NPORT-EX 2 ultimus_1238.htm
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
September
30,
2023
(Unaudited)
Common
Stocks
—
94.03%
Shares
Fair
Value
Communications
—
24.70%
Airbnb,
Inc.,
Class
A
(a)
8,280‌
$
1,136,099‌
Alphabet,
Inc.,
Class
A
(a)
32,144‌
4,206,363‌
AppLovin
Corp.
(a)
32,111‌
1,283,156‌
DoorDash,
Inc.,
Class
A
(a)
13,819‌
1,098,196‌
Meta
Platforms,
Inc.,
Class
A
(a)
6,841‌
2,053,737‌
Netflix,
Inc.
(a)
1,242‌
468,979‌
Playtika
Holding
Corp.
(a)
77,905‌
750,225‌
Roblox
Corp.,
Class
A
(a)
18,842‌
545,664‌
Roku,
Inc.
(a)
15,914‌
1,123,369‌
Shutterstock,
Inc.
18,594‌
707,502‌
Spotify
Technology
SA
(a)
3,006‌
464,848‌
Trade
Desk,
Inc.
(The),
Class
A
(a)
8,225‌
642,784‌
ZoomInfo
Technologies,
Inc.,
Class
A
(a)
51,628‌
846,699‌
15,327,621‌
Consumer
Discretionary
—
9.51%
Amazon.com,
Inc.
(a)
18,935‌
2,407,016‌
Chipotle
Mexican
Grill,
Inc.
(a)
436‌
798,678‌
DraftKings,
Inc.,
Class
A
(a)
47,272‌
1,391,688‌
Tesla,
Inc.
(a)
2,840‌
710,625‌
Wayfair,
Inc.,
Class
A
(a)
9,743‌
590,134‌
5,898,141‌
Consumer
Staples
—
0.60%
Five
Below,
Inc.
(a)
2,331‌
375,058‌
Energy
—
1.24%
Enphase
Energy,
Inc.
(a)
6,413‌
770,522‌
Health
Care
—
7.44%
10X
Genomics,
Inc.,
Class
A
(a)
14,098‌
581,543‌
Exact
Sciences
Corp.
(a)
3,647‌
248,798‌
Exelixis,
Inc.
(a)
57,250‌
1,250,913‌
Regeneron
Pharmaceuticals,
Inc.
(a)
1,495‌
1,230,325‌
Seagen,
Inc.
(a)
6,145‌
1,303,661‌
4,615,240‌
Industrials
—
0.90%
Cognex
Corp.
13,166‌
558,765‌
Materials
—
1.18%
Steel
Dynamics,
Inc.
6,853‌
734,779‌
REITs
—
1.30%
Extra
Space
Storage,
Inc.
6,642‌
807,534‌
Technology
—
47.16%
Arista
Networks,
Inc.
(a)
6,685‌
1,229,572‌
Bentley
Systems,
Inc.
18,841‌
945,065‌
Bill.com
Holdings,
Inc.
(a)
4,481‌
486,502‌
Block,
Inc.,
Class
A
(a)
11,706‌
518,108‌
Cloudflare,
Inc.,
Class
A
(a)
6,857‌
432,265‌
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
6,913‌
1,157,098‌
ERShares
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
94.03%
(continued)
Shares
Fair
Value
Technology
—
47.16%
(continued)
Datadog,
Inc.,
Class
A
(a)
10,754‌
$
979,582‌
Dropbox,
Inc.,
Class
A
(a)
52,520‌
1,430,120‌
FleetCor
Technologies,
Inc.
(a)
5,806‌
1,482,504‌
Fortinet,
Inc.
(a)
16,428‌
963,995‌
HubSpot,
Inc.
(a)
1,787‌
880,098‌
Microsoft
Corp.
713‌
225,130‌
MongoDB,
Inc.
(a)
2,559‌
885,056‌
Monolithic
Power
Systems,
Inc.
1,550‌
716,100‌
NVIDIA
Corp.
4,206‌
1,829,568‌
Oracle
Corp.
12,956‌
1,372,300‌
Palo
Alto
Networks,
Inc.
(a)
4,584‌
1,074,673‌
Paycom
Software,
Inc.
4,995‌
1,295,054‌
Pure
Storage,
Inc.,
Class
A
(a)
29,073‌
1,035,580‌
Salesforce,
Inc.
(a)
6,232‌
1,263,725‌
Snowflake,
Inc.
(a)
2,325‌
355,190‌
Synopsys,
Inc.
(a)
2,196‌
1,007,898‌
Toast,
Inc.,
Class
A
(a)
34,128‌
639,217‌
Twilio,
Inc.,
Class
A
(a)
17,541‌
1,026,675‌
UiPath,
Inc.,
Class
A
(a)
40,007‌
684,520‌
Unity
Software,
Inc.
(a)
17,843‌
560,092‌
Veeva
Systems,
Inc.,
Class
A
(a)
7,373‌
1,500,036‌
VMware,
Inc.,
Class
A
(a)
11,961‌
1,991,266‌
Wolfspeed,
Inc.
(a)
5,758‌
219,380‌
Workday,
Inc.,
Class
A
(a)
2,151‌
462,142‌
Zoom
Video
Communications,
Inc.,
Class
A
(a)
8,665‌
606,030‌
29,254,541‌
Total  Common
Stocks
  (Cost $53,496,240)
58,342,201‌
Total
Investments
—
94.03%
    (Cost
$53,496,240)
58,342,201‌
Other
Assets
in
Excess
of
Liabilities — 5.97%
3,706,421‌
Net
Assets
—
100.00%
$
62,048,622‌
(a)
Non-income
producing
security.
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
Shares
Fair
Value
Australia
—
7.63%
Communications
—
1.79%
SEEK
Ltd.
24,594‌
$
347,382‌
Consumer
Discretionary
—
1.73%
Flight
Centre
Travel
Group
Ltd.
15,931‌
197,195‌
Harvey
Norman
Holdings
Ltd.
55,661‌
137,890‌
335,085‌
Health
Care
—
2.57%
Telix
Pharmaceuticals
Ltd.
(a)
68,076‌
496,696‌
Materials
—
0.62%
Fortescue
Metals
Group
Ltd.
9,008‌
119,723‌
Technology
—
0.92%
WiseTech
Global
Ltd.
4,303‌
178,588‌
Total
Australia
1,477,474‌
Belgium
—
1.18%
Health
Care
—
0.98%
Galapagos
NV
-
ADR
(a)
5,521‌
190,751‌
Technology
—
0.20%
Materialise
NV
-
ADR
(a)
6,890‌
37,826‌
Total
Belgium
228,577‌
Bermuda
—
2.83%
Consumer
Discretionary
—
0.39%
Luk
Fook
Holdings
International
Ltd.
29,475‌
76,248‌
Financials
—
1.32%
Enstar
Group
Ltd.
(a)
1,055‌
255,310‌
Materials
—
0.48%
Nine
Dragons
Paper
Holdings
Ltd.
166,068‌
93,150‌
Technology
—
0.64%
Skyworth
Group
Ltd.
330,000‌
123,304‌
Total
Bermuda
548,012‌
Canada
—
12.83%
Consumer
Discretionary
—
2.38%
Aritzia,
Inc.
(a)
4,315‌
75,070‌
Gildan
Activewear,
Inc.
5,026‌
140,873‌
Linamar
Corp.
4,168‌
200,784‌
Spin
Master
Corp.
(a)
1,730‌
43,497‌
460,224‌
Energy
—
1.20%
Vermilion
Energy,
Inc.
15,894‌
232,370‌
Financials
—
3.61%
Fairfax
Financial
Holdings
Ltd.
422‌
344,492‌
First
National
Financial
Corp.
5,511‌
144,648‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
(continued)
Shares
Fair
Value
Canada
—
12.83%
(continued)
Financials
—
3.61%
(continued)
Onex
Corp.
3,590‌
$
211,001‌
700,141‌
Materials
—
2.73%
Cascades,
Inc.
8,277‌
74,772‌
First
Majestic
Silver
Corp.
18,663‌
95,634‌
First
Quantum
Minerals
Ltd.
6,758‌
159,666‌
Triple
Flag
Precious
Metals
Corp.
2,010‌
26,327‌
West
Fraser
Timber
Co.,
Ltd.
2,395‌
173,733‌
530,132‌
REITs
—
2.16%
Allied
Properties
Real
Estate
Investment
Trust
9,492‌
125,303‌
Colliers
International
Group,
Inc.
1,055‌
100,489‌
Tricon
Residential,
Inc.
26,243‌
193,986‌
419,778‌
Technology
—
0.75%
Nuvei
Corp.
9,645‌
144,675‌
Total
Canada
2,487,320‌
Cayman
Islands
—
5.22%
Communications
—
0.72%
Vnet
Group,
Inc.
-
ADR
(a)
44,342‌
138,790‌
Consumer
Discretionary
—
1.67%
NagaCorp
Ltd.
(a)
211,912‌
101,898‌
Yadea
Group
Holdings
Ltd.
119,382‌
221,075‌
322,973‌
Financials
—
1.62%
FinVolution
Group
-
ADR
35,345‌
176,018‌
Noah
Holdings
Ltd.
-
ADR
5,082‌
63,373‌
Value
Partners
Group
Ltd.
239,163‌
75,126‌
314,517‌
Materials
—
0.39%
Lee
&
Man
Paper
Manufacturing
Ltd.
260,226‌
75,877‌
Utilities
—
0.82%
Tian
Lun
Gas
Holdings
Ltd.
323,507‌
159,804‌
Total
Cayman
Islands
1,011,961‌
China
—
8.78%
Communications
—
1.78%
Bilibili,
Inc.
-
ADR
(a)
11,126‌
153,205‌
Weimob,
Inc.
(a)
445,098‌
190,899‌
344,104‌
Consumer
Discretionary
—
0.93%
XPeng,
Inc.
-
ADR
(a)
9,775‌
179,469‌
Energy
—
2.32%
Daqo
New
Energy
Corp.
-
ADR
(a)
8,176‌
247,488‌
JinkoSolar
Holding
Co.,
Ltd.
-
ADR
(a)
1,639‌
49,776‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
(continued)
Shares
Fair
Value
China
—
8.78%
(continued)
Energy
—
2.32%
(continued)
Tianneng
Power
International
Ltd.
162,522‌
$
153,519‌
450,783‌
Financials
—
1.93%
Futu
Holdings
Ltd.
-
ADR
(a)
6,434‌
371,949‌
Health
Care
—
0.81%
BeiGene
Ltd.
-
ADR
(a)
877‌
157,746‌
Technology
—
1.01%
Kingdee
International
Software
Group
Co.,
Ltd.
(a)
159,491‌
195,202‌
Total
China
1,699,253‌
Denmark
—
0.49%
Technology
—
0.49%
Netcompany
Group
A/S
(a)
2,515‌
95,323‌
Total
Denmark
95,323‌
Germany
—
0.25%
Energy
—
0.25%
VERBIO
Vereinigte
BioEnergie
AG
1,196‌
47,998‌
Total
Germany
47,998‌
Ireland
—
1.59%
Health
Care
—
1.59%
Jazz
Pharmaceuticals
PLC
(a)
2,379‌
307,938‌
Total
Ireland
307,938‌
Isle
Of
Man
—
1.07%
Consumer
Discretionary
—
1.07%
Entain
PLC
18,221‌
206,645‌
Total
Isle
Of
Man
206,645‌
Israel
—
5.72%
Communications
—
2.52%
Fiverr
International
Ltd.
(a)
7,573‌
185,311‌
Wix.com
Ltd.
(a)
3,301‌
303,031‌
488,342‌
Technology
—
3.20%
AudioCodes
Ltd.
15,644‌
158,161‌
Check
Point
Software
Technologies
Ltd.
(a)
1,116‌
148,740‌
JFrog
Ltd.
(a)
9,334‌
236,711‌
Radware
Ltd.
(a)
4,565‌
77,240‌
620,852‌
Total
Israel
1,109,194‌
Japan
—
2.33%
Industrials
—
0.47%
S-Pool,
Inc.
28,569‌
91,082‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
(continued)
Shares
Fair
Value
Japan
—
2.33%
(continued)
Technology
—
1.86%
GMO
Payment
Gateway,
Inc.
1,259‌
$
68,695‌
SHIFT,
Inc.
(a)
1,606‌
292,054‌
360,749‌
Total
Japan
451,831‌
Jersey
—
1.17%
Communications
—
1.17%
Gambling.com
Group
Ltd.
(a)
17,282‌
226,049‌
Total
Jersey
226,049‌
Singapore
—
1.19%
Consumer
Discretionary
—
0.34%
Best
World
International
Ltd.
(a)
53,705‌
65,888‌
Consumer
Staples
—
0.85%
Wilmar
International
Ltd.
60,635‌
164,996‌
Total
Singapore
230,884‌
Spain
—
0.48%
Industrials
—
0.48%
Sacyr
S.A.
31,579‌
92,677‌
Total
Spain
92,677‌
Sweden
—
4.46%
Communications
—
0.14%
Embracer
Group
A.B.
(a)
13,574‌
27,075‌
Consumer
Discretionary
—
0.82%
Evolution
Gaming
Group
A.B.
1,567‌
158,134‌
Financials
—
1.02%
Avanza
Bank
Holding
A.B.
2,810‌
48,462‌
Nordnet
A.B.,
Class
A
11,537‌
151,733‌
200,195‌
Health
Care
—
0.69%
Cellavision
A.B.
9,555‌
134,151‌
Industrials
—
0.86%
HMS
Networks
A.B.
4,568‌
166,433‌
REITs
—
0.71%
Fabege
A.B.
16,721‌
133,181‌
Neobo
Fastigheter
A.B.
(a)
4,134‌
3,698‌
136,879‌
Technology
—
0.22%
Sinch
A.B.
(a)
24,104‌
42,052‌
Total
Sweden
864,919‌
Switzerland
—
2.31%
Health
Care
—
1.90%
CRISPR
Therapeutics
AG
(a)
3,711‌
168,442‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
(continued)
Shares
Fair
Value
Switzerland
—
2.31%
(continued)
Health
Care
—
1.90%
(continued)
Medacta
Group
S.A.
1,574‌
$
198,697‌
367,139‌
Technology
—
0.41%
Sensirion
Holding
AG
(a)
1,000‌
80,029‌
Total
Switzerland
447,168‌
United
Kingdom
—
4.28%
Communications
—
0.22%
Future
PLC
4,021‌
43,426‌
Consumer
Discretionary
—
1.45%
Frasers
Group
PLC
(a)
28,587‌
280,268‌
Health
Care
—
0.90%
Hikma
Pharmaceuticals
PLC
6,852‌
173,982‌
Technology
—
1.71%
Computacenter
PLC
10,785‌
332,070‌
Total
United
Kingdom
829,746‌
United
States
—
22.95%
Communications
—
1.98%
fuboTV,
Inc.
(a)
67,252‌
179,563‌
Playtika
Holding
Corp.
(a)
21,289‌
205,013‌
384,576‌
Consumer
Discretionary
—
0.23%
Skechers
U.S.A.,
Inc.,
Class
A
(a)
917‌
44,887‌
Consumer
Staples
—
2.40%
e.l.f.
Beauty,
Inc.
(a)
2,095‌
230,094‌
Inter
Parfums,
Inc.
1,753‌
235,498‌
465,592‌
Energy
—
2.46%
Ameresco,
Inc.,
Class
A
(a)
4,616‌
177,993‌
Antero
Resources
Corp.
(a)
5,504‌
139,692‌
Matador
Resources
Co.
2,652‌
157,740‌
475,425‌
Health
Care
—
3.95%
Amphastar
Pharmaceuticals,
Inc.
(a)
6,356‌
292,313‌
Catalyst
Pharmaceuticals,
Inc.
(a)
23,893‌
279,309‌
Select
Medical
Holdings
Corp.
3,641‌
92,008‌
ShockWave
Medical,
Inc.
(a)
516‌
102,736‌
766,366‌
Industrials
—
0.89%
Titan
Machinery,
Inc.
(a)
6,520‌
173,302‌
Technology
—
11.04%
Appfolio,
Inc.,
Class
A
(a)
833‌
152,131‌
Box,
Inc.,
Class
A
(a)
4,099‌
99,237‌
Dropbox,
Inc.,
Class
A
(a)
4,021‌
109,492‌
ERShares
NextGen
Entrepreneurs
ETF
Schedule
of
Investments
(continued)
September
30,
2023
(Unaudited)
Common
Stocks
—
87.36%
(continued)
Shares
Fair
Value
United
States
—
22.95%
(continued)
Technology
—
11.04%
(continued)
ExlService
Holdings,
Inc.
(a)
4,420‌
$
123,937‌
Fastly,
Inc.,
Class
A
(a)
13,771‌
263,989‌
MaxLinear,
Inc.
(a)
4,594‌
102,217‌
PagerDuty,
Inc.
(a)
4,675‌
105,141‌
PubMatic,
Inc.,
Class
A
(a)
6,048‌
73,181‌
R1
RCM,
Inc.
(a)
10,041‌
151,318‌
Rapid7,
Inc.
(a)
4,774‌
218,554‌
Repay
Holdings
Corp.,
Class
A
(a)
26,019‌
197,484‌
Super
Micro
Computer,
Inc.
(a)
455‌
124,770‌
TaskUs,
Inc.
(a)
2,252‌
23,376‌
Tenable
Holdings,
Inc.
(a)
1,114‌
49,907‌
TTEC
Holdings,
Inc.
1,228‌
32,198‌
Unity
Software,
Inc.
(a)
5,934‌
186,268‌
Zscaler,
Inc.
(a)
802‌
124,783‌
2,137,983‌
Total
United
States
4,448,131‌
Virgin
Islands
British
—
0.60%
Consumer
Staples
—
0.60%
Nomad
Foods
Ltd.
(a)
7,619‌
115,961‌
Total
Virgin
Islands
British
115,961‌
Total  Common
Stocks
  (Cost $18,864,065)
16,927,061‌
Total
Investments
—
87.36%
    (Cost
$18,864,065)
16,927,061‌
Other
Assets
in
Excess
of
Liabilities 
—
 12.64%
2,448,400‌
Net
Assets
—
100.00%
$
19,375,461‌
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt