0001752724-23-121086.txt : 20230526
0001752724-23-121086.hdr.sgml : 20230526
20230526123924
ACCESSION NUMBER: 0001752724-23-121086
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: 23966145
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
S000030987
ERShares US Small Cap
C000096041
Institutional Class
IMPAX
NPORT-P
1
primary_doc.xml
NPORT-P
false
0001495922
XXXXXXXX
S000030987
C000096041
EntrepreneurShares Series Trust
811-22436
0001495922
549300UON6JV1E7QG046
175 Federal Street
Suite 875
Boston
2110
(800) 287-9469
ERSHARES US SMALL CAP FUND
S000030987
549300QRMJTQ1HQWF408
2023-06-30
2023-03-31
N
89425242.36
2273630.07
87151612.29
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
Fate Therapeutics Inc.
549300L14Q4UHOODLA90
Fate Therapeutics, Inc.
31189P102
45738.00000000
NS
USD
260706.60000000
0.299141453783
Long
EC
CORP
US
N
1
N
N
N
Antero Resources Corporation
APVBKPOULHUX7YZLKU17
Antero Resources Corporation
03674X106
24621.00000000
NS
USD
568498.89000000
0.652310238516
Long
EC
CORP
US
N
1
N
N
N
Zynex Inc
N/A
Zynex, Inc.
98986M103
52403.00000000
NS
USD
628836.00000000
0.721542589375
Long
EC
CORP
US
N
1
N
N
Medpace Holdings Inc.
549300H8TYEUVTW14A54
Medpace Holdings, Inc.
58506Q109
2341.00000000
NS
USD
440225.05000000
0.505125537477
Long
EC
CORP
US
N
1
N
N
N
Relay Therapeutics Inc
N/A
Relay Therapeutics, Inc.
75943R102
24117.00000000
NS
USD
397206.99000000
0.455765509739
Long
EC
CORP
US
N
1
N
N
N
Amedisys Inc
5299001RBS9GK9STN379
Amedisys, Inc.
023436108
4854.00000000
NS
USD
357011.70000000
0.409644400854
Long
EC
CORP
US
N
1
N
N
N
Kodiak Sciences Inc
254900IXI5NI8C9OQE24
Kodiak Sciences, Inc.
50015M109
44926.00000000
NS
USD
278541.20000000
0.319605332226
Long
EC
CORP
US
N
1
N
N
N
Asana Inc
N/A
Asana, Inc.
04342Y104
44793.00000000
NS
USD
946476.09000000
1.086010992947
Long
EC
CORP
US
N
1
N
N
N
Altair Engineering Inc
549300FJ89HZ6GU9S994
Altair Engineering, Inc.
021369103
16830.00000000
NS
USD
1213611.30000000
1.392528799079
Long
EC
CORP
US
N
1
N
N
N
Wolfspeed Inc.
549300OGU88P3AW3TO93
Wolfspeed, Inc.
977852102
2986.00000000
NS
USD
193940.70000000
0.222532544039
Long
EC
CORP
US
N
1
N
N
Repay Holdings Corporation
N/A
Repay Holdings Corporation
76029L100
51241.00000000
NS
USD
336653.37000000
0.386284729741
Long
EC
CORP
US
N
1
N
N
N
Signet Jewelers Limited
549300N3XPGE91WV7M22
Signet Jewelers Ltd.
G81276100
6774.00000000
NS
USD
526881.72000000
0.604557627972
Long
EC
CORP
US
N
1
N
N
N
Amphastar Pharmaceuticals Inc
54930055TH0ZLSAQMJ38
Amphastar Pharmaceuticals, Inc.
03209R103
15304.00000000
NS
USD
573900.00000000
0.658507610955
Long
EC
CORP
US
N
1
N
N
N
Apellis Pharmaceuticals Inc
254900HS0ZFRXXSB9D42
Apellis Pharmaceuticals, Inc.
03753U106
13934.00000000
NS
USD
919086.64000000
1.054583634025
Long
EC
CORP
US
N
1
N
N
N
World Wrestling Entertainment, Inc.
549300WZVLSCS3L4L698
World Wrestling Entertainment, Inc.
98156Q108
7568.00000000
NS
USD
690655.68000000
0.792476079159
Long
EC
CORP
US
N
1
N
N
N
Advance Auto Parts Inc.
529900UCNQ5H9FSL0Y70
Advance Auto Parts, Inc.
00751Y106
987.00000000
NS
USD
120029.07000000
0.137724440025
Long
EC
CORP
US
N
1
N
N
N
Intellia Therapeutics Inc
5493002T5BCPE5DZC723
Intellia Therapeutics, Inc.
45826J105
11378.00000000
NS
USD
424058.06000000
0.486575117611
Long
EC
CORP
US
N
1
N
N
N
CRISPR Therapeutics AG
506700O6IRRIQLT3W370
CRISPR Therapeutics A.G.
H17182108
8205.00000000
NS
USD
371112.15000000
0.425823619607
Long
EC
CORP
CH
N
1
N
N
N
Legacy Housing Corp.
V6WE5M18QYITU8L1QF76
Legacy Housing Corporation
52472M101
6934.00000000
NS
USD
157817.84000000
0.181084246008
Long
EC
CORP
US
N
1
N
N
N
Matador Resources Company
549300CI3Q2UUK5R4G79
Matador Resources Company
576485205
11869.00000000
NS
USD
565557.85000000
0.648935613627
Long
EC
CORP
US
N
1
N
N
N
Carriage Services, Inc.
N/A
Carriage Services, Inc.
143905107
28052.00000000
NS
USD
856147.04000000
0.982365119248
Long
EC
CORP
US
N
1
N
N
N
Lattice Semiconductor Corporation
549300LRBBPZDQ2II567
Lattice Semiconductor Corporation
518415104
8583.00000000
NS
USD
819676.50000000
0.940517884250
Long
EC
CORP
US
N
1
N
N
N
ESAB Corp.
549300ZNV0SWBXEIWT04
Esab Corporation
29605J106
8572.00000000
NS
USD
506348.04000000
0.580996755762
Long
EC
CORP
US
N
1
N
N
N
Yelp Inc
5299007OU2DOSXPQBO35
Yelp, Inc.
985817105
14277.00000000
NS
USD
438303.90000000
0.502921160587
Long
EC
CORP
US
N
1
N
N
N
PC Connection Inc.
5299005WPRNIXDV2KM73
PC Connection, Inc.
69318J100
6691.00000000
NS
USD
300827.36000000
0.345177045031
Long
EC
CORP
US
N
1
N
N
N
Teladoc Health Inc
549300I2PVFBC9MFAC61
Teladoc Health, Inc.
87918A105
12881.00000000
NS
USD
333617.90000000
0.382801753443
Long
EC
CORP
US
N
1
N
N
N
Madrigal Pharmaceuticals Inc
549300CHIMT2EUSNJB60
Madrigal Pharmaceuticals, Inc.
558868105
2892.00000000
NS
USD
700615.92000000
0.803904714543
Long
EC
CORP
US
N
1
N
N
N
Cerus Corp
254900BIEY9XIDA04Q21
Cerus Corporation
157085101
129404.00000000
NS
USD
384329.88000000
0.440989982745
Long
EC
CORP
US
N
1
N
N
N
CS Disco Inc
N/A
CS Disco, Inc.
126327105
72324.00000000
NS
USD
480231.36000000
0.551029805853
Long
EC
CORP
US
N
1
N
N
N
The Vita Coco Company Inc
N/A
Vita Coco Company, Inc. (The)
92846Q107
42720.00000000
NS
USD
838166.40000000
0.961733670756
Long
EC
CORP
US
N
1
N
N
Seer Inc
N/A
Seer, Inc.
81578P106
45891.00000000
NS
USD
177139.26000000
0.203254139935
Long
EC
CORP
US
N
1
N
N
N
Compass Inc.
N/A
Compass, Inc.
20464U100
108852.00000000
NS
USD
351591.96000000
0.403425651874
Long
EC
CORP
US
N
1
N
N
N
TaskUs Inc
549300VFPOK2Y6GLWE32
TaskUS, Inc.
87652V109
17714.00000000
NS
USD
255790.16000000
0.293500204160
Long
EC
CORP
US
N
1
N
N
N
E L F Beauty Inc
549300U2K9TCON25C029
elf Beauty, Inc.
26856L103
9753.00000000
NS
USD
803159.55000000
0.921565911285
Long
EC
CORP
US
N
1
N
N
N
Robinhood Markets Inc
213800FS5AO3YWIE6F63
Robinhood Markets, Inc.
770700102
21675.00000000
NS
USD
210464.25000000
0.241492090013
Long
EC
CORP
US
N
1
N
N
Phreesia Inc
5493000HHF8NU4QOCG53
Phreesia, Inc.
71944F106
15771.00000000
NS
USD
509245.59000000
0.584321479108
Long
EC
CORP
US
N
1
N
N
N
Xpel Inc.
549300KWSE3IGXLJNW66
XPEL, Inc.
98379L100
8267.00000000
NS
USD
561742.65000000
0.644557955084
Long
EC
CORP
US
N
1
N
N
N
AutoNation, Inc.
N/A
AutoNation, Inc.
05329W102
3362.00000000
NS
USD
451718.32000000
0.518313210886
Long
EC
CORP
US
N
1
N
N
N
Pacific Biosciences Of California Inc.
529900F1BWRE1M0KZN89
Pacific Biosciences of California, Inc.
69404D108
23575.00000000
NS
USD
272998.50000000
0.313245495782
Long
EC
CORP
US
N
1
N
N
N
Thor Industries Inc.
254900XZO1228PDSG060
Thor Industries, Inc.
885160101
2265.00000000
NS
USD
180384.60000000
0.206977926466
Long
EC
CORP
US
N
1
N
N
N
Daily Money Fund
Z2ZIGDKL3355UQRAKY22
Fidelity Treasury Only Portfolio Class I
233809300
5646708.16000000
PA
USD
5646708.16000000
6.479178080160
Long
STIV
RF
US
N
1
N
N
N
Iradimed Corp.
549300YVHWP0YJ1YW816
iRadimed Corporation
46266A109
19390.00000000
NS
USD
762996.50000000
0.875481795403
Long
EC
CORP
US
N
1
N
N
N
Sanmina Corp
X5K24XLM8QYRXF00EB42
Sanmina Corporation
801056102
13920.00000000
NS
USD
848980.80000000
0.974142391278
Long
EC
CORP
US
N
1
N
N
N
Shake Shack Inc
529900J74GJAHYP80N79
Shake Shack, Inc.
819047101
11957.00000000
NS
USD
663493.93000000
0.761309989070
Long
EC
CORP
US
N
1
N
N
N
Coherent Corp
549300O5C25A0MMHHU33
Coherent Corporation
19247G107
8203.00000000
NS
USD
312370.24000000
0.358421642230
Long
EC
CORP
US
N
1
N
N
N
Natera Inc.
N/A
Natera, Inc.
632307104
6582.00000000
NS
USD
365432.64000000
0.419306803853
Long
EC
CORP
US
N
1
N
N
N
Invitae Corporation
549300MYI59DZW1WIX92
Invitae Corporation
46185L103
149007.00000000
NS
USD
201159.45000000
0.230815523332
Long
EC
CORP
US
N
1
N
N
Kinsale Capital Group Inc
529900QTUQHNZ6HOA508
Kinsale Capital Group, Inc.
49714P108
2385.00000000
NS
USD
715857.75000000
0.821393582046
Long
EC
CORP
US
N
1
N
N
N
Vermilion Energy Inc.
WT03B8BB1IX8WI9ZGV02
Vermilion Energy, Inc.
923725105
42203.00000000
NS
USD
547372.91000000
0.628069746063
Long
EC
RF
CA
N
1
N
N
N
Fastly Inc.
549300E2FZC83FJ3H565
Fastly, Inc.
31188V100
18506.00000000
NS
USD
328666.56000000
0.377120458662
Long
EC
CORP
US
N
1
N
N
N
EXP World Holdings Inc
549300TWVVZC283VEC32
eXp World Holdings, Inc.
30212W100
48463.00000000
NS
USD
614995.47000000
0.705661609510
Long
EC
CORP
US
N
1
N
N
Cinemark Holdings Inc.
549300LL2QMPTYIE0K55
Cinemark Holdings, Inc.
17243V102
23077.00000000
NS
USD
341308.83000000
0.391626524205
Long
EC
CORP
US
N
1
N
N
N
Eagle Pharmaceuticals Inc
549300TN20OLYTJVP152
Eagle Pharmaceuticals, Inc.
269796108
14478.00000000
NS
USD
410740.86000000
0.471294620038
Long
EC
CORP
US
N
1
N
N
N
Houlihan Lokey Inc.
549300S3CNGTQ1QZVY46
Houlihan Lokey, Inc.
441593100
2901.00000000
NS
USD
253808.49000000
0.291226385067
Long
EC
CORP
US
N
1
N
N
N
AppFolio Inc.
529900OOUUGT6JFC0S15
Appfolio, Inc.
03783C100
6732.00000000
NS
USD
837999.36000000
0.961542004766
Long
EC
CORP
US
N
1
N
N
N
Trupanion Inc
549300J86GFKIDGMQP18
Trupanion, Inc.
898202106
9422.00000000
NS
USD
404109.58000000
0.463685718923
Long
EC
CORP
US
N
1
N
N
N
Futu Holdings Ltd.
213800X4W4ZRESFPTQ37
Futu Holdings Ltd.
36118L106
4743.00000000
NS
USD
245924.55000000
0.282180149670
Long
EC
CORP
CN
N
1
N
N
N
Select Medical Holdings Corporation
N/A
Select Medical Holdings Corporation
81619Q105
33173.00000000
NS
USD
857522.05000000
0.983942841064
Long
EC
CORP
US
N
1
N
N
N
Forrester Research Inc.
549300UUSFXYLJ80Z897
Forrester Research, Inc.
346563109
10980.00000000
NS
USD
355203.00000000
0.407569051985
Long
EC
CORP
US
N
1
N
N
N
Cargurus Inc
54930027BKQN6B7X7G78
Cargurus, Inc.
141788109
19689.00000000
NS
USD
367790.52000000
0.422012295970
Long
EC
CORP
US
N
1
N
N
N
TTEC Holdings Inc.
GTJS1N8S8I28A7L4WG97
TTEC Holdings, Inc.
89854H102
11573.00000000
NS
USD
430862.79000000
0.494383039715
Long
EC
CORP
US
N
1
N
N
N
Aaon Inc
N/A
AAON, Inc.
000360206
11946.00000000
NS
USD
1155058.74000000
1.325344086758
Long
EC
CORP
US
N
1
N
N
N
Pinnacle Financial Partners Inc
54930098EZ8JMSAZGS24
Pinnacle Financial Partners, Inc.
72346Q104
5556.00000000
NS
USD
306468.96000000
0.351650361877
Long
EC
CORP
US
N
1
N
N
N
Newmark Group Inc
N/A
Newmark Group, Inc.
65158N102
54196.00000000
NS
USD
383707.68000000
0.440276054472
Long
EC
CORP
US
N
1
N
N
N
Inter Parfums Inc
N/A
Inter Parfums, Inc.
458334109
3022.00000000
NS
USD
429849.28000000
0.493220112290
Long
EC
CORP
US
N
1
N
N
N
Customers Bancorp, Inc.
549300WLBCHYKZ53FN68
Customers Bancorp, Inc.
23204G100
5054.00000000
NS
USD
93600.08000000
0.107399137595
Long
EC
CORP
US
N
1
N
N
N
Kinder Morgan, Inc.
549300WR7IX8XE0TBO16
Kinder Morgan, Inc.
49456B101
29753.00000000
NS
USD
520975.03000000
0.597780140046
Long
EC
CORP
US
N
1
N
N
N
Veracyte Inc
529900ESWZRHXOW27Z37
Veracyte, Inc.
92337F107
21550.00000000
NS
USD
480565.00000000
0.551412632965
Long
EC
CORP
US
N
1
N
N
N
Devon Energy Corporation
54930042348RKR3ZPN35
Devon Energy Corporation
25179M103
10152.00000000
NS
USD
513792.72000000
0.589538972945
Long
EC
CORP
US
N
1
N
N
N
Moelis & Co.
549300891QNU7VTQUR83
Moelis & Company
60786M105
8529.00000000
NS
USD
327854.76000000
0.376188978477
Long
EC
CORP
US
N
1
N
N
N
Exlservice Holdings Inc
81E3DTNF6OSH489ZOV15
ExlService Holdings, Inc.
302081104
5533.00000000
NS
USD
895405.39000000
1.027411159096
Long
EC
CORP
US
N
1
N
N
N
Catalyst Pharmaceuticals Inc.
5299004O0R5XXLA5H544
Catalyst Pharmaceuticals, Inc.
14888U101
46096.00000000
NS
USD
764271.68000000
0.876944969711
Long
EC
CORP
US
N
1
N
N
N
HealthStream Inc.
529900OJ88H8635JNH64
HealthStream, Inc.
42222N103
20110.00000000
NS
USD
544981.00000000
0.625325207050
Long
EC
CORP
US
N
1
N
N
N
Gitlab Inc
N/A
Gitlab, Inc.
37637K108
6194.00000000
NS
USD
212392.26000000
0.243704338243
Long
EC
CORP
US
N
1
N
N
N
Pegasystems Inc
549300FMCOKPL06FYN26
Pegasystems, Inc.
705573103
11836.00000000
NS
USD
573809.28000000
0.658403516495
Long
EC
CORP
US
N
1
N
N
N
Exact Sciences Corporation
549300VM3X1FYD4N9Z14
Exact Sciences Corporation
30063P105
5234.00000000
NS
USD
354917.54000000
0.407241507843
Long
EC
CORP
US
N
1
N
N
N
The Realreal Inc
549300O00VUGT4H1PE90
RealReal, Inc. (The)
88339P101
170174.00000000
NS
USD
214419.24000000
0.246030147195
Long
EC
CORP
US
N
1
N
N
B. Riley Financial Inc
N/A
B Riley Financial, Inc.
05580M108
2649.00000000
NS
USD
75205.11000000
0.086292276211
Long
EC
CORP
US
N
1
N
N
Sonic Automotive, Inc.
549300NTLRGJ2JCBZU03
Sonic Automotive, Inc.
83545G102
11134.00000000
NS
USD
605021.56000000
0.694217288817
Long
EC
CORP
US
N
1
N
N
N
Upstart Holdings Inc
549300WNB47JRNENIC75
Upstart Holdings, Inc.
91680M107
2635.00000000
NS
USD
41870.15000000
0.048042886298
Long
EC
CORP
US
N
1
N
N
Globus Med Inc
5299003M2P4CIK0RF205
Globus Medical, Inc.
379577208
6713.00000000
NS
USD
380224.32000000
0.436279157676
Long
EC
CORP
US
N
1
N
N
N
Karuna Therapeutics Inc
N/A
Karuna Therapeutics, Inc.
48576A100
2279.00000000
NS
USD
413957.56000000
0.474985544297
Long
EC
CORP
US
N
1
N
N
N
Box Inc.
549300KQUCPD8687YS68
Box, Inc.
10316T104
29542.00000000
NS
USD
791430.18000000
0.908107330667
Long
EC
CORP
US
N
1
N
N
N
Lemaitre Vascular Inc.
549300FZUBUB7MHY8R17
LeMaitre Vascular, Inc.
525558201
18149.00000000
NS
USD
934129.03000000
1.071843658946
Long
EC
CORP
US
N
1
N
N
N
Funko Inc
529900NG9F0KL5P6NK67
Funko, Inc.
361008105
64395.00000000
NS
USD
607244.85000000
0.696768348908
Long
EC
CORP
US
N
1
N
N
N
Eventbrite Inc
549300N6XBV2B1FAUF55
Eventbrite, Inc.
29975E109
67204.00000000
NS
USD
576610.32000000
0.661617501786
Long
EC
CORP
US
N
1
N
N
N
VIR Biotechnology Inc
N/A
Vir Biotechnology, Inc.
92764N102
7233.00000000
NS
USD
168311.91000000
0.193125411656
Long
EC
CORP
US
N
1
N
N
N
Stifel Financial Corporation
549300E5F07FE5GHJX84
Stifel Financial Corporation
860630102
2151.00000000
NS
USD
127102.59000000
0.145840778684
Long
EC
CORP
US
N
1
N
N
N
Insperity Inc
5299000Q0KW7HY5DB751
Insperity, Inc.
45778Q107
7550.00000000
NS
USD
917702.50000000
1.052995436213
Long
EC
CORP
US
N
1
N
N
N
Ameresco Inc
529900NZXZGBCBXYY327
Ameresco, Inc.
02361E108
13336.00000000
NS
USD
656397.92000000
0.753167844807
Long
EC
CORP
US
N
1
N
N
N
Evercore Inc
529900P6KLPT95DW3W58
Evercore, Inc.
29977A105
4288.00000000
NS
USD
494749.44000000
0.567688224004
Long
EC
CORP
US
N
1
N
N
N
Omnicell Inc
5493008RH0GTKHHPZI77
Omnicell, Inc.
68213N109
13926.00000000
NS
USD
817038.42000000
0.937490883451
Long
EC
CORP
US
N
1
N
N
N
Exelixis, Inc.
254900PJQB59O2O95R37
Exelixis, Inc.
30161Q104
30965.00000000
NS
USD
601030.65000000
0.689638016104
Long
EC
CORP
US
N
1
N
N
N
NAPCO Security Technologies Inc.
529900KV21J4YY9YST76
Napco Security Technologies, Inc.
630402105
20786.00000000
NS
USD
781137.88000000
0.896297681103
Long
EC
CORP
US
N
1
N
N
N
Pediatrix Medical Group Inc
N/A
Pediatrix Medical Group, Inc.
58502B106
40628.00000000
NS
USD
605763.48000000
0.695068586894
Long
EC
CORP
US
N
1
N
N
N
Liquidity Services Inc.
5299002AZ4ULSAXN0G81
Liquidity Services, Inc.
53635B107
40230.00000000
NS
USD
529829.10000000
0.607939527540
Long
EC
CORP
US
N
1
N
N
N
Arcus Biosciences Inc.
N/A
Arcus Biosciences, Inc.
03969F109
21869.00000000
NS
USD
398890.56000000
0.457697281230
Long
EC
CORP
US
N
1
N
N
N
Clean Harbors, Inc.
5493000SJVZVZJKHJF48
Clean Harbors, Inc.
184496107
3006.00000000
NS
USD
428535.36000000
0.491712486711
Long
EC
CORP
US
N
1
N
N
N
Inotiv Inc.
549300FH5Z13X0Q5SK81
Inotiv, Inc.
45783Q100
34249.00000000
NS
USD
148298.17000000
0.170161131966
Long
EC
CORP
US
N
1
N
N
N
Pure Storage Inc
549300NPDB0BZTK3WO90
Pure Storage, Inc.
74624M102
7630.00000000
NS
USD
194641.30000000
0.223336430486
Long
EC
CORP
US
N
1
N
N
N
Twist Bioscience Corporation
549300T23BL59LCOH584
Twist Bioscience Corporation
90184D100
27102.00000000
NS
USD
408698.16000000
0.468950773555
Long
EC
CORP
US
N
1
N
N
N
Rapid7 Inc.
549300GNVG5D60KEYN14
Rapid7, Inc.
753422104
13501.00000000
NS
USD
619830.91000000
0.711209917651
Long
EC
CORP
US
N
1
N
N
N
Palomar Holdings Inc
549300DOI1MUW11BLX74
Palomar Holdings, Inc.
69753M105
10302.00000000
NS
USD
568670.40000000
0.652507033498
Long
EC
CORP
US
N
1
N
N
N
Niu Technologies
549300NJKNSC80EVQ065
Niu Technologies
65481N100
20517.00000000
NS
USD
84940.38000000
0.097462775235
Long
EC
CORP
CN
N
1
N
N
N
Bloom Energy Corporation
549300XB5J9BFW5JXV97
Bloom Energy Corporation
093712107
31327.00000000
NS
USD
624347.11000000
0.716391921611
Long
EC
CORP
US
N
1
N
N
N
Tenable Holdings Inc
5493004S5OMPESF0EF83
Tenable Holdings, Inc.
88025T102
21213.00000000
NS
USD
1007829.63000000
1.156409621713
Long
EC
CORP
US
N
1
N
N
N
Appian Corporation
529900NIARIFW7HGU386
Appian Corporation
03782L101
16163.00000000
NS
USD
717313.94000000
0.823064451880
Long
EC
CORP
US
N
1
N
N
N
Triumph Financial Inc
5493003RNRMEVYDZ1Q52
Triumph Financial, Inc.
89679E300
4053.00000000
NS
USD
235317.18000000
0.270008980690
Long
EC
CORP
US
N
1
N
N
N
Chefs Warehouse Inc.
549300JYEDC8C547E980
Chefs' Warehouse, Inc. (The)
163086101
6712.00000000
NS
USD
228543.60000000
0.262236800897
Long
EC
CORP
US
N
1
N
N
N
Schrodinger Inc.
N/A
Schrodinger, Inc.
80810D103
16829.00000000
NS
USD
443107.57000000
0.508433015014
Long
EC
CORP
US
N
1
N
N
N
DraftKings Inc New
N/A
DraftKings, Inc.
26142V105
9163.00000000
NS
USD
177395.68000000
0.203548362834
Long
EC
CORP
US
N
1
N
N
N
Beam Therapeutics Inc.
N/A
Beam Therapeutics, Inc.
07373V105
12600.00000000
NS
USD
385812.00000000
0.442690605328
Long
EC
CORP
US
N
1
N
N
Arrowhead Pharmaceuticals Inc
549300O3CSB8T7OZ3D66
Arrowhead Pharmaceuticals, Inc.
04280A100
16414.00000000
NS
USD
416915.60000000
0.478379675424
Long
EC
CORP
US
N
1
N
N
N
Guardant Health Inc
254900M8C3E5VC8BR186
Guardant Health, Inc.
40131M109
10422.00000000
NS
USD
244291.68000000
0.280306552662
Long
EC
CORP
US
N
1
N
N
N
Match Group Inc
15OMOPB0A8K0EFUVD031
Match Group, Inc.
57667L107
6993.00000000
NS
USD
268461.27000000
0.308039361459
Long
EC
CORP
US
N
1
N
N
N
INVESCO FUNDS
N/A
Invesco Government & Agency Portfolio
825252885
4236109.50000000
PA
USD
4406746.75000000
5.056414487590
Long
STIV
RF
US
N
1
N
N
Grid Dynamics Holdings Inc.
N/A
Grid Dynamics Holdings, Inc.
39813G109
40242.00000000
NS
USD
461173.32000000
0.529162120908
Long
EC
CORP
US
N
1
N
N
N
Credit Acceptance Corporation of Michigan
N/A
Credit Acceptance Corporation
225310101
132.00000000
NS
USD
57557.28000000
0.066042702467
Long
EC
CORP
US
N
1
N
N
Graphic Packaging Holding Company
N/A
Graphic Packaging Holding Company
388689101
21449.00000000
NS
USD
546735.01000000
0.627337803207
Long
EC
CORP
US
N
1
N
N
N
JFrog Ltd
N/A
JFrog Ltd.
M6191J100
8320.00000000
NS
USD
163904.00000000
0.188067662425
Long
EC
CORP
IL
N
1
N
N
N
Domo Inc
549300X57AGT5JULJ761
Domo, Inc.
257554105
19357.00000000
NS
USD
274675.83000000
0.315170107336
Long
EC
CORP
US
N
1
N
N
N
Cheesecake Factory Inc
529900872XMLK10SY247
Cheesecake Factory, Inc. (The)
163072101
18378.00000000
NS
USD
644148.90000000
0.739113004423
Long
EC
CORP
US
N
1
N
N
R1 RCM Inc.
N/A
R1 RCM, Inc.
77634L105
46305.00000000
NS
USD
694575.00000000
0.796973207665
Long
EC
CORP
US
N
1
N
N
N
Enovis Corporation
635400OP2DYYYMOIYL17
Enovis Corporation
194014502
5446.00000000
NS
USD
291306.54000000
0.334252611449
Long
EC
CORP
US
N
1
N
N
N
Bridgebio Pharma Inc
54930028YG89VTY2J114
Bridgebio Pharma, Inc.
10806X102
27666.00000000
NS
USD
458702.28000000
0.526326786099
Long
EC
CORP
US
N
1
N
N
N
Live Oak Bancshares Inc
N/A
Live Oak Bancshares, Inc.
53803X105
5631.00000000
NS
USD
137227.47000000
0.157458326236
Long
EC
CORP
US
N
1
N
N
N
Chesapeake Energy Corporation
X2MT1W32SPAZ9WSKLE78
Chesapeake Energy Corporation
165167735
7329.00000000
NS
USD
557297.16000000
0.639457085596
Long
EC
CORP
US
N
1
N
N
N
Supernus Pharmaceuticals, Inc
549300GRM36VBKISYJ58
Supernus Pharmaceuticals, Inc.
868459108
15598.00000000
NS
USD
565115.54000000
0.648428095764
Long
EC
CORP
US
N
1
N
N
N
Sprout Social Inc.
N/A
Sprout Social, Inc.
85209W109
9820.00000000
NS
USD
597841.60000000
0.685978818166
Long
EC
CORP
US
N
1
N
N
N
First Majestic Silver Corp.
529900PWCU5DUH1DYR51
First Majestic Silver Corporation
32076V103
18200.00000000
NS
USD
131222.00000000
0.150567495599
Long
EC
CORP
CA
N
1
N
N
N
Daqo New Energy Corp.
529900711JBZ5O7VA827
Daqo New Energy Corporation
23703Q203
1900.00000000
NS
USD
88996.00000000
0.102116297864
Long
EC
CORP
CN
N
1
N
N
N
Blueprint Medicines Corporation
5299004CC60O9T5HVM83
Blueprint Medicines Corporation
09627Y109
10676.00000000
NS
USD
480313.24000000
0.551123757070
Long
EC
CORP
US
N
1
N
N
N
10X Genomics Inc
5493003Z6741WNLG7H43
10X Genomics, Inc.
88025U109
7110.00000000
NS
USD
396666.90000000
0.455145796591
Long
EC
CORP
US
N
1
N
N
N
Simulations Plus Inc.
N/A
Simulations Plus, Inc.
829214105
6983.00000000
NS
USD
306833.02000000
0.352068093679
Long
EC
CORP
US
N
1
N
N
N
Encore Wire Corp
N/A
Encore Wire Corporation
292562105
2545.00000000
NS
USD
471664.85000000
0.541200372094
Long
EC
CORP
US
N
1
N
N
N
Bloomin Brands Inc
E1UJ2GO305B5FXGV7N04
Bloomin' Brands, Inc.
094235108
32992.00000000
NS
USD
846244.80000000
0.971003034555
Long
EC
CORP
US
N
1
N
N
N
Rush Street Interactive Inc
N/A
Rush Street Interactive, Inc.
782011100
54983.00000000
NS
USD
170997.13000000
0.196206502102
Long
EC
CORP
US
N
1
N
N
N
Krystal Biotech Inc
549300YONUY68210OE41
Krystal Biotech, Inc.
501147102
5726.00000000
NS
USD
458423.56000000
0.526006975607
Long
EC
CORP
US
N
1
N
N
N
Impinj Inc
549300M26VGKSMMWWN17
Impinj, Inc.
453204109
5763.00000000
NS
USD
781001.76000000
0.896141493517
Long
EC
CORP
US
N
1
N
N
N
IMAX Corporation
5493002KS2T1Q0X7VZ21
IMAX Corporation
45245E109
18330.00000000
NS
USD
351569.40000000
0.403399765950
Long
EC
CORP
CA
N
1
N
N
N
Shockwave Medical Inc.
549300LDXO56IC5Y1538
Shockwave Medical, Inc.
82489T104
4832.00000000
NS
USD
1047722.56000000
1.202183794963
Long
EC
CORP
US
N
1
N
N
N
PubMatic Inc.
N/A
PubMatic, Inc.
74467Q103
44311.00000000
NS
USD
612378.02000000
0.702658280104
Long
EC
CORP
US
N
1
N
N
N
Titan Machinery Inc.
549300835ZM8G0BT5C94
Titan Machinery, Inc.
88830R101
15301.00000000
NS
USD
465915.45000000
0.534603362757
Long
EC
CORP
US
N
1
N
N
N
Vicor Corp
5299005KMQOTR6B51F09
Vicor Corporation
925815102
13021.00000000
NS
USD
611205.74000000
0.701313175901
Long
EC
CORP
US
N
1
N
N
N
Castle Biosciences Inc
N/A
Castle Biosciences, Inc.
14843C105
16554.00000000
NS
USD
376106.88000000
0.431554701189
Long
EC
CORP
US
N
1
N
N
N
Allegiant Travel Company
549300JM9OZXOHWL2K18
Allegiant Travel Company
01748X102
4684.00000000
NS
USD
430834.32000000
0.494350372505
Long
EC
CORP
US
N
1
N
N
N
Utz Brands Inc.
N/A
Utz Brands, Inc.
918090101
40502.00000000
NS
USD
667067.94000000
0.765410900007
Long
EC
CORP
US
N
1
N
N
N
PhenomeX Inc
549300LTLRE4N65CD358
PhenomeX, Inc.
084310101
53808.00000000
NS
USD
62417.28000000
0.071619191383
Long
EC
CORP
US
N
1
N
N
N
Ginkgo Bioworks Holdings Inc
N/A
Ginkgo Bioworks Holdings, Inc.
37611X100
182088.00000000
NS
USD
242177.04000000
0.277880160374
Long
EC
CORP
US
N
1
N
N
Merit Medical Systems Inc.
549300OYTY138SP2CE83
Merit Medical Systems, Inc.
589889104
12058.00000000
NS
USD
891689.10000000
1.023146992430
Long
EC
CORP
US
N
1
N
N
N
Growgeneration Corp
N/A
GrowGeneration Corporation
39986L109
43669.00000000
NS
USD
149347.98000000
0.171365710944
Long
EC
CORP
US
N
1
N
N
N
1-800-Flowers.Com Inc
N/A
1-800-Flowers.com, Inc.
68243Q106
40095.00000000
NS
USD
461092.50000000
0.529069385963
Long
EC
CORP
US
N
1
N
N
N
Five Below Inc
529900AAXP5Z6BGI7418
Five Below, Inc.
33829M101
1416.00000000
NS
USD
291653.52000000
0.334650745220
Long
EC
CORP
US
N
1
N
N
N
Zuora Inc
549300ISVGC1YZWQJ420
Zuora, Inc.
98983V106
95432.00000000
NS
USD
942868.16000000
1.081871161330
Long
EC
CORP
US
N
1
N
N
N
HCI Group, Inc.
549300CZF7EZJH0MPH74
HCI Group, Inc.
40416E103
12779.00000000
NS
USD
684954.40000000
0.785934283947
Long
EC
CORP
US
N
1
N
N
Gladstone Land Corp.
54930002B3Q17H38FG74
Gladstone Land Corporation
376549101
18397.00000000
NS
USD
306310.05000000
0.351468024459
Long
EC
CORP
US
N
1
N
N
N
Materialise NV
5493004CXYDPCZ5RQK28
Materialise N.V.
57667T100
19435.00000000
NS
USD
161310.50000000
0.185091813864
Long
EC
CORP
BE
N
1
N
N
N
Acadia Pharmaceuticals Inc
529900O3044NO0PEA039
ACADIA Pharmaceuticals, Inc.
004225108
19372.00000000
NS
USD
364581.04000000
0.418329656124
Long
EC
CORP
US
N
1
N
N
N
Ambarella Inc
254900XN7F4DG0CEKC02
Ambarella, Inc.
G037AX101
5841.00000000
NS
USD
452210.22000000
0.518877629590
Long
EC
CORP
US
N
1
N
N
N
J&J Snack Foods Corp
N/A
J & J Snack Foods Corporation
466032109
2198.00000000
NS
USD
325787.56000000
0.373817020063
Long
EC
CORP
US
N
1
N
N
N
Maxlinear Inc
549300EMOI0SM2IY4F64
MaxLinear, Inc.
57776J100
19755.00000000
NS
USD
695573.55000000
0.798118969601
Long
EC
CORP
US
N
1
N
N
N
Intapp Inc
N/A
Intapp, Inc.
45827U109
15101.00000000
NS
USD
677128.84000000
0.776955035262
Long
EC
CORP
US
N
1
N
N
N
Super Micro Computer Inc.
54930022CZO1N2UGVW07
Super Micro Computer, Inc.
86800U104
9078.00000000
NS
USD
967260.90000000
1.109860018173
Long
EC
CORP
US
N
1
N
N
N
Onewater Marine Inc.
N/A
OneWater Marine, Inc.
68280L101
19461.00000000
NS
USD
544324.17000000
0.624571543425
Long
EC
CORP
US
N
1
N
N
Hillenbrand, Inc.
U246OE781574J2BUD366
Hillenbrand, Inc.
431571108
14083.00000000
NS
USD
669364.99000000
0.768046594218
Long
EC
CORP
US
N
1
N
N
N
2U Inc
5493008RVTXVR43PYF84
2U, Inc.
90214J101
27127.00000000
NS
USD
185819.95000000
0.213214586761
Long
EC
CORP
US
N
1
N
N
N
Element Solutions Inc
549300FLGN6P5CU20J91
Element Solutions, Inc.
28618M106
21321.00000000
NS
USD
411708.51000000
0.472404926520
Long
EC
CORP
US
N
1
N
N
N
Ensign Group Inc
5493003K4HEEA8Q0BC72
Ensign Group, Inc. (The)
29358P101
7224.00000000
NS
USD
690180.96000000
0.791931373229
Long
EC
CORP
US
N
1
N
N
N
W & T Offshore Inc.
549300Q7EOY2YIO3YK85
W&T Offshore, Inc.
92922P106
120706.00000000
NS
USD
613186.48000000
0.703585927888
Long
EC
CORP
US
N
1
N
N
N
Arhaus Inc
N/A
Arhaus, Inc.
04035M102
40616.00000000
NS
USD
336706.64000000
0.386345853108
Long
EC
CORP
US
N
1
N
N
N
Pagerduty Inc
549300U1SB749EDAGH21
PagerDuty, Inc.
69553P100
22608.00000000
NS
USD
790827.84000000
0.907416190269
Long
EC
CORP
US
N
1
N
N
N
Alector Inc
549300Z8RQOIY1JMHC25
Alector, Inc.
014442107
51465.00000000
NS
USD
318568.35000000
0.365533512954
Long
EC
CORP
US
N
1
N
N
N
Shutterstock Inc
529900G2TDIS56V0LO22
Shutterstock, Inc.
825690100
11442.00000000
NS
USD
830689.20000000
0.953154139289
Long
EC
CORP
US
N
1
N
N
N
Preferred Bank
5493007K6HGI9G0ECX16
Preferred Bank
740367404
2684.00000000
NS
USD
147110.04000000
0.168797841066
Long
EC
CORP
US
N
1
N
N
N
Arvinas Inc
N/A
Arvinas, Inc.
04335A105
13319.00000000
NS
USD
363875.08000000
0.417519619475
Long
EC
CORP
US
N
1
N
N
N
Allogene Therapeutics Inc
N/A
Allogene Therapeutics, Inc.
019770106
26076.00000000
NS
USD
128815.44000000
0.147806146800
Long
EC
CORP
US
N
1
N
N
N
Paragon 28 Inc.
N/A
Paragon 28, Inc.
69913P105
18701.00000000
NS
USD
319226.07000000
0.366288197787
Long
EC
CORP
US
N
1
N
N
N
Alkermes PLC
N/A
Alkermes plc
G01767105
25958.00000000
NS
USD
731756.02000000
0.839635665677
Long
EC
CORP
IE
N
1
N
N
N
2023-03-31
EntrepreneurShares Series Trust
Gregory Knoth
Gregory Knoth
SVP, Mutual Fund Controller
XXXX
NPORT-EX
2
ultimus_1236.htm
ERShares
Global
Entrepreneuers
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
Shares
Fair
Value
Argentina
—
0.50%
Consumer
Discretionary
—
0.50%
MercadoLibre,
Inc.
(a)
181
$
238,569
Total
Argentina
238,569
Australia
—
3.61%
Communications
—
0.57%
SEEK
Ltd.
17,067
272,926
Consumer
Discretionary
—
0.71%
Flight
Centre
Travel
Group
Ltd.
(a)
27,630
341,357
Health
Care
—
0.53%
Telix
Pharmaceuticals
Ltd.
(a)
54,451
251,178
Materials
—
0.51%
Fortescue
Metals
Group
Ltd.
16,278
244,747
Technology
—
1.29%
Technology
One
Ltd.
33,491
325,550
WiseTech
Global
Ltd.
6,656
289,860
615,410
Total
Australia
1,725,618
Bermuda
—
0.79%
Consumer
Discretionary
—
0.24%
Luk
Fook
Holdings
International
Ltd.
35,753
114,319
Financials
—
0.55%
Enstar
Group,
Ltd.
(a)
1,130
261,923
Total
Bermuda
376,242
Canada
—
4.14%
Communications
—
0.51%
Shopify,
Inc.,
Class
A
(a)
5,126
245,740
Consumer
Discretionary
—
1.24%
Linamar
Corp.
3,416
164,365
Richelieu
Hardware
Ltd.
9,152
252,853
Spin
Master
Corp.
6,344
176,353
593,571
Energy
—
0.34%
Vermilion
Energy,
Inc.
12,520
162,384
Financials
—
0.64%
Fairfax
Financial
Holdings
Ltd.
301
200,180
Onex
Corp.
2,259
105,602
305,782
Materials
—
0.26%
First
Majestic
Silver
Corp.
7,868
56,761
First
Quantum
Minerals
Ltd.
3,033
69,725
126,486
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
Canada
—
4.14%
(continued)
Real
Estate
—
0.54%
FirstService
Corp.
767
$
108,071
Mainstreet
Equity
Corp.
(a)
1,548
149,901
257,972
Technology
—
0.61%
Topicus.com,
Inc.
(a)
4,025
287,629
Total
Canada
1,979,564
Cayman
Islands
—
3.95%
Consumer
Discretionary
—
2.40%
NagaCorp
Ltd.
(a)
660,982
515,316
Yadea
Group
Holdings
Ltd.
243,004
626,861
1,142,177
Consumer
Staples
—
0.39%
Herbalife
Nutrition
Ltd.
(a)
11,674
187,951
Financials
—
0.42%
FinVolution
Group
-
ADR
23,252
96,961
Value
Partners
Group
Ltd.
335,995
107,005
203,966
Health
Care
—
0.06%
Essex
Bio-Technology
Ltd.
62,000
30,329
Materials
—
0.68%
Xinyi
Glass
Holdings
Ltd.
181,986
325,954
Total
Cayman
Islands
1,890,377
China
—
3.88%
Communications
—
0.68%
Bilibili,
Inc.
-
ADR
(a)(b)
6,502
152,797
Weimob,
Inc.
(a)
274,851
170,163
322,960
Consumer
Discretionary
—
0.94%
Bosideng
International
Holdings,
Ltd.
444,476
248,002
NIO,
Inc.
-
ADR
(a)
14,226
149,515
NIU
Technologies
-
ADR
(a)
12,570
52,040
449,557
Energy
—
0.20%
Daqo
New
Energy
Corp.
-
ADR
(a)
2,044
95,741
Financials
—
0.58%
Futu
Holdings
Ltd.
-
ADR
(a)
5,350
277,398
Health
Care
—
0.95%
BeiGene
Ltd.
-
ADR
(a)(b)
1,488
320,709
Sino
Biopharmaceutical
Ltd.
240,917
135,037
455,746
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
China
—
3.88%
(continued)
Technology
—
0.53%
Kingsoft
Corp.
Ltd.
51,538
$
253,752
Total
China
1,855,154
Denmark
—
1.09%
Health
Care
—
0.64%
Genmab
A/S
(a)
819
308,685
Technology
—
0.45%
Netcompany
Group
A/S
(a)
5,870
212,955
Total
Denmark
521,640
France
—
1.18%
Communications
—
0.16%
Ubisoft
Entertainment
S.A.
(a)
2,880
76,413
Consumer
Staples
—
0.45%
Danone
S.A.
-
ADR
17,169
214,097
Technology
—
0.57%
Teleperformance
1,124
270,301
Total
France
560,811
Germany
—
0.43%
Communications
—
0.25%
Delivery
Hero
S.E.
(a)
3,490
118,756
Energy
—
0.18%
VERBIO
Vereinigte
BioEnergie
AG
1,823
85,465
Total
Germany
204,221
Hong
Kong
—
0.77%
Industrials
—
0.77%
Techtronic
Industries
Co.
Ltd.
34,252
370,229
Total
Hong
Kong
370,229
Ireland
—
1.98%
Health
Care
—
1.51%
Jazz
Pharmaceuticals
PLC
(a)
4,910
718,481
Industrials
—
0.47%
Cimpress
PLC
(a)
5,170
226,549
Total
Ireland
945,030
Isle
Of
Man
—
0.74%
Consumer
Discretionary
—
0.74%
Entain
PLC
22,903
355,021
Total
Isle
Of
Man
355,021
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
Israel
—
1.62%
Communications
—
0.53%
Wix.com
Ltd.
(a)
2,565
$
255,987
Energy
—
0.48%
SolarEdge
Technologies,
Inc.
(a)
754
229,178
Technology
—
0.61%
Check
Point
Software
Technologies
Ltd.
(a)
1,655
215,150
Radware
Ltd.
(a)
3,483
75,024
290,174
Total
Israel
775,339
Italy
—
0.30%
Communications
—
0.30%
Digital
Bros
SpA
6,448
145,341
Total
Italy
145,341
Japan
—
0.38%
Communications
—
0.38%
GMO
internet,
Inc.
9,504
183,756
Total
Japan
183,756
Jersey
—
0.50%
Communications
—
0.50%
Gambling.com
Group
Ltd.
(a)
24,301
240,823
Total
Jersey
240,823
Luxembourg
—
0.67%
Communications
—
0.67%
Spotify
Technology
SA
(a)
2,400
320,688
Total
Luxembourg
320,688
Netherlands
—
0.19%
Technology
—
0.19%
Adyen
NV
-
ADR
(a)(b)
5,766
91,333
Total
Netherlands
91,333
Singapore
—
1.58%
Communications
—
0.77%
Sea
Ltd.
-
ADR
(a)
4,234
366,453
Consumer
Staples
—
0.81%
Wilmar
International
Ltd.
123,149
389,577
Total
Singapore
756,030
Sweden
—
1.99%
Communications
—
0.29%
Embracer
Group
A.B.
(a)
29,457
137,556
Consumer
Discretionary
—
1.19%
Evolution
Gaming
Group
A.B.
4,269
570,949
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
Sweden
—
1.99%
(continued)
Financials
—
0.41%
EQT
A.B.
9,632
$
195,431
Technology
—
0.10%
Sinch
A.B.
(a)
17,102
45,937
Total
Sweden
949,873
Switzerland
—
1.28%
Consumer
Discretionary
—
0.37%
Cie
Financiere
Richemont
SA
1,112
177,354
Financials
—
0.34%
Partners
Group
Holding
AG
174
162,972
Health
Care
—
0.24%
CRISPR
Therapeutics
AG
(a)
2,513
113,663
Technology
—
0.33%
Sensirion
Holding
AG
(a)
1,442
157,634
Total
Switzerland
611,623
United
Kingdom
—
1.37%
Financials
—
0.33%
Hargreaves
Lansdown
PLC
15,851
156,322
Health
Care
—
0.68%
Hikma
Pharmaceuticals
PLC
15,836
327,235
Materials
—
0.36%
Antofagasta
PLC
8,908
173,744
Total
United
Kingdom
657,301
United
States
—
61.50%
Communications
—
7.16%
Airbnb,
Inc.,
Class
A
(a)
1,784
221,930
Alphabet,
Inc.,
Class
A
(a)
9,900
1,026,926
DISH
Network
Corp.,
Class
A
(a)
10,784
100,615
Meta
Platforms,
Inc.,
Class
A
(a)
3,619
767,011
Omnicom
Group,
Inc.
4,723
445,568
Playtika
Holding,
Corp.
(a)
15,004
168,945
Roku,
Inc.
(a)
4,439
292,175
Trade
Desk,
Inc.
(The),
Class
A
(a)
3,411
207,764
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
7,832
193,529
3,424,463
Consumer
Discretionary
—
4.61%
Advance
Auto
Parts,
Inc.
461
56,062
Amazon.com,
Inc.
(a)
6,573
678,925
Chipotle
Mexican
Grill,
Inc.
(a)
114
194,745
Copart,
Inc.
(a)
2,136
160,649
Starbucks
Corp.
2,117
220,443
Tesla,
Inc.
(a)
1,410
292,519
TJX
Companies,
Inc.
(The)
2,329
182,500
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
United
States
—
61.50%
(continued)
Consumer
Discretionary
—
4.61%
(continued)
Ulta
Beauty,
Inc.
(a)
763
$
416,347
2,202,190
Consumer
Staples
—
2.41%
Constellation
Brands,
Inc.,
Class
A
896
202,397
Costco
Wholesale
Corp.
162
80,493
e.l.f.
Beauty,
Inc.
(a)
4,170
343,400
Inter
Parfums,
Inc.
872
124,033
Monster
Beverage
Corp.
(a)
5,416
292,519
Walgreens
Boots
Alliance,
Inc.
3,043
105,227
1,148,069
Energy
—
2.92%
Chesapeake
Energy
Corp.
2,138
162,574
Chevron
Corp.
1,690
275,740
Devon
Energy
Corp.
3,046
154,158
Enphase
Energy,
Inc.
(a)
1,222
256,962
Kinder
Morgan,
Inc.
9,661
169,164
Valero
Energy
Corp.
1,535
214,286
W&T
Offshore,
Inc.
(a)
31,701
161,041
1,393,925
Financials
—
3.52%
Apollo
Global
Management
Inc.
3,459
218,470
Ares
Management
Corp.,
Class
A
1,571
131,084
BlackRock,
Inc.
353
236,199
Blackstone
Group
L.P.
(The),
Class
A
3,303
290,136
Capital
One
Financial
Corp.
1,245
119,719
Charles
Schwab
Corp.
(The)
2,297
120,317
Citizens
Financial
Group,
Inc.
2,666
80,966
Icahn
Enterprises,
L.P.
1,697
87,752
Intercontinental
Exchange,
Inc.
2,055
214,316
Pinnacle
Financial
Partners,
Inc.
1,889
104,197
Western
Alliance
Bancorp
2,231
79,290
1,682,446
Health
Care
—
12.09%
Amedisys,
Inc.
(a)
2,535
186,449
Catalyst
Pharmaceuticals,
Inc.
(a)
15,598
258,615
Danaher
Corp.
2,595
654,044
Exelixis,
Inc.
(a)
13,947
270,711
Globus
Medical,
Inc.,
Class
A
(a)
3,646
206,509
HCA
Healthcare,
Inc.
1,930
508,903
Masimo
Corp.
(a)
2,912
537,380
Regeneron
Pharmaceuticals,
Inc.
(a)
614
504,505
ResMed,
Inc.
1,515
331,770
Royalty
Pharma
PLC,
Class
A
7,089
255,417
Seagen,
Inc.
(a)
3,037
614,901
ShockWave
Medical,
Inc.
(a)
984
213,361
Supernus
Pharmaceuticals,
Inc.
(a)
4,596
166,513
United
Therapeutics
Corp.
(a)
2,107
471,884
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
United
States
—
61.50%
(continued)
Health
Care
—
12.09%
(continued)
Universal
Health
Services,
Inc.,
Class
B
1,922
$
244,286
Vertex
Pharmaceuticals,
Inc.
(a)
1,125
354,454
5,779,702
Industrials
—
0.54%
Cintas
Corp.
204
94,387
Cognex
Corp.
3,257
161,384
255,771
Materials
—
0.99%
Mosaic
Co.
(The)
6,691
306,983
Steel
Dynamics,
Inc.
1,469
166,085
473,068
Real
Estate
—
1.08%
Alexandria
Real
Estate
Equities,
Inc.
1,632
204,963
Extra
Space
Storage,
Inc.
1,108
180,526
Medical
Properties
Trust,
Inc.
(b)
15,835
130,164
515,653
Technology
—
26.18%
Apple,
Inc.
9,591
1,581,556
Arista
Networks,
Inc.
(a)
1,341
225,100
Bentley
Systems,
Inc.
6,310
271,267
Block,
Inc.,
Class
A
(a)
1,516
104,073
Cloudflare,
Inc.,
Class
A
(a)
3,030
186,830
CoStar
Group,
Inc.
(a)
2,454
168,958
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,895
260,108
EPAM
Systems,
Inc.
(a)
723
216,177
FleetCor
Technologies,
Inc.
(a)
1,731
364,982
Fortinet,
Inc.
(a)
4,399
292,358
Juniper
Networks,
Inc.
12,705
437,306
Microchip
Technology,
Inc.
2,988
250,335
Microsoft
Corp.
4,319
1,245,167
MongoDB,
Inc.
(a)
913
212,839
Monolithic
Power
Systems,
Inc.
357
178,693
NVIDIA
Corp.
2,976
826,643
Okta,
Inc.
(a)
4,397
379,197
Oracle
Corp.
7,112
660,847
Palo
Alto
Networks,
Inc.
(a)
1,080
215,719
Paycom
Software,
Inc.
(a)
1,173
356,604
Qualcomm,
Inc.
2,383
304,023
Salesforce.com,
Inc.
(a)
3,675
734,191
Snowflake,
Inc.
(a)
1,358
209,526
SS&C
Technologies
Holdings,
Inc.
3,110
175,622
Super
Micro
Computer,
Inc.
(a)
1,743
185,717
Synopsys,
Inc.
(a)
808
312,090
Twilio,
Inc.,
Class
A
(a)
3,182
212,017
Veeva
Systems,
Inc.,
Class
A
(a)
3,480
639,588
VMware,
Inc.,
Class
A
(a)
4,882
609,518
Workday,
Inc.,
Class
A
(a)
1,562
322,615
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
94.44%
(continued)
Shares
Fair
Value
United
States
—
61.50%
(continued)
Technology
—
26.18%
(continued)
Zoom
Video
Communications,
Inc.,
Class
A
(a)
1,997
$
147,458
Zscaler,
Inc.
(a)
2,022
236,230
12,523,354
Total
United
States
29,398,641
Total Common
Stocks
(Cost $44,660,876)
45,153,224
Money
Market
Funds
-
7.03%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
4.21%
(c)
3,361,501
3,361,501
Total
Money
Market
Funds
(Cost
$3,361,501)
3,361,501
Total
Investments
—
101.47%
(Cost
$48,022,377)
48,514,725
Liabilities
in
Excess
of
Other
Assets
—
(1.47)%
(701,922)
Net
Assets
—
100.00%
$
47,812,803
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2023.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2023
was
$609,758.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2023.
ADR
-
American
Depositary
Receipt
ERShares
US
Small
Cap
Schedule
of
Investments
March
31,
2023
(Unaudited)
Common
Stocks
—
96.01%
Shares
Fair
Value
Communications
—
4.67%
Cargurus,
Inc.
(a)
19,689
$
367,791
Eventbrite,
Inc.,
Class
A
(a)
67,204
576,610
HealthStream,
Inc.
(a)
20,110
544,981
IMAX
Corp.
(a)
18,330
351,569
Match
Group,
Inc.
(a)
6,993
268,461
Shutterstock,
Inc.
11,442
830,689
World
Wrestling
Entertainment,
Inc.,
Class
A
7,568
690,656
Yelp,
Inc.
(a)
14,277
438,304
4,069,061
Consumer
Discretionary
—
10.97%
1-800-Flowers.com,
Inc.,
Class
A
(a)
40,095
461,093
2U,
Inc.
(a)
27,127
185,820
Advance
Auto
Parts,
Inc.
987
120,029
Arhaus,
Inc.
(a)
40,616
336,707
AutoNation,
Inc.
(a)
3,362
451,718
Bloomin'
Brands,
Inc.
32,992
846,244
Carriage
Services,
Inc.
28,052
856,147
Cheesecake
Factory,
Inc.
(The)
(b)
18,378
644,149
Cinemark
Holdings,
Inc.
(a)
23,077
341,309
DraftKings,
Inc.,
Class
A
(a)
9,163
177,396
Funko,
Inc.,
Class
A
(a)
64,395
607,245
GrowGeneration
Corp.
(a)
43,669
149,348
Liquidity
Services,
Inc.
(a)
40,230
529,829
NIU
Technologies
-
ADR
(a)
20,517
84,940
OneWater
Marine,
Inc.
(a)(b)
19,461
544,324
PC
Connection,
Inc.
6,691
300,827
RealReal,
Inc.
(The)
(a)(b)
170,174
214,419
Rush
Street
Interactive,
Inc.
(a)
54,983
170,997
Shake
Shack,
Inc.,
Class
A
(a)
11,957
663,493
Signet
Jewelers
Ltd.
6,774
526,882
Sonic
Automotive,
Inc.,
Class
A
11,134
605,022
Thor
Industries,
Inc.
2,265
180,385
XPEL,
Inc.
(a)
8,267
561,743
9,560,066
Consumer
Staples
—
4.11%
Chefs’
Warehouse,
Inc.
(The)
(a)
6,712
228,544
e.l.f.
Beauty,
Inc.
(a)
9,753
803,159
Five
Below,
Inc.
(a)
1,416
291,654
Inter
Parfums,
Inc.
3,022
429,849
J&J
Snack
Foods
Corp.
2,198
325,788
Utz
Brands,
Inc.
40,502
667,068
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
42,720
838,166
3,584,228
Energy
—
5.31%
Ameresco,
Inc.,
Class
A
(a)
13,336
656,398
Antero
Resources
Corp.
(a)
24,621
568,499
Chesapeake
Energy
Corp.
7,329
557,297
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
96.01%
(continued)
Shares
Fair
Value
Energy
—
5.31%
(continued)
Daqo
New
Energy
Corp.
-
ADR
(a)
1,900
$
88,996
Devon
Energy
Corp.
10,152
513,793
Kinder
Morgan,
Inc.
29,753
520,975
Matador
Resources
Co.
11,869
565,558
Vermilion
Energy,
Inc.
42,203
547,373
W&T
Offshore,
Inc.
(a)
120,706
613,186
4,632,075
Financials
—
6.36%
B.
Riley
Financial,
Inc.
(b)
2,649
75,205
Credit
Acceptance
Corp.
(a)(b)
132
57,557
Customers
Bancorp,
Inc.
(a)
5,054
93,600
Evercore,
Inc.,
Class
A
4,288
494,750
Futu
Holdings
Ltd.
-
ADR
(a)
4,743
245,924
Grid
Dynamics
Holdings,
Inc.
(a)
40,242
461,173
HCI
Group,
Inc.
(b)
12,779
684,954
Houlihan
Lokey,
Inc.
2,901
253,808
Kinsale
Capital
Group,
Inc.
2,385
715,858
Live
Oak
Bancshares,
Inc.
5,631
137,227
Moelis
&
Co.,
A
8,529
327,855
Palomar
Holdings,
Inc.
(a)
10,302
568,670
Pinnacle
Financial
Partners,
Inc.
5,556
306,470
Preferred
Bank
2,684
147,110
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
21,675
210,464
Stifel
Financial
Corp.
2,151
127,103
Triumph
Bancorp,
Inc.
(a)
4,053
235,317
Trupanion,
Inc.
(a)
9,422
404,110
5,547,155
Health
Care
—
27.23%
10X
Genomics,
Inc.,
Class
A
(a)
7,110
396,667
ACADIA
Pharmaceuticals,
Inc.
(a)
19,372
364,581
Alector,
Inc.
(a)
51,465
318,568
Alkermes
PLC
(a)
25,958
731,756
Allogene
Therapeutics,
Inc.
(a)
26,076
128,815
Amedisys,
Inc.
(a)
4,854
357,012
Amphastar
Pharmaceuticals,
Inc.
(a)
15,304
573,900
Apellis
Pharmaceuticals,
Inc.
(a)
13,934
919,086
Arcus
Biosciences,
Inc.
(a)
21,869
398,891
Arrowhead
Pharmaceuticals,
Inc.
(a)
16,414
416,916
Arvinas,
Inc.
(a)
13,319
363,875
Beam
Therapeutics,
Inc.
(a)
(b)
12,600
385,812
Berkeley
Lights,
Inc.
(a)
53,808
62,417
Blueprint
Medicines
Corp.
(a)
10,676
480,313
Bridgebio
Pharma,
Inc.
(a)
27,666
458,702
Castle
Biosciences,
Inc.
(a)
16,554
376,107
Catalyst
Pharmaceuticals,
Inc.
(a)
46,096
764,272
Cerus
Corp.
(a)
129,404
384,330
CRISPR
Therapeutics
AG
(a)
8,205
371,112
Eagle
Pharmaceuticals,
Inc.
(a)
14,478
410,741
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
96.01%
(continued)
Shares
Fair
Value
Health
Care
—
27.23%
(continued)
Ensign
Group,
Inc.
(The)
7,224
$
690,181
Exact
Sciences
Corp.
(a)
5,234
354,918
Exelixis,
Inc.
(a)
30,965
601,031
Fate
Therapeutics,
Inc.
(a)
45,738
260,707
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
182,088
242,177
Globus
Medical,
Inc.,
Class
A
(a)
6,713
380,224
Guardant
Health,
Inc.
(a)
10,422
244,292
Inotiv,
Inc.
(a)
34,249
148,298
Intellia
Therapeutics,
Inc.
(a)
11,378
424,058
Invitae
Corp.
(a)(b)
149,007
201,159
iRadimed
Corp.
19,390
762,997
Karuna
Therapeutics,
Inc.
(a)
2,279
413,958
Kodiak
Sciences,
Inc.
(a)
44,926
278,541
Krystal
Biotech,
Inc.
(a)
5,726
458,424
LeMaitre
Vascular,
Inc.
18,149
934,129
Madrigal
Pharmaceuticals,
Inc.
(a)
2,892
700,616
MEDNAX,
Inc.
(a)
40,628
605,763
Medpace
Holdings,
Inc.
(a)
2,341
440,225
Merit
Medical
Systems,
Inc.
(a)
12,058
891,689
Natera,
Inc.
(a)
6,582
365,433
Pacific
Biosciences
of
California,
Inc.
(a)
23,575
272,999
Paragon
28,
Inc.
(a)
18,701
319,226
Relay
Therapeutics,
Inc.
(a)
24,117
397,207
Seer,
Inc.
(a)
45,891
177,139
Select
Medical
Holdings
Corp.
33,173
857,522
ShockWave
Medical,
Inc.
(a)
4,832
1,047,722
Supernus
Pharmaceuticals,
Inc.
(a)
15,598
565,116
Teladoc
Health,
Inc.
(a)
12,881
333,618
Twist
Bioscience
Corp.
(a)
27,102
408,698
Veracyte,
Inc.
(a)
21,550
480,565
Vir
Biotechnology,
Inc.
(a)
7,233
168,312
Zynex,
Inc.
(a)(b)
52,403
628,836
23,719,653
Industrials
—
7.60%
AAON,
Inc.
11,946
1,155,059
Allegiant
Travel
Co.
(a)
4,684
430,834
Bloom
Energy
Corp.,
Class
A
(a)
31,327
624,347
Clean
Harbors,
Inc.
(a)
3,006
428,535
Enovis
Corp.
(a)
5,446
291,307
ESAB
Corp.
8,572
506,348
Forrester
Research,
Inc.
(a)
10,980
355,203
Hillenbrand,
Inc.
14,083
669,365
Insperity,
Inc.
7,550
917,703
Napco
Security
Technologies,
Inc.
(a)
20,786
781,138
Titan
Machinery,
Inc.
(a)
15,301
465,915
6,625,754
Materials
—
1.79%
Element
Solutions,
Inc.
21,321
411,709
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
96.01%
(continued)
Shares
Fair
Value
Materials
—
1.79%
(continued)
Encore
Wire
Corp.
2,545
$
471,664
First
Majestic
Silver
Corp.
18,200
131,222
Graphic
Packaging
Holding
Co.
21,449
546,735
1,561,330
Real
Estate
—
2.08%
Compass,
Inc.,
Class
A
(a)
108,852
351,592
eXp
World
Holdings,
Inc.
(b)
48,463
614,995
Gladstone
Land
Corp.
18,397
306,310
Legacy
Housing
Corp.
(a)
6,934
157,818
Newmark
Group,
Inc.,
Class
A
54,196
383,708
1,814,423
Technology
—
25.89%
Altair
Engineering,
Inc.,
Class
A
(a)
16,830
1,213,610
Ambarella,
Inc.
(a)
5,841
452,210
Appfolio,
Inc.,
Class
A
(a)
6,732
837,999
Appian
Corp.
(a)
16,163
717,314
Asana,
Inc.,
Class
A
(a)
44,793
946,476
Box,
Inc.,
Class
A
(a)
29,542
791,430
Coherent
Corp.
(a)
8,203
312,370
CS
Disco,
Inc.
(a)
72,324
480,231
Domo,
Inc.
(a)
19,357
274,676
ExlService
Holdings,
Inc.
(a)
5,533
895,406
Fastly,
Inc.
(a)
18,506
328,667
GitLab,
Inc.
(a)
6,194
212,392
Impinj,
Inc.
(a)
5,763
781,002
Intapp,
Inc.
(a)
15,101
677,129
JFrog
Ltd
(a)
8,320
163,904
Lattice
Semiconductor
Corp.
(a)
8,583
819,676
Materialise
NV
-
ADR
(a)
19,435
161,311
MaxLinear,
Inc.
(a)
19,755
695,574
Omnicell,
Inc.
(a)
13,926
817,038
PagerDuty,
Inc.
(a)
22,608
790,828
Pegasystems,
Inc.
11,836
573,809
Phreesia,
Inc.
(a)
15,771
509,246
PubMatic,
Inc.
(a)
44,311
612,378
Pure
Storage,
Inc.,
Class
A
(a)
7,630
194,641
R1
RCM,
Inc.
(a)
46,305
694,575
Rapid7,
Inc.
(a)
13,501
619,831
Repay
Holdings
Corp.
(a)
51,241
336,653
Sanmina
Corp.
(a)
13,920
848,981
Schrodinger,
Inc.
(a)
16,829
443,108
Simulations
Plus,
Inc.
6,983
306,833
Sprout
Social,
Inc.,
Class
A
(a)
9,820
597,842
Super
Micro
Computer,
Inc.
(a)
9,078
967,261
TaskUs,
Inc.
(a)
17,714
255,790
Tenable
Holdings,
Inc.
(a)
21,213
1,007,830
TTEC
Holdings,
Inc.
11,573
430,863
Upstart
Holdings,
Inc.
(a)(b)
2,635
41,870
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2023
(Unaudited)
Common
Stocks
—
96.01%
(continued)
Shares
Fair
Value
Technology
—
25.89%
(continued)
Vicor
Corp.
(a)
13,021
$
611,206
Wolfspeed,
Inc.
(a)(b)
2,986
193,941
Zuora,
Inc.
(a)
95,432
942,868
22,558,769
Total Common
Stocks
(Cost $82,040,908)
83,672,514
Money
Market
Funds
-
6.48%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
4.21%
(c)
5,646,708
5,646,708
Total
Money
Market
Funds
(Cost
$5,646,708)
5,646,708
Total
Investments
—
102.49%
(Cost
$87,687,616)
89,319,222
Liabilities
in
Excess
of
Other
Assets
—
(2.49)%
(2,167,610)
Net
Assets
—
100.00%
$
87,151,612
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2023.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2023
was
$4,195,663.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2023.
ADR
-
American
Depositary
Receipt