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