Foundry Industrials 12-Month Momentum 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 |
|---|---|---|---|---|
1CAT | CATERPILLAR INC | Industrials | $405.49B | 25.86% |
2VRT | VERTIV HOLDINGS CO | Industrials | $111.22B | 7.09% |
3PWR | QUANTA SERVICES INC | Industrials | $94.32B | 6.02% |
4CMI | CUMMINS INC | Industrials | $89.48B | 5.71% |
5FDX | FEDEX CORP | Industrials | $74.68B | 4.76% |
6BE | BLOOM ENERGY CORP | Industrials | $61.14B | 3.90% |
7FIX | COMFORT SYSTEMS USA INC | Industrials | $58.93B | 3.76% |
8DAL | DELTA AIR LINES INC | Industrials | $55.35B | 3.53% |
9RKLB | ROCKET LAB CORP | Industrials | $39.14B | 2.50% |
10CRS | CARPENTER TECHNOLOGY CORP | Industrials | $27.71B | 1.77% |
11JBHT | HUNT J B TRANSPORT SERVICES INC | Industrials | $27.48B | 1.75% |
12ECHO | ECHO GLOBAL LOGISTICS INC | Industrials | $26.66B | 1.70% |
13MTZ | MASTEC INC | Industrials | $26.04B | 1.66% |
14ATI | ATI INC | Industrials | $25.41B | 1.62% |
15XPO | XPO INC | Industrials | $25.25B | 1.61% |
16NVT | NVENT ELECTRIC PLC | Industrials | $25.05B | 1.60% |
17CHRW | C H ROBINSON WORLDWIDE INC | Industrials | $24.58B | 1.57% |
18LUV | SOUTHWEST AIRLINES CO | Industrials | $23.50B | 1.50% |
19WWD | WOODWARD INC | Industrials | $23.41B | 1.49% |
20FTAI | FTAI AVIATION LTD | Industrials | $21.28B | 1.36% |
21STRL | STERLING INFRASTRUCTURE INC | Industrials | $19.59B | 1.25% |
22RBC | RBC BEARINGS INC | Industrials | $18.20B | 1.16% |
23WCC | WESCO INTERNATIONAL INC | Industrials | $15.97B | 1.02% |
24MOG.A | MOOG INC | Industrials | $12.46B | 0.79% |
25KNX | KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC | Industrials | $12.46B | 0.79% |
26DY | DYCOM INDUSTRIES INC | Industrials | $12.23B | 0.78% |
27IESC | IES HOLDINGS INC | Industrials | $12.21B | 0.78% |
28AEIS | ADVANCED ENERGY INDUSTRIES INC | Industrials | $10.80B | 0.69% |
29VMI | VALMONT INDUSTRIES INC | Industrials | $10.32B | 0.66% |
30TKR | TIMKEN CO | Industrials | $9.57B | 0.61% |
31POWL | POWELL INDUSTRIES INC | Industrials | $8.48B | 0.54% |
32PL | PLANET LABS PBC | Industrials | $8.01B | 0.51% |
33HXL | HEXCEL CORP | Industrials | $7.83B | 0.50% |
34AGX | ARGAN INC | Industrials | $7.73B | 0.49% |
35ENS | ENERSYS | Industrials | $7.18B | 0.46% |
36ACA | ARCOSA INC | Industrials | $7.12B | 0.45% |
37NPO | ENPRO INC | Industrials | $6.82B | 0.43% |
38MATX | MATSON INC | Industrials | $6.72B | 0.43% |
39MYRG | MYR GROUP INC | Industrials | $6.10B | 0.39% |
40MRCY | MERCURY SYSTEMS INC | Industrials | $5.77B | 0.37% |
41GVA | GRANITE CONSTRUCTION INC | Industrials | $5.43B | 0.35% |
42AIR | AAR CORP | Industrials | $5.38B | 0.34% |
43XMTR | XOMETRY INC | Industrials | $5.18B | 0.33% |
44RXO | RXO INC | Industrials | $4.83B | 0.31% |
45TPC | TUTOR PERINI CORP | Industrials | $4.14B | 0.26% |
46SXI | STANDEX INTERNATIONAL CORP | Industrials | $3.67B | 0.23% |
47ARCB | ARCBEST CORP | Industrials | $3.56B | 0.23% |
48LUNR | INTUITIVE MACHINES INC | Industrials | $2.93B | 0.19% |
49CECO | CECO ENVIRONMENTAL CORP | Industrials | $2.87B | 0.18% |
50WERN | WERNER ENTERPRISES INC | Industrials | $2.76B | 0.18% |
51HLIO | HELIOS TECHNOLOGIES INC | Industrials | $2.68B | 0.17% |
52DCO | DUCOMMUN INC | Industrials | $2.54B | 0.16% |
53PBI | PITNEY BOWES INC | Industrials | $2.51B | 0.16% |
54ATRO | ASTRONICS CORP | Industrials | $2.41B | 0.15% |
55CTOS | CUSTOM TRUCK ONE SOURCE INC | Industrials | $2.35B | 0.15% |
56VSTS | VESTIS CORP | Industrials | $2.18B | 0.14% |
57GRC | GORMAN RUPP CO | Industrials | $2.11B | 0.13% |
58ALGT | ALLEGIANT TRAVEL CO | Industrials | $1.86B | 0.12% |
59PRLB | PROTO LABS INC | Industrials | $1.85B | 0.12% |
60LIND | LINDBLAD EXPEDITIONS HOLDINGS INC | Industrials | $1.81B | 0.12% |
61TH | TARGET HOSPITALITY CORP | Industrials | $1.64B | 0.10% |
62TE | T1 ENERGY INC | Industrials | $1.63B | 0.10% |
63PLPC | PREFORMED LINE PRODUCTS CO | Industrials | $1.60B | 0.10% |
64PRSU | PURSUIT ATTRACTIONS & HOSPITALITY INC | Industrials | $1.45B | 0.09% |
65AMPX | AMPRIUS TECHNOLOGIES INC | Industrials | $1.44B | 0.09% |
66ULCC | FRONTIER GROUP HOLDINGS INC | Industrials | $1.43B | 0.09% |
67WLFC | WILLIS LEASE FINANCE CORP | Industrials | $1.35B | 0.09% |
68BW | BABCOCK & WILCOX ENTERPRISES INC | Industrials | $1.35B | 0.09% |
69FBYD | FALCON'S BEYOND GLOBAL INC | Industrials | $1.35B | 0.09% |
70NWPX | NWPX INFRASTRUCTURE INC | Industrials | $1.33B | 0.08% |
71GHM | GRAHAM CORP | Industrials | $1.26B | 0.08% |
72FCEL | FUELCELL ENERGY INC | Industrials | $1.25B | 0.08% |
73AMRC | AMERESCO INC | Industrials | $1.22B | 0.08% |
74HTLD | HEARTLAND EXPRESS INC | Industrials | $1.19B | 0.08% |
75CVLG | COVENANT LOGISTICS GROUP INC | Industrials | $1.19B | 0.08% |
76RHLD | RESOLUTE HOLDINGS MANAGEMENT INC | Industrials | $1.10B | 0.07% |
77GNK | GENCO SHIPPING & TRADING LTD | Industrials | $1.05B | 0.07% |
78CYRX | CRYOPORT INC | Industrials | $832M | 0.05% |
79UMAC | UNUSUAL MACHINES INC | Industrials | $809M | 0.05% |
80CODI | COMPASS DIVERSIFIED HOLDINGS | Industrials | $777M | 0.05% |
81PKE | PARK AEROSPACE CORP | Industrials | $677M | 0.04% |
82SWBI | SMITH & WESSON BRANDS INC | Industrials | $665M | 0.04% |
83NVRI | ENVIRI CORP | Industrials | $643M | 0.04% |
84MEC | MAYVILLE ENGINEERING COMPANY INC | Industrials | $634M | 0.04% |
85PKOH | PARK OHIO HOLDINGS CORP | Industrials | $544M | 0.03% |
86BBCP | CONCRETE PUMPING HOLDINGS INC | Industrials | $531M | 0.03% |
87ORN | ORION GROUP HOLDINGS INC | Industrials | $518M | 0.03% |
88MG | MISTRAS GROUP INC | Industrials | $500M | 0.03% |
89SPIR | SPIRE GLOBAL INC | Industrials | $488M | 0.03% |
90QUAD | QUAD/GRAPHICS INC | Industrials | $446M | 0.03% |
91FSTR | FOSTER L B CO | Industrials | $439M | 0.03% |
92RLGT | RADIANT LOGISTICS INC | Industrials | $431M | 0.03% |
93TWIN | TWIN DISC INC | Industrials | $326M | 0.02% |
94ESOA | ENERGY SERVICES OF AMERICA CORP | Industrials | $299M | 0.02% |
95AP | AMPCO PITTSBURGH CORP | Industrials | $156M | 0.01% |
96RFIL | R F INDUSTRIES LTD | Industrials | $143M | 0.01% |
97SIF | SIFCO INDUSTRIES INC | Industrials | $141M | 0.01% |
98VATE | INNOVATE CORP | Industrials | $123M | 0.01% |
99CHRN | CHRONOSCALE CORP | Industrials | $94M | 0.01% |
Full long-leg book as of July 2026 · cap-weighted · total market cap $1.57T. 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 706-name universe at July 2026. Rows: Large ≥ $2.8B, Small < $315M. Columns: Value ≥ 0.60, Growth < 0.34 B/M. The dot marks the capital-weighted centroid of the book — 98% toward Large, 78% toward Growth. +3% unclassified (13 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. 99 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%Actual75.3%Margin0.3%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.
No more than 25% of total assets may be invested in the securities of any one issuer.
Required<= 25.0%Actual25.9%Margin-0.9%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.
2 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 99 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 25%; 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?
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. | 30.2% | 18.3% |
| 3 yearsp.a. | 26.3% | 20.7% |
| 5 yearsp.a. | 14.2% | 5.4% |
| 10 yearsp.a. | 15.7% | 6.5% |
| Since inceptionp.a. | 9.7% | 1.9% |
| Year | Long leg | Long-short |
|---|---|---|
| 20267 mo | 25.3% | 24.5% |
| 2025 | 16.9% | 8.9% |
| 2024 | 30.9% | 23.5% |
| 2023 | 17.3% | -13.2% |
| 2022 | -16.7% | -11.3% |
| 2021 | 17.8% | -10.0% |
| 2020 | 20.9% | -0.3% |
| 2019 | 31.2% | -5.7% |
| 2018 | -7.2% | 25.9% |
| 2017 | 29.6% | 61.8% |
| 2016 | 9.1% | -20.1% |
| 2015 | 1.6% | 32.6% |
| 2014 | 21.8% | 17.3% |
| 2013 | 41.3% | 6.2% |
| 2012 | 14.1% | 0.9% |
| 2011 | -6.8% | -1.6% |
| 2010 | 36.2% | 12.2% |
| 2009 | 4.7% | -34.9% |
| 2008 | -46.6% | -9.3% |
| 2007 | 43.4% | 46.5% |
| 2006 | 15.7% | -1.0% |
| 2005 | 7.5% | 2.7% |
| 2004 | 32.0% | 5.9% |
| 2003 | 30.5% | -22.8% |
| 2002 | -3.7% | 26.3% |
| 2001 | -26.8% | -34.1% |
| 2000 | -17.7% | -26.7% |
| 1999 | 10.4% | 17.8% |
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 Industrials 12-Month Momentum Factor ETF tracks a rules-based model that ranks Industrials common stocks each month by a 12-Month Momentum 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.