0001752724-24-128476.txt : 20240530
0001752724-24-128476.hdr.sgml : 20240530
20240530140644
ACCESSION NUMBER: 0001752724-24-128476
CONFORMED SUBMISSION TYPE: NPORT-P
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20240331
FILED AS OF DATE: 20240530
DATE AS OF CHANGE: 20240530
PERIOD START: 20240630
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: EntrepreneurShares Series Trust
CENTRAL INDEX KEY: 0001495922
ORGANIZATION NAME:
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: 241003872
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
2024-06-30
2024-03-31
N
78322872.35
1292828.18
77030044.17
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
138354.36
N
Affirm Holdings Inc
N/A
Affirm Holdings, Inc.
00827B106
18387.00000000
NS
USD
685099.62000000
0.889392739394
Long
EC
CORP
US
N
1
N
N
N
Zynex Inc
N/A
Zynex, Inc.
98986M103
56818.00000000
NS
USD
702838.66000000
0.912421468237
Long
EC
CORP
US
N
1
N
N
Medpace Holdings Inc.
549300H8TYEUVTW14A54
Medpace Holdings, Inc.
58506Q109
3030.00000000
NS
USD
1224574.50000000
1.589736203834
Long
EC
CORP
US
N
1
N
N
N
Altair Engineering Inc
549300FJ89HZ6GU9S994
Altair Engineering, Inc.
021369103
14060.00000000
NS
USD
1211269.00000000
1.572463073403
Long
EC
CORP
US
N
1
N
N
N
Wolfspeed Inc.
549300OGU88P3AW3TO93
Wolfspeed, Inc.
977852102
21337.00000000
NS
USD
629441.50000000
0.817137659444
Long
EC
CORP
US
N
1
N
N
N
Amphastar Pharmaceuticals Inc
54930055TH0ZLSAQMJ38
Amphastar Pharmaceuticals, Inc.
03209R103
16425.00000000
NS
USD
721221.75000000
0.936286299418
Long
EC
CORP
US
N
1
N
N
N
Intellia Therapeutics Inc
5493002T5BCPE5DZC723
Intellia Therapeutics, Inc.
45826J105
31993.00000000
NS
USD
880127.43000000
1.142576821139
Long
EC
CORP
US
N
1
N
N
N
CRISPR Therapeutics AG
506700O6IRRIQLT3W370
CRISPR Therapeutics A.G.
H17182108
7605.00000000
NS
USD
518356.80000000
0.672928083561
Long
EC
CORP
CH
N
1
N
N
Legacy Housing Corp.
V6WE5M18QYITU8L1QF76
Legacy Housing Corporation
52472M101
8276.00000000
NS
USD
178099.52000000
0.231207864306
Long
EC
CORP
US
N
1
N
N
N
Lattice Semiconductor Corporation
549300LRBBPZDQ2II567
Lattice Semiconductor Corporation
518415104
22126.00000000
NS
USD
1730916.98000000
2.247067360080
Long
EC
CORP
US
N
1
N
N
N
ESAB Corp.
549300ZNV0SWBXEIWT04
Esab Corporation
29605J106
8572.00000000
NS
USD
947806.04000000
1.230436838265
Long
EC
CORP
US
N
1
N
N
N
Yelp Inc
5299007OU2DOSXPQBO35
Yelp, Inc.
985817105
16702.00000000
NS
USD
658058.80000000
0.854288488460
Long
EC
CORP
US
N
1
N
N
N
Teladoc Health Inc
549300I2PVFBC9MFAC61
Teladoc Health, Inc.
87918A105
23228.00000000
NS
USD
350742.80000000
0.455332466415
Long
EC
CORP
US
N
1
N
N
N
Madrigal Pharmaceuticals Inc
549300CHIMT2EUSNJB60
Madrigal Pharmaceuticals, Inc.
558868105
3726.00000000
NS
USD
994991.04000000
1.291692158197
Long
EC
CORP
US
N
1
N
N
N
E L F Beauty Inc
549300U2K9TCON25C029
elf Beauty, Inc.
26856L103
6822.00000000
NS
USD
1337316.66000000
1.736097485610
Long
EC
CORP
US
N
1
N
N
N
Robinhood Markets Inc
213800FS5AO3YWIE6F63
Robinhood Markets, Inc.
770700102
116084.00000000
NS
USD
2336770.92000000
3.033583772641
Long
EC
CORP
US
N
1
N
N
N
Phreesia Inc
5493000HHF8NU4QOCG53
Phreesia, Inc.
71944F106
21666.00000000
NS
USD
518467.38000000
0.673071637938
Long
EC
CORP
US
N
1
N
N
N
Xpel Inc.
549300KWSE3IGXLJNW66
XPEL, Inc.
98379L100
12208.00000000
NS
USD
659476.16000000
0.856128497790
Long
EC
CORP
US
N
1
N
N
N
UiPath Inc.
5493000YP61KBELDHT53
UiPath, Inc.
90364P105
13847.00000000
NS
USD
313911.49000000
0.407518252627
Long
EC
CORP
US
N
1
N
N
N
AutoNation, Inc.
N/A
AutoNation, Inc.
05329W102
5449.00000000
NS
USD
902245.42000000
1.171290279944
Long
EC
CORP
US
N
1
N
N
N
Pacific Biosciences Of California Inc.
529900F1BWRE1M0KZN89
Pacific Biosciences of California, Inc.
69404D108
112567.00000000
NS
USD
422126.25000000
0.548002087430
Long
EC
CORP
US
N
1
N
N
N
Thor Industries Inc.
254900XZO1228PDSG060
Thor Industries, Inc.
885160101
5515.00000000
NS
USD
647130.10000000
0.840100907344
Long
EC
CORP
US
N
1
N
N
N
Sanmina Corp
X5K24XLM8QYRXF00EB42
Sanmina Corporation
801056102
26867.00000000
NS
USD
1670590.06000000
2.168751268418
Long
EC
CORP
US
N
1
N
N
N
Shake Shack Inc
529900J74GJAHYP80N79
Shake Shack, Inc.
819047101
9729.00000000
NS
USD
1012107.87000000
1.313913137277
Long
EC
CORP
US
N
1
N
N
N
Coherent Corp
549300O5C25A0MMHHU33
Coherent Corporation
19247G107
13929.00000000
NS
USD
844375.98000000
1.096164475949
Long
EC
CORP
US
N
1
N
N
N
Fastly Inc.
549300E2FZC83FJ3H565
Fastly, Inc.
31188V100
53722.00000000
NS
USD
696774.34000000
0.904548799767
Long
EC
CORP
US
N
1
N
N
N
Masimo Corporation
549300Q4A8JK0PIYCU29
Masimo Corporation
574795100
10120.00000000
NS
USD
1486122.00000000
1.929275798830
Long
EC
CORP
US
N
1
N
N
N
EXP World Holdings Inc
549300TWVVZC283VEC32
eXp World Holdings, Inc.
30212W100
34996.00000000
NS
USD
361508.68000000
0.469308675459
Long
EC
CORP
US
N
1
N
N
Semler Scientific Inc
549300ZHL16S29QTW485
Semler Scientific, Inc.
81684M104
2660.00000000
NS
USD
77698.60000000
0.100867915677
Long
EC
CORP
US
N
1
N
N
N
Trupanion Inc
549300J86GFKIDGMQP18
Trupanion, Inc.
898202106
20530.00000000
NS
USD
566833.30000000
0.735860022031
Long
EC
CORP
US
N
1
N
N
Select Medical Holdings Corporation
N/A
Select Medical Holdings Corporation
81619Q105
42734.00000000
NS
USD
1288430.10000000
1.672633209396
Long
EC
CORP
US
N
1
N
N
N
Forrester Research Inc.
549300UUSFXYLJ80Z897
Forrester Research, Inc.
346563109
4946.00000000
NS
USD
106635.76000000
0.138433985270
Long
EC
CORP
US
N
1
N
N
N
Chewy Inc
254900NPQSTG9I422879
Chewy, Inc.
16679L109
58958.00000000
NS
USD
938021.78000000
1.217734963165
Long
EC
CORP
US
N
1
N
N
N
Cargurus Inc
54930027BKQN6B7X7G78
Cargurus, Inc.
141788109
30764.00000000
NS
USD
710033.12000000
0.921761278538
Long
EC
CORP
US
N
1
N
N
N
Aaon Inc
549300ZHF0E5VM7PUD37
AAON, Inc.
000360206
7287.00000000
NS
USD
641984.70000000
0.833421176006
Long
EC
CORP
US
N
1
N
N
N
Wayfair Inc
54930027N9ZAVYFDHK53
Wayfair, Inc.
94419L101
21809.00000000
NS
USD
1480394.92000000
1.921840933562
Long
EC
CORP
US
N
1
N
N
N
Veracyte Inc
529900ESWZRHXOW27Z37
Veracyte, Inc.
92337F107
21767.00000000
NS
USD
482356.72000000
0.626192968207
Long
EC
CORP
US
N
1
N
N
N
Catalyst Pharmaceuticals Inc.
5299004O0R5XXLA5H544
Catalyst Pharmaceuticals, Inc.
14888U101
59577.00000000
NS
USD
949657.38000000
1.232840238159
Long
EC
CORP
US
N
1
N
N
N
Pegasystems Inc
549300FMCOKPL06FYN26
Pegasystems, Inc.
705573103
27128.00000000
NS
USD
1753553.92000000
2.276454517058
Long
EC
CORP
US
N
1
N
N
N
Exact Sciences Corporation
549300VM3X1FYD4N9Z14
Exact Sciences Corporation
30063P105
21279.00000000
NS
USD
1469527.74000000
1.907733217388
Long
EC
CORP
US
N
1
N
N
N
The Realreal Inc
549300O00VUGT4H1PE90
RealReal, Inc. (The)
88339P101
202202.00000000
NS
USD
790609.82000000
1.026365528565
Long
EC
CORP
US
N
1
N
N
N
Upstart Holdings Inc
549300WNB47JRNENIC75
Upstart Holdings, Inc.
91680M107
44369.00000000
NS
USD
1193082.41000000
1.548853337493
Long
EC
CORP
US
N
1
N
N
Globus Med Inc
5299003M2P4CIK0RF205
Globus Medical, Inc.
379577208
27946.00000000
NS
USD
1499023.44000000
1.946024380684
Long
EC
CORP
US
N
1
N
N
N
Eventbrite Inc
549300N6XBV2B1FAUF55
Eventbrite, Inc.
29975E109
71753.00000000
NS
USD
393206.44000000
0.510458541516
Long
EC
CORP
US
N
1
N
N
N
Insperity Inc
5299000Q0KW7HY5DB751
Insperity, Inc.
45778Q107
5585.00000000
NS
USD
612171.85000000
0.794718290241
Long
EC
CORP
US
N
1
N
N
N
Liberty Energy Inc
N/A
Liberty Energy, Inc.
53115L104
72046.00000000
NS
USD
1492793.12000000
1.937936211883
Long
EC
CORP
US
N
1
N
N
N
Exelixis, Inc.
254900PJQB59O2O95R37
Exelixis, Inc.
30161Q104
42909.00000000
NS
USD
1018230.57000000
1.321861594357
Long
EC
CORP
US
N
1
N
N
N
Corcept Therapeutics Inc.
529900EO9LUTFMZ7FF90
Corcept Therapeutics, Inc.
218352102
26537.00000000
NS
USD
668467.03000000
0.867800398146
Long
EC
CORP
US
N
1
N
N
N
Clean Harbors, Inc.
5493000SJVZVZJKHJF48
Clean Harbors, Inc.
184496107
3135.00000000
NS
USD
631106.85000000
0.819299608094
Long
EC
CORP
US
N
1
N
N
N
Twist Bioscience Corporation
549300T23BL59LCOH584
Twist Bioscience Corporation
90184D100
17559.00000000
NS
USD
602449.29000000
0.782096513758
Long
EC
CORP
US
N
1
N
N
N
Palomar Holdings Inc
549300DOI1MUW11BLX74
Palomar Holdings, Inc.
69753M105
17232.00000000
NS
USD
1444558.56000000
1.875318358654
Long
EC
CORP
US
N
1
N
N
N
Appian Corporation
529900NIARIFW7HGU386
Appian Corporation
03782L101
21402.00000000
NS
USD
855009.90000000
1.109969375212
Long
EC
CORP
US
N
1
N
N
N
Schrodinger Inc.
N/A
Schrodinger, Inc.
80810D103
15420.00000000
NS
USD
416340.00000000
0.540490407977
Long
EC
CORP
US
N
1
N
N
N
Guardant Health Inc
254900M8C3E5VC8BR186
Guardant Health, Inc.
40131M109
16619.00000000
NS
USD
342849.97000000
0.445086035837
Long
EC
CORP
US
N
1
N
N
N
Match Group Inc
15OMOPB0A8K0EFUVD031
Match Group, Inc.
57667L107
11690.00000000
NS
USD
424113.20000000
0.550581535516
Long
EC
CORP
US
N
1
N
N
N
INVESCO FUNDS
N/A
Invesco Government & Agency Portfolio
825252885
3957879.00000000
PA
USD
3957879.00000000
5.138097793719
Long
STIV
RF
US
N
1
N
N
SKECHERS USA, Inc.
529900D2R54KZPA4XR56
Skechers USA, Inc.
830566105
24876.00000000
NS
USD
1523903.76000000
1.978323881830
Long
EC
CORP
US
N
1
N
N
N
Grid Dynamics Holdings Inc.
N/A
Grid Dynamics Holdings, Inc.
39813G109
65716.00000000
NS
USD
807649.64000000
1.048486533666
Long
EC
CORP
US
N
1
N
N
N
Enovis Corporation
635400OP2DYYYMOIYL17
Enovis Corporation
194014502
5446.00000000
NS
USD
340102.70000000
0.441519544308
Long
EC
CORP
US
N
1
N
N
N
Bridgebio Pharma Inc
54930028YG89VTY2J114
Bridgebio Pharma, Inc.
10806X102
14762.00000000
NS
USD
456441.04000000
0.592549368130
Long
EC
CORP
US
N
1
N
N
N
BILL Holdings Inc
549300IBF9VZZIGOZW63
BILL Holdings, Inc.
090043100
12663.00000000
NS
USD
870201.36000000
1.129690849040
Long
EC
CORP
US
N
1
N
N
N
Live Oak Bancshares Inc
N/A
Live Oak Bancshares, Inc.
53803X105
12582.00000000
NS
USD
522278.82000000
0.678019629389
Long
EC
CORP
US
N
1
N
N
N
Wheels Up Experience Inc
N/A
Wheels Up Experience, Inc.
96328L205
3838.00000000
NS
USD
11015.06000000
0.014299693215
Long
EC
CORP
US
N
1
N
N
Sprout Social Inc.
N/A
Sprout Social, Inc.
85209W109
9235.00000000
NS
USD
551421.85000000
0.715852958337
Long
EC
CORP
US
N
1
N
N
N
10X Genomics Inc
5493003Z6741WNLG7H43
10X Genomics, Inc.
88025U109
13299.00000000
NS
USD
499111.47000000
0.647943896927
Long
EC
CORP
US
N
1
N
N
N
Simulations Plus Inc.
N/A
Simulations Plus, Inc.
829214105
23504.00000000
NS
USD
967189.60000000
1.255600474362
Long
EC
CORP
US
N
1
N
N
N
Rush Street Interactive Inc
N/A
Rush Street Interactive, Inc.
782011100
47280.00000000
NS
USD
307792.80000000
0.399575001308
Long
EC
CORP
US
N
1
N
N
N
MoneyLion Inc
N/A
Moneylion, Inc.
60938K304
11411.00000000
NS
USD
813832.52000000
1.056513116108
Long
EC
CORP
US
N
1
N
N
N
Krystal Biotech Inc
549300YONUY68210OE41
Krystal Biotech, Inc.
501147102
5343.00000000
NS
USD
950679.99000000
1.234167785107
Long
EC
CORP
US
N
1
N
N
N
Impinj Inc
549300M26VGKSMMWWN17
Impinj, Inc.
453204109
13936.00000000
NS
USD
1789521.76000000
2.323147778613
Long
EC
CORP
US
N
1
N
N
N
ShockWave Medical Inc
549300LDXO56IC5Y1538
Shockwave Medical, Inc.
82489T104
2744.00000000
NS
USD
893528.72000000
1.159974305646
Long
EC
CORP
US
N
1
N
N
N
Toast Inc
549300TN1PZNLCD4I551
Toast, Inc.
888787108
80502.00000000
NS
USD
2006109.84000000
2.604321289979
Long
EC
CORP
US
N
1
N
N
N
RH
5493008MTS3OGGMHGK69
RH
74967X103
3113.00000000
NS
USD
1084133.38000000
1.407416277222
Long
EC
CORP
US
N
1
N
N
N
PubMatic Inc.
N/A
PubMatic, Inc.
74467Q103
54187.00000000
NS
USD
1285315.64000000
1.668590033732
Long
EC
CORP
US
N
1
N
N
N
Vicor Corp
5299005KMQOTR6B51F09
Vicor Corporation
925815102
10379.00000000
NS
USD
396892.96000000
0.515244362477
Long
EC
CORP
US
N
1
N
N
N
Castle Biosciences Inc
N/A
Castle Biosciences, Inc.
14843C105
22713.00000000
NS
USD
503092.95000000
0.653112633415
Long
EC
CORP
US
N
1
N
N
N
Allegiant Travel Company
549300JM9OZXOHWL2K18
Allegiant Travel Company
01748X102
3112.00000000
NS
USD
234053.52000000
0.303847054122
Long
EC
CORP
US
N
1
N
N
N
Etsy Inc
54930089Q7XT501AEA40
Etsy, Inc.
29786A106
6384.00000000
NS
USD
438708.48000000
0.569529051589
Long
EC
CORP
US
N
1
N
N
N
Ginkgo Bioworks Holdings Inc
N/A
Ginkgo Bioworks Holdings, Inc.
37611X100
328667.00000000
NS
USD
381253.72000000
0.494941582999
Long
EC
CORP
US
N
1
N
N
1-800-Flowers.Com Inc
N/A
1-800-Flowers.com, Inc.
68243Q106
43428.00000000
NS
USD
470325.24000000
0.610573763870
Long
EC
CORP
US
N
1
N
N
N
Five Below Inc
529900AAXP5Z6BGI7418
Five Below, Inc.
33829M101
6433.00000000
NS
USD
1166817.54000000
1.514756420786
Long
EC
CORP
US
N
1
N
N
N
Zuora Inc
549300ISVGC1YZWQJ420
Zuora, Inc.
98983V106
62177.00000000
NS
USD
567054.24000000
0.736146845182
Long
EC
CORP
US
N
1
N
N
N
Acadia Pharmaceuticals Inc
529900O3044NO0PEA039
ACADIA Pharmaceuticals, Inc.
004225108
9686.00000000
NS
USD
179094.14000000
0.232499074782
Long
EC
CORP
US
N
1
N
N
N
Maxlinear Inc
549300EMOI0SM2IY4F64
MaxLinear, Inc.
57776J100
45068.00000000
NS
USD
841419.56000000
1.092326466986
Long
EC
CORP
US
N
1
N
N
N
Kymera Therapeutics Inc
N/A
Kymera Therapeutics, Inc.
501575104
23889.00000000
NS
USD
960337.80000000
1.246705503479
Long
EC
CORP
US
N
1
N
N
N
Super Micro Computer Inc.
54930022CZO1N2UGVW07
Super Micro Computer, Inc.
86800U104
3434.00000000
NS
USD
3468443.02000000
4.502714567247
Long
EC
CORP
US
N
1
N
N
N
Onewater Marine Inc.
N/A
OneWater Marine, Inc.
68280L101
20369.00000000
NS
USD
573387.35000000
0.744368455423
Long
EC
CORP
US
N
1
N
N
N
Element Solutions Inc
549300FLGN6P5CU20J91
Element Solutions, Inc.
28618M106
21321.00000000
NS
USD
532598.58000000
0.691416687785
Long
EC
CORP
US
N
1
N
N
N
Pagerduty Inc
549300U1SB749EDAGH21
PagerDuty, Inc.
69553P100
25364.00000000
NS
USD
575255.52000000
0.746793703935
Long
EC
CORP
US
N
1
N
N
N
Alector Inc
549300Z8RQOIY1JMHC25
Alector, Inc.
014442107
24562.00000000
NS
USD
147863.24000000
0.191955283932
Long
EC
CORP
US
N
1
N
N
N
Shutterstock Inc
529900G2TDIS56V0LO22
Shutterstock, Inc.
825690100
30014.00000000
NS
USD
1374941.34000000
1.784941648177
Long
EC
CORP
US
N
1
N
N
N
Preferred Bank
5493007K6HGI9G0ECX16
Preferred Bank
740367404
5735.00000000
NS
USD
440275.95000000
0.571563932935
Long
EC
CORP
US
N
1
N
N
N
Arvinas Inc
N/A
Arvinas, Inc.
04335A105
12710.00000000
NS
USD
524668.80000000
0.681122288911
Long
EC
CORP
US
N
1
N
N
N
2024-03-31
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,
2024
(Unaudited)
Common
Stocks
—
97.39%
Shares
Fair
Value
Argentina
—
1.85%
Consumer
Discretionary
—
1.85%
MercadoLibre,
Inc.
(a)
747
$
1,129,434
Total
Argentina
1,129,434
Australia
—
4.32%
Communications
—
0.93%
SEEK
Ltd.
34,715
566,669
Consumer
Discretionary
—
0.64%
Flight
Centre
Travel
Group
Ltd.
27,630
393,403
Health
Care
—
1.25%
Telix
Pharmaceuticals
Ltd.
(a)
91,046
764,748
Materials
—
0.23%
Fortescue
Metals
Group
Ltd.
8,401
140,692
Technology
—
1.27%
Technology
One
Ltd.
33,491
370,352
WiseTech
Global
Ltd.
6,656
407,488
777,840
Total
Australia
2,643,352
Bermuda
—
0.16%
Consumer
Discretionary
—
0.16%
Luk
Fook
Holdings
International
Ltd.
35,753
97,983
Total
Bermuda
97,983
Canada
—
2.86%
Communications
—
1.62%
Shopify,
Inc.,
Class
A
(a)
12,825
989,704
Consumer
Discretionary
—
0.66%
Linamar
Corp.
4,450
236,559
Spin
Master
Corp.
6,344
162,345
398,904
Materials
—
0.04%
First
Majestic
Silver
Corp.
4,174
24,500
Real
Estate
—
0.25%
FirstService
Corp.
383
63,413
Mainstreet
Equity
Corp.
674
93,510
156,923
Technology
—
0.29%
Topicus.com,
Inc.
(a)
2,013
180,341
Total
Canada
1,750,372
Cayman
Islands
—
2.30%
Consumer
Discretionary
—
1.11%
NagaCorp
Ltd.
(a)
667,144
291,511
Yadea
Group
Holdings
Ltd.
236,140
382,559
674,070
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Cayman
Islands
—
2.30%
(continued)
Financials
—
0.13%
Value
Partners
Group
Ltd.
335,995
$
76,841
Health
Care
—
0.02%
Essex
Bio-Technology
Ltd.
47,318
14,207
Industrials
—
0.73%
Full
Truck
Alliance
Company
Ltd.
-
ADR
(a)
61,284
445,535
Materials
—
0.31%
Xinyi
Glass
Holdings
Ltd.
181,294
192,021
Total
Cayman
Islands
1,402,674
China
—
2.46%
Communications
—
0.21%
Weimob,
Inc.
(a)
513,712
126,017
Consumer
Discretionary
—
0.35%
Bosideng
International
Holdings,
Ltd.
439,635
219,624
Financials
—
1.32%
Futu
Holdings
Ltd.
-
ADR
(a)
14,946
809,326
Health
Care
—
0.32%
Sino
Biopharmaceutical
Ltd.
499,967
192,911
Technology
—
0.26%
Kingsoft
Corp.
Ltd.
51,538
158,692
Total
China
1,506,570
Denmark
—
0.40%
Health
Care
—
0.40%
Genmab
A/S
(a)
819
246,855
Total
Denmark
246,855
France
—
0.28%
Communications
—
0.10%
Ubisoft
Entertainment
S.A.
(a)
2,880
60,598
Industrials
—
0.18%
Teleperformance
SE
1,124
109,223
Total
France
169,821
Germany
—
0.16%
Communications
—
0.16%
Delivery
Hero
S.E.
(a)
3,490
99,825
Total
Germany
99,825
Hong
Kong
—
0.76%
Industrials
—
0.76%
Techtronic
Industries
Co.
Ltd.
34,252
464,313
Total
Hong
Kong
464,313
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Ireland
—
1.31%
Industrials
—
1.31%
Cimpress
PLC
(a)
9,048
$
800,838
Total
Ireland
800,838
Isle
Of
Man
—
0.19%
Consumer
Discretionary
—
0.19%
Entain
PLC
11,451
115,243
Total
Isle
Of
Man
115,243
Israel
—
5.05%
Energy
—
0.67%
SolarEdge
Technologies,
Inc.
(a)
5,781
410,335
Technology
—
4.38%
Check
Point
Software
Technologies
Ltd.
(a)
3,171
520,076
Monday.com
Ltd.
(a)
2,993
676,029
Wix.com
Ltd.
(a)
10,770
1,480,660
2,676,765
Total
Israel
3,087,100
Italy
—
0.09%
Communications
—
0.09%
Digital
Bros
SpA
6,448
56,481
Total
Italy
56,481
Japan
—
0.32%
Communications
—
0.32%
GMO
internet,
Inc.
10,774
194,501
Total
Japan
194,501
Jersey
—
0.69%
Communications
—
0.69%
Gambling.com
Group
Ltd.
(a)
46,080
420,710
Total
Jersey
420,710
Luxembourg
—
2.43%
Communications
—
2.43%
Spotify
Technology
SA
(a)
5,640
1,488,396
Total
Luxembourg
1,488,396
Netherlands
—
0.20%
Technology
—
0.20%
Adyen
NV
-
ADR
(a)(b)
7,109
120,213
Total
Netherlands
120,213
Singapore
—
1.71%
Communications
—
1.20%
Sea
Ltd.
-
ADR
(a)
13,707
736,203
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
Singapore
—
1.71%
(continued)
Consumer
Staples
—
0.51%
Wilmar
International
Ltd.
123,149
$
312,841
Total
Singapore
1,049,044
Sweden
—
2.70%
Communications
—
0.62%
Embracer
Group
A.B.
(a)
174,586
380,700
Consumer
Discretionary
—
0.87%
Evolution
Gaming
Group
A.B.
4,269
530,583
Financials
—
1.14%
EQT
A.B.
22,013
696,218
Technology
—
0.07%
Sinch
A.B.
(a)
17,102
42,899
Total
Sweden
1,650,400
Switzerland
—
1.29%
Consumer
Discretionary
—
0.28%
Cie
Financiere
Richemont
SA
1,112
169,542
Financials
—
1.01%
Partners
Group
Holding
AG
433
618,407
Total
Switzerland
787,949
United
Kingdom
—
1.62%
Financials
—
0.62%
Hargreaves
Lansdown
PLC
40,579
376,941
Health
Care
—
0.63%
Hikma
Pharmaceuticals
PLC
15,836
383,444
Materials
—
0.37%
Antofagasta
PLC
8,908
229,240
Total
United
Kingdom
989,625
United
States
—
64.24%
Communications
—
8.04%
Alphabet,
Inc.,
Class
A
(a)
21,648
3,267,332
Meta
Platforms,
Inc.,
Class
A
3,398
1,650,001
4,917,333
Consumer
Discretionary
—
7.14%
Amazon.com,
Inc.
(a)
12,032
2,170,332
Chipotle
Mexican
Grill,
Inc.
(a)
261
758,667
Ulta
Beauty,
Inc.
(a)
2,752
1,438,966
4,367,965
Consumer
Staples
—
1.89%
e.l.f.
Beauty,
Inc.
(a)
5,883
1,153,244
Energy
—
1.09%
Valero
Energy
Corp.
3,910
667,398
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
97.39%
(continued)
Shares
Fair
Value
United
States
—
64.24%
(continued)
Financials
—
1.28%
Robinhood
Markets,
Inc.,
Class
A
(a)
38,981
$
784,688
Health
Care
—
15.32%
Exact
Sciences
Corp.
(a)
6,337
437,633
Madrigal
Pharmaceuticals,
Inc.
(a)
2,136
570,398
Masimo
Corp.
(a)
7,109
1,043,957
Natera,
Inc.
(a)
9,746
891,369
Penumbra,
Inc.
(a)
2,225
496,576
Regeneron
Pharmaceuticals,
Inc.
(a)
511
491,832
ResMed,
Inc.
7,278
1,441,262
Shockwave
Medical,
Inc.
(a)
8,898
2,897,456
Supernus
Pharmaceuticals,
Inc.
(a)
16,069
548,114
Twist
Bioscience
Corp.
(a)
15,949
547,210
9,365,807
Industrials
—
0.14%
Veralto
Corp.
958
84,936
Materials
—
0.36%
Mosaic
Co.
(The)
6,691
217,190
Technology
—
28.98%
Arista
Networks,
Inc.
(a)
3,388
982,452
Bentley
Systems,
Inc.,
Class
B
15,672
818,391
Bill.com
Holdings,
Inc.
(a)
9,528
654,764
Block,
Inc.,
Class
A
(a)
10,243
866,353
Corpay,
Inc.
(a)
2,310
712,727
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
1,984
636,051
Microchip
Technology,
Inc.
7,015
629,316
MongoDB,
Inc.
(a)
1,059
379,800
Monolithic
Power
Systems,
Inc.
718
486,388
NVIDIA
Corp.
3,487
3,150,713
Oracle
Corp.
4,471
561,602
Palo
Alto
Networks,
Inc.
(a)
2,104
597,810
Paycom
Software,
Inc.
2,633
523,993
Pegasystems,
Inc.
8,265
534,250
Salesforce.com,
Inc.
2,715
817,704
Super
Micro
Computer,
Inc.
(a)
2,789
2,816,974
Toast,
Inc.,
Class
A
(a)
40,285
1,003,903
Twilio,
Inc.,
Class
A
(a)
14,262
872,120
Veeva
Systems,
Inc.,
Class
A
(a)
2,924
677,462
17,722,773
Total
United
States
39,281,334
Total Common
Stocks
(Cost $50,696,124)
59,553,033
ERShares
Global
Entrepreneuers
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Money
Market
Funds
-
2.83%
Shares
Fair
Value
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio,
Class
I,
5.20%
(c)
1,606,621
1,606,621
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.24%
(c)(d)
124,390
124,390
Total
Money
Market
Funds
(Cost
$1,731,011)
1,731,011
Total
Investments
—
100.22%
(Cost
$52,427,135)
$
61,284,044
Liabilities
in
Excess
of
Other
Assets
—
(0.22)%
(135,222)
Net
Assets
—
100.00%
$
61,148,822
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2024.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2024
was
$120,196.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$124,390.
ADR
-
American
Depositary
Receipt
ERShares
US
Small
Cap
Schedule
of
Investments
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
Shares
Fair
Value
Communications
—
4.62%
Cargurus,
Inc.
(a)
30,764
$
710,033
Eventbrite,
Inc.,
Class
A
(a)
71,753
393,206
Match
Group,
Inc.
(a)
11,690
424,113
Shutterstock,
Inc.
30,014
1,374,942
Yelp,
Inc.
(a)
16,702
658,059
3,560,353
Consumer
Discretionary
—
14.06%
1-800-Flowers.com,
Inc.,
Class
A
(a)
43,428
470,325
AutoNation,
Inc.
(a)
5,449
902,245
Chewy,
Inc.
(a)
58,958
938,022
Etsy,
Inc.
(a)
6,384
438,708
OneWater
Marine,
Inc.
(a)
20,369
573,387
RealReal,
Inc.
(The)
(a)
202,202
790,610
RH
(a)
3,113
1,084,134
Rush
Street
Interactive,
Inc.
(a)
47,280
307,793
Shake
Shack,
Inc.,
Class
A
(a)
9,729
1,012,108
Skechers
U.S.A.,
Inc.,
Class
A
(a)
24,876
1,523,904
Thor
Industries,
Inc.
5,515
647,130
Wayfair,
Inc.,
Class
A
(a)
21,809
1,480,395
XPEL,
Inc.
(a)
12,208
659,476
10,828,237
Consumer
Staples
—
3.25%
e.l.f.
Beauty,
Inc.
(a)
6,822
1,337,316
Five
Below,
Inc.
(a)
6,433
1,166,818
2,504,134
Energy
—
1.94%
Liberty
Energy,
Inc.,
Class
A
72,046
1,492,793
Financials
—
7.94%
Grid
Dynamics
Holdings,
Inc.
(a)
65,716
807,650
Live
Oak
Bancshares,
Inc.
12,582
522,279
Palomar
Holdings,
Inc.
(a)
17,232
1,444,559
Preferred
Bank
5,735
440,276
Robinhood
Markets,
Inc.,
Class
A
(a)
116,084
2,336,770
Trupanion,
Inc.
(a)(b)
20,530
566,833
6,118,367
Health
Care
—
27.52%
10X
Genomics,
Inc.,
Class
A
(a)
13,299
499,111
ACADIA
Pharmaceuticals,
Inc.
(a)
9,686
179,094
Alector,
Inc.
(a)
24,562
147,863
Amphastar
Pharmaceuticals,
Inc.
(a)
16,425
721,222
Arvinas,
Inc.
(a)
12,710
524,669
Bridgebio
Pharma,
Inc.
(a)
14,762
456,441
Castle
Biosciences,
Inc.
(a)
22,713
503,093
Catalyst
Pharmaceuticals,
Inc.
(a)
59,577
949,657
Corcept
Therapeutics,
Inc.
(a)
26,537
668,467
CRISPR
Therapeutics
AG
(a)(b)
7,605
518,357
Exact
Sciences
Corp.
(a)
21,279
1,469,528
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
(continued)
Shares
Fair
Value
Health
Care
—
27.52%
(continued)
Exelixis,
Inc.
(a)
42,909
$
1,018,231
Ginkgo
Bioworks
Holdings,
Inc.
(a)(b)
328,667
381,254
Globus
Medical,
Inc.,
Class
A
(a)
27,946
1,499,023
Guardant
Health,
Inc.
(a)
16,619
342,850
Intellia
Therapeutics,
Inc.
(a)
31,993
880,127
Krystal
Biotech,
Inc.
(a)
5,343
950,680
Kymera
Therapeutics,
Inc.
(a)
23,889
960,338
Madrigal
Pharmaceuticals,
Inc.
(a)
3,726
994,991
Masimo
Corp.
(a)
10,120
1,486,122
Medpace
Holdings,
Inc.
(a)
3,030
1,224,575
Pacific
Biosciences
of
California,
Inc.
(a)
112,567
422,126
Select
Medical
Holdings
Corp.
42,734
1,288,429
Semler
Scientific,
Inc.
(a)
2,660
77,699
Shockwave
Medical,
Inc.
(a)
2,744
893,529
Teladoc
Health,
Inc.
(a)
23,228
350,743
Twist
Bioscience
Corp.
(a)
17,559
602,449
Veracyte,
Inc.
(a)
21,767
482,357
Zynex,
Inc.
(a)(b)
56,818
702,839
21,195,864
Industrials
—
4.58%
AAON,
Inc.
7,287
641,985
Allegiant
Travel
Co.
3,112
234,054
Clean
Harbors,
Inc.
(a)
3,135
631,106
Enovis
Corp.
(a)
5,446
340,103
ESAB
Corp.
8,572
947,806
Forrester
Research,
Inc.
(a)
4,946
106,636
Insperity,
Inc.
5,585
612,171
Wheels
Up
Experience,
Inc.
(a)(b)
3,838
11,015
3,524,876
Materials
—
0.69%
Element
Solutions,
Inc.
21,321
532,599
Real
Estate
—
0.70%
eXp
World
Holdings,
Inc.
(b)
34,996
361,508
Legacy
Housing
Corp.
(a)
8,276
178,100
539,608
Technology
—
34.60%
Affirm
Holdings,
Inc.
(a)
18,387
685,100
Altair
Engineering,
Inc.,
Class
A
(a)
14,060
1,211,269
Appian
Corp.
(a)
21,402
855,010
Bill.com
Holdings,
Inc.
(a)
12,663
870,201
Coherent
Corp.
(a)
13,929
844,376
Fastly,
Inc.,
Class
A
(a)
53,722
696,774
Impinj,
Inc.
(a)
13,936
1,789,521
Lattice
Semiconductor
Corp.
(a)
22,126
1,730,917
MaxLinear,
Inc.
(a)
45,068
841,420
MoneyLion,
Inc.
(a)
11,411
813,833
PagerDuty,
Inc.
(a)
25,364
575,256
ERShares
US
Small
Cap
Schedule
of
Investments
(continued)
March
31,
2024
(Unaudited)
Common
Stocks
—
99.90%
(continued)
Shares
Fair
Value
Technology
—
34.60%
(continued)
Pegasystems,
Inc.
27,128
$
1,753,555
Phreesia,
Inc.
(a)
21,666
518,467
PubMatic,
Inc.,
Class
A
(a)
54,187
1,285,316
Sanmina
Corp.
(a)
26,867
1,670,590
Schrodinger,
Inc.
(a)
15,420
416,340
Simulations
Plus,
Inc.
23,504
967,190
Sprout
Social,
Inc.,
Class
A
(a)
9,235
551,422
Super
Micro
Computer,
Inc.
(a)
3,434
3,468,443
Toast,
Inc.,
Class
A
(a)
80,502
2,006,109
UiPath,
Inc.,
Class
A
(a)
13,847
313,911
Upstart
Holdings,
Inc.
(a)(b)
44,369
1,193,082
Vicor
Corp.
(a)
10,379
396,893
Wolfspeed,
Inc.
(a)
21,337
629,442
Zuora,
Inc.
(a)
62,177
567,054
26,651,491
Total Common
Stocks
(Cost $64,572,413)
76,948,322
Money
Market
Funds
-
5.14%
Invesco
Government
&
Agency
Portfolio,
Institutional
Class,
5.24%
(c)(d)
3,957,879
3,957,879
Total
Money
Market
Funds
(Cost
$3,957,879)
3,957,879
Total
Investments
—
105.04%
(Cost
$68,530,292)
80,906,201
Liabilities
in
Excess
of
Other
Assets
—
(5.04)%
(3,885,141)
Net
Assets
—
100.00%
$
77,021,060
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
the
security
is
on
loan
as
of
March
31,
2024.
The
total
value
of
the
securities
on
loan
as
of
March
31,
2024
was
$3,771,378.
(c)
Rate
disclosed
is
the
seven
day
effective
yield
as
of
March
31,
2024.
(d)
All
or
a
portion
of
this
security
was
purchased
with
cash
proceeds
from
securities
lending.
Total
collateral
had
a
value
of
$3,957,879.