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N-1A
EntrepreneurShares Series Trust
2026-10-27
ERSHARES GLOBAL ENTREPRENEURS™
Investment Objective
<p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z47bdv8kux8" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">ERShares Global Entrepreneurs™
(the “Fund”) seeks long-term capital appreciation.</p>
Fees and Expenses of the Fund
<p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zSCMlpyON4rk" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The table below describes
the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. <span id="xdx_90B_eoef--ExpenseBreakpointDiscounts_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zZWbQamzfPo2">You may qualify for sales charge discounts on Class
A shares if you and your family invest, or agree to invest in the future, at least $<span id="xdx_90E_eoef--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zJrFCqeEWL5a">50,000</span> in the Fund.</span> More information about these and
other discounts is available from your financial professional and in the section of this Prospectus entitled “How Class A Shares
Sales Charges are Calculated” beginning on page 15 of this Prospectus and in the section of the Statement of Additional Information
entitled “Additional Information Regarding Purchases and Sales of Fund Shares” beginning on page 33 of the Statement of Additional
Information. <b>You may be required to pay commissions and/or other forms of compensation to a broker which are not reflected in the table
or the example below</b>.</p>
You may qualify for sales charge discounts on Class
A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.
50000
SHAREHOLDER
FEES (fees paid directly from your investment)
0.0475
0
0
0
0
0
0
0
0
-0.0200
-0.0200
-0.0200
ANNUAL FUND OPERATING EXPENSES
(expenses that you pay each year as a percentage of the value of your investment)
0.0089
0.0089
0.0089
0.0025
0.0025
0
0.0041
0.0041
0.0041
0.0001
0.0001
0.0001
0.0156
0.0156
0.0131
-0.0057
-0.0057
-0.0032
0.0099
0.0099
0.0099
Total Annual Fund Operating Expenses may not correlate to
the ratio of expenses to average net assets reflected in the financial highlights because they do not include Acquired Fund Fees and
Expenses (“AFFE”).
October 31, 2027
Example
<p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zqBTKCvNuA05" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">This example (the “Example”)
is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes
that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The
Example also assumes that your investment has a 5% return each year, and that the Fund’s expenses are equal to the Total Annual
Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements for the first year and the Total Annual Fund Operating Expenses
for the remaining years. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p>
571
891
1233
2197
101
437
796
1808
101
384
688
1551
Portfolio Turnover
<p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_znu5EiqpjUpi" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund pays transaction
costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover
rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs,
which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most
recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_z7HhUP2kCB16">23%</span> of the average value of its portfolio.</p>
0.23
Principal Investment Strategies
<p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zjRRxgHbJK41" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The
Fund will invest its assets so that, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment
purposes) are invested in securities of companies that possess entrepreneurial characteristics (“Entrepreneurial
Companies”), as determined by the Fund’s portfolio manager. The Fund will notify shareholders at least 60 days in
advance of any change in this investment policy. The Fund mainly invests in equity securities of global companies with market
capitalizations that are above $300 million at the time of initial purchase. Equity securities include common stocks, preferred
stocks, convertible preferred stocks, warrants, options and American Depositary Receipts (“ADRs”). Derivative investments made by the Fund, such as options, that provide investment exposure to investments suggested by the Fund’s
name are included within the Fund’s 80% policy as described above and are calculated at notional value.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">Under normal market conditions,
the Fund will invest at least 40% of its net assets (plus any borrowing for investment purposes) in equity securities of companies domiciled
or headquartered outside of the United States, or whose primary business activities or principal trading markets are located outside of
the United States (“Foreign Companies”), unless the portfolio manager deems market conditions and/or company valuations to
be less favorable to Foreign Companies, in which case, the Fund will invest at least 30% of its total assets in Foreign Companies. The
Fund may invest in a broad range of securities in both developed and emerging markets across different industry sectors. The Fund will
invest in at least three countries. Some of the companies that the portfolio manager identifies as exhibiting entrepreneurial characteristics
may be investment companies or other financial service companies.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund’s investment
strategy is unique, in part, due to the portfolio manager’s proprietary process of identifying a universe of companies, including
technology companies that the manager believes possess entrepreneurial characteristics (as detailed below in “Portfolio Manager
Investment Philosophy”). The portfolio manager presumes that company managers with better entrepreneurial vision will select more
efficient and more economically effective growth vehicles, without taking on undue risk. This trait might be represented by superior growth
characteristics compared to other non-entrepreneurial peer companies in the same industry. The Fund then uses fundamental analysis to
identify from this list the Entrepreneurial Companies that it believes have the potential for long-term capital appreciation. The Fund
invests to a limited degree in privately-offered securities to gain exposure to certain private entrepreneurial companies. The portfolio
manager generally will sell a portfolio security when he believes the security will no longer increase in value at the same rate as it
has in the past, changing fundamentals signal a deteriorating value potential, or other securities with entrepreneurial characteristics
have better price performance potential.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt">The Fund may engage in securities
lending. The Fund may engage in frequent trading of the portfolio, resulting in a high portfolio turnover rate.</p>
Investors in the Fund may
lose money.
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_911_ecustom--ManagerRiskMember_zWlk2fqP5DZ4">Manager Risk</span>: <span style="font-weight: normal">How the portfolio manager manages the Fund will affect
the Fund’s performance. The Fund may lose money if the portfolio manager’s investment strategy does not achieve the Fund’s
objective or the portfolio manager does not implement the strategy properly.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_911_ecustom--MarketAndGeopoliticalRiskMember_zuRyrp0xgCF6">Market and Geopolitical Risk</span>: <span style="font-weight: normal">The increasing interconnectivity between
global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely
impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation
(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics,
terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent
years may result in market volatility and may have long term effects on both the U.S. and global financial markets. </span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_91C_ecustom--CommonStockRiskMember_z3n2KweQfqbj">Common Stock Risk</span>: <span style="font-weight: normal">Common stock prices fluctuate based on changes in
a company’s financial condition and on overall market and economic conditions.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_914_ecustom--SmallAndMediumSizedCompaniesRiskMember_zNxcV3g25JQ7">Small and Medium Sized Companies Risk</span>: <span style="font-weight: normal">The Fund invests in small and
medium sized companies, which may have more limited liquidity and greater price volatility than larger, more established companies. Small
companies may have limited product lines, markets or financial resources and their management may be dependent on a limited number of
key individuals.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_912_ecustom--TechnologyCompanyInvestingRiskMember_zpK1wCxWgURf">Technology Company Investing Risk</span>: <span style="font-weight: normal">Investment in technology companies,
including companies engaged in Internet-related activities, is subject to the risk of short product cycles and rapid obsolescence of products
and services and competition from new and existing companies. The realization of any one of these risks may result in significant earnings
loss and price volatility. Some technology companies also have limited operating histories and are subject to the risks of small or unseasoned
companies, as described under “Small and Medium Sized Companies Risk.”</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_914_ecustom--QuantitativeInvestmentApproachRiskMember_zqVuT7pygCn9">Quantitative Investment Approach Risk</span>: <span style="font-weight: normal">The Fund utilizes a combined
approach of quantitative and qualitative analysis. The Fund employs a number of quantitative filters in identifying a broad array of Entrepreneurial
Companies using factors that are indicative of entrepreneurial behavior. After this quantitative analysis, the Fund performs fundamental
analysis in determining its final stock selection. While the portfolio manager continuously reviews and refines, if necessary, his investment
approach, there may be market conditions where the quantitative or qualitative investment approaches perform poorly.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_91E_ecustom--PreferredStockRiskMember_ziU60fmogc8i">Preferred Stock Risk</span>: <span style="font-weight: normal">Because preferred stock is junior to debt securities
and other obligations of the issuer, deterioration in the credit quality of the issuer will cause greater changes in the value of a preferred
stock than in a senior debt security with similar stated yield characteristics. Unlike interest payments on debt securities, preferred
stock dividends are payable only if declared by the issuer’s board of directors. Preferred stock also may be subject to optional
or mandatory redemption provisions.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_914_ecustom--RightsAndWarrantsRiskMember_z3d2tk7gp307">Rights and Warrants Risk</span>: <span style="font-weight: normal">The Fund may purchase rights and warrants
to purchase equity securities. Investments in rights and warrants are pure speculation in that they have no voting rights, pay no dividends
and have no rights with respect to the assets of the corporation issuing them. They do not represent ownership of the securities, but
only the right to buy them. The prices of rights (if traded independently) and warrants do not necessarily move parallel to the prices
of the underlying securities. Rights and warrants involve the risk that the Fund could lose the purchase value of the warrant if the warrant
is not exercised prior to its expiration. They also involve the risk that the effective price paid for the warrant added to the subscription
price of the related security may be greater than the value of the subscribed security’s market price.</span></td></tr></table>
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<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_913_ecustom--ConvertibleSecuritiesRiskMember_zOQvPt1DvTNk">Convertible Securities Risk</span>: <span style="font-weight: normal">Convertible securities are senior to common
stocks in an issuer’s capital structure, but are usually subordinated to similar non-convertible securities.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_910_ecustom--OptionsOnSecuritiesRiskMember_zPPFSylWtTF4">Options on Securities Risk</span>: <span style="font-weight: normal">One risk of any put or call that is held
is that the put or call is a wasting asset. If it is not sold or exercised prior to its expiration, it becomes worthless. The time value
component of the premium decreases as the option approaches expiration, and the holder may lose all or a large part of the premium paid.
In addition, there can be no guarantee that a liquid secondary market will exist on a given exchange, in order for an option position
to be closed out. Furthermore, if trading is halted in an underlying security, the trading of options is usually halted as well. In the
event that an option cannot be traded, the only alternative to the holder is to exercise the option.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_916_ecustom--AmericanDepositaryReceiptsRiskMember_z4xD5E9chkgi">American Depositary Receipts Risk</span>: <span style="font-weight: normal">One risk of investing in an ADR
is the political risk of the home country. Instability in the home country increases the risk of investing in an ADR. Another risk is
exchange rate risk. ADR shares track the shares in the home country. If a country’s currency is devalued, it will trickle down to
the ADR. This can result in a significant loss, even if the company had been performing well. Another related risk is inflationary risk.
Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, purchasing power is falling.
Inflation can have a serious negative impact on business because the currency of a country with high inflation becomes less and less valuable
each day.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_91E_ecustom--ForeignSecuritiesRiskMember_zVv8WETusggf">Foreign Securities Risk</span>: <span style="font-weight: normal">The securities of foreign issuers may be
less liquid and more volatile than securities of comparable U.S. issuers. The costs associated with securities transactions are often
higher in foreign countries than the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends
and interest earned) held by the Fund may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase
in the U.S. dollar relative to these other currencies will adversely affect the Fund. Additionally, investments in foreign securities,
even those publicly traded in the United States, may involve risks that are in addition to those inherent in domestic investments. Foreign
companies may not be subject to the same regulatory requirements of U.S. companies, and as a consequence, there may be less publicly available
information about such companies. Also, Foreign Companies may not be subject to uniform accounting, auditing, and financial reporting
standards and requirements comparable to those applicable to U.S. companies. Foreign governments and foreign economies often are less
stable than the U.S. government and the U.S. economy.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_915_ecustom--EmergingMarketsRiskMember_zhZSajsMGOVa">Emerging Markets Risk</span>: <span style="font-weight: normal">Investments in emerging market countries may
have more risk because these markets are less developed, less liquid and subject to increased economic, political, regulatory or other
uncertainties.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_91A_ecustom--LargeShareholderRiskMember_zH3QcU2hdKU6">Large Shareholder Risk</span>: <span style="font-weight: normal">The Fund has a majority shareholder and may
experience adverse effects when this large shareholder purchases or redeems large amounts of shares of the Fund. Such large shareholder
redemptions may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the
Fund’s net asset value (“NAV”) and liquidity. If the majority shareholder was to redeem all of its shares this could
impact the ability of the Fund to continue its operations. Similarly, large Fund share purchases may adversely affect the Fund’s
performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily
would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted
in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund’s current expenses being
allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Although large shareholder transactions
may be more frequent under certain circumstances, the Fund is generally subject to the risk that the large shareholder can purchase or
redeem a significant percentage of Fund shares at any time.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: bold 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><span id="xdx_91A_ecustom--InvestmentsInOtherInvestmentCompaniesRiskMember_zCFxKfDqPj9h">Investments in Other Investment Companies Risk</span>: <span style="font-weight: normal">Shareholders will indirectly
be subject to the fees and expenses of the other investment companies in which the Fund invests and these fees and expenses are in addition
to the fees and expenses that Fund shareholders directly bear in connection with the Fund’s own operations. In addition, shareholders
will be indirectly subject to the investment risks of the other investment companies.</span></td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91C_ecustom--PortfolioTurnoverRiskMember_zEDFKeQNtUif">Portfolio Turnover Risk</span>: </b>A higher portfolio turnover may result in higher transactional and brokerage
costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without
corresponding commission costs. Active trading of securities may also increase the Fund’s realized capital gains or losses, which
may affect the taxes you pay as a Fund shareholder. The Fund’s portfolio turnover rate may be above 100% annually.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91C_ecustom--SecuritiesLendingRiskMember_zEI026h9koy">Securities Lending Risk</span>: </b>Although the Fund will receive collateral in connection with all loans
of its securities holdings, the Fund would be exposed to a risk of loss should a borrower default on its obligation to return the borrowed
securities (e.g., the loaned securities may have appreciated beyond the value of the collateral held by the Fund). In addition, the Fund
will bear the risk of loss of any cash collateral that it invests.</td></tr></table>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 20pt"></td><td style="width: 20pt">●</td><td style="text-align: justify"><b><span id="xdx_91D_ecustom--PrivatelyOfferedSecuritiesRiskMember_zQx4a8Nrsxye">Privately-Offered Securities Risk</span>:</b> Privately-offered securities include those which are issued
without registration under the Securities Act of 1933, as amended (the “1933 Act”), pursuant to Rule 144A or Regulation S
under the 1933 Act, or Section 4(a)(2) of the 1933 Act. Privately-offered securities, which may include private funds, are not exchange-traded
and are subject to liquidity risk, may be difficult to value, may be difficult to sell because of regulatory restrictions on resale, provide
fewer financial disclosures than publicly-offered or exchange-traded securities, and may be subject to significant brokerage commissions.
Limitations on resale may prevent the Fund from disposing of these securities at prices that reflect fair value. To the extent the Fund
acquires privately-offered securities through a privately-offered special purpose vehicle (“SPV”) or other private fund vehicles,
the Fund may also be subject to 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. The Fund may not be able to influence the management of such private vehicles, and these vehicles may hold material amounts
of cash while seeking investments. To the extent privately-offered securities exposure is achieved through a multi-layer structure, these
risks may be increased. There cannot be any guarantee an SPV or other private fund will be successful. Private securities are not registered
under the 1933 Act and SPVs and other private fund vehicles are not registered under the Investment Company Act of 1940, as amended (the
“1940 Act”), and therefore the fund does not benefit from the regulatory protections of those acts when participating in such
investments.</td></tr></table>
Performance
<p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zuJEdwZj52Q9" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zY4GQx8CXXn2">The following bar chart and table provide some
indication of the risks of investing in the Fund. The following performance information shows changes in performance from year to year
and how the Fund’s average annual returns for 1 year, 5 years and 10 years compare with those of an index that reflects a broad
measure of market performance.</span> If interim performance information is requested by shareholders, it will be provided upon request by calling
<span id="xdx_909_eoef--PerformanceAvailabilityPhone_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zTzEDXXMhDQe">877-271-8811</span>. No performance is shown for the Class A and Retail Class because they are not currently offered for sale, but they may be
reopened for purchase in the future. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zEnYZtllV97">Please remember that the Fund’s past performance (before and after taxes) is not necessarily
an indication of its future performance. It may perform better or worse in the future.</span></p>
The following bar chart and table provide some
indication of the risks of investing in the Fund. The following performance information shows changes in performance from year to year
and how the Fund’s average annual returns for 1 year, 5 years and 10 years compare with those of an index that reflects a broad
measure of market performance.
877-271-8811
Please remember that the Fund’s past performance (before and after taxes) is not necessarily
an indication of its future performance. It may perform better or worse in the future.
ERShares Global Entrepreneurs – Institutional
Class
Performance Bar Chart for the Calendar Years
Ended December 31
0.0879
0.3013
-0.1099
0.2764
0.3845
-0.0897
-0.3167
0.2382
0.3382
0.2205
<p id="xdx_A81_eoef--BarChartClosingTextBlock_zNdo3Of0M6u6" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_903_eoef--YearToDateReturnLabel_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zLnbvYUTVM71">The Fund’s return for the 9-month period</span>
ended <span id="xdx_909_eoef--BarChartYearToDateReturnDate_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zWQbo988oYfe">September 30, 2026</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zvcn0ihXwZp7">-1.87%</span>.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 40pt">During the period shown in the
bar chart, the Fund’s best and worst quarters are shown below:</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 40pt"> </p>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: Gainsboro">
<td style="vertical-align: top; width: 36%; text-align: center"><span style="font-size: 11pt"><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_znsPyupUZomk">Best Quarter</span></span></td>
<td style="width: 41%; text-align: center"><span style="font-size: 11pt"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturnDate_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zHg7Z3sXrxU4">30 June 2020</span></span></td>
<td style="width: 23%; text-align: center"><span style="font-size: 11pt"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zU2GGGIPrX68">26.94%</span></span></td></tr>
<tr style="background-color: White">
<td style="vertical-align: top; text-align: center"><span style="font-size: 11pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zWHdCnEIGo0l">Worst Quarter</span></span></td>
<td style="text-align: center"><span style="font-size: 11pt"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturnDate_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zH6jjuy78sqa">31 March 2020</span></span></td>
<td style="text-align: center"><span style="font-size: 11pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member__oef--ClassAxis__custom--C000092399Member_zvlLtGK8WpC3">-19.35%</span></span></td></tr>
</table>
The Fund’s return for the 9-month period
2026-09-30
-0.0187
Best Quarter
2020-06-30
0.2694
Worst Quarter
2020-03-31
-0.1935
AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2025)
0.2205
0.0470
0.1085
0.2204
0.0293
0.0920
0.1306
0.0288
0.0826
0.1788
0.1442
0.1085
0.2109
0.1215
0.1217
Reflects
no deductions for fees, expenses or taxes.
<p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zWFz05pdVJu7" style="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_909_eoef--PerformanceTableUsesHighestFederalRate_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zVAuuNrKngr2">After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20261027__20261027__dei--LegalEntityAxis__custom--S000030086Member_zNRrwnVbddl2">Actual after-tax returns
depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold
their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”).</span></p>
After-tax returns are calculated using the historical
highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Actual after-tax returns
depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold
their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (“IRAs”).