# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-011823
**Filing Date:** 2026-4
**Character Count:** 29829
**Document Hash:** 8c2e268bd395ebf585c25807cb377e28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-011823.hdr.sgml**: 20260402

**ACCESSION NUMBER**: 0000894189-26-011823

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260402

**DATE AS OF CHANGE**: 20260402

**EFFECTIVENESS DATE**: 20260402

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289790
- **FILM NUMBER:** 26834358

**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

&nbsp;&nbsp;&nbsp;&nbsp;![a1morganlewislogo.jpg](a1morganlewislogo.jpg)

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004-2541

www.morganlewis.com

March 27, 2026

Board of Trustees

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202

Board of Trustees

Investment Managers Series Trust

235 W. Galena Street

Milwaukee, WI 53212

**Re:&nbsp;&nbsp;&nbsp;&nbsp;Agreement and Plan of Reorganization, dated as of March 27, 2026 (the "<u>Agreement</u>"), by and among (i) Investment Managers Series Trust, a Delaware statutory trust (the "<u>Target Trust</u>"), on behalf of its series the Bahl & Gaynor Income Growth Fund (the "<u>Target Fund</u>"); (ii) ETF Series Solutions, a Delaware statutory trust (the "<u>Acquiring Trust</u>"), on behalf of the Bahl & Gaynor Income Growth ETF (the "<u>Acquiring Fund</u>"); and (iii) solely for the purposes of Sections 3.2, 8.2 and 9.2 of the Agreement, Bahl & Gaynor, Inc., the investment adviser of the Target Fund and the Acquiring Fund.**

Ladies and Gentlemen:

You have requested our opinion as to certain U.S. federal income tax consequences of the reorganization of the Target Fund and the Acquiring Fund that will consist of, pursuant to the Agreement: (1) the transfer of all of the Assets (as defined in the Agreement) of the Target Fund to the Acquiring Fund in exchange for (A) shares of beneficial interest of the Acquiring Fund ("<u>Acquiring Fund Shares</u>"), cash in lieu of fractional shares, and cash for shareholders of record who hold their Target Fund shares through accounts that are not permitted to hold Acquiring Fund Shares, and (B) the assumption of the Liabilities (as defined in the Agreement) of the Target Fund by the Acquiring Fund; (2) the distribution of the Acquiring Fund Shares and cash in lieu of fractional shares to Target Fund shareholders that hold Target Fund shares in accounts that are permitted to hold Acquiring Fund Shares, and with respect to shareholders that hold their Target Fund shares through accounts that are not permitted to hold Acquiring Fund Shares, the distribution of cash; and (3) followed immediately by the complete liquidation of the Target Fund. The transactions described in (1) through (3) of the immediately preceding sentence, collectively, with respect to the Target Fund and the Acquiring Fund, are referred to herein as the "<u>Reorganization</u>."

In rendering our opinion, we have reviewed and relied upon (a) the Agreement, (b) the proxy materials provided to shareholders of the Target Fund in connection with the recently

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Boards of Trustees

March 27, 2026

held special meeting of shareholders, (c) certain representations concerning the Reorganization made to us in letters from the Acquiring Trust and the Target Trust dated March 27, 2026 (collectively, the "<u>Representation Letters</u>"), (d) the Acquiring Fund's Registration Statement filed on Form N-14 (the "<u>Registration Statement</u>"), (e) all other documents, financial and other reports and corporate minutes that we deemed relevant or appropriate, (collectively (a) - (e), the "<u>Transaction Documents</u>") and (f) such statutes, regulations, rulings and decisions as we deemed material with respect to this opinion. We have assumed that the Transaction Documents and Representation Letters present all material and relevant facts relating to the Reorganization. All terms used herein, unless otherwise defined, are used as defined in the Agreement.

For purposes of this opinion, we have assumed that the Target Fund on the Closing of the Reorganization will satisfy, and following the Reorganization, the Acquiring Fund will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), for qualification as a regulated investment company. We have also assumed the accuracy and completeness of the information contained in the Transaction Documents. As to various matters of fact that are material to this opinion, we have relied, exclusively and without independent verification on the representations and warranties made in the Agreement by the Target Fund and the Acquiring Fund, as being true and correct in all material respects as of the Closing Date.

Based on the foregoing and provided the Reorganization is carried out in accordance with the applicable laws of the State of Delaware, the Agreement and the Representation Letters, it is our opinion with respect to the Reorganization that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The acquisition by the Acquiring Fund of all of the assets of the Target Fund, as provided for in the Agreement, in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities (as defined in the Agreement) of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Target Fund, will qualify as a reorganization within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to the Acquiring Fund in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities (as defined in the Agreement) of the Target Fund pursuant to Section 361(a) and Section 357(a) of the Code, except for (A) gain or loss that may be recognized on the transfer of "section 1256 contracts" as defined in Section 1256(b) of the Code, (B) gain that may be recognized on the transfer of stock in a "passive foreign investment company" as defined in Section 1297(a) of the Code, and (C) any other gain or loss that may be required to be recognized (i) as a result of the closing of the Target Fund's taxable year or (ii) upon the transfer of an asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code.

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Boards of Trustees

March 27, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange for the assumption of the Liabilities (as defined in the Agreement) of the Target Fund and issuance of the Acquiring Fund Shares pursuant to Section 1032(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund Shares by the Target Fund to shareholders of the Target Fund in complete liquidation (in pursuance of the Agreement) of the Target Fund pursuant to Section 361(c)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer of such assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund on the transfer pursuant to Section 362(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code, other than assets with respect to which gain or loss is required to be recognized and except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all their Target Fund Shares for the Acquiring Fund Shares pursuant to Section 354(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.The aggregate tax basis of the Acquiring Fund Shares received by a shareholder of the Target Fund will be the same as the aggregate tax basis of the Target Fund Shares exchanged therefor pursuant to Section 358(a)(1) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.The holding period of the Acquiring Fund Shares received by a shareholder of the Target Fund will include the holding period of the Target Fund Shares exchanged therefor, provided that the shareholder held the Target Fund Shares as a capital asset on the date of the exchange pursuant to Section 1223(1) of the Code.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. It represents our best legal judgment as to the matters addressed herein, but is not binding on the IRS or the courts. Accordingly, no assurance can be given that the opinions and analysis expressed herein, if contested, would be sustained by a court. Our opinion is based upon the Code, the applicable Treasury Regulations promulgated thereunder, the present position of the IRS as set forth in published revenue rulings and revenue procedures, present administrative positions of the IRS, and existing judicial decisions, all of which are subject to change either prospectively or retroactively. We do not undertake to make any continuing analysis of the facts or relevant law following the date of this letter.

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Boards of Trustees

March 27, 2026

Our opinion is conditioned upon the performance by the Acquiring Trust and the Target Trust of their respective undertakings in the Agreement and the Representation Letters. Notwithstanding the foregoing, no opinion is expressed with respect to the receipt of cash in lieu of fractional shares or the receipt of cash by shareholders who hold their Target Fund Shares through accounts that are not permitted to hold Acquiring Fund Shares, in each case, in connection with the Reorganization.

Our opinion addresses only the specific federal income tax consequences of the Reorganization set forth above and does not address any other U.S. federal, or any state, local, or foreign, tax consequences of the Reorganization or any other action (including any taken in connection therewith). This opinion is being rendered to the Acquiring Trust, on behalf of the Acquiring Fund, and to the Target Trust, on behalf of the Target Fund, and may be relied upon only by the Acquiring Trust, the Target Trust, the Target Fund, the Acquiring Fund and their shareholders and may not be relied on for any purpose by any other person without our express written consent.

We hereby consent to the references to our Firm and the discussion of this opinion in the Registration Statement under the Proxy Statement/Prospectus heading "Federal Income Tax Consequences of each Reorganization." In giving this consent, we do not concede that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations promulgated thereunder. Further, we hereby consent to the filing of this opinion as an exhibit to the Registration Statement.

Very truly yours,

/s/ Morgan, Lewis & Bockius LLP

## Ex-99.(12)

    

As filed with the U.S. Securities and Exchange Commission on April 2, 2026

Registration No. 333-289790

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

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| | |
|:---|:---|
| [_] | Pre-Effective Amendment No. ___ |
| [X] | Post-Effective Amendment No. <u>1</u>  |
| | (Check appropriate box or boxes.) |

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**ETF SERIES SOLUTIONS**

(Exact name of registrant as specified in charter)

615 East Michigan Street, Milwaukee, Wisconsin 53202 (Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: (414) 765-6511

Kristina Nelson, President

ETF Series Solutions

c/o U.S. Bank Global Fund Services<br>615 East Michigan Street

Milwaukee, WI 53202

(Name and Address of Agent for Service)

With a Copy to:

Christopher D. Menconi

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004-2541

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1993, as amended.

This post-effective amendment No. 1 to the Registration Statement on Form N-14 of the Registrant is being filed solely to provide Exhibit 12 to Part C of the Registration Statement previously filed with the Commission on December 2, 2025.

Parts A and B of the Registration Statement filed with the Commission on December 2, 2025 and the definitive versions thereof filed with the SEC on <u>[January](https://www.sec.gov/Archives/edgar/data/1540305/000089418926000077/bahlgaynorincomegrowthetf4.htm)[5](https://www.sec.gov/Archives/edgar/data/1540305/000089418926000077/bahlgaynorincomegrowthetf4.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1540305/000089418926000077/bahlgaynorincomegrowthetf4.htm)[6](https://www.sec.gov/Archives/edgar/data/1540305/000089418926000077/bahlgaynorincomegrowthetf4.htm)[pursuant to Rule 497](https://www.sec.gov/Archives/edgar/data/1540305/000089418926000077/bahlgaynorincomegrowthetf4.htm)</u> under the Securities Act are incorporated by reference herein.

    

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**PART C: OTHER INFORMATION**

**Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification:**

The Trustees shall not be responsible or liable in any event for any neglect or wrongdoing of any officer, agent, employee, adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee, and, subject to the provisions of the By-Laws, the Trust out of its assets may indemnify and hold harmless each and every Trustee and officer of the Trust from and against any and all claims, demands, costs, losses, expenses, and damages whatsoever arising out of or related to such Trustee's or officer's performance of his or her duties as a Trustee or officer of the Trust; provided that nothing herein contained shall indemnify, hold harmless or protect any Trustee or officer from or against any liability to the Trust or any Shareholder to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Every note, bond, contract, instrument, certificate or undertaking and every other act or thing whatsoever issued, executed or done by or on behalf of the Trust or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in or with respect to their or his or her capacity as Trustees or Trustee, and such Trustees or Trustee shall not be personally liable thereon.

Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Securities Act") may be permitted to Trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the U.S. Securities and Exchange Commission ("SEC") such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

**Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:**

(1) (a) <u>[Certificate of Trust dated February 9, 2012 of ETF Series Solutions (the "Trust" or the "Registrant") is incorporated herein by reference to Exhibit (a)(i) to the Registrant's Registration Statement on Form N-1A, as filed on February 17, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912000776/cert.htm)</u>

(1) (b) <u>[Agreement and Declaration of Trust dated February 17, 2012 of ETF Series Solutions (the "Trust" or the "Registrant") is incorporated herein by reference to Exhibit (a)(ii) to the Registrant's Registration Statement on Form N-1A, as filed on February 17, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912000776/declaration.htm)</u>

(2) <u>[Registrant's Amended and Restated Bylaws dated August 18, 2014, are incorporated herein by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-1A, as filed on September 8, 2014.](https://www.sec.gov/Archives/edgar/data/1540305/000089418914004441/bylaws.htm)</u>

(3) Not applicable

(4) Form of the Agreement and Plan of Reorganization is attached to Form N-14 as an appendix ("Appendix A").

(5) Instruments Defining Rights of Security Holders are herein incorporated by reference from the Trust's Declaration of Trust and Bylaws.

(6) (a) <u>[Investment Advisory Agreement between the Trust and Bahl & Gaynor, Inc. is incorporated herein by reference to Exhibit (d)(i)(A) to the Registration Statement on Form N-1A, as filed on July 26, 2023.](https://www.sec.gov/Archives/edgar/data/1540305/000089418923005000/ess-trustadvisoryagreement.htm)</u>

(6) (b) <u>[Amended Schedule A to Investment Advisory Agreement between the Trust and Bahl & Gaynor, Inc. dated October 10, 2024 is incorporated herein by reference to Exhibit (d)(i)(B) to the Registrant's Registration Statement on Form N-1A, as filed on December 11, 2024.](https://www.sec.gov/Archives/edgar/data/1540305/000089418924007157/bahlgaynoramendedschedulea.htm)</u>

(7) (a) <u>[Distribution Agreement between the Trust and Quasar Distributors, LLC dated September 30, 2021 is incorporated herein by reference to Exhibit (e)(i)(A) to the Registration Statement on Form N-1A, as filed on October 28, 2021.](https://www.sec.gov/Archives/edgar/data/1540305/000089418921007557/exeia2021-09x30essxquasare.htm)</u>

(7) (b) <u>[Sixteenth Amendment to the Distribution Agreement with Quasar Distributors, LLC is incorporated herein by reference to Exhibit (e)(i)(B) to the Registrant's Registration Statement on Form N-1A, as filed on February 27, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925001424/ess-qdetfdaa16xexecutionco.htm)</u>

(7) (c) <u>[Form of Authorized Participant Agreement for Quasar Distributors, LLC is incorporated herein by reference to Exhibit (e)(iii) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418918006206/compass_agrmt.htm)</u>

(8) Not applicable.

(9) (a) <u>[Custody Agreement between the Trust and U.S. Bank National Association dated May 16, 2012 is incorporated herein by reference to Exhibit (g) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912002911/custody_agmt.htm)</u>

(9) (b) <u>[Amended Exhibit WW to the Custody Agreement dated November 12, 2024 is incorporated herein by reference to Exhibit (g)(i)(B) to the Registrant's Registration Statement on Form N-1A, as filed on December 11, 2024.](https://www.sec.gov/Archives/edgar/data/1540305/000089418924007157/bahlgaynor-esscustodyagrmn.htm)</u>

(10) (a) <u>[Rule 12b-1 Plan is incorporated herein by reference to Exhibit (m) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912002911/plan_12b1.htm)</u>

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(10) (b) <u>[Amended Schedule A to Rule 12b-1 Plan dated April 10, 2025 is incorporated herein by reference to Exhibit (m)(i)(B) to the Registrant's Registration Statement on Form N-1A, as filed on July 24, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925005126/scheduleatorule12b-1planx2.htm)</u>

(11) <u>[Opinion and consent of counsel as to the legality of the securities being registered is incorporated herein by reference to Exhibit EX-99](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/n-14legalopinionforimstbah.htm) [(11)](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/n-14legalopinionforimstbah.htm) [to the Registrant's Registration Statement on Form N-14/A, as filed on December 2, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/n-14legalopinionforimstbah.htm)</u>

(12) <u>[Tax Opinion – Bahl & Gaynor Income Growth Fund](bahlgaynorn-14taxopinion4x.htm)</u> - **filed herewith.**

(13) (a) (i) <u>[Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC dated May 16, 2012 is incorporated herein by reference to Exhibit (h)(i) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912002911/fundadmin_agmt.htm)</u>

(13) (a) (ii) <u>[Amended Exhibit WW to the Fund Administration Servicing Agreement dated November 12, 2024 is incorporated herein by reference to Exhibit (h)(i)(B) to the Registrant's Registration Statement on Form N-1A, as filed on December 11, 2024.](https://www.sec.gov/Archives/edgar/data/1540305/000089418924007157/bahlgaynor-essadminagrmntx.htm)</u>

(13) (b) (i) <u>[Transfer Agent Agreement between the Trust and U.S. Bancorp Fund Services, LLC dated May 16, 2012 is incorporated herein by reference to Exhibit (d)(ii) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912002911/ta_agmt.htm)</u>

(13) (b) (ii) <u>[Amended Exhibit WW to Transfer Agent Agreement dated November 12, 2024 is incorporated herein by reference to Exhibit (h)(iii)(B) to the Registrant's Registration Statement on Form N-1A, as filed on December 11, 2024.](https://www.sec.gov/Archives/edgar/data/1540305/000089418924007157/bahlgaynor-esstaagrmntxame.htm)</u>

(13) (c) (i) <u>[Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC dated May 16, 2012 is incorporated herein by reference to Exhibit (h)(ii) to the Registrant's Registration Statement on Form N-1A, as filed on May 23, 2012.](https://www.sec.gov/Archives/edgar/data/1540305/000089418912002911/fundacct_agmt.htm)</u>

(13) (c) (ii) <u>[Amended Exhibit WW to the Fund Accounting Servicing Agreement dated November 12, 2024 is incorporated herein by reference to Exhibit (h)(ii)(B) to the Registrant's Registration Statement on Form N-1A, as filed on December 11, 2024.](https://www.sec.gov/Archives/edgar/data/1540305/000089418924007157/bahlgaynor-essaccountingag.htm)</u>

(13) (d) <u>[Compliance Services Agreement between the Trust and U.S. Bancorp Fund Services, LLC dated May 24, 2022 is incorporated herein by reference to Exhibit (h)(v)(A) to the Registrant's Registration Statement on Form N-1A, as filed on May 26, 2022.](https://www.sec.gov/Archives/edgar/data/1540305/000089418922004045/exhvaccoagreement2022.htm)</u>

(14) (a) <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm) [is incorporated herein by reference to Exhibit EX-99(1](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm) [4](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm) [)](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm) [(A)](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm) [to the Registrant's Registration Statement on Form N-14/A, as filed on December 2, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14acohenconsent.htm)</u>

(14) (b) <u>[Consent of Independent Registered Public Accounting Firm](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14ataitwellerconse.htm) [is incorporated herein by reference to Exhibit EX-99(14)(](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14ataitwellerconse.htm) [B](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14ataitwellerconse.htm) [) to the Registrant's Registration Statement on Form N-14/A, as filed on December 2, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14ataitwellerconse.htm)</u>

(15) Not applicable

(16) (a) <u>[Powers of Attorney dated July 10, 2025](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [,](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [is incorporated herein by reference to Exhibit EX-99(1](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [6](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [)(](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [A](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm) [) to the Registrant's Registration Statement on Form N-14/A, as filed on December 2, 2025.](https://www.sec.gov/Archives/edgar/data/1540305/000089418925016540/ess-bgnx14powerofattorney.htm)</u>

(16) (b) <u>[Certificate of Secretary dated July 13, 2023 with respect to powers of attorney is incorporated herein by reference to Exhibit (h)(vi) to the Registrant's Registration Statement on Form N-1A, as filed on July 25, 2023.](https://www.sec.gov/Archives/edgar/data/1540305/000089418923004935/esssecretaryscertificatere.htm)</u>

(17) Form of Proxy Card is attached to Form N-14

**Item 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Undertakings:**

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through use of a prospectus which is part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended, the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, as amended, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of securities at that time shall be deemed to be the initial bona fide offering of them.

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**SIGNATURES**

As required by the Securities Act of 1933, as amended, this Registration Statement on Form N-14 has been signed on behalf of the Registrant, in the City of Chicago, State of Illinois, on April 2, 2026.

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|:---|
| **ETF Series Solutions** |
| /s/ Noelle-Nadia A. Filali |
| Noelle-Nadia A. Filali <br>Assistant Secretary |

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Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-14 has been signed below on April 2, 2026 by the following persons in the capacities indicated.

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|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| \* <u>David A. Massart</u> | Trustee |
| David A. Massart | |
| \* <u>Janet D. Olsen</u> | Trustee |
| Janet D. Olsen | |
| \* <u>Michael A. Castino</u> | Trustee |
| Michael A. Castino | |
| <u>\* Kristina R. Nelson</u> | President |
| Kristina R. Nelson | |
| <u>\* Kristen M. Weitzel</u> | Treasurer |
| Kristen M. Weitzel | |

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\*By: <u>/s/ Noelle-Nadia A. Filali</u>

Noelle-Nadia A. Filali

pursuant to Powers of Attorney

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| (12) | <u>[Tax Opinion – Bahl & Gaynor Income Growth Fund](bahlgaynorn-14taxopinion4x.htm)</u> |

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