Great entrepreneurial leaders think three steps ahead.
They invest in innovation; they invest in the future. Entrepreneurs who seek to drive change invest in ground-breaking technological innovations that transform industries. These entrepreneurial companies lead the way and do not become obsolete in the long run.
15
Innovation themes
Founder-led
Leadership
Long-term
Time horizon
Investing in innovation to drive growth
We back the best entrepreneurial minds investing in the right technology.
Entrepreneurial companies spend time and money in research to ensure they are investing in the right technologies at the right time to accelerate growth. They integrate innovation efforts into the organization's overall strategy. They create a culture that supports innovation and addresses the obstacles that come along the way. Companies across the world are contributing to paving the way for a better future by investing in innovation technologies that will create disruption and drive growth for the future. At ERShares, we back the companies with the best entrepreneurial minds that invest in the right technology for a better and sustainable future.
Fifteen frontiers of disruption
The innovation themes we track
From artificial intelligence to space exploration, these are the technologies where founder-led companies are reshaping entire industries. Select any theme to read more.
Tap a theme to see the detail below. Scroll the row for all fifteen.
Theme 1 of 15
Artificial Intelligence and Robotics
Theoretical breakthroughs in Artificial Intelligence along with the exponential growth in computing power and the increasingly available vast amounts of data have yielded practical applications that are primed to change our lives forever. Machine learning, with Deep Learning at the forefront of this revolution, has recently proved itself as the most viable approach to building AI systems that can operate in complicated real-world environments and radically transform industries. Artificially intelligent machines are what bring AI and robotics together and allow robots to not only perform autonomous tasks but to complete more complex tasks requiring the use of intelligence. Artificial Intelligence and Robotics can potentially expedite the automation and cost-saving of every industry and relieve labor to positions that require creativity and insights.
Currently, businesses throughout the economy are applying premature AI to automate routine tasks. To push research forward and enable AI and robotics to accomplish jobs that require more decision-making, innovation in algorithms and corresponding training are both essential. ERShares actively seeks entrepreneurial companies that are making advances in technologies in this area or are enabling more companies and individuals to enjoy the benefits of AI technologies.
Theme 2 of 15
Genetic Engineering and Biotech
Ever since Watson and Crick revealed the double helix structure of DNA in the 1950s, deciphering the code, or genetic instructions, and harnessing the power of genes have long been among the frontier of biotechnology. Advances in genetic engineering allow people to understand, improve, and even create genetic information and corresponding expressions. These capabilities further boost the development of healthcare, agriculture biotechnology, industrial biotechnology, and environmental science. Moreover, as the most ancient method of data storage, genetic materials can be applied in information technology and material science with advances in biotech.
Just like any other kinds of code, to utilize DNA and other nucleic acid molecules, breakthroughs are needed in Next-Generation Sequencing, the ability to read, Gene Editing, the ability to write, and most importantly to find the correlation between gene sequences and biological expression, the rules for the code. ERShares actively seeks entrepreneurial companies that are bringing innovation to each piece of the biotech puzzle.
Theme 3 of 15
Medtech and Diagnostics
MedTech and diagnostics empower the healthcare industry with the latest information technology. By applying Artificial Intelligence and other cutting-edge information technologies in the healthcare sector, operation efficiency can be drastically improved and redistribution of healthcare resources regardless of the geographic limitations could be achieved. Companies in Medtech can be divided into the ones focusing on personal care and the ones focusing on clinical solutions.
MedTech and diagnostics can act as a personal health advisor that monitors a person's physical conditions through wearable devices, analyzes the data with advanced algorithms, issues an alert to raise awareness, and connects a person to the right professionals when necessary. On the clinical side, advances in Medtech can simplify the paperwork process, organize medical data in a more accessible manner, execute primal diagnostics, and connect clinics and hospitals around the world to share professional experience and data. ERShares actively seeks entrepreneurial companies that are offering technology solutions to make top-notch healthcare accessible to more people in the world.
Theme 4 of 15
FinTech
As part of the digital economy, FinTech refers to innovative solutions seeking to improve or automate the delivery and use of financial services. For individuals, Fintech innovations make personal financial planning more accessible by providing people with more options to save, invest, and spend. The historically high barriers to enter the financial markets have been lifted. Online brokers and advisors have leveled the playing field by acting as a vehicle for more people to build wealth. Furthermore, efficiencies of financial markets can be improved by incorporating more participants with diverse mindsets.
On the other side, Fintech is utilizing AI and Cloud Computing to modernize financial institutions by automating repetitive tasks, incorporating untraditional data, and innovating analytical models. Introducing the latest information technologies into the financial industry will ease the burden on staff by taking care of monotonous tasks and allow labor to be allocated to areas that require more interpersonal connections or decision making. ERShares actively seeks entrepreneurial companies that are bringing innovative and secure solutions to the financial markets, either retail or institutional.
Theme 5 of 15
Cloud Computing
Cloud Computing is one of the most important technologies supporting the current trend of digitalization. It represents access to information storage and computational resources at a remote location that is available to users on-demand thereby redistributing computational capacities globally. In the last decade, there has been a general trend towards cloud computing, particularly regarding its data storage capabilities. The demand for both companies and individual consumers is rising as people continue to require greater data storage and computational power capabilities to ensure digital and remote services run smoothly.
Despite the exponential growth in the application of Cloud Computing, certain obstacles need to be conquered before the world can fully enter the era of cloud computing including the security of sensitive data and intellectual property, cost control, consistency among multiple providers, and integration with prevailing IT systems. ERShares actively seeks entrepreneurial companies that have the potential to provide innovative solutions to further popularize cloud computing.
Theme 6 of 15
5G and NextGen Communication
Entering the era of digitalization, the exponential growth of the needs of data transmission is calling for the next generation of communication technology. 5G is the fifth-generation technology standard for cellular networks and incorporates greater bandwidth and faster download speeds. It can deliver data at a rate comparable to the speeds of wired connection like cable or fiber optic internet service. 5G or any other kind of breakthrough in a wireless network can be the pillar stone of many visions for the future such as the Internet of Things, Virtual Reality, Digital Economy, and Autonomous Transportation among other things.
The prevalence of NextGen Communication requires an upgrade through the whole industry chain, from the manufacture of chips and equipment, construction and operation of the network, to iteration in end-user devices. ERShares closely tracks entrepreneurial companies in each link of the chain that can expedite this process.
Theme 7 of 15
Intelligent Manufacturing
Intelligent manufacturing is revolutionizing every step of manufacturing with the latest technologies, from sourcing materials, managing raw materials and inventory, to automating production lines, and distribution to end customers. As a result, factories can become connected, optimized, transparent, proactive, and agile, saving on materials and labor time while shifting quickly to suit customer needs.
Like other modernizing trends in industrials, the realization of intelligent manufacturing relies on the advances of information technology infrastructure. Along the journey, advances need to be accomplished in software solutions for factory monitoring and operation management as well as hardware equipment like industrial 3D printers and intelligent robotic arms enhanced by the Internet of Things. ERShares actively seeks entrepreneurial companies that are making significant progress in the digitalization and automation of manufacturing processes.
Theme 8 of 15
3D Printing
3D printing is the process of making a digital 3D model into a physical three-dimensional object through an automated process. The concept of 3D printing was originally used to quickly produce prototypes and has now spread across industries. The ability to 3D print opens possibilities for precise, fast, and customized production in all kinds of areas such as biotechnology, healthcare, fashion, real estate, and more as the equipment and materials used for printing expand.
To grow the concept of 3D printing and to let it reach more industries and more people, the right materials, equipment, and design assisting software need to develop. ERShares actively seeks entrepreneurial companies that bring forward the right solutions to apply 3D printing in all industries.
Theme 9 of 15
Nanotechnology
Nanotechnology refers to the group of technologies related to dealing with particles less than 100 nanometers, especially the manipulation of individual atoms and molecules. Through engineering on a nanoscale, scientists and engineers have been able to research and invent new materials at a smaller scale. The new materials can be stronger, more efficient, and have a longer lifespan, thus reducing maintenance and repair costs. Furthermore, as nanotechnology keeps evolving, engineers may adjust the features of certain materials in a controlled direction at a controlled level to fit certain application needs. Emerging new special materials will then inspire innovation in industrials, construction, information technology, biotechnology, and energy, and more.
Successful application of a type of nanomaterial, or nanoparticle, requires proper research, staff, equipment, solid proof of the safety of the material, corresponding technologies, raw materials for mass production, and the right products or solutions to apply the material. ERShares actively seeks entrepreneurial companies that are making breakthroughs in each link of bringing nanotechnology to everyday life.
Theme 10 of 15
Renewable Energy
Renewable energy is the power supply that is collected via resources and replenished naturally. It can be divided into two categories: power from direct solar (solar thermal and photovoltaics) and indirect solar (biomass, hydro, wind, and wave) or non-solar (tidal and geothermal) energy sources.
Switching from traditional fossil fuels to renewable energy can bring enormous benefits to the environment while eliminating the concerns of exhaustion. To achieve this, technological advances and cost savings are needed throughout the whole power supply network, from generation and distribution to end-use devices. ERShares actively seeks entrepreneurial companies that make disruptive advances in generating renewable energy in more efficient ways, reducing the construction costs or transmission loss for distribution, and integrating renewable energy into current industrials and households.
Theme 11 of 15
NextGen Transportation
The future of transportation involves moving into more efficient and smarter sources of energy, creating new models of transportation, and developing the physical and technological infrastructure to support these innovations. Currently, cars are becoming smarter, faster, and more environmental-friendly. NextGen transportation refers not only to the upgrade of current methods of transportation but also to a disruptive redesign of how people will travel, therefore changing the way people will live.
To achieve NextGen transportation that is more efficient in both power resources and time, upgrades in industrial design, manufacturing, along with an exploration into fundamental sciences are needed. To keep up with the next generation of transportation, ERShares actively tracks entrepreneurial companies that manufacture electric vehicles and those bringing innovation in other methods of transportation or supporting infrastructure.
Theme 12 of 15
Interactive Entertainment
Interactive entertainment refers to entertainment experiences that allow users to interact with the system or other users. This idea initially was illustrated in the gaming industry but has now expanded to almost all forms of entertainment enabled by the rapid development of information technology and telecommunications. The trend of people spending more and more of their leisure time online could potentially change the way people socialize and build connections in the future.
Like other digitalization innovations, Interactive Entertainment also relies heavily on the development of cloud computing to provide greater data processing and storage capacities, AI to improve the development process and user experiences, and NextGen Communication to ensure faster and more stable network connections. Besides these factors, the understanding and prediction of customers' needs and innovations in terminal devices, online platforms, and the content will also decide the path of interactive entertainment. ERShares actively seeks entrepreneurial companies that offer refreshing products in both hardware and software.
Theme 13 of 15
Digital Economy
Digital Economy refers to an economy that is embedded within the digital ecosystem on the Internet utilizing information technologies, thus it is also referred to as the internet economy. It is predicted to be the future of the economy with the prevailing trend of digitalization across industries. The digitalization of economic activities will not only affect how people shop as it already does, but will also bring convenience to every aspect of people's lives. International borders for human resources will be broken with the development of distant education, distant healthcare, and remote working. Furthermore, the marginal benefit of intellectual work will be raised and the inequality across geographic areas will be alleviated.
The Digital Economy heavily relies on the evolution of information technology infrastructure, especially Artificial Intelligence, NextGen Communication, and Cloud Computing. Besides that, secure and user-friendly applications are needed to allow as many people as possible to participate in the Digital Economy. ERShares actively seeks entrepreneurial companies that are applying the latest technologies to the digitalization of commercial activities or to provide free and open platforms for the exchange of intellectual resources.
Theme 14 of 15
E-Commerce
E-Commerce connects businesses, customers, and logistics services online. E-commerce can be operated in the forms of B2B and B2C. E-commerce enables cost-saving and time-saving for both businesses and customers by lifting the logistical and geographical limitations thereby increasing information transparency. Furthermore, with advances in intelligent manufacturing and other information technologies, E-Commerce has the potential to enable mass customization in products and services to both businesses and individuals thus improving the efficiency throughout supply chains across industries.
Businesses providing E-commerce services whether as marketplaces or as sellers need continuous refinements on methods of secured transactions, online user experience, optimization of logistics, and management of production and inventory. ERShares actively seeks entrepreneurial companies that provide solutions in these areas.
Theme 15 of 15
Space Exploration
Space Exploration refers to activities related to manufacturing objects that go into Earth's orbit or beyond, delivering them to specific tracks, and performing scientific or commercial tasks in outer space. Although these activities seem remote and mysterious, they are highly correlated with every aspect of modern lifestyles. Ever since the first artificial satellite launched in 1957, the mission of investigating and researching the observable universe has generated or inspired technology breakthroughs that then been applied to people's daily lives.
Currently, besides scientific research, more companies are realizing the commercial value of space exploration from prevailing commercial satellites to space tourism. ERShares actively seeks entrepreneurial companies bringing innovation to reduce costs in space exploration or to apply outcomes from space exploration into widespread use.
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Disclosures
Portions of the composite index return shown here represent performance of predecessor vehicles, and the pre-November 2017 portion of the ER30TR Index methodology composite track record is supplemental information and a composite and is presented for context. It is not the performance of the ER30TR Index as calculated by LSEG since November 8, 2017 and is not the performance of any registered fund. Predecessor vehicles operated under different fee structures, may have employed leverage or other techniques not employed by the ER30TR Index methodology, and may not have held identical positions to those that the ER30TR Index methodology would have generated. Full substantiation memorandum (with exhibits) available upon request. The composite index performance shown here has been compiled from the following sources and time periods. 1. GIPS verification: three engagements: (i) Report of Independent Verification dated August 25, 2010, including Performance Examination of the FP Capital Partners Long-Short Composite (composite inception August 1, 2005) for August 2005 - July 2010; (ii) Sector Returns Review Letter dated October 25, 2013, determining that the methodology used to derive the Adviser's sector composites, including the US Large Cap sector composite that is the most direct historical analogue to the ER30TR Index, was sound and appropriate for August 2005 - July 2013; (iii) GIPS Verification engagement in April 2019. 2. Audited live managed money, methodology continuously implemented in actual vehicles: FP Capital Partners Long-Short Composite (2005, GIPS-verified, with US Large Cap carveout); ERShares Global Entrepreneurs ("ENTIX"), a global large-cap mutual fund registered under the 1940 Act and organized as a separate series of the Trust (2010, annually audited, SEC-filed); institutional all-cap SMA (2012); ERShares US Large Cap ("IMPLX") a US large-cap mutual fund registered under the 1940 Act and organized as a separate series of the Trust (2014, annually audited, SEC-filed). 3. Independent-calculation period as out-of-sample test (LSEG, 11/8/2017 - 12/31/2025).
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. 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 shares of SpaceX. Exposure to SpaceX 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. However, the SPV can continue to hold that previously private security post-IPO until the criteria for distributing the public shares have been met. 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.
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 may 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 https://entrepreneurshares.com/.
XOVR is distributed by Foreside Financial Services, LLC. There is no affiliation between the Fund, its investment adviser or any of their affiliates and Foreside Financial Services distributors.