ERShares Pitchbook

FACTOR ANALYSIS DISCLOSURE

Index performance does not represent actual fund or portfolio performance and such performance does not reflect the actual investment experience of any investor. An investor cannot invest directly in an index. In addition, the results actual investors might have achieved would have differed from those shown because of differences in the timing, amounts of their investments, and fees and expenses associated with an investment in a portfolio invested in accordance with an index. The ER30 Index performance is based on pre-inception index performance. The index was created based on objective, pre-defined rules. The pre-inception index begins on 06/30/2005 and goes until 11/07/2017. Beginning on 11/07/2017 the Index began being tracked by the ERShares Entrepreneur 30 ETF based on the Index’s live performance.

The pre-inception Index performance period is based on criteria applied retroactively with the benefit of hindsight and knowledge of factors that may have positively affected its performance, and cannot account for all financial risk that may be affected the actual performance of the ER30 Index.

The Entrepreneur factor is a new influence that is contributing to the outperformance of publicly traded entrepreneurial companies. In a Bloomberg factor analysis, it is evident how a portfolio of entrepreneurial companies contains an entrepreneur factor which is more significant than all the other traditional factors such as growth or momentum.

The index rules can be found under the Principal Investment Strategies section of the ERShares Entrepreneur 30 ETF Prospectus. The prospectus can be obtained by calling 1-833-368-7383 or visiting our website www.ershares.com. The companies are reviewed on a quarterly basis in order to ensure their adherence to the ER 30 Index rules.

The ERShares Entrepreneur 30 ETF investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be obtained by calling 1-833-3687-383 or by visiting our website www.ershares.com .Read it carefully before investing. Distributed by Foreside Fund Services, LLC

The ERShares Entrepreneur 30 ETF risks can include and are not limited to: Absence of Prior Active Market Risk, Index Risk, Index Tracking Risk, Indexing and Passive Investment Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk.

Alpha compares the risk-adjusted performance of a portfolio to a benchmark index. A positive alpha means the portfolio has outperformed the index on a risk-adjusted basis. Beta is a measure of the volatility of a portfolio in comparison to a benchmark index. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index. Standard deviation measures historical volatility. Higher Standard Deviation implies greater volatility. Sharpe Ratio measures risk-adjusted performance by dividing the portfolio’s excess returns (returns above a "risk-free" rate such as a Treasury bill) by the standard deviation of those returns. The higher the ratio, the better the portfolio’s return per unit of risk. The Up Capture ratio is the statistical measure of an investment manager’s performance in up-markets. The Down Capture ratio is the statistical measure of an investment manager’s performance in down-markets. Information Ratio is a ratio of portfolio returns above the returns of a benchmark compared to the volatility of those returns. The P/E (or Price/Earnings) ratio is the ratio of a company’s share price to its earnings per share. Earnings before interest, tax, depreciation and amortization (EBITDA) is a measure of a company's operating performance.

ENTREPRENEURSHARES | 175 Federal St. Suite 875, Boston MA 02110 | 617 279 0045 | www.ershares.com 26

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