Foundry Healthcare Earnings Yield 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 |
|---|---|---|---|---|
1HCA | HCA HEALTHCARE INC | Healthcare | $82.34B | 22.52% |
2CI | CIGNA GROUP | Healthcare | $74.45B | 20.36% |
3REGN | REGENERON PHARMACEUTICALS INC | Healthcare | $70.94B | 19.40% |
4ZTS | ZOETIS INC | Healthcare | $32.10B | 8.78% |
5GEHC | GE HEALTHCARE TECHNOLOGIES INC | Healthcare | $28.69B | 7.85% |
6THC | TENET HEALTHCARE CORP | Healthcare | $16.79B | 4.59% |
7SOLV | SOLVENTUM CORP | Healthcare | $14.08B | 3.85% |
8UHS | UNIVERSAL HEALTH SERVICES INC | Healthcare | $9.15B | 2.50% |
9ACAD | ACADIA PHARMACEUTICALS INC | Healthcare | $4.38B | 1.20% |
10OGN | ORGANON & CO | Healthcare | $3.55B | 0.97% |
11TMDX | TRANSMEDICS GROUP INC | Healthcare | $2.56B | 0.70% |
12PBH | PRESTIGE CONSUMER HEALTHCARE INC | Healthcare | $2.36B | 0.65% |
13MD | PEDIATRIX MEDICAL GROUP INC | Healthcare | $2.15B | 0.59% |
14AVAH | AVEANNA HEALTHCARE HOLDINGS INC | Healthcare | $2.11B | 0.58% |
15AUPH | AURINIA PHARMACEUTICALS INC | Healthcare | $2.05B | 0.56% |
16ADMA | ADMA BIOLOGICS INC | Healthcare | $2.02B | 0.55% |
17HRMY | HARMONY BIOSCIENCES HOLDINGS INC | Healthcare | $1.96B | 0.53% |
18INVA | INNOVIVA INC | Healthcare | $1.60B | 0.44% |
19INSP | INSPIRE MEDICAL SYSTEMS INC | Healthcare | $1.46B | 0.40% |
20ARDT | ARDENT HEALTH INC | Healthcare | $1.46B | 0.40% |
21PAHC | PHIBRO ANIMAL HEALTH CORP | Healthcare | $1.35B | 0.37% |
22COLL | COLLEGIUM PHARMACEUTICAL INC | Healthcare | $1.17B | 0.32% |
23NUTX | NUTEX HEALTH INC | Healthcare | $1.12B | 0.31% |
24TBPH | THERAVANCE BIOPHARMA INC | Healthcare | $873M | 0.24% |
25AMPH | AMPHASTAR PHARMACEUTICALS INC | Healthcare | $871M | 0.24% |
26ZVRA | ZEVRA THERAPEUTICS INC | Healthcare | $755M | 0.21% |
27RIGL | RIGEL PHARMACEUTICALS INC | Healthcare | $750M | 0.21% |
28OMER | OMEROS CORP | Healthcare | $701M | 0.19% |
29CRMD | CORMEDIX INC | Healthcare | $661M | 0.18% |
30ABEO | ABEONA THERAPEUTICS INC | Healthcare | $399M | 0.11% |
31QTTB | Q32 BIO INC | Healthcare | $255M | 0.07% |
32AGEN | AGENUS INC | Healthcare | $209M | 0.06% |
33PDEX | PRO DEX INC | Healthcare | $183M | 0.05% |
34LNSR | LENSAR INC | Healthcare | $70M | 0.02% |
35SNWV | SANUWAVE HEALTH INC | Healthcare | $55M | 0.02% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $365.62B. 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 499-name universe at July 2026. Rows: Large ≥ $3.6B, Small < $964M. Columns: Value ≥ 0.67, Growth < 0.37 B/M. The dot marks the capital-weighted centroid of the book — 95% toward Large, 1% toward Growth. 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. 35 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%Actual46.1%Margin-28.9%
At least 50% of total assets must sit in cash, government securities, other RICs, and other securities limited to 5% of assets and 10% of the issuer's voting securities per issuer.
Required>= 50.0%Actual46.1%Margin-3.9%Arithmetically entailed by '40 Act 5(b)(1) diversification (75%/5% asset leg) — it cannot fail independently, so it is reported outside the tally rather than counted as a separate check.
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.
No verdict sits within 1.0pp of its limit.
Data version — panel=20260719T025334 rows=2239262 asof=202607 issuers=20260719T014536 rates=20260804T224700
Measured on the 2026-07 formation date across 35 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?
There is no “before” to compare against — the predictor was already public when our data begins, so every month shown is out-of-sample relative to the original study.
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. | 56.4% | 44.6% |
| 3 yearsp.a. | 10.8% | -3.8% |
| 5 yearsp.a. | 5.1% | 0.6% |
| 10 yearsp.a. | 11.4% | -1.9% |
| Since inceptionp.a. | 14.8% | 1.5% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | 13.1% | 11.4% |
| 2025 | 30.6% | 18.9% |
| 2024 | -8.5% | -26.7% |
| 2023 | -13.4% | -29.5% |
| 2022 | 1.3% | 30.3% |
| 2021 | 29.8% | 2.5% |
| 2020 | 14.8% | -15.7% |
| 2019 | 30.5% | 1.8% |
| 2018 | 14.8% | -0.3% |
| 2017 | 15.2% | 2.0% |
| 2016 | -4.1% | 5.9% |
| 2015 | 8.9% | 4.0% |
| 2014 | 22.8% | -6.5% |
| 2013 | 38.6% | -11.1% |
| 2012 | 18.2% | -1.0% |
| 2011 | 23.4% | 7.1% |
| 2010 | 10.1% | -10.1% |
| 2009 | 39.7% | 6.1% |
| 2008 | -24.6% | -4.5% |
| 2007 | -1.3% | -13.4% |
| 2006 | 22.7% | 21.4% |
| 2005 | 15.5% | -12.0% |
| 2004 | 6.1% | -3.5% |
| 2003 | 33.7% | -14.5% |
| 2002 | 1.6% | 36.6% |
| 2001 | 13.8% | 29.8% |
| 2000 | 65.9% | 12.9% |
| 1999 | 29.6% | 39.4% |
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 Healthcare Earnings Yield Factor ETF tracks a rules-based model that ranks Healthcare common stocks each month by a Earnings Yield signal and holds the top quintile with the highest 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.