Important 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. Distributed by Foreside Financial Services, LLC.

*Net Expense ratio of the ERShares Global Entrepreneurs Mutual Fund reflects the expense waiver and fee reimbursement the advisor has contractually agreed to through November 1, 2027.

NAV prices are used to calculate market price performance prior to the date when the Fund first traded on the Nasdaq 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.

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.

Private equity refers to investments in privately held companies or public companies taken private, typically through pooled funds managed by private equity firms. These firms raise capital from institutional and accredited investors to identify, acquire, and actively manage portfolio companies, aiming to enhance their value over time. After strategic improvements, the fund seeks to exit these investments through sales, mergers, or public offerings. The goal is to generate high returns for investors, albeit with associated risks such as illiquidity and valuation challenges.

† The fund does not directly hold private shares of SpaceX or Kalshi. Private exposure to SpaceX or Kalshi is sought indirectly through investment in SPV Exposure to SpaceX LLC or other special purpose vehicles (“SPVs”) the objective(s) of which is to seek such exposure through investment in privately-offered securities including other private funds (“private securities”) that have exposure to direct interests in SpaceX or Kalshi. The fund may not be able to influence the SPV’s management, and the SPV may hold material amounts of cash while seeking investments. There cannot be any guarantee the SPV will be successful. Private securities are not registered under the Securities Act of 1933 and SPVs are not registered under the Investment Company Act of 1940 and therefore the fund does not benefit from the regulatory protections of those acts when participating in such investments. The SPV and private securities generally may be difficult to value and to sell because of regulatory restrictions on resale. SPVs and private securities may carry additional costs such as transaction fees, operating expenses, management and/or performance fees, capital gains taxes, and brokerage charges. These costs can materially impact both the price paid for the investment and the net returns, if any, generated.

For more information related to the risks of the fund, please refer to the prospectus. The prospectus can be obtained by calling 1-617-279-0045 and be viewed at entrepreneurshares.com.

ERShares is distributed by Foreside Financial Services, LLC. There is no affiliation between ERShares and Foreside Financial Services distributors.

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.

Private equity refers to investments in privately held companies or public companies taken private, typically through pooled funds managed by private equity firms. These firms raise capital from institutional and accredited investors to identify, acquire, and actively manage portfolio companies, aiming to enhance their value over time. After strategic improvements, the fund seeks to exit these investments through sales, mergers, or public offerings. The goal is to generate high returns for investors, albeit with associated risks such as illiquidity and valuation challenges.

As of February 9, 2026, the Fund completed a one-time net asset value (“NAV”) adjustment in connection with the conversion of certain legacy private-asset arrangements into a simplified structure aligned on an effective “0/0” economic basis. The adjustment reflects accounting treatment related to prior structuring considerations and does not represent a change in the operating performance or fundamentals of the underlying portfolio companies, nor should it be interpreted as an indication of future portfolio performance.

This structural conversion reflects the Adviser’s ongoing evaluation of portfolio construction, vehicle design, and valuation processes, with the objective of promoting transparency, operational clarity, and consistency in financial reporting. The updated structure is intended to support a valuation framework that permits the Fund to incorporate observable market reference points in an operationally efficient manner when such data becomes available.

Investors should not interpret this enhancement as a guarantee of valuation precision, immediacy, or reduced volatility. The valuation of private investments involves significant judgment and is subject to uncertainty. Reported values may differ materially from the prices that could be obtained in an actual transaction, and such differences may be adverse.

All private investments are valued pursuant to the Fund’s established valuation policies and procedures, including oversight through the Adviser’s valuation governance framework and in accordance with applicable accounting standards. The Fund and its service providers apply methodologies believed to be reasonable under the circumstances; however, there can be no assurance that the values assigned will reflect realizable outcomes.

For purposes of this disclosure, “0/0” refers to the removal of legacy private-asset management fee and performance carry economics at the vehicle level. Investors should not interpret this structure to mean that the Fund’s private investments are free of expenses. The Fund will continue to bear its ordinary operating expenses and other costs.

In addition to ordinary operating expenses, the Fund may bear direct and indirect costs associated with private investments, whether incurred at the Fund level, SPV level, underlying fund level, transaction level, or through other investment-related structures, regardless of whether such costs are known at the time of investment.

While the Fund may incur some or all of the expenses described above, such costs may be de minimis relative to the overall size of the Fund’s portfolio at a given time and are generally associated with customary and non-discretionary activities necessary to support private investments, including but not limited to mandatory audits, financial statement preparation, account maintenance, investor reporting, tax documentation, regulatory compliance, and similar administrative functions. Expense levels may vary over time and could increase depending on transaction activity, regulatory developments, structural changes, or other investment-related factors. No assurance can be given regarding the magnitude or duration of such expenses. The Adviser seeks to structure private investments in a cost-efficient manner when practicable; however, there can be no guarantee that such efforts will be successful in all cases.

Private holdings are valued in accordance with ASC 820, and are typically based on valuations reported by funds and the most recent available observable inputs. This methodology is intended to promote financial-reporting consistency and may differ from prices observed in private secondary-market transactions, which may occur at higher or lower valuations. Such differences could be material. There can be no assurance that the Fund’s valuation methodology will reflect the price at which the Fund could exit a position in a current transaction.

Because a meaningful portion of the Fund’s net assets may be invested in private securities valued using methodologies that incorporate significant judgment, changes in reference prices, valuation inputs, or market conditions could result in material adjustments to the Fund’s NAV, including on a short-term basis. Such adjustments may be positive or negative and may occur without corresponding movements in public markets.

The Fund expects to maintain additional net assets in cash or cash equivalents in the SpaceX SPV to support portfolio liquidity, facilitate opportunistic investments, satisfy redemption activity, fund potential capital calls, and meet operating expenses and other obligations. There is no assurance that such capital will be deployed or that any investments will achieve their intended objectives. Maintaining cash positions may, at times, create a temporary performance drag during periods when such assets are not invested; however, the Adviser believes such flexibility supports prudent portfolio management. The Fund’s cash allocation is established within the Adviser’s liquidity risk management framework and is designed to preserve operational flexibility while supporting compliance with applicable regulatory expectations and maintaining prudent portfolio construction. The Fund’s cash allocation may vary from these levels based on market conditions, transaction timing, and portfolio management considerations.

The Fund manages liquidity as part of a comprehensive risk management framework designed to support its ability to meet shareholder redemptions and other obligations under a range of market conditions, including periods of market stress. The Adviser evaluates liquidity across the portfolio on an ongoing basis using multiple factors that may include market depth, anticipated transaction timelines, structural characteristics of private investments, and potential capital needs.

The Fund seeks to maintain sufficient flexibility through portfolio construction, cash management, and access to liquidity sources; however, there can be no assurance that these efforts will be successful in all market environments. Private investments are generally less liquid than publicly traded securities and may require extended time frames to exit or monetize. In certain circumstances, the Fund may need to adjust portfolio exposures, delay investment activity, or take other actions it considers appropriate in order to manage liquidity.

As a result of the size of this position relative to the Fund’s portfolio, changes in the assigned valuation of this investment could have a proportionally greater impact on the Fund’s NAV than the valuation changes of smaller positions.

For more information related to the risks of the fund, please refer to the prospectus. The prospectus can be obtained by calling 1-617-279-0045 and be viewed at entrepreneurshares.com.

“Policy-capped private sleeve” refers to a maximum allocation (e.g., up to ~15%) under the Fund’s policy.

“Private-company exposure” is obtained indirectly through the Fund’s holdings and reflected in NAV; it does not confer direct shareholder rights in private issuers and may differ from terms available to accredited investors.

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.

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 EntrepreneurShares’ public company selection process, he effectively recreated the VC investment model inside a liquid, public-market framework. This methodology defines EntrepreneurShares’ VC-style approach to investing, one that emphasizes entrepreneurial leadership, high-growth potential, and innovation-driven value creation. It remains the foundation of EntrepreneurShares’ investment philosophy and a unique differentiator in their overall investment thesis.

The ER30TR Index is a proprietary stock index created by ERShares 30 highly entrepreneurial, innovation-focused large-cap companies using a selection methodology built on 20+ years of research.

The Russell 1000 Growth Index tracks large U.S. companies with growth characteristics and is heavily weighted toward technology.

The Nasdaq-100 Index tracks 100 of the largest non-financial companies listed on Nasdaq and is heavily weighted toward technology and growth companies. It is not possible to invest directly in an index.

ERShares is distributed by Foreside Financial Services, LLC. There is no affiliation between ERShares and Foreside Financial Services distributors.