Foundry Consumer Cyclical Gross Profitability 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 |
|---|---|---|---|---|
1SBUX | STARBUCKS CORP | Consumer Cyclical | $120.23B | 24.36% |
2CPNG | COUPANG INC | Consumer Cyclical | $29.83B | 6.04% |
3TPR | TAPESTRY INC | Consumer Cyclical | $28.58B | 5.79% |
4WSM | WILLIAMS SONOMA INC | Consumer Cyclical | $26.89B | 5.45% |
5RL | RALPH LAUREN CORP | Consumer Cyclical | $22.64B | 4.59% |
6SN | SHARKNINJA INC | Consumer Cyclical | $21.87B | 4.43% |
7ROL | ROLLINS INC | Consumer Cyclical | $21.72B | 4.40% |
8ULTA | ULTA BEAUTY INC | Consumer Cyclical | $20.62B | 4.18% |
9BBY | BEST BUY CO INC | Consumer Cyclical | $18.00B | 3.65% |
10DECK | DECKERS OUTDOOR CORP | Consumer Cyclical | $14.79B | 3.00% |
11LULU | LULULEMON ATHLETICA INC | Consumer Cyclical | $12.61B | 2.56% |
12DKNG | DRAFTKINGS INC | Consumer Cyclical | $12.37B | 2.51% |
13W | WAYFAIR INC | Consumer Cyclical | $11.79B | 2.39% |
14HAS | HASBRO INC | Consumer Cyclical | $11.54B | 2.34% |
15CART | INSTACART (MAPLEBEAR INC) | Consumer Cyclical | $10.77B | 2.18% |
16DPZ | DOMINOS PIZZA INC | Consumer Cyclical | $10.72B | 2.17% |
17LEVI | LEVI STRAUSS & CO | Consumer Cyclical | $9.38B | 1.90% |
18DDS | DILLARD'S INC | Consumer Cyclical | $8.61B | 1.74% |
19CHWY | CHEWY INC | Consumer Cyclical | $8.57B | 1.74% |
20ETSY | ETSY INC | Consumer Cyclical | $7.98B | 1.62% |
21RSI | RUSH STREET INTERACTIVE INC | Consumer Cyclical | $7.56B | 1.53% |
22PTRN | PATTERN GROUP INC | Consumer Cyclical | $4.97B | 1.01% |
23ANF | ABERCROMBIE & FITCH CO | Consumer Cyclical | $4.23B | 0.86% |
24BBWI | BATH & BODY WORKS INC | Consumer Cyclical | $4.21B | 0.85% |
25WING | WINGSTOP INC | Consumer Cyclical | $3.88B | 0.79% |
26YETI | YETI HOLDINGS INC | Consumer Cyclical | $3.87B | 0.78% |
27COLM | COLUMBIA SPORTSWEAR CO | Consumer Cyclical | $3.25B | 0.66% |
28SHOO | STEVEN MADDEN LTD | Consumer Cyclical | $3.17B | 0.64% |
29CARG | CARGURUS INC | Consumer Cyclical | $3.16B | 0.64% |
30PTON | PELOTON INTERACTIVE INC | Consumer Cyclical | $2.55B | 0.52% |
31BKE | BUCKLE INC | Consumer Cyclical | $2.19B | 0.44% |
32CPRI | CAPRI HOLDINGS LTD | Consumer Cyclical | $1.89B | 0.38% |
33RVLV | REVOLVE GROUP INC | Consumer Cyclical | $1.78B | 0.36% |
34FIGS | FIGS INC | Consumer Cyclical | $1.72B | 0.35% |
35EYE | NATIONAL VISION HOLDINGS INC | Consumer Cyclical | $1.66B | 0.34% |
36SBH | SALLY BEAUTY HOLDINGS INC | Consumer Cyclical | $1.42B | 0.29% |
37BJRI | BJS RESTAURANTS INC | Consumer Cyclical | $1.42B | 0.29% |
38WINA | WINMARK CORP | Consumer Cyclical | $1.39B | 0.28% |
39REAL | THEREALREAL INC | Consumer Cyclical | $1.35B | 0.27% |
40CBRL | CRACKER BARREL OLD COUNTRY STORE INC | Consumer Cyclical | $1.20B | 0.24% |
41TDUP | THREDUP INC | Consumer Cyclical | $852M | 0.17% |
42KRT | KARAT PACKAGING INC | Consumer Cyclical | $760M | 0.15% |
43OXM | OXFORD INDUSTRIES INC | Consumer Cyclical | $604M | 0.12% |
44CTRN | CITI TRENDS INC | Consumer Cyclical | $535M | 0.11% |
45BBW | BUILD-A-BEAR WORKSHOP INC | Consumer Cyclical | $428M | 0.09% |
46HVT | HAVERTY FURNITURE COMPANIES INC | Consumer Cyclical | $413M | 0.08% |
47GCO | GENESCO INC | Consumer Cyclical | $411M | 0.08% |
48CAL | CALERES INC | Consumer Cyclical | $398M | 0.08% |
49NATH | NATHANS FAMOUS INC | Consumer Cyclical | $393M | 0.08% |
50BBBY | BED BATH & BEYOND INC | Consumer Cyclical | $372M | 0.08% |
51LE | LANDS' END INC | Consumer Cyclical | $357M | 0.07% |
52XPOF | XPONENTIAL FITNESS INC | Consumer Cyclical | $328M | 0.07% |
53DBI | DESIGNER BRANDS INC | Consumer Cyclical | $290M | 0.06% |
54LOVE | LOVESAC CO | Consumer Cyclical | $267M | 0.05% |
55JILL | JJILL INC | Consumer Cyclical | $248M | 0.05% |
56BSET | BASSETT FURNITURE INDUSTRIES INC | Consumer Cyclical | $187M | 0.04% |
57AKA | AKA BRANDS HOLDING CORP | Consumer Cyclical | $119M | 0.02% |
58MED | MEDIFAST INC | Consumer Cyclical | $114M | 0.02% |
59VNCE | VINCE HOLDING CORP | Consumer Cyclical | $83M | 0.02% |
60BARK | BARK INC | Consumer Cyclical | $82M | 0.02% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $493.61B. 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 310-name universe at July 2026. Rows: Large ≥ $5.9B, Small < $1.3B. Columns: Value ≥ 0.62, Growth < 0.38 B/M. The dot marks the capital-weighted centroid of the book — 93% toward Large, 83% toward Growth. +5% unclassified (5 missing size/value). 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. 60 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.
No more than 25% of total assets may be invested in the securities of any one issuer.
Required<= 25.0%Actual24.4%Margin0.6%Close to the line. The engine flags this verdict as one a routine data rebuild could flip. Read it as borderline rather than settled — the margin beside it is the whole story.
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.
1 verdict(s) sit within 1.0pp of their limit and can be flipped by a routine data rebuild; do not headline them, and always show the margin.
Data version — panel=20260719T025334 rows=2239262 asof=202607 issuers=20260719T014536 rates=20260804T224700
Measured on the 2026-07 formation date across 60 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 differ materially in value but agree on the verdict. Historical and Gaussian fund VaR differ by 18%; both still land on the same side of the 2x limit.
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?
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. | 1.3% | -22.1% |
| 3 yearsp.a. | 2.7% | -17.2% |
| 5 yearsp.a. | -0.0% | -11.0% |
| 10 yearsp.a. | 8.4% | -11.0% |
| Since inceptionp.a. | 9.0% | 0.4% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | 6.2% | 16.3% |
| 2025 | -6.1% | -24.1% |
| 2024 | 5.8% | -39.3% |
| 2023 | 8.4% | -8.9% |
| 2022 | -20.8% | 17.8% |
| 2021 | 22.3% | -5.4% |
| 2020 | 37.7% | -41.1% |
| 2019 | 25.4% | -5.4% |
| 2018 | 0.4% | 21.4% |
| 2017 | 21.5% | -6.9% |
| 2016 | -0.2% | -9.3% |
| 2015 | 4.6% | 8.7% |
| 2014 | 10.9% | 1.4% |
| 2013 | 35.0% | -4.7% |
| 2012 | 17.1% | -12.8% |
| 2011 | 18.2% | 48.0% |
| 2010 | 27.6% | -20.2% |
| 2009 | 64.1% | 8.6% |
| 2008 | -42.5% | 49.0% |
| 2007 | -15.0% | -7.7% |
| 2006 | 9.2% | -14.2% |
| 2005 | 0.8% | 13.6% |
| 2004 | 20.7% | 2.5% |
| 2003 | 42.8% | -4.1% |
| 2002 | -2.1% | 19.6% |
| 2001 | 9.3% | 18.9% |
| 2000 | -17.3% | 22.5% |
| 1999 | 25.0% | 34.3% |
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 Consumer Cyclical Gross Profitability Factor ETF tracks a rules-based model that ranks Consumer Cyclical common stocks each month by a Gross Profitability 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.