ERShares
Global
Entrepreneuers
Schedule
of
Investments
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
Shares
Fair
Value
Argentina
—
0.82%
Consumer
Discretionary
—
0.82%
MercadoLibre,
Inc.
(a)
305
$
386,703
Total
Argentina
386,703
Australia
—
4.72%
Communications
—
1.04%
SEEK
Ltd.
34,715
492,517
Consumer
Discretionary
—
0.73%
Flight
Centre
Travel
Group
Ltd.
27,630
344,220
Health
Care
—
1.41%
Telix
Pharmaceuticals
Ltd.
(a)
91,046
667,219
Materials
—
0.24%
Fortescue
Metals
Group
Ltd.
8,401
112,978
Technology
—
1.30%
Technology
One
Ltd.
33,491
333,920
WiseTech
Global
Ltd.
6,656
278,332
612,252
Total
Australia
2,229,186
Bermuda
—
0.78%
Consumer
Discretionary
—
0.20%
Luk
Fook
Holdings
International
Ltd.
35,753
92,684
Financials
—
0.58%
Enstar
Group,
Ltd.
(a)
1,130
273,460
Total
Bermuda
366,144
Canada
—
5.34%
Communications
—
0.43%
Shopify,
Inc.,
Class
A
(a)
3,679
200,763
Consumer
Discretionary
—
1.77%
Linamar
Corp.
8,450
407,059
Richelieu
Hardware
Ltd.
9,152
268,043
Spin
Master
Corp.
6,344
159,506
834,608
Energy
—
0.39%
Vermilion
Energy,
Inc.
12,520
183,042
Financials
—
1.02%
Fairfax
Financial
Holdings
Ltd.
429
350,205
Onex
Corp.
2,259
132,772
482,977
Materials
—
1.19%
First
Majestic
Silver
Corp.
47,211
241,922
First
Quantum
Minerals
Ltd.
13,671
322,994
564,916
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
Canada
—
5.34%
(continued)
Real
Estate
—
0.26%
FirstService
Corp.
383
$
55,708
Mainstreet
Equity
Corp.
(a)
674
65,999
121,707
Technology
—
0.28%
Topicus.com,
Inc.
(a)
2,013
132,971
Total
Canada
2,520,984
Cayman
Islands
—
2.62%
Consumer
Discretionary
—
1.61%
NagaCorp
Ltd.
(a)
667,144
322,039
Yadea
Group
Holdings
Ltd.
236,140
438,461
760,500
Financials
—
0.47%
FinVolution
Group
-
ADR
23,252
115,795
Value
Partners
Group
Ltd.
335,995
105,981
221,776
Health
Care
—
0.04%
Essex
Bio-Technology
Ltd.
47,318
17,282
Materials
—
0.50%
Xinyi
Glass
Holdings
Ltd.
181,294
234,757
Total
Cayman
Islands
1,234,315
China
—
4.67%
Communications
—
0.81%
Bilibili,
Inc.
-
ADR
(a)(b)
11,535
158,837
Weimob,
Inc.
(a)
513,712
222,391
381,228
Consumer
Discretionary
—
0.87%
Bosideng
International
Holdings,
Ltd.
439,635
189,199
NIO,
Inc.
-
ADR
(a)(b)
24,660
222,926
412,125
Energy
—
0.29%
Daqo
New
Energy
Corp.
-
ADR
(a)
4,459
134,974
Financials
—
1.40%
Futu
Holdings
Ltd.
-
ADR
(a)
11,472
663,196
Health
Care
—
0.90%
BeiGene
Ltd.
-
ADR
(a)
1,358
244,263
Sino
Biopharmaceutical
Ltd.
499,967
180,686
424,949
Technology
—
0.40%
Kingsoft
Corp.
Ltd.
51,538
186,915
Total
China
2,203,387
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
Denmark
—
1.09%
Health
Care
—
0.62%
Genmab
A/S
(a)
819
$
291,162
Technology
—
0.47%
Netcompany
Group
A/S
(a)
5,870
223,577
Total
Denmark
514,739
France
—
0.50%
Communications
—
0.20%
Ubisoft
Entertainment
S.A.
(a)
2,880
93,656
Industrials
—
0.30%
Teleperformance
SE
1,124
141,881
Total
France
235,537
Germany
—
0.37%
Communications
—
0.21%
Delivery
Hero
S.E.
(a)
3,490
100,247
Energy
—
0.16%
VERBIO
Vereinigte
BioEnergie
AG
1,823
73,448
Total
Germany
173,695
Hong
Kong
—
0.70%
Industrials
—
0.70%
Techtronic
Industries
Co.
Ltd.
34,252
332,427
Total
Hong
Kong
332,427
Ireland
—
2.32%
Health
Care
—
1.55%
Jazz
Pharmaceuticals
PLC
(a)
5,667
733,536
Industrials
—
0.77%
Cimpress
PLC
(a)
5,170
361,952
Total
Ireland
1,095,488
Isle
Of
Man
—
0.28%
Consumer
Discretionary
—
0.28%
Entain
PLC
11,451
130,316
Total
Isle
Of
Man
130,316
Israel
—
1.01%
Communications
—
0.59%
Wix.com
Ltd.
(a)
3,060
280,908
Technology
—
0.42%
Check
Point
Software
Technologies
Ltd.
(a)
920
122,618
Radware
Ltd.
(a)
4,338
73,399
196,017
Total
Israel
476,925
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
Italy
—
0.17%
Communications
—
0.17%
Digital
Bros
SpA
6,448
$
82,074
Total
Italy
82,074
Japan
—
0.35%
Communications
—
0.35%
GMO
internet,
Inc.
10,774
166,901
Total
Japan
166,901
Jersey
—
1.17%
Communications
—
1.17%
Gambling.com
Group
Ltd.
(a)
42,187
551,806
Total
Jersey
551,806
Luxembourg
—
1.06%
Communications
—
1.06%
Spotify
Technology
SA
(a)
3,249
502,425
Total
Luxembourg
502,425
Netherlands
—
0.11%
Technology
—
0.11%
Adyen
NV
-
ADR
(a)(b)
7,109
52,607
Total
Netherlands
52,607
Singapore
—
0.84%
Communications
—
0.13%
Sea
Ltd.
-
ADR
(a)
1,443
63,420
Consumer
Staples
—
0.71%
Wilmar
International
Ltd.
123,149
336,005
Total
Singapore
399,425
Sweden
—
1.99%
Communications
—
0.08%
Embracer
Group
A.B.
(a)
19,736
39,581
Consumer
Discretionary
—
0.92%
Evolution
Gaming
Group
A.B.
4,269
432,333
Financials
—
0.93%
EQT
A.B.
22,013
437,039
Technology
—
0.06%
Sinch
A.B.
(a)
17,102
30,068
Total
Sweden
939,021
Switzerland
—
1.91%
Consumer
Discretionary
—
0.29%
Cie
Financiere
Richemont
SA
1,112
136,056
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
Switzerland
—
1.91%
(continued)
Financials
—
1.03%
Partners
Group
Holding
AG
433
$
489,341
Health
Care
—
0.34%
CRISPR
Therapeutics
AG
(a)(b)
3,508
159,228
Technology
—
0.25%
Sensirion
Holding
AG
(a)
1,442
115,626
Total
Switzerland
900,251
United
Kingdom
—
2.00%
Financials
—
0.81%
Hargreaves
Lansdown
PLC
40,579
382,789
Health
Care
—
0.86%
Hikma
Pharmaceuticals
PLC
15,836
403,405
Materials
—
0.33%
Antofagasta
PLC
8,908
155,303
Total
United
Kingdom
941,497
United
States
—
58.52%
Communications
—
9.17%
Airbnb,
Inc.,
Class
A
(a)
3,769
517,144
Alphabet,
Inc.,
Class
A
(a)
11,999
1,570,190
Meta
Platforms,
Inc.,
Class
A
(a)
3,864
1,160,011
Playtika
Holding
Corp.
(a)
26,798
258,065
Roku,
Inc.
(a)
7,194
507,824
Trade
Desk,
Inc.
(The),
Class
A
(a)
2,360
184,434
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
7,447
122,131
4,319,799
Consumer
Discretionary
—
4.82%
Amazon.com,
Inc.
(a)
13,306
1,691,459
Chipotle
Mexican
Grill,
Inc.
(a)
147
269,279
Copart,
Inc.
(a)
4,430
190,889
Tesla,
Inc.
(a)
517
129,364
2,280,991
Consumer
Staples
—
1.97%
e.l.f.
Beauty,
Inc.
(a)
5,883
646,130
Inter
Parfums,
Inc.
1,046
140,520
Monster
Beverage
Corp.
(a)
2,708
143,389
930,039
Energy
—
2.36%
Chesapeake
Energy
Corp.
3,351
288,957
Devon
Energy
Corp.
3,046
145,294
Enphase
Energy,
Inc.
(a)
913
109,697
Kinder
Morgan,
Inc.
6,216
103,061
Valero
Energy
Corp.
1,535
217,525
W&T
Offshore,
Inc.
(a)
56,701
248,350
1,112,884
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
United
States
—
58.52%
(continued)
Financials
—
2.37%
Apollo
Global
Management
Inc.
5,561
$
499,155
Citizens
Financial
Group,
Inc.
8,145
218,286
Pinnacle
Financial
Partners,
Inc.
5,948
398,754
1,116,195
Health
Care
—
9.34%
Catalyst
Pharmaceuticals,
Inc.
(a)
45,941
537,050
Danaher
Corp.
2,874
713,039
Exelixis,
Inc.
(a)
26,071
569,651
Globus
Medical,
Inc.,
Class
A
(a)
4,834
240,008
HCA
Healthcare,
Inc.
965
237,371
Masimo
Corp.
(a)
1,087
95,308
Regeneron
Pharmaceuticals,
Inc.
(a)
251
206,563
Royalty
Pharma
PLC,
Class
A
2,651
71,948
Seagen,
Inc.
(a)
513
108,833
ShockWave
Medical,
Inc.
(a)
758
150,918
Supernus
Pharmaceuticals,
Inc.
(a)
7,942
218,961
United
Therapeutics
Corp.
(a)
3,742
845,206
Vertex
Pharmaceuticals,
Inc.
(a)
1,192
414,506
4,409,362
Industrials
—
0.59%
Cognex
Corp.
6,525
276,921
Materials
—
0.88%
Mosaic
Co.
(The)
6,691
238,200
Steel
Dynamics,
Inc.
1,684
180,558
418,758
Real
Estate
—
0.56%
Extra
Space
Storage,
Inc.
1,469
178,601
Medical
Properties
Trust,
Inc.
(b)
15,835
86,301
264,902
Technology
—
26.46%
Apple,
Inc.
7,034
1,204,291
Arista
Networks,
Inc.
(a)
3,728
685,691
Bentley
Systems,
Inc.
5,757
288,771
Block,
Inc.,
Class
A
(a)
9,256
409,671
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,474
246,718
FleetCor
Technologies,
Inc.
(a)
2,410
615,369
Fortinet,
Inc.
(a)
4,314
253,146
Juniper
Networks,
Inc.
12,705
353,072
Microchip
Technology,
Inc.
9,583
747,953
Microsoft
Corp.
3,412
1,077,339
MongoDB,
Inc.
(a)
915
316,462
Monolithic
Power
Systems,
Inc.
358
165,396
NVIDIA
Corp.
1,740
756,883
Oracle
Corp.
8,177
866,108
Palo
Alto
Networks,
Inc.
(a)(b)
1,246
292,112
Paycom
Software,
Inc.
2,016
522,688
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
93.34%
(continued)
Shares
Fair
Value
United
States
—
58.52%
(continued)
Technology
—
26.46%
(continued)
Salesforce,
Inc.
(a)
2,499
$
506,747
Snowflake,
Inc.
(a)
1,138
173,852
Super
Micro
Computer,
Inc.
(a)
871
238,846
Synopsys,
Inc.
(a)
826
379,109
Twilio,
Inc.,
Class
A
(a)
8,146
476,785
Veeva
Systems,
Inc.,
Class
A
(a)
2,924
594,888
VMware,
Inc.,
Class
A
(a)
5,353
891,167
Workday,
Inc.,
Class
A
(a)
1,343
288,544
Zoom
Video
Communications,
Inc.,
Class
A
(a)
1,811
126,661
12,478,269
Total
United
States
27,608,120
Total Common
Stocks
(Cost $44,373,517)
44,043,973
Money
Market
Funds
-
9.24%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
5.20%
(c)
3,368,546
3,368,546
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.26%
(c)(d)
990,944
990,944
Total
Money
Market
Funds
(Cost
$4,359,490)
4,359,490
Total
Investments
—
102.58%
(Cost
$48,733,007)
48,403,463
Liabilities
in
Excess
of
Other
Assets
—
(2.58)%
(1,216,243)
Net
Assets
—
100.00%
$
47,187,220
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
September
30,
2023.
The
total
value
of
the
securities
on
loan
as
of
September
30,
2023
was
$962,068.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2023.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$990,944.
ADR
-
American
Depositary
Receipt
ERShares
US
Small
Cap
Schedule
of
Investments
September
30,
2023
(Unaudited)
Common
Stocks
—
90.72%
Shares
Fair
Value
Communications
—
5.01%
Cargurus,
Inc.
(a)
30,764
$
538,985
Eventbrite,
Inc.,
Class
A
(a)
71,753
707,485
Match
Group,
Inc.
(a)
16,098
630,639
Shutterstock,
Inc.
19,358
736,572
Yelp,
Inc.
(a)
16,702
694,636
3,308,317
Consumer
Discretionary
—
13.55%
1-800-Flowers.com,
Inc.,
Class
A
(a)
43,428
303,996
2U,
Inc.
(a)
33,443
82,604
AutoNation,
Inc.
(a)
5,449
824,979
Carriage
Services,
Inc.
27,519
777,412
Cinemark
Holdings,
Inc.
(a)
32,215
591,145
DraftKings,
Inc.,
Class
A
(a)
30,100
886,144
GrowGeneration
Corp.
(a)
50,700
148,044
Liquidity
Services,
Inc.
(a)
43,377
764,303
OneWater
Marine,
Inc.
(a)(b)
20,369
521,854
RealReal,
Inc.
(The)
(a)
306,035
645,734
Rush
Street
Interactive,
Inc.
(a)
175,001
808,505
Shake
Shack,
Inc.,
Class
A
(a)
9,729
564,963
Signet
Jewelers
Ltd.
7,187
516,098
Thor
Industries,
Inc.
2,596
246,957
TKO
Group
Holdings,
Inc.
3,784
318,083
XPEL,
Inc.
(a)
12,208
941,359
8,942,180
Consumer
Staples
—
3.44%
Chefs'
Warehouse,
Inc.
(The)
(a)
18,978
401,954
e.l.f.
Beauty,
Inc.
(a)
9,753
1,071,171
Five
Below,
Inc.
(a)
1,565
251,809
Utz
Brands,
Inc.
40,502
543,942
2,268,876
Energy
—
7.22%
Ameresco,
Inc.,
Class
A
(a)(b)
16,466
634,929
Antero
Resources
Corp.
(a)
22,759
577,623
Chesapeake
Energy
Corp.
5,200
448,396
Devon
Energy
Corp.
12,031
573,879
Liberty
Energy,
Inc.,
Class
A
48,465
897,572
Matador
Resources
Co.
16,629
989,093
Vermilion
Energy,
Inc.
13,783
201,507
W&T
Offshore,
Inc.
(a)
100,900
441,942
4,764,941
Financials
—
8.36%
Customers
Bancorp,
Inc.
(a)
22,761
784,116
Grid
Dynamics
Holdings,
Inc.
(a)
65,716
800,421
Kinsale
Capital
Group,
Inc.
2,544
1,053,547
Live
Oak
Bancshares,
Inc.
18,779
543,652
Moelis
&
Co.,
A
12,898
582,087
Pinnacle
Financial
Partners,
Inc.
8,230
551,739
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
90.72%
(continued)
Shares
Fair
Value
Financials
—
8.36%
(continued)
Preferred
Bank
8,560
$
532,860
Robinhood
Markets,
Inc.,
Class
A
(a)
41,379
405,928
Triumph
Bancorp,
Inc.
(a)
4,053
262,594
5,516,944
Health
Care
—
17.95%
10X
Genomics,
Inc.,
Class
A
(a)
14,821
611,366
ACADIA
Pharmaceuticals,
Inc.
(a)
9,686
201,856
Alector,
Inc.
(a)
51,465
333,493
Amphastar
Pharmaceuticals,
Inc.
(a)
15,304
703,831
Arcus
Biosciences,
Inc.
(a)
24,280
435,826
Arvinas,
Inc.
(a)
30,531
599,629
Bridgebio
Pharma,
Inc.
(a)
21,273
560,969
Castle
Biosciences,
Inc.
(a)
16,554
279,597
Catalyst
Pharmaceuticals,
Inc.
(a)
67,067
784,013
Cerus
Corp.
(a)
129,404
209,634
Exact
Sciences
Corp.
(a)
4,110
280,384
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
182,088
329,579
Globus
Medical,
Inc.,
Class
A
(a)
9,352
464,327
Guardant
Health,
Inc.
(a)
10,422
308,908
Intellia
Therapeutics,
Inc.
(a)
11,378
359,772
Kodiak
Sciences,
Inc.
(a)
44,926
80,867
Krystal
Biotech,
Inc.
(a)
5,726
664,216
Madrigal
Pharmaceuticals,
Inc.
(a)
2,139
312,380
Medpace
Holdings,
Inc.
(a)
3,458
837,286
Pacific
Biosciences
of
California,
Inc.
(a)
23,575
196,851
Relay
Therapeutics,
Inc.
(a)
24,117
202,824
Seer,
Inc.
(a)
87,128
192,553
Select
Medical
Holdings
Corp.
22,226
561,651
Teladoc
Health,
Inc.
(a)
12,881
239,458
Twist
Bioscience
Corp.
(a)
46,097
933,925
Veracyte,
Inc.
(a)
32,969
736,199
Zynex,
Inc.
(a)(b)
52,403
419,224
11,840,618
Industrials
—
4.43%
AAON,
Inc.
7,129
405,426
Allegiant
Travel
Co.
3,112
239,188
Clean
Harbors,
Inc.
(a)
6,098
1,020,562
Enovis
Corp.
(a)
5,446
287,168
ESAB
Corp.
8,572
601,925
Forrester
Research,
Inc.
(a)
12,646
365,470
2,919,739
Materials
—
1.77%
Element
Solutions,
Inc.
21,321
418,105
First
Majestic
Silver
Corp.
146,724
752,694
1,170,799
Real
Estate
—
1.08%
eXp
World
Holdings,
Inc.
(b)
34,068
553,264
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
90.72%
(continued)
Shares
Fair
Value
Real
Estate
—
1.08%
(continued)
Legacy
Housing
Corp.
(a)
8,276
$
160,637
713,901
Technology
—
27.91%
Altair
Engineering,
Inc.,
Class
A
(a)
16,830
1,052,885
Appfolio,
Inc.,
Class
A
(a)
6,099
1,113,860
Appian
Corp.
(a)
16,163
737,194
Asana,
Inc.,
Class
A
(a)
44,793
820,160
Coherent
Corp.
(a)
8,203
267,746
Domo,
Inc.
(a)
19,357
189,892
Fastly,
Inc.,
Class
A
(a)
70,384
1,349,262
GitLab,
Inc.
(a)
6,194
280,093
Impinj,
Inc.
(a)
2,633
144,894
JFrog
Ltd.
(a)
8,320
210,995
Lattice
Semiconductor
Corp.
(a)
11,755
1,010,107
Materialise
NV
-
ADR
(a)
5,446
29,899
MaxLinear,
Inc.
(a)
45,068
1,002,763
Omnicell,
Inc.
(a)
9,330
420,223
PagerDuty,
Inc.
(a)
40,066
901,084
Pegasystems,
Inc.
11,836
513,801
Phreesia,
Inc.
(a)
15,771
294,602
PubMatic,
Inc.,
Class
A
(a)
44,311
536,163
Pure
Storage,
Inc.,
Class
A
(a)
8,605
306,510
R1
RCM,
Inc.
(a)
70,283
1,059,165
Sanmina
Corp.
(a)
13,920
755,578
Schrodinger,
Inc.
(a)
21,756
615,042
Simulations
Plus,
Inc.
6,983
291,191
Sprout
Social,
Inc.,
Class
A
(a)
5,668
282,720
Super
Micro
Computer,
Inc.
(a)
4,127
1,131,706
Tenable
Holdings,
Inc.
(a)
21,213
950,342
Upstart
Holdings,
Inc.
(a)(b)
19,447
555,017
Vicor
Corp.
(a)
10,379
611,219
Wolfspeed,
Inc.
(a)
4,835
184,214
Zuora,
Inc.
(a)
95,432
786,360
18,404,687
Total Common
Stocks
(Cost $60,663,314)
59,851,002
Money
Market
Funds
-
13.32%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
5.20%
(c)
6,130,877
6,130,877
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.26%
(c)(d)
2,659,626
2,659,626
Total
Money
Market
Funds
(Cost
$8,790,503)
8,790,503
Total
Investments
—
104.04%
(Cost
$69,453,817)
68,641,505
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Liabilities
in
Excess
of
Other
Assets
—
(4.04)%
$
(2,667,199)
Net
Assets
—
100.00%
$
65,974,306
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
September
30,
2023.
The
total
value
of
the
securities
on
loan
as
of
September
30,
2023
was
$2,554,599
.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2023.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$2,659,626.