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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 Industrials Enterprise Multiple Factor ETF  (FENI)
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)               | FENI                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | Enterprise Multiple factor (Industrials only)
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2021-03-07                                   
Number of holdings (long leg) | 89                                           
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 | 14.27%                   
2018 | -4.68%                   
2019 | -2.39%                   
2020 | -5.50%                   
2021 | 21.85%                   
2022 | 12.69%                   
2023 | 2.69%                    
2024 | 31.33%                   
2025 | -7.67%                   
2026 | 3.96%                    

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | 17.02%                               
3 Years                             | 7.99%                                
5 Years                             | 10.44%                               
10 Years                            | 8.25%                                
Since Model Inception (full sample) | 7.48%                                

## Top 10 Holdings (of 89)

#  | Ticker | Company                      | Sector      | Weight | Market Value
---+--------+------------------------------+-------------+--------+-------------
1  | UPS    | UNITED PARCEL SERVICE INC    | Industrials | 14.87% | $14,874,485 
2  | FDX    | FEDEX CORP                   | Industrials | 11.10% | $11,101,171 
3  | URI    | UNITED RENTALS INC           | Industrials | 9.73%  | $9,733,532  
4  | DAL    | DELTA AIR LINES INC          | Industrials | 8.23%  | $8,228,181  
5  | UAL    | UNITED AIRLINES HOLDINGS INC | Industrials | 5.57%  | $5,568,520  
6  | CCL    | CARNIVAL CORP LTD            | Industrials | 5.38%  | $5,377,087  
7  | EXPE   | EXPEDIA GROUP INC            | Industrials | 4.80%  | $4,795,249  
8  | SUNB   | SUNBELT RENTALS HOLDINGS INC | Industrials | 4.47%  | $4,471,516  
9  | LUV    | SOUTHWEST AIRLINES CO        | Industrials | 3.49%  | $3,493,343  
10 | UHAL   | U-HAUL HOLDING CO            | Industrials | 2.08%  | $2,078,209  

## Sector Allocation

Sector      | Weight  | # Holdings
------------+---------+-----------
Industrials | 100.00% | 89        

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.53   
Annualized volatility          | 16.10% 
Maximum drawdown               | -31.13%
Average monthly turnover       | 11.25% 
Out-of-sample Sharpe (2019-26) | 0.42   


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