Entrepreneurshares Series Trust
02/12/2026 | Press release | Distributed by Public on 02/12/2026 13:00
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-22436
EntrepreneurShares Series Trust
175 Federal Street, Suite #875
Boston, MA 02110
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
175 Federal Street, Suite #875
Boston, MA 02110
Date of fiscal year end: June 30
Date of reporting period: July 1, 2025 - December 31, 2025
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.
ERShares Global Entrepreneurs
ENTIX
: Institutional Class
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-annual shareholder report contains important information about the ERShares Global Entrepreneurs (the "Fund") for the period of July 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://entrepreneurshares.com/investor-resources/. You can also request this information by contacting us at (877) 271-8811.
What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Institutional Class
|
$50
|
0.98%
|
Sector Weightings (% of net assets)
|
Value
|
Value
|
|
Consumer Staples
|
0.6%
|
|
Energy
|
1.1%
|
|
Utilities
|
1.7%
|
|
Partnership Shares
|
1.8%
|
|
Materials
|
3.3%
|
|
Industrial
|
5.6%
|
|
Money Market Fund
|
7.0%
|
|
Health Care
|
7.2%
|
|
Financials
|
7.5%
|
|
Consumer Discretionary
|
7.8%
|
|
Communications
|
17.8%
|
|
Technology
|
38.6%
|
Fund Statistics
|
Total Net Assets
|
$46,295,330
|
|
# of Portfolio Holdings
|
57
|
|
Portfolio Turnover Rate
|
22%
|
|
Investment Advisory Fees (Net of fees waived)
|
$146,925
|
ERShares Global Entrepreneurs
ENTIX
214S-ENTIX-25
Semi-Annual Shareholder Report - December 31, 2025
If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://entrepreneurshares.com/investor-resources/.
P.O. Box 588
Portland, ME 04112
(877) 271-8811
(b) Not applicable.
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
|
(a)
|
Included as part of financial statements filed under Item 7(a).
|
|
(b)
|
Not applicable.
|
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a)
EntreprenuerShares
Series
Trust
TM
ERShares
Global
Entrepreneurs
(ENTIX)
Semi-Annual
Financial
Statements
and
Other
Information
December
31,
2025
(Unaudited)
ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
December
31,
2025
1
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Common
Stock
-
91.2%
Australia
-
3.1%
Communications
-
1.2%
34,715
SEEK,
Ltd.
$
535,622
535,622
Health
Care
-
0.5%
33,555
Telix
Pharmaceuticals,
Ltd.
(a)
250,801
250,801
Technology
-
1.4%
33,491
Technology
One,
Ltd.
624,912
624,912
Total
Australia
1,411,335
Canada
-
3.3%
Technology
-
3.3%
179
Constellation
Software,
Inc./Canada
430,549
6,883
Shopify,
Inc.
(a)
1,107,957
1,538,506
Total
Canada
1,538,506
Ireland
-
1.7%
Health
Care
-
1.7%
27,809
Alkermes
PLC
(a)
778,096
Total
Ireland
778,096
Israel
-
7.3%
Communications
-
1.9%
8,319
Wix.com,
Ltd.
(a)
864,261
864,261
Technology
-
5.4%
6,528
Check
Point
Software
Technologies,
Ltd.
(a)
1,211,336
8,733
Monday.com,
Ltd.
(a)
1,288,641
2,499,977
Total
Israel
3,364,238
Japan
-
2.1%
Communications
-
1.1%
20,556
GMO
internet
group,
Inc.
514,162
514,162
Consumer
Discretionary
-
1.0%
14,436
Sanrio
Co.,
Ltd.
453,153
453,153
Total
Japan
967,315
Netherlands
-
0.4%
Technology
-
0.4%
2,013
Topicus.com,
Inc.
(a)
186,480
Total
Netherlands
186,480
Singapore
-
2.8%
Communications
-
1.7%
6,194
Sea,
Ltd.,
ADR
(a)
790,169
790,169
Consumer
Staples
-
0.6%
123,149
Wilmar
International,
Ltd.
295,082
295,082
Technology
-
0.5%
4,865
Karooooo,
Ltd.
221,357
221,357
Total
Singapore
1,306,608
Sweden
-
4.3%
Communciations
-
0.5%
21,460
Asmodee
Group
AB,
Class
B
(a)
246,942
246,942
Consumer
Discretionary
-
0.6%
4,269
Evolution
AB
(b)
292,034
292,034
Shares
Security
Description
Value
Technology
-
3.2%
21,460
Coffee
Stain
Group
AB
(a)
$
53,962
21,460
Embracer
Group
AB
(a)
141,443
2,191
Spotify
Technology
SA
(a)
1,272,336
1,467,741
Total
Sweden
2,006,717
Thailand
-
1.4%
Industrial
-
1.4%
1,463
Fabrinet
(a)
666,075
Total
Thailand
666,075
United
Kingdom
-
1.0%
Consumer
Discretionary
-
1.0%
16,651
Klarna
Group
PLC
(a)
481,380
Total
United
Kingdom
481,380
United
States
-
61.7%
Communications
-
11.4%
7,247
Alphabet,
Inc.,
Class A
2,268,311
2,234
AppLovin
Corp.,
Class
A
(a)
1,505,314
12,384
Maplebear,
Inc.
(a)
557,032
1,449
Meta
Platforms,
Inc.,
Class A
956,470
5,287,127
Consumer
Discretionary
-
3.1%
2,621
Airbnb,
Inc.,
Class
A
(a)
355,722
2,635
Amazon.com,
Inc.
(a)
608,211
13,894
DraftKings,
Inc.
(a)
478,787
1,442,720
Energy
-
1.1%
3,046
Valero
Energy
Corp.
495,858
495,858
Financials
-
7.5%
2,414
Coinbase
Global,
Inc.
(a)
545,902
14,841
Interactive
Brokers
Group,
Inc.
954,425
8,381
Robinhood
Markets,
Inc.,
Class
A
(a)
947,891
28,877
Toast,
Inc.,
Class
A
(a)
1,025,422
3,473,640
Health
Care
-
5.0%
2,920
Medpace
Holdings,
Inc.
(a)
1,640,018
2,806
ResMed,
Inc.
675,881
2,315,899
Industrial
-
4.2%
2,847
Clean
Harbors,
Inc.
(a)
667,565
18,680
Rocket
Lab
Corp.
(a)
1,303,117
1,970,682
Materials
-
3.3%
15,262
Newmont
Corp.
1,523,911
1,523,911
Technology
-
24.4%
8,083
Affirm
Holdings,
Inc.
(a)
601,618
5,911
Arista
Networks,
Inc.
(a)
774,518
1,395
Corpay,
Inc.
(a)
419,797
3,856
MongoDB,
Inc.
(a)
1,618,325
15,587
NVIDIA
Corp.
2,906,976
2,451
Oracle
Corp.
477,724
2,658
Palo
Alto
Networks,
Inc.
(a)
489,604
12,364
Pegasystems,
Inc.
738,378
2,570
Salesforce,
Inc.
680,819
6,251
Super
Micro
Computer,
Inc.
(a)
182,967
1,188
Synopsys,
Inc.
(a)
558,027
45,737
UiPath,
Inc.,
Class
A
(a)
749,629
2,409
Veeva
Systems,
Inc.,
Class A
(a)
537,761
2,203
Zscaler,
Inc.
(a)
495,499
11,231,642
ERShares
Global
Entrepreneurs
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
December
31,
2025
2
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Shares
Security
Description
Value
Utilities
-
1.7%
4,997
Vistra
Corp.
$
806,166
Total
United
States
28,547,645
Uruguay
-
2.1%
Consumer
Discretionary
-
2.1%
477
MercadoLibre,
Inc.
(a)
960,802
Total
Uruguay
960,802
Total
Common
Stock
(Cost
$31,875,977)
42,215,197
Partnership
Shares
-
1.8%
United
States
-
1.8%
27,103
FIKA
Holdings
SPV
QP,
LP
(a)(c)(d)(e)(f)
833,546
Total
Partnership
Shares
(Cost
$1,020,000)
833,546
Money
Market
Fund
-
7.0%
3,253,307
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
3.66%
(g)
3,253,307
Total
Money
Market
Fund
(Cost
$3,253,307)
3,253,307
Investments,
at
value
-
100.0%
(Cost
$36,149,284)
$
46,302,050
Other
Assets
&
Liabilities,
Net
-
(0.0)%
(6,720)
Net
Assets
-
100.0%
$
46,295,330
ADR
American
Depositary
Receipt
LP
Limited
Partnership
PLC
Public
Limited
Company
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
under
Rule
144A
under
the
Securities
Act
of
1933.
At
the
period
end,
the
value
of
these
securities
amounted
to
$292,034
or
0.6%
of
net
assets.
(c)
Security
fair
valued
in
accordance
with
procedures
adopted
by
the
Board
of
Trustees.
At
the
period
end,
the
value
of
these
securities
amounted
to
$833,546
or
1.8%
of
net
assets.
(d)
Illiquid
security.
(e)
Restricted
investment
as
to
resale.
(f)
Delaware
limited
partnership
holding
investment
in
Klarna
PLC.
(g)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
December
31,
2025.
ERShares
Global
Entrepreneurs
STATEMENT
OF
ASSETS
AND
LIABILITIES
(UNAUDITED)
December
31,
2025
3
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
ASSETS
Investments,
at
value
(cost
$36,149,284)
$
46,302,050
Cash
5,502
Receivables:
Dividends
and
interest
receivable
21,987
Prepaid
expenses
8,564
Total
Assets
46,338,103
LIABILITIES
Accrued
Liabilities:
Investment
Advisor
fees
21,402
Trustees'
fees
and
expenses
2,843
Other
expenses
18,528
Total
Liabilities
42,773
NET
ASSETS
$
46,295,330
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
48,934,398
Distributable
earnings
(2,639,068)
NET
ASSETS
$
46,295,330
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
2,338,433
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
$
19.80
ERShares
Global
Entrepreneurs
STATEMENT
OF
OPERATIONS
(UNAUDITED)
For
the
Six
Months
Ended
December
31,
2025
4
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
INVESTMENT
INCOME
Dividend
income
(Net
of
foreign
withholding
taxes
of
$(5,156))
$
91,562
Securities
lending
7,708
Total
Investment
Income
99,270
EXPENSES
Investment
Advisor
fees
211,394
Fund
services
fees
37,711
Custodian
fees
6,414
Registration
fees
8,602
Professional
fees
10,673
Trustees'
fees
and
expenses
2,671
Other
expenses
20,581
Total
Expenses
298,046
Fees
waived
(65,296)
Net
Expenses
232,750
NET
INVESTMENT
LOSS
(133,480)
NET
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
on:
Investments
3,369,594
Foreign
currency
transactions
(695)
Net
realized
gain
3,368,899
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
(1,317,731)
Foreign
currency
translations
(40)
Net
change
in
unrealized
appreciation
(depreciation)
(1,317,771)
NET
REALIZED
AND
UNREALIZED
GAIN
2,051,128
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
1,917,648
ERShares
Global
Entrepreneurs
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
(UNAUDITED)
5
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
income
(loss)
$
(133,480)
$
33,711
Net
realized
gain
3,368,899
7,765,987
Net
change
in
unrealized
appreciation
(depreciation)
(1,317,771)
5,189,170
Increase
in
Net
Assets
Resulting
from
Operations
1,917,648
12,988,868
DISTRIBUTIONS
TO
SHAREHOLDERS
Total
Distributions
Paid
(19,873)
(251,881)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares
180,622
73,018
Reinvestment
of
distributions
19,796
251,046
Redemption
of
shares:
(188,663)
(4,116,987)
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
11,755
(3,792,923)
Increase
in
Net
Assets
1,909,530
8,944,064
NET
ASSETS
Beginning
of
Period
$
44,385,800
$
35,441,736
End
of
Period
$
46,295,330
$
44,385,800
SHARE
TRANSACTIONS
Sale
of
shares
9,195
4,279
Reinvestment
of
distributions
992
15,114
Redemption
of
shares
(9,519)
(232,949)
Increase
(Decrease)
in
Shares
668
(213,556)
ERShares
Global
Entrepreneurs
FINANCIAL
HIGHLIGHTS
-
INSTITUTIONAL
CLASS
6
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Years
Ended
June
30,
2025
2024
2023
2022
2021
Selected
Per
Share
Data:
NET
ASSET
VALUE,
Beginning
of
Period
$
18.99
$
13.89
$
11.49
$
10.19
$
21.82
$
16.82
INVESTMENT
OPERATIONS
Net
investment
income
(loss)(a)
(0.06)
0.01
(0.01)
0.02
(0.10)
(0.14)
Net
realized
and
unrealized
gain
(loss)
0.88
5.19
2.42
1.28
(7.22)
7.32
Total
from
Investment
Operations
0.82
5.20
2.41
1.30
(7.32)
7.18
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.01)
(0.10)
(0.01)
-
(0.15)
-
Net
realized
gain
-
-
-
-
(4.16)
(2.18)
Total
Distributions
to
Shareholders
(0.01)
(0.10)
(0.01)
-
(4.31)
(2.18)
PAID
IN
CAPITAL
FROM
REDEMPTION
FEES(a)
-
-
-
-
-
-(b)
NET
ASSET
VALUE,
End
of
Period
$
19.80
$
18.99
$
13.89
$
11.49
$
10.19
$
21.82
TOTAL
RETURN(c)
4.31%(d)
37.53%
20.97%
12.76%
(39.05)%
42.63%
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
46,295
$
44,386
$
35,442
$
50,026
$
45,168
$
121,627
Ratios
of
Expenses
to
Average
Net
Assets:
Before
fees
waived/recouped
1.25%(e)
1.30%
1.15%
1.17%
1.37%
1.44%
After
fees
waived/recouped
0.98%(e)
0.98%
0.98%
0.98%
1.29%
1.44%
Ratios
of
Net
Investment
Income
to
Average
Net
Assets:
Before
fees
waived/recouped
(0.42)%(e)
(0.23)%
(0.28)%
(0.03)%
(0.70)%
(0.67)%
After
fees
waived/recouped
(0.28)%(e)
0.09%
(0.11)%
0.16%
(0.63)%
(0.67)%
PORTFOLIO
TURNOVER
RATE
22%(d)
82%
208%
94%
265%
477%(f)
(a)
Calculated
based
on
average
shares
outstanding
during
each
period.
(b)
Rounds
to
less
than
$0.005
per
share.
(c)
Total
returns
would
have
been
lower/higher
had
certain
expenses
not
been
waived/recovered
by
the
advisor
(see
Note
3).
Returns
shown
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
redemptions
of
Fund
shares.
(d)
Not
annualized.
(e)
Annualized.
(f)
The
Fund
has
experienced
an
unusual
interest
rate
environment
combined
with
volatile
markets
resulting
from
inflationary
concerns.
These
two
factors
posed
potential
adverse
effects
to
the
Fund.
Thus,
the
portfolio
manager
engaged
in
temporary
defensive
positions
as
well
as
positioned
the
Fund
to
take
the
best
advantage
of
the
environment
it
was
facing.
These
two
actions,
combined
with
a
reversion
of
the
defensive
positions,
resulted
in
an
increased
turnover
for
the
Fund.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
7
1.
ORGANIZATION
EntrepreneurShares™
Series
Trust,
a
Delaware
statutory
trust
(the
"Trust"),
was
formed
on
July
1,
2010,
and
has
authorized
capital
of
unlimited
shares
of
beneficial
interest.
The
Trust
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"1940
Act"),
the
Trust
is
comprised
of
two
funds,
and
is
authorized
to
issue
multiple
series
and
classes
of
shares.
ERShares
Global
Entrepreneurs
(the
"Fund",
formerly
known
as
EntrepreneurShares
Global
Fund)
is
classified
as
a
"diversified"
series,
as
defined
in
the
1940
Act.
The
Fund
commenced
operations
on
November
11,
2010.
The
investment
objective
of
the
Fund
is
long-term
capital
appreciation.
The
Fund
seeks
to
achieve
its
objective
by
investing
mainly
in
equity
securities
of
global
companies
with
market
capitalizations
that
are
above
$300
million
at
the
time
of
initial
purchase
and
possess
entrepreneurial
characteristics,
as
determined
by
the
Fund's
portfolio
manager.
EntrepreneurShares,
LLC,
is
the
Fund's
Sub-Advisor
(the
"Sub-Advisor"),
and
Seaport
Global
Advisors,
LLC,
formerly
known
as
Weston
Capital
Advisors,
LLC,
is
the
Fund's
investment
advisor
(the
"Advisor").
Dr.
Joel
M.
Shulman,
Managing
Director
of
the
Advisor
and
President
of
the
Sub-
Advisor,
has
been
the
Fund's
portfolio
manager
since
November
11,
2010.
Due
to
the
significance
of
oversight
and
their
role,
the
management
committee
of
the
Advisor
is
determined
to
be
the
Chief
Operating
Decision
Maker.
The
Fund
has
registered
three
classes
of
shares:
Class
A
shares,
Retail
Class
shares
and
Institutional
Class
shares.
Each
share
represents
an
equal
proportionate
interest
in
the
assets
and
liabilities
belonging
to
the
applicable
class
and
is
entitled
to
such
dividends
and
distributions
out
of
income
belonging
to
the
applicable
class
as
are
declared
by
the
Trust's
Board
of
Trustees
(the
"Board").
On
matters
that
affect
the
Fund
as
a
whole,
each
class
has
the
same
voting
and
other
rights
and
preferences
as
any
other
class.
On
matters
that
affect
only
one
class,
only
shareholders
of
that
class
may
vote.
Each
class
votes
separately
on
matters
affecting
only
that
class,
or
on
matters
expressly
required
to
be
voted
on
separately
by
state
or
federal
law.
Shares
of
each
class
of
a
series
have
the
same
voting
and
other
rights
and
preferences
as
the
other
classes
and
series
of
the
Trust
for
matters
that
affect
the
Trust
as
a
whole.
Currently,
only
Institutional
Class
shares
of
the
Fund
are
being
offered.
The
Fund
operates
as
a
single
operating
segment.
The
Fund's
income,
expenses,
assets,
and
performance
are
regularly
monitored
and
assessed
as
a
whole
by
the
Advisor,
who
is
responsible
for
the
oversight
functions
of
the
Fund,
using
the
information
presented
in
the
financial
statements
and
financial
highlights.
2.
SUMMARY
OF
SIGNIFICANT
ACCOUNTING
POLICIES
The
following
is
a
summary
of
significant
accounting
policies
consistently
followed
by
the
Fund
in
the
preparation
of
its
financial
statements.
These
policies
are
in
conformity
with
generally
accepted
accounting
principles
in
the
United
States
of
America
("U.S.
GAAP").
The
Fund
is
an
investment
company
and,
accordingly,
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946
-
Investment
Companies
including
Accounting
Standards
Update
("ASU")
2013-08.
The
preparation
of
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
amounts
of
assets,
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
income
and
expenses
for
the
period.
Actual
results
could
differ
from
those
estimates.
Investment
Valuations
The
following
is
a
summary
of
the
Fund's
pricing
procedures.
It
is
intended
to
be
a
general
discussion
and
may
not
necessarily
reflect
all
pricing
procedures
followed
by
the
Fund.
In
determining
the
net
asset
value
("NAV")
of
the
Fund's
shares,
securities
that
are
listed
on
a
national
securities
exchange
(other
than
the
National
Association
of
Securities
Dealers'
Automatic
Quotation
System
("Nasdaq")
are
valued
at
the
last
sale
price
on
the
day
the
valuation
is
made.
Securities
that
are
traded
on
Nasdaq
under
one
of
its
three
listing
tiers,
Nasdaq
Global
Select
Market,
Nasdaq
Global
Market
and
Nasdaq
Capital
Market,
are
valued
at
the
Nasdaq
Official
Closing
Price.
Price
information
on
listed
securities
is
taken
from
the
exchange
where
the
security
is
primarily
traded.
Securities
which
are
listed
on
an
exchange
but
which
are
not
traded
on
the
valuation
date
are
valued
at
the
most
recent
bid
price.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
8
Unlisted
securities
held
by
the
Fund
are
valued
at
the
average
of
the
quoted
bid
and
ask
prices
in
the
over-the-counter
market.
Securities
and
other
assets
for
which
market
quotations
are
not
readily
available
are
valued
at
their
fair
value
in
good
faith
by
the
Advisor,
acting
in
its
capacity
as
valuation
designee
pursuant
to
Rule
2a-5
under
the
1940
Act,
under
procedures
established
by
and
under
the
general
supervision
and
responsibility
of
the
Board.
Short-term
investments
with
61
days
or
more
to
maturity
at
time
of
purchase
are
valued
at
fair
market
value
through
the
61st
day
prior
to
maturity,
based
on
quotations
received
from
market
makers
or
other
appropriate
sources;
thereafter,
they
are
generally
valued
at
amortized
cost.
There
is
no
definitive
set
of
circumstances
under
which
the
Fund
may
elect
to
use
fair
value
procedures
to
value
a
security.
Types
of
securities
that
the
Fund
may
hold
for
which
fair
value
pricing
might
be
required
include,
but
are
not
limited
to:
(a)
illiquid
securities,
including
restricted
securities
and
private
placements
for
which
there
is
no
public
market;
(b)
options
not
traded
on
a
securities
exchange;
(c)
securities
of
an
issuer
that
has
entered
into
a
restructuring;
(d)
securities
whose
trading
has
been
halted
or
suspended,
as
permitted
by
the
SEC;
(e)
foreign
securities,
if
an
event
or
development
has
occurred
subsequent
to
the
close
of
the
foreign
market
and
prior
to
the
close
of
regular
trading
on
the
New
York
Stock
Exchange
("NYSE")
that
would
materially
affect
the
value
of
the
security;
and
(f)
fixed
income
securities
that
have
gone
into
default
and
for
which
there
is
not
a
current
market
value
quotation.
Valuing
securities
at
fair
value
involves
greater
reliance
on
judgment
than
securities
that
have
readily
available
market
quotations.
There
can
be
no
assurance
that
the
Fund
could
obtain
the
fair
value
price
assigned
to
a
security
upon
sale.
Securities
that
are
not
listed
on
an
exchange
are
valued
by
the
Fund's
Advisor,
under
the
supervision
of
the
Board.
There
is
no
single
standard
for
determining
the
fair
value
of
a
security.
Rather,
in
determining
the
fair
value
of
a
security,
the
Advisor
and
the
Board
take
into
account
the
relevant
factors
and
surrounding
circumstances,
which
may
include:
(1)
the
nature
and
pricing
history
(if
any)
of
the
security;
(2)
whether
any
dealer
quotations
for
the
security
are
available;
(3)
possible
valuation
methodologies
that
could
be
used
to
determine
the
fair
value
of
the
security;
(4)
the
recommendation
of
the
portfolio
manager
of
the
Fund
with
respect
to
the
valuation
of
the
security;
(5)
whether
the
same
or
similar
securities
are
held
by
other
funds
managed
by
the
Advisor
or
other
fund
and
the
method
used
to
price
the
security
in
those
funds;
(6)
the
extent
to
which
the
fair
value
to
be
determined
for
the
security
will
result
from
the
use
of
data
or
formulae
produced
by
third
parties
independent
of
the
Advisor;
and
(7)
the
liquidity
or
illiquidity
of
the
market
for
the
security.
Privately-offered
securities
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.
To
the
extent
the
Fund
acquires
privately-offered
securities
through
a
privately-offered
special
purpose
vehicle
("SPV"),
the
Fund
may
also
be
subject
to
management
and
performance
fees
of
the
SPV.
Fair
Value
Measurement
The
Fund
has
adopted
authoritative
fair
valuation
accounting
standards
which
establish
an
authoritative
definition
of
fair
value
and
set
out
a
hierarchy
for
measuring
fair
value.
These
standards
require
additional
disclosures
about
the
various
inputs
and
valuation
techniques
used
to
develop
the
measurements
of
fair
value,
a
discussion
of
changes
in
valuation
techniques
and
related
inputs
during
the
year
and
expanded
disclosure
of
valuation
levels
for
major
security
types.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurement)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
three
levels
of
the
fair
value
hierarchy
are
as
follows:
Level
1:
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
and
liabilities
that
the
Fund
has
the
ability
to
access
at
the
measurement
date;
Level
2:
Observable
inputs
other
than
quoted
prices
included
in
Level
1
that
are
observable
for
the
asset
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
identical
instruments
on
inactive
markets,
quoted
prices
for
similar
instruments,
interest
rates,
prepayment
spreads,
credit
risk,
yield
curves,
default
rates,
and
similar
data;
Level
3:
Significant
unobservable
inputs
for
the
asset
to
the
extent
that
relevant
observable
inputs
are
not
available,
representing
the
Fund's
own
assumptions
that
a
market
participant
would
use
in
valuing
the
asset,
and
would
be
based
on
the
best
information
available.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
9
Inputs
are
used
in
applying
the
various
valuation
techniques
and
broadly
refer
to
the
assumptions
that
market
participants
use
to
make
valuation
decisions,
including
assumptions
about
risk.
Inputs
may
include
price
information,
volatility
statistics,
specific
and
broad
credit
data,
liquidity
statistics,
and
other
factors.
A
financial
instrument's
level
within
the
fair
value
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
value
measurement.
However,
the
determination
of
what
constitutes
"observable"
requires
significant
judgment
by
the
Fund.
The
Fund
considers
observable
data
to
be
that
market
data,
which
is
readily
available,
regularly
distributed
or
updated,
reliable
and
verifiable,
not
proprietary,
and
provided
by
independent
sources
that
are
actively
involved
in
the
relevant
market.
The
categorization
of
a
financial
instrument
within
the
hierarchy
is
based
upon
the
pricing
transparency
of
the
instrument
and
does
not
necessarily
correspond
to
the
Fund's
perceived
risk
of
that
instrument.
Investments
whose
values
are
based
on
quoted
market
prices
in
active
markets,
and
are
therefore
classified
within
Level
1,
include
active
listed
equities
and
real
estate
investment
trusts,
and
certain
money
market
securities.
Investments
that
trade
in
markets
that
are
not
considered
to
be
active,
but
are
valued
based
on
quoted
market
prices,
dealer
quotations
or
alternative
pricing
sources
supported
by
observable
inputs
are
classified
within
Level
2.
Investments
classified
within
Level
3
have
significant
unobservable
inputs,
as
they
trade
infrequently
or
not
at
all.
The
table
below
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
December
31,
2025.
Please
refer
to
the
schedule
of
investments
for
more
information
regarding
security
characteristics.
The
following
is
the
activity
in
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
value
as
of
December
31,
2025:
The
following
is
a
summary
of
quantitative
information
about
significant
unobservable
valuation
inputs
for
Level
3
Fair
Value
Measurements
for
investments
held
as
of
December
31,
2025:
Restricted
Securities
-
Restricted
securities
are
securities
that
may
be
resold
only
upon
registration
under
federal
securities
laws
or
in
transactions
exempt
from
such
registration.
In
some
cases,
the
issuer
of
restricted
securities
has
agreed
to
register
such
securities
for
resale,
at
the
issuer's
expense
either
upon
demand
by
the
Fund
or
in
connection
with
another
registered
offering
of
the
securities.
Many
restricted
securities
may
be
resold
in
the
secondary
market
in
transactions
exempt
from
registration.
Such
restricted
securities
may
be
determined
to
be
liquid
under
criteria
established
by
the
Board.
The
restricted
securities
may
be
valued
at
the
price
provided
by
dealers
in
the
secondary
market
or,
if
no
market
prices
are
available,
the
fair
value
as
determined
in
good
faith
in
accordance
with
the
Fund's
Valuation
Policies.
Private
investments
generally
are
restricted
securities
that
are
subject
to
substantial
holding
periods
and
are
not
traded
in
public
markets.
The
Fund
may
not
be
able
to
resell
some
of
its
investments
for
extended
periods,
which
may
be
several
years.
Level
1
Level
2
Level
3
Total
Investments
at
Value
Common
Stock
$
42,215,197
$
-
$
-
$
42,215,197
Partnership
Interests
-
-
833
,
546
833
,
546
Money
Market
Fund
3,253,307
-
-
3,253,307
Investments
at
Value
$
4
5
,
468
,
504
$
-
$
833
,
546
$
4
6
,
302
,
050
Partnership
Interests
Balance
as
of
June
30,
2025
$
2,000,000
Proceeds
from
sales
(1,095,779)
Realized
gain
(loss)
75,779
Net
change
in
unrealized
appreciation/depreciation
(146,454)
Balance
as
of
December
31,
2025
$
833,546
Net
change
in
unrealized
appreciation/depreciation
for
the
period
ended
December
31,
2025
related
to
Level
3
investments
held
at
December
31,
2025
$
(166,454)
Level
3
Investment
Fair
Value
Valuation
Technique
Unobservable
Input
Range
(Weighted
Average)
Impact
to
Valuation
from
an
Increase
in
Input
FIKA
Holdings
SPV
QP,
LP
$
833,546
Adjusted
Reported
NAV
Reported
NAV
N/A
Increase
Total
$
833,546
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
10
Use
of
Estimates
and
Indemnifications
The
preparation
of
the
financial
statements
in
conformity
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
and
disclosures
in
these
financial
statements.
Actual
results
could
differ
from
those
estimates.
In
the
normal
course
of
business,
the
Trust,
on
behalf
of
the
Fund,
enters
into
contracts
that
contain
a
variety
of
representations
which
provide
general
indemnifications.
The
Trust's
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
Trust
has
not
had
claims
or
losses
pursuant
to
these
contracts
and
the
Trust
expects
any
risk
of
loss
to
be
remote.
Federal
Income
Taxes
The
Fund
intends
to
continue
to
qualify
each
year
as
a
"regulated
investment
company"
under
Sub-chapter
M
of
the
Internal
Revenue
Code
of
1986,
as
amended.
If
so
qualified,
the
Fund
will
not
be
subject
to
federal
income
tax
to
the
extent
it
distributes
substantially
all
of
its
net
investment
income
and
net
realized
gains
to
shareholders.
In
addition,
by
distributing
in
each
calendar
year
substantially
all
of
its
net
investment
income
and
capital
gains,
if
any,
the
Fund
will
not
be
subject
to
a
federal
excise
tax.
Therefore,
no
federal
income
or
exercise
tax
provision
is
required.
The
Fund
has
reviewed
all
open
tax
years
and
major
jurisdictions
and
concluded
that
the
Fund
did
not
have
any
tax
positions
that
did
not
meet
the
"more-likely-than-not"
threshold
of
being
sustained
by
the
applicable
tax
authority
for
the
fiscal
year
ended
June
30,
2025.
The
Fund
would
recognize
interest
and
penalties,
if
any,
related
to
uncertain
tax
benefits
in
the
Statement
of
Operations.
During
the
fiscal
year
ended
June
30,
2025,
the
Fund
did
not
incur
any
interest
or
penalties.
Tax
returns
filed
within
the
prior
three
years
remain
subject
to
examination
by
federal
and
state
tax
authorities.
Distribution
to
Shareholders
The
Fund
intends
to
continue
to
distribute
to
their
shareholders
any
net
investment
income
and
any
net
realized
long
or
short-
term
capital
gains,
if
any,
at
least
annually.
Distributions
are
recorded
on
the
ex-dividend
date.
The
Fund
may
periodically
make
reclassifications
among
certain
of
their
capital
accounts
as
a
result
of
the
characterization
of
certain
income
and
realized
gains
determined
annually
in
accordance
with
federal
tax
regulations
that
may
differ
from
U.S.
GAAP.
Allocation
of
Expenses
Expenses
incurred
by
the
Trust
that
do
not
relate
to
a
specific
fund
of
the
Trust
are
allocated
to
the
individual
funds
by
or
under
the
direction
of
the
Board
in
such
a
manner
as
the
Board
determine
to
be
fair
and
equitable.
Foreign
Currency
Transactions
The
Fund's
books
and
records
are
maintained
in
U.S.
dollars.
Foreign
currency
denominated
transactions
(i.e.,
fair
value
of
investment
securities,
assets
and
liabilities,
purchases
and
sales
of
investment
securities
and
income
and
expenses)
are
translated
into
U.S.
dollars
at
the
current
rate
of
exchange
on
the
date
of
valuation.
Purchases
and
sales
of
securities
and
income
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
The
Fund
does
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
fluctuations
are
included
in
net
realized
and
unrealized
gain
or
(loss)
on
investments
in
the
Statement
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
(losses)
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest
and
foreign
taxes
withheld,
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Security
Description
Acquisition
Date
Cost
Value
%
of
Net
Assets
FIKA
Holdings
SPV
QP,
LP
December
13,
2024
$
1,020,000
$
833
,
546
1.8%
$
1
,0
2
0,000
$
833
,
546
1.8%
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
11
Net
unrealized
foreign
exchange
gains
(losses)
arise
from
the
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
Investment
Transactions
and
Investment
Income
Throughout
the
reporting
period,
security
transactions
are
accounted
for
no
later
than
one
business
day
following
the
trade
date.
For
financial
reporting
purposes,
security
transactions
are
accounted
for
on
trade
date
on
the
last
business
day
of
the
reporting
period.
The
specific
identification
method
is
used
for
determining
gains
or
losses
for
financial
statements
and
income
tax
purposes.
Dividend
income,
less
any
foreign
tax
withheld,
is
recognized
on
the
ex-dividend
date
and
interest
income
is
recognized
on
an
accrual
basis,
including
amortization/accretion
of
premiums
or
discounts.
Securities
Lending
The
Fund
may
lend
portfolio
securities
constituting
up
to
33-1/3%
of
its
total
assets
(as
permitted
by
the
1940
Act)
to
unaffiliated
broker-dealers,
banks
or
other
recognized
institutional
borrowers
of
securities,
provided
that
the
borrower
at
all
times
maintains
cash,
U.S.
government
securities
or
equivalent
collateral
or
provides
an
irrevocable
letter
of
credit
in
favor
of
the
Fund
equal
in
value
to
at
least
102%
of
the
value
of
loaned
domestic
securities
and
105%
of
the
value
of
loaned
foreign
securities
on
a
daily
basis.
During
the
time
portfolio
securities
are
on
loan,
the
borrower
pays
the
lending
Fund
an
amount
equivalent
to
any
dividends
or
interest
paid
on
such
securities,
and
such
Fund
may
receive
an
agreed-upon
amount
of
interest
income
from
the
borrower
who
delivered
equivalent
collateral
or
provided
a
letter
of
credit.
Loans
are
subject
to
termination
at
the
option
of
a
Fund
or
the
borrower.
The
Fund
may
pay
reasonable
administrative
and
custodial
fees
in
connection
with
a
loan
of
portfolio
securities
and
may
pay
a
negotiated
portion
of
the
interest
earned
on
the
cash
or
equivalent
collateral
to
the
borrower
or
placing
broker.
The
Fund
does
not
have
the
right
to
vote
securities
on
loan
but
could
terminate
the
loan
and
regain
the
right
to
vote
if
that
were
considered
important
with
respect
to
the
investment.
The
primary
risk
in
securities
lending
is
a
default
by
the
borrower
during
a
sharp
rise
in
price
of
the
borrowed
security
resulting
in
a
deficiency
in
the
collateral
posted
by
the
borrower.
The
Fund
will
seek
to
minimize
this
risk
by
requiring
that
the
value
of
the
securities
loaned
be
computed
each
day
and
additional
collateral
be
furnished
each
day
if
required.
Disclosures
about
Offsetting
Assets
and
Liabilities
The
Fund
is
required
to
disclose
information
about
offsetting
and
related
arrangements
to
enable
users
of
its
financial
statements
to
understand
the
effect
of
those
arrangements
on
its
financial
position.
The
guidance
requires
retrospective
application
for
all
comparative
periods
presented.
Management
has
evaluated
the
impact
on
the
financial
statement
disclosures
and
determined
that
there
is
no
effect.
As
there
are
no
master
netting
arrangements
relating
to
the
Fund's
participation
in
securities
lending,
and
all
amounts
related
to
securities
lending
are
presented
gross
on
the
Fund's
Statement
of
Assets
and
Liabilities,
no
additional
disclosures
have
been
made
on
behalf
of
the
Fund.
Please
refer
to
the
Securities
Lending
Note
for
additional
disclosures
related
to
securities
lending,
including
collateral
related
to
securities
on
loan.
3.
AGREEMENTS
Investment
Advisory
Agreement
The
Advisor,
a
related
party
of
the
Fund,
oversees
the
performance
of
the
Fund
and
is
responsible
for
overseeing
the
management
of
the
investment
portfolio
of
the
Fund.
These
services
are
provided
under
the
terms
of
an
investment
advisory
agreement
between
the
Trust
and
the
Advisor,
pursuant
to
which
the
Advisor
receives
an
annual
advisory
fee
equal
to
0.89%.
Through
November
1,
2026,
the
Advisor
has
agreed
to
waive
and/or
reimburse
the
Fund
for
its
advisory
fee,
and
to
the
extent
necessary,
bear
other
expenses,
to
limit
the
total
annualized
expenses
(excluding
portfolio
transaction
and
other
investment-related
costs
(including
brokerage
fees
and
commissions);
taxes;
borrowing
costs
(such
as
interest
and
dividend
expenses
on
securities
sold
short);
acquired
fund
fees
and
expenses;
fees
and
expenses
associated
with
investments
in
other
collective
investment
vehicles
or
derivative
instruments
(including
for
example
option
and
swap
fees
and
expenses);
expenses
incurred
in
connection
with
any
merger
or
reorganization;
extraordinary
expenses
(such
as
litigation
expenses,
indemnification
of
Trust
officers
and
Trustees
and
contractual
indemnification
of
Fund
service
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
12
providers);
and
other
expenses
that
the
Trustees
agree
have
not
been
incurred
in
the
ordinary
course
of
the
Fund's
business
of
the
Institutional
Class
shares
of
the
Fund
to
the
amounts
of
0.98%
per
annum
of
net
assets
attributable
to
such
shares
of
the
Fund.
The
Advisor
shall
be
permitted
to
recover
expenses
it
has
borne
subsequent
to
the
effective
date
of
this
agreement
(whether
through
reduction
of
its
advisory
fee
or
otherwise)
in
later
periods
to
the
extent
that
the
Fund's
expenses
fall
below
the
annual
rates
set
forth
above,
given
that
such
a
rate
is
not
greater
than
the
rate
that
was
in
place
at
the
time
of
the
waiver,
provided,
however,
that
the
Fund
is
not
obligated
to
pay
any
such
reimbursed
fees
more
than
three
years
after
the
expense
was
incurred
by
the
Advisor.
Sub-Advisory
services
are
provided
to
the
Fund,
pursuant
to
an
agreement
between
the
Advisor
and
Sub-Advisor.
Under
the
terms
of
this
sub-advisory
agreement,
the
Advisor,
not
the
Fund,
compensates
the
Sub-Advisor
based
on
the
Fund's
average
net
assets.
Certain
officers
of
the
Advisor
are
also
officers
of
the
Sub-Advisor.
Dr.
Shulman
is
a
majority
owner
of
both
the
Advisor
and
the
Sub-Advisor.
Other
service
providers
have
voluntarily
agreed
to
waive
a
portion
of
their
fees.
Other
waivers
are
not
eligible
for
recoupment.
For
the
period
ended
December
31,
2025,
fees
waived
and
expenses
reimbursed
were
as
follows:
Each
waiver/expense
payment
by
the
Advisor
is
subject
to
recoupment
by
the
Advisor
from
the
Fund
in
the
three
years
following
the
date
the
particular
waiver/expense
payment
occurred,
but
only
if
such
recoupment
can
be
achieved
without
exceeding
the
annual
expense
limitation
in
effect
at
the
time
of
the
waiver/expense
payment
and
any
expense
limitation
in
effect
at
the
time
of
the
recoupment.
The
amounts
subject
to
repayment
by
the
Fund,
pursuant
to
the
aforementioned
conditions
are
as
follows:
Other
Service
Providers
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
The
fees
related
to
these
services
are
included
in
Fund
services
and
administration
fees
within
the
Statement
of
Operations.
Apex
also
provides
certain
shareholder
report
production
and
EDGAR
conversion
and
filing
services.
Pursuant
to
an
Apex
Services
Agreement,
the
Fund
pays
Apex
customary
fees
for
its
services.
Apex
provides
a
Chief
Compliance
Officer
to
the
Fund,
as
well
as
certain
additional
compliance
support
functions
4.
INCOME
TAXES
The
Fund
plans
to
distribute
substantially
all
of
the
net
investment
income
and
net
realized
gains
that
it
has
realized
on
the
sale
of
securities.
These
income
and
gains
distributions
will
generally
be
paid
once
each
year,
on
or
before
December
31.
The
character
of
distributions
made
during
the
year
for
financial
reporting
purposes
may
differ
from
the
characterization
for
federal
income
tax
purposes
due
to
differences
in
the
recognition
of
income,
expense
or
gain
items
for
financial
reporting
and
tax
reporting
purposes.
The
tax
character
of
distributions
paid
for
the
fiscal
years
ended
June
30,
2025
and
June
30,
2024
were
as
follows:
Investment
Advisor
Fees
Waived
Other
Waivers
Total
$
64,469
$
827
$
65,296
Recoverable
Through
June
30,
2026
$
86,600
June
30,
2027
86,186
June
30,
2028
124,202
June
30,
2029
64,469
2025
2024
Distributions
paid
from:
Ordinary
income
(a)
$
251,881
$
37,447
Total
distributions
paid
$
251,881
$
37,447
(a)
Short-term
capital
gain
distributions
are
treated
as
ordinary
income
for
tax
purposes.
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
13
The
Fund
designates
long-term
capital
gain
dividends,
pursuant
to
Internal
Revenue
Code
Section
852(b)(3),
the
amount
necessary
to
reduce
the
earnings
and
profits
for
the
Fund
related
to
net
capital
gains
to
zero
for
the
tax
year
ended
June
30,
2025.
Additionally,
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
the
NAV
per
share.
At
December
31,
2025,
the
cost
of
investments
for
federal
income
tax
purposes
is
substantially
the
same
as
for
financial
statement
purposes
and
the
components
of
net
unrealized
appreciation
(depreciation)
were
as
follows:
At
June
30,
2025,
the
components
of
accumulated
earnings
(deficit)
on
a
tax
basis
were
as
follows:
As
of
June
30,
2025,
the
Fund
had
short-term
and
long-term
capital
loss
carryforwards
available
to
offset
future
gains,
not
subject
to
expiration,
in
the
amount
of
$10,885,806
and
$4,452,681,
respectively.
During
the
fiscal
year
ended
June
30,
2025,
the
Fund
utilized
$5,830,887
and
$1,509,135
of
available
short-term
and
long-term
capital
loss
carryforwards,
respectively.
The
Fund
adopted
the
FASB
Accounting
Standards
Update
2023-09,
"Income
Taxes
(Topic
740)
Improvements
to
Income
Tax
Disclosures"
("ASU
2023-09")
during
the
period
ended
December
31,
2025.
Adoption
of
the
new
standard
by
the
Fund
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund's
financial
position
or
results
of
operations.
5.
RELATED
PARTIES
At
December
31,
2025,
certain
officers
of
the
Trust
were
also
employees
of
the
Advisor.
However,
these
officers
were
not
compensated
directly
by
the
Fund.
Refer
to
Note
1
for
more
information.
6.
BENEFICIAL
OWNERSHIP
The
beneficial
ownership,
either
directly
or
indirectly,
of
more
than
25%
of
the
voting
securities
of
a
fund
creates
a
presumption
of
control
of
a
fund,
under
Section
2(a)(9)
of
the
1940
Act.
As
of
December
31,
2025,
for
the
benefit
of
its
shareholders,
MAC
&
Co.,
an
affiliate
of
the
Fund,
held
92.63%
of
the
total
Fund
shares
outstanding.
7.
INVESTMENT
TRANSACTIONS
For
the
period
ended
December
31,
2025,
purchases
and
sales
of
investment
securities,
other
than
short-term
investments,
were
$9,888,203
and
$11,720,835,
respectively.
There
were
no
purchases
or
sales
of
long-term
U.S.
government
obligations
during
the
period
ended
December
31,
2025.
8.
REDEMPTION
FEES
The
Fund
imposes
a
redemption
fee
equal
to
2%
of
the
dollar
value
of
the
shares
redeemed
within
five
business
days
of
the
date
of
purchase.
The
redemption
fee
does
not
apply
to
shares
purchased
through
reinvested
distributions
(dividends
and
capital
gains)
or
through
the
automatic
investment
plan,
shares
held
in
retirement
plans
(if
the
plans
request
a
waiver
of
the
fee),
or
shares
redeemed
through
designated
systematic
withdrawal
plans.
Gross
Unrealized
Appreciation
$
13,476,271
Gross
Unrealized
Depreciation
(3,323,505)
Net
Unrealized
Appreciation
$
10,152,766
Undistributed
Ordinary
Income
$
19,853
Capital
and
Other
Losses
(15,838,487)
Net
Unrealized
Appreciation
10,781,791
Total
$
(4,536,843)
ERShares
Global
Entrepreneurs
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
DECEMBER
31,
2025
14
9.
SECTOR
RISK
If
the
Fund
has
significant
investments
in
the
securities
of
issuers
within
a
particular
sector,
any
development
affecting
that
sector
will
have
a
greater
impact
on
the
value
of
the
net
assets
of
the
Fund
than
would
be
the
case
if
the
Fund
did
not
have
significant
investments
in
that
sector.
In
addition,
this
may
increase
the
risk
of
loss
in
the
Fund
and
increase
the
volatility
of
the
Fund's
NAV
per
share.
For
instance,
economic
or
market
factors,
regulatory
changes
or
other
developments
may
negatively
impact
all
companies
in
a
particular
sector,
and
therefore
the
value
of
the
Fund's
portfolio
will
be
adversely
affected.
As
of
December
31,
2025,
the
Fund
had
38.6%
of
the
value
of
its
net
assets
invested
in
stocks
within
the
Technology
sector.
10.
PRIVATELY
OFFERED
SECURITY
RISK
Privately-offered
securities
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-traded
securities,
and
may
be
subject
to
significant
brokerage
commissions.
To
the
extent
the
Fund
acquires
privately-offered
securities
through
a
special-purpose
vehicle
("SPV"),
the
Fund
may
also
be
subject
to
management
and
performance
fees
of
the
SPV.
11.
FOREIGN
SECURITIES
RISK
The
Fund
generally
invests
a
significant
portion
of
its
total
assets
in
securities
principally
traded
in
markets
outside
the
U.S.
The
foreign
markets
in
which
the
Fund
invests
in
are
sometimes
open
on
days
when
the
NYSE
is
not
open
and
the
Fund
does
not
calculate
its
NAV,
and
sometimes
are
not
open
on
days
when
the
NYSE
is
open
and
the
Fund
does
calculate
its
NAV.
Even
on
days
on
which
both
the
foreign
market
and
the
NYSE
are
open,
several
hours
may
pass
between
the
time
when
trading
in
the
foreign
market
closes
and
the
time
at
which
the
Fund
calculates
its
NAV.
That
is
generally
the
case
for
markets
in
Europe,
Asia,
Australia
and
other
far
eastern
markets;
the
regular
closing
time
of
foreign
markets
in
North
and
South
America
is
generally
the
same
as
the
closing
time
of
the
NYSE
and
the
time
at
which
the
Fund
calculate
its
NAV.
Foreign
stocks,
as
an
asset
class,
may
underperform
U.S.
stocks,
and
foreign
stocks
may
be
more
volatile
than
U.S.
stocks.
Risks
relating
to
investment
in
foreign
securities
(including,
but
not
limited
to,
depository
receipts
and
participation
certificates)
include:
currency
exchange
rate
fluctuation;
less
available
public
information
about
the
issuers
of
securities;
less
stringent
regulatory
standards;
lack
of
uniform
accounting,
auditing
and
financial
reporting
standards;
and
country
risk
including
less
liquidity,
high
inflation
rates,
unfavorable
economic
practices
and
political
instability.
The
risks
of
foreign
investments
are
typically
greater
in
emerging
and
less
developed
markets.
12.
SUBSEQUENT
EVENTS
EVALUATION
Management
of
the
Fund
has
evaluated
the
need
for
disclosures
and/or
adjustments
resulting
from
subsequent
events
through
the
date
at
which
these
financial
statements
were
issued.
Based
upon
this
evaluation,
management
has
determined
there
were
no
items
requiring
adjustment
of
the
financial
statements
or
additional
disclosure.
ERShares
Global
Entrepreneurs
OTHER
INFORMATION
(UNAUDITED)
DECEMBER
31,
2025
15
Change
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
Not
applicable.
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
of
Form
N-CSR)
Please
see
financial
statements
in
Item
7a.
Statement
Regarding
the
Basis
for
the
Board's
Approval
of
Investment
Advisory
Contract
(Item
11
of
Form
N-CSR)
Investment
Advisory
Agreement
Approval
At
the
September
9,
2025
Board
Meeting,
the
Board
of
Trustees
("Board")
of
EntrepreneurShares
Series
Trust
("Trust"),
including
the
Independent
Trustees,
considered
the
approval
of
the
continuance
of
the
Investment
Advisory
Agreement
between
Seaport
Global
Advisors,
LLC
("Seaport")
and
the
Trust,
on
behalf
of
the
Fund
(the
"Seaport
Advisory
Agreement").
The
Board
also
considered
the
proposed
continuance
of
the
Investment
Sub-Advisory
Agreement
between
Seaport
and
EntrepreneurShares,
LLC
("Subadviser"
and,
together
with
Seaport,
the
"Advisers"),
in
respect
of
the
Global
Fund
(the
"Sub-Advisory
Agreement",
and
together
with
the
Seaport
Advisory
Agreement,
the
"Advisory
Agreements",
and
each
an
"Advisory
Agreement").
In
preparation
for
its
deliberations,
the
Board
requested
written
responses
from
the
Advisers
to
a
due
diligence
questionnaire
circulated
on
the
Board's
behalf
concerning
the
services
provided
by
each
firm.
The
Board
also
discussed
the
materials
with
Fund
and
Independent
Trustee
counsel
and,
as
necessary,
with
the
Trust's
administrator.
During
its
deliberations,
the
Board
received
an
oral
presentation
from
senior
representatives
of
the
Advisers
and
was
advised
by
Independent
Trustee
counsel.
At
the
meeting,
the
Board
reviewed,
among
other
matters:
(i)
the
nature,
extent
and
quality
of
the
services
provided
to
the
Fund
by
the
Advisers,
including
information
on
the
investment
performance
of
the
Fund;
(ii)
the
costs
of
the
services
provided
and
profitability
to
Seaport
with
respect
to
its
relationship
with
the
Fund;
(iii)
information
concerning
the
advisory
fee
and
total
expense
ratio
of
the
Fund,
including
a
comparison
to
the
fees
and
expenses
of
a
relevant
peer
group
of
funds;
(iv)
the
extent
to
which
economies
of
scale
may
be
realized
as
the
Fund
grows
and
whether
the
advisory
fee
enables
investors
to
share
in
the
benefits
of
economies
of
scale;
and
(v)
other
benefits
received
by
Seaport
from
its
relationship
with
the
Fund.
The
Board
recognized
that
the
evaluation
process
with
respect
to
the
Advisers
was
an
ongoing
one
and,
in
this
regard,
the
Board
considered
information
provided
by
each
firm
at
regularly
scheduled
meetings
during
the
past
year.
Nature,
Extent
and
Quality
of
Services
Based
on
written
materials
received,
a
presentation
from
senior
representatives
of
the
Advisers,
and
a
discussion
about
each
firm's
personnel,
operations
and
financial
condition,
the
Board
considered
the
quality
of
services
provided
under
the
Advisory
Agreements.
In
this
regard,
the
Board
considered
information
regarding
the
experience,
qualifications
and
professional
background
of
the
portfolio
managers
and
other
personnel
with
principal
responsibility
for
the
Fund,
as
well
as
the
investment
philosophy
and
decision-making
processes
of
the
Advisers,
and
the
capability
and
integrity
of
each
firm's
senior
management
and
staff.
The
Board
considered
also
the
adequacy
of
each
firm's
resources.
The
Board
noted
each
firm's
representation
that
the
firm
is
in
stable
financial
condition,
that
Seaport
is
able
to
meet
its
expense
reimbursement
obligations
to
the
Fund,
and
that
the
firms
have
the
operational
capability
and
necessary
staffing
and
experience
to
continue
providing
high-quality
investment
advisory
services
to
the
Fund.
Based
on
the
presentation
and
the
materials
provided
by
the
Advisers
in
connection
with
the
Board's
consideration
of
the
renewal
of
the
Advisory
Agreements,
the
Board
concluded
that,
overall,
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreements.
ERShares
Global
Entrepreneurs
OTHER
INFORMATION
(UNAUDITED)
DECEMBER
31,
2025
16
Performance
In
connection
with
a
presentation
by
the
Advisers
regarding
their
approach
to
managing
the
Fund,
the
Board
reviewed
the
performance
of
the
Fund
compared
to
its
benchmark
and
to
a
peer
group
of
funds.
The
Board
considered
that
the
Fund
outperformed
its
primary
benchmark
index,
the
MSCI
World
Index,
for
each
of
the
one-
and
three-year
periods
ended
June
30,
2025,
and
underperformed
the
primary
benchmark
for
the
five-year
period
ended
June
30,
2025,
and
for
the
period
since
the
Fund's
inception
on
November
11,
2010.
The
Board
also
considered
the
Fund's
performance
relative
to
a
peer
group
of
funds
in
the
Morningstar
World
Large
Cap
Growth
category
with
characteristics
similar
to
those
of
the
Fund.
The
Board
observed
that,
based
on
the
information
from
Morningstar,
the
Fund
outperformed
the
average
of
its
Morningstar
peer
group
for
the
one-,
three-,
and
10-year
periods
ended
June
30,
2025,
and
underperformed
the
average
of
the
Morningstar
peer
group
for
the
five-year
period
ended
June
30,
2025.
The
Board
noted
that
the
Fund
significantly
outperformed
the
index
and
peers
during
the
one-year
period
ended
June
30,
2025,
and
was
among
the
best
performing
funds
in
the
industry
during
that
time.
The
Board
considered
the
Adviser's
representation
that
the
relative
performance
over
the
one-
and
three-year
periods
for
the
Fund
could
be
attributed,
in
part,
to
stock
selection
within
certain
sectors.
The
Board
also
considered
the
Adviser's
representation
that
the
Fund
is
designed
to
provide
long-term
capital
appreciation,
and
that
the
Fund
continued
to
show
the
ability
to
achieve
this
objective
over
the
long
term.
In
consideration
of
the
Fund's
investment
objectives
and
strategies
and
the
foregoing
performance
information,
among
other
considerations,
the
Board
determined
that
the
Fund
could
benefit
from
the
Adviser's
continued
management
of
the
Fund.
Compensation
The
Board
evaluated
the
compensation
of
Seaport
for
providing
advisory
services
to
the
Fund
and
analyzed
comparative
information
on
actual
advisory
fee
rates
and
actual
total
expenses
of
the
Fund's
Morningstar
peer
group.
The
Board
noted
that,
although
the
net
advisory
fee
rate
for
the
Fund
was
higher
than
the
median
of
its
Morningstar
peers,
the
Fund's
net
expense
ratio
was
significantly
lower
than
the
average
of
the
Morningstar
peers.
The
Board
also
noted
that
Seaport
had
in
place
a
contractual
expense
waiver
for
the
Fund,
pursuant
to
which
Seaport
continued
to
waive
a
portion
of
its
investment
advisory
fees
in
order
to
subsidize
the
Fund's
expenses,
and
that
Seaport
pays
the
Subadviser
out
of
its
advisory
fee.
Based
on
the
foregoing
and
other
relevant
factors,
the
Board
concluded
that
the
current
advisory
fee
rate
charged
to
the
Fund
was
reasonable.
Cost
of
Services
and
Profitability
The
Board
considered
information
provided
by
the
Advisers
regarding
the
costs
of
services
and
profitability
with
respect
to
the
Fund.
In
this
regard,
the
Board
considered
the
Advisers'
operating
expenses
and
other
resources
devoted
to
the
Fund,
as
well
as
the
information
provided
by
Seaport
regarding
costs
and
overall
profitability.
The
Board
noted
that
Seaport
had
in
place
a
contractual
expense
waiver
to
ensure
the
expense
ratios
for
the
Fund
remained
at
competitive
levels.
The
Board
also
noted
that
Seaport
had
committed
to
extending
the
expense
cap
arrangements
for
the
Fund
for
another
one-year
period.
The
Board
further
noted
the
representations
of
Seaport
regarding
the
firm's
profitability
in
respect
of
Fund
operations,
including
that
the
Fund
represented
a
relatively
high
percentage
of
each
Adviser's
overall
administrative,
reporting,
and
compliance
expenses.
Based
on
these
and
other
applicable
considerations,
the
Board
concluded
that
Seaport's
profits
attributable
to
management
of
the
Fund
were
reasonable.
The
Board
did
not
consider
information
regarding
the
costs
of
services
provided
or
profits
realized
by
the
Subadviser
from
its
relationship
with
the
Fund,
noting
instead
that
Seaport,
and
not
the
Fund,
was
responsible
for
paying
the
subadvisory
fees
due
under
the
Investment
Subadvisory
Agreement.
Under
these
circumstances,
the
Board
concluded
that
the
Subadviser's
profitability
was
not
a
material
factor
in
determining
whether
to
approve
the
continuance
of
the
Subadvisory
Agreement.
Economies
of
Scale
The
Board
evaluated
whether
the
Fund
would
benefit
from
any
economies
of
scale.
In
this
respect,
the
Board
considered
the
Fund's
fee
structure,
asset
size,
and
net
expense
ratio,
giving
effect
to
the
Fund's
expense
waiver
agreement.
The
Board
reviewed
relevant
ERShares
Global
Entrepreneurs
OTHER
INFORMATION
(UNAUDITED)
DECEMBER
31,
2025
17
materials
and
discussed
whether
the
use
of
breakpoints
would
be
appropriate
at
this
time,
recognizing
that
an
analysis
of
economies
of
scale
is
most
relevant
when
a
fund
has
achieved
a
substantial
size
and
has
growing
assets
and
that,
if
a
fund's
assets
are
stable
or
decreasing,
the
significance
of
economies
of
scale
may
be
reduced.
Given
the
current
assets
of
the
Fund,
and
the
Advisers'
representations
that
the
level
of
the
Fund's
assets
had
not
provided
meaningful
economies
of
scale
to
date,
among
other
relevant
considerations,
the
Board
concluded
that
any
existing
economies
of
scale
were
captured
by
the
expense
cap
structure
of
the
Fund
and
that
the
advisory
fees
for
the
Fund
remained
reasonable
in
light
of
the
current
information
provided
to
the
Board
with
respect
to
economies
of
scale.
Other
Benefits
The
Board
noted
the
Advisers'
representation
that,
aside
from
its
contractual
advisory
fees,
it
does
not
benefit
in
a
material
way
from
its
relationship
with
the
Fund.
Based
on
the
foregoing
representation,
the
Board
concluded
that
other
benefits
received
by
the
Adviser
from
its
relationship
with
the
Fund
were
not
a
material
factor
to
consider
in
approving
the
continuation
of
the
Advisory
Agreements.
Conclusion
The
Board
did
not
identify
any
single
factor
as
being
of
paramount
importance,
and
different
Trustees
may
have
given
different
weight
to
different
factors.
The
Board
reviewed
a
memorandum
from
Fund
counsel
discussing
the
legal
standards
applicable
to
its
consideration
of
the
Advisory
Agreements.
Based
on
its
review,
including
consideration
of
each
of
the
factors
referenced
above,
and
its
consideration
of
information
received
throughout
the
year
from
the
Advisers,
the
Board
determined,
in
the
exercise
of
its
business
judgment,
that
the
advisory
arrangements,
as
outlined
in
the
Advisory
Agreements,
were
fair
and
reasonable
in
light
of
the
services
performed
or
to
be
performed,
expenses
incurred
or
to
be
incurred
and
such
other
matters
as
the
Board
considered
relevant.
|
(b)
|
Included as part of financial statements filed under Item 7(a).
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.
Included as part of financial statements filed under Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included as part of financial statements filed under Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16. Controls and Procedures.
(a) The Registrant's principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) were effective as of a date within 90 days of the filing date of this report (the "Evaluation Date") based on their evaluation of the registrant's disclosure controls and procedures as of the Evaluation Date.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits.
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Rule 30a-2(a) of the Investment Company Act of 1940 as amended, and Section 302 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 (Exhibit filed herewith).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EntrepreneurShares Series Trust
|
By
|
/s/ Dr. Joel M. Shulman
|
|
|
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
|
||
|
Date
|
February 12, 2026
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
By
|
/s/ Dr. Joel M. Shulman
|
|
|
Dr. Joel M. Shulman, Principal Executive Officer and Principal Financial Officer
|
||
|
Date
|
February 12, 2026
|
|
Entrepreneurshares Series Trust published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 12, 2026 at 19:00 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]