In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down the recent software selloff and the broader AI scare trade. Inflation is cooling. Jobs are stable. Earnings are holding up. Yet parts of software are trading as if AI is about to eliminate entire business models. Does that make sense? Chapters: 00:00 Welcome + Disclaimer 00:40 Software Selloff vs AI Boom 02:20 Inflation Cooling: CPI, Break-evens, Rates 03:55 Jobs & Wages: Stability vs AI Fears 07:00 Zillow: Growth in a Flat Market 08:10 Airbnb: Global Growth + AI Tailwinds 08:45 The AI Scare Trade 11:05 Bonds Calm, Stocks Volatile 12:10 If AI Wins: Model Layer + Zoom’s Anthropic Upside 15:50 What Flips the Narrative: CapEx, Valuations, Retention, Buybacks 19:05 Positioning: Earnings Up, Prices Down 20:55 Closing: AI Expands Software, Not Shrinks It We cover macro signals, earnings from Zillow and Airbnb, headline-driven AI panic across industries, why credit markets look far calmer than equities, and the asymmetric upside in model-layer winners. AI is transformative. But transformation does not automatically mean extinction. When narrative and fundamentals diverge, opportunity can emerge. — Hosted by: Sean Emory — Founder & Chief Investment Officer, Avory & Co. https://www.avory.xyz Questions: team@avoryco.com Podcast: Around the Desk YouTube: @AvoryCo — Disclaimer: This content is for informational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Opinions expressed are as of the recording date and are subject to change. We may hold positions in companies discussed. Investing involves risk, including loss of principal. Please conduct your own research or consult a licensed financial advisor before making any investment decisions. © 2026 Avory & Co. All rights reserved.

In this episode of Avory’s Around the Desk, Sean Emory, Founder and Chief Investment Officer at Avory & Co., breaks down what recent Big Tech earnings reveal about the current state of AI and where things are headed next. Using results from Google, Microsoft, Amazon, and Meta, Sean walks through the scale of AI-related capital spending, the difference between defensive and offensive investment, and what these signals say about the underlying economy. The conversation dives into how each company is approaching AI, how these investments could reshape business models, and what it means for the broader software and enterprise landscape. Topics include platform risk, single-purpose tools, data ownership, security challenges, and how AI is being integrated into real business workflows. Timestamps 00:00 Introduction to Avory’s Around the Desk 00:37 Big Tech earnings and the AI landscape 01:31 Capital spending and economic signals 03:25 Company-specific AI strategies 08:00 Software market reactions to AI 11:54 Platforms vs. single-purpose tools 15:41 The future of AI and closing thoughts ___________ Disclaimer Avory is not an investor in either company mentioned. . Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

Welcome to the first AVRY Weekly Brief for our new active ETF, ticker AVRY. In this episode, we introduce the Avory Foundational ETF and outline our data-driven investment approach, focused on durable businesses and long-term structural trends. We break down the key signals from markets this week, with a deep dive into Google’s significant increase in capital expenditures and what it implies about AI demand, economic confidence, and competitive positioning. We also address the growing narrative that software is “dead” and explain why we believe that view misses what is actually happening beneath the surface as AI reshapes workflows, usage, and long-term value creation. As always, we separate signal from noise and close with what we’re watching in the weeks ahead across earnings, AI adoption, and software fundamentals. Chapters 00:00 Introduction to the AVRY Weekly Brief 00:28 What “Foundational” Means at Avory 01:03 Our Data-Driven Approach and Weekly Format 02:27 Key Market Signals: AI Investment and Google’s CapEx 07:26 Market Noise: Why Software Is Not Dead 09:14 Portfolio Strategy and Market Focus 10:22 What We’re Watching Next: Software and AI Trends ____________ The information provided here is for informational purposes only and investors should determine for themselves whether a particular service or product is suitable for their investment needs. Investments in securities entail risk and are not suitable for all investors. Nothing herein constitutes or should be construed as an offering of securities or a recommendation to purchase or sell securities. Please refer to the disclosure and offering documents for further information concerning specific products or services. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner or investment manager. All expressions of opinion are subject to change without notice in reaction to market conditions. Data contained here from third-party providers are considered reliable sources. However, its accuracy, completeness, or reliability are not guaranteed. 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. 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. Information Technology Sector Risk. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Non-Diversification Risk. Because the Fund is non-diversified, it may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Shares and greater risk of loss. New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. There can be no assurance that the Fund will grow to or maintain an economically viable size. New Sub-Adviser Risk. The Sub-Adviser has no experience with managing an ETF, which may limit the Sub-Adviser’s effectiveness. ETAFC-5127440-01/26

Inside Dollar General & Dollar Tree with TSOH Investing’s Alex Morris. In this episode of Around the Desk, Sean Emory, Founder and CIO of Avory & Co., sits down with Alex Morris of TSOH Investment Research to unpack investing philosophy, portfolio construction, and the real fundamentals behind dollar store economics. Alex shares his path into finance, the influence of Warren Buffett, and why transparency and process matter in research. The conversation then dives deep into Dollar General (DG) and Dollar Tree (DLTR), covering store traffic, margin pressure, capital allocation, and how these businesses are adapting amid competitive and operational challenges. A grounded, fundamentals-first discussion on how mature retailers evolve, where risks remain, and what ultimately drives long-term value. ⸻ Chapters 00:00 Intro & Guest Welcome 01:16 Alex’s Background & Investing Roots 03:51 Research Process & Transparency 05:07 Core Investment Philosophy 07:05 Baseball Analogies & Decision-Making 10:13 Portfolio Construction & Concentration 12:11 Dollar General Overview 14:19 Competitive Landscape (Walmart, Amazon) 16:40 Pandemic Impact & E-commerce 18:21 Margin Pressure & Execution Risks 21:39 Store Growth & Home Depot Analogy 44:15 Dollar Tree vs. Dollar General 52:31 Capital Allocation & Valuation 60:26 Key Takeaways 62:40 Where to Find Alex & Outro Disclaimer Avory is not an investor in either company mentioned. . Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

This fireside chat with Micha Kaufman, founder and CEO of Fiverr, hosted by Sean Emory and the Avory team. The discussion covers Fiverr's origin story, its evolution into a leading global freelance marketplace, and the dynamics of its two-sided platform connecting buyers and sellers across nearly 800 service categories. Micha explains how Fiverr has adapted to changing trends, including the rise of AI, and highlights the company's focus on trust, repeat business, and expanding services for both small businesses and large enterprises. The conversation also touches on Fiverr's financial growth, operational strategies, and vision for the future, emphasizing its resilience and leadership in the digital services economy. Disclaimer Avory is an investor in Block. Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

Block Q3 2025 Post-Mortem: Acceleration With An AI Engine Post Mortem In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why Block is re-accelerating across Cash App and Square, how Borrow economics compound inside the ecosystem, and why Goose AI is the quiet operating layer powering efficiency and product velocity. Timestamps: 00:00 Introduction and Podcast Overview 00:38 Block Q3 2025 Postmortem: Initial Thoughts 02:00 Cash App Momentum and Growth 05:10 Square's Accelerating Growth 07:45 AI Integration and Future Prospects 10:10 Leadership and Strategic Shifts 11:10 Proto Mining and Upcoming Catalysts 12:44 Conclusion and Final Thoughts Disclaimer Avory is an investor in Block. Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors, or our services. While we monitor comments and “likes,” we do not endorse or necessarily share the opinions expressed by site users. Any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please limit posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation. Please reach out to Houston Hess, our Head of Compliance and Operations, for any further details.

Meta's Q3 2025 Earnings: A Deep Dive into AI Investments and Market Reactions Avory Around the Desk Podcast - the post-mortem edition Meta's Q3 2025 earnings. Join Sean Emory, Chief Investment Officer and co-founder at Avory & Co, as he explores the 26% year-over-year revenue growth, robust engagement metrics, and the record 51.2 billion in revenue. Despite beating market expectations, Meta's stock has fallen due to concerns about skyrocketing operating and capital expenses, driven primarily by AI investments. 00:00 Intro 00:17 Meta's Q3 2025 Earnings Overview 00:50 Engagement and User Metrics 01:50 Focus on Operating Expenses and CapEx 02:48 AI Investment and Market Reactions 03:32 Meta's AI Returns and Market Concerns 06:24 CapEx Discipline and Broader Market Implications 07:07 Conclusion and Final Thoughts Disclaimer Avory has a position in Meta. Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors or our services. Please be aware that while we monitor comments and “likes” left on this page, we do not endorse or necessarily share the same opinions expressed by site users. While we appreciate your comments and feedback, please be aware that any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please honor our request to limit your posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation. Please reach out to Houston Hess our head of Compliance and Operations for any further details. Find more here https.⁠www.avory.xyz/disclaimer-pagee Avory is an investor at the time of this recording.

Google Q3 2025 Post-Mortem: AI Execution Over AI Hype Post Mortem In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., breaks down why investors are rewarding Google’s spending while punishing others, and how its strategy from TPUs to Gemini shows real ROI in the new compute era. We cover: • Revenue acceleration across Search, YouTube, and Cloud (+15% to +34%) • Gemini’s rapid growth to 650M users, 300M paid • Why CAPEX to $93B is seen as productive, not reckless • Anthropic’s commitment to TPUs and the growing Cloud backlog (+46%) • How AI integration is lifting engagement and monetization • Why Google’s AI flywheel looks more efficient than peers Disclaimer Avory is an investor in Alphabet Avory & Co. is a Registered Investment Adviser. This platform is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Avory & Co. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Avory & Co. unless a client service agreement is in place. Listeners and viewers are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance. “Likes” are not intended to be endorsements of our firm, our advisors or our services. Please be aware that while we monitor comments and “likes” left on this page, we do not endorse or necessarily share the same opinions expressed by site users. While we appreciate your comments and feedback, please be aware that any form of testimony from current or past clients about their experience with our firm is strictly forbidden under current securities laws. Please honor our request to limit your posts to industry-related educational information and comments. Third-party rankings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client's evaluation. Please reach out to Houston Hess our head of Compliance and Operations for any further details. Find more here https.⁠www.avory.xyz/disclaimer-pagee Avory is an investor at the time of this recording.

Navigating Market Dynamics with Seth Golden: Insights on Fed Policy, Economy, and Investment Opportunities Join Sean Emory, Founder and Chief Investment Officer of Avory & Company, as he hosts Seth Golden, market strategist and founder of Finom Group, in this episode of Avory's Around the Desk podcast. They delve into the Fed's recent rate cut, its impact on the economy, and discuss key investment opportunities and risks in the current market landscape. 00:00 Introduction and Guest Welcome 00:52 Catching Up in Orlando 02:45 Discussion on the Federal Reserve's Recent Rate Cut 06:54 Real-Time Indicators and Inflation 14:42 Labor Market and Economic Outlook 21:33 Consumer Behavior and Spending 29:38 Impact of Tariffs on Inflation 35:57 Investment Opportunities Ahead 36:50 Analyzing Costco's Resilience and Investment Potential 38:49 Kava and Chipotle: Comparing Growth and Investment Strategies 42:07 Financials and Healthcare: Future Prospects and Current Trends 46:06 Real Estate Market Insights and Regional Growth 48:32 Bubble Concerns and Market Comparisons: 2000 vs. Today 54:54 Parabolic Stocks: Risks and Opportunities 01:03:51 AI Investment and Market Risks 01:09:58 Small and Mid-Cap Stocks: Potential Catalysts and Future Outlook 01:11:00 Conclusion and Final Thoughts — Hosted by: Sean Emory, Founder & Chief Investment Officer, Avory & Co. https://www.avory.xyz Guest: Seth Golden Follow Avory & Co or Sean Emory 📩 team@avoryco.com 🌐 Website: www.avory.xyz 🎙️ Podcast: Operator Mode and Around the Desk 📺 YouTube: @AvoryCo — Disclaimer This presentation is for informational purposes only and does not constitute an offer, recommendation, or solicitation to buy or sell any security. Past performance is not indicative of future results. All opinions expressed are as of the date of recording and are subject to change without notice. Any securities discussed may or may not remain in the portfolio. Please consult with a licensed financial advisor for personalized investment advice. © 2025 Avory & Co. All rights reserved. Unauthorized use, reproduction, or distribution of this content is strictly prohibited.