ERShares
Global
Entrepreneuers
Schedule
of
Investments
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
Shares
Fair
Value
Argentina
—
1.85%
Consumer
Discretionary
—
1.85%
MercadoLibre,
Inc.
(a)
747
$
1,129,434
Total
Argentina
1,129,434
Australia
—
4.32%
Communications
—
0.93%
SEEK
Ltd.
34,715
566,669
Consumer
Discretionary
—
0.64%
Flight
Centre
Travel
Group
Ltd.
27,630
393,403
Health
Care
—
1.25%
Telix
Pharmaceuticals
Ltd.
(a)
91,046
764,748
Materials
—
0.23%
Fortescue
Metals
Group
Ltd.
8,401
140,692
Technology
—
1.27%
Technology
One
Ltd.
33,491
370,352
WiseTech
Global
Ltd.
6,656
407,488
777,840
Total
Australia
2,643,352
Bermuda
—
0.16%
Consumer
Discretionary
—
0.16%
Luk
Fook
Holdings
International
Ltd.
35,753
97,983
Total
Bermuda
97,983
Canada
—
2.86%
Communications
—
1.62%
Shopify,
Inc.,
Class
A
(a)
12,825
989,704
Consumer
Discretionary
—
0.66%
Linamar
Corp.
4,450
236,559
Spin
Master
Corp.
6,344
162,345
398,904
Materials
—
0.04%
First
Majestic
Silver
Corp.
4,174
24,500
Real
Estate
—
0.25%
FirstService
Corp.
383
63,413
Mainstreet
Equity
Corp.
674
93,510
156,923
Technology
—
0.29%
Topicus.com,
Inc.
(a)
2,013
180,341
Total
Canada
1,750,372
Cayman
Islands
—
2.30%
Consumer
Discretionary
—
1.11%
NagaCorp
Ltd.
(a)
667,144
291,511
Yadea
Group
Holdings
Ltd.
236,140
382,559
674,070
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Cayman
Islands
—
2.30%
(continued)
Financials
—
0.13%
Value
Partners
Group
Ltd.
335,995
$
76,841
Health
Care
—
0.02%
Essex
Bio-Technology
Ltd.
47,318
14,207
Industrials
—
0.73%
Full
Truck
Alliance
Company
Ltd.
-
ADR
(a)
61,284
445,535
Materials
—
0.31%
Xinyi
Glass
Holdings
Ltd.
181,294
192,021
Total
Cayman
Islands
1,402,674
China
—
2.46%
Communications
—
0.21%
Weimob,
Inc.
(a)
513,712
126,017
Consumer
Discretionary
—
0.35%
Bosideng
International
Holdings,
Ltd.
439,635
219,624
Financials
—
1.32%
Futu
Holdings
Ltd.
-
ADR
(a)
14,946
809,326
Health
Care
—
0.32%
Sino
Biopharmaceutical
Ltd.
499,967
192,911
Technology
—
0.26%
Kingsoft
Corp.
Ltd.
51,538
158,692
Total
China
1,506,570
Denmark
—
0.40%
Health
Care
—
0.40%
Genmab
A/S
(a)
819
246,855
Total
Denmark
246,855
France
—
0.28%
Communications
—
0.10%
Ubisoft
Entertainment
S.A.
(a)
2,880
60,598
Industrials
—
0.18%
Teleperformance
SE
1,124
109,223
Total
France
169,821
Germany
—
0.16%
Communications
—
0.16%
Delivery
Hero
S.E.
(a)
3,490
99,825
Total
Germany
99,825
Hong
Kong
—
0.76%
Industrials
—
0.76%
Techtronic
Industries
Co.
Ltd.
34,252
464,313
Total
Hong
Kong
464,313
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Ireland
—
1.31%
Industrials
—
1.31%
Cimpress
PLC
(a)
9,048
$
800,838
Total
Ireland
800,838
Isle
Of
Man
—
0.19%
Consumer
Discretionary
—
0.19%
Entain
PLC
11,451
115,243
Total
Isle
Of
Man
115,243
Israel
—
5.05%
Energy
—
0.67%
SolarEdge
Technologies,
Inc.
(a)
5,781
410,335
Technology
—
4.38%
Check
Point
Software
Technologies
Ltd.
(a)
3,171
520,076
Monday.com
Ltd.
(a)
2,993
676,029
Wix.com
Ltd.
(a)
10,770
1,480,660
2,676,765
Total
Israel
3,087,100
Italy
—
0.09%
Communications
—
0.09%
Digital
Bros
SpA
6,448
56,481
Total
Italy
56,481
Japan
—
0.32%
Communications
—
0.32%
GMO
internet,
Inc.
10,774
194,501
Total
Japan
194,501
Jersey
—
0.69%
Communications
—
0.69%
Gambling.com
Group
Ltd.
(a)
46,080
420,710
Total
Jersey
420,710
Luxembourg
—
2.43%
Communications
—
2.43%
Spotify
Technology
SA
(a)
5,640
1,488,396
Total
Luxembourg
1,488,396
Netherlands
—
0.20%
Technology
—
0.20%
Adyen
NV
-
ADR
(a)(b)
7,109
120,213
Total
Netherlands
120,213
Singapore
—
1.71%
Communications
—
1.20%
Sea
Ltd.
-
ADR
(a)
13,707
736,203
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Singapore
—
1.71%
(continued)
Consumer
Staples
—
0.51%
Wilmar
International
Ltd.
123,149
$
312,841
Total
Singapore
1,049,044
Sweden
—
2.70%
Communications
—
0.62%
Embracer
Group
A.B.
(a)
174,586
380,700
Consumer
Discretionary
—
0.87%
Evolution
Gaming
Group
A.B.
4,269
530,583
Financials
—
1.14%
EQT
A.B.
22,013
696,218
Technology
—
0.07%
Sinch
A.B.
(a)
17,102
42,899
Total
Sweden
1,650,400
Switzerland
—
1.29%
Consumer
Discretionary
—
0.28%
Cie
Financiere
Richemont
SA
1,112
169,542
Financials
—
1.01%
Partners
Group
Holding
AG
433
618,407
Total
Switzerland
787,949
United
Kingdom
—
1.62%
Financials
—
0.62%
Hargreaves
Lansdown
PLC
40,579
376,941
Health
Care
—
0.63%
Hikma
Pharmaceuticals
PLC
15,836
383,444
Materials
—
0.37%
Antofagasta
PLC
8,908
229,240
Total
United
Kingdom
989,625
United
States
—
64.24%
Communications
—
8.04%
Alphabet,
Inc.,
Class
A
(a)
21,648
3,267,332
Meta
Platforms,
Inc.,
Class
A
3,398
1,650,001
4,917,333
Consumer
Discretionary
—
7.14%
Amazon.com,
Inc.
(a)
12,032
2,170,332
Chipotle
Mexican
Grill,
Inc.
(a)
261
758,667
Ulta
Beauty,
Inc.
(a)
2,752
1,438,966
4,367,965
Consumer
Staples
—
1.89%
e.l.f.
Beauty,
Inc.
(a)
5,883
1,153,244
Energy
—
1.09%
Valero
Energy
Corp.
3,910
667,398
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
United
States
—
64.24%
(continued)
Financials
—
1.28%
Robinhood
Markets,
Inc.,
Class
A
(a)
38,981
$
784,688
Health
Care
—
15.32%
Exact
Sciences
Corp.
(a)
6,337
437,633
Madrigal
Pharmaceuticals,
Inc.
(a)
2,136
570,398
Masimo
Corp.
(a)
7,109
1,043,957
Natera,
Inc.
(a)
9,746
891,369
Penumbra,
Inc.
(a)
2,225
496,576
Regeneron
Pharmaceuticals,
Inc.
(a)
511
491,832
ResMed,
Inc.
7,278
1,441,262
Shockwave
Medical,
Inc.
(a)
8,898
2,897,456
Supernus
Pharmaceuticals,
Inc.
(a)
16,069
548,114
Twist
Bioscience
Corp.
(a)
15,949
547,210
9,365,807
Industrials
—
0.14%
Veralto
Corp.
958
84,936
Materials
—
0.36%
Mosaic
Co.
(The)
6,691
217,190
Technology
—
28.98%
Arista
Networks,
Inc.
(a)
3,388
982,452
Bentley
Systems,
Inc.,
Class
B
15,672
818,391
Bill.com
Holdings,
Inc.
(a)
9,528
654,764
Block,
Inc.,
Class
A
(a)
10,243
866,353
Corpay,
Inc.
(a)
2,310
712,727
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,984
636,051
Microchip
Technology,
Inc.
7,015
629,316
MongoDB,
Inc.
(a)
1,059
379,800
Monolithic
Power
Systems,
Inc.
718
486,388
NVIDIA
Corp.
3,487
3,150,713
Oracle
Corp.
4,471
561,602
Palo
Alto
Networks,
Inc.
(a)
2,104
597,810
Paycom
Software,
Inc.
2,633
523,993
Pegasystems,
Inc.
8,265
534,250
Salesforce.com,
Inc.
2,715
817,704
Super
Micro
Computer,
Inc.
(a)
2,789
2,816,974
Toast,
Inc.,
Class
A
(a)
40,285
1,003,903
Twilio,
Inc.,
Class
A
(a)
14,262
872,120
Veeva
Systems,
Inc.,
Class
A
(a)
2,924
677,462
17,722,773
Total
United
States
39,281,334
Total Common
Stocks
(Cost $50,696,124)
59,553,033
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Money
Market
Funds
-
2.83%
Shares
Fair
Value
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
5.20%
(c)
1,606,621
1,606,621
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.24%
(c)(d)
124,390
124,390
Total
Money
Market
Funds
(Cost
$1,731,011)
1,731,011
Total
Investments
—
100.22%
(Cost
$52,427,135)
$
61,284,044
Liabilities
in
Excess
of
Other
Assets
—
(0.22)%
(135,222)
Net
Assets
—
100.00%
$
61,148,822
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2024.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2024
was
$120,196.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$124,390.
ADR
-
American
Depositary
Receipt
ERShares
US
Small
Cap
Schedule
of
Investments
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
Shares
Fair
Value
Communications
—
4.62%
Cargurus,
Inc.
(a)
30,764
$
710,033
Eventbrite,
Inc.,
Class
A
(a)
71,753
393,206
Match
Group,
Inc.
(a)
11,690
424,113
Shutterstock,
Inc.
30,014
1,374,942
Yelp,
Inc.
(a)
16,702
658,059
3,560,353
Consumer
Discretionary
—
14.06%
1-800-Flowers.com,
Inc.,
Class
A
(a)
43,428
470,325
AutoNation,
Inc.
(a)
5,449
902,245
Chewy,
Inc.
(a)
58,958
938,022
Etsy,
Inc.
(a)
6,384
438,708
OneWater
Marine,
Inc.
(a)
20,369
573,387
RealReal,
Inc.
(The)
(a)
202,202
790,610
RH
(a)
3,113
1,084,134
Rush
Street
Interactive,
Inc.
(a)
47,280
307,793
Shake
Shack,
Inc.,
Class
A
(a)
9,729
1,012,108
Skechers
U.S.A.,
Inc.,
Class
A
(a)
24,876
1,523,904
Thor
Industries,
Inc.
5,515
647,130
Wayfair,
Inc.,
Class
A
(a)
21,809
1,480,395
XPEL,
Inc.
(a)
12,208
659,476
10,828,237
Consumer
Staples
—
3.25%
e.l.f.
Beauty,
Inc.
(a)
6,822
1,337,316
Five
Below,
Inc.
(a)
6,433
1,166,818
2,504,134
Energy
—
1.94%
Liberty
Energy,
Inc.,
Class
A
72,046
1,492,793
Financials
—
7.94%
Grid
Dynamics
Holdings,
Inc.
(a)
65,716
807,650
Live
Oak
Bancshares,
Inc.
12,582
522,279
Palomar
Holdings,
Inc.
(a)
17,232
1,444,559
Preferred
Bank
5,735
440,276
Robinhood
Markets,
Inc.,
Class
A
(a)
116,084
2,336,770
Trupanion,
Inc.
(a)(b)
20,530
566,833
6,118,367
Health
Care
—
27.52%
10X
Genomics,
Inc.,
Class
A
(a)
13,299
499,111
ACADIA
Pharmaceuticals,
Inc.
(a)
9,686
179,094
Alector,
Inc.
(a)
24,562
147,863
Amphastar
Pharmaceuticals,
Inc.
(a)
16,425
721,222
Arvinas,
Inc.
(a)
12,710
524,669
Bridgebio
Pharma,
Inc.
(a)
14,762
456,441
Castle
Biosciences,
Inc.
(a)
22,713
503,093
Catalyst
Pharmaceuticals,
Inc.
(a)
59,577
949,657
Corcept
Therapeutics,
Inc.
(a)
26,537
668,467
CRISPR
Therapeutics
AG
(a)(b)
7,605
518,357
Exact
Sciences
Corp.
(a)
21,279
1,469,528
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
(continued)
Shares
Fair
Value
Health
Care
—
27.52%
(continued)
Exelixis,
Inc.
(a)
42,909
$
1,018,231
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
328,667
381,254
Globus
Medical,
Inc.,
Class
A
(a)
27,946
1,499,023
Guardant
Health,
Inc.
(a)
16,619
342,850
Intellia
Therapeutics,
Inc.
(a)
31,993
880,127
Krystal
Biotech,
Inc.
(a)
5,343
950,680
Kymera
Therapeutics,
Inc.
(a)
23,889
960,338
Madrigal
Pharmaceuticals,
Inc.
(a)
3,726
994,991
Masimo
Corp.
(a)
10,120
1,486,122
Medpace
Holdings,
Inc.
(a)
3,030
1,224,575
Pacific
Biosciences
of
California,
Inc.
(a)
112,567
422,126
Select
Medical
Holdings
Corp.
42,734
1,288,429
Semler
Scientific,
Inc.
(a)
2,660
77,699
Shockwave
Medical,
Inc.
(a)
2,744
893,529
Teladoc
Health,
Inc.
(a)
23,228
350,743
Twist
Bioscience
Corp.
(a)
17,559
602,449
Veracyte,
Inc.
(a)
21,767
482,357
Zynex,
Inc.
(a)(b)
56,818
702,839
21,195,864
Industrials
—
4.58%
AAON,
Inc.
7,287
641,985
Allegiant
Travel
Co.
3,112
234,054
Clean
Harbors,
Inc.
(a)
3,135
631,106
Enovis
Corp.
(a)
5,446
340,103
ESAB
Corp.
8,572
947,806
Forrester
Research,
Inc.
(a)
4,946
106,636
Insperity,
Inc.
5,585
612,171
Wheels
Up
Experience,
Inc.
(a)(b)
3,838
11,015
3,524,876
Materials
—
0.69%
Element
Solutions,
Inc.
21,321
532,599
Real
Estate
—
0.70%
eXp
World
Holdings,
Inc.
(b)
34,996
361,508
Legacy
Housing
Corp.
(a)
8,276
178,100
539,608
Technology
—
34.60%
Affirm
Holdings,
Inc.
(a)
18,387
685,100
Altair
Engineering,
Inc.,
Class
A
(a)
14,060
1,211,269
Appian
Corp.
(a)
21,402
855,010
Bill.com
Holdings,
Inc.
(a)
12,663
870,201
Coherent
Corp.
(a)
13,929
844,376
Fastly,
Inc.,
Class
A
(a)
53,722
696,774
Impinj,
Inc.
(a)
13,936
1,789,521
Lattice
Semiconductor
Corp.
(a)
22,126
1,730,917
MaxLinear,
Inc.
(a)
45,068
841,420
MoneyLion,
Inc.
(a)
11,411
813,833
PagerDuty,
Inc.
(a)
25,364
575,256
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
(continued)
Shares
Fair
Value
Technology
—
34.60%
(continued)
Pegasystems,
Inc.
27,128
$
1,753,555
Phreesia,
Inc.
(a)
21,666
518,467
PubMatic,
Inc.,
Class
A
(a)
54,187
1,285,316
Sanmina
Corp.
(a)
26,867
1,670,590
Schrodinger,
Inc.
(a)
15,420
416,340
Simulations
Plus,
Inc.
23,504
967,190
Sprout
Social,
Inc.,
Class
A
(a)
9,235
551,422
Super
Micro
Computer,
Inc.
(a)
3,434
3,468,443
Toast,
Inc.,
Class
A
(a)
80,502
2,006,109
UiPath,
Inc.,
Class
A
(a)
13,847
313,911
Upstart
Holdings,
Inc.
(a)(b)
44,369
1,193,082
Vicor
Corp.
(a)
10,379
396,893
Wolfspeed,
Inc.
(a)
21,337
629,442
Zuora,
Inc.
(a)
62,177
567,054
26,651,491
Total Common
Stocks
(Cost $64,572,413)
76,948,322
Money
Market
Funds
-
5.14%
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.24%
(c)(d)
3,957,879
3,957,879
Total
Money
Market
Funds
(Cost
$3,957,879)
3,957,879
Total
Investments
—
105.04%
(Cost
$68,530,292)
80,906,201
Liabilities
in
Excess
of
Other
Assets
—
(5.04)%
(3,885,141)
Net
Assets
—
100.00%
$
77,021,060
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2024.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2024
was
$3,771,378.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$3,957,879.