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Capital Impact Advisors LLC : ERShares US Large Cap Pure Strategy

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Analysis

Quartile

Risk Analysis

Capital Impact: ERShares US Large Cap Pure Strategy

Universe Rankings: Annualized Returns

Statistic

Russell 1000 Growth

YTD

15.52%

9.81%

40

1 Year Return

22.52%

23.28%

2 Year Return

12.45%

17.27%

20

3 Year Return

18.67%

18.99%

5 Year Return

19.04%

15.89%

0

7 Year Return

21.55%

16.62%

10 Year Return

22.69%

17.23%

-20

Cumulative Return

625.85%

352.80%

Standard Deviation

17.33%

14.29%

Gain Deviation MAR (5%)

14.42%

11.46%

-40

YTD

1 Year

3 Year

5 Year

10 Year

Loss Deviation MAR (5%)

10.48%

8.97%

Sharpe Ratio (FTSE 3 Mo. T-…

1.17

1.04

ERShares US Large Cap 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

4.63%

1.03

0.72

9.11%

5.31%

0.58

20.78%

15.47%

0.59

17.33%

14.29%

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

No v

Dec

Year

2020

5.13%

-3.85%

-8.78%

16.82%

4.64%

2.49%

---

---

---

---

---

---

15.52%

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%

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Charts

Growth of $1,000

Drawdown

7.5k

0.0%

5k

-10.0%

2.5k

-20.0%

0k

-30.0%

2010

2012

2014

2016

2018

2020

2012

2014

2016

2018

2020

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

20%

20

10%

0

0%

2012

2014

2016

2018

2020

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Peer Analysis

Background Universe: All US Equity

25

20

15

10

5

0

-5

-10

Excess Returns

Returns

Standard Deviation

Ann. Alpha

Tracking Error

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Peer Analysis

Background Universe: All US Equity displaying 2347 peers

30%

25%

20%

15%

10%

5%

0%

-5%

-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 US Large Cap Pure Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Peer Analysis

Background Universe: All US Equity

80

60

40

20

0

-20

-40

YTD

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

ERShares US Large Cap Pure Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Peer Analysis

Background Universe: Global All Cap Core Equity

100

95

90

85

80

75

70

65

60

Q2 2019

Q3 2019

Q4 2019

Q1 2020

ERShares US Large Cap Pure Strategy

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Peer Analysis

Background Universe: eVestment All US Equity

Rolling 1 Year Returns (incl. future periods)

0%

20%

40%

60%

80%

100%

Sep 2019

Dec 2019

Mar 2020

Jun 2020

Sep 2020

Dec 2020

1 Year Returns

ERShares US Large Cap Pure Strategy

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Snapshot

Description

Firm Name:

Capital Impact

Product Name:

ERShares US Large Cap 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:

$509.7 $116.4

Total Product:

$100

Total Product

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

$75.2 $77.0 $72.4 $80.4 $92.3

$50

$116.4

$0

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

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

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap 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:

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Snapshot

Sliding Fee Schedule

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

Pooled/Commingled Fund Minimum Investment ($ Mil):

Mutual Funds Minimum Investment ($ Mil):

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

1

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

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:

All Assets At:

---

Investment Philosophy

The Entrepreneur Pure Portfolio is based on an equity carve-out of the ER30 Index. The historical track record of the Entrepreneur Pure Portfolio reflects the carve out from actual holdings in the Firm’s hedge fund and mutual fund products. The Company has engaged The Spaulding Group to verify the equity carve-out returns. Investors should expect the future Entrepreneur Pure Portfolio to include 30 US Large Cap holdings which is rebalanced quarterly. The Entrepreneur 30 Index provides a representative guide in assessing risk performance and return expectations for the Entrepreneur Pure Portfolio. Risk parameters, individual holdings constraints, and all other rebalancing criteria will remain the same for both the Entrepreneur Pure Portfolio and the ER 30 Index. The Firm expects to hold less than a 3% cash drag in the Entrepreneur Pure Portfolio, used only for administrative or minor drawdown purposes.

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact Advisors LLC

Jan 2010 - Jun 2020

ERShares US Large Cap Pure Strategy

Appendix

Date Range

Universe

US Dollar Currency

Frequency

FTSE 3-Month T-Bill Risk-Free Index

01/2010-06/2020

All US Equity

Monthly

Products & Benchmarks

Firm

Product

Data Source

Vehicle

Reporting Method Start

End

Capital Impact Advisors LLC

ERShares US Large Cap Pure Strategy

I M

ERShares US Large Cap Pure Strategy

Gross

01/2010

06/2020

Russell Index

Russell 1000 Growth

I M

---

Index

01/1979

06/2020

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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact : ERShares US Large Cap Strategy

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Analysis

Quartile

Risk Analysis

Capital Impact: ERShares US Large Cap Strategy

Universe Rankings: Annualized Returns

Statistic

Russell 1000 Growth

YTD

10.70%

9.81%

40

1 Year Return

19.04%

23.28%

2 Year Return

12.27%

17.27%

3 Year Return

17.80%

18.99%

20

5 Year Return

14.71%

15.89%

7 Year Return

16.17%

16.62%

10 Year Return

21.24%

17.23%

0

Cumulative Return

1428.70%

376.35%

Standard Deviation

21.26%

15.17%

Gain Deviation MAR (5%)

17.42%

10.97%

-20

YTD

1 Year

3 Year

5 Year

10 Year

Loss Deviation MAR (5%)

12.90%

10.59%

Sharpe Ratio (FTSE 3 Mo. T-…

0.88

0.64

ERShares US Large Cap Strategy

Russell 1000 Growth

eVestment US Large Cap Growth 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

7.06%

1.18

0.71

11.73%

9.03%

0.77

20.06%

11.03%

0.59

21.26%

15.17%

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

No v

Dec

Year

2020

3.91%

-5.12%

-8.50%

16.10%

3.38%

2.24%

---

---

---

---

---

---

10.70%

2019

11.76%

4.34%

2.28%

3.84%

-7.48%

6.26%

1.85%

-4.05%

-0.24%

2.39%

6.07%

1.56%

30.93%

2018

8.68%

-1.81%

-1.01%

1.29%

5.32%

0.79%

0.87%

6.63%

-0.75% -11.11%

0.74%

-9.03%

-1.23%

2017

2.64%

2.31%

1.42%

2.82%

2.50%

0.14%

1.59%

1.47%

1.60%

4.23%

3.48%

1.08%

28.36%

2016

-5.28%

0.27%

6.32%

0.45%

1.20%

-0.40%

3.82%

0.97%

-0.30%

-0.93%

2.88%

1.18%

10.20%

2015

-3.01%

6.38%

-0.22%

1.09%

1.23%

-1.27%

1.65%

-5.12%

-2.87%

6.91%

1.36%

-3.36%

2.04%

2014

0.04%

6.04%

-2.02%

-3.37%

1.96%

2.03%

-1.86%

5.08%

-1.47%

1.12%

2.19%

-1.05%

8.55%

2013

8.80%

-1.99%

5.21%

4.05%

5.56%

-1.04%

5.92%

-1.40%

8.01%

5.39%

3.14%

3.85%

55.28%

2012

5.32%

7.64%

7.03%

1.53%

-5.78%

2.61%

-1.63%

4.13%

3.75%

-4.32%

1.13%

2.77%

25.87%

2011

6.62%

3.48%

1.90%

3.35%

-1.02%

-0.51%

3.71%

-4.14%

-9.68%

8.61%

-2.00%

1.53%

11.03%

2010

-2.77%

4.28%

11.43%

7.23%

-6.04%

-5.17%

10.80%

-4.35%

14.87%

13.04%

-1.46%

3.99%

52.22%

2009

-14.60%

-6.46%

9.82%

20.75%

0.87%

4.31%

21.91%

0.47%

14.43%

-0.60%

11.56%

7.60%

86.40%

2008

-19.64%

-8.17%

5.83%

10.90%

1.94% -12.31%

-8.58%

5.36% -13.77% -14.12% -10.62%

-0.56% -50.92%

2007

2.45%

-5.75%

2.63%

6.93%

0.86%

0.34%

0.52%

5.94%

17.38%

19.04%

0.15%

4.30%

66.68%

2006

5.66%

-0.53%

0.45%

0.97%

3.64%

0.31%

2.86%

3.12%

2.38%

6.53%

3.79%

-1.30%

31.33%

2005

---

---

---

---

---

---

---

-1.94%

1.72%

-5.07%

8.13%

0.62%

3.02%

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Charts

Growth of $1,000

Drawdown

15k

0.0%

10k

-25.0%

5k

-50.0%

0k

-5k

-75.0%

2006

2008

2010

2012

2014

2016

2018

2020

2006

2008

2010

2012

2014

2016

2018

2020

ERShares US Large Cap Strategy

Russell 1000 Growth

ERShares US Large Cap Strategy

Russell 1000 Growth

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

40

40%

20

20%

0

0%

2008

2010

2012

2014

2016

2018

2020

ERShares US Large Cap Strategy

Russell 1000 Growth

ERShares US Large Cap Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Peer Analysis

Background Universe: US Large Cap Growth Equity

25

20

15

10

5

0

-5

Excess Returns

Returns

Standard Deviation

Ann. Alpha

Tracking Error

ERShares US Large Cap Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Peer Analysis

Background Universe: US Large Cap Growth Equity displaying 214 peers

22.5%

20%

17.5%

15%

12.5%

10%

7.5%

5%

7%

8%

9%

10%

11%

12%

13%

14%

15%

16%

17%

18%

19%

20%

21%

22%

Standard Deviation

eVestment US Large Cap Growth Equity

ERShares US Large Cap Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Peer Analysis

Background Universe: US Large Cap Growth Equity

100

75

50

25

0

-25

-50

-75

YTD

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

ERShares US Large Cap Strategy

Russell 1000 Growth

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Peer Analysis

Background Universe: US Large Cap Growth Equity

90

85

80

75

70

65

60

55

50

45

Q2 2019

Q3 2019

Q4 2019

Q1 2020

ERShares US Large Cap Strategy

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Peer Analysis

Background Universe: eVestment US Large Cap Growth Equity

Rolling 1 Year Returns (incl. future periods)

0%

20%

40%

60%

80%

100%

Sep 2019

Dec 2019

Mar 2020

Jun 2020

Sep 2020

Dec 2020

1 Year Returns

ERShares US Large Cap Strategy

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Snapshot

Description

Firm Name:

Capital Impact

Product Name:

ERShares US Large Cap Strategy

Asset Class:

Equity

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

United States Long Only 07/31/2005

Russell 1000 Growth

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

Total Firm:

$509.7 $151.4

Total Product:

$150

Total Product

$100

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

$143.2 $147.4 $129.5 $136.6 $123.2 $151.4

$50

$0

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

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

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap 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:

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Snapshot

Sliding Fee Schedule

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

Pooled/Commingled Fund Minimum Investment ($ Mil):

Mutual Funds Minimum Investment ($ Mil):

1

1

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

First $50 Million At: Next $50 Million At: Next $100 Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Remaining Balance At:

0.65% 0.55% 0.50%

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:

0.75% 0.65% 0.55% 0.45%

Ticker:

Fund Name: All Assets At:

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

--- --- ---

0.35%

0.30%

All Assets At:

---

All Assets At:

---

Investment Philosophy

The Entrepreneur US Large Cap strategy 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.

Vehicle Type: USA - SA - Composite - ERShares US Large Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Aug 2005 - Jun 2020

ERShares US Large Cap Strategy

Appendix

Date Range

Universe

US Dollar Currency

Frequency

FTSE 3-Month T-Bill Risk-Free Index

08/2005-06/2020

US Large Cap Growth Equity

Monthly

Products & Benchmarks

Firm

Product

Data Source

Vehicle

Reporting Method Start

End

Capital Impact

ERShares US Large Cap Strategy

I M

ERShares US Large Cap Strategy

Gross

08/2005

06/2020

Russell Index

Russell 1000 Growth

I M

---

Index

01/1979

06/2020

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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact : ERShares US Small Cap Strategy

Capital Impact

Aug 2005 - Jun 2020

ERShares US Small Cap Strategy

Analysis

Quartile

Risk Analysis

Capital Impact: ERShares US Small Cap Strategy

Universe Rankings: Annualized Returns

Statistic

Russell 2000 Russell 2000 Growth

40

YTD

0.80%

-12.98%

-3.06%

1 Year Return

1.36%

-6.63%

3.48%

2 Year Return

1.81%

-4.98%

1.47%

20

3 Year Return

11.41%

2.01%

7.86%

5 Year Return

10.79%

4.29%

6.86%

7 Year Return

12.19%

7.17%

10.03%

0

10 Year Return

15.15%

10.50%

12.92%

Cumulative Return

489.29%

159.97%

233.35%

Standard Deviation

19.74%

19.76%

20.16%

-20

Gain Deviation MAR (5%)

14.54%

13.17%

13.84%

YTD

1 Year

3 Year

5 Year

10 Year

Loss Deviation MAR (5%)

13.51%

14.69%

14.65%

ERShares US Small Cap Strategy

Russell 2000

Russell 2000 Growth

Sharpe Ratio (FTSE 3 Mo. T-…

0.58

0.27

0.35

eVestment US Small Cap Growth 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 2000

6.28%

0.93

0.86

7.53%

6.01%

0.80

12.63%

6.61%

0.62

19.74%

19.76%

Russell 2000 Growth

4.72%

0.91

0.87

7.33%

4.22%

0.58

12.63%

8.41%

0.55

19.74%

20.16%

Vehicle Type: USA - SA - Composite - ERShares US Small Cap 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 2012-2020 eVestment Alliance, LLC. All Rights Reserved.

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