================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Financial Services Return on Equity Factor ETF (FROF) 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 Return on Equity factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+-------------------------------------------------- Ticker (pseudo) | FROF CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Return on Equity factor (Financial Services only) Placeholder expense ratio | 0.45% Placeholder inception date | 2022-04-11 Number of holdings (long leg) | 109 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 | 19.50% 2018 | 20.64% 2019 | 2.24% 2020 | -6.64% 2021 | -17.46% 2022 | -6.67% 2023 | -9.40% 2024 | 4.40% 2025 | -3.65% 2026 | 7.34% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | -1.15% 3 Years | -0.17% 5 Years | -3.94% 10 Years | -0.20% Since Model Inception (full sample) | 4.18% ## Top 10 Holdings (of 109) # | Ticker | Company | Sector | Weight | Market Value ---+--------+--------------------------------+--------------------+--------+------------- 1 | V | VISA INC | Financial Services | 21.51% | $21,509,129 2 | MA | MASTERCARD INC | Financial Services | 15.83% | $15,825,474 3 | AXP | AMERICAN EXPRESS CO | Financial Services | 7.99% | $7,988,735 4 | SCHW | SCHWAB CHARLES CORP | Financial Services | 5.82% | $5,819,499 5 | PGR | PROGRESSIVE CORP | Financial Services | 4.00% | $4,003,608 6 | BX | BLACKSTONE INC | Financial Services | 3.11% | $3,106,304 7 | HOOD | ROBINHOOD MARKETS INC | Financial Services | 2.97% | $2,965,801 8 | MCO | MOODYS CORP | Financial Services | 2.94% | $2,940,520 9 | MRSH | MARSH & MCLENNAN COMPANIES INC | Financial Services | 2.89% | $2,891,958 10 | AON | AON PLC | Financial Services | 2.58% | $2,584,035 ## Sector Allocation Sector | Weight | # Holdings -------------------+---------+----------- Financial Services | 100.00% | 109 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | 0.35 Annualized volatility | 14.57% Maximum drawdown | -48.11% Average monthly turnover | 5.99% Out-of-sample Sharpe (2019-26) | -0.26 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================