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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 Consumer Cyclical Long-Term Reversal Factor ETF  (FLRC)
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 Long-Term Reversal
factor model, before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                             
------------------------------+---------------------------------------------------
Ticker (pseudo)               | FLRC                                              
CUSIP                         | Not applicable (hypothetical model portfolio)     
Listing exchange              | Not listed (hypothetical)                         
Underlying model              | Long-Term Reversal factor (Consumer Cyclical only)
Placeholder expense ratio     | 0.45%                                             
Placeholder inception date    | 2022-04-24                                        
Number of holdings (long leg) | 57                                                
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 | -6.59%                   
2018 | -27.66%                  
2019 | -7.79%                   
2020 | -10.08%                  
2021 | 18.57%                   
2022 | 42.39%                   
2023 | -19.45%                  
2024 | -20.71%                  
2025 | 20.94%                   
2026 | -2.82%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -16.87%                              
3 Years                             | 0.21%                                
5 Years                             | -1.08%                               
10 Years                            | -3.30%                               
Since Model Inception (full sample) | -1.25%                               

## Top 10 Holdings (of 57)

#  | Ticker | Company                   | Sector                 | Weight | Market Value
---+--------+---------------------------+------------------------+--------+-------------
1  | W      | WAYFAIR INC               | Consumer Cyclical      | 12.28% | $12,276,774 
2  | ETSY   | ETSY INC                  | Consumer Cyclical      | 8.31%  | $8,311,290  
3  | VFC    | V F CORP                  | Consumer Cyclical      | 6.93%  | $6,927,672  
4  | CZR    | CAESARS ENTERTAINMENT INC | Consumer Cyclical      | 6.33%  | $6,333,651  
5  | PII    | POLARIS INC               | Consumer Cyclical      | 4.34%  | $4,336,538  
6  | YETI   | YETI HOLDINGS INC         | Consumer Cyclical      | 4.03%  | $4,027,656  
7  | QS     | QUANTUMSCAPE CORP         | Consumer Cyclical      | 3.75%  | $3,754,077  
8  | RH     | RH                        | Consumer Cyclical      | 3.70%  | $3,698,153  
9  | CALY   | CALLAWAY GOLF CO          | Consumer Cyclical      | 3.63%  | $3,627,962  
10 | PPLI   | PEOPLE INC                | Communication Services | 3.45%  | $3,449,256  

## Sector Allocation

Sector                 | Weight | # Holdings
-----------------------+--------+-----------
Consumer Cyclical      | 96.55% | 56        
Communication Services | 3.45%  | 1         

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.07   
Annualized volatility          | 23.86% 
Maximum drawdown               | -71.25%
Average monthly turnover       | 16.04% 
Out-of-sample Sharpe (2019-26) | 0.19   


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