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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 Technology DolVol Factor ETF  (FDOT)
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)               | FDOT                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | DolVol factor (Technology only)              
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2019-08-05                                   
Number of holdings (long leg) | 84                                           
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 | -17.85%                  
2018 | 0.71%                    
2019 | -7.11%                   
2020 | -8.18%                   
2021 | -21.04%                  
2022 | -9.45%                   
2023 | -32.56%                  
2024 | -12.39%                  
2025 | -24.54%                  
2026 | -4.45%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -10.37%                              
3 Years                             | -18.49%                              
5 Years                             | -20.13%                              
10 Years                            | -13.60%                              
Since Model Inception (full sample) | -3.22%                               

## Top 10 Holdings (of 84)

#  | Ticker | Company                   | Sector     | Weight | Market Value
---+--------+---------------------------+------------+--------+-------------
1  | EVCM   | EVERCOMMERCE INC          | Technology | 5.06%  | $5,064,311  
2  | VERX   | VERTEX INC                | Technology | 4.92%  | $4,923,590  
3  | CNXN   | PC CONNECTION INC         | Technology | 4.74%  | $4,735,327  
4  | EVTC   | EVERTEC INC               | Technology | 4.43%  | $4,433,679  
5  | PRCH   | PORCH GROUP INC           | Technology | 4.15%  | $4,152,949  
6  | CTS    | CTS CORP                  | Technology | 4.04%  | $4,037,187  
7  | LIME   | NEUTRON HOLDINGS INC      | Technology | 3.99%  | $3,988,932  
8  | VIA    | VIA TRANSPORTATION INC    | Technology | 3.47%  | $3,470,735  
9  | WBTN   | WEBTOON ENTERTAINMENT INC | Technology | 3.35%  | $3,352,833  
10 | WLTH   | WEALTHFRONT CORP          | Technology | 3.29%  | $3,287,702  

## Sector Allocation

Sector     | Weight  | # Holdings
-----------+---------+-----------
Technology | 100.00% | 84        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | -0.12  
Annualized volatility          | 16.47% 
Maximum drawdown               | -82.29%
Average monthly turnover       | 27.04% 
Out-of-sample Sharpe (2019-26) | -0.93  


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DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
================================================================================================