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

Foundry Low Volatility Industry-Neutral Factor ETF  (FRER)
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 Low Volatility
factor model, before the placeholder expense ratio and trading costs.

## Key Facts

Item                          | Value                                           
------------------------------+-------------------------------------------------
Ticker (pseudo)               | FRER                                            
CUSIP                         | Not applicable (hypothetical model portfolio)   
Listing exchange              | Not listed (hypothetical)                       
Underlying model              | Low Volatility factor (Industry-relative (FF48))
Placeholder expense ratio     | 0.35%                                           
Placeholder inception date    | 2022-06-17                                      
Number of holdings (long leg) | 310                                             
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 | -5.19%                   
2018 | 15.05%                   
2019 | -1.30%                   
2020 | -35.25%                  
2021 | 4.45%                    
2022 | 36.57%                   
2023 | -20.92%                  
2024 | -6.41%                   
2025 | -21.94%                  
2026 | -8.96%                   

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

Period                              | Hypothetical Avg. Annual Total Return
------------------------------------+--------------------------------------
1 Year                              | -7.74%                               
3 Years                             | -14.19%                              
5 Years                             | -2.75%                               
10 Years                            | -7.59%                               
Since Model Inception (full sample) | -2.67%                               

## Top 10 Holdings (of 310)

#  | Ticker | Company                   | Sector                 | Weight | Market Value
---+--------+---------------------------+------------------------+--------+-------------
1  | GOOGL  | ALPHABET INC              | Communication Services | 28.62% | $28,624,317 
2  | MSFT   | MICROSOFT CORP            | Technology             | 19.93% | $19,931,016 
3  | META   | META PLATFORMS INC        | Communication Services | 11.17% | $11,172,172 
4  | V      | VISA INC                  | Financial Services     | 4.45%  | $4,447,620  
5  | MA     | MASTERCARD INC            | Financial Services     | 3.27%  | $3,272,364  
6  | ORCL   | ORACLE CORP               | Technology             | 2.48%  | $2,480,729  
7  | PLTR   | PALANTIR TECHNOLOGIES INC | Technology             | 2.16%  | $2,162,128  
8  | CRWD   | CROWDSTRIKE HOLDINGS INC  | Technology             | 1.41%  | $1,408,834  
9  | UBER   | UBER TECHNOLOGIES INC     | Technology             | 1.00%  | $1,004,905  
10 | APP    | APPLOVIN CORP             | Technology             | 0.97%  | $971,661    

## Sector Allocation

Sector                 | Weight | # Holdings
-----------------------+--------+-----------
Communication Services | 42.15% | 29        
Technology             | 41.14% | 160       
Financial Services     | 10.08% | 17        
Industrials            | 3.89%  | 63        
Healthcare             | 1.15%  | 23        
Consumer Cyclical      | 0.91%  | 13        
Basic Materials        | 0.58%  | 1         
Real Estate            | 0.09%  | 3         
Consumer Defensive     | 0.01%  | 1         

## Portfolio Characteristics (hypothetical)

Characteristic                 | Value  
-------------------------------+--------
Sharpe ratio (full sample)     | 0.03   
Annualized volatility          | 26.33% 
Maximum drawdown               | -83.79%
Average monthly turnover       | 13.99% 
Out-of-sample Sharpe (2019-26) | -0.17  


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