NPORT-EX 2 2102_0001495922.htm

ERShares Entrepreneur 30 ETF - Now known as ERShares Entrepreneurs ETF since February 5th 2021 September 30, 2020 (Unaudited)

Schedule of Investments Summary Table Percentage of Fair Value Communications 26.6% Consumer Discretionary 18.9 Financials 7.1 Health Care 12.5 Technology 34.9 Total 100.0%

Portfolio holdings and allocations are subject to change. As of September 30, 2020, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund's total net assets.

Schedule of Investments

Shares Fair Value Common Stocks — 97.4% Communications — 25.9% 5,556 Alphabet, Inc., Class A † $ 8,142,873 30,043 Facebook, Inc., Class A † 7,868,262 13,706 Netflix, Inc. † 6,853,411 22,478 Roku, Inc. † 4,243,846 6,000 Trade Desk, Inc. (The), Class A † 3,112,680 82,901 Twitter, Inc. † 3,689,095 14,371 VeriSign, Inc. † 2,943,899 36,854,066 Consumer Discretionary — 18.5% 4,087 Amazon.com, Inc. † 12,868,860 33,329 Copart, Inc. † 3,504,878 15,575 Tesla, Inc. † 6,681,831 11,000 Wayfair, Inc., Class A † 3,201,110 26,256,679 Financials — 6.9% 4,352 BlackRock, Inc. 2,452,570 29,979 Intercontinental Exchange, Inc. 2,999,399 26,508 Square, Inc., Class A † 4,308,875 9,760,844 Health Care — 12.1% 13,253 Masimo Corp. † 3,128,503 6,501 Regeneron Pharmaceuticals, Inc. † 3,639,130 19,004 ResMed, Inc. 3,257,856 18,592 Seattle Genetics, Inc. † 3,638,268 16,200 Teladoc Health, Inc. † 3,551,688 17,215,445 Technology — 34.0% 39,500 Datadog, Inc., Class A † 4,035,320 23,045 Fortinet, Inc. † 2,714,931 14,458 NVIDIA Corp. 7,824,959 14,550 Okta, Inc. † 3,111,518 10,000 RingCentral, Inc., Class A † 2,746,100 26,930 Salesforce.com, Inc. † 6,768,047 160,000 Slack Technologies, Inc., Class A † 4,297,600 16,700 Synopsys, Inc. † 3,573,466 14,000 Twilio, Inc. † 3,459,260 14,710 Veeva Systems, Inc., Class A † 4,136,305 12,000 Zoom Video Communications, Inc., Class A † 5,641,320 48,308,826 Total Common Stocks (Cost $95,611,654) $ 138,395,860 Total Investments — 97.4% (Cost $95,611,654) $ 138,395,860 Other Assets less Liabilities — 2.6% 3,615,323 Net Assets — 100.0% $ 142,011,183

† Non-income producing security ERShares Non-US Small Cap ETF - Now known as ERShares NextGen Entrepreneurs ETF since February 5th 2021 September 30, 2020 (Unaudited)

Schedule of Investments Summary Table Percentage of Fair Value Communications 8.5% Consumer Discretionary 24.3 Consumer Staples 3.1 Energy 2.5 Financials 11.3 Health Care 10.8 Industrials 5.6 Technology 33.9 Total 100.0%

Portfolio holdings and allocations are subject to change. As of September 30, 2020, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund'stotal net assets.

Schedule of Investments

Shares Fair Value Common Stocks — 99.1% Communications — 8.4% 47,132 carsales.com, Ltd. $ 706,062 5,823 Fiverr International, Ltd. † 809,281 2,712,494 Plan B Media PCL 503,160 51,332 SEEK, Ltd. 791,872 2,810,375 Consumer Discretionary — 24.0% 128,500 Best World International, Ltd. (a)(b) 128,025 150,000 boohoo Group PLC † 724,159 2,152,067 Bosideng International Holdings, Ltd. 671,425 37,722 Dunelm Group PLC 679,221 10,500 Evolution Gaming Group 693,768 63,315 Flight Centre Travel Group, Ltd. 636,182 113,524 Frasers Group PLC † 503,468 226,583 Harvey Norman Holdings, Ltd. 737,471 49,579 Kogan.com, Ltd. 723,816 656,032 Nagacorp, Ltd. 784,052 35,000 Niu Technologies ADR † 672,000 16,735 Raksul, Inc. † 682,384 46,807 S-Pool, Inc. 375,225 8,011,196 Consumer Staples — 3.1% 250,000 Ausnutria Dairy Corp., Ltd. 398,541 20,801 Fevertree Drinks PLC 621,708 1,020,249 Energy — 2.5% 3,473 Solaredge Technologies, Inc. † 827,790 Financials — 11.2% 16,757 Afterpay, Ltd. † 987,735 3,939 Enstar Group, Ltd. † 636,149 13,691 First National Financial Corp. 329,127 19,691 Futu Holdings, Ltd. ADR † 563,556 7,177 GMO Payment Gateway, Inc. 768,819 51,609 Tricon Capital Group, Inc. 427,895 3,713,281 Health Care — 10.7% 529,797 3SBio, Inc. † 600,278 10,646 Cellavision AB 425,016 475,787 China Medical System Holdings, Ltd. 526,469 11,999 CRISPR Therapeutics AG † 1,003,596 175,000 Riverstone Holdings, Ltd. 450,241 8,616 Sectra AB, Class B Shares † 570,129 3,575,729 Industrials — 5.5% 43,000 Homeserve PLC 685,199 28,559 Instalco AB 635,157 10,000 Jtower, Inc. † 527,158 1,847,514 Technology — 33.7% 10,320 Akatsuki, Inc. 455,720 18,322 Audiocodes, Ltd. 576,409 20,447 Bilibili, Inc. ADR † 850,595 21,289 Computacenter PLC 650,073 6,072 CyberArk Software, Ltd. † 627,966 18,137 Frontier Developments PLC † 635,912 4,512 Globant SA † 808,641 89 Hi-P International, Ltd. 78 323,458 Kingdee International Software Group Co., Ltd. 843,677 15,000 Materialise NV ADR † 553,650 ERShares Non-US Small Cap ETF September 30, 2020 (Unaudited)

Shares Fair Value Technology — 33.7%(Continued) 35,974 Pro Medicus, Ltd. $ 701,660 14,424 Radware, Ltd. † 349,638 26,260 Real Matters, Inc. † 511,769 6,770 SHIFT, Inc. † 1,015,327 8,073 Sinch AB † 658,338 32,843 Solutions 30 SE † 689,436 268,000 Tianneng Power International, Ltd. 481,525 3,136 Wix.com, Ltd. † 799,210 11,209,624 Total Common Stocks (Cost $27,499,952) $ 33,015,758 Total Investments — 99.1% (Cost $27,499,952) $ 33,015,758 Other Assets less Liabilities — 0.9% 305,511 Net Assets — 100.0% $ 33,321,269

† Non-income producing security (a) This security has been deemed illiquid and represents 0.38% of the Fund’s net assets. (b) This security was fair valued based upon procedures approved by the Board of Trustees and represents 0.38% of the Fund’s net assets.

ADR — American Depositary Receipt PCL — Public Company Limited PLC — Public Limited Company

Schedule of Investments Country of Risk Table

Value Percentage of Fair Value Argentina $808,641 2.5% Australia 5,284,798 16.0 Belgium 553,650 1.7 Bermuda 636,149 1.9 Cambodia 784,052 2.4 Canada 1,268,791 3.8 China 4,538,100 13.8 Hong Kong 1,069,966 3.2 Israel 3,990,294 12.1 Japan 3,824,633 11.6 Luxembourg 689,436 2.1 Singapore 578,344 1.8 Sweden 2,982,408 9.0 Switzerland 1,003,596 3.0 Thailand 503,160 1.5 United Kingdom 4,499,740 13.6 Total $33,015,758 100.0% NPORT-EX 2 impax.htm HOLDINGS ERShares US Small Cap Fund SCHEDULE OF INVESTMENTS March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS — 95.5% Apparel & Textile Products — 1.0% 56,264 Skechers U.S.A., Inc. - Class A * $ 1,335,707

Asset Management — 1.1% 30,270 Cohen & Steers, Inc. 1,375,771

Banking — 3.2% 113,458 Live Oak Bancshares, Inc. 1 1,414,821 37,355 Pinnacle Financial Partners, Inc. 1,402,307 39,169 Preferred Bank 1,324,696 4,141,824

Biotechnology & Pharmaceutical — 20.9% 78,532 Allogene Therapeutics, Inc. *,1 1,526,662 84,537 Arrowhead Pharmaceuticals, Inc. * 2,432,129 203,133 Catalyst Pharmaceuticals, Inc. * 782,062 177,300 Corcept Therapeutics, Inc. *,1 2,108,097 35,815 Eagle Pharmaceuticals, Inc. * 1,647,490 49,630 Global Blood Therapeutics, Inc. *,1 2,535,597 32,943 Guardant Health, Inc. * 2,292,833 34,463 Ionis Pharmaceuticals, Inc. * 1,629,411 140,705 Kura Oncology, Inc. * 1,400,015 24,351 Madrigal Pharmaceuticals, Inc. * 1,625,673 22,106 Neurocrine Biosciences, Inc. * 1,913,274 147,303 Puma Biotechnology, Inc. *,1 1,243,237 83,632 Supernus Pharmaceuticals, Inc. * 1,504,540 45,922 Ultragenyx Pharmaceutical, Inc. * 2,040,314 25,467 United Therapeutics Corp. * 2,414,908 27,096,242

Commercial Services — 1.9% 25,026 Avalara, Inc. * 1,866,940 13,917 National Research Corp. 632,945 2,499,885

Consumer Products — 4.5% 18,600 Inter Parfums, Inc. 1 862,110 12,513 J&J Snack Foods Corp. 1,514,073 57,825 National Beverage Corp. *,1 2,466,236 28,630 Tootsie Roll Industries, Inc. 1,029,535 5,871,954

Engineering & Construction Services — 0.5% 38,189 Construction Partners, Inc. - Class A * 645,012

ERShares US Small Cap Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Gaming, Lodging & Restaurants — 0.2% 12,348 Cheesecake Factory, Inc. 1 $210,904

Hardware — 4.1% 100,761 Super Micro Computer, Inc. * 2,144,194 69,738 Vicor Corp. * 3,106,131 5,250,325

Health Care Facilities & Services — 1.7% 29,834 Medpace Holdings, Inc. * 2,189,219

Iron & Steel — 1.3% 73,302 Steel Dynamics, Inc. 1,652,227

Media — 6.2% 77,768 Cargurus, Inc. * 1,472,926 79,762 HealthStream, Inc. * 1,910,300 13,248 Roku, Inc. * 1,158,935 59,910 Shutterstock, Inc. 1,926,705 7,839 Trade Desk, Inc. - Class A * 1,512,927 7,981,793

Medical Equipment & Devices — 6.7% 65,173 LeMaitre Vascular, Inc. 1,624,111 13,898 Masimo Corp. * 2,461,614 56,606 Merit Medical Systems, Inc. * 1,768,938 14,136 Penumbra, Inc. *,1 2,280,561 5,724 Quidel Corp. * 559,864 8,695,088

Metals & Mining — 0.7% 20,757 Encore Wire Corp. 871,586

Real Estate — 2.7% 145,377 GEO Group, Inc. - REIT 1,767,784 99,957 Medical Properties Trust, Inc. - REIT 1,728,257 3,496,041

Renewable Energy — 1.8% 134,753 Ameresco, Inc. - Class A * 2,294,844

Retail - Discretionary — 1.1% 107,634 Stitch Fix, Inc. - Class A *,1 1,366,952

ERShares US Small Cap Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Semiconductors — 3.0% 15,579 IPG Photonics Corp. * $ 1,718,052 12,920 Monolithic Power Systems, Inc. 2,163,583 3,881,635

Software — 21.6% 18,154 Alteryx, Inc. * 1,727,716 23,861 Appfolio, Inc. - Class A * 2,647,378 321,462 Box, Inc. * 4,513,326 6,378 HubSpot, Inc. * 849,486 13,042 MongoDB, Inc. *,1 1,780,755 26,478 New Relic, Inc. * 1,224,343 9,182 Okta, Inc. * 1,122,591 34,000 Omnicell, Inc. * 2,229,720 7,619 Paycom Software, Inc. * 1,539,114 27,437 Pegasystems, Inc. 1,954,338 41,564 SS&C Technologies Holdings, Inc. 1,821,334 10,345 Twilio, Inc. - Class A *,1 925,774 13,553 Veeva Systems, Inc. - Class A * 2,119,283 24,307 Zoom Video Communications, Inc. - Class A *,1 3,551,739 28,006,897

Specialty Finance — 3.9% 14,061 Euronet Worldwide, Inc. * 1,205,309 92,170 Green Dot Corp. - Class A * 2,340,196 8,441 LendingTree, Inc. * 1,547,995 5,093,500

Technology Services — 2.8% 10,877 EPAM Systems, Inc. * 2,019,424 43,547 TTEC Holdings, Inc. 1,599,046 3,618,470

Telecommunications — 3.2% 27,038 Cogent Communications Holdings, Inc. 2,216,305 9,300 RingCentral, Inc. - Class A * 1,970,763 4,187,068

Transportation & Logistics — 0.8% 22,504 Hub Group, Inc., Class A * 1,023,257

Waste & Environment Services & Equipment — 0.6% 16,425 Clean Harbors, Inc. * 843,260

TOTAL COMMON STOCKS

(Cost $117,014,715) 123,629,461

ERShares US Small Cap Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

SHORT-TERM INVESTMENTS — 14.1% 1,683,493 Blackrock Liquidity Funds FedFund Portfolio – Institutional Class, 0.370%2,3 $ 1,683,493 6,106,795 Fidelity Investments Treasury Only Portfolio – Institutional Class, 0.490%2,3 6,106,795 9,939,496 Invesco Government & Agency Portfolio - Institutional Class, 0.498%2,3 9,939,496 458,208 JPMorgan U.S. Government Money Market Fund, 0.415%2,3 458,208

TOTAL SHORT-TERM INVESTMENTS

(Cost $18,187,992) 18,187,992 TOTAL INVESTMENTS — 109.6%

(Cost $135,202,707) 141,817,453 Liabilities in Excess of Other Assets — (9.6)% (12,430,966) TOTAL NET ASSETS — 100.0% $ 129,386,487

Percentages are stated as a percent of net assets.

REIT Real Estate Investment Trusts

* Non-income producing security. 1 All or a portion of shares are on loan. Total loaned securities had a fair value of $12,001,714. 2 All or a portion of this security was purchased with cash proceeds from securities lending. Total collateral had a fair value of $12,654,796. 3 The rate is the annualized seven-day yield at period end. NPORT-EX 2 implx.htm HOLDINGS ERShares US Large Cap Fund SCHEDULE OF INVESTMENTS March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS — 94.6% Aerospace & Defense — 1.4% 9,336 Huntington Ingalls Industries, Inc. $ 1,701,113

Asset Management — 1.6% 4,455 BlackRock, Inc. 1,960,066

Automotive — 0.4% 1,000 Tesla, Inc. * 524,000

Banking — 0.7% 10,460 First Republic Bank 860,649

Biotechnology & Pharmaceutical — 11.2% 134,756 Exelixis, Inc. * 2,320,498 37,804 Ionis Pharmaceuticals, Inc. * 1,787,373 20,068 Jazz Pharmaceuticals PLC * 2,001,582 7,074 Regeneron Pharmaceuticals, Inc. * 3,454,164 12,679 Seattle Genetics, Inc. * 1,462,903 29,529 United Therapeutics Corp. * 2,800,088 13,826,608

Commercial Services — 1.3% 8,858 Cintas Corp. 1,534,383

Consumer Products — 1.7% 36,355 Monster Beverage Corp. * 2,045,332

Distributors - Discretionary — 1.4% 25,354 Copart, Inc. * 1,737,256

Hardware — 6.1% 9,685 Apple, Inc. 2,462,799 15,920 Arista Networks, Inc. * 3,224,596 12,836 Ubiquiti, Inc. 1,817,321 7,504,716

Institutional Financial Services — 2.5% 38,511 Intercontinental Exchange, Inc. 3,109,763

Iron & Steel — 1.2% 65,464 Steel Dynamics, Inc. 1,475,559

Media — 15.4% 5,944 Alphabet, Inc. - Class A * 6,906,631 33,073 Facebook, Inc. - Class A * 5,516,576

ERShares US Large Cap Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Media (Continued) 10,476 Netflix, Inc. * $ 3,933,738 14,212 VeriSign, Inc. * 2,559,439 18,916,384

Medical Equipment & Devices — 5.9% 15,005 Danaher Corp. 2,076,842 15,850 Masimo Corp. * 2,807,352 16,125 ResMed, Inc. 2,375,051 7,259,245

Oil, Gas & Coal — 1.5% 58,496 Continental Resources, Inc. 1 446,909 102,179 Kinder Morgan, Inc. 1,422,332 1,869,241

Real Estate — 1.6% 24,711 Prologis, Inc. - REIT 1,986,023

Retail - Discretionary — 7.7% 4,826 Amazon.com, Inc. * 9,409,349

Semiconductors — 5.3% 14,952 IPG Photonics Corp. * 1,648,906 12,568 NVIDIA Corp. 3,312,925 12,147 Universal Display Corp. 1,600,732 6,562,563

Software — 20.9% 7,113 Adobe, Inc. * 2,263,641 80,906 Box, Inc. * 1,135,920 26,156 Fortinet, Inc. * 2,646,202 7,277 Intuit, Inc. 1,673,710 32,059 Microsoft Corp. 5,056,025 8,765 Okta, Inc. * 1,071,609 9,376 Paycom Software, Inc. * 1,894,046 20,165 salesforce.com, Inc. * 2,903,357 47,334 SS&C Technologies Holdings, Inc. 2,074,176 16,690 Synopsys, Inc. * 2,149,505 8,271 Twilio, Inc. - Class A *,1 740,172 13,776 Veeva Systems, Inc. - Class A * 2,154,153 25,762,516

Specialty Finance — 2.1% 3,755 FleetCor Technologies, Inc. * 700,457

ERShares US Large Cap Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Specialty Finance (Continued) 36,589 Square, Inc. - Class A * $ 1,916,532 2,616,989

Technology Services — 2.7% 2,187 CoStar Group, Inc. * 1,284,228 10,944 EPAM Systems, Inc. * 2,031,863 3,316,091

Telecommunications — 2.0% 11,822 RingCentral, Inc. - Class A * 2,505,200

TOTAL COMMON STOCKS

(Cost $96,089,414) 116,483,046

SHORT-TERM INVESTMENTS — 6.3% 72,693 Blackrock Liquidity Funds FedFund Portfolio – Institutional Class, 0.370%2,3 72,693 7,286,081 Fidelity Investments Treasury Only Portfolio – Institutional Class, 0.490%2,3 7,286,081 429,188 Invesco Government & Agency Portfolio - Institutional Class, 0.498%2,3 429,188 19,785 JPMorgan U.S. Government Money Market Fund, 0.415%2,3 19,785

TOTAL SHORT-TERM INVESTMENTS

(Cost $7,807,747) 7,807,747 TOTAL INVESTMENTS — 100.9%

(Cost $103,897,161) 124,290,793 Liabilities in Excess of Other Assets — (0.9)% (1,099,178) TOTAL NET ASSETS — 100.0% $ 123,191,615

Percentages are stated as a percent of net assets.

PLC Public Limited Company REIT Real Estate Investment Trusts

* Non-income producing security. 1 All or a portion of shares are on loan. Total loaned securities had a fair value of $517,837. 2 All or a portion of this security was purchased with cash proceeds from securities lending. Total collateral had a fair value of $546,434. 3 The rate is the annualized seven-day yield at period end. NPORT-EX 2 entix.htm HOLDINGS ERShares Global Fund SCHEDULE OF INVESTMENTS March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS — 96.3% Asset Management — 2.3% 2,114 BlackRock, Inc. $930,097

Biotechnology & Pharmaceutical — 14.2% 4,892 Ascendis Pharma A/S ADR *,1 550,888 4,804 Genmab A/S *,1 977,251 6,795 Jazz Pharmaceuticals PLC * 677,733 2,952 Regeneron Pharmaceuticals, Inc. * 1,441,432 889,622 Sino Biopharmaceutical Ltd. 1 1,172,729 10,757 United Therapeutics Corp. * 1,020,033 5,840,066

Commercial Services — 1.6% 3,871 Cintas Corp. 670,535

Containers & Packaging — 2.2% 999,079 Nine Dragons Paper Holdings Ltd. 1 911,089

Electrical Equipment — 2.0% 19,718 Cognex Corp. 832,494

Engineering & Construction Services — 1.6% 51,915 HomeServe PLC 1 682,227

Institutional Financial Services — 2.2% 11,182 Intercontinental Exchange, Inc. 902,947

Insurance — 3.2% 20,173 Athene Holding Ltd. - Class A * 500,694 4,479 Berkshire Hathaway, Inc. - Class B * 818,895 1,319,589

Iron & Steel — 1.8% 32,699 Steel Dynamics, Inc. 737,035

Media — 19.7% 1,165 Alphabet, Inc. - Class A * 1,353,672 6,295 Facebook, Inc. - Class A * 1,050,006 46,334 GMO internet, Inc. 1 782,539 3,155 Netflix, Inc. * 1,184,703 26,824 SEEK Ltd. 1 244,679 2,611 Shopify, Inc. *,1 1,088,604 6,020 Spotify Technology S.A. * 731,069 17,752 Tencent Holdings Ltd. 870,564

ERShares Global Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Media (Continued) 4,454 VeriSign, Inc. * $802,121 8,107,957

Medical Equipment & Devices — 4.4% 4,776 Masimo Corp. * 845,925 6,673 ResMed, Inc. 982,866 1,828,791

Oil, Gas & Coal — 2.8% 23,424 Continental Resources, Inc. 2 178,959 50,965 Geopark Ltd. 1 360,323 45,745 Kinder Morgan, Inc. 636,770 1,176,052

Real Estate — 3.7% 11,570 Colliers International Group, Inc. 1 555,476 11,892 Prologis, Inc. - REIT 955,760 1,511,236

Retail - Consumer Staples — 1.5% 25,373 Alimentation Couche-Tard, Inc. - Class B 1 601,850

Retail - Discretionary — 8.8% 2,150 Alibaba Group Holding Ltd. - ADR *,2 418,132 1,134 Amazon.com, Inc. * 2,210,982 797 MercadoLibre, Inc. * 389,398 79,016 Rakuten, Inc. 1 602,587 3,621,099

Semiconductors — 4.1% 9,859 Microchip Technology, Inc. 668,440 3,958 NVIDIA Corp. 1,043,329 1,711,769

Software — 14.8% 7,931 Check Point Software Technologies Ltd. *,1 797,383 922 Constellation Software, Inc. 1 837,956 2,969 NetEase, Inc. - ADR 1 952,930 6,803 salesforce.com, Inc. * 979,496 7,286 Synopsys, Inc. * 938,364 148,303 Technology One Ltd. 1 729,748 5,457 Veeva Systems, Inc. - Class A * 853,311 6,089,188

ERShares Global Fund SCHEDULE OF INVESTMENTS - (Continued) March 31, 2020 (Unaudited)

Shares Fair Value

COMMON STOCKS (Continued) Specialty Finance — 1.5% 1,667 FleetCor Technologies, Inc. * $310,962 1,614 LendingTree, Inc. * 295,992 606,954

Technology Services — 2.2% 4,350 Teleperformance 1 910,588

Transportation & Logistics — 1.7% 5,628 FedEx Corp. 682,451

TOTAL COMMON STOCKS

(Cost $36,700,738) 39,674,014

SHORT-TERM INVESTMENTS — 5.2% 80,853 Blackrock Liquidity Funds FedFund Portfolio – Institutional Class, 0.370%3,4 80,853 1,584,720 Fidelity Investments Treasury Only Portfolio – Institutional Class, 0.490%3,4 1,584,720 477,364 Invesco Government & Agency Portfolio - Institutional Class, 0.498%3,4 477,364 22,006 JPMorgan U.S. Government Money Market Fund, 0.415%3,4 22,006

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,164,943) 2,164,943 TOTAL INVESTMENTS — 101.5%

(Cost $38,865,681) 41,838,957 Liabilities in Excess of Other Assets — (1.5)% (625,185) TOTAL NET ASSETS — 100.0% $ 41,213,772

Percentages are stated as a percent of net assets.

ADR American Depository Receipt PLC Public Limited Company REIT Real Estate Investment Trusts

* Non-income producing security. 1 Global Security, as classified by the Fund’s Investment Advisor, in accordance to the definition in the Fund’s prospectus. 2 All or a portion of shares are on loan. Total loaned securities had a fair value of $596,081. 3 All or a portion of this security was purchased with cash proceeds from securities lending. Total collateral had a fair value of $477,364. 4 The rate is the annualized seven-day yield at period end.

ERShares Global Fund SCHEDULE OF INVESTMENTS (Continued) March 31, 2020 (Unaudited)

Percent of Net Country of Risk Assets United States 66.5% Canada 7.5% China 5.4% Hong Kong 5.1% Denmark 3.7% Japan 3.4% Australia 2.4% France 2.2% Israel 1.9% United Kingdom 1.6% Argentina 0.9% Colombia 0.9% 101.5%