Foundry Technology Book-to-Market Value Factor ETF
ETF Foundry Research (hypothetical) · rebalanced monthly
Every other metric on this page is the long-shortstrategy, which needs a short book. This fund is the long leg alone, so these are the figures for what it actually holds. The bottom-bucket number is that basket’s own return — not short P&L.
Hypothetical growth of $1 — long-short backtest
Gross of the placeholder expense ratio and trading costs · not investor results
Holdings
Every constituent of the long leg — sort, search or filter by sector
| Ticker | Company | Sector | Market cap | Weight |
|---|---|---|---|---|
1INTC | INTEL CORP | Technology | $477.67B | 71.92% |
2MSTR | STRATEGY INC | Technology | $33.24B | 5.00% |
3FSLR | FIRST SOLAR INC | Technology | $22.78B | 3.43% |
4AMKR | AMKOR TECHNOLOGY INC | Technology | $15.60B | 2.35% |
5SMCI | SUPER MICRO COMPUTER INC | Technology | $14.54B | 2.19% |
6ARW | ARROW ELECTRONICS INC | Technology | $10.56B | 1.59% |
7AVT | AVNET INC | Technology | $7.03B | 1.06% |
8INGM | INGRAM MICRO HOLDING CORP | Technology | $6.78B | 1.02% |
9LYFT | LYFT INC | Technology | $5.89B | 0.89% |
10ACMR | ACM RESEARCH INC | Technology | $5.56B | 0.84% |
11VSH | VISHAY INTERTECHNOLOGY INC | Technology | $5.15B | 0.77% |
12IPGP | IPG PHOTONICS CORP | Technology | $4.43B | 0.67% |
13ACLS | AXCELIS TECHNOLOGIES INC | Technology | $4.19B | 0.63% |
14DIOD | DIODES INC | Technology | $4.00B | 0.60% |
15OLED | UNIVERSAL DISPLAY CORP | Technology | $3.75B | 0.56% |
16XNDU | XANADU QUANTUM TECHNOLOGIES LTD | Technology | $2.98B | 0.45% |
17RUN | SUNRUN INC | Technology | $2.83B | 0.43% |
18BHE | BENCHMARK ELECTRONICS INC | Technology | $2.81B | 0.42% |
19VISN | VISTANCE NETWORKS INC | Technology | $2.74B | 0.41% |
20ROG | ROGERS CORP | Technology | $2.36B | 0.36% |
21PLUS | EPLUS INC | Technology | $2.33B | 0.35% |
22CNXN | PC CONNECTION INC | Technology | $1.99B | 0.30% |
23QUBT | QUANTUM COMPUTING INC | Technology | $1.76B | 0.26% |
24SHLS | SHOALS TECHNOLOGIES GROUP INC | Technology | $1.73B | 0.26% |
25PLAB | PHOTRONICS INC | Technology | $1.70B | 0.26% |
26AMBQ | AMBIQ MICRO INC | Technology | $1.55B | 0.23% |
27DXC | DXC TECHNOLOGY CO | Technology | $1.55B | 0.23% |
28WOLF | WOLFSPEED INC | Technology | $1.44B | 0.22% |
29WBTN | WEBTOON ENTERTAINMENT INC | Technology | $1.41B | 0.21% |
30WLTH | WEALTHFRONT CORP | Technology | $1.38B | 0.21% |
31AI | C3AI INC | Technology | $1.37B | 0.21% |
32SCSC | SCANSOURCE INC | Technology | $1.11B | 0.17% |
33CEVA | CEVA INC | Technology | $1.06B | 0.16% |
34WYFI | WHITEFIBER INC | Technology | $971M | 0.15% |
35AOSL | ALPHA & OMEGA SEMICONDUCTOR LTD | Technology | $936M | 0.14% |
36DJCO | DAILY JOURNAL CORP | Technology | $817M | 0.12% |
37NTGR | NETGEAR INC | Technology | $602M | 0.09% |
38PUBM | PUBMATIC INC | Technology | $591M | 0.09% |
39MEI | METHODE ELECTRONICS INC | Technology | $532M | 0.08% |
40GDYN | GRID DYNAMICS HOLDINGS INC | Technology | $484M | 0.07% |
41IBEX | IBEX LTD | Technology | $474M | 0.07% |
42CLFD | CLEARFIELD INC | Technology | $416M | 0.06% |
43XPER | XPERI INC | Technology | $352M | 0.05% |
44BKKT | BAKKT INC | Technology | $323M | 0.05% |
45AVNW | AVIAT NETWORKS INC | Technology | $269M | 0.04% |
46RELL | RICHARDSON ELECTRONICS LTD | Technology | $250M | 0.04% |
47DUOT | DUOS TECHNOLOGIES GROUP INC | Technology | $241M | 0.04% |
48ALOT | ASTRONOVA INC | Technology | $222M | 0.03% |
49IMMR | IMMERSION CORP | Technology | $220M | 0.03% |
50GSIT | GSI TECHNOLOGY INC | Technology | $208M | 0.03% |
51KVHI | KVH INDUSTRIES INC | Technology | $178M | 0.03% |
52AMPG | AMPLITECH GROUP INC | Technology | $168M | 0.03% |
53EXOD | EXODUS MOVEMENT INC | Technology | $152M | 0.02% |
54FIRY | FIRY INC | Technology | $130M | 0.02% |
55TRT | TRIO-TECH INTERNATIONAL | Technology | $103M | 0.02% |
56WATT | ENERGOUS CORP | Technology | $83M | 0.01% |
57CSPI | CSP INC | Technology | $82M | 0.01% |
58TACT | TRANSACT TECHNOLOGIES INC | Technology | $54M | 0.01% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $664.14B. Hypothetical model holdings — not a registered fund’s portfolio.
Sector Breakdown
Portfolio Style
Size × value map of the long-leg book
Share of long-leg capital by market cap × book-to-market, using terciles of the 421-name universe at July 2026. Rows: Large ≥ $8.9B, Small < $1.9B. Columns: Value ≥ 0.63, Growth < 0.38 B/M. The dot marks the capital-weighted centroid of the book — 91% toward Large, 2% toward Growth. Hypothetical holdings — descriptive, not realized P&L.
Capital-weighted centroid of the long leg, December 1999 → July 2026; the right-hand end is the same value as the box’s dot. 58 names now. Hypothetical holdings — descriptive, not P&L.
Constraint checks
How this book measures against the concentration and liquidity rules — as implemented here
These are UNCONSTRAINED factor sleeves: the construction pipeline sorts on a signal and cap-weights the top bucket, applying no issuer cap, no industry cap and no liquidity screen beyond the universe filter. A failing test therefore reports a constraint that was never applied during construction — it is not a defect in the strategy and not an error in the data. The same signal can be solved subject to these constraints.
7 independent checks plus 1 arithmetically implied by another check (RIC / IRC 851(b)(3)(A) 50% bucket), which is reported separately so the tally cannot overstate scrutiny.
1 of 7 checks could not be tested. Those are neither passes nor failures — they are gaps in what the data can answer, and they are excluded from the passed count above rather than folded into it.
With respect to 75% of total assets, no more than 5% may be invested in the securities of any one issuer.
Required>= 75.0%Actual33.1%Margin-41.9%No more than 25% of total assets may be invested in the securities of any one issuer.
Required<= 25.0%Actual71.9%Margin-46.9%
At least 50% of total assets must sit in cash, government securities, other RICs, and other securities limited to 5% of assets and 10% of the issuer's voting securities per issuer.
Required>= 50.0%Actual33.1%Margin-16.9%Arithmetically entailed by '40 Act 5(b)(1) diversification (75%/5% asset leg) — it cannot fail independently, so it is reported outside the tally rather than counted as a separate check.
Engineering approximation of the cited rules for a DRAFT / HYPOTHETICAL model portfolio that is not a registered fund. This reports whether the portfolio passes the stated test AS IMPLEMENTED HERE; it is not a compliance opinion and is not a statement that any fund is compliant. Real filings need securities counsel.
No verdict sits within 1.0pp of its limit.
Data version — panel=20260719T025334 rows=2239262 asof=202607 issuers=20260719T014536 rates=20260804T224700
Measured on the 2026-07 formation date across 58 holdings (cap-weighted). A different formation date can produce different verdicts.
Derivatives risk (Rule 18f-4)
Whether this long-only book is subject to the VaR tests at all
This assessment describes the long-only book this fund holds — the top bucket only.
This fund QUALIFIES for the limited-derivatives-user exception, so it is excepted from the VaR tests; the ratio below is informational, not the operative limit.
Rule 18f-4(c)(4): a fund whose derivatives exposure (gross notional, including the value of assets sold short) is <= 10% of net assets is excepted from the VaR tests and the full derivatives risk management program.
No confidence interval: this follows from portfolio construction, not from an estimate.
Rule 18f-4(c)(2)(i): fund VaR at 99% over 20 trading days must not exceed 200% of the designated reference portfolio's VaR on the same basis.
Informational — does not governThis fund is excepted from the VaR tests, so the ratio below is context rather than the operative limit. It is shown because it is still a description of the book’s risk, not because it decides anything.
historical method · 329 monthly observations · about 3.3 in the 99% tail · paired percentile bootstrap over months
The estimators disagree about the verdict, not just the value — the choice of method decides the answer here. Historical VaR gives ratio 1.95 (pass) but Gaussian VaR gives 2.08 (fail). The pass/fail conclusion is an artefact of estimator choice, not a property of the strategy.
Engineering approximation of SEC Rule 18f-4 for research display. Not a compliance opinion and not a determination that any fund is compliant. Hypothetical model portfolio, not a registered fund.
The research long-short construction behind this factor does not qualify for this exception — a dollar-neutral book counts its full short notional, which is 100% of net assets against a 10% threshold. This product sidesteps that by holding the long leg alone, which is also why the long-leg Sharpe is reported separately throughout the site.
See the long-short verdict on the factor page →Since publication
Did the edge survive the paper coming out?
There is no “before” to compare against — the predictor was already public when our data begins, so every month shown is out-of-sample relative to the original study.
Split at January of the year after the factor was published. The post-publication stretch IS genuinely out-of-sample relative to the original study -- the predictor was public by then -- so it speaks to whether the effect survived being known. Nothing is fitted here, so this is performance SINCE PUBLICATION, not validation of a model. Note the 'pre' side is our data before publication (our panel starts ~1999), NOT the study's original in-sample period, which usually ran decades earlier; a decay figure compares before-vs-after within our sample and is not a comparison against the published result.
Consistency across eras
Is this record broadly durable, or one regime?
3-year rolling windows, stepping 1 year (26 windows). Dispersion is the spread of window Sharpes — higher means the record depends more on which era you look at.
Rules-based factors fit no parameters, so these windows are not out-of-sample tests and do not validate a fitted model. They show whether the factor's record is consistent across eras or driven by one regime.
Returns
Long leg is what this fund holds — long-short is shown for reference
| Period | Long leg | Long-short |
|---|---|---|
| 1 yearcum. | 194.0% | 147.4% |
| 3 yearsp.a. | 47.7% | 21.0% |
| 5 yearsp.a. | 23.5% | 3.2% |
| 10 yearsp.a. | 24.4% | 0.3% |
| Since inceptionp.a. | 15.0% | 5.0% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | 85.8% | 69.9% |
| 2025 | 90.6% | 64.5% |
| 2024 | -27.2% | -48.0% |
| 2023 | 74.7% | 1.5% |
| 2022 | -38.1% | -5.7% |
| 2021 | 14.4% | -14.4% |
| 2020 | 34.2% | -11.5% |
| 2019 | 39.0% | 5.7% |
| 2018 | -10.6% | -25.1% |
| 2017 | 44.1% | 6.8% |
| 2016 | 26.0% | 16.1% |
| 2015 | -18.5% | -17.6% |
| 2014 | 17.5% | 6.2% |
| 2013 | 65.8% | 35.6% |
| 2012 | 9.3% | -8.7% |
| 2011 | -14.2% | -5.9% |
| 2010 | 23.2% | 7.1% |
| 2009 | 89.9% | 18.6% |
| 2008 | -54.2% | -23.0% |
| 2007 | -10.0% | -22.4% |
| 2006 | 6.4% | -8.0% |
| 2005 | -0.2% | 6.3% |
| 2004 | 14.9% | 2.1% |
| 2003 | 79.8% | 42.5% |
| 2002 | -35.4% | 2.6% |
| 2001 | 3.1% | 81.9% |
| 2000 | 3.3% | 60.1% |
| 199910 mo | 122.9% | 11.3% |
Long leg = the top bucket this fund holds; long-short additionally shorts the bottom bucket and is not achievable in a long-only vehicle. Trailing figures run through July 2026: 1 year is a plain cumulative 12-month return (cum.), 3 years and longer are annualised (p.a.). Years marked with a month count are partial. These match the fact sheet’s tables by construction. Hypothetical backtest, gross of the placeholder expense ratio and trading costs — not investor results.
Fund Facts
Methodology
The Foundry Technology Book-to-Market Value Factor ETF tracks a rules-based model that ranks Technology common stocks each month by a Book-to-Market Value signal and holds the top quintile with the highest values. Signals are computed from point-in-time Sharadar fundamentals and total-return prices. The portfolio reconstitutes monthly and is cap-weighted within the long leg.
This is a hypothetical model portfolio for research display only — not a registered fund, not an offer, and not investment advice.
Documents (draft — hypothetical)
Auto-generated from the model’s metrics and current holdings. Every document is labeled DRAFT / hypothetical.
Objective, fees, strategy, and key risks.
Full strategy, model methodology, and risks.
Policies, construction, and governance.
One-page snapshot with top holdings.
Full current constituent list.
DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.