0001752724-23-121085.txt : 20230526 0001752724-23-121085.hdr.sgml : 20230526 20230526123924 ACCESSION NUMBER: 0001752724-23-121085 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230331 FILED AS OF DATE: 20230526 DATE AS OF CHANGE: 20230526 PERIOD START: 20230630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EntrepreneurShares Series Trust CENTRAL INDEX KEY: 0001495922 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-22436 FILM NUMBER: 23966144 BUSINESS ADDRESS: STREET 1: C/O WESTON CAPITAL ADVISORS, LLC STREET 2: 470 ATLANTIC AVENUE, SUITE 400 CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 781-239-4446 MAIL ADDRESS: STREET 1: C/O WESTON CAPITAL ADVISORS, LLC STREET 2: 470 ATLANTIC AVENUE, SUITE 400 CITY: BOSTON STATE: MA ZIP: 02210 0001495922 S000059420 ERShares Entrepreneurs ETF C000194842 ERShares Entrepreneurs ETF ENTR NPORT-P 1 primary_doc.xml NPORT-P false 0001495922 XXXXXXXX S000059420 C000194842 EntrepreneurShares Series Trust 811-22436 0001495922 549300UON6JV1E7QG046 175 Federal Street Suite 875 Boston 2110 (800) 287-9469 ERSHARES ENTREPRENEURS ETF S000059420 5493004Z5W4ALQTA2M10 2023-06-30 2023-03-31 N 37248698.31 2848531.83 34400166.48 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00 N Hubspot Inc 529900BLNVEW0MVKJB37 HubSpot, Inc. 443573100 1215.00000000 NS USD 520931.25000000 1.514327700428 Long EC CORP US N 1 N N N Spotify Technology S.A. 549300B4X0JHWV0DTD60 Spotify Technology S.A. L8681T102 3507.00000000 NS USD 468605.34000000 1.362218233078 Long EC CORP SE N 1 N N N NVIDIA Corp. 549300S4KLFTLO7GSQ80 NVIDIA Corporation 67066G104 4984.00000000 NS USD 1384405.68000000 4.024415639979 Long EC CORP US N 1 N N N Extra Space Storage Inc. 529900SDJHKRQWED6A16 Extra Space Storage, Inc. 30225T102 1947.00000000 NS USD 317224.71000000 0.922160391823 Long EC CORP US N 1 N N N MongoDB Inc. 549300TPTG69WKWE1Z37 MongoDB, Inc. 60937P106 1779.00000000 NS USD 414720.48000000 1.205576956265 Long EC CORP US N 1 N N N Dropbox Inc 549300JCDF7UAR6TJR51 Dropbox, Inc. 26210C104 20069.00000000 NS USD 433891.78000000 1.261307209813 Long EC CORP US N 1 N N N Pure Storage Inc 549300NPDB0BZTK3WO90 Pure Storage, Inc. 74624M102 17762.00000000 NS USD 453108.62000000 1.317169846440 Long EC CORP US N 1 N N N N/A N/A BBH SWEEP VEHICLE N/A 2374594.24000000 PA USD 2374594.24000000 6.902856825941 Long STIV US N N/A N N N Shutterstock Inc 529900G2TDIS56V0LO22 Shutterstock, Inc. 825690100 3509.00000000 NS USD 254753.40000000 0.740558625343 Long EC CORP US N 1 N N N Oracle Corporation 1Z4GXXU7ZHVWFCD8TV52 Oracle Corporation 68389X105 6385.00000000 NS USD 593294.20000000 1.724684095191 Long EC CORP US N 1 N N N Zoominfo Technologies Inc N/A ZoomInfo Technologies, Inc. 98980F104 12717.00000000 NS USD 314237.07000000 0.913475433854 Long EC CORP US N 1 N N N Teladoc Health Inc 549300I2PVFBC9MFAC61 Teladoc Health, Inc. 87918A105 10886.00000000 NS USD 281947.40000000 0.819610568349 Long EC CORP US N 1 N N N Masimo Corporation 549300Q4A8JK0PIYCU29 Masimo Corporation 574795100 3678.00000000 NS USD 678738.12000000 1.973066381508 Long EC CORP US N 1 N N N UiPath Inc. 5493000YP61KBELDHT53 UiPath, Inc. 90364P105 13708.00000000 NS USD 240712.48000000 0.699742194968 Long EC CORP US N 1 N N N Snowflake Inc 254900CJNSY1K7T53Z16 Snowflake, Inc. 833445109 2105.00000000 NS USD 324780.45000000 0.944124645992 Long EC CORP US N 1 N N N Arista Networks Inc 635400H1WKBLOQERUU95 Arista Networks, Inc. 040413106 2091.00000000 NS USD 350995.26000000 1.020330120216 Long EC CORP US N 1 N N N Exelixis, Inc. 254900PJQB59O2O95R37 Exelixis, Inc. 30161Q104 21136.00000000 NS USD 410249.76000000 1.192580740091 Long EC CORP US N 1 N N N Blackstone Inc 5299004LW4QWGZUB8Y96 Blackstone, Inc. 09260D107 1650.00000000 NS USD 144936.00000000 0.421323542385 Long EC CORP US N 1 N N N Five Below Inc 529900AAXP5Z6BGI7418 Five Below, Inc. 33829M101 1427.00000000 NS USD 293919.19000000 0.854412115042 Long EC CORP US N 1 N N N DoorDash Inc 549300NUQ43FGGSK5051 DoorDash, Inc. 25809K105 3686.00000000 NS USD 234282.16000000 0.681049494734 Long EC CORP US N 1 N N N QUALCOMM Inc. H1J8DDZKZP6H7RWC0H53 QUALCOMM, Inc. 747525103 4460.00000000 NS USD 569006.80000000 1.654081529898 Long EC CORP US N 1 N N N Dynatrace Inc N/A Dynatrace, Inc. 268150109 4760.00000000 NS USD 201348.00000000 0.585311120854 Long EC CORP US N 1 N N N Playtika Holding Corp 254900E35Z4TKA4UFG64 Playtika Holding Corporation 72815L107 31570.00000000 NS USD 355478.20000000 1.033361859474 Long EC CORP IL N 1 N N N Synopsys Inc QG7T915N9S0NY5UKNE63 Synopsys, Inc. 871607107 1049.00000000 NS USD 405176.25000000 1.177832235886 Long EC CORP US N 1 N N N VMware Inc 549300BUDHS3LRWBE814 VMware, Inc. 928563402 5080.00000000 NS USD 634238.00000000 1.843706193598 Long EC CORP US N 1 N N N Applovin Corporation 549300LLVXMUAOL3SQ07 AppLovin Corporation 03831W108 21923.00000000 NS USD 345287.25000000 1.003737148193 Long EC CORP US N 1 N N N Snap Inc 549300JNC0L6VP8A2Q35 Snap, Inc. 83304A106 10781.00000000 NS USD 120855.01000000 0.351321003258 Long EC CORP US N 1 N N N Globus Med Inc 5299003M2P4CIK0RF205 Globus Medical, Inc. 379577208 3614.00000000 NS USD 204696.96000000 0.595046422577 Long EC CORP US N 1 N N N Cloudflare Inc 5493007DY18BGNLDWU14 Cloudflare, Inc. 18915M107 5023.00000000 NS USD 309718.18000000 0.900339189288 Long EC CORP US N 1 N N N Regeneron Pharmaceuticals, Inc. 549300RCBFWIRX3HYQ56 Regeneron Pharmaceuticals, Inc. 75886F107 609.00000000 NS USD 500397.03000000 1.454635489310 Long EC CORP US N 1 N N N Kimco Realty Corporation N/A Kimco Realty Corporation 49446R109 11120.00000000 NS USD 217173.60000000 0.631315549377 Long EC CORP US N 1 N N N Dollar Tree Inc 549300PMSTQITB1WHR43 Dollar Tree, Inc. 256746108 1827.00000000 NS USD 262265.85000000 0.762397037097 Long EC CORP US N 1 N N N Bentley Systems Incorporated 549300WVEHPGE0Z56F71 Bentley Systems, Inc. 08265T208 9622.00000000 NS USD 413649.78000000 1.202464471328 Long EC CORP US N 1 N N N Salesforce Inc RCGZFPDMRW58VJ54VR07 Salesforce, Inc. 79466L302 4383.00000000 NS USD 875635.74000000 2.545440413810 Long EC CORP US N 1 N N N Monolithic Power Systems Inc. 529900TB7O85LSZ1XU31 Monolithic Power Systems, Inc. 609839105 488.00000000 NS USD 244263.52000000 0.710064935708 Long EC CORP US N 1 N N N EPAM Systems Inc. 549300XCR4R530HJP604 EPAM Systems, Inc. 29414B104 1057.00000000 NS USD 316043.00000000 0.918725204960 Long EC CORP US N 1 N N N Alteryx Inc 549300XWZG0JHL7I0827 Alteryx, Inc. 02156B103 3236.00000000 NS USD 190406.24000000 0.553503832926 Long EC CORP US N 1 N N N Paycom Software Inc 254900LSB0HNJUDC6Q18 Paycom Software, Inc. 70432V102 1784.00000000 NS USD 542353.84000000 1.576602369977 Long EC CORP US N 1 N N N Etsy Inc 54930089Q7XT501AEA40 Etsy, Inc. 29786A106 3152.00000000 NS USD 350912.16000000 1.020088551617 Long EC CORP US N 1 N N N Amazon.com, Inc. ZXTILKJKG63JELOEG630 Amazon.com, Inc. 023135106 7743.00000000 NS USD 799774.47000000 2.324914533378 Long EC CORP US N 1 N N N Palo Alto Networks Inc 549300QXR2YVZV231H43 Palo Alto Networks, Inc. 697435105 2510.00000000 NS USD 501347.40000000 1.457398179428 Long EC CORP US N 1 N N N Seagen Inc N/A Seagen, Inc. 81181C104 3087.00000000 NS USD 625024.89000000 1.816924026700 Long EC CORP US N 1 N N N Crowdstrike Holdings Inc 549300YBY08K9KM4HX32 Crowdstrike Holdings, Inc. 22788C105 3619.00000000 NS USD 496743.94000000 1.444016093029 Long EC CORP US N 1 N N N BILL Holdings Inc 549300IBF9VZZIGOZW63 BILL Holdings, Inc. 090043100 3093.00000000 NS USD 250966.02000000 0.729548853043 Long EC CORP US N 1 N N N Beigene Limited 549300JFUK6FRD5MH739 BeiGene Ltd. 07725L102 715.00000000 NS USD 154103.95000000 0.447974430849 Long EC CORP CN N 1 N N N Twilio Inc 5493004W8TRGD63APX93 Twilio, Inc. 90138F102 6695.00000000 NS USD 446087.85000000 1.296760730095 Long EC CORP US N 1 N N N Chipotle Mexican Grill Inc N/A Chipotle Mexican Grill, Inc. 169656105 200.00000000 NS USD 341658.00000000 0.993187053901 Long EC CORP US N 1 N N N Costar Group Inc N/A CoStar Group, Inc. 22160N109 1768.00000000 NS USD 121726.80000000 0.353855264249 Long EC CORP US N 1 N N N Cintas Corporation N/A Cintas Corporation 172908105 424.00000000 NS USD 196176.32000000 0.570277240123 Long EC CORP US N 1 N N N Ubiquiti Inc N/A Ubiquiti, Inc. 90353W103 1017.00000000 NS USD 276308.73000000 0.803219165118 Long EC CORP US N 1 N N N Netflix, Inc. 549300Y7VHGU0I7CE873 Netflix, Inc. 64110L106 789.00000000 NS USD 272583.72000000 0.792390700081 Long EC CORP US N 1 N N N Ares Management Corporation 529900JUV61FH7B8VW38 Ares Management Corporation 03990B101 3711.00000000 NS USD 309645.84000000 0.900128899608 Long EC CORP US N 1 N N N Royalty Pharma PLC 549300FGFN7VOK8BZR03 Royalty Pharma plc G7709Q104 5580.00000000 NS USD 201047.40000000 0.584437287874 Long EC CORP US N 1 N N N Mercadolibre Inc 549300DKPDN9M5S8GB14 MercadoLibre, Inc. 58733R102 136.00000000 NS USD 179256.16000000 0.521090966534 Long EC CORP AR N 1 N N N Meta Platforms Inc BQ4BKCS1HXDV9HN80Z93 Meta Platforms, Inc. 30303M102 3947.00000000 NS USD 836527.18000000 2.431753289584 Long EC CORP US N 1 N N N Fortinet Inc 549300O0QJWDBAS0QX03 Fortinet, Inc. 34959E109 9794.00000000 NS USD 650909.24000000 1.892168866038 Long EC CORP US N 1 N N N Workday Inc 549300J0DYC0N31V7G13 Workday, Inc. 98138H101 1401.00000000 NS USD 289362.54000000 0.841166103565 Long EC CORP US N 1 N N N Danaher Corporation S4BKK9OTCEWQ3YHPFM11 Danaher Corporation 235851102 2022.00000000 NS USD 509624.88000000 1.481460504838 Long EC CORP US N 1 N N N Graphic Packaging Holding Company N/A Graphic Packaging Holding Company 388689101 10252.00000000 NS USD 261323.48000000 0.759657602680 Long EC CORP US N 1 N N N Cognex Corp 549300JQTYZCLC43S226 Cognex Corporation 192422103 3515.00000000 NS USD 174168.25000000 0.506300602066 Long EC CORP US N 1 N N N ResMed Inc. 529900T3QE5253CCXF22 ResMed, Inc. 761152107 2798.00000000 NS USD 612734.02000000 1.781194926356 Long EC CORP US N 1 N N N Fleetcor Technologies Inc 549300DG6RR0NQSFLN74 FleetCor Technologies, Inc. 339041105 1955.00000000 NS USD 412211.75000000 1.198284171792 Long EC CORP US N 1 N N N Roblox Corporation N/A ROBLOX Corporation 771049103 3673.00000000 NS USD 165211.54000000 0.480263780397 Long EC CORP US N 1 N N N The Trade Desk Inc 549300GXPD31VT3E0P46 Trade Desk, Inc. (The) 88339J105 4719.00000000 NS USD 287434.29000000 0.835560752786 Long EC CORP US N 1 N N N Zoom Video Communications Inc 549300T9GCHU0ODOM055 Zoom Video Communications, Inc. 98980L101 5054.00000000 NS USD 373187.36000000 1.084841726614 Long EC CORP US N 1 N N N Unity Software Inc 549300D1ESJMGNQNG432 Unity Software, Inc. 91332U101 11599.00000000 NS USD 376271.56000000 1.093807380899 Long EC CORP US N 1 N N N Alphabet Inc. 5493006MHB84DD0ZWV18 Alphabet, Inc. 02079K305 21167.00000000 NS USD 2195652.91000000 6.382681058466 Long EC CORP US N 1 N N N Exact Sciences Corporation 549300VM3X1FYD4N9Z14 Exact Sciences Corporation 30063P105 1837.00000000 NS USD 124566.97000000 0.362111532432 Long EC CORP US N 1 N N N Enphase Energy Inc 5493008U7KIGMI59Z314 Enphase Energy, Inc. 29355A107 1474.00000000 NS USD 309952.72000000 0.901020988314 Long EC CORP US N 1 N N N Veeva Systems Inc 549300YZEXPDB92M2F02 Veeva Systems, Inc. 922475108 3102.00000000 NS USD 570116.58000000 1.657307618936 Long EC CORP US N 1 N N N Shopify Inc 549300HGQ43STJLLP808 Shopify, Inc. 82509L107 5112.00000000 NS USD 245069.28000000 0.712407249954 Long EC CORP CA N 1 N N N DraftKings Inc New N/A DraftKings, Inc. 26142V105 12972.00000000 NS USD 251137.92000000 0.730048559927 Long EC CORP US N 1 N N N Bilibili Inc 5493008V60M52L3PIS45 Bilibili, Inc. 090040106 2697.00000000 NS USD 63379.50000000 0.184241840913 Long EC CORP CN N 1 N N N Roku Inc 549300KR6ITU0YIR1T71 Roku, Inc. 77543R102 3972.00000000 NS USD 261437.04000000 0.759987717361 Long EC CORP US N 1 N N N Copart Inc 549300KVYX3JWMYEHU61 Copart, Inc. 217204106 4216.00000000 NS USD 317085.36000000 0.921755306574 Long EC CORP US N 1 N N N Public Storage 549300LMZF40TKJ6DM64 Public Storage 74460D109 700.00000000 NS USD 211498.00000000 0.614816792014 Long EC CORP US N 1 N N N Datadog Inc 549300F6JNO0KRPO1K63 Datadog, Inc. 23804L103 7705.00000000 NS USD 559845.30000000 1.627449391343 Long EC CORP US N 1 N N N Ringcentral Inc 549300C8EH0H1614VE84 RingCentral, Inc. 76680R206 4008.00000000 NS USD 122925.36000000 0.357339433434 Long EC CORP US N 1 N N N Steel Dynamics, Inc. 549300HGGKEL4FYTTQ83 Steel Dynamics, Inc. 858119100 3450.00000000 NS USD 390057.00000000 1.133881140449 Long EC CORP US N 1 N N N Okta Inc. 549300N8J06I8MRHU620 Okta, Inc. 679295105 6260.00000000 NS USD 539862.40000000 1.569359846888 Long EC CORP US N 1 N N N Airbnb Inc 549300HMUDNO0RY56D37 Airbnb, Inc. 009066101 1945.00000000 NS USD 241958.00000000 0.703362875120 Long EC CORP US N 1 N N N 10X Genomics Inc 5493003Z6741WNLG7H43 10X Genomics, Inc. 88025U109 4715.00000000 NS USD 263049.85000000 0.764676095834 Long EC CORP US N 1 N N N Wolfspeed Inc. 549300OGU88P3AW3TO93 Wolfspeed, Inc. 977852102 2902.00000000 NS USD 188484.90000000 0.547918569259 Long EC CORP US N 1 N N N Tesla Inc 54930043XZGB27CTOV49 Tesla, Inc. 88160R101 2669.00000000 NS USD 553710.74000000 1.609616454391 Long EC CORP US N 1 N N N 2023-03-31 EntrepreneurShares Series Trust Gregory Knoth Gregory Knoth SVP, Mutual Fund Controller XXXX NPORT-EX 2 ultimus_1238.htm
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
—
95.07%
Shares
Fair
Value
Communications
—
19.36%
Airbnb,
Inc.,
Class
A
(a)
1,945‌
$
241,958‌
Alphabet,
Inc.,
Class
A
(a)
21,167‌
2,195,654‌
AppLovin
Corp.
(a)
21,923‌
345,287‌
Bilibili,
Inc.
-
ADR
(a)
2,697‌
63,380‌
DoorDash,
Inc.,
Class
A
(a)
3,686‌
234,282‌
Meta
Platforms,
Inc.,
Class
A
(a)
3,947‌
836,527‌
Netflix,
Inc.
(a)
789‌
272,584‌
Playtika
Holding,
Corp.
(a)
31,570‌
355,478‌
Roblox
Corp.,
Class
A
(a)
3,673‌
165,212‌
Roku,
Inc.
(a)
3,972‌
261,437‌
Shopify,
Inc.,
Class
A
(a)
5,112‌
245,069‌
Shutterstock,
Inc.
3,509‌
254,753‌
Snap,
Inc.,
Class
A
(a)
10,781‌
120,855‌
Spotify
Technology
SA
(a)
3,507‌
468,605‌
Trade
Desk,
Inc.
(The),
Class
A
(a)
4,719‌
287,434‌
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
12,717‌
314,237‌
6,662,752‌
Consumer
Discretionary
—
8.12%
Amazon.com,
Inc.
(a)
7,743‌
799,775‌
Chipotle
Mexican
Grill,
Inc.
(a)
200‌
341,658‌
Copart,
Inc.
(a)
4,216‌
317,085‌
DraftKings,
Inc.,
Class
A
(a)
12,972‌
251,138‌
Etsy,
Inc.
(a)
3,152‌
350,912‌
MercadoLibre,
Inc.
(a)
136‌
179,256‌
Tesla,
Inc.
(a)
2,669‌
553,711‌
2,793,535‌
Consumer
Staples
—
1.62%
Dollar
Tree,
Inc.
(a)
1,827‌
262,266‌
Five
Below,
Inc.
(a)
1,427‌
293,919‌
556,185‌
Energy
—
0.90%
Enphase
Energy,
Inc.
(a)
1,474‌
309,953‌
Financials
—
1.32%
Ares
Management
Corp.,
Class
A
3,711‌
309,646‌
Blackstone
Group
L.P.
(The),
Class
A
1,650‌
144,936‌
454,582‌
Health
Care
—
13.28%
10X
Genomics,
Inc.,
Class
A
(a)
4,715‌
263,050‌
BeiGene
Ltd.
-
ADR
(a)
715‌
154,103‌
Danaher
Corp.
2,022‌
509,625‌
Exact
Sciences
Corp.
(a)
1,837‌
124,567‌
Exelixis,
Inc.
(a)
21,136‌
410,250‌
Globus
Medical,
Inc.,
Class
A
(a)
3,614‌
204,697‌
Masimo
Corp.
(a)
3,678‌
678,738‌
Regeneron
Pharmaceuticals,
Inc.
(a)
609‌
500,397‌
ResMed,
Inc.
2,798‌
612,734‌
Royalty
Pharma
PLC,
Class
A
5,580‌
201,047‌
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
95.07%
(continued)
Shares
Fair
Value
Health
Care
—
13.28%
(continued)
Seagen,
Inc.
(a)
3,087‌
$
625,025‌
Teladoc
Health,
Inc.
(a)
10,886‌
281,947‌
4,566,180‌
Industrials
—
1.08%
Cintas
Corp.
424‌
196,177‌
Cognex
Corp.
3,515‌
174,168‌
370,345‌
Materials
—
1.89%
Graphic
Packaging
Holding
Co.
10,252‌
261,323‌
Steel
Dynamics,
Inc.
3,450‌
390,057‌
651,380‌
Real
Estate
—
2.17%
Extra
Space
Storage,
Inc.
1,947‌
317,224‌
Kimco
Realty
Corp.
11,120‌
217,174‌
Public
Storage
700‌
211,498‌
745,896‌
Technology
—
45.33%
Alteryx,
Inc.,
Class
A
(a)
3,236‌
190,406‌
Arista
Networks,
Inc.
(a)
2,091‌
350,995‌
Bentley
Systems,
Inc.
9,622‌
413,650‌
Bill.com
Holdings,
Inc.
(a)
3,093‌
250,966‌
Cloudflare,
Inc.,
Class
A
(a)
5,023‌
309,718‌
CoStar
Group,
Inc.
(a)
1,768‌
121,727‌
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
3,619‌
496,744‌
Datadog,
Inc.,
Class
A
(a)
7,705‌
559,845‌
Dropbox,
Inc.,
Class
A
(a)
20,069‌
433,892‌
Dynatrace,
Inc.
(a)
4,760‌
201,348‌
EPAM
Systems,
Inc.
(a)
1,057‌
316,043‌
FleetCor
Technologies,
Inc.
(a)
1,955‌
412,212‌
Fortinet,
Inc.
(a)
9,794‌
650,910‌
HubSpot,
Inc.
(a)
1,215‌
520,931‌
MongoDB,
Inc.
(a)
1,779‌
414,720‌
Monolithic
Power
Systems,
Inc.
488‌
244,264‌
NVIDIA
Corp.
4,984‌
1,384,405‌
Okta,
Inc.
(a)
6,260‌
539,862‌
Oracle
Corp.
6,385‌
593,294‌
Palo
Alto
Networks,
Inc.
(a)
2,510‌
501,347‌
Paycom
Software,
Inc.
(a)
1,784‌
542,354‌
Pure
Storage,
Inc.,
Class
A
(a)
17,762‌
453,108‌
QUALCOMM,
Inc.
4,460‌
569,007‌
RingCentral,
Inc.,
Class
A
(a)
4,008‌
122,925‌
Salesforce.com,
Inc.
(a)
4,383‌
875,637‌
Snowflake,
Inc.
(a)
2,105‌
324,780‌
Synopsys,
Inc.
(a)
1,049‌
405,176‌
Twilio,
Inc.,
Class
A
(a)
6,695‌
446,088‌
Ubiquiti,
Inc.
1,017‌
276,309‌
UiPath,
Inc.,
Class
A
(a)
13,708‌
240,712‌
Unity
Software,
Inc.
(a)
11,599‌
376,272‌
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
95.07%
(continued)
Shares
Fair
Value
Technology
—
45.33%
(continued)
Veeva
Systems,
Inc.,
Class
A
(a)
3,102‌
$
570,117‌
VMware,
Inc.,
Class
A
(a)
5,080‌
634,239‌
Wolfspeed,
Inc.
(a)
2,902‌
188,485‌
Workday,
Inc.,
Class
A
(a)
1,401‌
289,363‌
Zoom
Video
Communications,
Inc.,
Class
A
(a)
5,054‌
373,187‌
15,595,038‌
Total  Common
Stocks
  (Cost $28,758,709)
32,705,846‌
Total
Investments
—
95.07%
    (Cost
$28,758,709)
32,705,846‌
Other
Assets
in
Excess
of
Liabilities — 4.93%
1,694,320‌
Net
Assets
—
100.00%
$
34,400,166‌
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
Shares
Fair
Value
Australia
—
8.41%
Communications
—
2.82%
carsales.com,
Ltd.
20,047‌
$
299,644‌
SEEK
Ltd.
18,274‌
295,440‌
595,084‌
Consumer
Discretionary
—
1.58%
Flight
Centre
Travel
Group
Ltd.
(a)
15,931‌
198,393‌
Harvey
Norman
Holdings,
Ltd.
55,661‌
133,976‌
332,369‌
Health
Care
—
1.20%
Telix
Pharmaceuticals
Ltd.
(a)
54,417‌
253,297‌
Materials
—
0.64%
Fortescue
Metals
Group
Ltd.
9,008‌
135,422‌
Technology
—
2.17%
HUB24
Ltd.
14,315‌
266,756‌
WiseTech
Global
Ltd.
4,303‌
189,588‌
456,344‌
Total
Australia
1,772,516‌
Belgium
—
1.28%
Health
Care
—
1.01%
Galapagos
NV
-
ADR
(a)
5,521‌
213,331‌
Technology
—
0.27%
Materialise
NV
-
ADR
(a)
6,890‌
57,187‌
Total
Belgium
270,518‌
Bermuda
—
3.00%
Consumer
Discretionary
—
0.45%
Luk
Fook
Holdings
International
Ltd.
29,475‌
94,298‌
Financials
—
1.15%
Enstar
Group,
Ltd.
(a)
1,055‌
244,538‌
Materials
—
0.59%
Nine
Dragons
Paper
Holdings
Ltd.
166,068‌
124,329‌
Technology
—
0.81%
Skyworth
Group
Ltd.
330,000‌
169,991‌
Total
Bermuda
633,156‌
Canada
—
13.36%
Consumer
Discretionary
—
2.01%
Aritzia,
Inc.
(a)
4,315‌
138,467‌
Gildan
Activewear,
Inc.
5,026‌
166,973‌
Linamar
Corp.
1,436‌
69,095‌
Spin
Master
Corp.
144A
(b)
1,730‌
48,091‌
422,626‌
Energy
—
0.60%
Vermilion
Energy,
Inc.
9,829‌
127,482‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
Canada
—
13.36%
(continued)
Financials
—
2.55%
Fairfax
Financial
Holdings
Ltd.
422‌
$
280,652‌
First
National
Financial
Corp.
5,511‌
155,439‌
Onex
Corp.
2,147‌
100,367‌
536,458‌
Industrials
—
0.84%
GFL
Environmental,
Inc.
5,164‌
177,848‌
Materials
—
1.85%
Cascades,
Inc.
13,277‌
107,963‌
First
Majestic
Silver
Corp.
5,736‌
41,380‌
First
Quantum
Minerals
Ltd.
3,064‌
70,438‌
Ivanhoe
Mines
Ltd.
(a)
5,848‌
52,832‌
Triple
Flag
Precious
Metals
Corp.
2,010‌
29,938‌
West
Fraser
Timber
Co.
Ltd.
1,238‌
88,195‌
390,746‌
Real
Estate
—
4.15%
Allied
Properties
Real
Estate
Investment
Trust
9,492‌
171,085‌
Colliers
International
Group,
Inc.
2,005‌
211,628‌
FirstService
Corp.
2,044‌
288,001‌
Tricon
Residential,
Inc.
26,243‌
203,494‌
874,208‌
Technology
—
1.36%
Nuvei
Corporation
(a)
6,575‌
286,177‌
Total
Canada
2,815,545‌
Cayman
Islands
—
4.83%
Communications
—
0.33%
Vnet
Group,
Inc.
-
ADR
(a)
21,511‌
69,696‌
Consumer
Discretionary
—
1.69%
NagaCorp
Ltd.
(a)
209,955‌
163,848‌
Yadea
Group
Holdings
Ltd.
74,476‌
191,843‌
355,691‌
Financials
—
1.42%
FinVolution
Group
-
ADR
35,345‌
147,388‌
Noah
Holdings
Ltd.
-
ADR
(a)
4,620‌
76,461‌
Value
Partners
Group
Ltd.
239,163‌
76,087‌
299,936‌
Materials
—
0.49%
Lee
&
Man
Paper
Manufacturing
Ltd.
260,226‌
104,069‌
Utilities
—
0.90%
Tian
Lun
Gas
Holdings
Ltd.
323,507‌
189,386‌
Total
Cayman
Islands
1,018,778‌
China
—
8.01%
Communications
—
1.21%
Bilibili,
Inc.
-
ADR
(a)
7,170‌
168,495‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
China
—
8.01%
(continued)
Communications
—
1.21%
(continued)
Weimob,
Inc.
(a)
140,828‌
$
87,173‌
255,668‌
Consumer
Discretionary
—
1.32%
JD.com,
Inc.
-
ADR
1,035‌
45,426‌
NIU
Technologies
-
ADR
(a)
29,772‌
123,256‌
XPeng,
Inc.
-
ADR
(a)
9,775‌
108,600‌
277,282‌
Energy
—
2.46%
Daqo
New
Energy
Corp.
-
ADR
(a)
4,090‌
191,577‌
JinkoSolar
Holding
Co.,
Ltd.
-
ADR
(a)
2,608‌
133,060‌
Tianneng
Power
International,
Ltd.
162,522‌
192,487‌
517,124‌
Financials
—
1.11%
Futu
Holdings
Ltd.
-
ADR
(a)
4,503‌
233,481‌
Health
Care
—
1.20%
BeiGene
Ltd.
-
ADR
(a)
1,172‌
252,601‌
Technology
—
0.71%
Kingdee
International
Software
Group
Co.,
Ltd.
(a)
92,694‌
149,734‌
Total
China
1,685,890‌
Denmark
—
0.44%
Technology
—
0.44%
Netcompany
Group
A/S
(a)
2,515‌
91,786‌
Total
Denmark
91,786‌
Germany
—
0.27%
Energy
—
0.27%
VERBIO
Vereinigte
BioEnergie
AG
1,196‌
56,196‌
Total
Germany
56,196‌
Ireland
—
1.22%
Health
Care
—
1.22%
Jazz
Pharmaceuticals
PLC
(a)
1,759‌
257,394‌
Total
Ireland
257,394‌
Isle
Of
Man
—
1.34%
Consumer
Discretionary
—
1.34%
Entain
PLC
18,221‌
282,990‌
Total
Isle
Of
Man
282,990‌
Israel
—
4.46%
Communications
—
0.97%
Fiverr
International
Ltd.
(a)
1,562‌
54,545‌
Wix.com
Ltd.
(a)
1,498‌
149,500‌
204,045‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
Israel
—
4.46%
(continued)
Energy
—
0.93%
SolarEdge
Technologies,
Inc.
(a)
646‌
$
196,352‌
Technology
—
2.56%
AudioCodes,
Ltd.
7,856‌
118,468‌
Check
Point
Software
Technologies
Ltd.
(a)
1,116‌
145,080‌
JFrog
Ltd
(a)
5,793‌
114,122‌
Radware
Ltd.
(a)
7,479‌
161,098‌
538,768‌
Total
Israel
939,165‌
Japan
—
4.46%
Industrials
—
1.00%
S-Pool,
Inc.
28,569‌
129,015‌
VisasQ,
Inc.
(a)
6,686‌
82,073‌
211,088‌
Technology
—
3.46%
GMO
Payment
Gateway,
Inc.
1,259‌
109,008‌
Rorze
Corp.
4,642‌
411,928‌
SHIFT,
Inc.
(a)
1,165‌
208,386‌
729,322‌
Total
Japan
940,410‌
Jersey
—
0.76%
Communications
—
0.76%
Gambling.com
Group
Ltd.
(a)
16,219‌
160,730‌
Total
Jersey
160,730‌
Singapore
—
3.35%
Consumer
Discretionary
—
1.11%
Best
World
International,
Ltd.
(a)
126,205‌
233,775‌
Consumer
Staples
—
1.70%
Olam
Group
Ltd.
141,142‌
167,329‌
Wilmar
International
Ltd.
60,635‌
192,096‌
359,425‌
Technology
—
0.54%
UMS
Holdings
Ltd.
135,282‌
113,425‌
Total
Singapore
706,625‌
Spain
—
0.47%
Industrials
—
0.47%
Sacyr
S.A.
30,770‌
98,929‌
Total
Spain
98,929‌
Sweden
—
5.91%
Communications
—
0.45%
Embracer
Group
A.B.
(a)
20,260‌
94,960‌
Consumer
Discretionary
—
0.99%
Evolution
Gaming
Group
A.B.
1,567‌
209,933‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
Sweden
—
5.91%
(continued)
Financials
—
1.21%
Avanza
Bank
Holding
A.B.
2,810‌
$
65,906‌
Nordnet
A.B.,
Class
A
11,537‌
190,203‌
256,109‌
Health
Care
—
0.57%
Cellavision
A.B.
6,727‌
119,743‌
Industrials
—
1.24%
HMS
Networks
A.B.
4,568‌
186,657‌
Instalco
A.B.
15,307‌
73,935‌
260,592‌
Real
Estate
—
1.14%
Fabege
A.B.
16,721‌
128,244‌
Neobo
Fastigheter
A.B.
(a)
4,134‌
4,971‌
Samhallsbyggnadsbolaget
i
Norden
A.B.
77,755‌
106,304‌
239,519‌
Technology
—
0.31%
Sinch
A.B.
(a)
24,104‌
65,196‌
Total
Sweden
1,246,052‌
Switzerland
—
2.13%
Health
Care
—
1.61%
CRISPR
Therapeutics
AG
(a)
3,711‌
167,849‌
Medacta
Group
S.A.
1,574‌
170,869‌
338,718‌
Technology
—
0.52%
Sensirion
Holding
AG
(a)
1,000‌
109,904‌
Total
Switzerland
448,622‌
United
Kingdom
—
3.26%
Communications
—
0.39%
Future
PLC
4,021‌
57,797‌
S4
Capital
PLC
(a)
12,359‌
24,791‌
82,588‌
Consumer
Discretionary
—
0.84%
Frasers
Group
PLC
(a)
18,409‌
176,580‌
Health
Care
—
0.67%
Hikma
Pharmaceuticals
PLC
6,852‌
142,032‌
Technology
—
1.36%
Computacenter
PLC
10,785‌
286,046‌
Total
United
Kingdom
687,246‌
United
States
—
21.82%
Communications
—
1.14%
fuboTV,
Inc.
(a)
44,729‌
54,122‌
Playtika
Holding,
Corp.
(a)
16,460‌
185,340‌
239,462‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
United
States
—
21.82%
(continued)
Consumer
Discretionary
—
0.26%
Skechers
U.S.A.,
Inc.,
Class
A
(a)
1,146‌
$
54,458‌
Consumer
Staples
—
2.23%
e.l.f.
Beauty,
Inc.
(a)
2,678‌
220,533‌
Inter
Parfums,
Inc.
1,753‌
249,347‌
469,880‌
Energy
—
1.27%
Ameresco,
Inc.,
Class
A
(a)
1,638‌
80,622‌
Antero
Resources
Corp.
(a)
5,504‌
127,087‌
Matador
Resources
Co.
1,255‌
59,801‌
267,510‌
Financials
—
0.52%
Palomar
Holdings,
Inc.
(a)
1,973‌
108,910‌
Health
Care
—
4.37%
Allogene
Therapeutics,
Inc.
(a)
5,983‌
29,556‌
Amphastar
Pharmaceuticals,
Inc.
(a)
4,682‌
175,575‌
Catalyst
Pharmaceuticals,
Inc.
(a)
10,360‌
171,769‌
Merit
Medical
Systems,
Inc.
(a)
2,292‌
169,493‌
Select
Medical
Holdings
Corp.
7,282‌
188,240‌
ShockWave
Medical,
Inc.
(a)
860‌
186,474‌
921,107‌
Industrials
—
0.48%
Titan
Machinery,
Inc.
(a)
3,318‌
101,033‌
Technology
—
11.55%
Altair
Engineering,
Inc.,
Class
A
(a)
2,515‌
181,357‌
Appfolio,
Inc.,
Class
A
(a)
1,665‌
207,258‌
Box,
Inc.,
Class
A
(a)
2,413‌
64,644‌
CS
Disco,
Inc.
(a)
28,701‌
190,575‌
Dropbox,
Inc.,
Class
A
(a)
4,021‌
86,934‌
ExlService
Holdings,
Inc.
(a)
884‌
143,058‌
Fastly,
Inc.
(a)
7,868‌
139,736‌
MaxLinear,
Inc.
(a)
1,333‌
46,935‌
PagerDuty,
Inc.
(a)
4,675‌
163,532‌
PubMatic,
Inc.
(a)
6,048‌
83,583‌
R1
RCM,
Inc.
(a)
10,041‌
150,615‌
Rapid7,
Inc.
(a)
1,265‌
58,076‌
Repay
Holdings
Corp.
(a)
16,605‌
109,095‌
Simulations
Plus,
Inc.
3,341‌
146,804‌
Super
Micro
Computer,
Inc.
(a)
2,649‌
282,250‌
TaskUs,
Inc.
(a)
2,252‌
32,519‌
Tenable
Holdings,
Inc.
(a)
1,114‌
52,926‌
TTEC
Holdings,
Inc.
1,228‌
45,718‌
Unity
Software,
Inc.
(a)
4,231‌
137,254‌
Zscaler,
Inc.
(a)
982‌
114,727‌
2,437,596‌
Total
United
States
4,599,956‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
89.46%
(continued)
Shares
Fair
Value
Virgin
Islands
British
—
0.68%
Consumer
Staples
—
0.68%
Nomad
Foods
Ltd.
(a)
7,619‌
$
142,780‌
Total
Virgin
Islands
British
142,780‌
Total  Common
Stocks
  (Cost $19,683,479)
18,855,284‌
Total
Investments
—
89.46%
    (Cost
$19,683,479)
18,855,284‌
Other
Assets
in
Excess
of
Liabilities 
—
 10.54%
2,220,592‌
Net
Assets
—
100.00%
$
21,075,876‌
(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