ERShares Pure Strategy eVestment Report

Capital Impact : ERShares Entrepreneurs Pure Strategy

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Analysis

Calendar Year Returns

Risk Analysis

Capital Impact: ERShares Entrepreneurs Pure Strategy

Statistic

Russell 1000 Growth

YTD

-5.41%

14.30%

1 Year Return

5.58%

27.32%

2 Year Return

25.73%

32.33%

3 Year Return

13.95%

22.00%

5 Year Return

19.63%

22.84%

7 Year Return

19.21%

18.51%

10 Year Return

22.23%

19.68%

Cumulative Return

802.70%

552.69%

Standard Deviation

17.91%

14.70%

Gain Deviation MAR (5%)

14.95%

12.17%

YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 -25

Loss Deviation MAR (5%)

10.72%

8.88%

Sharpe Ratio (FTSE 3 Mo. T-…

1.12

1.14

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

eVestment All US Equity

Background Universe:

Performance Statistics - All Market

Tracking Err

Excess Rtn

Info Ratio

Bench Rtn

Bat A v g

Std De v

Bench Std De v

Benchmark

Alpha

Beta

R^2

Returns

Russell 1000 Growth

2.95%

1.02

0.71

9.70%

3.28%

0.34

20.59%

17.31%

0.57

17.91%

14.70%

Vehicle Type: USA - SA - Composite - ERShares Entrepreneurs Pure Strategy - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

No v

Dec

Year

2021

2.55%

-0.91%

-9.23%

3.09%

-3.30%

9.40%

-2.56%

4.19%

-7.38%

---

-5.41%

2020

5.13%

-3.85%

-8.78%

16.82%

4.64%

2.49%

9.00%

10.28%

-2.01%

-2.93%

13.16%

1.62%

51.89%

2019

14.46%

4.37%

1.96%

6.04%

-9.29%

6.57%

1.95%

-3.95%

-1.56%

2.20%

6.52%

1.07%

32.43%

2018

10.93%

-2.40%

-0.87%

0.85%

6.00%

0.50%

0.46%

6.30%

-0.47% -13.76%

0.18%

-9.98%

-4.69%

2017

4.40%

0.99%

2.76%

3.59%

3.72%

0.29%

2.82%

0.64%

2.02%

5.18%

2.69%

0.52%

33.81%

2016

-5.89%

-3.79%

6.04%

1.43%

2.81%

-3.57%

6.82%

1.87%

1.10%

-0.54%

1.91%

-0.38%

7.25%

2015

0.69%

4.77%

0.00%

1.34%

2.22%

1.52%

6.12%

-3.53%

-0.19%

10.79%

2.31%

-1.37%

26.73%

2014

1.90%

5.54%

-4.73%

-2.02%

3.04%

-0.70%

1.00%

3.80%

-0.72%

0.60%

3.75%

-0.63%

10.88%

2013

7.75%

1.16%

2.94%

9.13%

4.57%

-2.20%

8.81%

-1.04%

8.40%

6.31%

3.38%

3.90%

66.91%

2012

4.91%

5.70%

7.78%

-2.33%

-5.21%

-0.58%

-2.66%

5.21%

6.07% -10.73%

4.97%

1.84%

14.04%

2011

5.85%

4.40%

4.31%

-0.10%

2.67%

1.28%

6.18%

-6.09%

-9.86%

5.33%

-2.69%

4.30%

15.06%

2010

-3.30%

2.84%

3.85%

0.23%

-6.06%

-3.40%

6.26%

-3.75%

14.63%

7.98%

-7.06%

1.98%

12.71%

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Charts

Growth of $1,000

Drawdown

0.0%

10k

-10.0%

-20.0%

-30.0%

2010

2012

2014

2016

2018

2020

2012

2014

2016

2018

2020

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

20%

10%

2012

2014

2016

2018

2020

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Peer Analysis

Background Universe: All US Equity

-5

-10

Excess Returns

Returns

Standard Deviation

Ann. Alpha

Tracking Error

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Peer Analysis

Background Universe: All US Equity displaying 2176 peers

30%

25%

20%

15%

10%

-5%

7.5%

10%

12.5%

15%

17.5%

20%

22.5%

25%

27.5%

30%

32.5%

35%

Standard Deviation

eVestment All US Equity

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Peer Analysis

Background Universe: All US Equity

-10

-20

-30

YTD

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

ERShares Entrepreneurs Pure Strategy

Russell 1000 Growth

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity

100

Q4 2020

Q1 2021

Q2 2021

Q3 2021

ERShares Entrepreneurs Pure Strategy

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Peer Analysis

Background Universe: eVestment All US Equity

Rolling 1 Year Returns (incl. future periods)

20%

40%

60%

80%

100%

Dec 2020

Mar 2021

Jun 2021

Sep 2021

Dec 2021

Mar 2022

1 Year Returns

ERShares Entrepreneurs Pure Strategy

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Snapshot

Description

Firm Name:

Capital Impact

Product Name:

ERShares Entrepreneurs Pure Strategy

Asset Class:

Equity

Geographic Focus: Investment Focus: Inception Date: Pref. Benchmark:

United States Long Only 01/31/2010

Russell 1000 Growth

Assets Under Management (Million) displayed in US Dollar (USD)

Total Firm:

$550.2 $131.8

Total Product:

$150

Total Product

$100

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

$116.4 $142.1 $150.8 $136.7 $143.0 $131.8

$50

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

Contact Information

Marketing Contact Joel Shulman, Managing Director 175 Federal Street, 175 Federal Street Boston, Massachusetts 02110

Database Contact APX Stream, Other

175 Federal Street Suite 875 Boston, Massachusetts 02110

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Snapshot

Characteristics - Equity

S&P/MSCI GICS Sectors

Primary Equity Cap: Primary Equity Style: P/E (12-mo Trailing): P/E (12-mo Forward):

Large Cap

Growth

Consumer Discretionary:

--- --- --- --- --- ---

Information Technology:

--- --- --- --- ---

--- --- --- --- --- ---

Consumer Staples:

Materials: Telecom:

Energy:

Dividend Yield:

Financials: Healthcare: Industrials:

Utilities: Other:

Weighted Avg. Mkt Cap (Mil): Median Market Cap (Mil):

# of Positions:

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Snapshot

Sliding Fee Schedule

Separate/Segregated Acct. Minimum Investment ($ Mil):

Pooled/Commingled Fund Minimum Investment ($ Mil):

Mutual Funds Minimum Investment ($ Mil):

--- --- --- --- --- --- --- --- --- ---

--- --- --- ---

First -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At:

First $50 Million At: Next $50 Million At: Next $150 Million At: Next $250 Million At: Next -- Million At: Next -- Million At: Next -- Million At: Remaining Balance At:

0.49% 0.49% 0.40% 0.35%

Ticker:

Fund Name: All Assets At:

--- --- ---

Remaining Balance At:

0.30%

All Assets At:

---

Investment Philosophy

ERShare’s proprietary Entrepreneur Factor (EF) model incorporates a bottom-up investment orientation, powered by artificial intelligence (“AI”), that includes investment criteria such as management attributes, sector, growth, value, leverage, market capitalization (size), momentum, and geographic orientation. With the aid of AI and thematic research, the advisor also incorporates a macro-economic, top-down approach that integrates changing investment flows, innovation entry points, sector growth and other proprietary characteristics into a dynamic, global perspective model. The Fund invests primarily in equity securities of mid and large capitalization (above $2.5 billion at the time of purchase) companies traded on the NASDAQ, the New York Stock Exchange or other major U.S. exchanges. Equity securities include common stocks, preferred stocks, convertible preferred stocks, rights, warrants, options, American Depositary Receipts (ADRs) (sponsored only) and Global Depositary Receipts (GDRs) (sponsored only). ADRs are U.S. dollar-denominated receipts, generally issued by domestic banks and traded on a U.S. exchange or over-the- counter, that represent an investment in a non-U.S. company. GDRs may be offered privately in the U.S. and also trade in public or private markets in other countries. The Fund may invest in companies tied economically to countries with developing (or "emerging market") economies. Emerging market countries are generally located in Asia, Africa, the Middle East, Latin America and Eastern Europe. Countries with emerging market economies may be less sophisticated than developed markets in terms of participation by investors, analyst coverage, liquidity and regulation. The Fund’s portfolio is composed of both growth and value stocks.

Companies that meet the EF threshold are typically found in the following categories:

· Artificial Intelligence and Robotics · Cloud Computing · Genetic Engineering and Biotech · Digital Economy · E-Commerce ·

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Snapshot

Investment Philosophy (continued)

FinTech · Intelligent Manufacturing · Interactive Entertainment · MedTech and Diagnostics · Nanotechnology · NextGen Transportation · Renewable Energy · Space Exploration · Sustainable Food Products · 3D Printing · 5G & NextGen Communication

Capital Impact

Jan 2010 - Sep 2021

ERShares Entrepreneurs Pure Strategy

Appendix

Date Range

Universe

US Dollar Currency

Frequency

FTSE 3-Month T-Bill Risk-Free Index

01/2010-09/2021

All US Equity

Monthly

Products & Benchmarks

Firm

Product

Data Source

Vehicle

Reporting Method Start

End

Capital Impact

ERShares Entrepreneurs Pure Strategy

I M

ERShares Entrepreneurs Pure Strategy

Gross

01/2010

09/2021

Russell Index

Russell 1000 Growth

I M

---

Index

01/1979

09/2021

Abbreviations & Definitions

RM - Reporting Method GF - Gross of Fees

SA - Separate/Segregated Account - This vehicle is comprised of an account or a composite of several accounts where the investor directly owns the securities instead of owning a share in a pool of securities. CF - Commingled Fund/Co-ownership - This vehicle is comprised of several accounts that are blended together, like mutual funds. Fees are generally lower for commingled accounts compared to mutual funds, and the minimum required investment is much higher. PF - Fund (Pooled/Mutual) - This vehicle is comprised of a pool of funds collected from many investors for investing in securities such as stocks, bonds, money market instruments, and similar assets. ETF - Exchange Traded Fund - This vehicle is comprised of an exchange traded fund, in which shares are made up of a basket of assets like a mutual fund but trade like a common stock on a stock exchange. LIF - Life Policy - An open-ended investment or insurance contract made available through a life insurance company. Converted - Manager performance values converted from base currency using Spot Rate.

NF - Net of Fees VT - Vehicle Type IX - Index IRD - Interest Rate Differential SR - Spot Rate IM - Input by Manager

eVestment Alliance, LLC and its affiliated entities (collectively, “eVestment”) collect information directly from investment management firms and other sources believed to be reliable, however, eVestment does not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions. Performance results may be provided with additional disclosures available on eVestment’s systems and other important considerations such as fees that may be applicable. Not for general distribution and limited distribution may only be made pursuant to client’s agreement terms. * All categories not necessarily included, Totals may not equal 100%. Copyright 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

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