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.