Entrepreneur US Small Cap Fund - Q2 2017 Factsheet

Q2 2017

ENTREPRENEUR US SMALL CAP FUND

INVESTMENT STYLE (%)

INVESTMENT STRATEGY> The fund invests in a portfolio of domestic entrepreneurial companies with market caps above $300MM. We select investments based on our 15 proprietary qualitative and quantitative filters. Our investment style places high value on visionary leaders who are stewards of their companies and possess high economic and personal stakes. APPROACH> The firm utilizes a bottom-up fundamental approach to identify investments in companies that possess 15 entrepreneurial attributes. Our extensive academic research and 10+ years of professional performance assert that companies possessing these characteristics have the potential to outperform “non-entrepreneurial” companies over time. BENEFIT> Investing in companies based on our core fundamental characteristics will provide the foundation to build a high conviction portfolio that has the potential to generate strong alpha and upside capture. RISK RETURN ANALYSIS (December 17, 2013 – June 30, 2017)

VALUE BLEND GROWTH

0%

0% 0%

LARGE

2% 5% 16%

MID

3% 25% 48%

SMALL

IMPAX

Russell 2000 (TR)

FUND DETAILS Strategy AUM 120.86MM No. of Holdings 96 Ticker symbol: IMPAX Inception date: 12/17/13

30 24 18 12 6

500 400 300 200 100

250 200 150 100 50

20

4

15

3

10

2

5

1

Distributer: Rafferty Capital Markets, LLC

9.11% 8.38%

90.58% 100.00%

88.25% 100.00%

1.31%

ZERO

0.89 1.00

EXPENSE RATIOS (%) US Small Cap 0.91 0.85 Net expense ratios reflect the expense waiver that the advisor has contractually agreed to through 11/1/17. Class I

Compound Returns (%)

Up Capture (%)

Down Capture (%)

Alpha (%)

Beta

Gross Net

SHARPE RATIO

INFORMATION RATIO

STANDARD DEVIATION

IMPAX RUSSELL 2000 (TR)

0.55

0.14

13.84%

0.47

14.94%

EQUITY CHARACTERISTICS

TRAILING PERIOD RETURNS (December 17, 2013 – June 30, 2017)

LAST 1 MO

LAST 3 MO

YTD

1 YEAR

3 YEAR

5 YEAR

INCEPTION

P/E Ex-Neg Earnings: 60.71 Avg Mkt Cap ($-WTD): 2.88B

IMPAX RUSSELL 2000 (TR) RUSSELL 2000 GROWTH

4.77%

8.88%

12.83%

31.39% 8.39%

9.11%

3.46%

2.46%

4.99%

24.60%

8.38%

7.36%

MANAGER PERSPECTIVE> Fund managed by: Joel Shulman, Ph.D., CFA The investment strategy applies academic research by Dr. Joel Shulman, Professor of Entrepreneurship at Babson College. Dr. Shulman’s 20+ years of analysis asserts that organizations which emphasize entrepreneurial culture, organic growth, and aligned compensation, are likely to trump corporate bureaucracy over time. Entrepreneurial leaders tend to keep their organization costs lean, debt levels manageable, and expansion projects within reach. Many have built their companies since inception and therefore have a vested interest in utilizing resources efficiently and achieving success. This has the potential to translate into significant shareholder value.

3.44%

4.39%

9.97%

24.40%

8.41%

7.64%

CALENDAR YEAR RETURNS (December 17, 2013 – June 30, 2017)

YTD

2016

2015

2014

2013

2012

2011

IMPAX RUSSELL 2000 (TR) RUSSELL 2000 GROWTH

12.83%

17.31%

-5.34% 3.87%

4.99%

21.31%

-4.41% 4.89%

9.97%

11.32%

-1.38% 5.60%

GROWTH OF A $10,000 INVESTMENT (December 17, 2013 – June 30, 2017)

IMPAX

Russell 2000 (TR)

Russell 2000 Growth

$9,000 $9,500 $10,000 $12,000 $11,500 $11,000 $10,500 $12,500 $13,000 $13,500 $14,000

MAR 14

JUN 14

SEP 14

DEC 14

MAR 15

JUN 15

SEP 15

DEC 15

MAR 16 JUN 16 SEP 16 DEC 16 MAR 17 JUN 17

DISCLOSURE> performance data quoted represents past performance; past performance does not guarantee future results. the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. current performance of the fund may be lower or higher than the performance quoted. performance data current to the most recent month end may be obtained by calling 1-877-271-8811 or visiting www.ershares.com.

ENTREPRENEURSHARES | 175 Federal St, Suite 875 Boston, MA 02110 | 617 279 0045 www.ershares.com | US SMALL CAP FUND

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