% 2020 | 16.43% 2021 | -32.57% 2022 | -29.98% 2023 | 11.95% 2024 | -13.58% 2025 | 4.83% 2026 | -7.65% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -1.60% 3 Years | -1.21% 5 Years | -10.49% 10 Years | -10.33% Since Model Inception (full sample) | -3.13% ## Top 10 Holdings (of 93) # | Ticker | Company | Sector | Weight | Market Value ---+--------+-----------------------------------+------------+--------+------------- 1 | IBRX | IMMUNITYBIO INC | Healthcare | 9.66% | $9,659,955 2 | IOVA | IOVANCE BIOTHERAPEUTICS INC | Healthcare | 5.28% | $5,280,857 3 | BHC | BAUSCH HEALTH COMPANIES INC | Healthcare | 4.62% | $4,619,049 4 | BKD | BROOKDALE SENIOR LIVING INC | Healthcare | 3.21% | $3,207,768 5 | MRVI | MARAVAI LIFESCIENCES HOLDINGS INC | Healthcare | 2.99% | $2,986,367 6 | BCRX | BIOCRYST PHARMACEUTICALS INC | Healthcare | 2.96% | $2,956,149 7 | XRAY | DENTSPLY SIRONA INC | Healthcare | 2.74% | $2,738,937 8 | BFLY | BUTTERFLY NETWORK INC | Healthcare | 2.67% | $2,668,777 9 | SLS | SELLAS LIFE SCIENCES GROUP INC | Healthcare | 2.43% | $2,425,834 10 | TDOC | TELADOC HEALTH INC | Healthcare | 2.37% | $2,369,736 ## Sector Allocation Sector | Weight | # Holdings -----------+---------+----------- Healthcare | 100.00% | 93 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.01 Annualized volatility | 26.77% Maximum drawdown | -85.32% Average monthly turnover | 26.66% Out-of-sample Sharpe (2019-26) | -0.16 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================