ERShares IMPAX Factsheet - Institutional Only

As of 03.31.2024

Top 10 Holdings 4.50% Super Micro Computer Inc 3.03% Robinhood Markets Inc 2.60% Toast Inc 2.32% Impinj Inc 2.27% Pegasystems Inc

Lattice Semiconductor Corp

2.24% 2.17% 1.98% 1.94% 1.94%

Sanmina Corp

Skechers USA Inc Globus Medical Inc Liberty Energy Inc

Entrepreneurs by Sector

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/uploads/2021/04/Leadership-Matters.pdf 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://entrepreneurshares.com/wp-content/uploads/2021/04/Entrepreneurs-Breed-ESG-Rich-Companies.pdf

29.90% Health Care 24.87% Information Technology 15.79% Consumer Discretionary 12.98% Financials 6.28% Communication Services 4.65% Industrials 1.94% Energy 1.73% Consumer Staples 1.19% Materials 0.47% Real Estate 0.00% Utilities

In the process of evaluation over 55,000 global public companies for entrepreneurial characteristics, the advisor seeks to exploit state-of-the-art machine learning techniques to develop a more sophisticated assessment of targeted investments. The net result is intended to create an edge in delivering their one- of-a-kind, proprietary, alpha-generating, Entrepreneur Factor.

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. Companies deemed to meet the threshold of the Entrepreneur Factor, show the potential to experience unique cost efficiencies and demand explosions, through disruptive innovation adjustments in their respective industries. The fund seek to exploit these demand expansions/cost utilizations through its investment methodology applied across a multitude of industrial sectors though historically has concentrated primarily on sectors within Information Technology, HealthCare, Communication Services and Consumer Discretionary. Portfolio constituents include world class entrepreneurs who have the potential to drive disruptive innovation and wealth creation in emerging growth companies. Leadership cohorts often include relatively unknown entrepreneurs who the advisor believe represent the next generation of exceptional global leaders. Dr. Shulman’s research, developed at Harvard University, has been widely disseminated in leading investment journals around the world and has surpassed independent peer review. This proprietary research, and the portfolio manager’s long-standing position as one of the first (if not the first) thematic investment managers (established in 2005), enables them to maintain their leadership status within the community of disruptive, innovative and Entrepreneurial investment strategies.

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