ERShares
Global
Fund
Schedule
of
Investments
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
Shares
Fair
Value
Argentina
—
0.61%
Consumer
Discretionary
—
0.61%
MercadoLibre,
Inc.
(a)
288
$
342,570
Total
Argentina
342,570
Australia
—
4.06%
Communications
—
0.68%
SEEK
Ltd.
17,067
380,856
Consumer
Discretionary
—
0.73%
Flight
Centre
Travel
Group
Ltd.
(a)
27,630
407,327
Health
Care
—
0.15%
Telix
Pharmaceuticals
Ltd.
(a)
26,256
82,130
Materials
—
1.27%
Fortescue
Metals
Group
Ltd.
-
ADR
3,200
98,560
Fortescue
Metals
Group
Ltd.
39,386
608,931
707,491
Technology
—
1.23%
Technology
One
Ltd.
(a)
49,987
429,433
WiseTech
Global
Ltd.
6,656
254,425
683,858
Total
Australia
2,261,662
Bermuda
—
0.92%
Consumer
Discretionary
—
0.16%
Luk
Fook
Holdings
International
Ltd.
35,753
87,086
Financials
—
0.76%
Enstar
Group,
Ltd.
(a)
1,628
425,152
Total
Bermuda
512,238
Canada
—
7.51%
Communications
—
0.72%
Shopify,
Inc.,
Class
A
(a)
590
398,816
Consumer
Discretionary
—
1.99%
Richelieu
Hardware
Ltd.
15,142
551,561
Spin
Master
Corp.
(a)
16,204
557,971
1,109,532
Energy
—
0.49%
Vermilion
Energy,
Inc.
13,037
274,038
Financials
—
1.95%
Fairfax
Financial
Holdings
Ltd.
1,018
555,352
Onex
Corporation
7,869
527,323
1,082,675
Materials
—
1.32%
First
Majestic
Silver
Corp.
23,069
303,167
First
Quantum
Minerals
Ltd.
6,163
213,352
Franco-Nevada
Corp.
1,391
221,892
738,411
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
Canada
—
7.51%
(continued)
Real
Estate
—
0.67%
FirstService
Corp.
767
$
110,939
Mainstreet
Equity
Corp.
(a)
1,010
115,533
Tricon
Residential,
Inc.
9,287
147,601
374,073
Technology
—
0.37%
Topicus.com,
Inc.
(a)
2,796
208,547
Total
Canada
4,186,092
Cayman
Islands
—
4.52%
Consumer
Discretionary
—
2.54%
NagaCorp
Ltd.
654,779
584,290
Yadea
Group
Holdings
Ltd.
536,125
829,516
1,413,806
Consumer
Staples
—
0.42%
Herbalife
Nutrition
Ltd.
(a)
7,753
235,381
Financials
—
0.26%
Value
Partners
Group
Ltd.
335,995
144,979
Health
Care
—
0.06%
Essex
Bio-technology
Ltd.
63,000
34,905
Materials
—
0.79%
Xinyi
Glass
Holdings
Ltd.
181,986
441,416
Technology
—
0.45%
Kingsoft
Corp.
Ltd.
76,923
249,429
Total
Cayman
Islands
2,519,916
China
—
3.43%
Communications
—
0.91%
Bilibili,
Inc.
-
ADR
(a)
12,807
327,603
Weimob,
Inc.
(a)
274,851
181,052
508,655
Consumer
Discretionary
—
0.51%
Bosideng
International
Holdings,
Ltd.
342,426
159,994
Niu
Technologies
-
ADR
(a)
12,570
121,426
281,420
Health
Care
—
2.01%
BeiGene
Ltd.
-
ADR
(a)
2,457
463,390
Sino
Biopharmaceutical
Ltd.
1,057,580
660,205
1,123,595
Total
China
1,913,670
Denmark
—
0.74%
Health
Care
—
0.36%
Genmab
A/S
(a)
553
202,762
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
Denmark
—
0.74%
(continued)
Technology
—
0.38%
Netcompany
Group
A/S
3,127
$
207,726
Total
Denmark
410,488
France
—
2.28%
Communications
—
0.64%
Ubisoft
Entertainment
S.A.
(a)
8,062
356,319
Consumer
Staples
—
0.58%
Danone
S.A.
-
ADR
29,166
321,993
Technology
—
1.06%
Teleperformance
1,547
592,683
Total
France
1,270,995
Germany
—
0.29%
Energy
—
0.29%
VERBIO
Vereinigte
BioEnergie
AG
2,083
161,543
Total
Germany
161,543
Hong
Kong
—
0.99%
Industrials
—
0.99%
Techtronic
Industries
Co.
Ltd.
34,252
554,886
Total
Hong
Kong
554,886
Ireland
—
1.95%
Health
Care
—
0.99%
Jazz
Pharmaceuticals
PLC
(a)
3,532
549,827
Industrials
—
0.96%
Cimpress
PLC
(a)
8,412
534,919
Total
Ireland
1,084,746
Isle
Of
Man
—
0.67%
Consumer
Discretionary
—
0.67%
Entain
plc
(a)
17,192
371,162
Total
Isle
Of
Man
371,162
Israel
—
2.22%
Communications
—
1.31%
Fiverr
International
Ltd.
(a)
3,715
282,600
Wix.com
Ltd.
(a)
4,291
448,238
730,838
Technology
—
0.91%
Check
Point
Software
Technologies
Ltd.
(a)
2,134
295,047
Radware
Ltd.
(a)
6,695
214,039
509,086
Total
Israel
1,239,924
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
Italy
—
0.54%
Communications
—
0.54%
Digital
Bros
SpA
10,474
$
299,423
Total
Italy
299,423
Japan
—
1.73%
Communications
—
0.98%
GMO
internet,
Inc.
23,663
544,701
Industrials
—
0.75%
VisasQ,
Inc.
(a)
12,607
421,010
Total
Japan
965,711
Jersey
—
0.56%
Communications
—
0.56%
Gambling.com
Group
Ltd.
(a)
35,249
312,659
Total
Jersey
312,659
Marshall
Islands
—
0.84%
Industrials
—
0.84%
Star
Bulk
Carriers
Corp.
15,765
468,063
Total
Marshall
Islands
468,063
Netherlands
—
0.51%
Technology
—
0.51%
Adyen
NV
-
ADR
(a)
14,410
284,886
Total
Netherlands
284,886
Singapore
—
0.77%
Consumer
Staples
—
0.77%
Wilmar
International
Ltd.
123,149
427,970
Total
Singapore
427,970
Sweden
—
2.33%
Communications
—
0.85%
Embracer
Group
A.B.
(a)
56,073
473,288
Consumer
Discretionary
—
0.30%
Evolution
Gaming
Group
A.B.
1,629
167,688
Financials
—
0.96%
EQT
A.B.
13,589
537,660
Technology
—
0.22%
Sinch
A.B.
(a)
17,867
122,462
Total
Sweden
1,301,098
Switzerland
—
2.34%
Consumer
Discretionary
—
0.43%
Cie
Financiere
Richemont
SA
1,864
238,030
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
Switzerland
—
2.34%
(continued)
Financials
—
0.65%
Partners
Group
Holding
AG
291
$
363,258
Health
Care
—
0.69%
CRISPR
Therapeutics
AG
(a)
6,156
386,412
Technology
—
0.57%
Sensirion
Holding
AG
(a)
2,577
319,598
Total
Switzerland
1,307,298
United
Kingdom
—
1.80%
Financials
—
0.47%
Hargreaves
Lansdown
PLC
19,952
264,189
Industrials
—
0.65%
HomeServe
PLC
32,963
365,024
Materials
—
0.68%
Antofagasta
plc
17,019
374,021
Total
United
Kingdom
1,003,234
United
States
—
52.15%
Communications
—
7.58%
Airbnb,
Inc.,
Class
A
(a)
1,225
210,406
Alphabet,
Inc.,
Class
A
(a)
192
534,019
DISH
Network
Corp.,
Class
A
(a)
15,270
483,296
Meta
Platforms,
Inc.,
Class
A
(a)
5,331
1,185,401
Omnicom
Group,
Inc.
3,649
309,727
Playtika
Holding,
Corp.
(a)
30,386
587,361
Roku,
Inc.
(a)
2,054
257,305
Trade
Desk,
Inc.
(The),
Class
A
(a)
1,451
100,482
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
9,448
564,423
4,232,420
Consumer
Discretionary
—
3.89%
Advance
Auto
Parts,
Inc.
737
152,530
Amazon.com,
Inc.
(a)
95
309,695
Chipotle
Mexican
Grill,
Inc.
(a)
123
194,590
Copart,
Inc.
(a)
1,669
209,409
NIKE,
Inc.,
Class
B
595
80,063
Starbucks
Corp.
3,596
327,128
Tesla,
Inc.
(a)
170
183,192
TJX
Cos.,
Inc.
(The)
4,762
288,482
Ulta
Beauty,
Inc.
(a)
1,047
416,936
2,162,025
Consumer
Staples
—
3.92%
Brown-Forman
Corp.,
Class
B
2,681
179,681
Constellation
Brands,
Inc.,
Class
A
1,444
332,582
Costco
Wholesale
Corp.
755
434,766
Dollar
Tree,
Inc.
(a)
99
15,855
Inter
Parfums,
Inc.
2,960
260,628
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
United
States
—
52.15%
(continued)
Consumer
Staples
—
3.92%
(continued)
Keurig
Dr
Pepper,
Inc.
4,566
$
173,051
Monster
Beverage
Corp.
(a)
4,849
387,435
Walgreens
Boots
Alliance,
Inc.
9,032
404,363
2,188,361
Energy
—
2.68%
Chesapeake
Energy
Corp.
1,039
90,393
Chevron
Corp.
1,116
181,719
Continental
Resources,
Inc.
2,699
165,530
Devon
Energy
Corp.
2,971
175,675
Enphase
Energy,
Inc.
(a)
1,742
351,500
Kinder
Morgan,
Inc.
9,109
172,251
SolarEdge
Technologies,
Inc.
(a)
534
172,146
Valero
Energy
Corp.
1,108
112,506
W&T
Offshore,
Inc.
(a)
19,092
72,931
1,494,651
Financials
—
9.16%
Apollo
Global
Management
Inc.
4,157
257,692
Ares
Management
Corp.,
Class
A
5,261
427,352
BlackRock,
Inc.
497
379,792
Blackstone
Group
L.P.
(The),
Class
A
3,123
396,434
Capital
One
Financial
Corp.
2,910
382,054
Charles
Schwab
Corp.
(The)
3,577
301,577
Citizens
Financial
Group,
Inc.
11,323
513,272
First
Republic
Bank
2,999
486,138
Icahn
Enterprises,
L.P.
8,053
418,192
Intercontinental
Exchange,
Inc.
1,559
205,975
Pinnacle
Financial
Partners,
Inc.
3,228
297,234
Signature
Bank
1,782
522,998
Western
Alliance
Bancorp
6,308
522,429
5,111,139
Health
Care
—
4.26%
Danaher
Corp.
1,430
419,462
Exelixis,
Inc.
(a)
10,609
240,506
HCA
Healthcare,
Inc.
849
212,776
Invitae
Corp.
(a)
28,393
226,292
Regeneron
Pharmaceuticals,
Inc.
(a)
507
354,099
ResMed,
Inc.
1,392
337,574
Royalty
Pharma
PLC,
Class
A
6,304
245,604
Seagen,
Inc.
(a)
2,328
335,348
2,371,661
Industrials
—
1.62%
Cintas
Corp.
1,020
433,898
Cognex
Corp.
3,608
278,357
FedEx
Corp.
827
191,360
903,615
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
93.76%
(continued)
Shares
Fair
Value
United
States
—
52.15%
(continued)
Materials
—
0.35%
Steel
Dynamics,
Inc.
2,326
$
194,058
Real
Estate
—
1.64%
Alexandria
Real
Estate
Equities,
Inc.
2,404
483,805
Extra
Space
Storage,
Inc.
974
200,254
Medical
Properties
Trust,
Inc.
10,878
229,961
914,020
Technology
—
17.05%
Analog
Devices,
Inc.
998
164,850
Apple,
Inc.
2,826
493,448
Arista
Networks,
Inc.
(a)
1,813
251,971
Bentley
Systems,
Inc.
6,556
289,644
Block,
Inc.,
Class
A
(a)
4,150
562,740
Cloudflare,
Inc.,
Class
A
(a)
790
94,563
CoStar
Group,
Inc.
(a)
4,818
320,927
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,050
238,434
Datadog,
Inc.
(a)
1,768
267,799
FleetCor
Technologies,
Inc.
(a)
1,001
249,309
Fortinet,
Inc.
(a)
642
219,397
HubSpot,
Inc.
(a)
653
310,136
Microchip
Technology,
Inc.
3,339
250,892
Microsoft
Corp.
1,850
570,374
Mimecast
Ltd.
(a)
3,760
299,146
Monolithic
Power
Systems,
Inc.
839
407,486
NVIDIA
Corp.
4,905
1,338,378
Okta,
Inc.
(a)
669
100,992
Oracle
Corp.
5,543
458,572
Palo
Alto
Networks,
Inc.
(a)
339
211,031
Paychex,
Inc.
957
130,602
QUALCOMM,
Inc.
1,705
260,558
salesforce.com,
Inc.
(a)
843
178,986
Snowflake,
Inc.,
Class
A
(a)
421
96,464
Synopsys,
Inc.
(a)
925
308,275
Twilio,
Inc.,
Class
A
(a)
622
102,512
Upstart
Holdings,
Inc.
(a)
4,257
464,396
Veeva
Systems,
Inc.,
Class
A
(a)
2,300
488,658
VMware,
Inc.,
Class
A
1,821
207,357
Workday,
Inc.,
Class
A
(a)
748
179,116
9,517,013
Total
United
States
29,088,963
Total Common
Stocks
(Cost $53,662,895)
52,289,197
ERShares
Global
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Money
Market
Funds
-
6.13%
Shares
Fair
Value
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
0.16%
(b)
3,417,522
3,417,522
Total
Money
Market
Funds
(Cost
$3,417,522)
3,417,522
Total
Investments
—
99.89%
(Cost
$57,080,417)
$
55,706,719
Other
Assets
in
Excess
of
Liabilities
—
0.11%
62,032
Net
Assets
—
100.00%
$
55,768,751
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2022.
ADR
-
American
Depositary
Receipt.
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
March
31,
2022
-
(Unaudited)
Common
Stocks
—
95.82%
Shares
Fair
Value
Communications
—
5.75%
Cargurus,
Inc.
(a)
9,453
$
401,374
Eventbrite,
Inc.,
Class
A
(a)
54,207
800,637
HealthStream,
Inc.
(a)
46,764
931,539
Match
Group,
Inc.
(a)
5,531
601,441
Shutterstock,
Inc.
11,496
1,070,049
World
Wrestling
Entertainment,
Inc.,
Class
A
14,719
919,054
Yelp,
Inc.
(a)
29,055
991,066
5,715,160
Consumer
Discretionary
—
11.54%
1-800-Flowers.com,
Inc.,
Class
A
(a)
54,609
696,811
Advance
Auto
Parts,
Inc.
3,758
777,756
Arhaus,
Inc.
(a)
46,350
394,439
AutoNation,
Inc.
(a)
5,678
565,415
Bloomin'
Brands,
Inc.
29,633
650,148
Carriage
Services,
Inc.
17,377
926,715
Cheesecake
Factory,
Inc.
(The)
(a)
18,416
732,772
Funko,
Inc.,
Class
A
(a)
44,309
764,331
GrowGeneration
Corp.
(a)
82,605
760,792
Liquidity
Services,
Inc.
(a)
58,302
998,131
OneWater
Marine,
Inc.
17,203
592,643
PC
Connection,
Inc.
8,855
463,913
RealReal,
Inc.
(The)
(a)
58,509
424,775
Shake
Shack,
Inc.,
Class
A
(a)
9,625
653,538
Signet
Jewelers
Ltd.
11,648
846,810
Sonic
Automotive,
Inc.,
Class
A
20,803
884,335
Stitch
Fix,
Inc.,
Class
A
(a)
33,792
340,285
11,473,609
Consumer
Staples
—
2.89%
elf
Beauty,
Inc.
(a)
42,836
1,106,454
Inter
Parfums,
Inc.
6,799
598,652
Utz
Brands,
Inc.
32,565
481,311
Vita
Coco
Co.,
Inc.
(The)
(a)
77,297
692,581
2,878,998
Energy
—
2.77%
Ameresco,
Inc.,
Class
A
(a)
17,480
1,389,660
Antero
Resources
Corp.
(a)
9,228
281,731
Chesapeake
Energy
Corp.
2,798
243,426
Matador
Resources
Co.
4,143
219,496
Vermilion
Energy,
Inc.
22,103
464,605
W&T
Offshore,
Inc.
(a)
41,156
157,216
2,756,134
Financials
—
7.97%
B.
Riley
Financial,
Inc.
6,088
425,916
Customers
Bancorp,
Inc.
(a)
8,668
451,950
Evercore,
Inc.,
Class
A
4,219
469,659
HCI
Group,
Inc.
5,730
390,671
Houlihan
Lokey,
Inc.
6,586
578,251
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
95.82%
(continued)
Shares
Fair
Value
Financials
—
7.97%
(continued)
Kinsale
Capital
Group,
Inc.
3,273
$
746,309
Live
Oak
Bancshares,
Inc.
10,625
540,706
Moelis
&
Co.,
Class
A
8,891
417,432
Palomar
Holdings,
Inc.
(a)
9,141
584,933
Pinnacle
Financial
Partners,
Inc.
5,839
537,655
Preferred
Bank
9,900
733,492
Signature
Bank
1,337
392,396
Stifel
Financial
Corp.
7,153
485,689
Triumph
Bancorp,
Inc.
(a)
4,920
462,578
Trupanion,
Inc.
(a)
7,908
704,761
7,922,398
Health
Care
—
27.18%
ACADIA
Pharmaceuticals,
Inc.
(a)
28,954
701,266
Alector,
Inc.
(a)
49,158
700,502
Alkermes
PLC
(a)
33,675
885,988
Amedisys,
Inc.
(a)
7,382
1,271,845
Amphastar
Pharmaceuticals,
Inc.
(a)
17,760
637,584
Arrowhead
Pharmaceuticals,
Inc.
(a)
15,933
732,759
Beam
Therapeutics,
Inc.
(a)
7,199
412,503
Blueprint
Medicines
Corp.
(a)
8,411
537,295
Castle
Biosciences,
Inc.
(a)
17,531
786,441
Catalyst
Pharmaceuticals,
Inc.
(a)
99,322
823,379
CRISPR
Therapeutics
AG
(a)
12,905
810,047
Eagle
Pharmaceuticals,
Inc.
(a)
15,918
787,782
Ensign
Group,
Inc.
(The)
15,283
1,375,623
Exelixis,
Inc.
(a)
9,091
206,093
Fate
Therapeutics,
Inc.
(a)
18,849
730,776
Global
Blood
Therapeutics,
Inc.
(a)
29,001
1,004,594
Globus
Medical,
Inc.,
Class
A
(a)
20,875
1,540,158
Inotiv,
Inc.
(a)
19,832
519,202
Intellia
Therapeutics,
Inc.
(a)
8,200
595,894
Invitae
Corp.
(a)
74,591
594,490
iRadimed
Corp.
22,797
1,022,217
Kodiak
Sciences,
Inc.
(a)
18,705
144,403
LeMaitre
Vascular,
Inc.
23,820
1,106,915
LHC
Group,
Inc.
(a)
7,229
1,218,809
Madrigal
Pharmaceuticals,
Inc.
(a)
12,556
1,231,994
MEDNAX,
Inc.
(a)
33,808
793,812
Merit
Medical
Systems,
Inc.
(a)
21,450
1,426,854
Select
Medical
Holdings
Corp.
27,204
652,624
Shockwave
Medical,
Inc.
(a)
5,445
1,129,075
Supernus
Pharmaceuticals,
Inc.
(a)
25,910
837,411
Twist
Bioscience
Corp.
(a)
15,340
757,489
Vir
Biotechnology,
Inc.
(a)
15,398
396,037
Zynex,
Inc.
107,187
667,775
27,039,636
Industrials
—
9.79%
AAON,
Inc.
12,199
679,850
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
95.82%
(continued)
Shares
Fair
Value
Industrials
—
9.79%
(continued)
Allegiant
Travel
Co.
(a)
4,550
$
738,875
Bloom
Energy
Corp.,
Class
A
(a)
48,088
1,161,326
Clean
Harbors,
Inc.
(a)
11,448
1,278,054
Colfax
Corp.
(a)
30,817
1,226,208
Forrester
Research,
Inc.
(a)
16,767
945,994
Hillenbrand,
Inc.
7,623
336,708
Insperity,
Inc.
9,077
911,512
Napco
Security
Technologies,
Inc.
(a)
43,864
900,089
R1
RCM,
Inc.
(a)
34,652
927,288
Titan
Machinery,
Inc.
(a)
22,362
631,950
9,737,854
Materials
—
2.14%
Element
Solutions,
Inc.
17,065
373,724
Encore
Wire
Corp.
7,451
849,935
First
Majestic
Silver
Corp.
20,050
263,858
Franco-Nevada
Corp.
2,383
380,136
Graphic
Packaging
Holding
Co.
12,814
256,793
2,124,446
Real
Estate
—
2.35%
eXp
World
Holdings,
Inc.
30,584
647,463
Gladstone
Land
Corp.
25,818
940,292
Legacy
Housing
Corp.
(a)
1,639
35,173
Newmark
Group,
Inc.,
Class
A
44,742
712,293
2,335,221
Technology
—
23.44%
Altair
Engineering,
Inc.,
Class
A
(a)
17,062
1,098,793
Ambarella,
Inc.
(a)
7,324
768,434
Appfolio,
Inc.,
Class
A
(a)
10,712
1,212,706
Asana,
Inc.,
Class
A
(a)
26,939
1,076,752
Box,
Inc.,
Class
A
(a)
30,690
891,851
ExlService
Holdings,
Inc.
(a)
7,331
1,050,312
Fastly,
Inc.
(a)
41,047
713,397
II-VI,
Inc.
(a)
14,735
1,068,139
Impinj,
Inc.
(a)
10,451
664,057
Lattice
Semiconductor
Corp.
(a)
16,906
1,030,421
MaxLinear,
Inc.
(a)
15,034
877,234
Mimecast
Ltd.
(a)
12,610
1,003,252
Omnicell,
Inc.
(a)
9,639
1,248,155
PagerDuty,
Inc.
(a)
28,082
960,123
PubMatic,
Inc.
(a)
27,492
718,091
Pure
Storage,
Inc.,
Class
A
(a)
22,234
785,083
Rapid7,
Inc.
(a)
8,275
920,511
Sanmina
Corp.
(a)
23,334
943,160
Sprout
Social,
Inc.,
Class
A
(a)
12,393
992,927
Super
Micro
Computer,
Inc.
(a)
24,458
931,116
Tenable
Holdings,
Inc.
(a)
15,033
868,757
TTEC
Holdings,
Inc.
11,492
948,320
Upstart
Holdings,
Inc.
(a)
6,558
715,412
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
95.82%
(continued)
Shares
Fair
Value
Technology
—
23.44%
(continued)
Vicor
Corp.
(a)
11,194
$
789,737
Zuora,
Inc.
(a)
68,927
1,032,526
23,309,266
Total Common
Stocks
(Cost $95,131,909)
95,292,722
Money
Market
Funds
-
5.36%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
0.16%
(b)
5,333,083
5,333,083
Total
Money
Market
Funds
(Cost
$5,333,083)
5,333,083
Total
Investments
—
101.18%
(Cost
$100,464,992)
100,625,805
Liabilities
in
Excess
of
Other
Assets
—
(1.18)%
(1,175,514)
Net
Assets
—
100.00%
$
99,450,291
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2022.
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
March
31,
2022
-
(Unaudited)
Common
Stocks
—
94.66%
Shares
Fair
Value
Communications
—
10.64%
Alphabet,
Inc.,
Class
A
(a)
600
$
1,668,810
Meta
Platforms,
Inc.,
Class
A
(a)
10,079
2,241,165
Playtika
Holding,
Corp.
(a)
18,736
362,167
Roku,
Inc.
(a)
3,480
435,940
Trade
Desk,
Inc.
(The),
Class
A
(a)
8,350
578,238
5,286,320
Consumer
Discretionary
—
12.04%
Advance
Auto
Parts,
Inc.
4,611
954,293
Amazon.com,
Inc.
(a)
65
211,897
Chipotle
Mexican
Grill,
Inc.
(a)
162
256,289
Copart,
Inc.
(a)
4,479
561,980
Etsy,
Inc.
(a)
4,219
524,337
Freshpet,
Inc.
(a)
1,960
201,174
NIKE,
Inc.,
Class
B
1,567
210,856
RH
(a)
667
217,502
Service
Corp.
International
15,655
1,030,412
Starbucks
Corp.
7,177
652,892
Tesla,
Inc.
(a)
797
858,847
TJX
Cos.,
Inc.
(The)
5,035
305,020
5,985,499
Consumer
Staples
—
1.89%
Beyond
Meat,
Inc.
(a)
3,883
187,588
Keurig
Dr
Pepper,
Inc.
19,818
751,102
938,690
Energy
—
2.73%
Chesapeake
Energy
Corp.
1,697
147,639
Chevron
Corp.
1,595
259,714
Continental
Resources,
Inc.
2,320
142,286
Enphase
Energy,
Inc.
(a)
3,451
696,343
Valero
Energy
Corp.
1,108
112,506
1,358,488
Financials
—
5.89%
Ares
Management
Corp.,
Class
A
4,169
338,648
BlackRock,
Inc.
915
699,216
Icahn
Enterprises,
L.P.
13,744
713,725
Intercontinental
Exchange,
Inc.
4,198
554,640
Stifel
Financial
Corp.
4,878
331,216
Western
Alliance
Bancorp
3,513
290,947
2,928,392
Health
Care
—
11.41%
Amedisys,
Inc.
(a)
1,124
193,654
Danaher
Corp.
2,594
760,898
Exact
Sciences
Corp.
(a)
6,873
480,560
Exelixis,
Inc.
(a)
16,091
364,783
Masimo
Corp.
(a)
1,925
280,165
Regeneron
Pharmaceuticals,
Inc.
(a)
1,251
873,723
ResMed,
Inc.
3,492
846,845
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
94.66%
(continued)
Shares
Fair
Value
Health
Care
—
11.41%
(continued)
Seagen,
Inc.
(a)
4,314
$
621,432
Teladoc
Health,
Inc.
(a)
11,580
835,265
United
Therapeutics
Corp.
(a)
2,297
412,105
5,669,430
Industrials
—
3.69%
Cintas
Corp.
2,630
1,118,777
Cognex
Corp.
7,063
544,910
FedEx
Corp.
732
169,377
1,833,064
Materials
—
1.70%
Franco-Nevada
Corp.
1,589
253,477
Steel
Dynamics,
Inc.
7,073
590,101
843,578
Real
Estate
—
1.74%
Extra
Space
Storage,
Inc.
2,027
416,751
Kimco
Realty
Corp.
18,107
447,243
863,994
Technology
—
42.93%
Adobe,
Inc.
(a)
556
253,325
Apple,
Inc.
12,156
2,122,559
Block,
Inc.,
Class
A
(a)
6,934
940,251
Cloudflare,
Inc.,
Class
A
(a)
4,273
511,478
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
2,994
679,878
Datadog,
Inc.
(a)
1,340
202,970
EPAM
Systems,
Inc.
(a)
2,079
616,652
FleetCor
Technologies,
Inc.
(a)
2,888
719,285
Fortinet,
Inc.
(a)
1,541
526,621
Microsoft
Corp.
7,246
2,234,013
MongoDB,
Inc.
(a)
476
211,149
Monolithic
Power
Systems,
Inc.
1,630
791,658
NVIDIA
Corp.
7,933
2,164,599
Omnicell,
Inc.
(a)
4,967
643,177
Oracle
Corp.
12,295
1,017,165
Palo
Alto
Networks,
Inc.
(a)
713
443,850
Pure
Storage,
Inc.,
Class
A
(a)
12,457
439,857
QUALCOMM,
Inc.
5,614
857,931
salesforce.com,
Inc.
(a)
2,763
586,640
SS&C
Technologies
Holdings,
Inc.
8,108
608,262
Synopsys,
Inc.
(a)
3,324
1,107,789
Twilio,
Inc.,
Class
A
(a)
4,445
732,580
Ubiquiti,
Inc.
1,825
531,367
Upstart
Holdings,
Inc.
(a)
4,984
543,705
Veeva
Systems,
Inc.,
Class
A
(a)
3,368
715,565
VMware,
Inc.,
Class
A
3,011
342,863
Workday,
Inc.,
Class
A
(a)
814
194,920
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
(continued)
March
31,
2022
-
(Unaudited)
Common
Stocks
—
94.66%
(continued)
Shares
Fair
Value
Technology
—
42.93%
(continued)
Zoom
Video
Communications,
Inc.,
Class
A
(a)
5,147
$
603,383
21,343,492
Total Common
Stocks
(Cost $44,648,445)
47,050,947
Money
Market
Funds
-
6.75%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
0.16%
(b)
3,354,044
3,354,044
Total
Money
Market
Funds
(Cost
$3,354,044)
3,354,044
Total
Investments
—
101.41%
(Cost
$48,002,489)
50,404,991
Liabilities
in
Excess
of
Other
Assets
—
(1.41)%
(702,395)
Net
Assets
—
100.00%
$
49,702,596
(a)
Non-income
producing
security.
(b)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2022.