ERShares
Entrepreneurs
ETF
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
β
95.07%
Shares
Fair
Value
Communications
β
19.36%
Airbnb,
Inc.,
Class
A
(a)
1,945β
$
241,958β
Alphabet,
Inc.,
Class
A
(a)
21,167β
2,195,654β
AppLovin
Corp.
(a)
21,923β
345,287β
Bilibili,
Inc.
-
ADR
(a)
2,697β
63,380β
DoorDash,
Inc.,
Class
A
(a)
3,686β
234,282β
Meta
Platforms,
Inc.,
Class
A
(a)
3,947β
836,527β
Netflix,
Inc.
(a)
789β
272,584β
Playtika
Holding,
Corp.
(a)
31,570β
355,478β
Roblox
Corp.,
Class
A
(a)
3,673β
165,212β
Roku,
Inc.
(a)
3,972β
261,437β
Shopify,
Inc.,
Class
A
(a)
5,112β
245,069β
Shutterstock,
Inc.
3,509β
254,753β
Snap,
Inc.,
Class
A
(a)
10,781β
120,855β
Spotify
Technology
SA
(a)
3,507β
468,605β
Trade
Desk,
Inc.
(The),
Class
A
(a)
4,719β
287,434β
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
12,717β
314,237β
6,662,752β
Consumer
Discretionary
β
8.12%
Amazon.com,
Inc.
(a)
7,743β
799,775β
Chipotle
Mexican
Grill,
Inc.
(a)
200β
341,658β
Copart,
Inc.
(a)
4,216β
317,085β
DraftKings,
Inc.,
Class
A
(a)
12,972β
251,138β
Etsy,
Inc.
(a)
3,152β
350,912β
MercadoLibre,
Inc.
(a)
136β
179,256β
Tesla,
Inc.
(a)
2,669β
553,711β
2,793,535β
Consumer
Staples
β
1.62%
Dollar
Tree,
Inc.
(a)
1,827β
262,266β
Five
Below,
Inc.
(a)
1,427β
293,919β
556,185β
Energy
β
0.90%
Enphase
Energy,
Inc.
(a)
1,474β
309,953β
Financials
β
1.32%
Ares
Management
Corp.,
Class
A
3,711β
309,646β
Blackstone
Group
L.P.
(The),
Class
A
1,650β
144,936β
454,582β
Health
Care
β
13.28%
10X
Genomics,
Inc.,
Class
A
(a)
4,715β
263,050β
BeiGene
Ltd.
-
ADR
(a)
715β
154,103β
Danaher
Corp.
2,022β
509,625β
Exact
Sciences
Corp.
(a)
1,837β
124,567β
Exelixis,
Inc.
(a)
21,136β
410,250β
Globus
Medical,
Inc.,
Class
A
(a)
3,614β
204,697β
Masimo
Corp.
(a)
3,678β
678,738β
Regeneron
Pharmaceuticals,
Inc.
(a)
609β
500,397β
ResMed,
Inc.
2,798β
612,734β
Royalty
Pharma
PLC,
Class
A
5,580β
201,047β
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
95.07%
(continued)
Shares
Fair
Value
Health
Care
β
13.28%
(continued)
Seagen,
Inc.
(a)
3,087β
$
625,025β
Teladoc
Health,
Inc.
(a)
10,886β
281,947β
4,566,180β
Industrials
β
1.08%
Cintas
Corp.
424β
196,177β
Cognex
Corp.
3,515β
174,168β
370,345β
Materials
β
1.89%
Graphic
Packaging
Holding
Co.
10,252β
261,323β
Steel
Dynamics,
Inc.
3,450β
390,057β
651,380β
Real
Estate
β
2.17%
Extra
Space
Storage,
Inc.
1,947β
317,224β
Kimco
Realty
Corp.
11,120β
217,174β
Public
Storage
700β
211,498β
745,896β
Technology
β
45.33%
Alteryx,
Inc.,
Class
A
(a)
3,236β
190,406β
Arista
Networks,
Inc.
(a)
2,091β
350,995β
Bentley
Systems,
Inc.
9,622β
413,650β
Bill.com
Holdings,
Inc.
(a)
3,093β
250,966β
Cloudflare,
Inc.,
Class
A
(a)
5,023β
309,718β
CoStar
Group,
Inc.
(a)
1,768β
121,727β
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
3,619β
496,744β
Datadog,
Inc.,
Class
A
(a)
7,705β
559,845β
Dropbox,
Inc.,
Class
A
(a)
20,069β
433,892β
Dynatrace,
Inc.
(a)
4,760β
201,348β
EPAM
Systems,
Inc.
(a)
1,057β
316,043β
FleetCor
Technologies,
Inc.
(a)
1,955β
412,212β
Fortinet,
Inc.
(a)
9,794β
650,910β
HubSpot,
Inc.
(a)
1,215β
520,931β
MongoDB,
Inc.
(a)
1,779β
414,720β
Monolithic
Power
Systems,
Inc.
488β
244,264β
NVIDIA
Corp.
4,984β
1,384,405β
Okta,
Inc.
(a)
6,260β
539,862β
Oracle
Corp.
6,385β
593,294β
Palo
Alto
Networks,
Inc.
(a)
2,510β
501,347β
Paycom
Software,
Inc.
(a)
1,784β
542,354β
Pure
Storage,
Inc.,
Class
A
(a)
17,762β
453,108β
QUALCOMM,
Inc.
4,460β
569,007β
RingCentral,
Inc.,
Class
A
(a)
4,008β
122,925β
Salesforce.com,
Inc.
(a)
4,383β
875,637β
Snowflake,
Inc.
(a)
2,105β
324,780β
Synopsys,
Inc.
(a)
1,049β
405,176β
Twilio,
Inc.,
Class
A
(a)
6,695β
446,088β
Ubiquiti,
Inc.
1,017β
276,309β
UiPath,
Inc.,
Class
A
(a)
13,708β
240,712β
Unity
Software,
Inc.
(a)
11,599β
376,272β
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
95.07%
(continued)
Shares
Fair
Value
Technology
β
45.33%
(continued)
Veeva
Systems,
Inc.,
Class
A
(a)
3,102β
$
570,117β
VMware,
Inc.,
Class
A
(a)
5,080β
634,239β
Wolfspeed,
Inc.
(a)
2,902β
188,485β
Workday,
Inc.,
Class
A
(a)
1,401β
289,363β
Zoom
Video
Communications,
Inc.,
Class
A
(a)
5,054β
373,187β
15,595,038β
TotalΒ Β Common
Stocks
Β Β (CostΒ $28,758,709)
32,705,846β
Total
Investments
β
95.07%
Β Β Β Β (Cost
$28,758,709)
32,705,846β
Other
Assets
in
Excess
of
LiabilitiesΒ βΒ 4.93%
1,694,320β
Net
Assets
β
100.00%
$
34,400,166β
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
Shares
Fair
Value
Australia
β
8.41%
Communications
β
2.82%
carsales.com,
Ltd.
20,047β
$
299,644β
SEEK
Ltd.
18,274β
295,440β
595,084β
Consumer
Discretionary
β
1.58%
Flight
Centre
Travel
Group
Ltd.
(a)
15,931β
198,393β
Harvey
Norman
Holdings,
Ltd.
55,661β
133,976β
332,369β
Health
Care
β
1.20%
Telix
Pharmaceuticals
Ltd.
(a)
54,417β
253,297β
Materials
β
0.64%
Fortescue
Metals
Group
Ltd.
9,008β
135,422β
Technology
β
2.17%
HUB24
Ltd.
14,315β
266,756β
WiseTech
Global
Ltd.
4,303β
189,588β
456,344β
Total
Australia
1,772,516β
Belgium
β
1.28%
Health
Care
β
1.01%
Galapagos
NV
-
ADR
(a)
5,521β
213,331β
Technology
β
0.27%
Materialise
NV
-
ADR
(a)
6,890β
57,187β
Total
Belgium
270,518β
Bermuda
β
3.00%
Consumer
Discretionary
β
0.45%
Luk
Fook
Holdings
International
Ltd.
29,475β
94,298β
Financials
β
1.15%
Enstar
Group,
Ltd.
(a)
1,055β
244,538β
Materials
β
0.59%
Nine
Dragons
Paper
Holdings
Ltd.
166,068β
124,329β
Technology
β
0.81%
Skyworth
Group
Ltd.
330,000β
169,991β
Total
Bermuda
633,156β
Canada
β
13.36%
Consumer
Discretionary
β
2.01%
Aritzia,
Inc.
(a)
4,315β
138,467β
Gildan
Activewear,
Inc.
5,026β
166,973β
Linamar
Corp.
1,436β
69,095β
Spin
Master
Corp.
144A
(b)
1,730β
48,091β
422,626β
Energy
β
0.60%
Vermilion
Energy,
Inc.
9,829β
127,482β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
Canada
β
13.36%
(continued)
Financials
β
2.55%
Fairfax
Financial
Holdings
Ltd.
422β
$
280,652β
First
National
Financial
Corp.
5,511β
155,439β
Onex
Corp.
2,147β
100,367β
536,458β
Industrials
β
0.84%
GFL
Environmental,
Inc.
5,164β
177,848β
Materials
β
1.85%
Cascades,
Inc.
13,277β
107,963β
First
Majestic
Silver
Corp.
5,736β
41,380β
First
Quantum
Minerals
Ltd.
3,064β
70,438β
Ivanhoe
Mines
Ltd.
(a)
5,848β
52,832β
Triple
Flag
Precious
Metals
Corp.
2,010β
29,938β
West
Fraser
Timber
Co.
Ltd.
1,238β
88,195β
390,746β
Real
Estate
β
4.15%
Allied
Properties
Real
Estate
Investment
Trust
9,492β
171,085β
Colliers
International
Group,
Inc.
2,005β
211,628β
FirstService
Corp.
2,044β
288,001β
Tricon
Residential,
Inc.
26,243β
203,494β
874,208β
Technology
β
1.36%
Nuvei
Corporation
(a)
6,575β
286,177β
Total
Canada
2,815,545β
Cayman
Islands
β
4.83%
Communications
β
0.33%
Vnet
Group,
Inc.
-
ADR
(a)
21,511β
69,696β
Consumer
Discretionary
β
1.69%
NagaCorp
Ltd.
(a)
209,955β
163,848β
Yadea
Group
Holdings
Ltd.
74,476β
191,843β
355,691β
Financials
β
1.42%
FinVolution
Group
-
ADR
35,345β
147,388β
Noah
Holdings
Ltd.
-
ADR
(a)
4,620β
76,461β
Value
Partners
Group
Ltd.
239,163β
76,087β
299,936β
Materials
β
0.49%
Lee
&
Man
Paper
Manufacturing
Ltd.
260,226β
104,069β
Utilities
β
0.90%
Tian
Lun
Gas
Holdings
Ltd.
323,507β
189,386β
Total
Cayman
Islands
1,018,778β
China
β
8.01%
Communications
β
1.21%
Bilibili,
Inc.
-
ADR
(a)
7,170β
168,495β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
China
β
8.01%
(continued)
Communications
β
1.21%
(continued)
Weimob,
Inc.
(a)
140,828β
$
87,173β
255,668β
Consumer
Discretionary
β
1.32%
JD.com,
Inc.
-
ADR
1,035β
45,426β
NIU
Technologies
-
ADR
(a)
29,772β
123,256β
XPeng,
Inc.
-
ADR
(a)
9,775β
108,600β
277,282β
Energy
β
2.46%
Daqo
New
Energy
Corp.
-
ADR
(a)
4,090β
191,577β
JinkoSolar
Holding
Co.,
Ltd.
-
ADR
(a)
2,608β
133,060β
Tianneng
Power
International,
Ltd.
162,522β
192,487β
517,124β
Financials
β
1.11%
Futu
Holdings
Ltd.
-
ADR
(a)
4,503β
233,481β
Health
Care
β
1.20%
BeiGene
Ltd.
-
ADR
(a)
1,172β
252,601β
Technology
β
0.71%
Kingdee
International
Software
Group
Co.,
Ltd.
(a)
92,694β
149,734β
Total
China
1,685,890β
Denmark
β
0.44%
Technology
β
0.44%
Netcompany
Group
A/S
(a)
2,515β
91,786β
Total
Denmark
91,786β
Germany
β
0.27%
Energy
β
0.27%
VERBIO
Vereinigte
BioEnergie
AG
1,196β
56,196β
Total
Germany
56,196β
Ireland
β
1.22%
Health
Care
β
1.22%
Jazz
Pharmaceuticals
PLC
(a)
1,759β
257,394β
Total
Ireland
257,394β
Isle
Of
Man
β
1.34%
Consumer
Discretionary
β
1.34%
Entain
PLC
18,221β
282,990β
Total
Isle
Of
Man
282,990β
Israel
β
4.46%
Communications
β
0.97%
Fiverr
International
Ltd.
(a)
1,562β
54,545β
Wix.com
Ltd.
(a)
1,498β
149,500β
204,045β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
Israel
β
4.46%
(continued)
Energy
β
0.93%
SolarEdge
Technologies,
Inc.
(a)
646β
$
196,352β
Technology
β
2.56%
AudioCodes,
Ltd.
7,856β
118,468β
Check
Point
Software
Technologies
Ltd.
(a)
1,116β
145,080β
JFrog
Ltd
(a)
5,793β
114,122β
Radware
Ltd.
(a)
7,479β
161,098β
538,768β
Total
Israel
939,165β
Japan
β
4.46%
Industrials
β
1.00%
S-Pool,
Inc.
28,569β
129,015β
VisasQ,
Inc.
(a)
6,686β
82,073β
211,088β
Technology
β
3.46%
GMO
Payment
Gateway,
Inc.
1,259β
109,008β
Rorze
Corp.
4,642β
411,928β
SHIFT,
Inc.
(a)
1,165β
208,386β
729,322β
Total
Japan
940,410β
Jersey
β
0.76%
Communications
β
0.76%
Gambling.com
Group
Ltd.
(a)
16,219β
160,730β
Total
Jersey
160,730β
Singapore
β
3.35%
Consumer
Discretionary
β
1.11%
Best
World
International,
Ltd.
(a)
126,205β
233,775β
Consumer
Staples
β
1.70%
Olam
Group
Ltd.
141,142β
167,329β
Wilmar
International
Ltd.
60,635β
192,096β
359,425β
Technology
β
0.54%
UMS
Holdings
Ltd.
135,282β
113,425β
Total
Singapore
706,625β
Spain
β
0.47%
Industrials
β
0.47%
Sacyr
S.A.
30,770β
98,929β
Total
Spain
98,929β
Sweden
β
5.91%
Communications
β
0.45%
Embracer
Group
A.B.
(a)
20,260β
94,960β
Consumer
Discretionary
β
0.99%
Evolution
Gaming
Group
A.B.
1,567β
209,933β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
Sweden
β
5.91%
(continued)
Financials
β
1.21%
Avanza
Bank
Holding
A.B.
2,810β
$
65,906β
Nordnet
A.B.,
Class
A
11,537β
190,203β
256,109β
Health
Care
β
0.57%
Cellavision
A.B.
6,727β
119,743β
Industrials
β
1.24%
HMS
Networks
A.B.
4,568β
186,657β
Instalco
A.B.
15,307β
73,935β
260,592β
Real
Estate
β
1.14%
Fabege
A.B.
16,721β
128,244β
Neobo
Fastigheter
A.B.
(a)
4,134β
4,971β
Samhallsbyggnadsbolaget
i
Norden
A.B.
77,755β
106,304β
239,519β
Technology
β
0.31%
Sinch
A.B.
(a)
24,104β
65,196β
Total
Sweden
1,246,052β
Switzerland
β
2.13%
Health
Care
β
1.61%
CRISPR
Therapeutics
AG
(a)
3,711β
167,849β
Medacta
Group
S.A.
1,574β
170,869β
338,718β
Technology
β
0.52%
Sensirion
Holding
AG
(a)
1,000β
109,904β
Total
Switzerland
448,622β
United
Kingdom
β
3.26%
Communications
β
0.39%
Future
PLC
4,021β
57,797β
S4
Capital
PLC
(a)
12,359β
24,791β
82,588β
Consumer
Discretionary
β
0.84%
Frasers
Group
PLC
(a)
18,409β
176,580β
Health
Care
β
0.67%
Hikma
Pharmaceuticals
PLC
6,852β
142,032β
Technology
β
1.36%
Computacenter
PLC
10,785β
286,046β
Total
United
Kingdom
687,246β
United
States
β
21.82%
Communications
β
1.14%
fuboTV,
Inc.
(a)
44,729β
54,122β
Playtika
Holding,
Corp.
(a)
16,460β
185,340β
239,462β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
United
States
β
21.82%
(continued)
Consumer
Discretionary
β
0.26%
Skechers
U.S.A.,
Inc.,
Class
A
(a)
1,146β
$
54,458β
Consumer
Staples
β
2.23%
e.l.f.
Beauty,
Inc.
(a)
2,678β
220,533β
Inter
Parfums,
Inc.
1,753β
249,347β
469,880β
Energy
β
1.27%
Ameresco,
Inc.,
Class
A
(a)
1,638β
80,622β
Antero
Resources
Corp.
(a)
5,504β
127,087β
Matador
Resources
Co.
1,255β
59,801β
267,510β
Financials
β
0.52%
Palomar
Holdings,
Inc.
(a)
1,973β
108,910β
Health
Care
β
4.37%
Allogene
Therapeutics,
Inc.
(a)
5,983β
29,556β
Amphastar
Pharmaceuticals,
Inc.
(a)
4,682β
175,575β
Catalyst
Pharmaceuticals,
Inc.
(a)
10,360β
171,769β
Merit
Medical
Systems,
Inc.
(a)
2,292β
169,493β
Select
Medical
Holdings
Corp.
7,282β
188,240β
ShockWave
Medical,
Inc.
(a)
860β
186,474β
921,107β
Industrials
β
0.48%
Titan
Machinery,
Inc.
(a)
3,318β
101,033β
Technology
β
11.55%
Altair
Engineering,
Inc.,
Class
A
(a)
2,515β
181,357β
Appfolio,
Inc.,
Class
A
(a)
1,665β
207,258β
Box,
Inc.,
Class
A
(a)
2,413β
64,644β
CS
Disco,
Inc.
(a)
28,701β
190,575β
Dropbox,
Inc.,
Class
A
(a)
4,021β
86,934β
ExlService
Holdings,
Inc.
(a)
884β
143,058β
Fastly,
Inc.
(a)
7,868β
139,736β
MaxLinear,
Inc.
(a)
1,333β
46,935β
PagerDuty,
Inc.
(a)
4,675β
163,532β
PubMatic,
Inc.
(a)
6,048β
83,583β
R1
RCM,
Inc.
(a)
10,041β
150,615β
Rapid7,
Inc.
(a)
1,265β
58,076β
Repay
Holdings
Corp.
(a)
16,605β
109,095β
Simulations
Plus,
Inc.
3,341β
146,804β
Super
Micro
Computer,
Inc.
(a)
2,649β
282,250β
TaskUs,
Inc.
(a)
2,252β
32,519β
Tenable
Holdings,
Inc.
(a)
1,114β
52,926β
TTEC
Holdings,
Inc.
1,228β
45,718β
Unity
Software,
Inc.
(a)
4,231β
137,254β
Zscaler,
Inc.
(a)
982β
114,727β
2,437,596β
Total
United
States
4,599,956β
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
β
89.46%
(continued)
Shares
Fair
Value
Virgin
Islands
British
β
0.68%
Consumer
Staples
β
0.68%
Nomad
Foods
Ltd.
(a)
7,619β
$
142,780β
Total
Virgin
Islands
British
142,780β
TotalΒ Β Common
Stocks
Β Β (CostΒ $19,683,479)
18,855,284β
Total
Investments
β
89.46%
Β Β Β Β (Cost
$19,683,479)
18,855,284β
Other
Assets
in
Excess
of
LiabilitiesΒ
β
Β 10.54%
2,220,592β
Net
Assets
β
100.00%
$
21,075,876β
(a)
Non-income
producing
security.
(b)
Security
exempt
from
registration
under
Rule
144A
or
Section
4(2)
of
the
Securities
Act
of
1933.
The
security
may
be
resold
in
transactions
exempt
from
registration,
normally
to
qualified
institutional
buyers.
ADR
-
American
Depositary
Receipt