EntrepreneurShares Series Trust NPORTP ERShares Entrepreneur 30 ETF (Sep 2020 report)

ERShares Entrepreneur 30 ETF

September 30, 2020 (Unaudited)

Schedule of Investments Summary Table
	Percentage of Fair Value
Communications		26.6	%
Consumer Discretionary		18.9
Financials		7.1
Health Care		12.5
Technology		34.9
Total		100.0	%

Portfolio holdings and allocations are subject to change. As of September 30, 2020, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund's total net assets.

Schedule of Investments

Shares			Fair Value
Common Stocks — 97.4%
Communications — 25.9%
	5,556	Alphabet, Inc., Class A ^†	$	8,142,873
	30,043	Facebook, Inc., Class A ^†		7,868,262
	13,706	Netflix, Inc. ^†		6,853,411
	22,478	Roku, Inc. ^†		4,243,846
	6,000	Trade Desk, Inc. (The), Class A ^†		3,112,680
	82,901	Twitter, Inc. ^†		3,689,095
	14,371	VeriSign, Inc. ^†		2,943,899
				36,854,066
Consumer Discretionary — 18.5%
	4,087	Amazon.com, Inc. ^†		12,868,860
	33,329	Copart, Inc. ^†		3,504,878
	15,575	Tesla, Inc. ^†		6,681,831
	11,000	Wayfair, Inc., Class A ^†		3,201,110
				26,256,679
Financials — 6.9%
	4,352	BlackRock, Inc.		2,452,570
	29,979	Intercontinental Exchange, Inc.		2,999,399
	26,508	Square, Inc., Class A ^†		4,308,875
				9,760,844
Health Care — 12.1%
	13,253	Masimo Corp. ^†		3,128,503
	6,501	Regeneron Pharmaceuticals, Inc. ^†		3,639,130
	19,004	ResMed, Inc.		3,257,856
	18,592	Seattle Genetics, Inc. ^†		3,638,268
	16,200	Teladoc Health, Inc. ^†		3,551,688
				17,215,445
Technology — 34.0%
	39,500	Datadog, Inc., Class A ^†		4,035,320
	23,045	Fortinet, Inc. ^†		2,714,931
	14,458	NVIDIA Corp.		7,824,959
	14,550	Okta, Inc. ^†		3,111,518
	10,000	RingCentral, Inc., Class A ^†		2,746,100
	26,930	Salesforce.com, Inc. ^†		6,768,047
	160,000	Slack Technologies, Inc., Class A ^†		4,297,600
	16,700	Synopsys, Inc. ^†		3,573,466
	14,000	Twilio, Inc. ^†		3,459,260
	14,710	Veeva Systems, Inc., Class A ^†		4,136,305
	12,000	Zoom Video Communications, Inc., Class A ^†		5,641,320
				48,308,826
Total Common Stocks (Cost $95,611,654)			$	138,395,860
Total Investments — 97.4%
(Cost $95,611,654)			$	138,395,860
Other Assets less Liabilities — 2.6%				3,615,323
Net Assets — 100.0%			$	142,011,183

†	Non-income producing security

ERShares Non-US Small Cap ETF	September 30, 2020 (Unaudited)

Schedule of Investments Summary Table
	Percentage of Fair Value
Communications		8.5	%
Consumer Discretionary		24.3
Consumer Staples		3.1
Energy		2.5
Financials		11.3
Health Care		10.8
Industrials		5.6
Technology		33.9
Total		100.0	%

Schedule of Investments

Shares			Fair Value
Common Stocks — 99.1%
Communications — 8.4%
	47,132	carsales.com, Ltd.	$	706,062
	5,823	Fiverr International, Ltd. ^†		809,281
	2,712,494	Plan B Media PCL		503,160
	51,332	SEEK, Ltd.		791,872
				2,810,375
Consumer Discretionary — 24.0%
	128,500	Best World International, Ltd. ^(a)(b)		128,025
	150,000	boohoo Group PLC ^†		724,159
	2,152,067	Bosideng International Holdings, Ltd.		671,425
	37,722	Dunelm Group PLC		679,221
	10,500	Evolution Gaming Group		693,768
	63,315	Flight Centre Travel Group, Ltd.		636,182
	113,524	Frasers Group PLC ^†		503,468
	226,583	Harvey Norman Holdings, Ltd.		737,471
	49,579	Kogan.com, Ltd.		723,816
	656,032	Nagacorp, Ltd.		784,052
	35,000	Niu Technologies ADR ^†		672,000
	16,735	Raksul, Inc. ^†		682,384
	46,807	S-Pool, Inc.		375,225
				8,011,196
Consumer Staples — 3.1%
	250,000	Ausnutria Dairy Corp., Ltd.		398,541
	20,801	Fevertree Drinks PLC		621,708
				1,020,249
Energy — 2.5%
	3,473	Solaredge Technologies, Inc. ^†		827,790
Financials — 11.2%
	16,757	Afterpay, Ltd. ^†		987,735
	3,939	Enstar Group, Ltd. ^†		636,149
	13,691	First National Financial Corp.		329,127
	19,691	Futu Holdings, Ltd. ADR ^†		563,556
	7,177	GMO Payment Gateway, Inc.		768,819
	51,609	Tricon Capital Group, Inc.		427,895
				3,713,281
Health Care — 10.7%
	529,797	3SBio, Inc. ^†		600,278
	10,646	Cellavision AB		425,016
	475,787	China Medical System Holdings, Ltd.		526,469
	11,999	CRISPR Therapeutics AG ^†		1,003,596
	175,000	Riverstone Holdings, Ltd.		450,241
	8,616	Sectra AB, Class B Shares ^†		570,129
				3,575,729
Industrials — 5.5%
	43,000	Homeserve PLC		685,199
	28,559	Instalco AB		635,157
	10,000	Jtower, Inc. ^†		527,158
				1,847,514
Technology — 33.7%
	10,320	Akatsuki, Inc.		455,720
	18,322	Audiocodes, Ltd.		576,409
	20,447	Bilibili, Inc. ADR ^†		850,595
	21,289	Computacenter PLC		650,073
	6,072	CyberArk Software, Ltd. ^†		627,966
	18,137	Frontier Developments PLC ^†		635,912
	4,512	Globant SA ^†		808,641
	89	Hi-P International, Ltd.		78
	323,458	Kingdee International Software Group Co., Ltd.		843,677
	15,000	Materialise NV ADR ^†		553,650

ERShares Non-US Small Cap ETF

September 30, 2020 (Unaudited)


Shares			Fair Value
Technology — 33.7%(Continued)
	35,974	Pro Medicus, Ltd.	$	701,660
	14,424	Radware, Ltd. ^†		349,638
	26,260	Real Matters, Inc. ^†		511,769
	6,770	SHIFT, Inc. ^†		1,015,327
	8,073	Sinch AB ^†		658,338
	32,843	Solutions 30 SE ^†		689,436
	268,000	Tianneng Power International, Ltd.		481,525
	3,136	Wix.com, Ltd. ^†		799,210
				11,209,624
Total Common Stocks (Cost $27,499,952)			$	33,015,758
Total Investments — 99.1%
(Cost $27,499,952)			$	33,015,758
Other Assets less Liabilities — 0.9%				305,511
Net Assets — 100.0%			$	33,321,269

†	Non-income producing security
(a)	This security has been deemed illiquid and represents 0.38% of the Fund’s net assets.
(b)	This security was fair valued based upon procedures approved by the Board of Trustees and represents 0.38% of the Fund’s net assets.

ADR — American Depositary Receipt

PCL — Public Company Limited

PLC — Public Limited Company

Schedule of Investments Country of Risk Table

	Value	Percentage of Fair Value
Argentina	$808,641	2.5%
Australia	5,284,798	16.0
Belgium	553,650	1.7
Bermuda	636,149	1.9
Cambodia	784,052	2.4
Canada	1,268,791	3.8
China	4,538,100	13.8
Hong Kong	1,069,966	3.2
Israel	3,990,294	12.1
Japan	3,824,633	11.6
Luxembourg	689,436	2.1
Singapore	578,344	1.8
Sweden	2,982,408	9.0
Switzerland	1,003,596	3.0
Thailand	503,160	1.5
United Kingdom	4,499,740	13.6
Total	$33,015,758	100.0%

EntrepreneurShares Series Trust NPORT-PERShares Entrepreneur 30 ETF (Sep 2020 report)