Foundry Consumer Cyclical Inventory Discipline 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 |
|---|---|---|---|---|
1DHI | HORTON D R INC | Consumer Cyclical | $42.36B | 17.29% |
2RIVN | RIVIAN AUTOMOTIVE INC | Consumer Cyclical | $22.00B | 8.98% |
3LEN | LENNAR CORP | Consumer Cyclical | $20.21B | 8.25% |
4IP | INTERNATIONAL PAPER CO | Consumer Cyclical | $19.89B | 8.11% |
5NVR | NVR INC | Consumer Cyclical | $17.52B | 7.15% |
6DECK | DECKERS OUTDOOR CORP | Consumer Cyclical | $14.79B | 6.03% |
7HAS | HASBRO INC | Consumer Cyclical | $11.54B | 4.71% |
8LEVI | LEVI STRAUSS & CO | Consumer Cyclical | $9.38B | 3.83% |
9TMHC | TAYLOR MORRISON HOME CORP | Consumer Cyclical | $6.74B | 2.75% |
10VFC | V F CORP | Consumer Cyclical | $6.65B | 2.71% |
11FND | FLOOR & DECOR HOLDINGS INC | Consumer Cyclical | $6.14B | 2.50% |
12RUSHA | RUSH ENTERPRISES INC | Consumer Cyclical | $5.98B | 2.44% |
13BBWI | BATH & BODY WORKS INC | Consumer Cyclical | $4.21B | 1.72% |
14PII | POLARIS INC | Consumer Cyclical | $4.16B | 1.70% |
15MAT | MATTEL INC | Consumer Cyclical | $4.15B | 1.69% |
16RH | RH | Consumer Cyclical | $3.55B | 1.45% |
17GEF | GREIF INC | Consumer Cyclical | $3.52B | 1.44% |
18CALY | CALLAWAY GOLF CO | Consumer Cyclical | $3.48B | 1.42% |
19KBH | KB HOME | Consumer Cyclical | $3.44B | 1.40% |
20DAN | DANA INC | Consumer Cyclical | $2.87B | 1.17% |
21HOG | HARLEY-DAVIDSON INC | Consumer Cyclical | $2.80B | 1.14% |
22PTON | PELOTON INTERACTIVE INC | Consumer Cyclical | $2.55B | 1.04% |
23BLBD | BLUE BIRD CORP | Consumer Cyclical | $2.48B | 1.01% |
24WHR | WHIRLPOOL CORP | Consumer Cyclical | $2.48B | 1.01% |
25AIN | ALBANY INTERNATIONAL CORP | Consumer Cyclical | $2.12B | 0.86% |
26KSS | KOHLS CORP | Consumer Cyclical | $1.96B | 0.80% |
27CPRI | CAPRI HOLDINGS LTD | Consumer Cyclical | $1.89B | 0.77% |
28LZB | LA-Z-BOY INC | Consumer Cyclical | $1.59B | 0.65% |
29GIII | G III APPAREL GROUP LTD | Consumer Cyclical | $1.49B | 0.61% |
30TRS | TRIMAS CORP | Consumer Cyclical | $1.46B | 0.59% |
31CRI | CARTERS INC | Consumer Cyclical | $1.40B | 0.57% |
32MYE | MYERS INDUSTRIES INC | Consumer Cyclical | $1.17B | 0.48% |
33BZH | BEAZER HOMES USA INC | Consumer Cyclical | $900M | 0.37% |
34WGO | WINNEBAGO INDUSTRIES INC | Consumer Cyclical | $868M | 0.35% |
35FOXF | FOX FACTORY HOLDING CORP | Consumer Cyclical | $798M | 0.33% |
36HZO | MARINEMAX INC | Consumer Cyclical | $760M | 0.31% |
37BNED | BARNES & NOBLE EDUCATION INC | Consumer Cyclical | $437M | 0.18% |
38MCFT | MASTERCRAFT BOAT HOLDINGS INC | Consumer Cyclical | $407M | 0.17% |
39FLXS | FLEXSTEEL INDUSTRIES INC | Consumer Cyclical | $391M | 0.16% |
40WEYS | WEYCO GROUP INC | Consumer Cyclical | $374M | 0.15% |
41BBBY | BED BATH & BEYOND INC | Consumer Cyclical | $372M | 0.15% |
42XPOF | XPONENTIAL FITNESS INC | Consumer Cyclical | $328M | 0.13% |
43FNKO | FUNKO INC | Consumer Cyclical | $326M | 0.13% |
44HBB | HAMILTON BEACH BRANDS HOLDING CO | Consumer Cyclical | $313M | 0.13% |
45DBI | DESIGNER BRANDS INC | Consumer Cyclical | $290M | 0.12% |
46LOVE | LOVESAC CO | Consumer Cyclical | $267M | 0.11% |
47ESCA | ESCALADE INC | Consumer Cyclical | $266M | 0.11% |
48ONEW | ONEWATER MARINE INC | Consumer Cyclical | $224M | 0.09% |
49SRI | STONERIDGE INC | Consumer Cyclical | $197M | 0.08% |
50LCUT | LIFETIME BRANDS INC | Consumer Cyclical | $195M | 0.08% |
51COOK | TRAEGER INC | Consumer Cyclical | $193M | 0.08% |
52INSE | INSPIRED ENTERTAINMENT INC | Consumer Cyclical | $174M | 0.07% |
53HOFT | HOOKER FURNISHINGS CORP | Consumer Cyclical | $152M | 0.06% |
54CHPT | CHARGEPOINT HOLDINGS INC | Consumer Cyclical | $146M | 0.06% |
55AKA | AKA BRANDS HOLDING CORP | Consumer Cyclical | $119M | 0.05% |
56UFI | UNIFI INC | Consumer Cyclical | $118M | 0.05% |
57MED | MEDIFAST INC | Consumer Cyclical | $114M | 0.05% |
58LAKE | LAKELAND INDUSTRIES INC | Consumer Cyclical | $113M | 0.05% |
59KEQU | KEWAUNEE SCIENTIFIC CORP | Consumer Cyclical | $109M | 0.04% |
60VIRC | VIRCO MFG CORPORATION | Consumer Cyclical | $97M | 0.04% |
61BARK | BARK INC | Consumer Cyclical | $82M | 0.03% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $245.09B. 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 310-name universe at July 2026. Rows: Large ≥ $5.9B, Small < $1.3B. Columns: Value ≥ 0.62, Growth < 0.38 B/M. The dot marks the capital-weighted centroid of the book — 86% toward Large, 32% toward Growth. +7% unclassified (9 missing size/value). Hypothetical holdings — descriptive, not realized P&L.
Capital-weighted centroid of the long leg, December 1998 → July 2026; the right-hand end is the same value as the box’s dot. 61 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%Actual74.2%Margin-0.8%Close to the line. The engine flags this verdict as one a routine data rebuild could flip. Read it as borderline rather than settled — the margin beside it is the whole story.
Days required to liquidate the largest position at 20% of one day's dollar volume.
Required<= 7.0 daysActual23.4 daysMargin-16.4 days
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.
1 verdict(s) sit within 1.0pp of their limit and can be flipped by a routine data rebuild; do not headline them, and always show the margin.
Data version — panel=20260719T025334 rows=2239262 asof=202607 issuers=20260719T014536 rates=20260804T224700
Measured on the 2026-07 formation date across 61 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 · 331 monthly observations · about 3.3 in the 99% tail · paired percentile bootstrap over months
The estimators agree, which is mild evidence the number isn’t an artefact of one method.
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?
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. | -1.9% | -5.9% |
| 3 yearsp.a. | -3.9% | -4.7% |
| 5 yearsp.a. | -0.6% | -7.2% |
| 10 yearsp.a. | 6.6% | -9.4% |
| Since inceptionp.a. | 9.3% | -4.1% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | -8.2% | -7.4% |
| 2025 | -15.0% | -21.0% |
| 2024 | 6.4% | 9.5% |
| 2023 | 54.2% | -9.5% |
| 2022 | -23.9% | 0.9% |
| 2021 | 28.0% | 11.0% |
| 2020 | 6.3% | -39.6% |
| 2019 | 27.2% | -9.8% |
| 2018 | -9.2% | -8.7% |
| 2017 | 20.9% | -6.5% |
| 2016 | 13.6% | -9.2% |
| 2015 | -6.9% | -6.0% |
| 2014 | 5.7% | -8.6% |
| 2013 | 42.9% | -9.8% |
| 2012 | 25.3% | -3.0% |
| 2011 | 6.0% | -0.5% |
| 2010 | 33.3% | 7.0% |
| 2009 | 60.3% | -8.9% |
| 2008 | -35.2% | 16.9% |
| 2007 | -24.1% | -21.4% |
| 2006 | 20.3% | 15.8% |
| 2005 | 5.8% | 7.4% |
| 2004 | 14.3% | -3.4% |
| 2003 | 40.1% | -10.8% |
| 2002 | -1.1% | 19.8% |
| 2001 | 32.0% | 12.9% |
| 2000 | -7.7% | 6.6% |
| 1999 | 15.2% | -10.5% |
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 Consumer Cyclical Inventory Discipline Factor ETF tracks a rules-based model that ranks Consumer Cyclical common stocks each month by a Inventory Discipline signal and holds the top quintile with the lowest 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.