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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 Consumer Cyclical VolSD Factor ETF  (FVOC)
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 VolSD factor model,
before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                        
------------------------------+----------------------------------------------
Ticker (pseudo)               | FVOC                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | VolSD factor (Consumer Cyclical only)        
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2022-04-07                                   
Number of holdings (long leg) | 60                                           
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 | -19.47%                  
2018 | -11.84%                  
2019 | -9.52%                   
2020 | -16.02%                  
2021 | 10.12%                   
2022 | 8.05%                    
2023 | -13.36%                  
2024 | -29.52%                  
2025 | -9.45%                   
2026 | 2.56%                    

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 1.92%                                
3 Years                             | -12.02%                              
5 Years                             | -8.54%                               
10 Years                            | -9.17%                               
Since Model Inception (full sample) | -5.13%                               

## Top 10 Holdings (of 60)

#  | Ticker | Company                       | Sector            | Weight | Market Value
---+--------+-------------------------------+-------------------+--------+-------------
1  | ACEL   | ACCEL ENTERTAINMENT INC       | Consumer Cyclical | 6.18%  | $6,179,907  
2  | DFH    | DREAM FINDERS HOMES INC       | Consumer Cyclical | 5.55%  | $5,550,668  
3  | KRT    | KARAT PACKAGING INC           | Consumer Cyclical | 3.93%  | $3,934,136  
4  | LEGH   | LEGACY HOUSING CORP           | Consumer Cyclical | 3.76%  | $3,757,615  
5  | CNNE   | CANNAE HOLDINGS INC           | Consumer Cyclical | 3.72%  | $3,719,749  
6  | BALY   | BALLY'S CORP                  | Consumer Cyclical | 3.24%  | $3,243,087  
7  | WEYS   | WEYCO GROUP INC               | Consumer Cyclical | 3.22%  | $3,215,801  
8  | MLR    | MILLER INDUSTRIES INC         | Consumer Cyclical | 3.07%  | $3,066,009  
9  | MCFT   | MASTERCRAFT BOAT HOLDINGS INC | Consumer Cyclical | 2.91%  | $2,905,080  
10 | JOUT   | JOHNSON OUTDOORS INC          | Consumer Cyclical | 2.78%  | $2,775,891  

## Sector Allocation

Sector            | Weight  | # Holdings
------------------+---------+-----------
Consumer Cyclical | 100.00% | 60        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | -0.19  
Annualized volatility          | 18.44% 
Maximum drawdown               | -85.98%
Average monthly turnover       | 9.71%  
Out-of-sample Sharpe (2019-26) | -0.36  


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