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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 Energy Conservative Asset Growth Factor ETF  (FASE)
Fact Sheet  ·  July 2026  ·  Dated 2026-09-12
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 Conservative Asset
Growth factor model, before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                         
------------------------------+-----------------------------------------------
Ticker (pseudo)               | FASE                                          
CUSIP                         | Not applicable (hypothetical model portfolio) 
Listing exchange              | Not listed (hypothetical)                     
Underlying model              | Conservative Asset Growth factor (Energy only)
Placeholder expense ratio     | 0.45%                                         
Placeholder inception date    | 2021-10-09                                    
Number of holdings (long leg) | 26                                            
Weighting                     | Cap-weighted                                  
Rebalance frequency           | Monthly                                       
Holdings as of                | July 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 | -16.61%                  
2018 | 9.18%                    
2019 | 17.95%                   
2020 | 4.35%                    
2021 | -3.58%                   
2022 | 12.28%                   
2023 | -8.57%                   
2024 | -22.25%                  
2025 | 18.67%                   
2026 | 8.22%                    

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 11.03%                               
3 Years                             | -2.97%                               
5 Years                             | -2.01%                               
10 Years                            | 1.56%                                
Since Model Inception (full sample) | -0.43%                               

## Top 10 Holdings (of 26)

#  | Ticker | Company                   | Sector | Weight | Market Value
---+--------+---------------------------+--------+--------+-------------
1  | OXY    | OCCIDENTAL PETROLEUM CORP | Energy | 46.38% | $46,376,768 
2  | APA    | APA CORP                  | Energy | 10.58% | $10,580,890 
3  | NE     | NOBLE CORP PLC            | Energy | 5.63%  | $5,627,525  
4  | RIG    | TRANSOCEAN LTD            | Energy | 4.88%  | $4,877,296  
5  | IEP    | ICAHN ENTERPRISES LP      | Energy | 4.28%  | $4,278,269  
6  | PTEN   | PATTERSON UTI ENERGY INC  | Energy | 3.23%  | $3,232,946  
7  | CLMT   | CALUMET INC               | Energy | 3.17%  | $3,172,346  
8  | CVI    | CVR ENERGY INC            | Energy | 3.00%  | $3,001,596  
9  | HP     | HELMERICH & PAYNE INC     | Energy | 2.90%  | $2,899,605  
10 | TALO   | TALOS ENERGY INC          | Energy | 2.12%  | $2,116,739  

## Sector Allocation

Sector | Weight  | # Holdings
-------+---------+-----------
Energy | 100.00% | 26        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.06   
Annualized volatility          | 17.10% 
Maximum drawdown               | -49.64%
Average monthly turnover       | 14.91% 
Out-of-sample Sharpe (2019-26) | 0.23   


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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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