================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Financial Services Book-to-Market Value Factor ETF (FBMF) 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 Book-to-Market Value factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+------------------------------------------------------ Ticker (pseudo) | FBMF CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Book-to-Market Value factor (Financial Services only) Placeholder expense ratio | 0.45% Placeholder inception date | 2019-10-14 Number of holdings (long leg) | 101 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 | -5.43% 2018 | -16.69% 2019 | 4.37% 2020 | -13.61% 2021 | 14.58% 2022 | 24.39% 2023 | 7.56% 2024 | -3.05% 2025 | 22.90% 2026 | -2.32% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 6.46% 3 Years | 6.20% 5 Years | 10.42% 10 Years | 4.39% Since Model Inception (full sample) | 3.50% ## Top 10 Holdings (of 101) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------------+--------------------+--------+------------- 1 | PNFP | PINNACLE FINANCIAL PARTNERS INC | Financial Services | 9.26% | $9,264,065 2 | EG | EVEREST GROUP LTD | Financial Services | 9.18% | $9,184,949 3 | ALLY | ALLY FINANCIAL INC | Financial Services | 8.49% | $8,487,716 4 | ARCC | ARES CAPITAL CORP | Financial Services | 8.35% | $8,351,085 5 | BMNR | BITMINE IMMERSION TECHNOLOGIES INC | Financial Services | 5.74% | $5,742,285 6 | JXN | JACKSON FINANCIAL INC | Financial Services | 5.32% | $5,317,162 7 | LNC | LINCOLN NATIONAL CORP | Financial Services | 4.90% | $4,900,290 8 | FLG | FLAGSTAR BANK NATIONAL ASSOCIATION | Financial Services | 3.77% | $3,767,984 9 | BXSL | BLACKSTONE SECURED LENDING FUND | Financial Services | 3.36% | $3,362,276 10 | OBDC | BLUE OWL CAPITAL CORP | Financial Services | 3.31% | $3,309,249 ## Sector Allocation Sector | Weight | # Holdings -------------------+---------+----------- Financial Services | 100.00% | 101 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.32 Annualized volatility | 13.84% Maximum drawdown | -42.75% Average monthly turnover | 10.44% Out-of-sample Sharpe (2019-26) | 0.55 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================