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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 Return on Equity Factor ETF  (FROF)
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 Return on Equity
factor model, before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                            
------------------------------+--------------------------------------------------
Ticker (pseudo)               | FROF                                             
CUSIP                         | Not applicable (hypothetical model portfolio)    
Listing exchange              | Not listed (hypothetical)                        
Underlying model              | Return on Equity factor (Financial Services only)
Placeholder expense ratio     | 0.45%                                            
Placeholder inception date    | 2022-04-11                                       
Number of holdings (long leg) | 142                                              
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 | 18.63%                   
2018 | 21.09%                   
2019 | 0.47%                    
2020 | -5.39%                   
2021 | -11.17%                  
2022 | 7.44%                    
2023 | -6.03%                   
2024 | 1.66%                    
2025 | -4.01%                   
2026 | 11.98%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 10.39%                               
3 Years                             | 0.95%                                
5 Years                             | 3.99%                                
10 Years                            | 2.95%                                
Since Model Inception (full sample) | 4.53%                                

## Top 10 Holdings (of 142)

#  | Ticker | Company                        | Sector             | Weight | Market Value
---+--------+--------------------------------+--------------------+--------+-------------
1  | JPM    | JPMORGAN CHASE & CO            | Financial Services | 18.19% | $18,189,236 
2  | V      | VISA INC                       | Financial Services | 15.65% | $15,647,132 
3  | MA     | MASTERCARD INC                 | Financial Services | 11.36% | $11,358,921 
4  | MS     | MORGAN STANLEY                 | Financial Services | 5.91%  | $5,907,551  
5  | GS     | GOLDMAN SACHS GROUP INC        | Financial Services | 5.26%  | $5,264,867  
6  | AXP    | AMERICAN EXPRESS CO            | Financial Services | 4.26%  | $4,261,139  
7  | SCHW   | SCHWAB CHARLES CORP            | Financial Services | 3.16%  | $3,162,939  
8  | PGR    | PROGRESSIVE CORP               | Financial Services | 2.73%  | $2,725,880  
9  | SPGI   | S&P GLOBAL INC                 | Financial Services | 2.71%  | $2,713,632  
10 | MRSH   | MARSH & MCLENNAN COMPANIES INC | Financial Services | 1.95%  | $1,954,162  

## Sector Allocation

Sector             | Weight  | # Holdings
-------------------+---------+-----------
Financial Services | 100.00% | 142       

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.36   
Annualized volatility          | 15.92% 
Maximum drawdown               | -36.47%
Average monthly turnover       | 6.52%  
Out-of-sample Sharpe (2019-26) | 0.04   


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