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

Foundry Financial Services Small Size Factor ETF  (FSIF)
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)               | FSIF                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | Small Size factor (Financial Services only)  
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2019-01-01                                   
Number of holdings (long leg) | 177                                          
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 | -2.93%                   
2018 | 1.04%                    
2019 | -11.51%                  
2020 | -6.98%                   
2021 | -1.68%                   
2022 | 10.28%                   
2023 | -10.34%                  
2024 | -9.37%                   
2025 | -4.29%                   
2026 | -3.12%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -2.36%                               
3 Years                             | -6.14%                               
5 Years                             | -4.30%                               
10 Years                            | -3.70%                               
Since Model Inception (full sample) | -0.03%                               

## Top 10 Holdings (of 177)

#  | Ticker | Company                               | Sector             | Weight | Market Value
---+--------+---------------------------------------+--------------------+--------+-------------
1  | OSG    | OCTAVE SPECIALTY GROUP INC            | Financial Services | 0.88%  | $881,857    
2  | MRCO   | MERCATOR ACQUISITION CORP             | Financial Services | 0.87%  | $873,399    
3  | HLXC   | HELIX ACQUISITION CORP III            | Financial Services | 0.87%  | $871,862    
4  | REFI   | CHICAGO ATLANTIC REAL ESTATE FINANCE… | Financial Services | 0.87%  | $866,864    
5  | CZWI   | CITIZENS COMMUNITY BANCORP INC        | Financial Services | 0.86%  | $861,098    
6  | NARA   | NARRAGANSETT BANCORP INC              | Financial Services | 0.86%  | $859,560    
7  | ONCH   | 1RT ACQUISITION CORP                  | Financial Services | 0.86%  | $859,560    
8  | OPBK   | OP BANCORP                            | Financial Services | 0.86%  | $858,791    
9  | ONIT   | ONITY GROUP INC                       | Financial Services | 0.86%  | $858,407    
10 | INBK   | FIRST INTERNET BANCORP                | Financial Services | 0.85%  | $852,641    

## Sector Allocation

Sector             | Weight  | # Holdings
-------------------+---------+-----------
Financial Services | 100.00% | 177       

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.07   
Annualized volatility          | 14.37% 
Maximum drawdown               | -43.70%
Average monthly turnover       | 8.52%  
Out-of-sample Sharpe (2019-26) | -0.31  


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