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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 Price Factor ETF  (FPRI)
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 Price factor model,
before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                        
------------------------------+----------------------------------------------
Ticker (pseudo)               | FPRI                                         
CUSIP                         | Not applicable (hypothetical model portfolio)
Listing exchange              | Not listed (hypothetical)                    
Underlying model              | Price factor (Industrials only)              
Placeholder expense ratio     | 0.45%                                        
Placeholder inception date    | 2020-11-19                                   
Number of holdings (long leg) | 142                                          
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 | -0.64%                   
2018 | -36.49%                  
2019 | 10.91%                   
2020 | 2.87%                    
2021 | -12.98%                  
2022 | -5.76%                   
2023 | -10.84%                  
2024 | 9.22%                    
2025 | -3.70%                   
2026 | -9.31%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -3.04%                               
3 Years                             | -6.37%                               
5 Years                             | -6.18%                               
10 Years                            | -5.92%                               
Since Model Inception (full sample) | -1.04%                               

## Top 10 Holdings (of 142)

#  | Ticker | Company                  | Sector      | Weight | Market Value
---+--------+--------------------------+-------------+--------+-------------
1  | JOBY   | JOBY AVIATION INC        | Industrials | 10.27% | $10,270,849 
2  | ADT    | ADT INC                  | Industrials | 8.00%  | $8,001,693  
3  | XXI    | TWENTY ONE CAPITAL INC   | Industrials | 5.03%  | $5,025,592  
4  | SMR    | NUSCALE POWER CORP       | Industrials | 4.07%  | $4,074,863  
5  | AACO   | ABONY ACQUISITION CORP I | Industrials | 3.83%  | $3,832,667  
6  | JBLU   | JETBLUE AIRWAYS CORP     | Industrials | 2.91%  | $2,911,978  
7  | RDW    | REDWIRE CORP             | Industrials | 2.43%  | $2,427,587  
8  | TE     | T1 ENERGY INC            | Industrials | 2.36%  | $2,355,376  
9  | HLMN   | HILLMAN SOLUTIONS CORP   | Industrials | 2.29%  | $2,292,408  
10 | TIC    | TIC SOLUTIONS INC        | Industrials | 2.19%  | $2,187,847  

## Sector Allocation

Sector             | Weight | # Holdings
-------------------+--------+-----------
Industrials        | 99.88% | 141       
Financial Services | 0.12%  | 1         

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.05   
Annualized volatility          | 20.00% 
Maximum drawdown               | -69.54%
Average monthly turnover       | 16.59% 
Out-of-sample Sharpe (2019-26) | -0.06  


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