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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 Industrials VolSD Factor ETF  (FVOI)
Fact Sheet  ·  November 2026  ·  Dated 2026-11-14
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)               | FVOI                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | VolSD factor (Industrials only)              
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2021-01-13                                   
Number of holdings (long leg) | 81                                           
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 | -1.74%                   
2018 | 1.27%                    
2019 | -4.33%                   
2020 | -0.25%                   
2021 | 13.64%                   
2022 | -1.49%                   
2023 | -8.06%                   
2024 | -9.22%                   
2025 | -24.37%                  
2026 | 6.81%                    

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 5.35%                                
3 Years                             | -9.69%                               
5 Years                             | -8.33%                               
10 Years                            | -3.03%                               
Since Model Inception (full sample) | 1.41%                                

## Top 10 Holdings (of 81)

#  | Ticker | Company                          | Sector      | Weight | Market Value
---+--------+----------------------------------+-------------+--------+-------------
1  | ABM    | ABM INDUSTRIES INC               | Industrials | 7.79%  | $7,789,438  
2  | GIC    | GLOBAL INDUSTRIAL CO             | Industrials | 4.36%  | $4,359,009  
3  | DSGR   | DISTRIBUTION SOLUTIONS GROUP INC | Industrials | 3.94%  | $3,937,545  
4  | HLMN   | HILLMAN SOLUTIONS CORP           | Industrials | 3.72%  | $3,721,353  
5  | CDRE   | CADRE HOLDINGS INC               | Industrials | 3.44%  | $3,444,988  
6  | AMRC   | AMERESCO INC                     | Industrials | 3.34%  | $3,336,528  
7  | APOG   | APOGEE ENTERPRISES INC           | Industrials | 2.40%  | $2,403,824  
8  | SWIM   | LATHAM GROUP INC                 | Industrials | 2.34%  | $2,340,010  
9  | RJET   | REPUBLIC AIRWAYS HOLDINGS INC    | Industrials | 2.31%  | $2,306,040  
10 | NX     | QUANEX BUILDING PRODUCTS CORP    | Industrials | 2.15%  | $2,150,509  

## Sector Allocation

Sector      | Weight  | # Holdings
------------+---------+-----------
Industrials | 100.00% | 81        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.17   
Annualized volatility          | 12.75% 
Maximum drawdown               | -53.78%
Average monthly turnover       | 9.36%  
Out-of-sample Sharpe (2019-26) | -0.29  


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