# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-013658
**Filing Date:** 2025-11
**Character Count:** 69998
**Document Hash:** 8b2fea8c677a1d41379d8f49d0b14fab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013658.hdr.sgml**: 20251114

**ACCESSION NUMBER**: 0000894189-25-013658

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251114

**DATE AS OF CHANGE**: 20251114

**EFFECTIVENESS DATE**: 20251114

**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-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251487783

**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

### Vident International Equity Strategy ETF (Series ID: S000042078)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000130685 | Vident International Equity Strategy ETF | VIDI            |

### Vident U.S. Equity Strategy ETF (Series ID: S000043147)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000133545 | Vident U.S. Equity Strategy ETF | VUSE            |

### Acquirers Small and Micro Deep Value ETF (Series ID: S000046243)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000144551 | Acquirers Small and Micro Deep Value ETF | DEEP            |

### Vident U.S. Bond Strategy ETF (Series ID: S000046801)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000146217 | Vident U.S. Bond Strategy ETF | VBND            |

### Range Cancer Therapeutics ETF (Series ID: S000050740)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000160229 | Range Cancer Therapeutics ETF | CNCR            |

## Internal

<br> REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM <br>To the Shareholders of Acquirers Small and Micro Deep Value ETF and <br> Board of Trustees of ETF Series Solutions <br>In planning and performing our audit of the financial statements of Acquirers Small and Micro Deep Value ETF (formerly Roundhill Acquirers Deep Value ETF) (the "Fund"), a series of ETF Series Solutions, as of and for the year ended August 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. <br>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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 (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements. <br>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. <br>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund's annual or interim financial statements will not be prevented or detected on a timely basis. <br>Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of August 31, 2025. <br>This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. <br>/s/Cohen & Company, LTD.<br> COHEN & COMPANY, LTD. <br> Philadelphia, Pennsylvania <br> October 30, 2025 <br>

## Internal

&nbsp;&nbsp;&nbsp;&nbsp;<br> REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM <br>To the Shareholders of Vident ETFs and <br> Board of Trustees of ETF Series Solutions

In planning and performing our audit of the financial statements of Vident International Equity Strategy ETF, Vident U.S. Bond Strategy ETF, and Vident U.S. Equity Strategy ETF (the "Funds"), each a series of ETF Series Solutions, as of and for the year ended August 31, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds' internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. <br>The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund's internal control over financial reporting is a process designed 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 (GAAP). A fund's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund's assets that could have a material effect on the financial statements. <br>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. <br>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds' annual or interim financial statements will not be prevented or detected on a timely basis. <br>Our consideration of the Funds' internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds' internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of August 31, 2025. <br>This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. <br>/s/Cohen & Company, LTD.<br> COHEN & COMPANY, LTD. <br> Philadelphia, Pennsylvania <br> October 30, 2025 <br>

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001540305

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000046243

**Series ID Record:2**
- **Series ID:** S000042078

**Series ID Record:3**
- **Series ID:** S000043147

**Series ID Record:4**
- **Series ID:** S000046801

**Series ID Record:5**
- **Series ID:** S000050740

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-08-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** ETF Series Solutions

- **Item B.1.b - Investment Company Act file number:** 811-22668

- **Item B.1.c - CIK:** 0001540305

- **Item B.1.d - LEI:** 5493008BB0X0GYS3UI50

- **Item B.2.a - Street 1:** c/o U.S. Bancorp Fund Services LLC

- **Item B.2.a - Street 2:** 615 East Michigan Street

- **Item B.2.b - City:** Milwaukee

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53202

- **Item B.2.f - Telephone:** 4145161645

- **Item B.2.g - Public Website:** https://acquirersdeep.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services LLC

- **b. Street 1:** 615 East Michigan Street

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank National Association

- **b. Street 1:** 1555 N. Rivercenter Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Quasar Distributors, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** ClearShares LLC

- **b. Street 1:** 606 Bald Eagle Drive

- **Street 2:** Suite 608

- **c. City:** Marco Island

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 34145

- **g. Telephone number:** 2122920959

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO, OPER and PIFI only.

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Vident Asset Management

- **b. Street 1:** 1125 Sanctuary Parkway

- **Street 2:** Suite 515

- **c. City:** Alpharetta

- **d. State, if applicable:** GA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 30009

- **g. Telephone number:** 4042671501

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for certain Series within the Registrant.

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Little Harbor Advisors, LLC

- **b. Street 1:** 30 Doaks Lane

- **c. City:** Marblehead

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 01945

- **g. Telephone number:** 7816393000

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSTB, RMIF and MSTQ only.

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Exchange Traded Concepts, LLC

- **b. Street 1:** 10900 Hefner Pointe Drive

- **Street 2:** Suite 400

- **c. City:** Oklahoma City

- **d. State, if applicable:** OK

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 73120

- **g. Telephone number:** 4057788377

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for DEEP, RITA, and NETL only.

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Penserra Capital Management LLC

- **b. Street 1:** 4 Orinda Way

- **Street 2:** Suite 100-A

- **c. City:** Orinda

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94563

- **g. Telephone number:** 8004568850

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Defiance ETFs, LLC

- **b. Street 1:** 78 SW 7th Street

- **Street 2:** 9th Floor

- **c. City:** Miami

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33130

- **g. Telephone number:** 8333339383

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for SIXG and QTUM only.

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Tidal Investments, LLC

- **b. Street 1:** 234 West Florida Street

- **Street 2:** Suite 203

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53204

- **g. Telephone number:** 8449867676

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for ZIG only.

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Advisors Asset Management, Inc.

- **b. Street 1:** 18925 Base Camp Road

- **Street 2:** Suite 203

- **c. City:** Monument

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80132

- **g. Telephone number:** 7194889956

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for SPDV, PFLD, BDIV, LODI, SAWG, SAWS, TIIV and TRFM only.

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** U.S. Global Investors, Inc.

- **b. Street 1:** 7900 Callaghan Road

- **c. City:** San Antonio

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 78229

- **g. Telephone number:** 2103081294

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for JETS, GOAU, SEA and WAR only.

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Acquirers Funds, LLC

- **b. Street 1:** 609 Deep Valley Drive

- **Street 2:** Suite 200

- **c. City:** Rolling Hills

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90274

- **g. Telephone number:** 6465358629

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for ZIG only.

**Location books Record: 14**

- **a. Name of person (e.g., a custodian of records):** Point Bridge Capital, LLC

- **b. Street 1:** 300 Throckmorton Street

- **Street 2:** Suite 1550

- **c. City:** Fort Worth

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 76102

- **g. Telephone number:** 8175294600

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MAGA only.

**Location books Record: 15**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services, LLC

- **b. Street 1:** Three Canal Plaza

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 16**

- **a. Name of person (e.g., a custodian of records):** Aptus Capital Advisors, LLC

- **b. Street 1:** 265 Young Street

- **c. City:** Fairhope

- **d. State, if applicable:** AL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 36532

- **g. Telephone number:** 2515177198

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OSCV, ADME, DRSK, IDUB, MSMR, JUCY, DUBS, UPSD, DEFR and ACIO only.

**Location books Record: 17**

- **a. Name of person (e.g., a custodian of records):** Distillate Capital Partners LLC

- **b. Street 1:** 53 West Jackson Blvd

- **Street 2:** Suite 530

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60604

- **g. Telephone number:** 8006170004

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for DSTL, DSTX, and DSMC only.

**Location books Record: 18**

- **a. Name of person (e.g., a custodian of records):** Hoya Capital Real Estate LLC

- **b. Street 1:** 137 Rowayton Avenue

- **Street 2:** Suite 430

- **c. City:** Rowayton

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06853

- **g. Telephone number:** 8334692227

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for HOMZ and RIET only.

**Location books Record: 19**

- **a. Name of person (e.g., a custodian of records):** Beyond Investing LLC

- **b. Street 1:** 14391 Spring Hill Drive

- **Street 2:** Suite 301

- **c. City:** Spring Hill

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 34609

- **g. Telephone number:** 8443299300

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for VEGN only.

**Location books Record: 20**

- **a. Name of person (e.g., a custodian of records):** ALPS Distributors, Inc

- **b. Street 1:** 1290 Broadway

- **Street 2:** Suite 1000

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** 3036232577

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for PPTY, AKAF, VIDI, VUSE and VBND only.

**Location books Record: 21**

- **a. Name of person (e.g., a custodian of records):** Bahl & Gaynor, Inc.

- **b. Street 1:** 255 East Fifth Street

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45202

- **g. Telephone number:** 5132876100

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for BGDV, SCDV, SMIG and BGIG only.

**Location books Record: 22**

- **a. Name of person (e.g., a custodian of records):** McElhenny Sheffield Capital Management LLC

- **b. Street 1:** 4701 W. Lovers Lane

- **c. City:** Dallas

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 75209

- **g. Telephone number:** 2149229200

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSMR only.

**Location books Record: 23**

- **a. Name of person (e.g., a custodian of records):** Grimes & Company, Inc.

- **b. Street 1:** 110 Turnpike Road

- **Street 2:** Suite 100

- **c. City:** Westborough

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 01581

- **g. Telephone number:** 5083663883

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for RMIF only.

**Location books Record: 24**

- **a. Name of person (e.g., a custodian of records):** Blueprint Investment Partners LLC

- **b. Street 1:** 1250 Revolution Mill Drive

- **Street 2:** Suite 150

- **c. City:** Greensboro

- **d. State, if applicable:** NC

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 27405

- **g. Telephone number:** 8002457339

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO only.

**Location books Record: 25**

- **a. Name of person (e.g., a custodian of records):** Piton Investment Management, L.P.

- **b. Street 1:** 401 Franklin Avenue

- **Street 2:** Suite 202B

- **c. City:** Garden City

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11530

- **g. Telephone number:** 6465182800

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OPER and PIFI only.

**Location books Record: 26**

- **a. Name of person (e.g., a custodian of records):** Vest Financial LLC

- **b. Street 1:** 8350 Broad Street

- **Street 2:** Suite 240

- **c. City:** McLean

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 22102

- **g. Telephone number:** 8559796060

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for RYSE and HYKE only.

**Location books Record: 27**

- **a. Name of person (e.g., a custodian of records):** The Milwaukee Company

- **b. Street 1:** 414 N Main Street

- **c. City:** Thiensville

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53092

- **g. Telephone number:** 2622386980

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for TBFG and TBFC only.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 54

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Leonard M. Rush    | No                      | 811-22525                               |
| David A. Massart   | No                      | 811-22525                               |
| Janet D. Olsen     | No                      | N/A                                     |
| Michael A. Castino | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Cynthia Andrae

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** c/o U.S. Bancorp Fund Services LLC

- **   Street Address 2:** 615 E. Michigan Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                                   | Series ID   |
|:---|:---|
| Nationwide Nasdaq-100 Risk-Managed Income ETF | S000067096  |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Quasar Distributors, LLC

- **ii. SEC file number:** 8-52323

- **iii. CRD number:** 000103848

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** Foreside Funds Distributors LLC

- **ii. SEC file number:** 8-32480

- **iii. CRD number:** 000031334

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 3**

- **i. Full name:** ALPS Distributors, Inc

- **ii. SEC file number:** 8-34626

- **iii. CRD number:** 000016853

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 00925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Acquirers Small and Micro Deep Value ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Acquirers Small and Micro Deep Value ETF

- **b. Series identification number, if any:** S000046243

- **c. LEI:** 549300F4XPMKEHF8KP37

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Acquirers Small and Micro Deep Value ETF | C000144551                                | DEEP                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Exchange Traded Concepts, LLC

- **ii. SEC file number:** 801-70485

- **iii. CRD number:** 000151197

- **iv. LEI, if any:** 549300BB5DRIKK8VVV91

- **v. State, if applicable:** OK

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

- **ii. SEC file number:** 008-07221

- **iii. CRD number:** 000007691

- **iv. LEI, if any:** 8NAV47T0Y26Q87Y0QP81

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $61,789.00

**Brokers Record: 2**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $81.00

**Aggregate Commission:** $61,870.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $27,723,945.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 2 - Vident International Equity Strategy ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Vident International Equity Strategy ETF

- **b. Series identification number, if any:** S000042078

- **c. LEI:** 5493004M2YRI1LYU4Y95

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Vident International Equity Strategy ETF | C000130685                                | VIDI                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** VIDENT ASSET MANAGEMENT

- **ii. SEC file number:** 801-114538

- **iii. CRD number:** 000286662

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** ITG INC.

- **ii. SEC file number:** 008-44218

- **iii. CRD number:** 000029299

- **iv. LEI, if any:** 549300S41SMIODVIT266

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $79,593.00

**Brokers Record: 2**

- **i. Full name of broker:** KCG SECURITIES, LLC

- **ii. SEC file number:** 008-68357

- **iii. CRD number:** 000151300

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** UT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $55,744.00

**Brokers Record: 3**

- **i. Full name of broker:** BTIG, LLC

- **ii. SEC file number:** 008-65473

- **iii. CRD number:** 000122225

- **iv. LEI, if any:** 549300GTG9PL6WO3EC51

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $32,443.00

**Brokers Record: 4**

- **i. Full name of broker:** ABN AMRO SECURITIES (USA) LLC

- **ii. SEC file number:** 008-68398

- **iii. CRD number:** 000151796

- **iv. LEI, if any:** 549300FIFV1CB6HD9A14

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,294.00

**Brokers Record: 5**

- **i. Full name of broker:** CITIGROUP GLOBAL MARKETS INC.

- **ii. SEC file number:** 008-08177

- **iii. CRD number:** 000007059

- **iv. LEI, if any:** MBNUM2BPBDO7JBLYG310

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $26,313.00

**Brokers Record: 6**

- **i. Full name of broker:** BNP PARIBAS SECURITIES CORP.

- **ii. SEC file number:** 008-32682

- **iii. CRD number:** 000015794

- **iv. LEI, if any:** RCNB6OTYUAMMP879YW96

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,289.69

**Brokers Record: 7**

- **i. Full name of broker:** KOREA INVESTMENT & SECURITIES AMERICA INC.

- **ii. SEC file number:** 008-52615

- **iii. CRD number:** 000104158

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,527.38

**Brokers Record: 8**

- **i. Full name of broker:** MIRAE ASSET SECURITIES (USA) INC.

- **ii. SEC file number:** 008-45034

- **iii. CRD number:** 000030679

- **iv. LEI, if any:** 25490087B4GFZLJZE912

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $20,010.28

**Brokers Record: 9**

- **i. Full name of broker:** VIRTU FINANCIAL CAPITAL MARKETS LLC

- **ii. SEC file number:** 008-51262

- **iii. CRD number:** 000045986

- **iv. LEI, if any:** 5493006FX0HRYU3G2R47

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,826.46

**Brokers Record: 10**

- **i. Full name of broker:** GOLDMAN SACHS & CO. LLC

- **ii. SEC file number:** 008-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,712.14

**Aggregate Commission:** $335,880.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| ABN AMRO SECURITIES (USA) LLC | 008-68398         |    000151796 | 549300FIFV1CB6HD9A14 | NY      | US        | $3.00                     |
| U.S. BANCORP INVESTMENTS INC. | 008-35359         |    000017868 | H85Z6XZP8B10ES0M2G89 | MN      | US        | $2.00                     |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $5.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $345,252,018.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 3 - Vident U.S. Equity Strategy ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Vident U.S. Equity Strategy ETF

- **b. Series identification number, if any:** S000043147

- **c. LEI:** 549300AZ81M6116DZI53

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Vident Core US Equity Strategy ETF | C000133545                                | VUSE                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** VIDENT ASSET MANAGEMENT

- **ii. SEC file number:** 801-114538

- **iii. CRD number:** 000286662

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** VIRTU AMERICAS LLC

- **ii. SEC file number:** 008-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $68,467.00

**Brokers Record: 2**

- **i. Full name of broker:** RBC CAPITAL MARKETS, LLC

- **ii. SEC file number:** 008-45411

- **iii. CRD number:** 000031194

- **iv. LEI, if any:** 549300LCO2FLSSVFFR64

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1.00

**Aggregate Commission:** $143,667.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $592,278,518.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

### Management Investment Record: 4 - Vident U.S. Bond Strategy ETF

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Vident U.S. Bond Strategy ETF

- **b. Series identification number, if any:** S000046801

- **c. LEI:** 549300MY3MRI7YFRFJ97

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class         | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Vident U.S. Bond Strategy ETF | C000146217                                | VBND                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 6c-11 (17 CFR 270.6c-11)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** VIDENT ASSET MANAGEMENT

- **ii. SEC file number:** 801-114538

- **iii. CRD number:** 000286662

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** GA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. SEC file number:** 85-11357

- **iii. LEI, if any:** N1GZ7BBF3NP8GI976H15

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Pricing & Reference Data, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** 5493000NQ9LYLDBCTL34

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** U.S. Bancorp Fund Services, LLC

- **ii. LEI, if any, or other identifying number:** N1GZ7BBF3NP8GI976H15

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| WELLS FARGO SECURITIES, LLC         | 008-65876         |    000126292 | VYVVCKR63DVZZN70PB21 | NC      | US        | $591,370,925.00           |
| JANE STREET EXECUTION SERVICES, LLC | 008-69254         |    000167280 | 549300HXJLXCPDWAH070 | NY      | US        | $463,306,544.00           |
| GOLDMAN SACHS & CO. LLC             | 008-00129         |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $318,564,629.00           |
| BOFAML SECURITIES, INC.             | 008-69787         |    000283942 | 549300HN4UKV1E2R3U73 | NY      | US        | $85,400,970.00            |
| OLD MISSION MARKETS LLC             | 008-69691         |    000281867 | 5493003UFGIEMN1POL71 | IL      | US        | $31,900,297.00            |
| PERSHING LLC                        | 008-17574         |    000007560 | ZI8Q1A8EI8LQFJNM0D94 | NJ      | US        | $9,717,958.00             |
| MORGAN STANLEY & CO. LLC            | 008-15869         |    000008209 | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $677,467.00               |
| CITADEL SECURITIES LLC              | 008-53574         |    000116797 | 12UUJYTN7D3SW8KCSG25 | IL      | US        | $96,410.00                |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,501,035,200.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $453,307,208.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

### Acquirers Small and Micro Deep Value ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** DEEP

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $0.00            | $4,794,905.00  |
| VIRTU AMERICAS LLC                        | $3,266,960.00    | $1,639,960.00  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 50,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 1.27%

- **c.i. Average percentage of value composed of cash (redeemed):** 0.42%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $300.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** Yes

### Vident International Equity Strategy ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** VIDI

**Item E.2 - Authorized Participants**

| Name                       | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC | $2,490,790.00    | $33,073,470.00 |
| VIRTU AMERICAS LLC         | $2,966,280.00    | $2,885,250.00  |
| UBS SECURITIES LLC         | $0.00            | $5,187,900.00  |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 100,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 67.75%

- **c.i. Average percentage of value composed of cash (redeemed):** -27.16%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $5,000.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Vident U.S. Equity Strategy ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** VUSE

**Item E.2 - Authorized Participants**

| Name                                      | Purchase Value   | Redeem Value    |
|:---|:---|:---|
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $12,488,588.00   | $19,541,623.00  |
| VIRTU AMERICAS LLC                        | $144,336,160.00  | $161,522,185.00 |
| RBC CAPITAL MARKETS, LLC                  | $0.00            | $2,856,645.00   |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 25,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 9.40%

- **c.i. Average percentage of value composed of cash (redeemed):** -0.20%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

### Vident U.S. Bond Strategy ETF

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** VBND

**Item E.2 - Authorized Participants**

| Name                                               | Purchase Value   | Redeem Value   |
|:---|:---|:---|
| J.P. MORGAN SECURITIES LLC                         | $21,720,400.00   | $8,645,760.00  |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $4,302,960.00    | $0.00          |
| GOLDMAN SACHS & CO. LLC                            | $4,333,910.00    | $0.00          |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 100,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 8.87%

- **c.i. Average percentage of value composed of cash (redeemed):** -9.91%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $500.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.00%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** ETF Series Solutions

**Date:** 2025-11-14

**Signature:** /s/ Kristen Weitzel

**Title:** Treasurer