ERShares Global Strategy eVestment Report

Capital Impact : ERShares Global Strategy

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Analysis

Calendar Year Returns

Risk Analysis

Capital Impact: ERShares Global Strategy

100

Statistic

MSCI World-GD

YTD

-3.06%

13.43%

1 Year Return

14.17%

29.39%

2 Year Return

21.93%

19.84%

3 Year Return

12.93%

13.72%

5 Year Return

16.45%

14.34%

7 Year Return

13.85%

11.10%

10 Year Return

14.64%

13.30%

-50

Cumulative Return

544.21%

280.14%

Standard Deviation

19.62%

15.52%

Gain Deviation MAR (5%)

14.61%

10.65%

-100

YTD 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006

Loss Deviation MAR (5%)

13.25%

11.31%

Sharpe Ratio (FTSE 3 Mo. T-…

0.56

0.48

ERShares Global Strategy

MSCI World-GD

eVestment Global All Cap Core 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

MSCI World-GD

3.14%

1.10

0.75

9.92%

3.60%

0.36

12.21%

8.61%

0.57

19.62%

15.52%

Vehicle Type: USA - SA - Composite - ERShares Global 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

Aug 2005 - Sep 2021

ERShares Global Strategy

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

No v

Dec

Year

2021

9.24%

0.68%

-9.19%

3.76%

-3.54%

6.52%

-4.73%

3.13%

-7.34%

---

-3.06%

2020

-0.35%

-4.76% -14.67%

15.90%

5.99%

3.56%

7.29%

9.07%

-1.72%

-1.19%

14.59%

4.02%

39.55%

2019

10.80%

4.05%

0.88%

3.04%

-5.15%

5.26%

0.63%

-1.96%

-0.12%

2.51%

4.76%

2.33%

29.56%

2018

6.37%

-3.31%

-0.35%

-0.39%

3.55%

-0.31%

2.78%

1.98%

-0.45% -11.37%

2.31%

-9.38%

-9.64%

2017

5.86%

1.28%

0.51%

2.32%

3.61%

1.65%

3.44%

1.37%

1.41%

2.51%

2.21%

2.91%

33.15%

2016

-5.92%

-0.59%

8.10%

1.58%

0.98%

-2.01%

6.58%

0.14%

0.45%

-2.24%

1.85%

1.98%

10.62%

2015

-1.33%

6.38%

0.06%

2.05%

-0.75%

0.96%

-5.31%

-2.94%

5.28%

1.14%

-1.58%

3.50%

2014

-3.17%

5.55%

-1.87%

-3.27%

0.92%

2.79%

-2.67%

2.96%

-3.81%

2.51%

0.99%

-0.83%

-0.41%

2013

4.84%

0.33%

2.25%

1.26%

2.52%

-1.60%

5.55%

-0.98%

6.15%

2.28%

2.24%

2.57%

30.74%

2012

8.93%

5.59%

0.49%

-0.75%

-8.66%

2.98%

0.58%

3.72%

2.39%

-2.35%

0.91%

2.72%

16.66%

2011

0.78%

4.91%

2.71%

3.85%

-1.74%

-3.70%

-1.92%

-7.67% -11.17%

11.50%

-3.45%

-0.71%

-8.25%

2010

-6.36%

7.83%

3.10%

3.29%

-7.68%

-5.73%

6.99%

-5.71%

14.00%

5.36%

5.12%

6.25%

26.65%

2009

-8.47%

-8.73%

7.38%

21.99%

7.05%

-0.93%

12.23%

0.23%

8.54%

-6.68%

5.24%

7.02%

48.93%

2008

-17.68%

-5.96%

-0.23%

6.25%

4.30% -10.46%

-1.32%

6.64%

-7.49% -18.60% -10.48%

8.20% -41.18%

2007

2.95%

-0.58%

0.99%

6.22%

5.89%

2.49%

-4.99%

3.34%

4.80%

0.63%

-8.61%

0.02%

12.78%

2006

10.15%

-1.79%

4.65%

-1.74%

1.85%

0.34%

-3.32%

9.13%

5.29%

4.06%

3.53%

2.01%

38.79%

2005

---

-0.33%

3.89%

-3.40%

9.93%

0.25%

10.23%

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Charts

Growth of $1,000

Drawdown

7.5k

0.0%

-25.0%

2.5k

-50.0%

-75.0%

2006

2008

2010

2012

2014

2016

2018

2020

2008

2012

2016

2020

ERShares Global Strategy

MSCI World-GD

ERShares Global Strategy

MSCI World-GD

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

40%

20%

2008

2010

2012

2014

2016

2018

2020

ERShares Global Strategy

MSCI World-GD

ERShares Global Strategy

MSCI World-GD

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity

-5

Excess Returns

Returns

Standard Deviation

Ann. Alpha

Tracking Error

ERShares Global Strategy

MSCI World-GD

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity displaying 65 peers

16%

14%

12%

10%

11%

12%

13%

14%

15%

16%

17%

18%

19%

20%

21%

22%

23%

24%

25%

26%

Standard Deviation

eVestment Global All Cap Core Equity

ERShares Global Strategy

MSCI World-GD

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity

-20

-40

-60

YTD

2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

ERShares Global Strategy

MSCI World-GD

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity

100

Q4 2020

Q1 2021

Q2 2021

Q3 2021

ERShares Global Strategy

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Peer Analysis

Background Universe: eVestment Global All Cap Core 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 Global Strategy

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Snapshot

Description

Firm Name:

Capital Impact

Product Name:

ERShares Global Strategy

Asset Class:

Equity Global

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

Long Only 07/31/2005

MSCI World-GD

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

Total Firm:

$550.2 $106.7

Total Product:

$100

Total Product

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

$51.3 $58.9 $68.5 $65.6

$50

$121.6 $106.7

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

Aug 2005 - Sep 2021

ERShares Global 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):

All Cap

Core

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

Aug 2005 - Sep 2021

ERShares Global Strategy

Snapshot

Sliding Fee Schedule

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

Pooled/Commingled Fund Minimum Investment ($ Mil):

Mutual Funds Minimum Investment ($ Mil):

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

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:

1.00% 0.90% 0.75% 0.65%

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:

1.20% 0.85% 0.80% 0.75%

Ticker:

Fund Name: All Assets At:

--- --- ---

0.55%

0.65%

All Assets At:

---

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. Under normal market conditions, the Fund invests primarily in companies domiciled or headquartered outside of the U.S., or whose primary business activities or principal trading markets are located outside of the U.S. The Fund invests primarily in equity securities of small, mid and large capitalization (above $300 million at the time of purchase) companies traded on major global exchanges. 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 · FinTech · Intelligent Manufacturing · Interactive

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Snapshot

Investment Philosophy (continued)

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

Capital Impact

Aug 2005 - Sep 2021

ERShares Global Strategy

Appendix

Date Range

Universe

US Dollar Currency

Frequency

FTSE 3-Month T-Bill Risk-Free Index

08/2005-09/2021

Global All Cap Core Equity

Monthly

Products & Benchmarks

Firm

Product

Data Source

Vehicle

Reporting Method Start

End

Capital Impact

ERShares Global Strategy

I M

ERShares Global Strategy

Gross

08/2005

09/2021

MSCI Index

MSCI World-GD

I M

---

Index

01/1970

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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