ETF Foundry
DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE.
leverage factor · long-only model fund

Foundry Healthcare NetDebtPrice Factor ETF

ETF Foundry Research (hypothetical) · rebalanced monthly

FNEHHYPOTHETICAL MODEL
Since ’99
curve unavailable
Expense Ratio
0.45%
placeholder
Holdings
100
cap-weighted
Inception
Dec 2019
placeholder
Full Sharpe
0.02
Ann. Return (LS)
0.5%
Ann. Volatility
22.8%
Max Drawdown
-88.3%
Test Sharpe ’19–26
-0.09
Test FF5 α (ann.)
5.0%
vs Fama-French 5
Test FF5 α t-stat
0.74
not significant
Monthly turnover
17%
of the long leg, per rebalance
Cumulative return (LS)
-44%
over 331 months
This fund holds the long leg only

The long-leg breakdown couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Hypothetical growth of $1 — long-short backtest

Gross of the placeholder expense ratio and trading costs · not investor results

331 months

The performance chart couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Holdings

Every constituent of the long leg — sort, search or filter by sector

Daily holdings doc →
100 of 100 · 100.0% of book
TickerCompanySectorMarket capWeight
1CNC
CENTENE CORPHealthcare$32.81B
19.35%
2INCY
INCYTE CORPHealthcare$23.42B
13.81%
3MOH
MOLINA HEALTHCARE INCHealthcare$11.74B
6.92%
4BMRN
BIOMARIN PHARMACEUTICAL INCHealthcare$11.52B
6.79%
5OSCR
OSCAR HEALTH INCHealthcare$8.77B
5.17%
6IMVT
IMMUNOVANT INCHealthcare$8.27B
4.87%
7DNTH
DIANTHUS THERAPEUTICS INCHealthcare$5.77B
3.40%
8DYN
DYNE THERAPEUTICS INCHealthcare$3.92B
2.31%
9CPRX
CATALYST PHARMACEUTICALS INCHealthcare$3.85B
2.27%
10PRVA
PRIVIA HEALTH GROUP INCHealthcare$3.39B
2.00%
11IMNM
IMMUNOME INCHealthcare$2.53B
1.49%
12AMLX
AMYLYX PHARMACEUTICALS INCHealthcare$1.97B
1.16%
13OCUL
OCULAR THERAPEUTIX INCHealthcare$1.96B
1.16%
14HRMY
HARMONY BIOSCIENCES HOLDINGS INCHealthcare$1.96B
1.15%
15DMRA
DAMORA THERAPEUTICS INCHealthcare$1.94B
1.14%
16ZBIO
ZENAS BIOPHARMA INCHealthcare$1.86B
1.10%
17BCAX
BICARA THERAPEUTICS INCHealthcare$1.82B
1.08%
18TSHA
TAYSHA GENE THERAPIES INCHealthcare$1.71B
1.01%
19CMPS
COMPASS PATHWAYS PLCHealthcare$1.67B
0.98%
20INVA
INNOVIVA INCHealthcare$1.60B
0.94%
21VIR
VIR BIOTECHNOLOGY INCHealthcare$1.59B
0.94%
22MLTX
MOONLAKE IMMUNOTHERAPEUTICSHealthcare$1.45B
0.85%
23OMDA
OMADA HEALTH INCHealthcare$1.41B
0.83%
24AKTS
AKTIS ONCOLOGY INCHealthcare$1.33B
0.78%
25AZTA
AZENTA INCHealthcare$1.21B
0.71%
26SDGR
SCHRODINGER INCHealthcare$1.14B
0.68%
27WVE
WAVE LIFE SCIENCES LTDHealthcare$1.12B
0.66%
28PRCT
PROCEPT BIOROBOTICS CORPHealthcare$1.09B
0.65%
29BIOA
BIOAGE LABS INCHealthcare$1.01B
0.60%
30VOR
VOR BIOPHARMA INCHealthcare$980M
0.58%
31ANRO
ALTO NEUROSCIENCE INCHealthcare$967M
0.57%
32ANNX
ANNEXON INCHealthcare$950M
0.56%
33LBRX
LB PHARMACEUTICALS INCHealthcare$901M
0.53%
34TBPH
THERAVANCE BIOPHARMA INCHealthcare$873M
0.51%
35REPL
REPLIMUNE GROUP INCHealthcare$859M
0.51%
36SLDB
SOLID BIOSCIENCES INCHealthcare$859M
0.51%
37AVR
ANTERIS TECHNOLOGIES GLOBAL CORPHealthcare$823M
0.49%
38ZVRA
ZEVRA THERAPEUTICS INCHealthcare$755M
0.45%
39CADL
CANDEL THERAPEUTICS INCHealthcare$746M
0.44%
40AURA
AURA BIOSCIENCES INCHealthcare$723M
0.43%
41SGP
SPYGLASS PHARMA INCHealthcare$661M
0.39%
42TECX
TECTONIC THERAPEUTIC INCHealthcare$615M
0.36%
43NGNE
NEUROGENE INCHealthcare$590M
0.35%
44STTK
SHATTUCK LABS INCHealthcare$577M
0.34%
45ANGO
ANGIODYNAMICS INCHealthcare$558M
0.33%
46IMMX
IMMIX BIOPHARMA INCHealthcare$558M
0.33%
47VSTM
VERASTEM INCHealthcare$530M
0.31%
48ZURA
ZURA BIO LTDHealthcare$518M
0.31%
49ARVN
ARVINAS INCHealthcare$517M
0.30%
50PRTA
PROTHENA CORP PUBLIC LTD COHealthcare$453M
0.27%
51BNTC
BENITEC BIOPHARMA INCHealthcare$439M
0.26%
52CCRN
CROSS COUNTRY HEALTHCARE INCHealthcare$428M
0.25%
53TENX
TENAX THERAPEUTICS INCHealthcare$420M
0.25%
54CBIO
CRESCENT BIOPHARMA INCHealthcare$407M
0.24%
55ABEO
ABEONA THERAPEUTICS INCHealthcare$399M
0.24%
56STRO
SUTRO BIOPHARMA INCHealthcare$391M
0.23%
57UPB
UPSTREAM BIO INCHealthcare$382M
0.22%
58SLP
SIMULATIONS PLUS INCHealthcare$369M
0.22%
59FENC
FENNEC PHARMACEUTICALS INCHealthcare$365M
0.22%
60VNDA
VANDA PHARMACEUTICALS INCHealthcare$327M
0.19%
61CARL
CARLSMED INCHealthcare$317M
0.19%
62LYEL
LYELL IMMUNOPHARMA INCHealthcare$311M
0.18%
63FHTX
FOGHORN THERAPEUTICS INCHealthcare$305M
0.18%
64MASS
908 DEVICES INCHealthcare$278M
0.16%
65SGHT
SIGHT SCIENCES INCHealthcare$274M
0.16%
66TRDA
ENTRADA THERAPEUTICS INCHealthcare$268M
0.16%
67QTTB
Q32 BIO INCHealthcare$255M
0.15%
68SRZN
SURROZEN INCHealthcare$255M
0.15%
69RNAC
CARTESIAN THERAPEUTICS INCHealthcare$243M
0.14%
70UTMD
UTAH MEDICAL PRODUCTS INCHealthcare$222M
0.13%
71KROS
KEROS THERAPEUTICS INCHealthcare$211M
0.12%
72RNA
ATRIUM THERAPEUTICS INCHealthcare$208M
0.12%
73IMUX
IMMUNIC INCHealthcare$207M
0.12%
74DTIL
PRECISION BIOSCIENCES INCHealthcare$203M
0.12%
75AMWL
AMERICAN WELL CORPHealthcare$199M
0.12%
76TNXP
TONIX PHARMACEUTICALS HOLDING CORPHealthcare$198M
0.12%
77ACOG
ALPHA COGNITION INCHealthcare$185M
0.11%
78INGN
INOGEN INCHealthcare$178M
0.10%
79KRRO
KORRO BIO INCHealthcare$177M
0.10%
80ARCT
ARCTURUS THERAPEUTICS HOLDINGS INCHealthcare$172M
0.10%
81CRBP
CORBUS PHARMACEUTICALS HOLDINGS INCHealthcare$167M
0.10%
82LENZ
LENZ THERAPEUTICS INCHealthcare$162M
0.10%
83OWLT
OWLET INCHealthcare$162M
0.10%
84UNCY
UNICYCIVE THERAPEUTICS INCHealthcare$144M
0.08%
85PMN
PROMIS NEUROSCIENCES INCHealthcare$136M
0.08%
86VTVT
VTV THERAPEUTICS INCHealthcare$130M
0.08%
87AARD
AARDVARK THERAPEUTICS INCHealthcare$128M
0.08%
88JYNT
JOINT CORPHealthcare$127M
0.07%
89CUE
CUE BIOPHARMA INCHealthcare$126M
0.07%
90SPRB
SPRUCE BIOSCIENCES INCHealthcare$120M
0.07%
91VRCA
VERRICA PHARMACEUTICALS INCHealthcare$96M
0.06%
92RLYB
RALLYBIO CORPHealthcare$87M
0.05%
93FRMM
FORUM MARKETS INCHealthcare$83M
0.05%
94ACET
ADICET BIO INCHealthcare$76M
0.04%
95LNSR
LENSAR INCHealthcare$70M
0.04%
96LONA
LEONABIO INCHealthcare$68M
0.04%
97IMA
IMAGENEBIO INCHealthcare$61M
0.04%
98EDSA
EDESA BIOTECH INCHealthcare$59M
0.03%
99INKT
MINK THERAPEUTICS INCHealthcare$53M
0.03%
100XLO
XILIO THERAPEUTICS INCHealthcare$53M
0.03%

Full long-leg book as of July 2026 · cap-weighted · total market cap $169.57B. Hypothetical model holdings — not a registered fund’s portfolio.

Sector Breakdown

1 sectors
Healthcare
100.0%

Portfolio Style

Size × value map of the long-leg book

The portfolio style map couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Constraint checks

How this book measures against the concentration and liquidity rules — as implemented here

The constraint checks couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Derivatives risk (Rule 18f-4)

Whether this long-only book is subject to the VaR tests at all

The 18f-4 assessment couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Since publication

Did the edge survive the paper coming out?

The publication comparison couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Consistency across eras

Is this record broadly durable, or one regime?

The era consistency couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Returns

Long leg is what this fund holds — long-short is shown for reference

The returns table couldn’t be loaded. The service didn’t respond, so this is a gap in what we could fetch — not a statement about the factor.

Reloading the page usually resolves it.

Fund Facts

Ticker (pseudo)FNEH
IssuerETF Foundry Research (hypothetical)
SeriesHypothetical Model Portfolio Series (not a registered trust)
Expense ratio0.45% (placeholder)
Inception2019-12-14 (placeholder)
Listing exchangeNot listed (hypothetical)
CUSIPNot applicable (hypothetical model portfolio)
RebalanceMonthly
Holdings as ofJuly 2026
Total mkt cap (long leg)$169.57B

Methodology

The Foundry Healthcare NetDebtPrice Factor ETF tracks a rules-based model that ranks Healthcare common stocks each month by a NetDebtPrice signal and holds the top quintile with the lowest 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.

Summary Prospectus

Objective, fees, strategy, and key risks.

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pdftxt
Prospectus

Full strategy, model methodology, and risks.

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pdftxt
Statement of Additional Information

Policies, construction, and governance.

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pdftxt
Fact Sheet

One-page snapshot with top holdings.

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pdftxt
Daily Holdings

Full current constituent list.

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csvxlsx

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