Performance & Holdings Disclosure

Performance & Holdings Disclosure

PERFORMANCE Performance quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so an investor’s shares, when redeemed, may be worth more or less than the original cost. Current returns may be lower or higher. For performance information as of the most recent month-end, please call 1-833-368-7383.

Performance as of 06/30/2020

Fund Name

Ticker

YTD

1 Year

3 Year 5 Year Inception Inception Date Net Expense Ratio* Gross Expense Ratio

NAV Price 14.52% 21.03%

15.55%

ERShares Entrepreneur 30 ETF

ENTR

N/A N/A

11/07/2017

0.49%

0.49%

Market Price 14.95% 21.46%

15.45%

NAV Price -2.53% 1.55%

8.45%

ERShares Non-US Small Cap ETF

ERSX

N/A N/A

12/27/2018

0.75%

0.75%

Market Price -2.97% 1.17%

8.19%

ERShares US Small Cap Mutual Fund

IMPAX

0.59%

0.86% 10.70% 10.00% 9.84% 12/17/2013

0.86%

0.90%

ERShares US Large Cap Mutual Fund

IMPLX

10.60%

18.50% 17.02% 13.91% 12.86% 06/30/2014

0.76%

0.80%

ERShares Global Mutual Fund

ENTIX

2.37%

9.80% 9.62% 9.70% 9.08% 11/11/2010

1.57%

1.48%

*Net Expense ratios reflect the expense waiver and fee reimbursement the advisor has contractually agreed to through November 1, 2020.

NAV prices are used to calculate market price performance prior to the date when the Fund first traded on the New York Stock Exchange. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated

Investors should carefully consider the Fund’s investment objectives, risks, charges, and expenses carefully before investing. For this and other information about the EntrepreneurShares funds, please read the prospectuses carefully before investing. The prospectus can be obtained by calling 1-833-368-7383 and be viewed at www.entrepreneurshares.com/prospectus/. Fund Risks can include and are not limited to: Absence of Prior Active Market Risk, Index Risk, Index Tracking Risk, Indexing and Passive Investment Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk. For more information related to the risks of the fund, please refer to the prospectus. The prospectus can be obtained by calling 1-833-368-7383 and be viewed at www.entrepreneurshares.com/prospectus/.

Distributor: Foreside Fund Services, LLC.

TOP 10 Holdings

ERShares US Small Cap Mutual Fund

ERShares US Large Cap Mutual Fund

ERShares Global Mutual Fund

ERShares Entrepreneur 30 ETF

ERShares Non-US Small Cap ETF

Weight

Weight

Weight

Weight

Weight

Arrowhead Pharmaceuticals Inc

1

2.39%Alphabet Inc

7.44%Amazon.com Inc

3.84%Amazon.com Inc

11.18%Afterpay Ltd

3.87%

2

Stitch Fix Inc

2.03%Amazon.com Inc

7.07%Sino Biopharmaceutical Ltd 3.27%Alphabet Inc

8.77%Sinch AB

3.58%

3 WisdomTree Investments Inc 1.85%Facebook Inc

5.23%Alphabet Inc

3.22%Facebook Inc

7.54%Kogan.com Ltd

3.53%

4

Corcept Therapeutics Inc

1.82%Netflix Inc

3.72%Genmab A/S

3.13%Netflix Inc

5.74%Wix.com Ltd

3.00%

Arrowhead Pharmaceuticals Inc

5

MongoDB Inc

1.80%

2.50%Spotify Technology SA

3.03%NVIDIA Corp

4.55%Fevertree Drinks PLC

2.78%

6 Super Micro Computer Inc 1.75%Masimo Corp

2.39%NVIDIA Corp

2.93%Seattle Genetics Inc

3.82%Noah Holdings Ltd

2.74%

Intercontinental Exchange Inc

7

Vicor Corp

1.72%VeriSign Inc

2.22%Facebook Inc

2.79%

3.26%Spin Master Corp

2.68%

SS&C Technologies Holdings Inc

8

Skechers USA Inc

1.71%Microsoft Corp

2.16%

2.67%BlackRock Inc

3.23%GMO Payment Gateway Inc

2.57%

Madrigal Pharmaceuticals Inc

SS&C Technologies Holdings Inc

Regeneron Pharmaceuticals Inc

9

1.68%

2.12%ResMed Inc

2.50%

3.18%Fancl Corp

2.45%

10 LendingTree Inc

1.68%ResMed Inc

2.05%GMO Internet Inc

2.50%Salesforce.com Inc

3.17%Abcam PLC

2.39%

Weightings are subject to change.