# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010510
**Filing Date:** 2025-9
**Character Count:** 32877
**Document Hash:** adc151274596fd6d431709069d77f34b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010510.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010510

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**PERIOD START**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251361532

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Opus Small Cap Value ETF (Series ID: S000062252)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000201593 | Opus Small Cap Value ETF | OSCV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Opus Small Cap Value ETF** | **Opus Small Cap Value ETF** | **Opus Small Cap Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.7%** | **Shares** | **Value**  |
| **Basic Materials - 3.4%** | **Basic Materials - 3.4%** | |
| Hawkins, Inc. | 100509 | $16411109 |
| United States Lime & Minerals, Inc. | 44982 | 4479308 |
|  |  | 20890417 |
| **Communications - 1.3%** | **Communications - 1.3%** |  |
| A10 Networks, Inc. | 428955 | 7901351 |
| **Consumer, Cyclical - 11.1%** | **Consumer, Cyclical - 11.1%** |  |
| Boyd Gaming Corporation | 114541 | 9724531 |
| Copa Holdings SA - Class A | 62549 | 6921672 |
| Gildan Activewear, Inc. | 149503 | 7551397 |
| KB Home | 183035 | 10114514 |
| Murphy USA, Inc. | 21424 | 7765772 |
| PriceSmart, Inc. | 76622 | 8236865 |
| Texas Roadhouse, Inc. | 91225 | 16888484 |
|  |  | 67203235 |
| **Consumer, Non-cyclical - 10.0%** | **Consumer, Non-cyclical - 10.0%** |  |
| Chemed Corporation | 25590 | 10550757 |
| Encompass Health Corporation | 120214 | 13236764 |
| Ensign Group, Inc. | 121713 | 18256950 |
| Hackett Group, Inc. | 297717 | 6963601 |
| LeMaitre Vascular, Inc. | 64585 | 5246885 |
| Service Corporation International | 84132 | 6420113 |
|  |  | 60675070 |
| **Energy - 8.0%** | **Energy - 8.0%** |  |
| Chord Energy Corporation | 75703 | 8352312 |
| Helmerich & Payne, Inc. | 111459 | 1806750 |
| Kimbell Royalty Partners LP | 183886 | 2734385 |
| Northern Oil & Gas, Inc. | 316082 | 8900869 |
| Range Resources Corporation | 208687 | 7662987 |
| Sitio Royalties Corporation - Class A | 303866 | 5521245 |
| Viper Energy, Inc. | 358460 | 13499604 |
|  |  | 48478152 |
| **Financial - 36.2%<sup>(a)</sup>** | **Financial - 36.2%<sup>(a)</sup>** |  |
| Agree Realty Corporation | 87184 | 6251093 |
| American Healthcare REIT, Inc. | 310793 | 12009041 |
| American Homes 4 Rent - Class A | 164041 | 5690582 |
| EastGroup Properties, Inc. | 52470 | 8565203 |
| Enterprise Financial Services Corporation | 221643 | 12232477 |
| Essential Properties Realty Trust, Inc. | 317679 | 9686033 |
| FirstService Corporation | 35533 | 7007818 |
| Four Corners Property Trust, Inc. | 166783 | 4209603 |
| German American Bancorp, Inc. | 256809 | 9866602 |
| Hanover Insurance Group, Inc. | 84160 | 14444381 |
| Hingham Institution For Savings | 23593 | 5777454 |
| Home BancShares, Inc. | 361979 | 10193328 |
| Houlihan Lokey, Inc. | 62577 | 11930931 |
| Kemper Corporation | 108827 | 6702655 |
| Ladder Capital Corporation | 628964 | 6868287 |
| Lakeland Financial Corporation | 146311 | 9271728 |
| Pathward Financial, Inc. | 135982 | 10283639 |
| Primerica, Inc. | 48890 | 12986651 |
| Seacoast Banking Corporation of Florida | 419325 | 11820772 |
| Stock Yards Bancorp, Inc. | 178799 | 13367013 |
| Terreno Realty Corporation | 102687 | 5698101 |
| Victory Capital Holdings, Inc. - Class A | 109157 | 7522009 |
| West BanCorp, Inc. | 385216 | 6930036 |
| Wintrust Financial Corporation | 82962 | 10617477 |
|  |  | 219932914 |
| **Industrial - 19.3%** | **Industrial - 19.3%** |  |
| AptarGroup, Inc. | 60097 | 9443642 |
| Arcosa, Inc. | 124714 | 10710438 |
| Curtiss-Wright Corporation | 33635 | 16488550 |
| Flowserve Corporation | 167504 | 9386924 |
| Franklin Electric Company, Inc. | 46008 | 4322452 |
| Graco, Inc. | 97559 | 8193005 |
| Graphic Packaging Holding Company | 274229 | 6131760 |
| Kadant, Inc. | 39153 | 13028944 |
| nVent Electric PLC | 97878 | 7675593 |
| Owens Corning | 71628 | 9987092 |
| Primoris Services Corporation | 132348 | 12463211 |
| UFP Industries, Inc. | 97780 | 9582440 |
|  |  | 117414051 |
| **Technology - 2.9%** | **Technology - 2.9%** |  |
| Amdocs, Ltd. | 59566 | 5084554 |
| Climb Global Solutions, Inc. | 45867 | 5412306 |
| Sapiens International Corporation NV | 267940 | 7344235 |
|  |  | 17841095 |
| **Utilities - 4.5%** | **Utilities - 4.5%** |  |
| California Water Service Group | 170382 | 7747270 |
| National Fuel Gas Company | 126009 | 10936321 |
| New Jersey Resources Corporation | 188997 | 8676852 |
|  |  | 27360443 |
| **TOTAL COMMON STOCKS** (Cost $551,344,622) | **TOTAL COMMON STOCKS** (Cost $551,344,622) | 587696728 |
| **SHORT-TERM INVESTMENTS - 3.3%** |  | **Value**  |
| **Money Market Funds - 3.3%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 20136249 | 20136249 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $20,136,249) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $20,136,249) | 20136249 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $571,480,871**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $571,480,871**)** | 607832977 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 187756 |
| **TOTAL NET ASSETS - 100.0%** |  | $608020733 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

(c) Represents less than 0.05% of net assets.

------

**Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)** 

Opus Small Cap Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $587696728 | $– | $– | $587696728 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 20136249 | – | – | 20136249 |
| Total Investments | $607832977 | $– | $– | $607832977 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

**Item A.2. Information about the Series.**

- **a. Name of Series:** Opus Small Cap Value ETF

- **b. EDGAR series identifier (if any):** S000062252

- **c. LEI of Series:** 549300Z2UW0ETHQJMF93

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $600217605.87

**Total Liabilities:** $401303.15

**Net Assets:** $599816302.72

**Cash Not Reported:** $378536.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000201593 | 3.17%                | 2.44%                | 0.92%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4991496.31             | $20847270.98                               |
| Month 2  | $261652.45               | $12242169.04                               |
| Month 3  | $19885279.67             | $-14493737.80                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Homes 4 Rent          | American Homes 4 Rent                    | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    161836 | NS      | $5614090.84   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                     | Arcosa Inc                               | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |    123040 | NS      | $10566675.20  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                    | Chemed Corp                              | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     25248 | NS      | $10409750.40  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                      | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     33185 | NS      | $16267950.70  | 2.71%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT Inc             | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |    306608 | NS      | $11847333.12  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The          | Hackett Group Inc/The                    | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |    293703 | NS      | $6869713.17   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR         | Home BancShares Inc/AR                   | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    357101 | NS      | $10055964.16  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Financial Corp        | Lakeland Financial Corp                  | CUSIP: 511656100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    144340 | NS      | $9146825.80   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc                    | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     63721 | NS      | $5176694.04   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas Inc                   | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    311825 | NS      | $8780992.00   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Stock Yards Bancorp Inc        | Stock Yards Bancorp Inc                  | CUSIP: 861025104<br>LEI: 549300YERP9H5TDIQW16 | Long             | EC               | CORP              | US        |    176387 | NS      | $13186692.12  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                               | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |     58765 | NS      | $5016180.40   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                         | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |     61712 | NS      | $6829049.92   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| California Water Service Group | California Water Service Group           | CUSIP: 130788102<br>LEI: 529900QABDOBU6UVRQ36 | Long             | EC               | CORP              | US        |    168087 | NS      | $7642915.89   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                        | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     74686 | NS      | $8240106.38   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowserve Corp                 | Flowserve Corp                           | CUSIP: 34354P105<br>LEI: 6Y0GK87T6V7NJKZJVM41 | Long             | EC               | CORP              | US        |    165245 | NS      | $9260329.80   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co Inc                 | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |     45396 | NS      | $4264954.20   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| German American Bancorp Inc    | German American Bancorp Inc              | CUSIP: 373865104<br>LEI: 5493002JDOI3GTNVUD76 | Long             | EC               | CORP              | US        |    253344 | NS      | $9733476.48   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                    | Kemper Corp                              | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |    107360 | NS      | $6612302.40   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                           | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     59287 | NS      | $9316359.18   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                         | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |    113002 | NS      | $9593869.80   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc       | EastGroup Properties Inc                 | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     51768 | NS      | $8450608.32   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                    | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |    118594 | NS      | $13058385.34  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  17922633 | NS      | $17922633.00  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co   | Graphic Packaging Holding Co             | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    270530 | NS      | $6049050.80   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne Inc                    | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |    109956 | NS      | $1782386.76   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                  | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |    180569 | NS      | $9978242.94   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimbell Royalty Partners LP    | Kimbell Royalty Partners LP              | CUSIP: 49435R102<br>LEI: 5493007FC11POVYRB841 | Long             | EC               | CORP              | US        |    181411 | NS      | $2697581.57   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ladder Capital Corp            | Ladder Capital Corp                      | CUSIP: 505743104<br>LEI: 549300Q6LLV2QCV67C06 | Long             | EC               | CORP              | US        |    620486 | NS      | $6775707.12   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Pathward Financial Inc         | Pathward Financial Inc                   | CUSIP: 59100U108<br>LEI: 5493004X52BH1NBLW813 | Long             | EC               | CORP              | US        |    134155 | NS      | $10145471.88  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                 | Murphy USA Inc                           | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |     21136 | NS      | $7661377.28   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co           | National Fuel Gas Co                     | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |    124317 | NS      | $10789472.43  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                            | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     70665 | NS      | $9852820.95   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                 | PriceSmart Inc                           | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     75596 | NS      | $8126570.00   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp         | Primoris Services Corp                   | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |    130566 | NS      | $12295400.22  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                      | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     90001 | NS      | $16661885.13  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals  | United States Lime & Minerals Inc        | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |     44379 | NS      | $4419260.82   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Viper Energy Inc               | Viper Energy Inc                         | CUSIP: 927959106<br>LEI: 5299009LINL232255G03 | Long             | EC               | CORP              | US        |    353627 | NS      | $13317592.82  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC             | nVent Electric PLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |     96564 | NS      | $7572548.88   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                     | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |    120075 | NS      | $18011250.00  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In | Four Corners Property Trust Inc          | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |    164533 | NS      | $4152812.92   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Climb Global Solutions Inc     | Climb Global Solutions Inc               | CUSIP: 946760105<br>LEI: 549300LKM16VX2FG7J68 | Long             | EC               | CORP              | US        |     45255 | NS      | $5340090.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins Inc                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     99159 | NS      | $16190681.52  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Kadant Inc                     | Kadant Inc                               | CUSIP: 48282T104<br>LEI: 549300K06LNJYBMPYP15 | Long             | EC               | CORP              | US        |     38631 | NS      | $12855237.87  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Corp International/US  | Service Corp International/US            | CUSIP: 817565104<br>LEI: 549300RKVM2ME20JHZ15 | Long             | EC               | CORP              | US        |     82998 | NS      | $6333577.38   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitio Royalties Corp           | Sitio Royalties Corp                     | CUSIP: 82983N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    299771 | NS      | $5446839.07   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc             | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |    107690 | NS      | $7420917.90   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp        | Wintrust Financial Corp                  | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     81846 | NS      | $10474651.08  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc               | A10 Networks Inc                         | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |    423168 | NS      | $7794754.56   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp                        | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     86014 | NS      | $6167203.80   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Graco Inc                      | Graco Inc                                | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |     96245 | NS      | $8082655.10   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The          | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |     83026 | NS      | $14249752.38  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                       | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     61740 | NS      | $11771348.40  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                  | Primerica Inc                            | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     48233 | NS      | $12812131.79  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori | Seacoast Banking Corp of Florida         | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    413673 | NS      | $11661441.87  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services  | Enterprise Financial Services Corp       | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |    218655 | NS      | $12067569.45  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr | Essential Properties Realty Trust Inc    | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    313395 | NS      | $9555413.55   | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp              | FirstService Corp                        | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |     35056 | NS      | $6913744.32   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                    | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |    147487 | NS      | $7449568.37   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hingham Institution For Saving | Hingham Institution For Savings The      | CUSIP: 433323102<br>LEI: 2549009GDCGUR2T6KU55 | Long             | EC               | CORP              | US        |     23278 | NS      | $5700316.64   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp                | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |    186450 | NS      | $8559919.50   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                     | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |    205879 | NS      | $7559876.88   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                      | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    101310 | NS      | $5621691.90   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries Inc                       | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     96466 | NS      | $9453668.00   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| West BanCorp Inc               | West BanCorp Inc                         | CUSIP: 95123P106<br>LEI: 549300GKFOINCHIYU666 | Long             | EC               | CORP              | US        |    380023 | NS      | $6836613.77   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corp NV  | Sapiens International Corp NV            | CUSIP: N/A<br>LEI: 2549009P4ZS02GC5QV68       | Long             | EC               | CORP              | IL        |    264331 | NS      | $7245312.71   | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer