ERShares NextGen Entrepreneurs Strategy eVestment Report

Capital Impact : ERShares NextGen Entrepreneurs ETF

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Analysis

Calendar Year Returns

Risk Analysis

Capital Impact: ERShares NextGen Entrepreneurs ETF

40

Statistic

FTSE Global Small Cap ex US

YTD

-0.21%

11.52%

30

1 Year Return

22.37%

31.55%

2 Year Return

20.97%

17.78%

20

3 Year Return

---

9.18%

5 Year Return

---

9.33%

7 Year Return

---

6.99%

10

10 Year Return

---

8.64%

Cumulative Return

54.88%

52.29%

0

Standard Deviation

25.78%

21.04%

Gain Deviation MAR (5%)

19.38%

15.03%

-10

YTD

2020

2019

Loss Deviation MAR (5%)

16.91%

14.72%

Sharpe Ratio (FTSE 3 Mo. T-…

0.63

0.74

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

eVestment ACWI ex-US Passive 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

FTSE Global Small Cap ex US

0.89%

1.04

0.73

13.52%

0.72%

0.05

17.24%

16.53%

0.45

25.78%

21.04%

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Analysis

Historical Performance - Monthly Returns

Jan

Feb

Mar

Apr

Ma y

Jun

Jul

Aug

Sep

Oct

No v

Dec

Year

2021

5.77%

2.20%

-9.56%

2.82%

-1.28%

5.03%

-5.25%

6.63%

-5.23%

---

---

---

-0.21%

2020

-5.41%

-5.90% -21.55%

20.34%

13.01%

2.63%

5.69%

7.19%

-0.13%

0.53%

11.49%

9.41%

35.22%

2019

6.01%

5.45%

-3.25%

3.91%

-5.72%

3.97%

-0.41%

-2.77%

-0.78%

2.40%

3.20%

2.62%

14.78%

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Charts

Growth of $1,000

Drawdown

0.0%

1500

-10.0%

1250

-20.0%

1000

-30.0%

750

-40.0%

Jan '19

Jul '19

Jan '20

Jul '20

Jan '21

Jul '21

Jul '19

Jan '20

Jul '20

Jan '21

Jul '21

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

Distribution of Monthly Returns

Standard Deviation - One Year Rolling

30%

5

20%

0

10%

Jan '20

May '20

Sep '20

Jan '21

May '21

Sep '21

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Peer Analysis

Background Universe: ACWI ex-US Passive Equity

30

25

20

15

10

5

0

-5

-10

Excess Returns

Returns

Standard Deviation

Ann. Alpha

Tracking Error

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Peer Analysis

Background Universe: ACWI ex-US Passive Equity displaying 31 peers

35%

30%

25%

20%

15%

10%

5%

14%

15%

16%

17%

18%

19%

20%

21%

22%

23%

24%

25%

26%

Standard Deviation

eVestment ACWI ex-US Passive Equity

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Peer Analysis

Background Universe: ACWI ex-US Passive Equity

40

35

30

25

20

15

10

5

0

-5

YTD

2020

2019

ERShares NextGen Entrepreneurs ETF

FTSE Global Small Cap ex US

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Peer Analysis

Background Universe: Global All Cap Core Equity

105

100

95

90

85

80

75

70

65

60

Q4 2020

Q1 2021

Q2 2021

Q3 2021

ERShares NextGen Entrepreneurs ETF

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Peer Analysis

Background Universe: eVestment ACWI ex-US Passive Equity

Rolling 1 Year Returns (incl. future periods)

0%

20%

40%

60%

80%

100%

Dec 2020

Mar 2021

Jun 2021

Sep 2021

Dec 2021

Mar 2022

1 Year Returns

ERShares NextGen Entrepreneurs ETF

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Snapshot

Description

Firm Name:

Capital Impact

Product Name:

ERShares NextGen Entrepreneurs ETF

Asset Class:

Equity

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

ACWI Ex-US Long Only 09/11/2019

FTSE Global Small Cap ex US

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

Total Firm:

$550.2

Total Product:

---

$40

$30

Total Product

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021

$26.8 $33.1 $37.9 $42.0

$20

$10

--- ---

$0

Q2 2020

Q3 2020

Q4 2020

Q1 2021

Q2 2021

Q3 2021

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 - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Snapshot

Characteristics - Equity

S&P/MSCI GICS Sectors

Primary Equity Cap: Primary Equity Style: P/E (12-mo Trailing): P/E (12-mo Forward):

Small 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 - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

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:

First -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At: Next -- Million At:

Ticker:

Fund Name: All Assets At:

Remaining Balance At:

Remaining Balance At:

All Assets At:

All Assets At:

Investment Philosophy

Vehicle Type: USA - ETF - ETF - ERShares NextGen Entrepreneurs ETF - 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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

Capital Impact

Jan 2019 - Sep 2021

ERShares NextGen Entrepreneurs ETF

Appendix

Date Range

Universe

US Dollar Currency

Frequency

FTSE 3-Month T-Bill Risk-Free Index

01/2019-09/2021

ACWI ex-US Passive Equity

Monthly

Products & Benchmarks

Firm

Product

Data Source

Vehicle

Reporting Method Start

End

Capital Impact

ERShares NextGen Entrepreneurs ETF

I M

ERShares NextGen Entrepreneurs ETF

Net

01/2019

09/2021

FTSE Index

FTSE Global Small Cap ex US

I M

---

Index

02/2003

09/2021

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 2012-2021 eVestment Alliance, LLC. All Rights Reserved.

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