NPORT-EX 2 2101_0001495922.htm

ERShares Entrepreneur 30 ETF - Now known as ERShares Entrepreneurs ETF since February 5th 2021 March 31, 2020 (Unaudited)

Schedule of Investments Summary Table Percentage of Fair Value Communications 25.4% Consumer Discretionary 12.5% Energy 0.6% Financials 15.3% Health Care 12.4% Technology 33.8% Total 100.0%

Portfolio holdings and allocations are subject to change. As of March 31, 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 — 99.6% Communications — 25.3% 5,131 Alphabet, Inc., Class A † $ 5,961,964 33,844 Facebook, Inc., Class A † 5,645,179 14,377 Netflix, Inc. † 5,398,564 8,577 Trade Desk, Inc. (The), Class A † 1,655,361 88,411 Twitter, Inc. † 2,171,374 13,741 VeriSign, Inc. † 2,474,617 23,307,059 Consumer Discretionary — 12.4% 4,293 Amazon.com, Inc. † 8,370,148 29,635 Copart, Inc. † 2,030,590 25,055 Las Vegas Sands Corp. 1,064,086 11,464,824 Energy — 0.6% 74,654 Continental Resources, Inc. 570,357 Financials — 15.3% 7,879 BlackRock, Inc. 3,466,524 4,870 FleetCor Technologies, Inc. † 908,450 51,443 Intercontinental Exchange, Inc. 4,154,022 40,424 Prologis, Inc. 3,248,877 44,502 Square, Inc., Class A † 2,331,015 14,108,888 Health Care — 12.3% 35,893 Ionis Pharmaceuticals, Inc. † 1,697,021 12,673 Masimo Corp. † 2,244,642 9,121 Regeneron Pharmaceuticals, Inc. † 4,453,693 25,902 Seattle Genetics, Inc. † 2,988,573 11,383,929 Technology — 33.7% 11,770 Arista Networks, Inc. † 2,384,014 4,477 CoStar Group, Inc. † 2,628,939 10,375 EPAM Systems, Inc. † 1,926,223 23,470 Fortinet, Inc. † 2,374,460 7,337 Microsoft Corp. 1,157,118 19,640 NVIDIA Corp. 5,177,104 20,349 Okta, Inc. † 2,487,869 8,839 Paycom Software, Inc. † 1,785,566 26,822 Salesforce.com, Inc. † 3,861,832 41,314 SS&C Technologies Holdings, Inc. 1,810,379 18,966 Synopsys, Inc. † 2,442,631 19,431 Veeva Systems, Inc., Class A † 3,038,425 31,074,560 Total Common Stocks (Cost $87,459,387) $ 91,909,617 Total Investments — 99.6% (Cost $87,459,387) $ 91,909,617 Other Assets less Liabilities — 0.4% 336,670 Net Assets — 100.0% $ 92,246,287

† Non-income producing security ERShares Non-US Small Cap ETF - Now known as ERShares NextGen Entrepreneurs ETF since February 5th 2021 March 31, 2020 (Unaudited)

Schedule of Investments Summary Table Percentage of Fair Value Communications 10.1% Consumer Discretionary 21.9% Consumer Staples 5.8% Energy 2.9% Financials 12.1% Health Care 11.8% Industrials 4.9% Materials 2.7% Technology 27.8% Total 100.0%

Portfolio holdings and allocations are subject to change. As of March 31, 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 — 92.3% Communications — 9.3% 8,556 51job, Inc. ADR † $ 525,253 49,015 carsales.com, Ltd. 352,193 2,479,994 Plan B Media PCL 220,169 22,268 SEEK, Ltd. 203,491 4,949 Wix.com, Ltd. † 498,958 1,800,064 Consumer Discretionary — 20.2% 128,500 Best World International, Ltd. (a) 122,954 144,533 boohoo Group PLC † 339,980 1,743,923 Bosideng International Holdings, Ltd. 405,063 4,688 Cimpress PLC † 249,402 35,145 Dunelm Group PLC 304,402 25,701 Flight Centre Travel Group, Ltd. 162,261 90,811 Frasers Group PLC † 204,618 205,650 Harvey Norman Holdings, Ltd. 377,607 7,032 Jins Holdings, Inc. 385,064 93,186 Kogan.com, Ltd. 302,335 486,649 Nagacorp, Ltd. 492,632 15,235 Raksul, Inc. † 328,846 42,907 S-Pool, Inc. 217,480 3,892,644 Consumer Staples — 5.4% 22,109 Fancl Corp. 493,688 36,592 Fevertree Drinks PLC 545,698 1,039,386 Energy — 2.6% 26,399 Geopark, Ltd. 186,641 3,949 Solaredge Technologies, Inc. † 323,344 509,985 Financials — 11.2% 24,679 Afterpay, Ltd. † 286,978 17,343 First National Financial Corp. 307,104 9,691 GMO Payment Gateway, Inc. 679,198 19,383 Noah Holdings, Ltd. ADR † 501,244 154,268 Samhallsbyggnadsbolaget I Norden AB 295,742 17,184 Tricon Capital Group, Inc. 84,131 2,154,397 Health Care — 10.9% 488,356 3SBio, Inc. † 502,395 39,027 Abcam PLC 550,518 7,238 Cellavision AB 177,784 435,005 China Medical System Holdings, Ltd. 465,352 9,769 CRISPR Therapeutics AG † 414,303 2,110,352 Industrials — 4.5% 39,313 Homeserve PLC 512,074 26,111 Instalco AB 295,152 1,165 Isra Vision AG † 63,698 870,924 Materials — 2.5% 790,403 Lee & Man Paper Manufacturing, Ltd. 474,084 Technology — 25.7% 9,420 Akatsuki, Inc. 314,269 13,043 Audiocodes, Ltd. 311,597 890 BTS Group AB, Class B Shares 15,558 325 Craneware PLC (a) 7,729 5,496 CyberArk Software, Ltd. † 470,238 4,700 Devoteam SA 300,751 16,583 Frontier Developments PLC † 252,460 4,755 Globant SA † 417,869 458,320 Hi-P International, Ltd. 274,717 32,890 Pro Medicus, Ltd. 388,740 18,811 Radware, Ltd. † 396,348 27,903 Real Matters, Inc. † 277,583 6,170 SHIFT, Inc. † 399,386 17,158 Sinch AB † 663,454 1,307 Team17 Group PLC † 9,319 95,027 Technology One, Ltd. 459,013 4,959,031 Total Common Stocks (Cost $23,525,087) $ 17,810,867 Total Investments — 92.3% (Cost $23,525,087) $ 17,810,867 Other Assets less Liabilities — 7.7% 1,480,545 Net Assets — 100.0% $ 19,291,412

† Non-income producing security (a) This security has been deemed illiquid and represents 0.68% of the Fund’s net assets. ERShares Non-US Small Cap ETF March 31, 2020 (Unaudited)

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 $417,869 2.4% Australia 2,532,618 14.2 Cambodia 492,632 2.8 Canada 668,818 3.8 Chile 186,641 1.1 China 1,994,244 11.2 France 300,751 1.7 Germany 63,698 0.4 Hong Kong 879,147 4.9 Ireland 249,402 1.4 Israel 2,000,485 11.2 Japan 2,817,931 15.8 Singapore 397,671 2.2 Sweden 1,447,690 8.1 Switzerland 414,303 2.3 Thailand 220,169 1.2 United Kingdom 2,726,798 15.3 Total $17,810,867 100.0% 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%