# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-009679
**Filing Date:** 2025-9
**Character Count:** 102747
**Document Hash:** 99a0f98e9c20358bb2f53b660d7e9e49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009679.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001133228-25-009679

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**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:** 251302231

**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

### Bahl & Gaynor Small/Mid Cap Income Growth ETF (Series ID: S000072560)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000228893 | Bahl & Gaynor Small/Mid Cap Income Growth ETF | SMIG            |

### Bahl & Gaynor Income Growth ETF (Series ID: S000081227)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243899 | Bahl & Gaynor Income Growth ETF | BGIG            |

### Bahl & Gaynor Small Cap Dividend ETF (Series ID: S000089193)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000255707 | Bahl & Gaynor Small Cap Dividend ETF | SCDV            |

### Bahl & Gaynor Dividend ETF (Series ID: S000089194)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000255708 | Bahl & Gaynor Dividend ETF | BGDV            |

?xml version='1.0' encoding='ASCII'? 2025-07-03192195_Bahl-GaynorDividendETF_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>**

**ETF Series Solutions**

(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](img99135_202408211223165.jpg) | **Bahl & Gaynor Dividend ETF**  | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | BGDV (Principal U.S. Listing Exchange: NYSE) | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62547_202501131912500.jpg) |

---

This semi-annual shareholder report contains important information about the Bahl & Gaynor Dividend ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://etf.bahl-gaynor.com/bgdv/. You can also request this information by contacting us at (855) 994-1711.

**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** **\*** |
| Bahl & Gaynor Dividend ETF | $23 | 0.45% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $657394963 |
| **Number of Holdings** | 58 |
| **Net Advisory Fee** | $1441228 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 1.20% |
| **30-Day SEC Yield Unsubsidized** | 1.20% |

---

Visit https://etf.bahl-gaynor.com/bgdv/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Broadcom, Inc.  | 6.4% |
|  Taiwan Semiconductor Manufacturing Company, Ltd.  | 5.1% |
|  Eli Lilly & Company  | 4.6% |
|  Broadridge Financial Solutions, Inc.  | 3.9% |
|  Cintas Corporation  | 3.6% |
|  Motorola Solutions, Inc.  | 3.6% |
|  TJX Companies, Inc.  | 3.4% |
|  Marsh & McLennan Companies, Inc.  | 3.2% |
|  AbbVie, Inc.  | 2.8% |
|  Williams Companies, Inc.  | 2.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 21.1% |
|  Industrials  | 18.9% |
|  Financials  | 17.4% |
|  Health Care  | 13.7% |
|  Consumer Staples  | 6.3% |
|  Energy  | 6.0% |
|  Consumer Discretionary  | 5.8% |
|  Communication Services  | 4.6% |
|  Utilities  | 4.2% |
|  Cash & Other  | 2.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund aims to distribute all Net Investment Income, calculated as Total Investment Income generated by the Fund's investments less Total Fund Expenses.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etf.bahl-gaynor.com/bgdv/.

------

**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 Bahl & Gaynor, Inc. documents not be householded, please contact Bahl & Gaynor, Inc. at (855) 994-1711, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bahl & Gaynor, Inc. or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img99135_202408211223165.jpg) | **Bahl & Gaynor Income Growth ETF**  | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | BGIG (Principal U.S. Listing Exchange: NYSE) | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62547_202501131912500.jpg) |

---

This semi-annual shareholder report contains important information about the Bahl & Gaynor Income Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://etf.bahl-gaynor.com/bgig/. You can also request this information by contacting us at (855) 994-1711.

**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** **\*** |
| Bahl & Gaynor Income Growth ETF | $23 | 0.45% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $248657109 |
| **Number of Holdings** | 55 |
| **Net Advisory Fee** | $429262 |
| **Portfolio Turnover** | 13% |
| **30-Day SEC Yield** | 2.14% |
| **30-Day SEC Yield Unsubsidized** | 2.14% |

---

Visit https://etf.bahl-gaynor.com/bgig/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Broadcom, Inc.  | 6.6% |
|  Eli Lilly & Company  | 4.5% |
|  Williams Companies, Inc.  | 4.2% |
|  AbbVie, Inc.  | 4.1% |
|  Microsoft Corporation  | 4.0% |
|  Johnson & Johnson  | 4.0% |
|  Procter & Gamble Company  | 3.5% |
|  Mondelez International, Inc.  | 3.5% |
|  JPMorgan Chase & Company  | 3.4% |
|  Travelers Companies, Inc.  | 3.3% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Information Technology  | 18.9% |
|  Health Care  | 15.9% |
|  Financials  | 14.8% |
|  Industrials  | 12.6% |
|  Energy  | 10.8% |
|  Consumer Staples  | 9.7% |
|  Utilities  | 6.9% |
|  Consumer Discretionary  | 5.3% |
|  Real Estate  | 3.1% |
|  Cash & Other  | 2.0% |

---

**MANAGED DISTRIBUTIONS**

The Fund seeks to generate meaningful current income that grows over time. The Fund aims to distribute all Net Investment Income, calculated as Total Investment Income generated by the Fund's investments less Total Fund Expenses. To date, the Fund's distribution policy has not resulted in a distribution of capital.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etf.bahl-gaynor.com/bgig/.

------

**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 Bahl & Gaynor, Inc. documents not be householded, please contact Bahl & Gaynor, Inc. at (855) 994-1711, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bahl & Gaynor, Inc. or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img99135_202408211223165.jpg) | **Bahl & Gaynor Small Cap Dividend ETF**  | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | SCDV (Principal U.S. Listing Exchange: NYSE) | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62547_202501131912500.jpg) |

---

This semi-annual shareholder report contains important information about the Bahl & Gaynor Small Cap Dividend ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://etf.bahl-gaynor.com/scdv/. You can also request this information by contacting us at (855) 994-1711.

**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** **\*** |
| Bahl & Gaynor Small Cap Dividend ETF | $35 | 0.70% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $110322972 |
| **Number of Holdings** | 48 |
| **Net Advisory Fee** | $349283 |
| **Portfolio Turnover** | 11% |
| **30-Day SEC Yield** | 0.61% |
| **30-Day SEC Yield Unsubsidized** | 0.61% |

---

Visit https://etf.bahl-gaynor.com/scdv/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Ensign Group, Inc.  | 6.8% |
|  Curtiss-Wright Corporation  | 6.2% |
|  Federal Signal Corporation  | 5.0% |
|  Evercore, Inc.  | 4.6% |
|  Chemed Corporation  | 4.4% |
|  Victory Capital Holdings, Inc.  | 4.3% |
|  Gildan Activewear, Inc.  | 4.2% |
|  Tetra Tech, Inc.  | 4.2% |
|  BWX Technologies, Inc.  | 4.1% |
|  MSA Safety, Inc.  | 3.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 32.2% |
|  Health Care  | 18.3% |
|  Financials  | 13.0% |
|  Consumer Discretionary  | 9.2% |
|  Consumer Staples  | 7.2% |
|  Materials  | 5.8% |
|  Information Technology  | 4.7% |
|  Utilities  | 3.2% |
|  Communication Services  | 2.5% |
|  Cash & Other  | 3.9% |

---

**MANAGED DISTRIBUTIONS**

The Fund aims to distribute all Net Investment Income, calculated as Total Investment Income generated by the Fund's investments less Total Fund Expenses.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etf.bahl-gaynor.com/scdv/.

------

**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 Bahl & Gaynor, Inc. documents not be householded, please contact Bahl & Gaynor, Inc. at (855) 994-1711, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bahl & Gaynor, Inc. or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img99135_202408211223165.jpg) | **Bahl & Gaynor Small/Mid Cap Income** **Growth ETF**  | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | SMIG (Principal U.S. Listing Exchange: NYSE) | ![image](img62547_202501131912500.jpg) |
| ![image](img99135_202408211223165.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62547_202501131912500.jpg) |

---

This semi-annual shareholder report contains important information about the Bahl & Gaynor Small/Mid Cap Income Growth ETF for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://etf.bahl-gaynor.com/smig/. You can also request this information by contacting us at (855) 994-1711.

**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** **\*** |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $30 | 0.60% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $1088244388 |
| **Number of Holdings** | 49 |
| **Net Advisory Fee** | $2754661 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 1.85% |
| **30-Day SEC Yield Unsubsidized** | 1.85% |

---

Visit https://etf.bahl-gaynor.com/smig/ for more recent performance information.

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Broadridge Financial Solutions, Inc.  | 4.7% |
|  Victory Capital Holdings, Inc.  | 4.5% |
|  Hartford Insurance Group, Inc.  | 4.4% |
|  Snap-on, Inc.  | 4.2% |
|  Targa Resources Corporation  | 4.2% |
|  Hubbell, Inc.  | 4.1% |
|  DT Midstream, Inc.  | 3.6% |
|  Evercore, Inc.  | 3.5% |
|  NiSource, Inc.  | 3.5% |
|  Packaging Corporation of America  | 3.4% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net** **Assets)** |
|  Industrials  | 21.1% |
|  Financials  | 19.7% |
|  Utilities  | 9.4% |
|  Energy  | 9.0% |
|  Materials  | 8.7% |
|  Consumer Discretionary  | 7.8% |
|  Health Care  | 7.5% |
|  Real Estate  | 5.6% |
|  Information Technology  | 5.6% |
|  Cash & Other  | 5.6% |

---

**MANAGED DISTRIBUTIONS**

The Fund seeks to generate meaningful current income that grows over time. The Fund aims to distribute all Net Investment Income, calculated as Total Investment Income generated by the Fund's investments less Total Fund Expenses. To date, the Fund's distribution policy has not resulted in a distribution of capital.

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://etf.bahl-gaynor.com/smig/.

**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 Bahl & Gaynor, Inc. documents not be householded, please contact Bahl & Gaynor, Inc. at (855) 994-1711, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Bahl & Gaynor, Inc. or your financial intermediary.

------

&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) ![](bahllogo.jpg)

**Bahl & Gaynor Dividend ETF (Ticker: BGDV)** 

**Bahl & Gaynor Income Growth ETF (Ticker: BGIG)** 

**Bahl & Gaynor Small Cap Dividend ETF (Ticker: SCDV)** 

**Bahl & Gaynor Small/Mid Cap Income Growth ETF (Ticker: SMIG)**

Semi-Annual Financial Statements and Additional Information

June 30, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch) |  |
| &nbsp;&nbsp;&nbsp; [Bahl & Gaynor Dividend ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Bahl & Gaynor Income Growth ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [Bahl & Gaynor Small Cap Dividend ETF](#soi3) | [4](#soi3) |
| &nbsp;&nbsp;&nbsp; [Bahl & Gaynor Small/Mid Cap Income Growth 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](#fti) | [21](#fti) |
| [Additional Information](#addinf) | [22](#addinf) |

---

------

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

**Bahl & Gaynor Dividend ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%** <br>|  |  |
| **Communication Services - 4.6%** <br>|  |  |
| Alphabet, Inc. - Class A | 74677 | $13160328  |
| Meta Platforms, Inc. - Class A | 23466 | 17320020  |
|  |  | 30480348  |
| **Consumer Discretionary - 5.8%**<br>|  |  |
| DR Horton, Inc. | 28282 | 3646115  |
| Home Depot, Inc. | 32961 | 12084821  |
| TJX Companies, Inc. | 179388 | 22152624  |
|  |  | 37883560  |
| **Consumer Staples - 6.3%**<br>|  |  |
| Keurig Dr Pepper, Inc. | 181488 | 5999993  |
| Mondelez International, Inc. - Class A | 272985 | 18410109  |
| Procter & Gamble Company | 49154 | 7831215  |
| Walmart, Inc. | 91990 | 8994782  |
|  |  | 41236099  |
| **Energy - 6.0%**<br>|  |  |
| Chevron Corporation | 37201 | 5326811  |
| Targa Resources Corporation | 91085 | 15856077  |
| Williams Companies, Inc. | 293175 | 18414322  |
|  |  | 39597210  |
| **Financials - 17.4%**<br>|  |  |
| Apollo Global Management, Inc. | 89440 | 12688853  |
| Cboe Global Markets, Inc. | 28036 | 6538276  |
| CME Group, Inc. | 14375 | 3962037  |
| Evercore, Inc. - Class A | 26640 | 7193333  |
| Hartford Insurance Group, Inc. | 134946 | 17120599  |
| JPMorgan Chase & Company | 44543 | 12913461  |
| KKR & Company, Inc. | 67906 | 9033535  |
| Marsh & McLennan Companies, Inc. | 95505 | 20881213  |
| Reinsurance Group of America, Inc. | 71753 | 14232925  |
| Travelers Companies, Inc. | 36303 | 9712505  |
|  |  | 114276737  |
| **Health Care - 13.7%**<br>|  |  |
| AbbVie, Inc. | 99791 | 18523206  |
| Eli Lilly & Company | 38378 | 29916802  |
| Encompass Health Corporation | 65059 | 7978185  |
| Stryker Corporation | 28430 | 11247761  |
| UnitedHealth Group, Inc. | 48576 | 15154255  |
| Zoetis, Inc. | 47814 | 7456593  |
|  |  | 90276802  |
| **Industrials - 18.9%**<br>|  |  |
|  Booz Allen Hamilton Holding Corporation | 84717 | 8821581  |
| Broadridge Financial Solutions, Inc. | 105088 | 25539537  |
| Carlisle Companies, Inc. | 38243 | 14279936  |
| Carrier Global Corporation | 93811 | 6866027  |
| Cintas Corporation | 106688 | 23777554  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Hubbell, Inc. | 19149 | $7820643  |
| L3Harris Technologies, Inc. | 26581 | 6667578  |
| Parker-Hannifin Corporation | 12121 | 8466155  |
| Snap-on, Inc. | 20831 | 6482191  |
| Waste Management, Inc. | 68869 | 15758605  |
|  |  | 124479807  |
| **Information Technology - 21.1%**<br>|  |  |
| Accenture PLC - Class A | 26087 | 7797143  |
| Analog Devices, Inc. | 43900 | 10449078  |
| Broadcom, Inc. | 153465 | 42302627  |
| Motorola Solutions, Inc. | 56360 | 23697126  |
| Oracle Corporation | 52922 | 11570337  |
|  Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | 148942 | 33733874  |
| Western Digital Corporation | 138381 | 8855000  |
|  |  | 138405185  |
| **Materials - 1.8%**<br>|  |  |
| Air Products and Chemicals, Inc. | 13537 | 3818246  |
| Avery Dennison Corporation | 44830 | 7866320  |
|  |  | 11684566  |
| **Utilities - 4.2%**<br>|  |  |
| CMS Energy Corporation | 80813 | 5598724  |
| NextEra Energy, Inc. | 190059 | 13193896  |
| Sempra | 119671 | 9067472  |
|  |  | 27860092  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $569,839,501)** |  | 656180406  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **U.S. Treasury Bills - 0.3%**<br>|  |  |
| 4.27%, 08/14/2025<sup>(a)</sup> | $275000 | 273555  |
| 4.21%, 08/21/2025<sup>(a)</sup> | 34000 | 33792  |
| 4.23%, 08/28/2025<sup>(a)</sup> | 90000 | 89374  |
| 4.22%, 09/04/2025<sup>(a)</sup> | 110000 | 109156  |
| 4.24%, 09/11/2025<sup>(a)</sup> | 394000 | 390664  |
| 4.22%, 09/18/2025<sup>(a)</sup> | 392000 | 388376  |
| 4.16%, 09/25/2025<sup>(a)</sup> | 191000 | 189091  |
| 4.18%, 09/30/2025<sup>(a)</sup> | 338000 | 334414  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,808,631)** |  | 1808422  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $571,648,132)** |  | $657988828  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (593865)  |
| **TOTAL NET ASSETS - 100.0%** |  | $657394963 |

---

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

1<br>

------

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

**Bahl & Gaynor Dividend ETF** 

**Schedule of Investments** 

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

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Zero coupon bond, the rate shown is the annualized yield as of June 30, 2025.

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

2<br>

------

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

**Bahl & Gaynor Income Growth ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS – 99.7%** <br>|  |  |
| **Consumer Discretionary - 5.3%** <br>|  |  |
| Home Depot, Inc. | 16980 | $6225547  |
| McDonald's Corporation | 23850 | 6968255  |
|  |  | 13193802  |
| **Consumer Staples - 9.7%**<br>|  |  |
| Keurig Dr Pepper, Inc. | 98683 | 3262460  |
| Mondelez International, Inc. - Class A | 127901 | 8625643  |
| PepsiCo, Inc. | 26059 | 3440830  |
| Procter & Gamble Company | 55177 | 8790800  |
|  |  | 24119733  |
| **Energy - 10.8%**<br>|  |  |
| Chevron Corporation | 38724 | 5544890  |
| Exxon Mobil Corporation | 42539 | 4585704  |
| Kinder Morgan, Inc. | 93364 | 2744902  |
| ONEOK, Inc. | 28214 | 2303109  |
| Phillips 66 | 10035 | 1197175  |
| Williams Companies, Inc. | 167526 | 10522308  |
|  |  | 26898088  |
| **Financials - 14.8%**<br>|  |  |
| CME Group, Inc. | 15227 | 4196866  |
| Hartford Insurance Group, Inc. | 27157 | 3445408  |
| JPMorgan Chase & Company | 29187 | 8461603  |
| Marsh & McLennan Companies, Inc. | 33423 | 7307605  |
| PNC Financial Services Group, Inc. | 26806 | 4997174  |
| Travelers Companies, Inc. | 31018 | 8298556  |
|  |  | 36707212  |
| **Health Care - 15.9%**<br>|  |  |
| AbbVie, Inc. | 54972 | 10203903  |
| Eli Lilly & Company | 14266 | 11120775  |
| Johnson & Johnson | 65227 | 9963424  |
| Merck & Company, Inc. | 50537 | 4000509  |
| UnitedHealth Group, Inc. | 14026 | 4375691  |
|  |  | 39664302  |
| **Industrials - 12.6%**<br>|  |  |
| Automatic Data Processing, Inc. | 19912 | 6140861  |
| Eaton Corporation PLC | 15293 | 5459448  |
| Fastenal Company | 42631 | 1790502  |
| General Dynamics Corporation | 7115 | 2075161  |
| Illinois Tool Works, Inc. | 12450 | 3078262  |
| Lockheed Martin Corporation | 8662 | 4011719  |
| Paychex, Inc. | 31231 | 4542861  |
| RTX Corporation | 16206 | 2366400  |
| Union Pacific Corporation | 7851 | 1806358  |
|  |  | 31271572  |
| **Information Technology - 18.9%**<br>|  |  |
| Accenture PLC - Class A | 7929 | 2369899  |
| Broadcom, Inc. | 59805 | 16485248  |
| Cisco Systems, Inc. | 37139 | 2576704  |
| Corning, Inc. | 76254 | 4010198  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Dell Technologies, Inc. - Class C | 13945 | $1709657  |
| Microsoft Corporation | 20114 | 10004905  |
| QUALCOMM, Inc. | 9115 | 1451655  |
| TE Connectivity PLC | 19932 | 3361930  |
| Texas Instruments, Inc. | 23756 | 4932220  |
|  |  | 46902416  |
| **Materials - 1.7%**<br>|  |  |
| Air Products and Chemicals, Inc. | 15130 | 4267568  |
| **Real Estate – 3.1%**<br>|  |  |
| AvalonBay Communities, Inc  | 9932 | 2021162  |
| Prologis, Inc. | 10363 | 1089359  |
| Realty Income Corporation | 23297 | 1342140  |
| VICI Properties, Inc. | 98367 | 3206764  |
|  |  | 7659425  |
| **Utilities - 6.9%**<br>|  |  |
| NextEra Energy, Inc. | 94384 | 6552137  |
| PPL Corporation | 115893 | 3927614  |
| Sempra | 52096 | 3947314  |
| WEC Energy Group, Inc. | 26243 | 2734521  |
|  |  | 17161586  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $215,309,482)** |  | 247845704  |
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **U.S. Treasury Bills - 0.3%**<br>|  |  |
| 4.23%, 08/28/2025<sup>(a)</sup> | $48000 | 47666  |
| 4.22%, 09/04/2025<sup>(a)</sup> | 67000 | 66486  |
| 4.23%, 09/11/2025<sup>(a)</sup> | 331000 | 328197  |
| 4.19%, 09/25/2025<sup>(a)</sup> | 186000 | 184141  |
| 4.18%, 09/30/2025<sup>(a)</sup> | 303000 | 299785  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $926,383)** |  | 926275  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $216,235,865)** |  | $248771979  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(b)</sup> |  | (114870)  |
| **TOTAL NET ASSETS - 100.0%** |  | $248657109 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Zero coupon bond, the rate shown is the annualized yield as of June 30, 2025.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

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

3<br>

------

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

**Bahl & Gaynor Small Cap Dividend ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%** <br>|  |  |
| **Communication Services - 2.5%** <br>|  |  |
| New York Times Company - Class A | 49213 | $2754944  |
| **Consumer Discretionary - 9.2%**<br>|  |  |
| Gildan Activewear, Inc. | 93681 | 4612852  |
| Installed Building Products, Inc. | 5052 | 910977  |
| Meritage Homes Corporation | 13370 | 895389  |
| Texas Roadhouse, Inc. | 16845 | 3156921  |
| Winmark Corporation | 1518 | 573212  |
|  |  | 10149351  |
| **Consumer Staples - 7.2%**<br>|  |  |
| Interparfums, Inc. | 21476 | 2820014  |
| Marzetti Company | 16190 | 2797146  |
| Utz Brands, Inc. | 187406 | 2351945  |
|  |  | 7969105  |
| **Energy - 2.1%**<br>|  |  |
| DT Midstream, Inc. | 20640 | 2268542  |
| **Financials - 13.0%**<br>|  |  |
| American Financial Group, Inc. | 8521 | 1075435  |
| Evercore, Inc. - Class A | 18683 | 5044784  |
| Kinsale Capital Group, Inc. | 7198 | 3483112  |
| Victory Capital Holdings, Inc. - Class A | 74177 | 4722850  |
|  |  | 14326181  |
| **Health Care - 18.3%**<br>|  |  |
| Chemed Corporation | 10068 | 4902411  |
| Ensign Group, Inc. | 48628 | 7501355  |
| LeMaitre Vascular, Inc. | 33341 | 2768970  |
| Perrigo Company PLC | 78094 | 2086672  |
| US Physical Therapy, Inc. | 38238 | 2990212  |
|  |  | 20249620  |
| **Industrials - 32.2%<sup>(a)</sup>** <br>|  |  |
| AAON, Inc. | 38504 | 2839670  |
| Applied Industrial Technologies, Inc. | 4881 | 1134588  |
| BWX Technologies, Inc. | 31686 | 4564685  |
| Curtiss-Wright Corporation | 13969 | 6824555  |
| Enpro, Inc. | 20927 | 4008567  |
| Federal Signal Corporation | 51561 | 5487122  |
| Insperity, Inc. | 10973 | 659697  |
| MSA Safety, Inc. | 25132 | 4210364  |
| Tetra Tech, Inc. | 128213 | 4610539  |
| UFP Industries, Inc. | 12450 | 1237032  |
|  |  | 35576819  |
| **Information Technology - 4.7%**<br>|  |  |
| Littelfuse, Inc. | 11482 | 2603314  |
| Power Integrations, Inc. | 18347 | 1025597  |
| Universal Display Corporation | 10024 | 1548307  |
|  |  | 5177218  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Materials - 5.8%**<br>|  |  |
| AptarGroup, Inc. | 20443 | $3197898  |
| Balchem Corporation | 11473 | 1826502  |
| Innospec, Inc. | 16107 | 1354438  |
|  |  | 6378838  |
| **Real Estate - 1.6%**<br>|  |  |
| Terreno Realty Corporation | 31778 | 1781793  |
| **Utilities - 3.2%**<br>|  |  |
| Chesapeake Utilities Corporation | 28963 | 3481932  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $85,718,080)** |  | 110114343  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **U.S. Treasury Bills - 0.3%**<br>|  |  |
| 4.20%, 07/17/2025<sup>(b)</sup> | $5000 | 4991  |
| 4.19%, 07/24/2025<sup>(b)</sup> | 25000 | 24934  |
| 4.18%, 07/31/2025<sup>(b)</sup> | 16000 | 15945  |
| 4.21%, 08/07/2025<sup>(b)</sup> | 7000 | 6969  |
| 4.22%, 08/21/2025<sup>(b)</sup> | 13000 | 12921  |
| 4.23%, 08/28/2025<sup>(b)</sup> | 40000 | 39722  |
| 4.23%, 09/04/2025<sup>(b)</sup> | 37000 | 36716  |
| 4.26%, 09/11/2025<sup>(b)</sup> | 62000 | 61475  |
| 4.21%, 09/18/2025<sup>(b)</sup> | 48000 | 47556  |
| 4.18%, 09/25/2025<sup>(b)</sup> | 36000 | 35640  |
| 4.18%, 09/30/2025<sup>(b)</sup> | 47000 | 46501  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $333,404)** |  | 333370  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $86,051,484)** |  | $110447713  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (124741)  |
| **TOTAL NET ASSETS - 100.0%** |  | $110322972 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

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

<sup>(b)</sup> Zero coupon bond, the rate shown is the annualized yield as of June 30, 2025.

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

4<br>

------

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

**Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%** <br>|  |  |
| **Consumer Discretionary - 7.8%** <br>|  |  |
| Gildan Activewear, Inc. | 647280 | $31872067  |
| Meritage Homes Corporation | 109067 | 7304217  |
| Penske Automotive Group, Inc. | 87738 | 15074266  |
| Texas Roadhouse, Inc. | 135755 | 25441844  |
| Tractor Supply Company | 92183 | 4864497  |
|  |  | 84556891  |
| **Consumer Staples - 5.4%**<br>|  |  |
| Interparfums, Inc. | 252379 | 33139887  |
| Marzetti Company | 113951 | 19687314  |
| Utz Brands, Inc. | 464473 | 5829136  |
|  |  | 58656337  |
| **Energy - 9.0%**<br>|  |  |
| DT Midstream, Inc. | 360900 | 39666519  |
| Plains GP Holdings LP - Class A | 660760 | 12838567  |
| Targa Resources Corporation | 263521 | 45873736  |
|  |  | 98378822  |
| **Financials - 19.7%**<br>|  |  |
| American Financial Group, Inc. | 195540 | 24679104  |
| Cboe Global Markets, Inc. | 82568 | 19255683  |
| Evercore, Inc. - Class A | 142873 | 38578568  |
| First Financial Bancorp | 256913 | 6232709  |
| Hartford Insurance Group, Inc. | 373832 | 47428066  |
| Reinsurance Group of America, Inc. | 151772 | 30105494  |
| Victory Capital Holdings, Inc. - Class A | 765387 | 48732190  |
|  |  | 215011814  |
| **Health Care - 7.5%**<br>|  |  |
| Perrigo Company PLC | 1304418 | 34854049  |
| Quest Diagnostics, Inc. | 180647 | 32449620  |
| US Physical Therapy, Inc. | 178334 | 13945719  |
|  |  | 81249388  |
| **Industrials - 21.1%**<br>|  |  |
| Allegion PLC | 81245 | 11709029  |
|  Booz Allen Hamilton Holding Corporation | 235723 | 24545836  |
| Broadridge Financial Solutions, Inc. | 210716 | 51210310  |
| Hubbell, Inc. | 109061 | 44541603  |
| Ryder System, Inc. | 92207 | 14660913  |
| Snap-on, Inc. | 147955 | 46040637  |
| Watsco, Inc. | 83124 | 36709221  |
|  |  | 229417549  |
| **Information Technology - 5.6%**<br>|  |  |
| Amdocs, Ltd. | 347219 | 31680261  |
| Avnet, Inc. | 402047 | 21340655  |
| NetApp, Inc. | 70811 | 7544912  |
|  |  | 60565828  |
| **Materials - 8.7%**<br>|  |  |
| Avery Dennison Corporation | 162914 | 28586520  |
| Avient Corporation | 337352 | 10899843  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Packaging Corporation of America | 196141 | $36962772  |
| RPM International, Inc. | 165298 | 18156332  |
|  |  | 94605467  |
| **Real Estate - 5.6%**<br>|  |  |
| Agree Realty Corporation | 403296 | 29464806  |
| Equity LifeStyle Properties, Inc. | 344104 | 21220894  |
| Terreno Realty Corporation | 185136 | 10380575  |
|  |  | 61066275  |
| **Utilities - 9.4%**<br>|  |  |
| Alliant Energy Corporation | 415896 | 25149231  |
| Atmos Energy Corporation | 154547 | 23817238  |
| CMS Energy Corporation | 224346 | 15542691  |
| NiSource, Inc. | 944777 | 38112304  |
|  |  | 102621464  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,036,096,471)** |  | 1086129835  |
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 0.3%**<br>|  |  |
| **U.S. Treasury Bills - 0.3%**<br>|  |  |
| 4.21%, 08/21/2025<sup>(a)</sup> | $104000 | 103365  |
| 4.23%, 08/28/2025<sup>(a)</sup> | 179000 | 177754  |
| 4.22%, 09/04/2025<sup>(a)</sup> | 313000 | 310599  |
| 4.24%, 09/11/2025<sup>(a)</sup> | 977000 | 968728  |
| 4.20%, 09/18/2025<sup>(a)</sup> | 305000 | 302180  |
| 4.18%, 09/25/2025<sup>(a)</sup> | 445000 | 440551  |
| 4.18%, 09/30/2025<sup>(a)</sup> | 366000 | 362117  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $2,665,606)** |  | 2665294  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $1,038,762,077)** |  | $1088795129  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.1)% |  | (550741)  |
| **TOTAL NET ASSETS - 100.0%** |  | $1088244388 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Zero coupon bond, the rate shown is the annualized yield as of June 30, 2025.

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

5<br>

------

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

**Bahl & Gaynor ETFs** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bahl & Gaynor** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Income Growth** <br>**ETF** | **Bahl & Gaynor** <br>**Small Cap** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap** <br>**Income Growth** <br>**ETF**  |
| **ASSETS:** <br>|  |  |  |  |
| Investments, at value | $657988828 | $248771979 | $110447713 | $1088795129  |
| Cash | 4934 | 5096 | 2324 | 46535  |
| Dividends receivable | 584747 | 318428 | 82059 | 1623123  |
| Receivable for fund shares sold |  | 3039820 |  | —  |
| Dividend tax reclaims receivable |  |  | 3532 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 658578509 | 252135323 | 110535628 | 1090464787  |
| **LIABILITIES:**<br>|  |  |  |  |
| Distributions payable | 946000 | 409760 | 150000 | 1696050  |
| Payable to adviser | 237546 | 83829 | 62656 | 524349  |
| Payable for investments purchased |  | 2984625 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1183546 | 3478214 | 212656 | 2220399  |
| **NET ASSETS** | $657394963 | $248657109 | $110322972 | $1088244388  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |  |
| Paid-in capital | $405742050 | $218974895 | $77372693 | $1068282484  |
| Total distributable earnings | 251652913 | 29682214 | 32950279 | 19961904  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $657394963 | $248657109 | $110322972 | $1088244388  |
| Net assets | $657394963 | $248657109 | $110322972 | $1088244388  |
| Shares issued and outstanding<sup>(a)</sup> | 26000000 | 8180000 | 4710000 | 37690000  |
| Net asset value per share | $25.28 | $30.40 | $23.42 | $28.87  |
| **Cost:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $571648132 | $216235865 | $86051484 | $1038762077 |

---

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

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

6<br>

------

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

**Bahl & Gaynor ETFs** 

**Statements of Operations** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bahl & Gaynor** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Income Growth** <br>**ETF** | **Bahl & Gaynor** <br>**Small Cap** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap** <br>**Income Growth** <br>**ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |  |
| Dividend income | $5656415 | $2523022 | $706905 | $11599254  |
| Interest income | 26513 | 9053 | 4854 | 40199  |
| Less: Dividend withholding taxes | (43713) |  | (5299) | (39194)  |
| Less: Issuance fees |  | (48) |  | —  |
| **Total investment income** | 5639215 | 2532027 | 706460 | 11600259  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 1441228 | 429262 | 349283 | 2754661  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1441228 | 429262 | 349283 | 2754661  |
| **NET INVESTMENT INCOME (LOSS)** | 4197987 | 2102765 | 357177 | 8845598  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (16463395) | (3428507) | (2863063) | (14070087)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 183960748 | 4767519 | 11565686 | 8444527  |
| Net realized gain (loss) | 167497353 | 1339012 | 8702623 | (5625560)  |
|  Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (145138659) | 6274813 | (7682741) | 3186869  |
| **Net realized and unrealized gain (loss)** | 22358694 | 7613825 | 1019882 | (2438691)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $26556681 | $9716590 | $1377059 | $6406907 |

---

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

7<br>

------

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

**Bahl & Gaynor ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bahl & Gaynor** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Income Growth ETF**  | **Bahl & Gaynor** <br>**Income Growth ETF**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $4197987 | &nbsp;&nbsp;&nbsp; $691401 | $2102765 | &nbsp;&nbsp; $3001509  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 167497353 | &nbsp;&nbsp;&nbsp; 50947369 | 1339012 | &nbsp;&nbsp; 22779729  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (145138659) | &nbsp;&nbsp;&nbsp; (67033662) | 6274813 | &nbsp;&nbsp; (4933823)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 26556681 | &nbsp;&nbsp;&nbsp; (15394892) | 9716590 | &nbsp;&nbsp; 20847415  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (3963001) | &nbsp;&nbsp;&nbsp; (641519) | (2075800) | &nbsp;&nbsp; (3014394)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (3963001) | &nbsp;&nbsp;&nbsp; (641519) | (2075800) | &nbsp;&nbsp; (3014394)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 405090257 | &nbsp;&nbsp;&nbsp; 78885313 | 86005975 | &nbsp;&nbsp; 100680946  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (428653630) | &nbsp;&nbsp;&nbsp; (78026400) | (11121860) | &nbsp;&nbsp; (66514490)  |
| &nbsp;&nbsp;&nbsp; Shares issued in the reorganization<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp; 673542154 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (23563373) | &nbsp;&nbsp;&nbsp; 674401067 | 74884115 | &nbsp;&nbsp; 34166456  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (969693) | &nbsp;&nbsp;&nbsp; 658364656 | 82524905 | &nbsp;&nbsp; 51999477  |
| **NET ASSETS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 658364656 | &nbsp;&nbsp;&nbsp; — | 166132204 | &nbsp;&nbsp; 114132727  |
| &nbsp;&nbsp;&nbsp; End of the period | $657394963 | &nbsp;&nbsp;&nbsp; $658364656 | $248657109 | &nbsp;&nbsp; $166132204  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16310000 | &nbsp;&nbsp;&nbsp; 3250000 | 2900000 | &nbsp;&nbsp; 3540000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (17300000) | &nbsp;&nbsp;&nbsp; (3200000) | (380000) | &nbsp;&nbsp; (2330000)  |
| &nbsp;&nbsp;&nbsp; Shares issued in the reorganization<sup>(b)</sup> |  | &nbsp;&nbsp;&nbsp; 26940000 |  | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (990000) | &nbsp;&nbsp;&nbsp; 26990000 | 2520000 | &nbsp;&nbsp; 1210000 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

<sup>(b)</sup> As part of the Fund's commencement of operations on December 11, 2024, the Fund received in-kind contributions from accounts managed by the Adviser.

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

8<br>

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**Bahl & Gaynor ETFs** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Bahl & Gaynor** <br>**Small Cap Dividend ETF** | **Bahl & Gaynor** <br>**Small Cap Dividend ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap Income Growth ETF** |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31, 2024<sup>(a)</sup>** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31, 2024<sup>(b)</sup>** | **Year Ended** <br>**October 31, 2024**  |
| **OPERATIONS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss) | $357177 | &nbsp;&nbsp;&nbsp; $51970 | $8845598 | &nbsp;&nbsp; $2722014 | $8752598  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8702623 | &nbsp;&nbsp;&nbsp; 2529419 | (5625560) | &nbsp;&nbsp; 22332952 | 27602985  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (7682741) | &nbsp;&nbsp;&nbsp; (9622833) | 3186869 | &nbsp;&nbsp; (36034463) | 96334594  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1377059 | &nbsp;&nbsp;&nbsp; (7041444) | 6406907 | &nbsp;&nbsp; (10979497) | 132690177  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (351000) | &nbsp;&nbsp;&nbsp; (51998) | (8489010) | &nbsp;&nbsp; (2730829) | (8737333)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (351000) | &nbsp;&nbsp;&nbsp; (51998) | (8489010) | &nbsp;&nbsp; (2730829) | (8737333)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 40681778 | &nbsp;&nbsp;&nbsp; 5153560 | 413571151 | &nbsp;&nbsp; 201128388 | 389212291  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (26864086) | &nbsp;&nbsp;&nbsp; (4673340) | (66298382) | &nbsp;&nbsp; (107034765) | (158281159)  |
| &nbsp;&nbsp;&nbsp; Shares issued in the reorganization<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; 102092443 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 13817692 | &nbsp;&nbsp;&nbsp; 102572663 | 347272769 | &nbsp;&nbsp; 94093623 | 230931132  |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 14843751 | &nbsp;&nbsp;&nbsp; 95479221 | 345190666 | &nbsp;&nbsp; 80383297 | 354883976  |
| **NET ASSETS:** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 95479221 | &nbsp;&nbsp;&nbsp; — | 743053722 | &nbsp;&nbsp; 662670425 | 307786449  |
| &nbsp;&nbsp;&nbsp; End of the period | $110322972 | &nbsp;&nbsp;&nbsp; $95479221 | $1088244388 | &nbsp;&nbsp; $743053722 | 662670425  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1770000 | &nbsp;&nbsp;&nbsp; 220000 | 14410000 | &nbsp;&nbsp; 6520000 | 14400000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1160000) | &nbsp;&nbsp;&nbsp; (200000) | (2300000) | &nbsp;&nbsp; (3500000) | (5860000)  |
| &nbsp;&nbsp;&nbsp; Shares issued in the reorganization<sup>(c)</sup> |  | &nbsp;&nbsp;&nbsp; 4080000 |  | &nbsp;&nbsp; — |  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 610000 | &nbsp;&nbsp;&nbsp; 4100000 | 12110000 | &nbsp;&nbsp; 3020000 | 8540000 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

<sup>(b)</sup> The Bahl & Gaynor Small/Mid Cap Income Growth ETF changed its fiscal year end from October 31 to December 31 as of December 31, 2024.

<sup>(c)</sup> As part of the Fund's commencement of operations on December 11, 2024, the Fund received in-kind contributions from accounts managed by the Adviser.

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

9<br>

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

**Bahl & Gaynor Dividend 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; $24.39 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.16 | 0.03  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.88 | &nbsp;&nbsp; (0.62)  |
| **Total from investment operations** | 1.04 | &nbsp;&nbsp; (0.59)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.02)  |
| **Total distributions** | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $25.28 | &nbsp;&nbsp; $24.39  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 4.30% | &nbsp;&nbsp; -2.34%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $657395 | &nbsp;&nbsp; $658365  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.90%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 19% | &nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

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

<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> 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.

10<br>

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

**Bahl & Gaynor Income Growth ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31,** <br>**2024** | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $29.35 | &nbsp;&nbsp; $25.65 | &nbsp;&nbsp; $25.02  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.32 | 0.60 | 0.20  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.04 | 3.69 | 0.63  |
| **Total from investment operations** | 1.36 | 4.29 | 0.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.20)  |
| **Total distributions** | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.20)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $30.40 | &nbsp;&nbsp; $29.35 | &nbsp;&nbsp; $25.65  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 4.64% | &nbsp;&nbsp; 16.87% | &nbsp;&nbsp; 3.36%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $248657 | &nbsp;&nbsp; $166132 | &nbsp;&nbsp; $114133  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.45%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.10% | &nbsp;&nbsp; 2.82%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 15% | &nbsp;&nbsp; 4% |

---

<sup>(a)</sup> Inception date of the Fund was September 14, 2023.

<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> 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)**

**Bahl & Gaynor Small Cap Dividend 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; $23.29 | &nbsp;&nbsp; $25.02  |
| **INVESTMENT OPERATIONS:** <br>|  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.13 | &nbsp;&nbsp; (1.73)  |
| **Total from investment operations** | 0.21 | &nbsp;&nbsp; (1.72)  |
| **LESS DISTRIBUTIONS FROM:** <br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $23.42 | &nbsp;&nbsp; $23.29  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp; -6.88%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $110323 | &nbsp;&nbsp; $95479  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp; 0.97%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 11% | &nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

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

<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> 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.

12<br>

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**Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,** | **Period Ended** <br>**October 31,** <br>**2021<sup>(b)</sup>**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Period Ended** <br>**December 31,** <br>**2024<sup>(a)</sup>** | **2024** | **2023** | **2022** | **Period Ended** <br>**October 31,** <br>**2021<sup>(b)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $29.05 | &nbsp;&nbsp; $29.37 | $21.95 | $23.01 | $24.96 | &nbsp;&nbsp;&nbsp;&nbsp; $25.10  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(c)</sup> | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | 0.51 | 0.49 | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.20) | &nbsp;&nbsp; (0.33) | 7.41 | (1.08) | (2.01) | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)  |
| **Total from investment operations** | 0.07 | &nbsp;&nbsp; (0.21) | 7.92 | (0.59) | (1.53) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.25) | &nbsp;&nbsp; (0.11) | (0.50) | (0.47) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **Total distributions** | (0.25) | &nbsp;&nbsp; (0.11) | (0.50) | (0.47) | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | $28.87 | &nbsp;&nbsp; $29.05 | $29.37 | $21.95 | $23.01 | &nbsp;&nbsp;&nbsp;&nbsp; $24.96  |
| TOTAL RETURN<sup>(e)</sup> | 0.28% | &nbsp;&nbsp; -0.74% | 36.37%<sup>(f)</sup> | -2.60% | -6.16% | &nbsp;&nbsp;&nbsp;&nbsp; -0.27%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1088244 | &nbsp;&nbsp; $743054 | $662670 | $307786 | $141490 | &nbsp;&nbsp;&nbsp;&nbsp; $6740  |
| Ratio of expenses to average net assets<sup>(g)</sup> | 0.60% | &nbsp;&nbsp; 0.60% | 0.60% | 0.60% | 0.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 1.93% | &nbsp;&nbsp; 2.28% | 1.91% | 2.10% | 2.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.70%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | 10% | &nbsp;&nbsp; 4% | 16% | 19% | 31% | &nbsp;&nbsp;&nbsp;&nbsp; 5% |

---

<sup>(a)</sup> Fund changed its fiscal year end from October 31 to December 31 as of December 31, 2024.

<sup>(b)</sup> Inception date of the Fund was August 25, 2021.

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

<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> The Fund had trade errors during the year resulting in a loss to the Fund of $18,156 which was subsequently reimbursed to the Fund by the Adviser. The total return for the year would have been 36.36% before the reimbursement.

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

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

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

13<br>

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**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

**June 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Bahl & Gaynor Small Cap Dividend ETF is a non-diversified series and Bahl & Gaynor Dividend ETF, Bahl & Gaynor Income Growth ETF, and Bahl & Gaynor Small/Mid Cap Income Growth ETF, (individually each a "Fund" or collectively the "Funds") are a diversified series of ETF Series Solutions ("ESS" or 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 Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Bahl & Gaynor Dividend ETF is to seek long-term growth of dividend income, downside protection relative to the broader equity market, and total return. The investment objective of the Bahl & Gaynor Income Growth ETF is to seek current and growing dividend income, downside protection relative to the broader equity market, and long-term capital appreciation. The investment objective of the Bahl & Gaynor Small Cap Dividend ETF is to seek long-term growth of dividend income, downside protection, and total return. The investment objective of the Bahl & Gaynor Small/Mid Cap Income Growth ETF is to seek current and growing dividend income, downside protection, and long-term capital appreciation. The Bahl & Gaynor Income Growth ETF commenced operations on September 14, 2023. The Bahl & Gaynor Small/Mid Cap Income Growth ETF commenced operations on August 25, 2021. Both the Bahl & Gaynor Dividend ETF and Bahl & Gaynor Small Cap Dividend ETF commenced operations on December 11, 2024.

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are an investment company and accordingly follow the investment company accounting and reporting guidance of 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 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 Market<sup>®</sup>, and
 the Nasdaq Capital Market<sup>®</sup> exchanges (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.

Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund's Board of Trustees (the "Board"). When a security

14<br>

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**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

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 NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. 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:

**Bahl & Gaynor Dividend ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $656180406 | $— | $— | $656180406  |
| U.S. Treasury Bills |  | 1808422 |  | 1808422  |
| **Total Investments** | $656180406 | $1808422 | $— | $657988828 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Bahl & Gaynor Income Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $247845704 | $— | $— | $247845704  |
| U.S. Treasury Bills |  | 926275 |  | 926275  |
| **Total Investments** | $247845704 | $926275 | $— | $248771979 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

15<br>

------

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

**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

**Bahl & Gaynor Small Cap Dividend ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $110114343 | $— | $— | $110114343  |
| U.S. Treasury Bills |  | 333370 |  | 333370  |
| **Total Investments** | $110114343 | $333370 | $— | $110447713 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

**Bahl & Gaynor Small/Mid Cap Income Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $1086129835 | $— | $— | $1086129835  |
| U.S. Treasury Bills |  | 2665294 |  | 2665294  |
| **Total Investments** | $1086129835 | $2665294 | $— | $1088795129 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&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 applicable state and
 local tax returns.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed the Funds' 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 Statement of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *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 and foreign capital gains taxes, if any, have been provided for in accordance with the Fund's understanding
 of the applicable tax rules and regulations. Interest income and expense is recorded on an accrual basis. Discounts and premiums on securities
 purchased are accreted and amortized using the effective yield method.

Distributions received from the Funds' investments in Real Estate Investment Trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

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

16<br>

------

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

**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

&nbsp;&nbsp;&nbsp;&nbsp;E. *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 current fiscal period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation*.
 The NAV per share of the Funds are 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 shares outstanding of 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;G. *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 a Fund that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Reclassification 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 classifications have no effect on net assets or NAV per share and are primarily due to
 differing book and tax treatments for in-kind transactions. For the fiscal year ended December 31, 2024, the following table
 shows the reclassifications made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-In** <br>**Capital**  |
| Bahl & Gaynor Dividend ETF | $(53417373) | $53417373  |
| Bahl & Gaynor Income Growth ETF | $(25820136) | $25820136  |
| Bahl & Gaynor Small Cap Dividend ETF | $(2684141) | $2684141  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $(24428905) | $24428905 |

---

&nbsp;&nbsp;&nbsp;&nbsp;I. *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;J. *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.

On July 10, 2025 the Trust's Board approved the reorganization of the Bahl & Gaynor Income Growth Fund, an existing series of Investment Managers Series Trust (the "Target Fund") into the Bahl & Gaynor Income Growth ETF (the "Acquiring Fund"), an existing series of the Trust (the "Reorganization"). The Reorganization is subject to approval by the Target Fund's shareholders pursuant to Rule 17a-8 under the Investment Company Act of 1940, as amended. Subject to approval by the Target Fund's shareholders, the Reorganization will result in the transfer of all of the Target Fund's assets and liabilities into the Acquiring Fund in exchange for shares of the Acquiring Fund, and the Target Fund shareholders will become shareholders of the Acquiring Fund.

There were no additional events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' Financial Statements.

17<br>

------

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

**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

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

Bahl & Gaynor, 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 is also responsible for arranging transfer agency, custody, fund administration and accounting, and all other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: 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) fees and expenses. For the services it provides to the Funds, Bahl & Gaynor Dividend ETF pays the Adviser 0.45%, Bahl & Gaynor Income Growth ETF pays the Adviser 0.45%, Bahl & Gaynor Small Cap Dividend ETF pays the Adviser 0.70%, and Bahl & Gaynor Small/Mid Cap Income Growth ETF pays the Adviser 0.60% at an annual rate based on each Fund's average daily net assets.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("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 supplied to the Board; monitors the activities of the Fund's 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.

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

**NOTE 4 – PURCHASES 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**  |
| Bahl & Gaynor Dividend ETF | $122574191 | $138015088  |
| Bahl & Gaynor Income Growth ETF | $26837855 | $26111668  |
| Bahl & Gaynor Small Cap Dividend ETF | $11261392 | $13999112  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $90605782 | $93320904 |

---

During the current fiscal period, there were no purchases or sales of long-term U.S. Government securities. The Funds held U.S. Treasury Bills during the current fiscal period which are considered short-term securities.

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Bahl & Gaynor Dividend ETF | $393477588 | $400122581  |
| Bahl & Gaynor Income Growth ETF | $84388133 | $10495091  |
| Bahl & Gaynor Small Cap Dividend ETF | $40139055 | $23624827  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $409382390 | $59082839 |

---

18<br>

------

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

**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

**NOTE 5 – 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 period.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Bahl & Gaynor** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Income** <br>**Growth ETF** | **Bahl & Gaynor** <br>**Small Cap** <br>**Dividend ETF** | **Bahl & Gaynor** <br>**Small/Mid Cap** <br>**Income** <br>**Growth ETF**  |
| Tax cost of investments | $429723339 | $142964267 | $63594946 | $708473262  |
| Gross tax unrealized appreciation | 235951532 | 29788333 | 34650717 | 68878868  |
| Gross tax unrealized depreciation | (6944776) | (6512874) | (2727725) | (33037002)  |
| Net tax unrealized appreciation (depreciation) | 229006756 | 23275459 | 31922992 | 35841866  |
| Undistributed ordinary income | 49882 | 3627 |  | —  |
| Undistributed long-term gain | 2595 |  | 1228 | —  |
| Other accumulated gain (loss) |  | (1237662) |  | (13797859)  |
| Distributable earnings (accumulated losses) | $229059233 | $22041424 | $31924220 | $22044007 |

---

The difference between the cost basis for financial statement and federal income tax purposes is due primarily to timing differences in recognizing wash sales.

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 Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended December 31, 2024, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of December 31, 2024, the Funds had the following capital loss carryforwards available for federal income tax purposes, with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Bahl & Gaynor Dividend ETF | $— | $—  |
| Bahl & Gaynor Income Growth ETF | $506803 | $715914  |
| Bahl & Gaynor Small Cap Dividend ETF | $— | $—  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $7832672 | $5965187 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain**  |
| Bahl & Gaynor Dividend ETF | $641519 | $—  |
| Bahl & Gaynor Income Growth ETF | $3014394 | $—  |
| Bahl & Gaynor Small Cap Dividend ETF | $51970 | $28  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | $2730829 | $— |

---

19<br>

------

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

**Bahl & Gaynor ETFs** 

**Notes to Financial Statements** 

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

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

---

| | |
|:---|:---|
|  | **Ordinary** <br>**Income**  |
| Bahl & Gaynor Dividend ETF | N/A  |
| Bahl & Gaynor Income Growth ETF | $878758  |
| Bahl & Gaynor Small Cap Dividend ETF | N/A |

---

The tax character of distributions paid by the Bahl & Gaynor Small/Mid Cap Income Growth ETF during the fiscal years ended October 31, 2024 and October 31, 2023 was $8,737,333 and $4,918,536 of ordinary income, respectively.

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the New York Stock Exchange ("NYSE"). 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 creation or redemption of Creation Units. The standard fixed transaction fee for the Funds is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' 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, payable to the Funds, 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 received by the Funds, 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 7 – RISKS** 

Dividend-Paying Securities Risk. There is no guarantee that issuers of the securities held by the Funds will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time.

Sector Risk. To the extent the Funds invest more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a Fund creates presumption of control of the Fund, under section 2(a)(9) of the 1940 Act. At the end of the current fiscal period, there is one shareholder who owned, of record or beneficially, more than 25% of Bahl & Gaynor Small Cap Dividend ETF's shares.

20<br>

------

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

**Bahl & Gaynor ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

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

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

---

| | |
|:---|:---|
| Bahl & Gaynor Dividend ETF | 100.00%  |
| Bahl & Gaynor Income Growth ETF | 100.00%  |
| Bahl & Gaynor Small Cap Dividend ETF | 100.00%  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | 100.00% |

---

For the corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deducted for the fiscal period ended December 31, 2024 was as follows:

---

| | |
|:---|:---|
| Bahl & Gaynor Dividend ETF | 100.00%  |
| Bahl & Gaynor Income Growth ETF | 100.00%  |
| Bahl & Gaynor Small Cap Dividend ETF | 100.00%  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | 100.00% |

---

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

---

| | |
|:---|:---|
| Bahl & Gaynor Dividend ETF | 0.00%  |
| Bahl & Gaynor Income Growth ETF | 0.00%  |
| Bahl & Gaynor Small Cap Dividend ETF | 0.00%  |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | 0.00% |

---

21<br>

------

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

**Bahl & Gaynor ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**CHANGES IN AND DISAGREEMENTS WITH ACOUNTANTS** 

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** 

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.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not applicable.

22<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.](bahlge-efp17321_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.](bahlge-efp17321_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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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<br> President (principal executive officer)<br> ETF Series Solutions |

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**<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<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

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## 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 the 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<br>| 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.