Avory Foundational ETF (AVRY)

A lot to like / love here from Block Earnings: Our largest $AVRY holding being $XYZ Top line growth accelerating here. Guidance pushed higher. Last 4 qtrs looks like this +9%, +14%, +18% +24% Now Cash App growth looks like this +10%, +16%, +24%, +33% • What is critical here is that MAUs hit 59 million users on Cash App • Added +1m banking actives, +22% Y/Y Cash App Inflows +8%, +8% , +12%, +15% On Square side they added 70 ISO's which I think is so critical here to scale out and find the right customers for Square. Food and Beverage +16% GPV, which shows their focus is proving out. Seeing record new volume added, and saw lowest churn since 2019. Now the headcount reduction is needed here. Timely when you are playing offense. When I visited SF and saw their operations up close, what stood out to me was how deeply they’re using AI internally, especially with Goose. It wasn’t a slide in a deck. It was embedded in workflows. I’ve been following Goose for a while since it’s open sourced. If they execute on this correctly, the restructuring is not just about lowering expenses. It’s about redesigning how the company runs. Love it.

Mister Car Wash $MCW being bought out. Taken private. We began accumulating less than a year ago. This is now our 6th taken private / acquired company at Avory. There’s certainly more upside for Mister but a good signal overall for our investment approach. $AVRY $SPY $QQQ

The level of growth here still feels underappreciated. • DAUs +69% Y/Y • Hours engaged +88% Y/Y • Bookings +63% Y/Y • Revenue +43% Y/Y • Operating cash flow +229% Y/Y This is a platform comping real scale with accelerating engagement. We added $RBLX to our $AVRY etf last week. Took a quick hit right after, which is never fun. Took another swing anyway. Today’s earnings show why. They’re comping the comp.

I am a big snapchat fan and think there is a ton of value in the size and scale of the user base. However, I cannot help to notice the -6% drop in North American users... $SNAP $AVRY $META

Google showing that while the AI narrative was that "search is dead"... Google Search +18% growth, highest growth rate SINCE 2022. Maybe just maybe... Like we saw from Meta, that Ai enhances great businesses with massive distribution... Cough Cough been in class software... $IGV $GOOGL $AVRY $META

In our view $META is the leader in AI. They combine massive global scale with deep, multimodal data and the ability to deploy innovation directly into products used by billions of people every day. Its advantage is the closed-loop system it operates across engagement, monetization, and measurement, allowing improvements in AI to translate quickly into real economic outcomes. The company’s willingness and capacity to invest through cycles, while continuously consolidating and improving its model architecture, gives it a durable edge that is difficult for peers to replicate.  This quarter really came down to one thing for me: is Meta’s multi year AI investment finally showing up in the core business? The answer is yes. Q4 revenue came in above the high end of guidance, and more importantly, that strength carried straight into Q1. At the midpoint, Meta is guiding to ~30% Y/Y revenue growth. That level of growth on a 200 billion run rate is very significant. They are growing twice as face as Microsoft, Google, Netflix, Amazon. ...and checks pointed to some of the largest ROIC gains on ads in the quarter. See our Investing with Data Newsletter, where we have shared those notes. But that lines up with what we’re seeing in the numbers. User growth continues as well. The already massive base grew ~7% Y/Y to over 3.5B family of app monthly users. There was plenty of focus on higher spend. FY26 OpEx and CapEx guides came in well above expectations, with CapEx growth implied at roughly ~80%. But what stood out to me was management explicitly acknowledging that this spend isn’t just about advertising. There are newer products on the roadmap that are broader in scope and likely years away from scaling. The easy takeaway is that Meta is winning. AI is already supercharging the core business. There’s been a lot of focus on Nvidia, and that makes sense. But the reality is Nvidia needs companies like Meta to be wildly successful for its own story to work. Meta, on the other hand, doesn’t need Nvidia specifically to win. If Nvidia, or the broader chip ecosystem, plateaus in performance, Meta can still compound. Its advantage comes from scale, data, model architecture, and how efficiently it deploys AI into real products. Compute helps, but it’s not the only lever. That asymmetry is important. Meta’s upside is driven by execution and unit economics, not just faster silicon. Great quarter Zuck. $NVDA $AVRY $MSFT

We own $META in our ETF $AVRY We do not own $MSFT Reason is simple. Meta is the #1 AI play not named $NVDA and outside of infra.

SBUX Stock Jumps 7% Today – US Transactions Grow For The First Time In Two Years $SBUX $AVRY $ACSI $MILN https://stocktwits.com/news/equity/markets/sbux-stock-climbs-7-premarket-after-q1-results/cmyg421R40I

Largest position in our ETF $AVRY is $ZM WHY? 10x cash flow $8B cash no debt Has $1-3.5B stake in Anthropic that is not accounted for. Record low churn Zoom’s AI Companion 25 million monthly active users growing double digits. Head of AI at $MSFT left to Zoom Zoom Phone + Zoom Contact Center = 20% of revenues.

Avory Foundational ETF: $AVRY AVRY was built to serve as a long-term core equity holding. It is actively managed, non-index, intentionally concentrated, and unconstrained by benchmarks or rigid cash targets. The portfolio focuses on approximately 20–30 high-quality businesses that are foundational to their industries and positioned for durable, secular growth, while remaining valuation-aware. This is not a thematic ETF. It is not designed to chase short-term narratives. AVRY is built for durability, discipline, and long-term compounding. Infographic Source: Avory & Co. As of Date: 12/01/25 For informational purposes only and is not intended to be a complete list of comparison features. ________ Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call 563.320.1688. or visit http://avoryfunds.com . Read the prospectus or summary prospectus carefully before investing. Investments involve risk, including the loss of principal. Past performance does not guarantee future results. Equity Investing Risk. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. The values of equity securities could decline generally or could underperform other investments. Management Risk. The Fund is actively managed and may not meet its investment objective based on the Adviser’s or Sub-Adviser’s success or failure to implement investment strategies for the Fund $PATH $BMNR $XYZ