================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Small Size Factor ETF (FSIZ) 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 Small Size factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FSIZ CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Small Size factor (All stocks) Placeholder expense ratio | 0.29% Placeholder inception date | 2021-01-04 Number of holdings (long leg) | 314 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 | -6.15% 2018 | -5.98% 2019 | -9.24% 2020 | -8.77% 2021 | -15.22% 2022 | 7.82% 2023 | -18.26% 2024 | -10.46% 2025 | -10.58% 2026 | -10.42% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -8.72% 3 Years | -10.47% 5 Years | -9.80% 10 Years | -8.84% Since Model Inception (full sample) | -0.29% ## Top 10 Holdings (of 314) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+--------------------+--------+------------- 1 | FCAP | FIRST CAPITAL INC | Financial Services | 0.52% | $516,933 2 | LOVE | LOVESAC CO | Consumer Cyclical | 0.51% | $514,591 3 | PTAC | PATRIOT ACQUISITION CORP | Financial Services | 0.51% | $512,951 4 | GBFH | GBANK FINANCIAL HOLDINGS INC | Financial Services | 0.51% | $511,780 5 | AVNW | AVIAT NETWORKS INC | Technology | 0.51% | $511,078 6 | GSHR | GESHER ACQUISITION CORP II | Financial Services | 0.51% | $510,141 7 | ASYS | AMTECH SYSTEMS INC | Technology | 0.51% | $509,672 8 | VRA | VERA BRADLEY INC | Consumer Cyclical | 0.51% | $508,033 9 | ZUMZ | ZUMIEZ INC | Consumer Cyclical | 0.51% | $505,925 10 | PDEX | PRO DEX INC | Healthcare | 0.51% | $505,222 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Financial Services | 54.63% | 165 Consumer Cyclical | 9.77% | 30 Healthcare | 9.55% | 33 Technology | 7.83% | 26 Industrials | 6.62% | 22 Basic Materials | 2.95% | 9 Real Estate | 2.62% | 9 Consumer Defensive | 2.50% | 9 Communication Services | 1.45% | 5 Energy | 1.41% | 4 Utilities | 0.47% | 1 Unclassified | 0.20% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.03 Annualized volatility | 11.80% Maximum drawdown | -69.00% Average monthly turnover | 14.88% Out-of-sample Sharpe (2019-26) | -0.72 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================