Go listen to the entire thing on Avory Around the Desk Podcast.

Burden Today or a Moat for Tomorrow. On the Avory Around the Desk podcast, Sean Emory of Avory & Company discusses why Meta may be misunderstood despite being the cheapest of the Mag 7, the second-fastest grower behind Nvidia, and having the highest gross margins in the group. He frames the key debate around whether Meta’s aggressive AI and infrastructure CapEx is a near-term free cash flow burden or a long-term competitive moat, arguing AI is directly strengthening Meta’s core ad business through better recommendations, engagement, and advertiser ROI. Sean highlights Zuckerberg’s capital-allocation track record, Meta’s distribution advantage across 3.56B users, and under-monetized assets like WhatsApp, Threads, and Meta AI. He outlines what to watch next, including signals of CapEx plateauing, revenue momentum, monetization progress, and risks such as a potential equity raise. 00:00 Meta Debate Setup 02:19 Six Questions Roadmap 03:11 Quick Disclaimer 03:41 Dont Bet Against Zuck 05:38 What Market Misses 10:00 Why Track Record Matters 14:03 Distribution Flywheel 16:54 CapEx Burden Or Moat 22:53 Free Cash Flow Path 24:36 What Were Watching 27:12 Valuation Discipline 28:01 Wrap Up And Next Steps Hosted by Sean Emory Founder & Chief Investment Officer Avory & Co. Website www.avory.xyz 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 before making any investment decisions. © 2026 Avory & Co. All rights reserved.

AI narrative momentum, durable value, and why Zoom and Roblox stand out | Around the Desk Ep. 85 Sean Emory, founder and CIO of Avory & Co., on the "AI on, AI off" market: where durable value actually accrues, why models may commoditize as open source catches up, and why ecosystem and context end up mattering more than the model itself. Plus a look at Zoom (Avory's top holding) for its cash, Anthropic stake, and communication-context data, and Roblox for consumer engagement and AI-enabled creation. He expects public AI listings to force scrutiny on profitability, margins, and capital intensity, and makes the case for patience and businesses that don't require perfect assumptions. Chapters 00:00 Podcast intro 00:33 Momentum and narratives 01:08 AI trade dominates 02:31 Where value accrues 03:16 Open source catching up 05:10 Models commoditize over time 06:28 Multi-model future 07:47 Infrastructure crowding risks 09:15 Energy bottlenecks 10:06 Durable investing mindset 10:35 Zoom as durable play 13:13 Roblox and creation flywheel 14:02 Macro uncertainty cycles 16:00 Public AI reality check 17:33 Staying patient and closing More from Avory & Co. www.avory.xyz Informational only. Not personal investment advice. Avory & Co. and Sean Emory may hold positions in securities discussed. Past performance does not guarantee future results.

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., walks through several market signals that stood out this week. Markets are seeing multiple spikes simultaneously: • Oil prices jumping sharply • Volatility surging • Corporate insider buying rising in financials • Massive AI infrastructure spending from hyperscalers Rather than reacting to headlines, we step back and ask the more important question: what do these signals historically mean for markets? 00:00 Market Signals Overview 01:51 Disclaimer and Setup 02:10 Oil Spike Playbook 03:34 VIX Volatility Spike 04:32 Software and AI Reset 06:24 Consumer Liquidity Boost 07:36 Financial Insider Buying 08:26 Oil Impact and Scenarios 10:37 Election Incentives 11:39 AI Adoption Trends 15:33 CapEx Winners and Apple 16:57 AI Market Structure and Ads 21:28 Earnings Week Ahead 22:13 Wrap Up and Key Takeaways Hosted by Sean Emory Founder & Chief Investment Officer Avory & Co. Website www.avory.xyz 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 before making any investment decisions. © 2026 Avory & Co. All rights reserved.

AI vs SaaS: Seat + Consumption Can Coexist Salesforce, Workday, Nvidia, Zoom, Block | Around the Desk This week on Around the Desk, Sean Emory breaks down a pivotal week for AI and enterprise software. Are seat-based models being replaced? Or is AI expanding the value of platforms? Using earnings and data from Salesforce, Workday, Nvidia, Zoom, and Block, Sean argues AI is enhancing durable platforms, not eliminating them. The winners are likely multi-product ecosystems with compliance depth, proprietary data, and embedded workflows. Not point solutions. 00:00 Welcome and Disclaimer 00:43 AI vs SaaS Big Week 02:13 Platforms vs Point Solutions 03:46 Salesforce Seats + Agents 07:06 Jobs Data 10:08 Buybacks + Workday 12:07 Inflation + Breadth 14:17 Nvidia + Valuations 17:26 AI Adoption + Limits 19:03 Capitulation Setup 22:08 Portfolio Updates 26:19 Closing Disclaimer This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. The views expressed are as of the recording date and may change. The host and affiliated entities may hold positions in the companies discussed. Investing involves risk, including potential loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions. © 2026 Avory & Co. All rights reserved.

In this episode of Around the Desk, Sean Emory, Founder & CIO of Avory & Co., walks through the key market signals this week and asks a central question: Are we getting close to a bottom in software? Insiders are buying. Business formations are surging. Software job postings are rising. App creation is accelerating. Yet sentiment remains stretched. We break down what the data is actually saying. 00:00 Welcome + Disclosures 00:41 AI & Software Focus 01:20 Insider Buying Spike 02:50 Tariffs Update 05:25 Business Formation Surge 06:27 Travel & Dining Stable 06:58 Software Washout Signal 08:41 AI vs Jobs Data 10:05 App Creation Surge 11:08 Zoom + Car Wash Update 12:37 Big Earnings Week 13:50 Are We Near a Bottom? AI is reshaping software. But the data suggests expansion, not contraction. 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 potential loss of principal. Please conduct your own research or consult a licensed financial advisor before making investment decisions. © 2026 Avory & Co. All rights reserved.

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