# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-002973
**Filing Date:** 2026-1
**Character Count:** 60648
**Document Hash:** 32641a58aacb919663753f830e5cb964
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002973.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000894189-26-002973

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260228

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26577557

**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

### The Frontier Economic Fund (Series ID: S000093209)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000261363 | The Frontier Economic Fund | AKAF            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Frontier Economic Fund** | **The Frontier Economic Fund** | **The Frontier Economic Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Communication Services - 3.1%** | **Communication Services - 3.1%** | |
| Alphabet, Inc. - Class A | 85 | $27215 |
| GCI Liberty, Inc. - Class C <sup>(a)</sup> | 157 | 5231 |
| Globalstar, Inc. <sup>(a)</sup> | 210 | 12758 |
| Iridium Communications, Inc. | 237 | 3887 |
| Verizon Communications, Inc. | 402 | 16526 |
| Walt Disney Co. | 151 | 15775 |
|  |  | 81392 |
| **Consumer Discretionary - 17.2%** | **Consumer Discretionary - 17.2%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 137 | 16028 |
| Amazon.com, Inc. <sup>(a)</sup> | 78 | 18191 |
| AutoZone, Inc. <sup>(a)</sup> | 3 | 11863 |
| Best Buy Co., Inc. | 157 | 12447 |
| Buckle, Inc. | 104 | 5874 |
| Canada Goose Holdings, Inc. <sup>(a)</sup> | 421 | 5895 |
| Carnival Corp. <sup>(a)</sup> | 1102 | 28410 |
| Choice Hotels International, Inc. | 49 | 4472 |
| Darden Restaurants, Inc. | 58 | 10416 |
| Denny's Corp. <sup>(a)</sup> | 1326 | 8181 |
| Domino's Pizza, Inc. | 26 | 10910 |
| DoorDash, Inc. - Class A <sup>(a)</sup> | 217 | 43046 |
| Ford Motor Co. | 997 | 13240 |
| GameStop Corp. - Class A <sup>(a)</sup> | 528 | 11896 |
| General Motors Co. | 202 | 14851 |
| H&R Block, Inc. | 116 | 4886 |
| Harley-Davidson, Inc. | 203 | 4971 |
| Hilton Worldwide Holdings, Inc. | 64 | 18242 |
| Home Depot, Inc. | 43 | 15348 |
| Lithia Motors, Inc. | 18 | 5739 |
| Lowe's Cos., Inc. | 69 | 16731 |
| Lululemon Athletica, Inc. <sup>(a)</sup> | 57 | 10498 |
| Marriott International, Inc. - Class A | 66 | 20116 |
| McDonald's Corp. | 57 | 17774 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 716 | 13217 |
| O'Reilly Automotive, Inc. <sup>(a)</sup> | 171 | 17391 |
| Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup> | 160 | 5493 |
| Royal Caribbean Cruises Ltd. | 148 | 39405 |
| Starbucks Corp. | 203 | 17683 |
| Ulta Beauty, Inc. <sup>(a)</sup> | 23 | 12393 |
| Yamaha Motor Co. Ltd. | 800 | 5801 |
| Yum! Brands, Inc. | 81 | 12410 |
|  |  | 453818 |
| **Consumer Staples - 5.2%** | **Consumer Staples - 5.2%** |  |
| Albertsons Cos., Inc. - Class A | 608 | 11145 |
| Coca-Cola Co. | 259 | 18938 |
| Constellation Brands, Inc. - Class A | 74 | 10092 |
| Costco Wholesale Corp. | 19 | 17358 |
| Kroger Co. | 174 | 11707 |
| North West Co., Inc. | 162 | 5719 |
| PepsiCo, Inc. | 120 | 17849 |
| Sysco Corp. | 148 | 11277 |
| Target Corp. | 121 | 10965 |
| Walmart, Inc. | 185 | 20444 |
|  |  | 135494 |
| **Energy - 15.0%** | **Energy - 15.0%** |  |
| APA Corp. | 788 | 19676 |
| Baker Hughes Co. | 796 | 39959 |
| ConocoPhillips | 546 | 48425 |
| Core Laboratories, Inc. | 1600 | 24160 |
| Expro Group Holdings NV <sup>(a)</sup> | 1436 | 20032 |
| Exxon Mobil Corp. | 474 | 54946 |
| Halliburton Co. | 1596 | 41847 |
| Nabors Industries Ltd. <sup>(a)</sup> | 492 | 24536 |
| Pantheon Resources PLC <sup>(a)</sup> | 42517 | 14760 |
| Repsol SA | 2224 | 41246 |
| Santos Ltd. | 6820 | 28803 |
| SLB Ltd. | 990 | 35878 |
|  |  | 394268 |
| **Financials - 2.4%** | **Financials - 2.4%** |  |
| Ameriprise Financial, Inc. | 22 | 10026 |
| KeyCorp | 612 | 11248 |
| Marsh & McLennan Cos., Inc. | 86 | 15777 |
| Northrim BanCorp, Inc. | 250 | 6140 |
| Wells Fargo & Co. | 215 | 18458 |
|  |  | 61649 |
| **Health Care - 3.2%** | **Health Care - 3.2%** |  |
| CVS Health Corp. | 247 | 19849 |
| HCA Healthcare, Inc. | 44 | 22365 |
| Labcorp Holdings, Inc. | 43 | 11557 |
| McKesson Corp. | 26 | 22909 |
| Universal Health Services, Inc. - Class B | 32 | 7796 |
|  |  | 84476 |
| **Industrials - 31.8% <sup>(b)</sup>** | **Industrials - 31.8% <sup>(b)</sup>** |  |
| AECOM | 94 | 9694 |
| Air Canada <sup>(a)</sup> | 1257 | 17150 |
| Alaska Air Group, Inc. <sup>(a)</sup> | 288 | 12344 |
| American Airlines Group, Inc. <sup>(a)</sup> | 1358 | 19080 |
| ANA Holdings, Inc. | 900 | 16994 |
| Boeing Company <sup>(a)</sup> | 76 | 14364 |
| Bombardier, Inc. - Class B <sup>(a)</sup> | 51 | 8491 |
| Booz Allen Hamilton Holding Corp. | 107 | 8930 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 83 | 9315 |
| Delta Air Lines, Inc. | 582 | 37306 |
| DSV AS | 158 | 36029 |
| Emerson Electric Co. | 133 | 17740 |
| Fastenal Co. | 236 | 9534 |
| FedEx Corp. | 230 | 63406 |
| Ferguson Enterprises, Inc. | 51 | 12835 |
| General Dynamics Corp. | 55 | 18790 |
| General Electric Co. | 195 | 58198 |
| Hertz Global Holdings, Inc. <sup>(a)</sup> | 1015 | 5319 |
| Honeywell International, Inc. | 81 | 15567 |
| Jacobs Solutions, Inc. | 80 | 10785 |
| Kawasaki Kisen Kaisha Ltd. | 1100 | 14651 |
| L3Harris Technologies, Inc. | 43 | 11984 |
| Leidos Holdings, Inc. | 65 | 12421 |
| Lockheed Martin Corp. | 39 | 17857 |
| Matson, Inc. | 169 | 18418 |
| Nippon Yusen KK | 1000 | 31721 |
| Northrop Grumman Corp. | 31 | 17740 |
| Republic Services, Inc. | 75 | 16279 |
| SkyWest, Inc. <sup>(a)</sup> | 145 | 14720 |
| Stantec, Inc. | 55 | 5302 |
| Tetra Tech, Inc. | 160 | 5558 |
| TFI International, Inc. | 190 | 16610 |
| Trane Technologies PLC | 42 | 17702 |
| Uber Technologies, Inc. <sup>(a)</sup> | 561 | 49110 |
| U-Haul Holding Co. <sup>(a)</sup> | 206 | 10846 |
| United Continental Holdings, Inc. <sup>(a)</sup> | 342 | 34870 |
| United Parcel Service, Inc. - Class B | 608 | 58240 |
| United Rentals, Inc. | 13 | 10597 |
| Waste Connections, Inc. | 65 | 11569 |
| WSP Global, Inc. | 59 | 10346 |
| WW Grainger, Inc. | 12 | 11384 |
| XPO, Inc. <sup>(a)</sup> | 269 | 38214 |
|  |  | 838010 |
| **Information Technology - 4.4%** | **Information Technology - 4.4%** |  |
| Apple, Inc. | 77 | 21472 |
| Cisco Systems, Inc. | 260 | 20004 |
| International Business Machines Corp. | 72 | 22218 |
| Microsoft Corp. | 35 | 17220 |
| Motorola Solutions, Inc. | 39 | 14418 |
| Oracle Corp. | 76 | 15348 |
| Viasat, Inc. <sup>(a)</sup> | 182 | 6248 |
|  |  | 116928 |
| **Materials - 17.1%** | **Materials - 17.1%** |  |
| Agnico Eagle Mines Ltd. | 254 | 44419 |
| Barrick Mining Corp. | 1355 | 56793 |
| Coeur Mining, Inc. <sup>(a)</sup> | 1429 | 24679 |
| Freegold Ventures Ltd. <sup>(a)</sup> | 1546 | 1575 |
| GoldMining, Inc. <sup>(a)</sup> | 2367 | 3385 |
| Hecla Mining Co. | 2220 | 37340 |
| Kinross Gold Corp. | 1777 | 50198 |
| Knife River Corp. <sup>(a)</sup> | 215 | 16090 |
| Major Drilling Group International, Inc. <sup>(a)</sup> | 643 | 6015 |
| Northern Dynasty Minerals Ltd. <sup>(a)</sup> | 20075 | 38544 |
| Northern Star Resources Ltd. | 2903 | 51707 |
| Novagold Resources, Inc. <sup>(a)</sup> | 2705 | 27564 |
| Sherwin-Williams Co. | 49 | 16841 |
| Solstice Advanced Materials, Inc. <sup>(a)</sup> | 20 | 953 |
| South32, Ltd. | 9445 | 19945 |
| Teck Resources Ltd. - Class B | 1082 | 46407 |
| Trilogy Metals, Inc. <sup>(a)</sup> | 2040 | 8731 |
|  |  | 451186 |
| **Utilities - 0.3%** | **Utilities - 0.3%** |  |
| MDU Resources Group, Inc. | 361 | 7697 |
| **TOTAL COMMON STOCKS** (Cost $2,401,659) | **TOTAL COMMON STOCKS** (Cost $2,401,659) | 2624918 |
| **RIGHTS - 0.0% <sup>(c)</sup>** | **Shares** | **Value**  |
| **Communication Services *-* 0.0%<sup>(c)</sup>** | **Communication Services *-* 0.0%<sup>(c)</sup>** |  |
| GCI Liberty, Inc., Expires 12/17/2025, Exercise Price $0.00 <sup>(a)</sup> | 60 | 374 |
| **TOTAL RIGHTS** (Cost $398) | **TOTAL RIGHTS** (Cost $398) | 374 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.92% <sup>(d)</sup> | 2492 | 2492 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,492) | **TOTAL MONEY MARKET FUNDS** (Cost $2,492) | 2492 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $2,404,549**)** | **TOTAL INVESTMENTS - 99.8% (**Cost $2,404,549**)** | 2627784 |
| Other Assets in Excess of Liabilities - 0.2% | Other Assets in Excess of Liabilities - 0.2% | 4652 |
| **TOTAL NET ASSETS - 100.0%** |  | $2632436 |
| Percentages are stated as a percent of net assets. | 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. | 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. | 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<br>

(a) Non-income producing security.

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

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

(d) The rate shown represents the 7-day annualized yield as of November 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
The Frontier Economic Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2624918 | $– | $– | $2624918 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rights | 374 | – | – | 374 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2492 | – | – | 2492 |
| Total Investments | $2627784 | $– | $– | $2627784 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** The Frontier Economic Fund

- **b. EDGAR series identifier (if any):** S000093209

- **c. LEI of Series:** 529900PZX0GHWSL8QY77

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2632832.19

**Total Liabilities:** $396.17

**Net Assets:** $2632436.02

**Cash Not Reported:** $540.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261363 | 2.16%                | 1.05%                | 1.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $58703.65                | $-9968.45                                  |
| Month 2  | $2.98                    | $25244.88                                  |
| Month 3  | $-1.77                   | $43336.16                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AECOM                          | AECOM                                      | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |        94 | NS      | $9694.22      | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |       247 | NS      | $19848.92     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Laboratories Inc          | Core Laboratories Inc                      | CUSIP: 21867A105<br>LEI: 984500040P5J07V43135 | Long             | EC               | CORP              | US        |      1600 | NS      | $24160.00     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |        64 | NS      | $18241.92     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |        72 | NS      | $22217.76     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                    | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |       612 | NS      | $11248.56     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc           | Labcorp Holdings Inc                       | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        43 | NS      | $11557.54     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |        69 | NS      | $16731.12     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ANA Holdings Inc               | ANA Holdings Inc                           | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | EC               | CORP              | JP        |       900 | NS      | $16993.59     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                        | DSV A/S                                    | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |       158 | NS      | $36029.06     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       137 | NS      | $16027.63     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameriprise Financial Inc       | Ameriprise Financial Inc                   | CUSIP: 03076C106<br>LEI: 6ZLKQF7QB6JAEKQS5388 | Long             | EC               | CORP              | US        |        22 | NS      | $10026.28     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |       107 | NS      | $8930.22      | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                           | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |       259 | NS      | $18938.08     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       546 | NS      | $48424.74     | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Brands Inc       | Constellation Brands Inc                   | CUSIP: 21036P108<br>LEI: 5493005GKEG8QCVY7037 | Long             | EC               | CORP              | US        |        74 | NS      | $10092.12     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                      | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |        19 | NS      | $17358.21     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Darden Restaurants Inc         | Darden Restaurants Inc                     | CUSIP: 237194105<br>LEI: CY1NFSCCB5GUXC7WZC70 | Long             | EC               | CORP              | US        |        58 | NS      | $10415.64     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                        | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |       582 | NS      | $37306.20     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Freegold Ventures Ltd          | Freegold Ventures Ltd                      | CUSIP: 356455204<br>LEI: 5493007YVOKHJP7J0X86 | Long             | EC               | CORP              | CA        |      1546 | NS      | $1574.78      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                 | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       230 | NS      | $63406.40     | 2.41%             |  |  |  | No            |                  1 | On Loan: No      |
| GameStop Corp                  | GameStop Corp                              | CUSIP: 36467W109<br>LEI: 549300505KLOET039L77 | Long             | EC               | CORP              | US        |       528 | NS      | $11895.84     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| GoldMining Inc                 | GoldMining Inc                             | CUSIP: 38149E101<br>LEI: 5493001ARXU0JC329006 | Long             | EC               | CORP              | CA        |      2367 | NS      | $3384.81      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                          | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      1777 | NS      | $50197.81     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc                    | Stantec Inc                                | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |        55 | NS      | $5302.14      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                    | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |        49 | NS      | $16840.81     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                                | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |       145 | NS      | $14720.40     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |       148 | NS      | $11277.60     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                      | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |       190 | NS      | $16610.09     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| WSP Global Inc                 | WSP Global Inc                             | CUSIP: 92938W202<br>LEI: 549300IQ87LU6X6ERQ78 | Long             | EC               | CORP              | CA        |        59 | NS      | $10345.79     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                    | South32 Ltd                                | CUSIP: N/A<br>LEI: 213800LAZNPXSBKVHR17       | Long             | EC               | CORP              | AU        |      9445 | NS      | $19944.72     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |       788 | NS      | $19676.36     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |       116 | NS      | $4885.92      | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |       104 | NS      | $5873.92      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |        83 | NS      | $9315.09      | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                           | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |      1429 | NS      | $24678.83     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Denny's Corp                   | Denny's Corp                               | CUSIP: 24869P104<br>LEI: 54930037V56XOULXM917 | Long             | EC               | CORP              | US        |      1326 | NS      | $8181.42      | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      2492 | NS      | $2491.65      | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                  | Ford Motor Co                              | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |       997 | NS      | $13240.16     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |        81 | NS      | $15567.39     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc                 | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |       237 | NS      | $3886.80      | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |       174 | NS      | $11706.72     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |        39 | NS      | $17856.54     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc        | Lululemon Athletica Inc                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | CA        |        57 | NS      | $10498.26     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                   | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |        86 | NS      | $15776.70     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Yusen KK                | Nippon Yusen KK                            | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |      1000 | NS      | $31720.60     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Santos Ltd                     | Santos Ltd                                 | CUSIP: N/A<br>LEI: 5299000RK70B5O2M7077       | Long             | EC               | CORP              | AU        |      6820 | NS      | $28803.17     | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |        76 | NS      | $15348.20     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc            | Harley-Davidson Inc                        | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |       203 | NS      | $4971.47      | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Global Holdings Inc      | Hertz Global Holdings Inc                  | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |      1015 | NS      | $5318.60      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |        39 | NS      | $14417.52     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc           | Northrim BanCorp Inc                       | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |       250 | NS      | $6140.00      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Pantheon Resources PLC         | Pantheon Resources PLC                     | CUSIP: N/A<br>LEI: 213800SWHY5DNQS64J23       | Long             | EC               | CORP              | GB        |     42517 | NS      | $14759.72     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd          | Nabors Industries Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       492 | NS      | $24536.04     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |       148 | NS      | $39405.00     | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc    | American Airlines Group Inc                | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |      1358 | NS      | $19079.90     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |        77 | NS      | $21471.45     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                            | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       796 | NS      | $39959.20     | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                | Best Buy Co Inc                            | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |       157 | NS      | $12446.96     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                              | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |      1102 | NS      | $28409.56     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |       260 | NS      | $20004.40     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                     | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |       254 | NS      | $44419.25     | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bombardier Inc                 | Bombardier Inc                             | CUSIP: 097751861<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | EC               | CORP              | CA        |        51 | NS      | $8490.79      | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp            | Barrick Mining Corp                        | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |      1355 | NS      | $56793.26     | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Canada                     | Air Canada                                 | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |      1257 | NS      | $17150.13     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                       | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |       288 | NS      | $12343.68     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                             | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |        78 | NS      | $18191.16     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                         | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |       151 | NS      | $15774.97     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co                             | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      1596 | NS      | $41847.12     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Co                | Hecla Mining Co                            | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |      2220 | NS      | $37340.40     | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc              | Lithia Motors Inc                          | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |        18 | NS      | $5739.12      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |        31 | NS      | $17739.75     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Yamaha Motor Co Ltd            | Yamaha Motor Co Ltd                        | CUSIP: N/A<br>LEI: 3538004LR5NXILJDHY88       | Long             | EC               | CORP              | JP        |       800 | NS      | $5800.70      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                      | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |        75 | NS      | $16279.50     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                            | CUSIP: 36164V115<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        60 | NS      | $373.59       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                          | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |       202 | NS      | $14851.04     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Globalstar Inc                 | Globalstar Inc                             | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |       210 | NS      | $12757.50     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |        44 | NS      | $22364.76     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp                             | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |       203 | NS      | $17683.33     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                  | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |       608 | NS      | $58240.32     | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |        13 | NS      | $10597.34     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Viasat Inc                     | Viasat Inc                                 | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |       182 | NS      | $6248.06      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |       185 | NS      | $20444.35     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum! Brands Inc                | Yum! Brands Inc                            | CUSIP: 988498101<br>LEI: 549300JE8XHZZ7OHN517 | Long             | EC               | CORP              | US        |        81 | NS      | $12410.01     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |        42 | NS      | $17702.16     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |         3 | NS      | $11862.99     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Major Drilling Group Internati | Major Drilling Group International Inc     | CUSIP: 560909103<br>LEI: 549300O1MNHCX2FUBC21 | Long             | EC               | CORP              | CA        |       643 | NS      | $6014.65      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Emerson Electric Co            | Emerson Electric Co                        | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |       133 | NS      | $17739.54     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                   | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |        51 | NS      | $12835.17     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |        55 | NS      | $18789.65     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                        | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       195 | NS      | $58197.75     | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |        43 | NS      | $15347.56     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings Inc                        | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |        65 | NS      | $12421.50     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |        66 | NS      | $20116.14     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |        35 | NS      | $17220.35     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc        | O'Reilly Automotive Inc                    | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       171 | NS      | $17390.70     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |        32 | NS      | $7796.16      | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                        | XPO Inc                                    | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Long             | EC               | CORP              | US        |       269 | NS      | $38214.14     | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Canada Goose Holdings Inc      | Canada Goose Holdings Inc                  | CUSIP: 135086106<br>LEI: 529900891XBE6RV8JR07 | Long             | EC               | CORP              | CA        |       421 | NS      | $5895.00      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                      | Repsol SA                                  | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |      2224 | NS      | $41245.41     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |       120 | NS      | $17848.80     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                        | SLB Ltd                                    | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |       990 | NS      | $35877.60     | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        23 | NS      | $12393.09     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |       402 | NS      | $16526.22     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                           | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |       215 | NS      | $18457.75     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |       716 | NS      | $13217.36     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co              | U-Haul Holding Co                          | CUSIP: 023586100<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |       206 | NS      | $10845.90     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In | Choice Hotels International Inc            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |        49 | NS      | $4471.74      | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc             | Domino's Pizza Inc                         | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |        26 | NS      | $10910.38     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                           | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |       474 | NS      | $54946.08     | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                | GCI Liberty Inc                            | CUSIP: 36164V800<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       157 | NS      | $5231.24      | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                            | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |        12 | NS      | $11383.56     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobs Solutions Inc           | Jacobs Solutions Inc                       | CUSIP: 46982L108<br>LEI: 254900E3KHXCC2C8K272 | Long             | EC               | CORP              | US        |        80 | NS      | $10784.80     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       361 | NS      | $7696.52      | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                 | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |       169 | NS      | $18417.62     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                            | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |        57 | NS      | $17773.74     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd      | Kawasaki Kisen Kaisha Ltd                  | CUSIP: N/A<br>LEI: 353800FL04R73DS5P870       | Long             | EC               | CORP              | JP        |      1100 | NS      | $14651.39     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Dynasty Minerals Ltd  | Northern Dynasty Minerals Ltd              | CUSIP: 66510M204<br>LEI: 529900HEIYP56LE0EJ17 | Long             | EC               | CORP              | CA        |     20075 | NS      | $38544.00     | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Star Resources Ltd    | Northern Star Resources Ltd                | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |      2903 | NS      | $51706.70     | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |       121 | NS      | $10965.02     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd                         | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |      1082 | NS      | $46406.98     | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Trilogy Metals Inc             | Trilogy Metals Inc                         | CUSIP: 89621C105<br>LEI: 52990084YC9OR0TUH237 | Long             | EC               | CORP              | CA        |      2040 | NS      | $8731.20      | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc   | United Airlines Holdings Inc               | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |       342 | NS      | $34870.32     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Connections Inc          | Waste Connections Inc                      | CUSIP: 94106B101<br>LEI: 549300HDLRTPBQU69P29 | Long             | EC               | CORP              | CA        |        65 | NS      | $11568.56     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings NV                    | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Long             | EC               | CORP              | US        |      1436 | NS      | $20032.20     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc             | Albertsons Cos Inc                         | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |       608 | NS      | $11144.64     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |        85 | NS      | $27215.30     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                              | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |        76 | NS      | $14364.00     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                               | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |       217 | NS      | $43046.29     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                                | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |       236 | NS      | $9534.40      | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                           | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       215 | NS      | $16090.60     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                  | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |        43 | NS      | $11983.67     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |        26 | NS      | $22909.12     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Novagold Resources Inc         | Novagold Resources Inc                     | CUSIP: 66987E206<br>LEI: 529900587LVZTJ2BHS60 | Long             | EC               | CORP              | CA        |      2705 | NS      | $27563.95     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials In | Solstice Advanced Materials Inc            | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |        20 | NS      | $953.60       | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                             | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |       160 | NS      | $5558.40      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |       561 | NS      | $49109.94     | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospit | Pursuit Attractions and Hospitality Inc    | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |       160 | NS      | $5492.80      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| North West Co Inc/The          | North West Co Inc/The                      | CUSIP: 663278208<br>LEI: 254900VT1HQAZR3IVM76 | Long             | EC               | CORP              | CA        |       162 | NS      | $5718.60      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer