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DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
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Foundry Financial Services Low Volatility Factor ETF  (FREF)
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)               | FREF                                           
CUSIP                         | Not applicable (hypothetical model portfolio)  
Listing exchange              | Not listed (hypothetical)                      
Underlying model              | Low Volatility factor (Financial Services only)
Placeholder expense ratio     | 0.45%                                          
Placeholder inception date    | 2020-09-12                                     
Number of holdings (long leg) | 163                                            
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 | 1.75%                    
2018 | 3.36%                    
2019 | -13.64%                  
2020 | -12.71%                  
2021 | -3.98%                   
2022 | 29.30%                   
2023 | -29.80%                  
2024 | -7.40%                   
2025 | -19.41%                  
2026 | 4.03%                    

## Average Annual Total Returns (hypothetical, as of the most recent sample month)

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 9.15%                                
3 Years                             | -14.02%                              
5 Years                             | -6.12%                               
10 Years                            | -6.12%                               
Since Model Inception (full sample) | -2.30%                               

## Top 10 Holdings (of 163)

#  | Ticker | Company                               | Sector             | Weight | Market Value
---+--------+---------------------------------------+--------------------+--------+-------------
1  | DMII   | DRUGS MADE IN AMERICA ACQUISITION II… | Financial Services | 1.52%  | $1,516,437  
2  | EVAC   | EQV VENTURES ACQUISITION CORP II      | Financial Services | 1.41%  | $1,408,385  
3  | BCSS   | BAIN CAPITAL GSS INVESTMENT CORP      | Financial Services | 1.39%  | $1,389,563  
4  | GPAT   | GP-ACT III ACQUISITION CORP           | Financial Services | 1.38%  | $1,382,128  
5  | CRAN   | CRANE HARBOR ACQUISITION CORP II      | Financial Services | 1.10%  | $1,103,983  
6  | APXT   | APEX TREASURY CORP                    | Financial Services | 1.09%  | $1,090,505  
7  | KBON   | KARBON CAPITAL PARTNERS CORP          | Financial Services | 1.04%  | $1,038,222  
8  | MBVI   | M3-BRIGADE ACQUISITION VI CORP        | Financial Services | 1.03%  | $1,032,181  
9  | IACO   | IDEA ACQUISITION CORP                 | Financial Services | 1.02%  | $1,017,541  
10 | MESH   | MESHFLOW ACQUISITION CORP             | Financial Services | 1.02%  | $1,016,147  

## Sector Allocation

Sector             | Weight  | # Holdings
-------------------+---------+-----------
Financial Services | 100.00% | 163       

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.01   
Annualized volatility          | 22.46% 
Maximum drawdown               | -77.55%
Average monthly turnover       | 13.76% 
Out-of-sample Sharpe (2019-26) | -0.20  


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DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
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