ENTIX Factsheet & eVestment Report

As of 06.30.2018

ENTREPRENEUR SHARES GLOBAL MUTUAL FUND INVESTMENT STRATEGY> The fund invests in a portfolio of global 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.

ENTIX

ENTREPRENEURIAL LEADERS CAN CREATE FUNDAMENTAL VALUE

Fund Information

Strategy AUM

$63.09M

Number of Holdings

• Visionary entrepreneurial leaders have economic and non-economic incentives to create value • These leaders see far horizons and are resilient in tough times • Their organizations keep costs lean, debt levels manageable, and expansion projects within reach ENTREPRENEURIAL COMPANIES CAN OUTPERFORM THE COMPETITION • Our research asserts the entrepreneurially run companies achieve higher long-run growth rates • Those companies emphasize motivated and transparent leadership and prioritize shareholders • They focus on sustainable organic growth and operational efficiency ENTREPRENEURIAL BEHAVIOR CAN TRANSLATES INTO SHAREHOLDER VALUE

Ticker Symbol

ENTIX

Inception Date

11/11/2010

Gross Expense Ratio

1.74%

Net Expense Ratio*

1.70%

Avg. Mkt. Cap. ($-WTD)

$82.07B

Top 10 Holdings

Amazon.com Inc

2.76%

Fevertree Drinks Plc

2.41%

• This drives earnings growth, stock price appreciation, and above average employment growth

salesforce.com Inc

2.34%

Entrepreneurial leaders are the ones that create entrepreneurial companies and institute entrepreneurial behavior. Thus, leadership matters in a company. More information can be found in the Leadership Matters article by Joel Shulman.

Sino Biopharmaceutical

2.22%

YTD 1 YEAR 3 YEAR 5 YEAR INCEPTION

GMO Internet Inc

2.19%

ENTIX

4.76% 11.65% 12.69% 11.75% 10.08%

Vision Inc

2.16%

Constellation Software Inc

2.10%

MSCI World

0.43% 11.09% 8.48% 9.94%

9.20%

Jazz Pharmaceuitcals Plc

2.07%

Growth of $1,000

Netflix Inc

2.06%

$2,200.00

Colliers International Group

2.05%

ENTIX

MSCI

$2,000.00

Entrepreneurs by Sector

Information Technology

23.32%

$1,800.00

Financials

15.11%

$1,600.00

Health Care

13.10%

$1,400.00

Consumer Discretionary

10.42%

$1,200.00

Industrials

9.88%

$1,000.00

Consumer Staples

5.23%

$800.00

Real Estate

5.22%

Nov-10 Dec-11 Jan-13 Feb-14 Mar-15 Apr-16 May-17 Jun-18

Energy

5.20%

Performance quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Performance data current to the most recent month end may be obtained by calling 1-877-271-8811 or visiting ershares.com.

Telecommunication Services

3.77%

Materials

3.48%

Utilities

0.00%

www.ershares.com

+1 (617) 279 0045

As of 06.30.2018

Disclaimer

The fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Prospectus may be obtained by calling 1-877- 271-8811 or visiting www.ershares.com. Read it carefully before investing. Distributed by Rafferty Capital Markets, LLC, Garden City, NY 11530. The EntrepreneurShares Global Fund invests in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The Fund is exposed to common stock risk. Common Stock prices fluctuate based on changes in a company’s financial condition and on overall market and economic conditions. Additional risks are detailed in the prospectus. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. 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. Fees The EntrepreneurShares Global mutual fund has institutional class shares. The EntrepreneurShares Global has Total Annual Fund Operating Expenses of 1.74%.The Mutual Fund share classes is subject to a Redemption Fee of 2%. There is no maximum sales charge on the institutional share class. *After the Fee Waivers and Expense Reimbursements of 0.04%, the Net expense to the investors is 1.70%. Net expense ratio reflects the expense waiver the advisor has contractually agreed to through November 1, 2018. Source : Shulman, Joel M. “Leadership Matters: Crafting a Smart Beta Portfolio with a Founder-CEO Twist.” The Journal of Index Investing, vol. 8, 2017, doi: http://www.iinews.com/site/pdfs/iiJPDF/Entrepreneur/ESJIIWinter2017LeadershipMatters.pdf .

www.ershares.com

+1 (617) 279 0045

EntrepreneurShares : EntrepreneurShares Global Fund

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Analysis

Quartile

Risk Analysis

EntrepreneurShares: EntrepreneurShares Global Fund

Universe Rankings: Annualized Returns

Statistic

MSCI World-ND

YTD

4.76%

0.43%

1 Year Return

18.64%

11.09%

2 Year Return

21.32%

14.59%

3 Year Return

12.69%

8.48%

5 Year Return

11.75%

9.94%

Cumulative Return

108.29%

104.55%

Standard Deviation

12.93%

11.72%

Gain Deviation MAR (5%)

9.69%

8.76%

Loss Deviation MAR (5%)

8.60%

7.83%

Sharpe Ratio (Citi 3 Mo. T-Bill )

0.76

0.82

-10

YTD

1 Year

3 Year

5 Year

10 Year

Growth of $1000

$2082.95

$2045.46

Num of Negative Periods

EntrepreneurShares Global Fund

MSCI World-ND

Num of Positive Periods

Kurtosis

1.52

1.01

eVestment Global All Cap Equity

Background Universe:

Performance Statistics - All Market

Corr (R)

Tracking Err

Excess Rtn

Info Ratio

Bench Rtn

Bat A v g

Std De v

Bench Std De v

Up Mkt Capture

Down Mkt Capture

Beta T-Stat

Benchmark

Alpha

Beta

Returns

MSCI World-ND

0.20% 0.92

1.02

4.95% 0.26%

0.05 10.16% 9.90% 0.54 12.93%

11.72% 101.08%

99.65% 22.76

Vehicle Type: USA - PF - SEC-Registered 1940 Act Mutual Fund - ENTIX - Net 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 2012-2018 eVestment Alliance, LLC. All Rights Reserved.

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Year

2018

6.19%

-3.38%

-0.44%

-0.45%

3.46%

-0.43%

---

4.76%

2017

5.65%

1.19%

0.22%

2.12%

3.51%

1.45%

3.28%

0.86%

1.31%

2.26%

2.09%

2.80%

30.13%

2016

-6.06%

-0.73%

7.96%

1.44%

0.84%

-2.15%

6.44%

0.00%

0.32%

-2.38%

1.71%

1.84%

8.79%

2015

-1.47%

6.24%

-0.08%

1.91%

-0.89%

0.82%

-5.45%

-3.01%

4.97%

1.18%

-1.72%

1.87%

2014

-3.40%

5.40%

-2.00%

-3.41%

0.78%

2.65%

-2.81%

2.73%

-3.95%

2.37%

0.85%

-0.97%

-2.24%

2013

4.70%

0.18%

2.11%

1.12%

2.38%

-1.75%

5.41%

-1.12%

6.01%

2.14%

2.10%

2.43%

28.58%

2012

8.63%

5.52%

0.37%

-0.91%

-8.77%

2.73%

0.49%

3.63%

2.37%

-2.40%

0.85%

2.64%

15.07%

2011

0.76%

4.78%

2.33%

3.59%

-1.86%

-3.27%

-2.76%

-7.87% -11.62%

12.13%

-3.81%

-0.96% -10.14%

2010

---

6.09%

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Charts

Growth of $1,000

Drawdown

2000

0.0%

1500

-10.0%

1000

-20.0%

500

-30.0%

2011

2012

2013

2014

2015

2016

2017

2018

2011

2012

2013

2014

2015

2016

2017

2018

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares Global Fund

MSCI World-ND

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

20%

10%

2012

2013

2014

2015

2016

2017

2018

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Peer Analysis

Background Universe: Global All Cap Equity

17.5

12.5

7.5

2.5

-2.5

-5

Excess Returns

Returns

Ann. Alpha

Information Ratio

Sharpe Ratio

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Peer Analysis

Background Universe: Global All Cap Equity displaying 33 peers

18%

16%

14%

12%

10%

11%

11.5%

12%

12.5%

13%

13.5%

14%

14.5%

15%

15.5%

16%

Standard Deviation

eVestment Global All Cap Equity

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Peer Analysis

Background Universe: Global All Cap Equity

-10

-20

-30

YTD

2017

2016

2015

2014

2013

2012

2011

EntrepreneurShares Global Fund

MSCI World-ND

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Peer Analysis

Background Universe: Global All Cap Core Equity

100

Q2 2017

Q3 2017

Q4 2017

Q1 2018

EntrepreneurShares Global Fund

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Peer Analysis

Background Universe: eVestment Global All Cap Equity

Rolling 1 Year Returns (incl. future periods)

20%

40%

60%

80%

100%

Jun 2017

Sep 2017

Dec 2017

Mar 2018

Jun 2018

Sep 2018

1 Year Returns

EntrepreneurShares Global Fund

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

Snapshot

Description

Firm Name:

EntrepreneurShares

Product Name:

EntrepreneurShares Global Fund

Asset Class:

Equity

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

Long Only

Global

11/11/2010

MSCI World-GD

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

Total Firm:

--- ---

Total Product:

$30

Total Product

$20

Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018

$25.2 $27.0 $37.2

$10

--- --- ---

Q1 2017

Q2 2017

Q3 2017

Q4 2017

Q1 2018

Q2 2018

Contact Information

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

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

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

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:

EntrepreneurShares

Dec 2010 - Jun 2018

EntrepreneurShares Global Fund

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:

Ticker:

ENTIX

Fund Name: All Assets At:

EntrepreneurShares Global Fund

125 bps

Remaining Balance At:

All Assets At:

Investment Philosophy

The EntrepreneurShares Global Fund applies 20+ years of academic research by Dr. Joel Shulman, Professor of Entrepreneurship at Babson College. Professor Shulman’s analysis asserts that organizations which emphasize entrepreneurial culture, organic growth, and aligned compensation trump corporate bureaucracy on a regular basis. 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 incentive to utilize resources efficiently. As stewards of their organizations, entrepreneurs emphasize efficiency during times of growth and expansion. They have personal and economic interest in the success and growth of their company, which often translates into superior returns for shareholders.

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