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As of 06.30.2020

Top 10 Holdings Amazon.com Inc

ENTREPRENEURIAL LEADERS CAN CREATE FUNDAMENTAL VALUE

3.84%

Sino Biopharmaceutical Ltd

3.27%

• 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 TRANSLATE INTO SHAREHOLDER VALUE

Alphabet Inc

3.22%

Genmab A/S 3.13% Spotify Technology SA 3.03% NVIDIA Corp 2.93% Facebook Inc 2.79% SS&C Technologies Holdings Inc 2.67% ResMed Inc 2.50% GMO internet Inc 2.50% Entrepreneurs by Sector Information Technology 30.91% Health Care 19.06% Communication Services 17.97% Industrials 10.97% Financials 8.11% Consumer Discretionary 5.79% Materials 2.18% Consumer Staples 1.63% Real Estate 0.13% Energy 0.00% Utilities 0.00%

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

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. Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct Source : Shulman, Joel M. “Entrepreneurs Breed ESG-Rich Companies: Reap Exceptional Returns as Harvest Byproduct. ” The Journal of Index Investing, vol. 9, 2019, doi: https://www.iijournalseprint.com/JII/EntrepreneurS/Spring19EntrepreneursBreedESTRichCom panies77q/index.html 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. Publications: Leadership Matters: Crafting a Smart Beta Portfolio with a Founder-CEO Twist 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: https://entrepreneurshares.com/wp-content/themes/ers/inc/docs/Leadership.pdf

Entrepreneurs by Country UNITED STATES

58.52%

HONG KONG

5.03% 4.81% 4.54% 4.40% 3.85% 3.07% 3.03% 2.15% 1.76% 1.66% 1.64% 1.53% 0.75%

CHINA

DENMARK

CANADA

JAPAN

AUSTRALIA

SWEDEN FRANCE IRELAND

ISRAEL

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