Disclosures: 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 (617) 279 0045 or by visiting our website www.ershares.com. Read it carefully before investing.

Fund Risks can include and are not limited to: Absence of Prior Active Market Risk, Management Risk, New ETF Provider, Common Stock Risk, Market Risk, Concentration Risk, American Depositary Receipts, Early Closing Risk, Exchange Trade Fund Risk, Private Equity Investment Risk, Illiquidity Risk, Valuation Risk, Exit Strategy Risk.

The Entrepreneur Factor® is a bottom-up investment orientation that we believe stands above other investment factors such as momentum, sector, growth, value, leverage, market cap, and geographic orientation. Late-stage private companies are privately held firms that have moved beyond early growth phases and are approaching maturity, often with proven business models and substantial revenues but not yet publicly listed. PMF Velocity (Product-Market Fit Velocity) is the speed at which a startup moves toward achieving and strengthening product-market fit, reflecting how quickly it can validate strong market demand for its offering.

*VC (Venture Capital Style or Venture Style approach seeks out firms with high growth potential, typically smaller, innovative, or disruptive companies. The goal is to find a few big long-term winners that can deliver outsized gains within the public markets. For more than 30 years at Babson College, the number one school in Entrepreneurship education, Professor Joel Shulman, Ph.D., CFA, conducted academic research that led to the creation of the "Entrepreneur Factor."

This framework is grounded in a venture capital (VC) style investing model applied to public equities. Because the term entrepreneur is not formally defined or classified within traditional financial databases such as Bloomberg, Capital IQ, or FactSet, Professor Shulman developed a proprietary system to replicate how venture capitalists evaluate and invest in private companies, but within the public markets.

Initially, he identified 15 attributes that capture the essence of entrepreneurial success, mirroring the criteria a venture capitalist would apply when assessing early-stage companies. These include factors such as founder and leadership quality, CEO background, team strength, ownership and economic incentives, revenue growth trajectory, market potential, innovation capacity, and capital discipline.

Backed by more than 25 academic articles and publications, his framework provides an empirically tested foundation for quantifying the entrepreneurial qualities that drive long-term performance. By embedding these 15 venture-style characteristics into ERShares public company selection process, he effectively recreated the VC investment model inside a liquid, public-market framework. This methodology defines ERShares VC-style approach to investing-one that emphasizes entrepreneurial leadership, high-growth potential, and innovation-driven value creation. It remains the foundation of ERShares investment philosophy and a unique differentiator in their overall investment thesis.

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