# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-009651
**Filing Date:** 2025-9
**Character Count:** 125304
**Document Hash:** 1e11d421aa9b570108cc7fa21ebbf0df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009651.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001133228-25-009651

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250909

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251301279

**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

### U.S. Global Jets ETF (Series ID: S000048544)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000153068 | U.S. Global Jets ETF | JETS            |

### U.S. Global GO GOLD and Precious Metal Miners ETF (Series ID: S000054641)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000171622 | U.S. Global GO GOLD and Precious Metal Miners ETF | GOAU            |

### U.S. Global Sea to Sky Cargo ETF (Series ID: S000072692)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000229127 | U.S. Global Sea to Sky Cargo ETF | SEA             |

### U.S. Global Technology and Aerospace & Defense ETF (Series ID: S000089411)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000255944 | U.S. Global Technology and Aerospace & Defense ETF | WAR             |

?xml version='1.0' encoding='ASCII'? 2025-07-03199372_USGlobalGOGOLDandPreciousMetalMinersETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

 **<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img98854_202408151429737.jpg) | **U.S. Global GO GOLD and Precious Metal** **Miners ETF**  | ![image](img134491_g20250812185133.jpg) |
| ![image](img98854_202408151429737.jpg) | GOAU (Principal U.S. Listing Exchange: NYSE) | ![image](img134491_g20250812185133.jpg) |
| ![image](img98854_202408151429737.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img134491_g20250812185133.jpg) |

---

This semi-annual shareholder report contains important information about the U.S. Global GO GOLD and Precious Metal Miners ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://usglobaletfs.com/fund/u-s-global-go-gold-and-precious-metal-miners-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| U.S. Global GO GOLD and Precious Metal Miners ETF | $38 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $124159729 |
| **Number of Holdings** | 30 |
| **Portfolio Turnover** | 62% |
| **30-Day SEC Yield** | 0.24% |
| **30-Day SEC Yield Unsubsidized** | 0.24% |

---

Visit https://usglobaletfs.com/fund/u-s-global-go-gold-and-precious-metal-miners-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Basic Materials  | 99.8% |
|  Cash & Other  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Royal Gold, Inc.  | 10.2% |
|  Wheaton Precious Metals Corporation  | 10.1% |
|  Franco-Nevada Corporation  | 10.0% |
|  Dundee Precious Metals, Inc.  | 4.4% |
|  Sandstorm Gold, Ltd.  | 4.2% |
|  Triple Flag Precious Metals Corporation  | 4.0% |
|  OR Royalties, Inc.  | 4.0% |
|  Allied Gold Corporation  | 3.7% |
|  Sibanye Stillwater, Ltd.  | 3.2% |
|  Avino Silver & Gold Mines, Ltd.  | 3.1% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  Canada  | 61.1% |
|  United States  | 12.7% |
|  South Africa  | 11.0% |
|  Australia  | 10.9% |
|  Peru  | 2.3% |
|  Mexico  | 2.2% |
|  United Kingdom  | 2.1% |
|  Cash & Other  | -2.3% |

---

U.S. Global GO GOLD and Precious Metal Miners ETF PAGE 1 TSR-SAR-26922A719

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://usglobaletfs.com/fund/u-s-global-go-gold-and-precious-metal-miners-etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your U.S. Global Investors, Inc. documents not be householded, please contact U.S. Global Investors, Inc. at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Global Investors, Inc. or your financial intermediary.

U.S. Global GO GOLD and Precious Metal Miners ETF PAGE 2 TSR-SAR-26922A719

------

---

| | | |
|:---|:---|:---|
| ![image](img98855_202408151431611.jpg) | **US Global JETS ETF**  | ![image](img134491_g20250812185133.jpg) |
| ![image](img98855_202408151431611.jpg) | JETS (Principal U.S. Listing Exchange: NYSE) | ![image](img134491_g20250812185133.jpg) |
| ![image](img98855_202408151431611.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img134491_g20250812185133.jpg) |

---

This semi-annual shareholder report contains important information about the US Global JETS ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://usglobaletfs.com/fund/u-s-global-jets-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| US Global JETS ETF | $28 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $818952485 |
| **Number of Holdings** | 50 |
| **Portfolio Turnover** | 20% |
| **30-Day SEC Yield** | 0.33% |
| **30-Day SEC Yield Unsubsidized** | 0.33% |

---

Visit https://usglobaletfs.com/fund/u-s-global-jets-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Consumer, Cyclical  | 77.2% |
|  Industrial  | 14.4% |
|  Communications  | 8.0% |
|  Cash & Other  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 13.8% |
|  United Airlines Holdings, Inc.  | 10.8% |
|  Delta Air Lines, Inc.  | 10.7% |
|  American Airlines Group, Inc.  | 10.6% |
|  Southwest Airlines Company  | 10.6% |
|  Air Canada  | 3.4% |
|  SkyWest, Inc.  | 3.0% |
|  Sun Country Airlines Holdings, Inc.  | 3.0% |
|  Alaska Air Group, Inc.  | 2.9% |
|  Allegiant Travel Company  | 2.9% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United States  | 88.5% |
|  Canada  | 5.7% |
|  France  | 2.2% |
|  Spain  | 2.0% |
|  Singapore  | 1.5% |
|  United Kingdom  | 1.5% |
|  Turkey  | 1.5% |
|  Brazil  | 1.2% |
|  Australia  | 1.1% |
|  Cash & Other  | -5.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://usglobaletfs.com/fund/u-s-global-jets-etf/.

US Global JETS ETF PAGE 1 TSR-SAR-26922A842

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your U.S. Global Investors, Inc. documents not be householded, please contact U.S. Global Investors, Inc. at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Global Investors, Inc. or your financial intermediary.

US Global JETS ETF PAGE 2 TSR-SAR-26922A842

------

---

| | | |
|:---|:---|:---|
| ![image](img98856_202408151432208.jpg) | **US Global Sea to Sky Cargo ETF**  | ![image](img134491_g20250812185133.jpg) |
| ![image](img98856_202408151432208.jpg) | SEA (Principal U.S. Listing Exchange: NYSE) | ![image](img134491_g20250812185133.jpg) |
| ![image](img98856_202408151432208.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img134491_g20250812185133.jpg) |

---

This semi-annual shareholder report contains important information about the US Global Sea to Sky Cargo ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://usglobaletfs.com/fund/u-s-global-sea-to-sky-cargo-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| US Global Sea to Sky Cargo ETF | $31 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8381901 |
| **Number of Holdings** | 31 |
| **Portfolio Turnover** | 65% |
| **30-Day SEC Yield** | 8.72% |
| **30-Day SEC Yield Unsubsidized** | 7.17% |

---

Visit https://usglobaletfs.com/fund/u-s-global-sea-to-sky-cargo-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrial  | 94.9% |
|  Consumer, Non-cyclical  | 3.1% |
|  Cash & Other  | 2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 11.6% |
|  Orient Overseas International, Ltd.  | 5.1% |
|  COSCO SHIPPING Holdings Company, Ltd. - H-Shares  | 5.1% |
|  Wallenius Wilhelmsen ASA  | 4.9% |
|  SITC International Holdings Company, Ltd.  | 4.9% |
|  ZIM Integrated Shipping Services, Ltd.  | 4.7% |
|  Evergreen Marine Corporation Taiwan, Ltd.  | 4.3% |
|  HMM Company, Ltd.  | 4.0% |
|  Yang Ming Marine Transport Corporation  | 4.0% |
|  Teekay Corporation Ltd.  | 4.0% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United States  | 23.6% |
|  Taiwan  | 11.8% |
|  China  | 11.2% |
|  Hong Kong  | 9.9% |
|  Norway  | 8.8% |
|  Japan  | 5.2% |
|  Canada  | 4.8% |
|  Israel  | 4.7% |
|  South Korea  | 4.0% |
|  Cash & Other  | 16.0% |

---

US Global Sea to Sky Cargo ETF PAGE 1 TSR-SAR-26922B865

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://usglobaletfs.com/fund/u-s-global-sea-to-sky-cargo-etf/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your U.S. Global Investors, Inc. documents not be householded, please contact U.S. Global Investors, Inc. at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Global Investors, Inc. or your financial intermediary.

US Global Sea to Sky Cargo ETF PAGE 2 TSR-SAR-26922B865

------

---

| | | |
|:---|:---|:---|
| ![image](img510810_202508121615172.jpg) | **U.S. Global Technology and Aerospace &** **Defense ETF**  | ![image](img134491_g20250812185133.jpg) |
| ![image](img510810_202508121615172.jpg) | WAR (Principal U.S. Listing Exchange: NYSE) | ![image](img134491_g20250812185133.jpg) |
| ![image](img510810_202508121615172.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img134491_g20250812185133.jpg) |

---

This semi-annual shareholder report contains important information about the U.S. Global Technology and Aerospace & Defense ETF for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://usglobaletfs.com/fund/war/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| U.S. Global Technology and Aerospace & Defense ETF | $33 | 0.60% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7266059 |
| **Number of Holdings** | 30 |
| **Portfolio Turnover** | 72% |
| **30-Day SEC Yield** | 0.24% |
| **30-Day SEC Yield Unsubsidized** | 0.24% |

---

Visit https://usglobaletfs.com/fund/war/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Technology  | 54.9% |
|  Industrial  | 35.0% |
|  Communications  | 9.5% |
|  Cash & Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Leonardo DRS, Inc.  | 7.8% |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 7.4% |
|  A10 Networks, Inc.  | 6.6% |
|  ACM Research, Inc.  | 6.2% |
|  General Dynamics Corporation  | 5.9% |
|  QUALCOMM, Inc.  | 5.7% |
|  Hensoldt AG  | 5.7% |
|  RENK Group AG  | 5.6% |
|  V2X, Inc.  | 5.5% |
|  Secunet Security Networks AG  | 4.6% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of Net** **Assets)** |
|  United States  | 66.9% |
|  Germany  | 15.9% |
|  Israel  | 7.3% |
|  United Kingdom  | 4.1% |
|  Netherlands  | 3.8% |
|  France  | 3.8% |
|  Norway  | 3.4% |
|  Turkey  | 2.1% |
|  Cash & Other  | -7.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://usglobaletfs.com/fund/war/.

U.S. Global Technology and Aerospace & Defense ETF PAGE 1 TSR-SAR-26922B410

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your U.S. Global Investors, Inc. documents not be householded, please contact U.S. Global Investors, Inc. at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by U.S. Global Investors, Inc. or your financial intermediary.

U.S. Global Technology and Aerospace & Defense ETF PAGE 2 TSR-SAR-26922B410

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](usgi.jpg)

**U.S. Global GO GOLD and Precious Metal Miners ETF (Ticker: GOAU)** 

**U.S. Global Jets ETF (Ticker: JETS)** 

**U.S. Global Sea to Sky Cargo ETF (Ticker: SEA)** 

**U.S. Global Technology and Aerospace & Defense ETF (Ticker: WAR)**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi1) |  |
| &nbsp;&nbsp;&nbsp; [U.S. Global GO GOLD and Precious Metal Miners ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [U.S. Global Jets ETF](#soi2) | [2](#soi2) |
| &nbsp;&nbsp;&nbsp; [U.S. Global Sea to Sky Cargo ETF](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [U.S. Global Technology and Aerospace & Defense ETF](#soi4) | [5](#soi4) |
| [Statements of Assets and Liabilities](#sal) | [6](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi) | [10](#fihi) |
| [Notes to Financial Statements](#notes) | [14](#notes) |
| [Federal Tax Information](#tax1) | [24](#tax1) |
| [Federal Tax Credit Pass Through](#tax2) | [25](#tax2) |
| [Additional Information](#add) | [26](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Australia - 10.9%**<br>|  |  |
| Catalyst Metals, Ltd.<sup>(a)</sup> | 579851 | $1992104  |
| Perseus Mining, Ltd. | 1033245 | 2312103  |
| Regis Resources, Ltd.<sup>(a)</sup> | 789635 | 2281476  |
| St Barbara, Ltd.<sup>(a)</sup> | 11330198 | 2125237  |
| Vault Minerals, Ltd.<sup>(a)</sup> | 9141179 | 2526833  |
| Westgold Resources, Ltd. | 1249197 | 2359597  |
|  |  | 13597350  |
| **Canada - 61.1%<sup>(b)</sup>**<br>|  |  |
| Allied Gold Corporation<sup>(a)</sup> | 343648 | 4613097  |
| Avino Silver & Gold Mines, Ltd.<sup>(a)(c)</sup> | 1065432 | 3835555  |
| Centerra Gold, Inc. | 527284 | 3798536  |
| Dundee Precious Metals, Inc. | 336447 | 5405882  |
| Fortuna Mining Corporation<sup>(a)</sup> | 553143 | 3617555  |
| Franco-Nevada Corporation | 75825 | 12429234  |
| K92 Mining, Inc.<sup>(a)</sup> | 326684 | 3684866  |
| OceanaGold Corporation | 258926 | 3654531  |
| OR Royalties, Inc. | 192131 | 4939688  |
| Orezone Gold Corporation<sup>(a)</sup> | 4053338 | 3393285  |
| Sandstorm Gold, Ltd. | 549747 | 5167622  |
| Silvercorp Metals, Inc. | 886666 | 3741731  |
| Triple Flag Precious Metals Corporation | 209767 | 4969380  |
| Wheaton Precious Metals Corporation | 140310 | 12599838  |
|  |  | 75850800  |
| **Mexico - 2.2%**<br>|  |  |
| Fresnillo PLC | 137842 | 2724599  |
| **Peru - 2.3%**<br>|  |  |
| Hochschild Mining PLC | 798097 | 2800110  |
| **South Africa - 11.0%**<br>|  |  |
| DRDGOLD, Ltd. - ADR | 265755 | 3542514  |
|  Harmony Gold Mining Company, Ltd. - ADR<sup>(c)</sup> | 257960 | 3603701  |
| Sibanye Stillwater, Ltd. - ADR<sup>(a)</sup> | 556542 | 4018233  |
| Valterra Platinum, Ltd. | 55706 | 2486762  |
|  |  | 13651210  |
| **United Kingdom - 2.1%**<br>|  |  |
| Endeavour Mining PLC | 84364 | 2601391  |
| **United States - 10.2%**<br>|  |  |
| Royal Gold, Inc. | 71309 | 12681593  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $98,683,960)** |  | 123907053  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |  |
|  **Investments Purchased with Proceeds from Securities Lending - 2.2%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(d)(e)</sup> | 2733617 | 2733617  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Money Market Funds - 0.3%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.25%<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 323770 | $323770  |
| **TOTAL SHORT-TERM INVESTMENTS**  | **TOTAL SHORT-TERM INVESTMENTS**  | **TOTAL SHORT-TERM INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; (Cost $3,057,387) |  | 3057387  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $101,741,347)** |  | $126964440  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (2.3)% |  | (2804711)  |
| **TOTAL NET ASSETS - 100.0%** |  | $124159729 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region. See Note 8 in Notes to Financial Statements.

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $2,787,660.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Global Jets ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.6%**<br>|  |  |
| **Australia - 1.1%**<br>|  |  |
| Qantas Airways, Ltd. | 1211775 | $8565472  |
| **Brazil - 1.2%**<br>|  |  |
| Embraer SA - ADR<sup>(a)</sup> | 176024 | 10017526  |
| **Canada - 5.7%**<br>|  |  |
| Air Canada<sup>(b)</sup> | 1783655 | 27598025  |
| Bombardier, Inc. - Class B<sup>(b)</sup> | 219132 | 19091478  |
|  |  | 46689503  |
| **Chile - 0.5%**<br>|  |  |
| Latam Airlines Group SA - ADR | 107617 | 4373555  |
| **China - 1.0%**<br>|  |  |
| Air China, Ltd. - H-Shares<sup>(b)</sup> | 5407237 | 4105393  |
| Tongcheng Travel Holdings, Ltd. | 1525819 | 3805825  |
|  |  | 7911218  |
| **France - 2.2%**<br>|  |  |
| Aeroports de Paris SA | 34279 | 4296333  |
| Air France-KLM<sup>(b)</sup> | 398074 | 4339317  |
| Airbus SE | 44657 | 9324561  |
|  |  | 17960211  |
| **Germany - 0.5%**<br>|  |  |
| Deutsche Lufthansa AG | 486446 | 4114217  |
| **Hong Kong - 0.5%**<br>|  |  |
| Cathay Pacific Airways, Ltd. | 3190612 | 4349015  |
| **India - 0.5%**<br>|  |  |
| MakeMyTrip, Ltd.<sup>(a)(b)</sup> | 42440 | 4159969  |
| **Ireland - 1.0%**<br>|  |  |
| Ryanair Holdings PLC - ADR | 141575 | 8164630  |
| **Israel - 0.5%**<br>|  |  |
| El Al Israel Airlines<sup>(b)</sup> | 1020765 | 4000267  |
| **Japan - 1.0%**<br>|  |  |
| ANA Holdings, Inc. | 202626 | 3971472  |
| Japan Airlines Company, Ltd. | 207787 | 4244335  |
|  |  | 8215807  |
| **Mexico - 1.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Pacifico <br>SAB de CV - Class B | 171137 | 3917696  |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste <br>SAB de CV - ADR | 13351 | 4257234  |
|  |  | 8174930  |
| **Norway - 0.5%**<br>|  |  |
| Norwegian Air Shuttle ASA<sup>(b)</sup> | 2985966 | 4323687  |
| **Panama - 0.6%**<br>|  |  |
| Copa Holdings SA - Class A | 40493 | 4453015  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Singapore - 1.5%**<br>|  |  |
| Singapore Airlines, Ltd. | &nbsp;&nbsp;&nbsp; 778330 | $4266583  |
| Trip.com Group, Ltd. - ADR | &nbsp;&nbsp;&nbsp; 135494 | 7945368  |
|  |  | 12211951  |
| **Spain - 2.0%**<br>|  |  |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 307559 | 8209496  |
| Amadeus IT Group SA | &nbsp;&nbsp;&nbsp; 95898 | 8074622  |
|  |  | 16284118  |
| **Switzerland - 0.5%**<br>|  |  |
| Flughafen Zurich AG | &nbsp;&nbsp;&nbsp; 15434 | 4396098  |
| **Thailand - 0.5%**<br>|  |  |
| Airports of Thailand PCL | &nbsp;&nbsp;&nbsp; 4403362 | 4097411  |
| **Turkey - 1.5%**<br>|  |  |
| Pegasus Hava Tasimaciligi AS<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 611585 | 3947418  |
| Turk Hava Yollari AO | &nbsp;&nbsp;&nbsp; 1125695 | 8014881  |
|  |  | 11962299  |
| **United Kingdom - 1.5%**<br>|  |  |
| easyJet PLC | &nbsp;&nbsp;&nbsp; 524354 | 3830522  |
|  International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp; 1782528 | 8348413  |
|  |  | 12178935  |
| **United States - 74.3%<sup>(d)</sup>**<br>|  |  |
| Alaska Air Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 481748 | 23836891  |
| Allegiant Travel Company<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 432573 | 23769886  |
| American Airlines Group, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7761704 | 87086319  |
| Boeing Company<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 78309 | 16408085  |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3034 | 17564554  |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp; 1776115 | 87349336  |
| Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 95834 | 16165279  |
| Frontier Group Holdings, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 6239818 | 22650539  |
| General Dynamics Corporation | &nbsp;&nbsp;&nbsp; 60085 | 17524391  |
| JetBlue Airways Corporation<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5049707 | 21360261  |
| Sabre Corporation<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 5678573 | 17944291  |
| SkyWest, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 241755 | 24893512  |
| Southwest Airlines Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2672037 | 86680880  |
| Sun Country Airlines Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2087803 | 24531685  |
| Textron, Inc. | &nbsp;&nbsp;&nbsp; 213990 | 17181257  |
| TripAdvisor, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1170294 | 15272337  |
| United Airlines Holdings, Inc.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1109028 | 88311900  |
|  |  | 608531403  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $894,321,370)** |  | 815135237 |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Global Jets ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
| **SHORT-TERM INVESTMENTS - 14.2%**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 13.8%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(e)(f)</sup> | 113047941 | $113047941 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Funds - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, <br>4.25%<sup>(e)</sup> | 3430019 | 3430019  |
| **TOTAL SHORT-TERM INVESTMENTS**  | **TOTAL SHORT-TERM INVESTMENTS**  | **TOTAL SHORT-TERM INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; (Cost $116,477,960) |  | 116477960  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 113.8%** <br>**(Cost $1,010,799,330)** |  | $931613197  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (13.8)% |  | (112660712)  |
| **TOTAL NET ASSETS - 100.0%** |  | $818952485 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

PCL - Public Company Limited

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $110,885,541.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $8,209,496 or 1.0% of the Fund's net assets.

<sup>(d)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region. See Note 8 in Notes to Financial Statements. 

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(f)</sup> Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL SEA TO SKY CARGO ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.0%**<br>|  |  |
| **Australia - 3.1%**<br>|  |  |
| Brambles, Ltd. | 16637 | $256441  |
| **Bermuda - 3.9%**<br>|  |  |
| Teekay Corporation Ltd. | 40156 | 331287  |
| **Canada - 4.8%**<br>|  |  |
| Cargojet, Inc. | 3562 | 248052  |
| Teekay Tankers, Ltd. - Class A | 3799 | 158494  |
|  |  | 406546  |
| **China - 11.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; COSCO SHIPPING Holdings Company, <br>Ltd. - H-Shares | 244231 | 424373  |
| SF Holding Company, Ltd. – H-Shares | 45985 | 264782  |
| ZTO Express Cayman, Inc. - ADR | 14048 | 249352  |
|  |  | 938507  |
| **Denmark - 3.9%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 177 | 329059  |
| **Germany - 2.9%**<br>|  |  |
| Deutsche Post AG | 5227 | 241422  |
| **Hong Kong - 9.9%**<br>|  |  |
| Orient Overseas International, Ltd. | 25009 | 424996  |
| SITC International Holdings Company, Ltd. | 127648 | 408964  |
|  |  | 833960  |
| **Israel - 4.7%**<br>|  |  |
| ZIM Integrated Shipping Services, Ltd.<sup>(a)</sup> | 24475 | 393803  |
| **Japan - 5.2%**<br>|  |  |
| Nippon Express Holdings, Inc. | 13249 | 266121  |
| Nippon Yusen KK | 4716 | 169901  |
|  |  | 436022  |
| **Monaco - 2.0%**<br>|  |  |
| Scorpio Tankers, Inc.<sup>(a)</sup> | 4272 | 167163  |
| **Norway - 8.8%**<br>|  |  |
| Hoegh Autoliners ASA | 37030 | 327522  |
| Wallenius Wilhelmsen ASA | 49956 | 410377  |
|  |  | 737899  |
| **Singapore - 1.9%**<br>|  |  |
| Hafnia, Ltd.<sup>(a)</sup> | 32731 | 163328  |
| **South Korea - 4.0%**<br>|  |  |
| HMM Company, Ltd. | 20123 | 335483  |
| **Spain - 3.0%**<br>|  |  |
| Logista Integral SA | 7623 | 249631  |
| **Switzerland - 3.7%**<br>|  |  |
| Kuehne + Nagel International AG | 1438 | 311088  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Taiwan - 11.8%**<br>|  |  |
| Evergreen Marine Corporation Taiwan, Ltd. | 52327 | $356466  |
| Wan Hai Lines, Ltd. | 97633 | 297458  |
| Yang Ming Marine Transport Corporation | 136497 | 332224  |
|  |  | 986148  |
| **United Kingdom - 2.1%**<br>|  |  |
| Global Ship Lease, Inc. - Class A | 6594 | 173488  |
| **United States - 11.1%**<br>|  |  |
| Expeditors International of Washington, Inc. | 2179 | 248951  |
| FedEx Corporation<sup>(a)</sup> | 1150 | 261406  |
| Matson, Inc. | 1497 | 166691  |
| United Parcel Service, Inc. - Class B | 2475 | 249827  |
|  |  | 926875  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $7,922,540)** |  | 8218150  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 12.5%**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 11.6%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(b)(c)</sup> | 975687 | 975687  |
|  | **Shares** |  |
| **Money Market Funds - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 4.25%<sup>(b)</sup> | 72006 | 72006  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,047,693)** |  | 1047693  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 110.5%** <br>**(Cost $8,970,233)** |  | $9265843  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (10.5)% |  | (883942)  |
| **TOTAL NET ASSETS - 100.0%** |  | $8381901 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

<sup>(a)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $930,821.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(c)</sup> Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL TECHNOLOGY AND AEROSPACE & DEFENSE ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.4%**<br>|  |  |
| **France - 3.8%**<br>|  |  |
| Airbus SE | 1308 | $273116  |
| **Germany - 15.9%**<br>|  |  |
| Hensoldt AG | 3595 | 412464  |
| RENK Group AG | 5046 | 403356  |
| Secunet Security Networks AG | 1249 | 336184  |
|  |  | 1152004  |
| **Israel - 7.3%**<br>|  |  |
| Cognyte Software Ltd.<sup>(a)</sup> | 29544 | 272987  |
| Nova Ltd.<sup>(a)</sup> | 937 | 257862  |
|  |  | 530849  |
| **Netherlands - 3.8%**<br>|  |  |
| ASML Holding NV | 344 | 275678  |
| **Norway - 3.4%**<br>|  |  |
| Kongsberg Gruppen ASA | 6300 | 244296  |
| **Turkey - 2.1%**<br>|  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 41064 | 155520  |
| **United Kingdom - 4.1%**<br>|  |  |
| Cohort PLC | 11197 | 238227  |
| IHS Holding Ltd.<sup>(a)</sup> | 11077 | 61588  |
|  |  | 299815  |
| **United States - 59.0%<sup>(b)</sup>**<br>|  |  |
| A10 Networks, Inc. | 24679 | 477539  |
| ACM Research, Inc. - Class A<sup>(a)</sup> | 17269 | 447267  |
| Alphabet, Inc. - Class A | 744 | 131115  |
| Arista Networks, Inc.<sup>(a)</sup> | 744 | 76119  |
| General Dynamics Corporation | 1478 | 431073  |
|  International Business Machines Corporation<sup>(c)</sup> | 229 | 67505  |
| KLA Corporation | 254 | 227518  |
| Leonardo DRS, Inc. | 12260 | 569845  |
| NetScout Systems, Inc.<sup>(a)</sup> | 8226 | 204087  |
| Nutanix, Inc. - Class A<sup>(a)</sup> | 1651 | 126202  |
| QUALCOMM, Inc.<sup>(c)</sup> | 2623 | 417739  |
| Seagate Technology Holdings PLC | 1356 | 195711  |
| Sturm Ruger & Company, Inc. | 1825 | 65518  |
| Tenable Holdings, Inc.<sup>(a)</sup> | 4939 | 166839  |
| V2X, Inc.<sup>(a)</sup> | 8228 | 399469  |
| Vertiv Holdings Company - Class A | 798 | 102471  |
| Western Digital Corporation<sup>(c)</sup> | 2850 | 182372  |
|  |  | 4288389  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,262,524)** |  | 7219667  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS - 7.9%**<br>|  |  |
|  **Investments Purchased with Proceeds from Securities Lending - 7.4%**<br>|  |  |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.50%<sup>(d)</sup> | 536232 | 536232  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Money Market Funds - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations <br>Fund - Class X, 4.25%<sup>(d)</sup> | 39053 | $39053  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $575,285)** |  | 575285  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 107.3%** <br>**(Cost $6,837,809)** |  | $7794952  |
| Liabilities in Excess of Other Assets - (7.3)% |  | (528893)  |
| **TOTAL NET ASSETS - 100.0%** |  | $7266059 |

---

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

LLC - Limited Liability Company

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region. See Note 8 in Notes to Financial Statements. 

<sup>(c)</sup> All or a portion of this security is on loan as of June 30, 2025. The fair value of these securities was $528,340.

<sup>(d)</sup> The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

<sup>(e)</sup> Privately offered liquidity fund. See Note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Global GO** <br>**GOLD and Precious** <br>**Metal Miners ETF** | **U.S. Global** <br>**Jets ETF** | **U.S. Global Sea** <br>**to Sky Cargo** <br>**ETF** | **U.S. Global** <br>**Technology and** <br>**Aerospace &** <br>**Defense ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at value | &nbsp;&nbsp; $126964440 | $931613197 | $9265843 | $7794952  |
| Foreign currency, at value | &nbsp;&nbsp; 331 | 124693 |  | —  |
| Dividends receivable | &nbsp;&nbsp; 18021 | 646860 | 90395 | 610  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; 14578 | 104928 | 31820 | 592  |
| Interest receivable | &nbsp;&nbsp; 2139 | 15221 | 410 | 120  |
| Securities lending income receivable | &nbsp;&nbsp; 754 | 11029 | 744 | 54  |
| Receivable for investments sold | &nbsp;&nbsp; 341 | 916 |  | —  |
| Receivable for fund shares sold | &nbsp;&nbsp; — | 4587960 |  | 1211010  |
| Receivable from Adviser | &nbsp;&nbsp; — |  | 6317 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 127000604 | 937104804 | 9395529 | 9007338  |
| **LIABILITIES:**<br>|  |  |  |  |
|  Payable upon return of securities loaned (See Note 4) | &nbsp;&nbsp; 2733617 | 113047941 | 975687 | 536232  |
| Payable to adviser | &nbsp;&nbsp; 64181 | 394862 |  | 2685  |
| Payable for investments purchased | &nbsp;&nbsp; 43077 | 4709516 |  | 1202362  |
|  Payable for distribution and shareholder servicing fees | &nbsp;&nbsp; — |  | 11604 | —  |
| Payable for compliance fees | &nbsp;&nbsp; — |  | 1546 | —  |
| Payable for custodian fees | &nbsp;&nbsp; — |  | 1918 | —  |
| &nbsp;&nbsp;&nbsp; Payable for fund administration and accounting <br>fees | &nbsp;&nbsp; — |  | 7836 |  |
| Payable for audit fees | &nbsp;&nbsp; — |  | 9832 | —  |
| Payable for expenses and other liabilities | &nbsp;&nbsp; — |  | 5205 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 2840875 | 118152319 | 1013628 | 1741279  |
| **NET ASSETS** | &nbsp;&nbsp; $124159729 | $818952485 | $8381901 | $7266059  |
| **Net Assets Consists of:**<br>|  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $110729641 | $1490469110 | $10412227 | $6395250  |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; 13430088 | (671516625) | (2030326) | 870809  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $124159729 | $818952485 | $8381901 | $7266059  |
| Net assets | &nbsp;&nbsp; $124159729 | $818952485 | $8381901 | $7266059  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 4250000 | 35700000 | 600000 | 300000  |
| Net asset value per share | &nbsp;&nbsp; $29.21 | $22.94 | $13.97 | $24.22  |
| **COST:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $101741347 | $1010799330 | $8970233 | $6837809  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $329 | $124104 | $— | $—  |
| **LOANED SECURITIES:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $2787660 | $110885541 | $930821 | $528340 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Global GO** <br>**GOLD and Precious** <br>**Metal Miners ETF** | **U.S. Global** <br>**Jets ETF** | **U.S. Global Sea** <br>**to Sky Cargo** <br>**ETF** | **U.S. Global** <br>**Technology and** <br>**Aerospace &** <br>**Defense ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $667855 | $4882441 | &nbsp;&nbsp;&nbsp; $386862 | &nbsp;&nbsp;&nbsp; $23879  |
| Securities lending income | &nbsp;&nbsp;&nbsp; 12971 | 59897 | &nbsp;&nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 98  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (75999) | (258239) | &nbsp;&nbsp;&nbsp; (52888) | &nbsp;&nbsp;&nbsp; (1138)  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp; — | (9055) | &nbsp;&nbsp;&nbsp; (359) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income (loss)** | &nbsp;&nbsp;&nbsp; 604827 | 4675044 | &nbsp;&nbsp;&nbsp; 335407 | &nbsp;&nbsp;&nbsp; 22839  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 322463 | 2626310 | &nbsp;&nbsp;&nbsp; 20148 | &nbsp;&nbsp;&nbsp; 9954  |
| Shareholder service costs | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 9117 | &nbsp;&nbsp;&nbsp; —  |
| Fund administration and accounting fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 26524 | &nbsp;&nbsp;&nbsp; —  |
| Compliance fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 4936 | &nbsp;&nbsp;&nbsp; —  |
| Custodian fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 6371 | &nbsp;&nbsp;&nbsp; —  |
| Legal fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp; —  |
| Audit fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 9461 | &nbsp;&nbsp;&nbsp; —  |
| Reports to shareholders | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; —  |
| Trustees' fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 4072 | &nbsp;&nbsp;&nbsp; —  |
| Other expenses and fees | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2281 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 322463 | 2626310 | &nbsp;&nbsp;&nbsp; 85127 | &nbsp;&nbsp;&nbsp; 9954  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (64984) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp;&nbsp; 322463 | 2626310 | &nbsp;&nbsp;&nbsp; 20143 | &nbsp;&nbsp;&nbsp; 9954  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 282364 | 2048734 | &nbsp;&nbsp;&nbsp; 315264 | &nbsp;&nbsp;&nbsp; 12885  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 9917400 | (49212123) | &nbsp;&nbsp;&nbsp; (69208) | &nbsp;&nbsp;&nbsp; (97954)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 14346122 | 87392685 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (74039) | (119280) | &nbsp;&nbsp;&nbsp; (3682) | &nbsp;&nbsp;&nbsp; (1323)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 24189483 | 38061282 | &nbsp;&nbsp;&nbsp; (72890) | &nbsp;&nbsp;&nbsp; (99277)  |
| Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: | Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 21248025 | (124194917) | &nbsp;&nbsp;&nbsp; 361519 | &nbsp;&nbsp;&nbsp; 970558  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; (65) | 11642 | &nbsp;&nbsp;&nbsp; 4097 | &nbsp;&nbsp;&nbsp; 15  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 21247960 | (124183275) | &nbsp;&nbsp;&nbsp; 365616 | &nbsp;&nbsp;&nbsp; 970573  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 45437443 | (86121993) | &nbsp;&nbsp;&nbsp; 292726 | &nbsp;&nbsp;&nbsp; 871296  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $45719807 | $(84073259) | &nbsp;&nbsp;&nbsp; $607990 | &nbsp;&nbsp;&nbsp; $884181 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Global GO GOLD and Precious** <br>**Metal Miners ETF** | **U.S. Global GO GOLD and Precious** <br>**Metal Miners ETF** | **U.S. Global Jets ETF**  | **U.S. Global Jets ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $282364 | $475609 | $2048734 | $7038566  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 24189483 | 14413111 | 38061282 | 27185884  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 21247960 | (2720791) | (124183275) | 278062688  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 45719807 | 12167929 | (84073259) | 312287138  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings |  | (1810692) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | (1810692) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 32148935 | 29367575 | 347988310 | 644445360  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (39101330) | (45531680) | (515910150) | (1572951075)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) | 991 |  | 74467 | 213105  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6951404) | (16164105) | (167847373) | (928292610)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 38768403 | (5806868) | (251920632) | (616005472)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 85391326 | 91198194 | 1070873117 | 1686878589  |
| &nbsp;&nbsp;&nbsp; End of the period | $124159729 | $85391326 | $818952485 | $1070873117  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1150000 | 1500000 | 15800000 | 31100000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1400000) | (2350000) | (22300000) | (77400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (250000) | (850000) | (6500000) | (46300000) |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Global Sea to Sky Cargo ETF** | **U.S. Global Sea to Sky Cargo ETF** | **U.S. Global Technology and** <br>**Aerospace & Defense ETF**  | **U.S. Global Technology and** <br>**Aerospace & Defense ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $315264 | &nbsp;&nbsp; $408387 | $12885 | $43  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (72890) | &nbsp;&nbsp; 152798 | (99277) | —  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 365616 | &nbsp;&nbsp; (402943) | 970573 | (13415)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 607990 | &nbsp;&nbsp; 158242 | 884181 | (13372)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; — | &nbsp;&nbsp; (841448) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; — | &nbsp;&nbsp; (841448) |  | —  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1603361 | &nbsp;&nbsp; 3958297 | 5395250 | 1000000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; (2386460) |  | —  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) | &nbsp;&nbsp; 9753 | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 1613114 | &nbsp;&nbsp; 1571837 | 5395250 | 1000000  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 2221104 | &nbsp;&nbsp; 888631 | 6279431 | 986628  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 6160797 | &nbsp;&nbsp; 5272166 | 986628 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $8381901 | &nbsp;&nbsp; $6160797 | $7266059 | $986628  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 275000 | 250000 | 50000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; (150000) |  | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 125000 | 250000 | 50000 |

---

<sup>(a)</sup> Inception date of the Fund was December 27, 2024.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL GO GOLD AND PRECIOUS METAL MINERS ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $18.98 | $17.05 | $15.55 | $17.88 | $19.84 | $17.45  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.10 | 0.17 | 0.23 | 0.23 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10.17 | 2.23 | 1.50 | (2.32) | (1.96) | 3.54  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;10.23 | 2.33 | 1.67 | (2.09) | (1.73) | 3.61  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — | (0.40) | (0.17) | (0.24) | (0.08) | (0.05)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.15) | (1.18)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — | (0.40) | (0.17) | (0.24) | (0.23) | (1.23)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.01  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $29.21 | $18.98 | $17.05 | $15.55 | $17.88 | $19.84  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 53.96% | 13.66% | 10.67% | -11.67% | -8.72% | 20.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $124160 | $85391 | $91198 | $82424 | $92963 | $108114  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.53% | 0.50% | 1.02% | 1.40% | 1.20% | 0.37%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 62% | 116% | 79% | 106% | 81% | 130% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL JETS ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.38 | $19.06 | $17.09 | $21.09 | $22.36 | $31.50  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 0.12 | 0.01 | (0.02) | (0.12) | (0.05)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (2.49) | 6.20 | 1.96 | (3.98) | (1.01) | (9.08)  |
| &nbsp;&nbsp;&nbsp; **Total from investment** <br>**operations** | &nbsp;&nbsp;&nbsp; (2.44) | 6.32 | 1.97 | (4.00) | (1.13) | (9.13)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; — |  |  |  |  | (0.00)<sup>(c)</sup>  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.14) | (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; — |  |  |  | (0.14) | (0.01)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $22.94 | $25.38 | $19.06 | $17.09 | $21.09 | $22.36  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -9.60% | 33.13% | 11.51% | -18.96% | -5.05% | -28.99%  |
| &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** | &nbsp;&nbsp;&nbsp; **SUPPLEMENTAL DATA AND** <br>**RATIOS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp;&nbsp; $818952 | $1070873 | $1686879 | $1971734 | $3231230 | $2903357  |
|  Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | 0.60% | 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.47% | 0.59% | 0.04% | (0.12)% | (0.50)% | (0.28)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 20% | 40% | 44% | 43% | 54% | 88% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL SEA TO SKY CARGO ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended December 31,**  | **Year Ended December 31,**  | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **2024** | **2023** | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.97 | &nbsp;&nbsp;&nbsp;&nbsp; $15.06 | &nbsp;&nbsp;&nbsp;&nbsp; $13.87 | &nbsp;&nbsp;&nbsp;&nbsp; $20.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.40  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (5.99)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp; (3.59)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp; (2.59)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp;&nbsp; (2.59)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; $13.97 | &nbsp;&nbsp;&nbsp;&nbsp; $12.97 | &nbsp;&nbsp;&nbsp;&nbsp; $15.06 | &nbsp;&nbsp;&nbsp;&nbsp; $13.87  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 7.70% | &nbsp;&nbsp;&nbsp;&nbsp; 2.13% | &nbsp;&nbsp;&nbsp;&nbsp; 19.09% | &nbsp;&nbsp;&nbsp;&nbsp; -17.92%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $8382 | &nbsp;&nbsp;&nbsp;&nbsp; $6161 | &nbsp;&nbsp;&nbsp;&nbsp; $5272 | &nbsp;&nbsp;&nbsp;&nbsp; $4854  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp;&nbsp; 2.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of tax expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp;&nbsp; —%  |
|  Ratio of operational expenses to average net assets excluding tax expense<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 9.39% | &nbsp;&nbsp;&nbsp;&nbsp; 6.37% | &nbsp;&nbsp;&nbsp;&nbsp; 11.29% | &nbsp;&nbsp;&nbsp;&nbsp; 13.55%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp;&nbsp; 133% | &nbsp;&nbsp;&nbsp;&nbsp; 98% | &nbsp;&nbsp;&nbsp;&nbsp; 103% |

---

<sup>(a)</sup> Inception date of the Fund was January 19, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Pursuant to a contractual operating expense limitation between the Adviser and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Operating Expenses do not exceed 0.60% through at least April 30, 2026. To the extent the Fund incurs Excludable Expenses, such as tax expenses, Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement will exceed the applicable expense limitation. See Note 3 in Notes to Financial Statements.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL TECHNOLOGY AND AEROSPACE & DEFENSE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $19.73 | &nbsp;&nbsp;&nbsp; $20.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup>  |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp; (0.27)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp; (0.27)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $24.22 | &nbsp;&nbsp;&nbsp; $19.73  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 22.74% | &nbsp;&nbsp;&nbsp; -1.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $7266 | &nbsp;&nbsp;&nbsp; $987  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.60%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 1.60%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 65% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 27, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

U.S. Global GO GOLD and Precious Metal Miners ETF, U.S. Global Jets ETF, U.S. Global Sea to Sky Cargo ETF, and U.S. Global Technology and Aerospace & Defense ETF (individually each a "Fund" or collectively the "Funds") are non-diversified series of ETF Series Solutions ("ESS" and the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the U.S. Global GO GOLD and Precious Metal Miners ETF is to track the performance, before fees and expenses, of the U.S. Global GO GOLD and Precious Metal Miners Index. The investment objective of the U.S. Global Jets ETF is to track the performance, before fees and expenses, of the U.S. Global Jets Index. The investment objective of the U.S. Global Sea to Sky Cargo ETF is to track the performance, before fees and expenses, of the U.S. Global Sea to Sky Cargo Index. The investment objective of the U.S. Global Technology and Aerospace & Defense ETF is to provide capital appreciation. U.S. Global GO GOLD and Precious Metal Miners ETF commenced operations on June 27, 2017, U.S. Global Jets ETF commenced operations on April 28, 2015, U.S. Global Sea to Sky Cargo ETF commenced operations on January 19, 2022, and U.S. Global Technology and Aerospace & Defense ETF commenced operations on December 27, 2024.

The end of the reporting period for the Funds is June 30, 2025. The period covered by these Notes to Financial Statements is the period from January 1, 2025 through June 30, 2025 (the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance for the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with the accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds that are traded
 on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Markets<sup>®</sup>
 and Nasdaq Capital Market Exchange<sup>®</sup> (collectively, "Nasdaq") are valued at the last reported sale price on
 the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price
 ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent
 quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price
 in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted
 closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current
 exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share as provided by the underlying fund's administrator.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the net asset value of their shares to differ significantly from the net asset value that would be calculated without regard to such considerations.

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks  | $123907053 | $— | $— | $123907053  |
|  Investments Purchased with Proceeds from Securities Lending^^ |  |  |  | 2733617  |
| Money Market Funds | 323770 |  |  | 323770  |
| **Total Investments in Securities** | $124230823 | $— | $— | $126964440 |

---

**U.S. Global Jets ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $815135237 | $— | $— | $815135237  |
|  Investments Purchased with Proceeds from Securities Lending^^ |  |  |  | 113047941  |
| Money Market Funds | 3430019 |  |  | 3430019  |
| **Total Investments in Securities** | $818565256 | $— | $— | $931613197 |

---

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

**U.S. Global Sea to Sky Cargo ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks  | $8218150 | $— | $— | $8218150  |
|  Investments Purchased with Proceeds from Securities Lending^^ |  |  |  | 975687  |
| Money Market Funds | 72006 |  |  | 72006  |
| **Total Investments in Securities** | $8290156 | $— | $— | $9265843 |

---

**U.S. Global Technology and Aerospace & Defense ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $7219667 | $— | $— | $7219667  |
|  Investments Purchased with Proceeds from Securities Lending^^ |  |  |  | 536232  |
| Money Market Funds | 39053 |  |  | 39053  |
| **Total Investments in Securities** | $7258720 | $— | $— | $7794952 |

---

^ See Schedule of Investments for breakout of investments by country classification.

---

| | |
|:---|:---|
| ^^<br>| Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.  |

---

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local
 tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding
 taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign
 exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal
 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Foreign Taxes.* The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized
 capital gains on investments or certain foreign currency transactions.

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Foreign taxes are recorded in accordance with Management's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes
 on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations.
 Interest income is recorded on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities are declared and
 paid by the Funds on an annual basis. Distributions are recorded on the ex-dividend date.

---

| | |
|:---|:---|
| G<br>| *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;H. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassifications of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

The permanent differences primarily relate to redemptions in-kind. For the year ended December 31, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable**<br>**Earnings/**<br>**(Accumulated**<br>**Losses)** | **Paid-In**<br>**Capital**  |
| U.S. Global GO GOLD and Precious Metal Miners ETF | $(12182380) | $12182380  |
| U.S. Global Jets ETF | (98759316) | 98759316  |
| U.S. Global Sea to Sky Cargo ETF | (178951) | 178951  |
| U.S. Global Technology and Aerospace & Defense ETF |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;K. *New Accounting Pronouncement.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds.
 Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements
 and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the current fiscal period, that materially impacted the amounts or disclosures in each Fund's financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

U.S. Global Investors, Inc. (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser also arranges for the transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement for U.S. Global GO GOLD and Precious Metal Miners ETF, U.S. Global Jets ETF, and U.S. Global Technology and Aerospace & Defense ETF, the Adviser has agreed to pay all expenses incurred by the Funds, except: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) expenses. For services provided to the Funds, each Fund pays the Adviser a management fee, calculated daily and paid monthly, at a rate of 0.60% based on the Fund's average daily net assets.

Separately, under an Operating Expenses Limitation, for the U.S. Global Sea to Sky Cargo ETF, the Adviser has agreed to limit the Fund's Operating Expenses to an annual rate of 0.60% of the first $100 million in net assets and 0.70% for net asset greater than $100 million. For purposes of this agreement, the term "Operating Expenses" is defined to include all expenses necessary or appropriate for the operation of the Fund, including the Adviser's management fee, except interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) expenses ("Excluded Expenses"). To the extent the U.S. Global Sea to Sky Cargo ETF incurs Excludable Expenses, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement will exceed the applicable expense limitation. Under the Agreement, the Adviser may request recoupment of previously waived or paid fees from the Fund for up to three years from the date such fees and expenses were waived or paid. As of June 30, 2025, the Adviser has $494,485 remaining available to be recouped, of which $147,726 expires on December 31, 2025, $135,642 expires on December 31, 2026, $146,133 expires on December 31, 2027, and $64,984 expires on December 31, 2028.

Fees and expenses can only be recouped so long as the Fund's total expense ratio does not exceed the lesser of (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

The Indexes that US Global GO GOLD and Precious Metal Miners ETF, US Global Jets ETF, and U.S. Global Sea to Sky Cargo ETF track, were developed by U.S. Global Indices, LLC (the "Index Provider"), a wholly-owned subsidiary of the Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("Fund Services" or "Administrator") acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Funds.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – SECURITIES LENDING** 

The Funds may lend up to 33<sup>1∕3</sup> percent of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. Under the terms of the securities lending agreement, the Funds may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The market value of the loaned securities is determined daily at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned, that may occur during the term of the loan, will be for the account of the Fund. The Fund has the right, under the terms of the securities lending agreement, to recall the securities from the borrower on demand.

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

As of the end of the current fiscal period, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent. The Funds' manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Funds', in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of** <br>**Securities on Loan** | **Collateral** <br>**Received\*** |
| U.S. Global GO GOLD and Precious Metal Miners ETF | $2787660 | $2733617  |
| U.S. Global Jets ETF  | 110885541 | 113047941  |
| U.S. Global Sea to Sky Cargo ETF | 930821 | 975687  |
| U.S. Global Technology and Aerospace & Defense ETF  | 528340 | 536232 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedules of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. 

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The interest income earned by the Funds on the investment of cash collateral received from the borrowers for the securities loaned to them ("Securities lending income") is reflected in the Funds' Statements of Operations. Net Fees and interest income earned on collateral investments and recognized by the Fund during the current fiscal period were as follows:

---

| | |
|:---|:---|
|  | **Net Fees and** <br>**Interest Earned** |
| U.S. Global GO GOLD and Precious Metal Miners ETF | &nbsp;&nbsp; $12971  |
| U.S. Global Jets ETF | &nbsp;&nbsp; 59897  |
| U.S. Global Sea to Sky Cargo ETF  | &nbsp;&nbsp; 1792  |
| U.S. Global Technology and Aerospace & Defense ETF | &nbsp;&nbsp; 98 |

---

**NOTE 5 – PURCHASE AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | $68735007 | $66189249  |
| U.S. Global Jets ETF  | 177381193 | 188045949  |
| U.S. Global Sea to Sky Cargo ETF  | 5225325 | 4408698  |
| U.S. Global Technology and Aerospace & Defense ETF | 2261208 | 2186681 |

---

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind Sales** |
| U.S. Global GO GOLD and Precious Metal Miners ETF | $31930814 | $41428591  |
| U.S. Global Jets ETF  | 323333321 | 477426437  |
| U.S. Global Sea to Sky Cargo ETF | 994919 | —  |
| U.S. Global Technology and Aerospace & Defense ETF | 5321158 |  |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings/(accumulated losses) and cost basis of investments for federal income tax purposes at December 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Global GO** <br>**GOLD and**<br>**Precious Metal** <br>**Miners ETF** | **U.S. Global**<br>**Jets ETF** | **U.S. Global** <br>**Sea to Sky**<br>**Cargo ETF**  | **U.S. Global** <br>**Technology and**<br>**Aerospace &**<br>**Defense ETF**  |
| Tax cost of investments | $88223644 | $1193187799 | $6858931 | &nbsp;&nbsp; $964997  |
| Gross tax unrealized appreciation | $8126314 | $155382845 | $338209 | &nbsp;&nbsp; $489  |
| Gross tax unrealized depreciation | (5969665) | (165709776) | (765505) | &nbsp;&nbsp; (13904)  |
| Total unrealized appreciation/(depreciation) | 2156649 | (10326931) | (427295) | &nbsp;&nbsp; (13415)  |
| Undistributed ordinary income | 625547 | 6660815 | 41886 | &nbsp;&nbsp; 43  |
| Undistributed long-term capital gains |  |  |  | &nbsp;&nbsp; —  |
| Other accumulated gain/(loss) | (35071915) | (583777250) | (2252907) | &nbsp;&nbsp; —  |
| Distributable earnings/(accumulated losses) | $(32289719) | $(587443366) | $(2638316) | &nbsp;&nbsp; $(13372) |

---

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**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

The difference between the cost basis for financial statement and federal income tax purposes was primarily due to the tax deferral of losses from wash sales and mark-to-market on investments in passive foreign investment companies.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. At December 31, 2024, none of the Funds deferred, on a tax-basis, any post-October capital losses or late-year ordinary losses.

As of December 31, 2024, the Funds had the following capital loss carryforward available, with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | $20760422 | $14311493  |
| U.S. Global Jets ETF  | 276418940 | 307358310  |
| U.S. Global Sea to Sky Cargo ETF  | 1051235 | 1201672  |
| U.S. Global Technology and Aerospace & Defense ETF |  |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains**  |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | $1810692 | $—  |
| U.S. Global Jets ETF |  | —  |
| U.S. Global Sea to Sky Cargo ETF  | 841448 | —  |
| U.S. Global Technology and Aerospace & Defense ETF |  |  |

---

The tax character of distributions paid by the Funds during the fiscal year/period ended December 31, 2023 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains**  |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | $899527 | $—  |
| U.S. Global Jets ETF  |  | —  |
| U.S. Global Sea to Sky Cargo ETF  | 445224 | —  |
| U.S. Global Technology and Aerospace & Defense ETF | N/A | N/A |

---

**NOTE 7 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which has no front end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the U.S. Global GO GOLD and Precious Metal

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

Miners ETF is $300, and the standard fixed transaction fee for U.S Global Jets ETF and U.S. Global Sea to Sky Cargo ETF, U.S. Global Technology and Aerospace & Defense ETF is $500, which is payable to the Custodian. The fixed transaction fee may be waived on certain orders if the applicable Fund's Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the costs associated with cash transactions. Variable fees received by each Fund, if any, are displayed in the capital transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

**NOTE 8 – PRINCIPAL RISKS** 

**Gold and Precious Metals Risk. U.S. Global GO GOLD and Precious Metal Miners ETF will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the metals and mining industry. Competitive pressures may have a significant effect on the financial condition of companies in such industry. Also, such companies are highly dependent on the price of certain precious metals. These prices may fluctuate substantially over short periods of time, so the Fund's share price may be more volatile than other types of investments. The prices of precious metals rise and fall in response to many factors, including: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; fluctuations in industrial and commercial supply and demand; government regulation of the metals and materials industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals. The U.S. Global GO GOLD and Precious Metal Miners Index measures the performance of equity securities of Precious Metals Companies and does not measure the performance of direct investment in previous metals. Consequently, the Fund's share price may not move in the same direction and to the same extent as the spot prices of precious metals.** 

**Airline Companies Risk. U.S. Global Jets ETF invests in Airline companies. Airline companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel. Airline companies may also be significantly affected by changes in fuel prices which may be very volatile. Airline companies may also be significantly affected by changes in labor relations and insurance costs.** 

**Cargo Companies Risk. U.S. Global Sea to Sky Cargo ETF is expected to concentrate its investments in the securities of Cargo Companies. Cargo Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for marine shipping, ports, and air freight. Cargo Companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs or trade wars, changes in labor relations or availability, insurance costs, commodities prices in general, international politics and conflicts, changes in airborne or seaborne transportation patterns, changes to marine shipping and air freight routes, weather patterns and events, including hurricane activity, maritime accidents, canal closures, and port congestion. Cargo Companies may also be highly dependent on aircraft, ships, or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft, ships, or equipment (*e.g.*, the inability of a supplier to meet demand or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of Cargo Companies.** 

**Aerospace and Defense Companies Risk. U.S. Global Technology and Aerospace & Defense ETF will invest more than 25% of its net assets in companies in the aerospace & defense industry. Aerospace and defense companies are subject to numerous risks, including fierce competition, consolidation, adverse political, economic and governmental developments, substantial research and development costs, cuts in government funding, product and technology obsolescence, limited numbers of potential customers and decreased demand for new equipment. In addition, companies involved in the commercial aerospace industry are also subject to aircraft order cancellations, changes in aircraft-leasing contracts, excess capacity, cutbacks in profitable business travel, fuel price hikes, labor union settlements, adverse changes in international politics and relations, intense global competition, government regulation and cyclical market patterns. Aerospace and defense companies rely heavily on U.S. Government and other government demand for their products and services. As a result, these companies could be adversely impacted by future reductions or changes in government spending. Such government spending on aerospace and defense is not generally correlated with economic cycles, but rather with general political support for this type of spending. There is no assurance that** 

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)(Continued)** 

future levels of spending on aerospace and defense will increase or that such spending will not decrease in the future. Competition, labor relations and the price of fuel can impact aerospace and defense companies. In addition, deregulation of airlines has substantially decreased the U.S. Government's role in the air transport industry while promoting competition. However, the profitability of individual carriers as well as the entire industry could be impacted by the regulations and policies of various domestic and foreign governments.

**Cybersecurity Companies Risk. U.S. Global Technology and Aerospace & Defense ETF is expected to concentrate its investments in the securities of Cybersecurity Companies. Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cybersecurity companies may have limited product lines, markets, financial resources or personnel. The products of cybersecurity companies may face obsolescence due to rapid technological developments and frequent new product introduction, and such companies may face unpredictable changes in growth rates, competition for the services of qualified personnel and competition from foreign competitors with lower production costs. Companies in the cybersecurity field are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Additionally, companies in the cybersecurity field may be the target of cyber-attacks, which, if successful, could significantly or permanently damage a company's reputation, financial condition and ability to conduct business in the future.** 

**Emerging Markets Risk. U.S. Global Technology and Aerospace & Defense ETF may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in 2value. Less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies.** 

**Concentration Risk. The Funds may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Funds more than the market as a whole, to the extent that the Funds' investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.** 

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Global ETFs** 

**Federal Tax Information** 

(Unaudited)

For the fiscal year ended December 31, 2024, certain dividends paid by the Funds may be subject to the maximum rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| U.S. Global GO GOLD and Precious Metal Miners ETF. | 100.00%  |
| U.S. Global Jets ETF. | 0.00%  |
| U.S. Global Sea to Sky Cargo ETF. | 53.87%  |
| U.S. Global Technology and Aerospace & Defense ETF. | 0.00% |

---

For corporate shareholders, the percentage of ordinary income distributions that qualified for the corporate dividend received deduction for the fiscal year ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| U.S. Global GO GOLD and Precious Metal Miners ETF. | 13.35%  |
| U.S. Global Jets ETF. | 0.00%  |
| U.S. Global Sea to Sky Cargo ETF. | 2.34%  |
| U.S. Global Technology and Aerospace & Defense ETF. | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| U.S. Global GO GOLD and Precious Metal Miners ETF | 0.00%  |
| U.S. Global Jets ETF | 0.00%  |
| U.S. Global Sea to Sky Cargo ETF | 0.00%  |
| U.S. Global Technology and Aerospace & Defense ETF | 0.00% |

---

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. GLOBAL ETFs** 

**FEDERAL TAX CREDIT PASS THROUGH** 

(Unaudited)

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the fiscal year ended December 31, 2024. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable** <br>**Foreign Tax** <br>**Credit Paid**  | **Per Share** <br>**Amount**  | **Portion of** <br>**Ordinary Income** <br>**Distribution** <br>**Derived from** <br>**Foreign Sourced**<br>**Income** |
| U.S. Global GO GOLD and Precious Metal Miners ETF | $129704 | $0.028823 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| U.S. Global Jets ETF  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| U.S. Global Sea to Sky Cargo ETF  | 41143 | 0.117550 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| U.S. Global Technology and Aerospace & Defense ETF  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Global ETFs** 

**ADDITIONAL INFORMATION** 

(Unaudited)

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others** 

Except for the U.S. Global Sea to Sky Cargo ETF, all fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information. Additional information related to the fund expenses, including Trustee compensation, for the U.S. Global Sea to Sky Cargo ETF is available in the Statement of Operations.

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

26<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal
 financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under
 the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
 that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](usgesar-efp17390_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](usgesar-efp17390_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>9/8/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>9/8/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>9/8/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/8/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) |
|  |  | ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer),<br> ETF Series Solutions | Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |

---

Dated: <u>9/8/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.