================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Enterprise Multiple Industry-Neutral Factor ETF (FENR) 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 Enterprise Multiple factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+------------------------------------------------------ Ticker (pseudo) | FENR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Enterprise Multiple factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2020-05-11 Number of holdings (long leg) | 242 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 | -3.41% 2018 | -6.83% 2019 | -4.22% 2020 | -29.67% 2021 | -1.23% 2022 | 19.90% 2023 | -23.79% 2024 | -7.29% 2025 | 24.89% 2026 | -22.58% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -19.87% 3 Years | -4.76% 5 Years | -5.53% 10 Years | -6.86% Since Model Inception (full sample) | -3.28% ## Top 10 Holdings (of 242) # | Ticker | Company | Sector | Weight | Market Value ---+--------+------------------------------+------------------------+--------+------------- 1 | NVDA | NVIDIA CORP | Technology | 45.59% | $45,594,598 2 | MU | MICRON TECHNOLOGY INC | Technology | 8.91% | $8,907,091 3 | AMAT | APPLIED MATERIALS INC | Technology | 3.91% | $3,906,647 4 | NFLX | NETFLIX INC | Communication Services | 2.70% | $2,698,443 5 | RTX | RTX CORP | Industrials | 2.42% | $2,420,904 6 | TXN | TEXAS INSTRUMENTS INC | Technology | 2.40% | $2,401,283 7 | TMO | THERMO FISHER SCIENTIFIC INC | Healthcare | 1.84% | $1,838,285 8 | APH | AMPHENOL CORP | Technology | 1.73% | $1,728,018 9 | ADI | ANALOG DEVICES INC | Technology | 1.70% | $1,698,491 10 | QCOM | QUALCOMM INC | Technology | 1.68% | $1,681,984 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Technology | 74.15% | 81 Industrials | 10.52% | 45 Healthcare | 7.31% | 64 Communication Services | 4.50% | 15 Basic Materials | 2.67% | 14 Financial Services | 0.54% | 8 Consumer Cyclical | 0.28% | 10 Consumer Defensive | 0.03% | 5 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.14 Annualized volatility | 15.26% Maximum drawdown | -60.93% Average monthly turnover | 29.88% Out-of-sample Sharpe (2019-26) | -0.36 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================