================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry RD Industry-Neutral Factor ETF (FRDR) 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 RD factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+---------------------------------------------- Ticker (pseudo) | FRDR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | RD factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2020-10-21 Number of holdings (long leg) | 105 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 | 13.32% 2018 | 28.76% 2019 | -23.31% 2020 | -14.23% 2021 | -6.02% 2022 | -12.47% 2023 | -4.63% 2024 | 3.73% 2025 | 9.47% 2026 | 8.53% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 0.17% 3 Years | 3.71% 5 Years | -1.56% 10 Years | -0.42% Since Model Inception (full sample) | 3.22% ## Top 10 Holdings (of 105) # | Ticker | Company | Sector | Weight | Market Value ---+--------+----------------------------------------+-------------------+--------+------------- 1 | WAB | WESTINGHOUSE AIR BRAKE TECHNOLOGIES C… | Industrials | 19.19% | $19,192,035 2 | CNH | CNH INDUSTRIAL NV | Industrials | 5.69% | $5,693,909 3 | ZBRA | ZEBRA TECHNOLOGIES CORP | Technology | 5.50% | $5,497,150 4 | SWKS | SKYWORKS SOLUTIONS INC | Technology | 3.85% | $3,852,563 5 | CHYM | CHIME FINANCIAL INC | Technology | 3.67% | $3,671,989 6 | AGCO | AGCO CORP | Industrials | 3.60% | $3,604,101 7 | MBLY | MOBILEYE GLOBAL INC | Consumer Cyclical | 3.35% | $3,351,194 8 | QRVO | QORVO INC | Technology | 3.25% | $3,247,743 9 | OKLO | OKLO INC | Utilities | 3.09% | $3,087,022 10 | JOBY | JOBY AVIATION INC | Industrials | 3.07% | $3,069,284 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Industrials | 37.92% | 16 Technology | 36.07% | 39 Consumer Cyclical | 8.46% | 9 Healthcare | 4.66% | 21 Basic Materials | 4.00% | 6 Energy | 3.49% | 5 Utilities | 3.09% | 1 Financial Services | 1.50% | 2 Communication Services | 0.79% | 5 Consumer Defensive | 0.02% | 1 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.26 Annualized volatility | 20.85% Maximum drawdown | -56.26% Average monthly turnover | 17.96% Out-of-sample Sharpe (2019-26) | -0.15 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================