================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================ Foundry Short-Term Reversal Industry-Neutral Factor ETF (FSTR) 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 Short-Term Reversal factor model, before the placeholder expense ratio and trading costs. ## Key Facts Item | Value ------------------------------+------------------------------------------------------ Ticker (pseudo) | FSTR CUSIP | Not applicable (hypothetical model portfolio) Listing exchange | Not listed (hypothetical) Underlying model | Short-Term Reversal factor (Industry-relative (FF48)) Placeholder expense ratio | 0.35% Placeholder inception date | 2019-06-11 Number of holdings (long leg) | 318 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 | 5.91% 2018 | -0.94% 2019 | 21.69% 2020 | -22.30% 2021 | -2.38% 2022 | -36.25% 2023 | -6.63% 2024 | -15.19% 2025 | -30.60% 2026 | 18.51% ## Average Annual Total Returns (hypothetical, as of the most recent sample month) Period | Hypothetical Avg. Annual Total Return ------------------------------------+-------------------------------------- 1 Year | 10.12% 3 Years | -11.33% 5 Years | -18.56% 10 Years | -8.49% Since Model Inception (full sample) | -5.79% ## Top 10 Holdings (of 318) # | Ticker | Company | Sector | Weight | Market Value ---+--------+--------------------------------------+------------+--------+------------- 1 | MU | MICRON TECHNOLOGY INC | Technology | 15.97% | $15,966,523 2 | INTC | INTEL CORP | Technology | 7.95% | $7,954,483 3 | AMAT | APPLIED MATERIALS INC | Technology | 7.00% | $7,002,911 4 | LRCX | LAM RESEARCH CORP | Technology | 6.52% | $6,524,569 5 | ORCL | ORACLE CORP | Technology | 6.06% | $6,063,564 6 | KLAC | KLA CORP | Technology | 4.63% | $4,627,937 7 | SNDK | SANDISK CORP | Technology | 3.34% | $3,341,102 8 | IBM | INTERNATIONAL BUSINESS MACHINES CORP | Technology | 3.33% | $3,328,620 9 | STX | SEAGATE TECHNOLOGY HOLDINGS PLC | Technology | 2.94% | $2,941,126 10 | MRVL | MARVELL TECHNOLOGY INC | Technology | 2.75% | $2,748,640 ## Sector Allocation Sector | Weight | # Holdings -----------------------+--------+----------- Technology | 80.46% | 104 Industrials | 9.37% | 68 Healthcare | 3.19% | 48 Consumer Defensive | 2.31% | 6 Financial Services | 1.15% | 21 Energy | 0.99% | 13 Basic Materials | 0.94% | 16 Utilities | 0.68% | 4 Consumer Cyclical | 0.53% | 23 Communication Services | 0.30% | 10 Real Estate | 0.07% | 5 ## Portfolio Characteristics (hypothetical) Characteristic | Value -------------------------------+-------- Sharpe ratio (full sample) | -0.18 Annualized volatility | 20.63% Maximum drawdown | -85.33% Average monthly turnover | 85.12% Out-of-sample Sharpe (2019-26) | -0.47 ================================================================================================ DRAFT — HYPOTHETICAL MODEL PORTFOLIO — NOT A REGISTERED FUND, NOT AN OFFER TO SELL SECURITIES, NOT INVESTMENT ADVICE. ================================================================================================