Avory & Co.

🔔 It was an honor to ring the bell as we continue building at Avory. This moment reflects more than a milestone, it’s a step forward in how we think about investing: focused, intentional, and built around investing forward. As markets evolve, so does the need for strategies grounded in clarity, discipline, and long-term thinking. Grateful for the opportunity, thankful for our partners, and even more excited for what’s ahead. $SPX $TLT

The biggest risk is not taking any risk. In a world that's changing quickly, the only strategy guaranteed to fail is not taking risks.

97% retention @ ZM

@ElMonoGran42994 Of course

@AvoryCo Lagging Nasdaq by 80% over 5 yr period….perspective matters

XBI is up 77% from its April 2025 low. Near all-time highs. Nobody is writing headlines about biotech. Everyone is talking about AI, oil, and war. $XBI

No cash constraints doesn’t mean market timing. It means flexibility. AVRY isn’t required to hold cash, and it isn’t required to deploy it. Exposure adjusts based on valuation and opportunity, not rigid rules or benchmarks. Cash is a tool, not a mandate. That flexibility is part of how we seek to manage risk, stay disciplined, and remain patient across market cycles. Designed to be foundational. Built with intention. If you want to learn more reach out! _______________ No Cash Constraints/No Cash Mandate-AVRY's prospectus does not require the Fund to maintain any minimum or maximum cash allocation. The portfolio manager has full discretion to hold 0% or any percentage in cash based on investment judgment. This is distinct from funds that are required by mandate to remain substantially fully invested at all times. Flexible Exposure- Refers to AVRY's absence of a rules-based investment mandate that dictates portfolio composition. Exposure to equity vs. cash is determined by the portfolio manager's assessment of opportunity and valuation, not by index replication requirements or benchmark tracking obligations. Fixed Exposure (Others)- Refers to funds that are structurally or contractually required to remain substantially fully invested in their benchmark constituents at all times. Most ETF's are index absed and need to be fully invested. For certain active funds, prospectus language requires 'at least 80% of assets' in equity at all times per SEC Names Rule (Rule 35d-1). Others comparison group)- Refers to two defined sub-categories: (1) Market-cap weighted passive index ETFs and mutual funds, which must remain fully invested to avoid tracking error representing 89% of U.S. ETF AUM; and (2) Diversified active equity mutual funds that hold cash averaging 2–3% under normal conditions but as a structural necessity (redemptions, dividend reinvestment), not as an investment tool. The registration statement for the Fund has been declared effective by the U.S. Securities and Exchange Commission (“SEC”). However, the Funds have not yet commenced operations. Shares of the Funds are expected to begin trading on or about January 22, 2026, subject to market conditions. To learn more and download a prospectus, click here.      Distributed by PINE Distributors LLC ETFAC-5106223-01/25

A look at inflation surveys and market based metrics. Long term inflation expectations remain anchored.

Can't make this up. Oil prices...

Great chart from our CIO showing part of the incentive to get a cease-fire done.

$140B valuation. $1T+ in annual payment volume. ~$3.6B in revenue. Profitable since 2023. Stripe has the scale, the margins, and the narrative to go public. And yet, they’ve chosen not to. Is this the year??

Adding: Infographic Source: Avory & Co. As of Date: 12/01/25 Most index funds“ refers to passive ETFs and mutual funds tracking broad benchmarks including the S&P 500, Russell 1000, and total market indexes, which collectively represent 89% of U.S. ETF AUM (TD Securities, 2026) and 57% of all U.S. equity fund assets (ICI, 2024). Characteristics described represent general structural features of each category and may not apply to every individual fund. “Most Active Funds" refers to benchmark-aware, long-only active mutual funds and ETFs; the median large-cap active fund holds 83 positions, and the average active fund holds 256 positions (Oakmark citing Morningstar, 2023). The bottom 25th percentile of active funds according to Morningstar hold 37 holdings for large caps, 42 for mid caps and 67 for small caps. _________ 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 ​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. The Fund is distributed by PINE Distributors LLC. The Funds’ investment adviser is Empowered Funds, LLC, which is doing business as ETF Architect. Avory & Co. serve as the Sub-advisers to the Fund. PINE Distributors LLC is not affiliated with ETF Architect or Avory & Co.

The difference between ETFs isn’t just what they own. It’s how they’re built. The comparison below highlights how AVRY differs from most index and many active strategies, from structure and flexibility to valuation discipline and transparency. Designed as a long-term, foundational allocation. 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. ____________ The registration statement for the Fund has been declared effective by the U.S. Securities and Exchange Commission (“SEC”). However, the Funds have not yet commenced operations. Shares of the Funds are expected to begin trading on or about January 22, 2026, subject to market conditions. To learn more and download a prospectus, click here.      Distributed by PINE Distributors LLC ETFAC-5106223-01/25

+178k jobs added. Our view remains. 1. Jobs stable enough but needs support. 2. Look through energy spike. 3. Pockets of market very cheap.

Ringing the bell. ✅

Big thanks to the @Cboe for having us!

Federal debt as % of GDP: 2015: 100.6% 2019: 107.2% 2020: 133.4% (COVID) 2022: 120.3% 2024: 124.3% It dipped post-pandemic, but that didn’t last. Now climbing again and above 2021 levels. At the same time: • ~40% of GDP is government spending • Current account deficit: -3.9% of GDP This is shifting from a COVID-driven spike to a structural issue… and getting harder to ignore.

Consumer confidence at 56.6 that's 41% below the pre-pandemic average of 96 and only 6 points above the all-time low NAHB builder confidence: 36 (neutral is 50) consumer spending GDP contribution: 1.58pp (was 2.34pp) Consumers are pessimistic. Builders are pessimistic. Yet economy is still growing… Something has to give. Either sentiment catches up to reality or reality catches up to sentiment…

Software valuations have come in pretty dramatically. Premium growth still at a premium but avg and median multiples very reasonable.

LLM RACE Google at 18% Still the largest single share But flat for 5+ weeks Leadership without momentum Anthropic at 16% Probably the cleanest trend here Steady, consistent gains Feels like execution is showing up in usage

Every reason to sell.

Markets don’t reward panic. They reward patience. $100 invested in the S&P 500 in 1970 grew to $29,200. Through oil shocks, Black Monday, the dot-com crash, 9/11, the financial crisis, and a global pandemic. Every generation gets its crisis. Every generation has a reason to sell. The ones who didn’t? They won. Stay invested. Stay the course.