================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Financial Services DolVol Factor ETF (FDOF) 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 DolVol factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FDOF CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | DolVol factor (Financial Services only) Placeholder expense ratio | 0.45% Placeholder inception date | 2020-10-24 Number of holdings (long leg) | 111 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 | -5.19% 2018 | -2.13% 2019 | -15.34% 2020 | -14.89% 2021 | -2.87% 2022 | 5.02% 2023 | -15.68% 2024 | -17.43% 2025 | 4.87% 2026 | 9.77% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 28.27% 3 Years | -2.70% 5 Years | -4.32% 10 Years | -5.53% Since Model Inception (full sample) | -3.66% ## Top 10 Holdings (of 111) # | Ticker | Company | Sector | Weight | Market Value ---+--------+---------------------------------------+--------------------+--------+------------- 1 | HGTY | HAGERTY INC | Financial Services | 12.46% | $12,464,438 2 | XZO | EXZEO GROUP INC | Financial Services | 4.42% | $4,420,887 3 | ASIC | ATEGRITY SPECIALTY INSURANCE CO HOLD… | Financial Services | 3.31% | $3,306,152 4 | DGICA | DONEGAL GROUP INC | Financial Services | 2.09% | $2,093,564 5 | VEL | VELOCITY FINANCIAL INC | Financial Services | 2.07% | $2,074,839 6 | NPB | NORTHPOINTE BANCSHARES INC | Financial Services | 1.96% | $1,962,490 7 | CBNK | CAPITAL BANCORP INC | Financial Services | 1.76% | $1,763,160 8 | GCBC | GREENE COUNTY BANCORP INC | Financial Services | 1.69% | $1,689,167 9 | CRD.A | CRAWFORD & CO | Financial Services | 1.62% | $1,620,609 10 | WTBA | WEST BANCORPORATION INC | Financial Services | 1.39% | $1,390,474 ## Sector Allocation Sector | Weight | # Holdings -------------------+---------+----------- Financial Services | 100.00% | 111 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.14 Annualized volatility | 16.51% Maximum drawdown | -80.66% Average monthly turnover | 33.22% Out-of-sample Sharpe (2019-26) | -0.38 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================