NPORT-EX 2 ultimus_1237.htm
ERShares
Global
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
Shares
Fair
Value
Argentina
—
0.65%
Consumer
Discretionary
—
0.65%
MercadoLibre,
Inc.
(a)
328‌
$
271,512‌
Total
Argentina
271,512‌
Australia
—
3.33%
Communications
—
0.50%
SEEK
Ltd.
17,067‌
209,258‌
Consumer
Discretionary
—
0.60%
Flight
Centre
Travel
Group
Ltd.
(a)
27,630‌
251,294‌
Health
Care
—
0.40%
Telix
Pharmaceuticals
Ltd.
(a)
54,451‌
164,729‌
Materials
—
0.41%
Fortescue
Metals
Group
Ltd.
15,754‌
169,480‌
Technology
—
1.42%
Atlassian
Corp.
PLC,
Class
A
(a)
665‌
140,042‌
Technology
One
Ltd.
33,491‌
227,057‌
WiseTech
Global
Ltd.
6,656‌
221,370‌
588,469‌
Total
Australia
1,383,230‌
Bermuda
—
0.66%
Consumer
Discretionary
—
0.20%
Luk
Fook
Holdings
International
Ltd.
35,753‌
84,353‌
Financials
—
0.46%
Enstar
Group,
Ltd.
(a)
1,130‌
191,637‌
Total
Bermuda
275,990‌
Canada
—
4.61%
Communications
—
0.60%
Shopify,
Inc.,
Class
A
(a)
9,266‌
249,626‌
Consumer
Discretionary
—
1.58%
Linamar
Corporation
5,491‌
213,929‌
Richelieu
Hardware
Ltd.
9,152‌
253,987‌
Spin
Master
Corp.
6,344‌
190,941‌
658,857‌
Energy
—
0.30%
Vermilion
Energy,
Inc.
5,795‌
124,129‌
Financials
—
0.58%
Fairfax
Financial
Holdings
Ltd.
301‌
137,492‌
Onex
Corporation
2,259‌
103,630‌
241,122‌
Materials
—
0.38%
First
Majestic
Silver
Corp.
7,868‌
60,157‌
First
Quantum
Minerals
Ltd.
3,033‌
51,496‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
Canada
—
4.61%
(continued)
Materials
—
0.38%
(continued)
Franco-Nevada
Corp.
398‌
$
47,553‌
159,206‌
Real
Estate
—
0.70%
FirstService
Corp.
767‌
91,313‌
Mainstreet
Equity
Corp.
(a)
1,548‌
118,804‌
Tricon
Residential,
Inc.
9,287‌
80,352‌
290,469‌
Technology
—
0.47%
Topicus.com,
Inc.
(a)
4,025‌
193,562‌
Total
Canada
1,916,971‌
Cayman
Islands
—
4.97%
Consumer
Discretionary
—
3.11%
NagaCorp
Ltd.
(a)
660,983‌
434,499‌
Yadea
Group
Holdings
Ltd.
536,125‌
860,567‌
1,295,066‌
Consumer
Staples
—
0.54%
Herbalife
Nutrition
Ltd.
(a)
11,219‌
223,146‌
Financials
—
0.61%
FinVolution
Group
-
ADR
41,160‌
176,165‌
Value
Partners
Group
Ltd.
335,995‌
79,615‌
255,780‌
Health
Care
—
0.07%
Essex
Bio-technology
Ltd.
63,000‌
27,368‌
Materials
—
0.64%
Xinyi
Glass
Holdings
Ltd.
181,986‌
264,760‌
Total
Cayman
Islands
2,066,120‌
China
—
3.81%
Communications
—
0.84%
Bilibili,
Inc.
-
ADR
(a)
6,219‌
95,275‌
Vnet
Group,
Inc.
-
ADR
(a)(b)
28,491‌
156,701‌
Weimob,
Inc.
(a)
274,851‌
97,340‌
349,316‌
Consumer
Discretionary
—
0.57%
Bosideng
International
Holdings,
Ltd.
342,426‌
169,693‌
NIO,
Inc.
-
ADR
(a)
1,945‌
30,673‌
Niu
Technologies
-
ADR
(a)
8,276‌
33,931‌
234,297‌
Energy
—
0.48%
Daqo
New
Energy
Corp.
-
ADR
(a)
2,316‌
122,933‌
JinkoSolar
Holding
Co.,
Ltd.
-
ADR
(a)
1,409‌
78,045‌
200,978‌
Financials
—
0.25%
Futu
Holdings
Ltd.
-
ADR
(a)
2,841‌
105,941‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
China
—
3.81%
(continued)
Health
Care
—
1.34%
BeiGene
Ltd.
-
ADR
(a)
1,652‌
$
222,722‌
Sino
Biopharmaceutical
Ltd.
708,579‌
333,091‌
555,813‌
Technology
—
0.33%
Kingsoft
Corp.
Ltd.
51,538‌
137,222‌
Total
China
1,583,567‌
Denmark
—
0.89%
Health
Care
—
0.64%
Genmab
A/S
(a)
819‌
265,662‌
Technology
—
0.25%
Netcompany
Group
A/S
(a)
3,127‌
105,594‌
Total
Denmark
371,256‌
France
—
1.27%
Communications
—
0.19%
Ubisoft
Entertainment
S.A.
(a)
2,880‌
79,923‌
Consumer
Staples
—
0.39%
Danone
S.A.
-
ADR
17,169‌
161,646‌
Technology
—
0.69%
Teleperformance
1,124‌
287,361‌
Total
France
528,930‌
Germany
—
0.57%
Communications
—
0.31%
Delivery
Hero
S.E.
(a)
3,490‌
129,751‌
Energy
—
0.26%
VERBIO
Vereinigte
BioEnergie
AG
1,823‌
108,076‌
Total
Germany
237,827‌
Hong
Kong
—
0.80%
Industrials
—
0.80%
Techtronic
Industries
Co.
Ltd.
34,252‌
330,971‌
Total
Hong
Kong
330,971‌
Ireland
—
0.94%
Health
Care
—
0.58%
Jazz
Pharmaceuticals
PLC
(a)
1,821‌
242,721‌
Industrials
—
0.36%
Cimpress
PLC
(a)
6,049‌
148,080‌
Total
Ireland
390,801‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
Isle
Of
Man
—
0.67%
Consumer
Discretionary
—
0.67%
Entain
plc
22,903‌
$
277,755‌
Total
Isle
Of
Man
277,755‌
Israel
—
2.22%
Communications
—
1.10%
Fiverr
International
Ltd.
(a)
4,102‌
125,480‌
Wix.com
Ltd.
(a)
4,254‌
332,790‌
458,270‌
Technology
—
1.12%
Check
Point
Software
Technologies
Ltd.
(a)
1,603‌
179,568‌
Radware
Ltd.
(a)
13,192‌
287,454‌
467,022‌
Total
Israel
925,292‌
Italy
—
0.34%
Communications
—
0.34%
Digital
Bros
SpA
6,448‌
142,924‌
Total
Italy
142,924‌
Japan
—
0.71%
Communications
—
0.40%
GMO
internet,
Inc.
9,504‌
167,320‌
Industrials
—
0.31%
VisasQ,
Inc.
(a)
9,287‌
130,004‌
Total
Japan
297,324‌
Jersey
—
0.57%
Communications
—
0.57%
Gambling.com
Group
Ltd.
(a)
31,302‌
237,895‌
Total
Jersey
237,895‌
Luxembourg
—
0.32%
Communications
—
0.32%
Spotify
Technology
SA
(a)
1,556‌
134,283‌
Total
Luxembourg
134,283‌
Marshall
Islands
—
0.11%
Industrials
—
0.11%
Star
Bulk
Carriers
Corp.
2,664‌
46,567‌
Total
Marshall
Islands
46,567‌
Netherlands
—
0.57%
Technology
—
0.57%
Adyen
NV
-
ADR
(a)
18,840‌
235,877‌
Total
Netherlands
235,877‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
Singapore
—
1.00%
Communications
—
0.21%
Sea
Ltd.
-
ADR
(a)
1,576‌
$
88,335‌
Consumer
Staples
—
0.79%
Wilmar
International
Ltd.
123,149‌
329,266‌
Total
Singapore
417,601‌
Sweden
—
1.76%
Communications
—
0.42%
Embracer
Group
A.B.
(a)
29,457‌
176,358‌
Consumer
Discretionary
—
0.82%
Evolution
Gaming
Group
A.B.
4,269‌
341,085‌
Financials
—
0.46%
EQT
A.B.
9,632‌
190,139‌
Technology
—
0.06%
Sinch
A.B.
(a)
17,102‌
23,199‌
Total
Sweden
730,781‌
Switzerland
—
1.78%
Consumer
Discretionary
—
0.26%
Cie
Financiere
Richemont
SA
1,112‌
106,254‌
Financials
—
0.34%
Partners
Group
Holding
AG
174‌
141,889‌
Health
Care
—
0.90%
CRISPR
Therapeutics
AG
(a)
5,693‌
372,037‌
Technology
—
0.28%
Sensirion
Holding
AG
(a)
1,442‌
118,524‌
Total
Switzerland
738,704‌
United
Kingdom
—
1.74%
Financials
—
0.37%
Hargreaves
Lansdown
PLC
15,851‌
153,502‌
Industrials
—
0.86%
HomeServe
PLC
26,969‌
356,580‌
Materials
—
0.51%
Antofagasta
plc
17,019‌
212,003‌
Total
United
Kingdom
722,085‌
United
States
—
54.62%
Communications
—
6.76%
Airbnb,
Inc.,
Class
A
(a)
2,250‌
236,340‌
Alphabet,
Inc.,
Class
A
(a)
6,580‌
629,376‌
DISH
Network
Corp.,
Class
A
(a)
11,437‌
158,174‌
Meta
Platforms,
Inc.,
Class
A
(a)
3,484‌
472,709‌
Omnicom
Group,
Inc.
5,041‌
318,037‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
United
States
—
54.62%
(continued)
Communications
—
6.76%
(continued)
Playtika
Holding,
Corp.
(a)
27,135‌
$
254,798‌
Roku,
Inc.
(a)
2,637‌
148,727‌
Trade
Desk,
Inc.
(The),
Class
A
(a)
4,718‌
281,901‌
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
7,443‌
310,075‌
2,810,137‌
Consumer
Discretionary
—
4.20%
Advance
Auto
Parts,
Inc.
461‌
72,073‌
Amazon.com,
Inc.
(a)
4,204‌
475,052‌
Chipotle
Mexican
Grill,
Inc.
(a)
138‌
207,381‌
Copart,
Inc.
(a)
1,068‌
113,635‌
Starbucks
Corp.
1,998‌
168,351‌
Tesla,
Inc.
(a)
1,026‌
272,147‌
TJX
Cos.,
Inc.
(The)
2,186‌
135,794‌
Ulta
Beauty,
Inc.
(a)
763‌
306,108‌
1,750,541‌
Consumer
Staples
—
2.79%
Boston
Beer
Company,
Inc.
(The),
Class
A
(a)
291‌
94,182‌
Brown-Forman
Corp.,
Class
B
781‌
51,991‌
Constellation
Brands,
Inc.,
Class
A
854‌
196,147‌
Costco
Wholesale
Corp.
182‌
85,953‌
e.l.f.
Beauty,
Inc.
(a)
5,721‌
215,224‌
Inter
Parfums,
Inc.
1,522‌
114,850‌
Monster
Beverage
Corp.
(a)
3,508‌
305,056‌
Walgreens
Boots
Alliance,
Inc.
3,043‌
95,550‌
1,158,953‌
Energy
—
2.95%
Chesapeake
Energy
Corp.
267‌
25,154‌
Chevron
Corp.
873‌
125,424‌
Continental
Resources,
Inc.
2,281‌
152,394‌
Enphase
Energy,
Inc.
(a)
1,136‌
315,206‌
Kinder
Morgan,
Inc.
7,763‌
129,176‌
SolarEdge
Technologies,
Inc.
(a)
921‌
213,175‌
Valero
Energy
Corp.
1,583‌
169,144‌
W&T
Offshore,
Inc.
(a)
16,514‌
96,772‌
1,226,445‌
Financials
—
5.97%
Apollo
Global
Management
Inc.
4,949‌
230,129‌
Ares
Management
Corp.,
Class
A
5,656‌
350,389‌
BlackRock,
Inc.
337‌
185,444‌
Blackstone
Group
L.P.
(The),
Class
A
2,716‌
227,329‌
Capital
One
Financial
Corp.
1,299‌
119,729‌
Charles
Schwab
Corp.
(The)
2,297‌
165,085‌
Citizens
Financial
Group,
Inc.
5,912‌
203,136‌
First
Republic
Bank
433‌
56,528‌
Icahn
Enterprises,
L.P.
1,634‌
81,147‌
Intercontinental
Exchange,
Inc.
1,714‌
154,860‌
Pinnacle
Financial
Partners,
Inc.
3,221‌
261,223‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
United
States
—
54.62%
(continued)
Financials
—
5.97%
(continued)
Signature
Bank
1,592‌
$
240,392‌
Western
Alliance
Bancorp
3,144‌
206,687‌
2,482,078‌
Health
Care
—
5.97%
Amedisys,
Inc.
(a)
1,910‌
184,869‌
Danaher
Corp.
985‌
254,416‌
Exelixis,
Inc.
(a)
4,059‌
63,645‌
Globus
Medical,
Inc.,
Class
A
(a)
5,974‌
355,871‌
HCA
Healthcare,
Inc.
1,304‌
239,662‌
Invitae
Corp.
(a)
31,287‌
76,966‌
Regeneron
Pharmaceuticals,
Inc.
(a)
478‌
329,279‌
ResMed,
Inc.
1,776‌
387,701‌
Royalty
Pharma
PLC,
Class
A
5,828‌
234,169‌
Seagen,
Inc.
(a)
1,567‌
214,413‌
United
Therapeutics
Corp.
(a)
675‌
141,332‌
2,482,323‌
Industrials
—
1.09%
Cintas
Corp.
272‌
105,588‌
Cognex
Corp.
8,397‌
348,056‌
453,644‌
Materials
—
0.26%
Steel
Dynamics,
Inc.
1,548‌
109,831‌
Real
Estate
—
1.22%
Alexandria
Real
Estate
Equities,
Inc.
974‌
136,545‌
Extra
Space
Storage,
Inc.
1,049‌
181,173‌
Medical
Properties
Trust,
Inc.
16,223‌
192,405‌
510,123‌
Technology
—
23.41%
Apple,
Inc.
3,061‌
423,030‌
Arista
Networks,
Inc.
(a)
4,123‌
465,445‌
Asana,
Inc.,
Class
A
(a)
14,047‌
312,265‌
Bentley
Systems,
Inc.
11,511‌
352,121‌
Bill.com
Holdings,
Inc.
(a)
917‌
121,383‌
Block,
Inc.,
Class
A
(a)
4,513‌
248,170‌
Cloudflare,
Inc.,
Class
A
(a)
5,398‌
298,563‌
CoStar
Group,
Inc.
(a)
5,818‌
405,223‌
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,794‌
295,669‌
Datadog,
Inc.
(a)
3,161‌
280,634‌
DocuSign,
Inc.
(a)
2,237‌
119,612‌
EPAM
Systems,
Inc.
(a)
722‌
261,501‌
FleetCor
Technologies,
Inc.
(a)
1,051‌
185,155‌
Fortinet,
Inc.
(a)
7,189‌
353,196‌
HubSpot,
Inc.
(a)
1,049‌
283,356‌
Juniper
Networks,
Inc.
8,922‌
233,043‌
Microchip
Technology,
Inc.
3,211‌
195,967‌
Microsoft
Corp.
2,025‌
471,623‌
ERShares
Global
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
88.91%
(continued)
Shares
Fair
Value
United
States
—
54.62%
(continued)
Technology
—
23.41%
(continued)
Monolithic
Power
Systems,
Inc.
685‌
$
248,929‌
NVIDIA
Corp.
3,866‌
469,294‌
Okta,
Inc.
(a)
3,039‌
172,828‌
Oracle
Corp.
2,190‌
133,743‌
PagerDuty,
Inc.
(a)
6,462‌
149,078‌
Palo
Alto
Networks,
Inc.
(a)
1,830‌
299,736‌
Paycom
Software,
Inc.
(a)
509‌
167,965‌
Qualcomm,
Inc.
1,453‌
164,160‌
Salesforce.com,
Inc.
(a)
2,541‌
365,497‌
Snowflake,
Inc.,
Class
A
(a)
1,692‌
287,572‌
SS&C
Technologies
Holdings,
Inc.
2,273‌
108,536‌
Synopsys,
Inc.
(a)
675‌
206,219‌
Twilio,
Inc.,
Class
A
(a)
3,897‌
269,439‌
Ubiquiti,
Inc.
852‌
250,113‌
Unity
Software,
Inc.
(a)
3,073‌
97,906‌
Veeva
Systems,
Inc.,
Class
A
(a)
1,355‌
223,412‌
VMware,
Inc.,
Class
A
2,611‌
277,967‌
Workday,
Inc.,
Class
A
(a)
1,570‌
238,985‌
Zoom
Video
Communications,
Inc.,
Class
A
(a)
1,736‌
127,752‌
Zscaler,
Inc.
(a)
1,035‌
170,123‌
9,735,210‌
Total
United
States
22,719,285‌
Total  Common
Stocks
  (Cost $46,050,803)
36,983,548‌
Money
Market
Funds
-
11.36%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
2.48%
(c)
4,572,765‌
4,572,765‌
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
2.33%
(c)(d)
151,567‌
151,567‌
Total
Money
Market
Funds
    (Cost
$4,724,332)
4,724,332‌
Total
Investments
—
100.27%
    (Cost
$50,775,135)
41,707,880‌
Liabilities
in
Excess
of
Other
Assets 
—
 (0.27)%
(110,452‌)
Net
Assets
—
100.00%
$
41,597,428‌
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
was
on
loan
as
of
September
30,
2022.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2022.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$156,695.
ADR
-
American
Depositary
Receipt.
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
Common
Stocks
—
94.39%
Shares
Fair
Value
Communications
—
4.88%
Cargurus,
Inc.
(a)
18,366‌
$
260,246‌
Eventbrite,
Inc.,
Class
A
(a)
68,812‌
418,377‌
HealthStream,
Inc.
(a)
18,266‌
388,335‌
IMAX
Corp.
(a)
19,674‌
277,797‌
Match
Group,
Inc.
(a)
6,708‌
320,307‌
Shutterstock,
Inc.
16,100‌
807,737‌
World
Wrestling
Entertainment,
Inc.,
Class
A
7,568‌
531,047‌
Yelp,
Inc.
(a)
26,606‌
902,209‌
3,906,055‌
Consumer
Discretionary
—
12.46%
1-800-Flowers.com,
Inc.,
Class
A
(a)
72,968‌
473,562‌
2U,
Inc.
(a)
15,789‌
98,681‌
Advance
Auto
Parts,
Inc.
1,316‌
205,743‌
Arhaus,
Inc.
(a)
84,184‌
593,497‌
AutoNation,
Inc.
(a)
6,690‌
681,510‌
Bloomin'
Brands,
Inc.
32,145‌
589,218‌
Carriage
Services,
Inc.
14,052‌
451,913‌
Cheesecake
Factory,
Inc.
(The)
17,841‌
522,384‌
Cinemark
Holdings,
Inc.
(a)
20,602‌
249,490‌
DraftKings,
Inc.,
Class
A
(a)(b)
3,913‌
59,243‌
Funko,
Inc.,
Class
A
(a)
45,593‌
921,891‌
GrowGeneration
Corp.
(a)
74,105‌
259,368‌
Liquidity
Services,
Inc.
(a)
68,143‌
1,108,006‌
Niu
Technologies
-
ADR
(a)
11,208‌
45,953‌
OneWater
Marine,
Inc.
(a)
17,113‌
515,272‌
PC
Connection,
Inc.
9,010‌
406,261‌
RealReal,
Inc.
(The)
(a)
84,464‌
126,696‌
Rush
Street
Interactive,
Inc.
(a)
22,632‌
83,286‌
Shake
Shack,
Inc.,
Class
A
(a)
11,511‌
517,765‌
Signet
Jewelers
Ltd.
11,130‌
636,525‌
Sonic
Automotive,
Inc.,
Class
A
16,338‌
707,434‌
Thor
Industries,
Inc.
3,210‌
224,636‌
XPEL,
Inc.
(a)
7,443‌
479,627‌
9,957,961‌
Consumer
Staples
—
3.70%
Chefs'
Warehouse,
Inc.
(The)
(a)
7,223‌
209,250‌
e.l.f.
Beauty,
Inc.
(a)
14,363‌
540,336‌
Five
Below,
Inc.
(a)
1,694‌
233,213‌
Inter
Parfums,
Inc.
3,323‌
250,754‌
J&J
Snack
Foods
Corp.
2,419‌
313,188‌
Utz
Brands,
Inc.
39,936‌
603,033‌
Vita
Coco
Company,
Inc.
(The)
(a)
71,218‌
811,173‌
2,960,947‌
Energy
—
2.50%
Ameresco,
Inc.,
Class
A
(a)
12,677‌
842,767‌
Antero
Resources
Corp.
(a)
6,627‌
202,322‌
Chesapeake
Energy
Corp.
1,584‌
149,229‌
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
94.39%
(continued)
Shares
Fair
Value
Energy
—
2.50%
(continued)
Daqo
New
Energy
Corp.
-
ADR
(a)
1,458‌
$
77,391‌
Matador
Resources
Co.
3,657‌
178,900‌
Vermilion
Energy,
Inc.
15,854‌
339,593‌
W&T
Offshore,
Inc.
(a)
35,276‌
206,717‌
1,996,919‌
Financials
—
7.27%
B.
Riley
Financial,
Inc.
5,298‌
235,867‌
Credit
Acceptance
Corp.
(a)
530‌
232,140‌
Customers
Bancorp,
Inc.
(a)
8,174‌
240,970‌
Evercore,
Inc.,
Class
A
3,869‌
318,225‌
Futu
Holdings
Ltd.
-
ADR
(a)
2,444‌
91,136‌
Grid
Dynamics
Holdings,
Inc.
(a)
20,041‌
375,369‌
HCI
Group,
Inc.
3,020‌
118,384‌
Houlihan
Lokey,
Inc.
2,691‌
202,848‌
Kinsale
Capital
Group,
Inc.
2,385‌
609,176‌
Live
Oak
Bancshares,
Inc.
5,728‌
175,277‌
Moelis
&
Co.,
Class
A
8,614‌
291,239‌
Palomar
Holdings,
Inc.
(a)
12,391‌
1,037,374‌
Pinnacle
Financial
Partners,
Inc.
4,167‌
337,943‌
Preferred
Bank
3,723‌
242,851‌
Robinhood
Markets,
Inc.,
Class
A
(a)
9,403‌
94,970‌
Signature
Bank
1,867‌
281,917‌
Stifel
Financial
Corp.
2,463‌
127,854‌
Triumph
Bancorp,
Inc.
(a)
4,053‌
220,281‌
Trupanion,
Inc.
(a)
9,662‌
574,213‌
5,808,034‌
Health
Care
—
28.76%
10X
Genomics,
Inc.,
Class
A
(a)
1,438‌
40,954‌
ACADIA
Pharmaceuticals,
Inc.
(a)
21,054‌
344,443‌
Alector,
Inc.
(a)
78,533‌
742,923‌
Alkermes
PLC
(a)
25,065‌
559,701‌
Allogene
Therapeutics,
Inc.
(a)
18,541‌
200,243‌
Amedisys,
Inc.
(a)
4,578‌
443,105‌
Amphastar
Pharmaceuticals,
Inc.
(a)
14,669‌
412,199‌
Apellis
Pharmaceuticals,
Inc.
(a)
13,959‌
953,401‌
Arcus
Biosciences,
Inc.
(a)
8,069‌
211,085‌
Arrowhead
Pharmaceuticals,
Inc.
(a)
21,862‌
722,539‌
Arvinas,
Inc.
(a)
8,010‌
356,365‌
Beam
Therapeutics,
Inc.
(a)
11,183‌
532,758‌
Berkeley
Lights,
Inc.
(a)
13,518‌
38,661‌
Blueprint
Medicines
Corp.
(a)
7,071‌
465,908‌
Bridgebio
Pharma,
Inc.
(a)
33,879‌
336,757‌
Castle
Biosciences,
Inc.
(a)
13,792‌
359,695‌
Catalyst
Pharmaceuticals,
Inc.
(a)
118,603‌
1,521,677‌
Cerus
Corporation
(a)
12,834‌
46,202‌
Compugen
Ltd.
(a)
51,400‌
33,770‌
CRISPR
Therapeutics
AG
(a)
7,731‌
505,221‌
Eagle
Pharmaceuticals,
Inc.
(a)
11,751‌
310,461‌
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
94.39%
(continued)
Shares
Fair
Value
Health
Care
—
28.76%
(continued)
Ensign
Group,
Inc.
(The)
11,439‌
$
909,400‌
Exact
Sciences
Corp.
(a)
1,642‌
53,349‌
Exelixis,
Inc.
(a)
17,525‌
274,792‌
Fate
Therapeutics,
Inc.
(a)
19,810‌
443,942‌
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
50,033‌
156,103‌
Globus
Medical,
Inc.,
Class
A
(a)
14,063‌
837,733‌
Inotiv,
Inc.
(a)
21,816‌
367,600‌
Intellia
Therapeutics,
Inc.
(a)
11,668‌
652,941‌
Invitae
Corp.
(a)
38,619‌
95,003‌
iRadimed
Corp.
20,370‌
612,322‌
Kodiak
Sciences,
Inc.
(a)
45,063‌
348,788‌
Krystal
Biotech,
Inc.
(a)
5,144‌
358,537‌
LeMaitre
Vascular,
Inc.
17,459‌
884,822‌
LHC
Group,
Inc.
(a)
2,099‌
343,522‌
Madrigal
Pharmaceuticals,
Inc.
(a)
8,162‌
530,448‌
MEDNAX,
Inc.
(a)
36,898‌
609,186‌
Merit
Medical
Systems,
Inc.
(a)
14,949‌
844,768‌
Pacific
Biosciences
of
California,
Inc.
(a)
9,386‌
54,486‌
Paragon
28,
Inc.
(a)
17,249‌
307,377‌
Relay
Therapeutics,
Inc.
(a)
14,652‌
327,765‌
Seer,
Inc.
(a)
23,387‌
181,015‌
Select
Medical
Holdings
Corp.
33,072‌
730,891‌
ShockWave
Medical,
Inc.
(a)
4,342‌
1,207,380‌
Supernus
Pharmaceuticals,
Inc.
(a)
22,290‌
754,518‌
Teladoc
Health,
Inc.
(a)
1,925‌
48,799‌
Twist
Bioscience
Corp.
(a)
18,678‌
658,213‌
Veracyte,
Inc.
(a)
2,646‌
43,924‌
Vir
Biotechnology,
Inc.
(a)
12,066‌
232,632‌
Zynex,
Inc.
108,100‌
980,467‌
22,988,791‌
Industrials
—
8.66%
AAON,
Inc.
11,821‌
636,915‌
Allegiant
Travel
Co.
(a)
4,629‌
337,824‌
Bloom
Energy
Corp.,
Class
A
(a)
34,343‌
686,517‌
Clean
Harbors,
Inc.
(a)
8,519‌
936,920‌
Enovis
Corp.
(a)
8,788‌
404,863‌
ESAB
Corporation
8,572‌
285,962‌
Forrester
Research,
Inc.
(a)
10,937‌
393,841‌
Hillenbrand,
Inc.
10,358‌
380,346‌
Insperity,
Inc.
7,464‌
762,000‌
Napco
Security
Technologies,
Inc.
(a)
46,835‌
1,361,962‌
Titan
Machinery,
Inc.
(a)
22,088‌
624,207‌
TuSimple
Holdings,
Inc.,
Class
A
(a)
15,073‌
114,555‌
6,925,912‌
Materials
—
2.02%
Element
Solutions,
Inc.
18,932‌
308,024‌
Encore
Wire
Corp.
3,922‌
453,148‌
First
Majestic
Silver
Corp.
21,040‌
160,325‌
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
94.39%
(continued)
Shares
Fair
Value
Materials
—
2.02%
(continued)
Franco-Nevada
Corp.
2,255‌
$
269,427‌
Graphic
Packaging
Holding
Co.
21,449‌
423,403‌
1,614,327‌
Real
Estate
—
1.24%
eXp
World
Holdings,
Inc.
(b)
34,645‌
388,370‌
Gladstone
Land
Corp.
13,163‌
238,250‌
Legacy
Housing
Corp.
(a)
2,439‌
41,829‌
Newmark
Group,
Inc.,
Class
A
39,865‌
321,312‌
989,761‌
Technology
—
22.90%
Altair
Engineering,
Inc.,
Class
A
(a)
16,699‌
738,430‌
Ambarella,
Inc.
(a)
4,266‌
239,664‌
Appfolio,
Inc.,
Class
A
(a)
7,279‌
762,257‌
Appian
Corporation
(a)
4,211‌
171,935‌
Asana,
Inc.,
Class
A
(a)
32,016‌
711,716‌
Box,
Inc.,
Class
A
(a)
27,479‌
670,213‌
Coherent
Corp.
(a)
10,241‌
356,899‌
CS
Disco,
Inc.
(a)
18,190‌
181,900‌
Domo,
Inc.
(a)
12,590‌
226,494‌
ExlService
Holdings,
Inc.
(a)
5,994‌
883,276‌
Fastly,
Inc.
(a)
29,265‌
268,067‌
Gitlab,
Inc.
(a)
8,604‌
440,697‌
Impinj,
Inc.
(a)
15,708‌
1,257,111‌
Intapp,
Inc.
(a)
10,180‌
190,061‌
JFrog
Ltd
(a)
5,075‌
112,208‌
Lattice
Semiconductor
Corp.
(a)
12,365‌
608,482‌
Materialise
NV
-
ADR
(a)(b)
4,800‌
51,408‌
MaxLinear,
Inc.
(a)
16,042‌
523,290‌
Omnicell,
Inc.
(a)
8,512‌
740,799‌
PagerDuty,
Inc.
(a)
33,103‌
763,686‌
Phreesia,
Inc.
(a)
20,007‌
509,778‌
PubMatic,
Inc.
(a)
47,468‌
789,394‌
Pure
Storage,
Inc.,
Class
A
(a)
15,413‌
421,854‌
R1
RCM,
Inc.
(a)
27,514‌
509,834‌
Rapid7,
Inc.
(a)
10,555‌
452,810‌
Repay
Holdings
Corporation
(a)
21,832‌
154,134‌
Sanmina
Corp.
(a)
18,637‌
858,793‌
Schrodinger,
Inc.
(a)
8,148‌
203,537‌
Signify
Health,
Inc.
(a)
4,348‌
126,744‌
Sprout
Social,
Inc.,
Class
A
(a)
12,521‌
759,774‌
Super
Micro
Computer,
Inc.
(a)
13,008‌
716,351‌
TaskUS,
Inc.
(a)
22,156‌
356,712‌
Tenable
Holdings,
Inc.
(a)
20,073‌
698,540‌
TTEC
Holdings,
Inc.
7,756‌
343,668‌
Upstart
Holdings,
Inc.
(a)(b)
2,749‌
57,152‌
Vicor
Corp.
(a)
14,439‌
853,922‌
Wolfspeed,
Inc.
(a)
2,145‌
221,707‌
ERShares
US
Small
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
94.39%
(continued)
Shares
Fair
Value
Technology
—
22.90%
(continued)
Zuora,
Inc.
(a)
50,396‌
$
371,922‌
18,305,219‌
Total  Common
Stocks
  (Cost $83,008,264)
75,453,926‌
Money
Market
Funds
-
6.54%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
2.48%
(c)
4,519,173‌
4,519,173‌
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
2.33%
(c)(d)
707,231‌
707,231‌
Total
Money
Market
Funds
    (Cost
$5,226,404)
5,226,404‌
Total
Investments
—
100.93%
    (Cost
$88,234,668)
80,680,330‌
Liabilities
in
Excess
of
Other
Assets 
—
 (0.93)%
(744,538‌)
Net
Assets
—
100.00%
$
79,935,792‌
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
was
on
loan
as
of
September
30,
2022.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2022.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$732,681.
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
September
30,
2022
-
(Unaudited)
Common
Stocks
—
90.96%
Shares
Fair
Value
Communications
—
10.66%
Alphabet,
Inc.,
Class
A
(a)
13,140‌
$
1,256,842‌
DISH
Network
Corp.,
Class
A
(a)
7,612‌
105,274‌
Meta
Platforms,
Inc.,
Class
A
(a)
6,786‌
920,724‌
Playtika
Holding,
Corp.
(a)
15,532‌
145,845‌
Roku,
Inc.
(a)
2,525‌
142,410‌
Trade
Desk,
Inc.
(The),
Class
A
(a)
3,755‌
224,361‌
2,795,456‌
Consumer
Discretionary
—
12.12%
Advance
Auto
Parts,
Inc.
942‌
147,272‌
Amazon.com,
Inc.
(a)
6,123‌
691,899‌
Chipotle
Mexican
Grill,
Inc.
(a)
284‌
426,784‌
Copart,
Inc.
(a)
1,709‌
181,838‌
Etsy,
Inc.
(a)
3,988‌
399,318‌
Freshpet,
Inc.
(a)
2,898‌
145,161‌
RH
(a)
921‌
226,630‌
Starbucks
Corp.
2,748‌
231,546‌
Tesla,
Inc.
(a)
1,707‌
452,782‌
TJX
Cos.,
Inc.
(The)
4,454‌
276,683‌
3,179,913‌
Consumer
Staples
—
2.31%
Beyond
Meat,
Inc.
(a)(b)
5,793‌
82,087‌
Boston
Beer
Company,
Inc.
(The),
Class
A
(a)
341‌
110,365‌
Five
Below,
Inc.
(a)
1,478‌
203,476‌
Walgreens
Boots
Alliance,
Inc.
6,715‌
210,851‌
606,779‌
Energy
—
1.61%
Chevron
Corp.
217‌
31,176‌
Continental
Resources,
Inc.
338‌
22,582‌
Enphase
Energy,
Inc.
(a)
1,230‌
341,288‌
Valero
Energy
Corp.
250‌
26,713‌
421,759‌
Financials
—
6.08%
Ares
Management
Corp.,
Class
A
3,361‌
208,214‌
BlackRock,
Inc.
268‌
147,475‌
Credit
Acceptance
Corp.
(a)
291‌
127,458‌
Enstar
Group,
Ltd.
(a)
1,016‌
172,303‌
Icahn
Enterprises,
L.P.
9,207‌
457,305‌
Intercontinental
Exchange,
Inc.
1,410‌
127,394‌
W.R.
Berkley
Corporation
2,983‌
192,643‌
Western
Alliance
Bancorp
2,479‌
162,969‌
1,595,761‌
Health
Care
—
10.52%
Amedisys,
Inc.
(a)
1,812‌
175,384‌
Danaher
Corp.
728‌
188,035‌
Exact
Sciences
Corp.
(a)
3,150‌
102,344‌
Exelixis,
Inc.
(a)
7,955‌
124,734‌
Globus
Medical,
Inc.,
Class
A
(a)
4,200‌
250,194‌
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
90.96%
(continued)
Shares
Fair
Value
Health
Care
—
10.52%
(continued)
Jazz
Pharmaceuticals
PLC
(a)
836‌
$
111,430‌
Masimo
Corp.
(a)
1,717‌
242,372‌
Regeneron
Pharmaceuticals,
Inc.
(a)
447‌
307,926‌
ResMed,
Inc.
1,860‌
406,037‌
Royalty
Pharma
PLC,
Class
A
4,066‌
163,372‌
Seagen,
Inc.
(a)
2,315‌
316,762‌
Teladoc
Health,
Inc.
(a)
6,427‌
162,924‌
United
Therapeutics
Corp.
(a)
998‌
208,961‌
2,760,475‌
Industrials
—
2.53%
Cintas
Corp.
963‌
373,827‌
Cognex
Corp.
6,991‌
289,777‌
663,604‌
Materials
—
1.27%
Franco-Nevada
Corp.
1,310‌
156,519‌
Steel
Dynamics,
Inc.
2,506‌
177,801‌
334,320‌
Real
Estate
—
1.39%
Extra
Space
Storage,
Inc.
796‌
137,477‌
Kimco
Realty
Corp.
12,367‌
227,677‌
365,154‌
Technology
—
42.47%
Adobe,
Inc.
(a)
929‌
255,661‌
Akamai
Technologies,
Inc.
(a)
2,202‌
176,865‌
Apple,
Inc.
4,941‌
682,845‌
Arista
Networks,
Inc.
(a)
3,529‌
398,389‌
Bentley
Systems,
Inc.
2,226‌
68,093‌
Block,
Inc.,
Class
A
(a)
5,263‌
289,412‌
Cadence
Design
Systems,
Inc.
(a)
1,339‌
218,833‌
Cloudflare,
Inc.,
Class
A
(a)
2,802‌
154,979‌
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,748‌
288,088‌
Datadog,
Inc.
(a)
2,152‌
191,055‌
EPAM
Systems,
Inc.
(a)
1,274‌
461,431‌
FleetCor
Technologies,
Inc.
(a)
2,107‌
371,190‌
Fortinet,
Inc.
(a)
11,141‌
547,356‌
Juniper
Networks,
Inc.
7,643‌
199,635‌
Microsoft
Corp.
4,393‌
1,023,129‌
MongoDB,
Inc.
(a)
628‌
124,696‌
Monolithic
Power
Systems,
Inc.
661‌
240,207‌
NVIDIA
Corp.
4,746‌
576,118‌
Omnicell,
Inc.
(a)
3,725‌
324,187‌
Oracle
Corp.
4,737‌
289,289‌
Palo
Alto
Networks,
Inc.
(a)
1,563‌
256,004‌
Paycom
Software,
Inc.
(a)
926‌
305,571‌
Pure
Storage,
Inc.,
Class
A
(a)
8,613‌
235,738‌
Qualcomm,
Inc.
2,782‌
314,310‌
Salesforce.com,
Inc.
(a)
3,487‌
501,570‌
SS&C
Technologies
Holdings,
Inc.
6,808‌
325,082‌
ERShares
US
Large
Cap
Fund
Schedule
of
Investments
(continued)
September
30,
2022
-
(Unaudited)
Common
Stocks
—
90.96%
(continued)
Shares
Fair
Value
Technology
—
42.47%
(continued)
Synopsys,
Inc.
(a)
1,787‌
$
545,945‌
Twilio,
Inc.,
Class
A
(a)
2,981‌
206,106‌
Ubiquiti,
Inc.
1,663‌
488,190‌
Veeva
Systems,
Inc.,
Class
A
(a)
1,295‌
213,520‌
VMware,
Inc.,
Class
A
3,301‌
351,424‌
Workday,
Inc.,
Class
A
(a)
1,255‌
191,036‌
Zoom
Video
Communications,
Inc.,
Class
A
(a)
4,362‌
321,000‌
11,136,954‌
Total  Common
Stocks
  (Cost $27,295,663)
23,860,175‌
Money
Market
Funds
-
9.39%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
2.48%
(c)
2,379,405‌
2,379,405‌
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
2.33%
(c)(d)
83,579‌
83,579‌
Total
Money
Market
Funds
    (Cost
$2,462,984)
2,462,984‌
Total
Investments
—
100.35%
    (Cost
$29,758,647)
26,323,159‌
Liabilities
in
Excess
of
Other
Assets 
—
 (0.35)%
(92,497‌)
Net
Assets
—
100.00%
$
26,230,662‌
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
was
on
loan
as
of
September
30,
2022.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
September
30,
2022.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$85,432.