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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 Financial Services DelCOA Factor ETF  (FDEF)
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 DelCOA factor model,
before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                        
------------------------------+----------------------------------------------
Ticker (pseudo)               | FDEF                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | DelCOA factor (Financial Services only)      
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2019-06-16                                   
Number of holdings (long leg) | 11                                           
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 | -8.03%                   
2018 | 8.19%                    
2019 | 1.16%                    
2020 | 7.84%                    
2021 | -18.50%                  
2022 | 9.30%                    
2023 | -13.69%                  
2024 | -30.67%                  
2025 | 29.27%                   
2026 | -22.63%                  

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -20.92%                              
3 Years                             | -14.27%                              
5 Years                             | -10.60%                              
10 Years                            | -3.75%                               
Since Model Inception (full sample) | -5.51%                               

## Top 10 Holdings (of 11)

#  | Ticker | Company              | Sector             | Weight | Market Value
---+--------+----------------------+--------------------+--------+-------------
1  | AON    | AON PLC              | Financial Services | 30.92% | $30,921,747 
2  | NDAQ   | NASDAQ INC           | Financial Services | 20.43% | $20,433,580 
3  | PYPL   | PAYPAL HOLDINGS INC  | Financial Services | 19.67% | $19,670,941 
4  | COIN   | COINBASE GLOBAL INC  | Financial Services | 16.32% | $16,320,858 
5  | HUT    | HUT 8 CORP           | Financial Services | 4.06%  | $4,059,693  
6  | WULF   | TERAWULF INC         | Financial Services | 3.55%  | $3,548,007  
7  | FHI    | FEDERATED HERMES INC | Financial Services | 1.76%  | $1,756,597  
8  | MARA   | MARA HOLDINGS INC    | Financial Services | 1.61%  | $1,606,971  
9  | CLSK   | CLEANSPARK INC       | Financial Services | 1.32%  | $1,318,285  
10 | CRD.A  | CRAWFORD & CO        | Financial Services | 0.21%  | $211,566    

## Sector Allocation

Sector             | Weight  | # Holdings
-------------------+---------+-----------
Financial Services | 100.00% | 11        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | -0.05  
Annualized volatility          | 28.05% 
Maximum drawdown               | -76.71%
Average monthly turnover       | 18.26% 
Out-of-sample Sharpe (2019-26) | -0.19  


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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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