EntrepreneurShares Products

As of September 30, 2019

ERSHARES US SMALL CAP MUTUAL FUND 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 publicly- traded companies that possess the 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.

IMPAX

YTD

1 YEAR

3 YEAR

5 YEAR

INCEPTION

IMPAX

11.97%

-11.55%

15.39%

10.71%

9.85%

Russell 2000

14.15%

-8.92%

8.21%

8.17%

6.93%

Russell 2000 Growth

15.34%

-9.63%

9.79%

9.08%

7.81%

Fund Information

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 1-833-368-7383 or visiting ershares.com.

Strategy AUM

151.28 mm

Number of Holdings

82

Joel Shulman Ph.D., CFA Founder & CIO

Ticker Symbol

IMPAX

CUSIP

293828505 12/17/2013

Dr. Shulman’s 30+ years of academic research led to the formation of the proprietary 15-factor investment model. Dr. Shulman is a leading academic in the field of Entrepreneurship at Babson College (ranked #1 for Entrepreneurship for 18 consecutive years by U.S. News & World Report). Dr. Shulman holds a Ph.D. and an MPA from the JFK School of Government at Harvard University.

Inception Date

Gross Expense Ratio Net Expense Ratio*

0.90% 0.86%

Avg. Mkt. Cap.

3,955 mm

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, and it may be obtained by calling 1-833-368-7383 or visiting www.ershares.com. Read it carefully before investing. Distributed by Foreside Fund Services, LLC. The ERShares US Small Cap Fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. 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 Russell 2000 Total Return Index is a subset of the Russell 3000 Total Return Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 Growth Index is composed of small-capitalization US equities that exhibit growth characteristics. Effective February 15, 2019 the Entrepreneur US Small Cap Fund was renamed to ERShares US Small Cap Fund. Fees The ERShares US Small Cap Fund mutual fund has institutional class shares. The ERShares U.S. Small Cap Fund has Total Annual Fund Operating Expenses of 0.90%. The Mutual Fund share classes is subject to a Redemption Fee of 2%. *Net Expense ratios reflect the expense waiver and fee reimbursement the advisor has contractually agreed to through November 1, 2019. www.ershares.com +1 (617) 279 0045

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