================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Low Volatility Factor ETF (FRET) 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 Low Volatility factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FRET CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Low Volatility factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2021-01-27 Number of holdings (long leg) | 303 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 | -2.07% 2018 | 8.70% 2019 | -11.37% 2020 | -44.39% 2021 | -2.24% 2022 | 51.82% 2023 | -39.24% 2024 | -8.76% 2025 | -26.76% 2026 | -39.49% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -36.59% 3 Years | -28.02% 5 Years | -14.82% 10 Years | -14.80% Since Model Inception (full sample) | -9.16% ## Top 10 Holdings (of 303) # | Ticker | Company | Sector | Weight | Market Value ---+--------+---------------------------------+--------------------+--------+------------- 1 | FAST | FASTENAL CO | Industrials | 23.26% | $23,256,907 2 | TEL | TE CONNECTIVITY PLC | Technology | 22.79% | $22,788,102 3 | ARCC | ARES CAPITAL CORP | Financial Services | 5.04% | $5,036,212 4 | TXNM | TXNM ENERGY INC | Utilities | 2.36% | $2,363,766 5 | BANF | BANCFIRST CORP | Financial Services | 1.45% | $1,454,875 6 | AWR | AMERICAN STATES WATER CO | Utilities | 1.29% | $1,285,810 7 | FIBK | FIRST INTERSTATE BANCSYSTEM INC | Financial Services | 1.27% | $1,272,637 8 | SFNC | SIMMONS FIRST NATIONAL CORP | Financial Services | 1.23% | $1,231,146 9 | TRMK | TRUSTMARK CORP | Financial Services | 1.01% | $1,007,892 10 | NBTB | NBT BANCORP INC | Financial Services | 1.00% | $997,091 ## Sector Allocation Sector | Weight | # Holdings -------------------+--------+----------- Financial Services | 49.86% | 294 Industrials | 23.35% | 2 Technology | 22.79% | 1 Utilities | 3.65% | 2 Energy | 0.16% | 1 Consumer Defensive | 0.11% | 1 Real Estate | 0.06% | 1 Consumer Cyclical | 0.03% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.05 Annualized volatility | 37.54% Maximum drawdown | -94.66% Average monthly turnover | 14.43% Out-of-sample Sharpe (2019-26) | -0.33 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================