NPORT-EX 2 ultimus_1235.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