EntrepreneurShares Series Trust NPORT-P Ershares Us Small Cap Fund (Sep 2024 report)

ERSharesGlobal

Entrepreneuers

Schedule

of

Investments

September

30,

2024

(Unaudited)

Common

Stocks

—

98.61%

Shares

Fair

Value

Argentina

—

2.57%

Consumer

Discretionary

—

2.57%

MercadoLibre,

Inc.

(a)

477‌

$

978,785‌

Total

Argentina

978,785‌

Australia

—

8.30%

Communications

—

1.56%

SEEK

Ltd.

34,715‌

596,465‌

Consumer

Discretionary

—

1.12%

Flight

Centre

Travel

Group

Ltd.

27,630‌

426,973‌

Health

Care

—

2.52%

Telix

Pharmaceuticals

Ltd.

(a)

67,110‌

961,896‌

Technology

—

3.10%

Technology

One

Ltd.

33,491‌

552,510‌

WiseTech

Global

Ltd.

6,656‌

631,359‌

1,183,869‌

Total

Australia

3,169,203‌

Bermuda

—

0.00%

Consumer

Discretionary

—

0.00%

Hong

Kong

Resources

Holdings

Company

Ltd.

(a)

1,465‌

121‌

Total

Bermuda

121‌

Canada

—

3.37%

Communications

—

2.87%

Shopify,

Inc.,

Class

A

(a)

13,672‌

1,095,674‌

Technology

—

0.50%

Topicus.com,

Inc.

2,013‌

189,971‌

Total

Canada

1,285,645‌

Cayman

Islands

—

0.53%

Consumer

Discretionary

—

0.53%

NagaCorp

Ltd.

(a)

421,144‌

202,077‌

Total

Cayman

Islands

202,077‌

Ireland

—

3.25%

Health

Care

—

2.04%

Alkermes

PLC

(a)

27,809‌

778,374‌

Industrials

—

1.21%

Cimpress

PLC

(a)

5,611‌

459,653‌

Total

Ireland

1,238,027‌

Israel

—

0.99%

Technology

—

0.99%

Check

Point

Software

Technologies

Ltd.

(a)

1,950‌

375,980‌

Total

Israel

375,980‌

ERSharesGlobal

Entrepreneuers

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Common

Stocks

—

98.61%

(continued)

Shares

Fair

Value

Japan

—

0.49%

Communications

—

0.49%

GMO

internet,

Inc.

10,774‌

$

188,156‌

Total

Japan

188,156‌

Jersey

—

1.21%

Communications

—

1.21%

Gambling.com

Group

Ltd.

(a)

46,080‌

461,722‌

Total

Jersey

461,722‌

Luxembourg

—

2.27%

Communications

—

2.27%

Spotify

Technology

SA

(a)

2,349‌

865,677‌

Total

Luxembourg

865,677‌

Singapore

—

2.94%

Communications

—

1.59%

Sea

Ltd.

-

ADR

(a)

6,413‌

604,618‌

Consumer

Staples

—

0.84%

Wilmar

International

Ltd.

123,149‌

321,002‌

Technology

—

0.51%

Karooooo

Ltd.

4,865‌

192,800‌

Total

Singapore

1,118,420‌

Sweden

—

3.35%

Communications

—

0.88%

Embracer

Group

A.B.

(a)

128,765‌

334,632‌

Consumer

Discretionary

—

1.10%

Evolution

Gaming

Group

A.B.

4,269‌

419,554‌

Financials

—

1.37%

EQT

A.B.

15,318‌

524,189‌

Total

Sweden

1,278,375‌

Thailand

—

0.98%

Technology

—

0.98%

Fabrinet

(a)

1,581‌

373,812‌

Total

Thailand

373,812‌

United

Kingdom

—

1.59%

Financials

—

1.59%

Hargreaves

Lansdown

PLC

40,579‌

604,657‌

Total

United

Kingdom

604,657‌

United

States

—

66.77%

Communications

—

10.51%

Airbnb,

Inc.,

Class

A

(a)

2,793‌

354,180‌

Alphabet,

Inc.,

Class

A

4,350‌

721,448‌

AppLovin

Corpp.,

Class

A

(a)

10,066‌

1,314,116‌

ERSharesGlobal

Entrepreneuers

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Common

Stocks

—

98.61%

(continued)

Shares

Fair

Value

United

States

—

66.77%

(continued)

Communications

—

10.51%

(continued)

DoorDash,

Inc.,

Class

A

(a)

5,231‌

$

746,621‌

Meta

Platforms,

Inc.,

Class

A

1,524‌

872,398‌

4,008,763‌

Consumer

Discretionary

—

6.26%

Amazon.com,

Inc.

(a)

2,774‌

516,879‌

DraftKings,

Inc.,

Class

A

(a)

11,461‌

449,271‌

KB

Home

8,109‌

694,860‌

Lennar

Corp.,

Class

A

3,852‌

722,173‌

2,383,183‌

Consumer

Staples

—

0.80%

e.l.f.

Beauty,

Inc.

(a)

2,811‌

306,483‌

Energy

—

1.14%

Valero

Energy

Corp.

3,232‌

436,417‌

Financials

—

4.77%

Coinbase

Global,

Inc.,

Class

A

(a)

1,732‌

308,590‌

KKR

&

Co.,

Inc.

7,713‌

1,007,163‌

Robinhood

Markets,

Inc.,

Class

A

(a)

21,411‌

501,446‌

1,817,199‌

Health

Care

—

7.65%

Medpace

Holdings,

Inc.

(a)

1,981‌

661,258‌

Regeneron

Pharmaceuticals,

Inc.

(a)

839‌

881,991‌

ResMed,

Inc.

3,005‌

733,581‌

Twist

Bioscience

Corp.

(a)

14,212‌

642,098‌

2,918,928‌

Industrials

—

1.93%

Clean

Harbors,

Inc.

(a)

3,044‌

735,765‌

Materials

—

1.39%

Newmont

Corp.

9,942‌

531,400‌

Technology

—

29.37%

Appfolio,

Inc.,

Class

A

(a)

1,630‌

383,702‌

Arista

Networks,

Inc.

(a)

1,267‌

486,300‌

Corpay,

Inc.

(a)

2,470‌

772,517‌

CoStar

Group,

Inc.

(a)

7,946‌

599,446‌

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

1,289‌

361,526‌

Microchip

Technology,

Inc.

4,794‌

384,910‌

Monolithic

Power

Systems,

Inc.

676‌

624,962‌

NVIDIA

Corp.

9,180‌

1,114,819‌

Oracle

Corp.

5,635‌

960,204‌

Palo

Alto

Networks,

Inc.

(a)

1,413‌

482,963‌

Pegasystems,

Inc.

13,575‌

992,197‌

Salesforce,

Inc.

2,715‌

743,123‌

Super

Micro

Computer,

Inc.

(a)

634‌

263,998‌

Synopsys,

Inc.

(a)

1,263‌

639,571‌

Toast,

Inc.,

Class

A

(a)

32,666‌

924,775‌

Twilio,

Inc.,

Class

A

(a)

7,564‌

493,324‌

ERSharesGlobal

Entrepreneuers

Schedule

of

Investments

(continued)

September

30,

2024

(Unaudited)

Common

Stocks

—

98.61%

(continued)

Shares

Fair

Value

United

States

—

66.77%

(continued)

Technology

—

29.37%

(continued)

Unity

Software,

Inc.

(a)

35,960‌

$

813,415‌

Veeva

Systems,

Inc.,

Class

A

(a)

768‌

161,180‌

11,202,932‌

Utilities

—

2.95%

Vistra

Energy

Corp.

9,495‌

1,125,537‌

Total

United

States

25,466,607‌

Total  Common

Stocks

  (Cost $29,200,978)

37,607,264‌

Money

Market

Funds

-

1.40%

Shares

Fair

Value

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio,

Class

I,

4.92%

(b)

533,170‌

533,170‌

Total

Money

Market

Funds

    (Cost

$533,170)

533,170‌

Total

Investments

—

100.01%

    (Cost

$29,734,148)

38,140,434‌

Liabilities

in

Excess

of

Other

Assets 

—

 (0.01)%

(4,124‌)

Net

Assets

—

100.00%

$

38,136,310‌

(a)

Non-income

producing

security.

(b)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.

ADR

-

American

Depositary

Receipt.

ERShares

US

Small

Cap

Schedule

of

Investments

September

30,

2024

(Unaudited)

Exchange-Traded

Funds

—

98.89%

Shares

Fair

Value

ERShares

Private-Public

Crossover

ETF

(a)(b)

195,907‌

$

3,162,233‌

Total

Exchange-Traded

Funds

    (Cost $3,165,283)

3,162,233‌

Total  Exchange-Traded

Funds

  (Cost $3,165,283)

3,162,233‌

Money

Market

Funds

-

1.14%

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio,

Class

I,

4.92%

(c)

36,414‌

36,414‌

Total

Money

Market

Funds

    (Cost

$36,414)

36,414‌

Total

Investments

—

100.03%

    (Cost

$3,201,697)

3,198,647‌

Liabilities

in

Excess

of

Other

Assets 

—

 (0.03)%

(913‌)

Net

Assets

—

100.00%

$

3,197,734‌

(a)

Affiliated

Company.

(b)

Represents

an

investment

greater

than

25%

of

the

Fund's

net

assets.

Performance

of

the

Fund

may

be

adversely

impacted

by

concentrated

investments

in

securities.

As

of

September

30,

2024,

the

percentage

of

net

assets

invested

in

ERShares

Private-Public

Crossover

ETF

was

98.89%

of

the

Fund.

The

financial

statements

and

portfolio

holdings

for

these

securities

can

be

found

at

www.sec.gov.

(c)

Rate

disclosed

is

the

seven

day

effective

yield

as

of

September

30,

2024.