Foundry Industrials CompEquIss 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 |
|---|---|---|---|---|
1CAT | CATERPILLAR INC | Industrials | $405.49B | 17.91% |
2GE | GE AEROSPACE | Industrials | $361.93B | 15.99% |
3PH | PARKER-HANNIFIN CORP | Industrials | $120.19B | 5.31% |
4VRT | VERTIV HOLDINGS CO | Industrials | $111.22B | 4.91% |
5HWM | HOWMET AEROSPACE INC | Industrials | $109.00B | 4.81% |
6PWR | QUANTA SERVICES INC | Industrials | $94.32B | 4.17% |
7CMI | CUMMINS INC | Industrials | $89.48B | 3.95% |
8RCL | ROYAL CARIBBEAN CRUISES LTD | Industrials | $76.96B | 3.40% |
9HON | HONEYWELL INTERNATIONAL INC | Industrials | $71.29B | 3.15% |
10GWW | WW GRAINGER INC | Industrials | $65.86B | 2.91% |
11URI | UNITED RENTALS INC | Industrials | $65.48B | 2.89% |
12BE | BLOOM ENERGY CORP | Industrials | $61.14B | 2.70% |
13FIX | COMFORT SYSTEMS USA INC | Industrials | $58.93B | 2.60% |
14WAB | WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP | Industrials | $44.47B | 1.96% |
15RKLB | ROCKET LAB CORP | Industrials | $39.14B | 1.73% |
16EME | EMCOR GROUP INC | Industrials | $33.07B | 1.46% |
17CRS | CARPENTER TECHNOLOGY CORP | Industrials | $27.71B | 1.22% |
18CW | CURTISS WRIGHT CORP | Industrials | $26.15B | 1.15% |
19MTZ | MASTEC INC | Industrials | $26.04B | 1.15% |
20ATI | ATI INC | Industrials | $25.41B | 1.12% |
21XPO | XPO INC | Industrials | $25.25B | 1.12% |
22NVT | NVENT ELECTRIC PLC | Industrials | $25.05B | 1.11% |
23WWD | WOODWARD INC | Industrials | $23.41B | 1.03% |
24FTAI | FTAI AVIATION LTD | Industrials | $21.28B | 0.94% |
25STRL | STERLING INFRASTRUCTURE INC | Industrials | $19.59B | 0.87% |
26CLH | CLEAN HARBORS INC | Industrials | $16.41B | 0.72% |
27WCC | WESCO INTERNATIONAL INC | Industrials | $15.97B | 0.71% |
28BWXT | BWX TECHNOLOGIES INC | Industrials | $15.68B | 0.69% |
29MLI | MUELLER INDUSTRIES INC | Industrials | $13.08B | 0.58% |
30MOG.A | MOOG INC | Industrials | $12.46B | 0.55% |
31AIT | APPLIED INDUSTRIAL TECHNOLOGIES INC | Industrials | $12.43B | 0.55% |
32DY | DYCOM INDUSTRIES INC | Industrials | $12.23B | 0.54% |
33IESC | IES HOLDINGS INC | Industrials | $12.21B | 0.54% |
34R | RYDER SYSTEM INC | Industrials | $10.52B | 0.46% |
35POWL | POWELL INDUSTRIES INC | Industrials | $8.48B | 0.37% |
36AGX | ARGAN INC | Industrials | $7.73B | 0.34% |
37FSS | FEDERAL SIGNAL CORP | Industrials | $7.11B | 0.31% |
38NPO | ENPRO INC | Industrials | $6.82B | 0.30% |
39MATX | MATSON INC | Industrials | $6.72B | 0.30% |
40MYRG | MYR GROUP INC | Industrials | $6.10B | 0.27% |
41CAR | AVIS BUDGET GROUP INC | Industrials | $5.67B | 0.25% |
42VSEC | VSE CORP | Industrials | $5.60B | 0.25% |
43GVA | GRANITE CONSTRUCTION INC | Industrials | $5.43B | 0.24% |
44AIR | AAR CORP | Industrials | $5.38B | 0.24% |
45MDU | MDU RESOURCES GROUP INC | Industrials | $4.42B | 0.20% |
46GFF | GRIFFON CORP | Industrials | $4.20B | 0.19% |
47TPC | TUTOR PERINI CORP | Industrials | $4.14B | 0.18% |
48GEO | GEO GROUP INC | Industrials | $3.94B | 0.17% |
49SXI | STANDEX INTERNATIONAL CORP | Industrials | $3.67B | 0.16% |
50CXW | CORECIVIC INC | Industrials | $3.03B | 0.13% |
51CXT | CRANE NXT CO | Industrials | $2.95B | 0.13% |
52CECO | CECO ENVIRONMENTAL CORP | Industrials | $2.87B | 0.13% |
53DXPE | DXP ENTERPRISES INC | Industrials | $2.60B | 0.12% |
54PBI | PITNEY BOWES INC | Industrials | $2.51B | 0.11% |
55ATRO | ASTRONICS CORP | Industrials | $2.41B | 0.11% |
56TH | TARGET HOSPITALITY CORP | Industrials | $1.64B | 0.07% |
57PLPC | PREFORMED LINE PRODUCTS CO | Industrials | $1.60B | 0.07% |
58WLFC | WILLIS LEASE FINANCE CORP | Industrials | $1.35B | 0.06% |
59NWPX | NWPX INFRASTRUCTURE INC | Industrials | $1.33B | 0.06% |
60GHM | GRAHAM CORP | Industrials | $1.26B | 0.06% |
61CVLG | COVENANT LOGISTICS GROUP INC | Industrials | $1.19B | 0.05% |
62UPWK | UPWORK INC | Industrials | $1.12B | 0.05% |
63LMB | LIMBACH HOLDINGS INC | Industrials | $867M | 0.04% |
64PSIX | POWER SOLUTIONS INTERNATIONAL INC | Industrials | $697M | 0.03% |
65NVRI | ENVIRI CORP | Industrials | $643M | 0.03% |
66QUAD | QUAD/GRAPHICS INC | Industrials | $446M | 0.02% |
67ESOA | ENERGY SERVICES OF AMERICA CORP | Industrials | $299M | 0.01% |
68UP | WHEELS UP EXPERIENCE INC | Industrials | $229M | 0.01% |
69RCMT | RCM TECHNOLOGIES INC | Industrials | $196M | 0.01% |
70EAF | GRAFTECH INTERNATIONAL LTD | Industrials | $181M | 0.01% |
71TAYD | TAYLOR DEVICES INC | Industrials | $176M | 0.01% |
72ESP | ESPEY MFG & ELECTRONICS CORP | Industrials | $172M | 0.01% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $2.26T. 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 706-name universe at July 2026. Rows: Large ≥ $2.8B, Small < $315M. Columns: Value ≥ 0.60, Growth < 0.34 B/M. The dot marks the capital-weighted centroid of the book — 100% toward Large, 79% toward Growth. Hypothetical holdings — descriptive, not realized P&L.
Capital-weighted centroid of the long leg, December 2003 → July 2026; the right-hand end is the same value as the box’s dot. 72 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%Actual75.8%Margin0.8%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.
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 72 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 · 271 monthly observations · about 2.7 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 2.01 (fail) but Gaussian VaR gives 1.40 (pass). 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?
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 (21 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. | 31.5% | 26.3% |
| 3 yearsp.a. | 32.0% | 14.1% |
| 5 yearsp.a. | 20.4% | 11.4% |
| 10 yearsp.a. | 18.2% | 7.2% |
| Since inceptionp.a. | 13.8% | 4.3% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | 23.1% | 28.8% |
| 2025 | 33.8% | 9.0% |
| 2024 | 32.1% | 4.8% |
| 2023 | 24.4% | -1.7% |
| 2022 | -14.8% | 3.0% |
| 2021 | 26.4% | 15.1% |
| 2020 | 7.9% | -8.1% |
| 2019 | 30.4% | -1.5% |
| 2018 | -6.6% | 16.5% |
| 2017 | 28.0% | 10.7% |
| 2016 | 14.3% | -5.6% |
| 2015 | 0.7% | 25.1% |
| 2014 | 18.6% | 5.9% |
| 2013 | 42.3% | -8.2% |
| 2012 | 12.7% | -6.0% |
| 2011 | 3.8% | 10.7% |
| 2010 | 39.3% | 9.0% |
| 2009 | 30.9% | 8.5% |
| 2008 | -53.2% | -35.4% |
| 2007 | 26.4% | 15.4% |
| 2006 | 15.2% | 6.7% |
| 2005 | 7.2% | 12.7% |
| 2004 | 23.5% | 2.1% |
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 Industrials CompEquIss Factor ETF tracks a rules-based model that ranks Industrials common stocks each month by a CompEquIss 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.