# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016136
**Filing Date:** 2025-11
**Character Count:** 29338
**Document Hash:** e440a16bf07756059fe4ad2339d15db0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016136.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016136

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251530640

**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            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Bahl & Gaynor Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor Small/Mid Cap Income Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** | **Shares** | **Value**  |
| **Consumer Discretionary - 8.9%** | **Consumer Discretionary - 8.9%** | **Consumer Discretionary - 8.9%** | |
| Gildan Activewear, Inc. | Gildan Activewear, Inc. | 877528 | $50721118 |
| Meritage Homes Corporation | Meritage Homes Corporation | 116755 | 8456565 |
| Penske Automotive Group, Inc. | Penske Automotive Group, Inc. | 93258 | 16218499 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 144395 | 23991229 |
| Tractor Supply Company | Tractor Supply Company | 100481 | 5714354 |
|  |  |  | 105101765 |
| **Consumer Staples - 4.5%** | **Consumer Staples - 4.5%** | **Consumer Staples - 4.5%** |  |
| Interparfums, Inc. | Interparfums, Inc. | 268219 | 26387385 |
| Marzetti Company | Marzetti Company | 121151 | 20933682 |
| Utz Brands, Inc. | Utz Brands, Inc. | 495681 | 6022524 |
|  |  |  | 53343591 |
| **Energy - 9.0%** | **Energy - 9.0%** | **Energy - 9.0%** |  |
| DT Midstream, Inc. | DT Midstream, Inc. | 383975 | 43412214 |
| Plains GP Holdings LP - Class A | Plains GP Holdings LP - Class A | 707527 | 12905292 |
| Targa Resources Corporation | Targa Resources Corporation | 297196 | 49792218 |
|  |  |  | 106109724 |
| **Financials - 20.5%** | **Financials - 20.5%** | **Financials - 20.5%** |  |
| American Financial Group, Inc. | American Financial Group, Inc. | 207780 | 30277702 |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | 87608 | 21485862 |
| Evercore, Inc. - Class A | Evercore, Inc. - Class A | 142260 | 47987143 |
| First Financial Bancorp | First Financial Bancorp | 402212 | 10155853 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 394043 | 52561396 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | 176456 | 33902491 |
| Victory Capital Holdings, Inc. - Class A | Victory Capital Holdings, Inc. - Class A | 731279 | 47357628 |
|  |  |  | 243728075 |
| **Health Care - 7.0%** | **Health Care - 7.0%** | **Health Care - 7.0%** |  |
| Perrigo Company PLC | Perrigo Company PLC | 1389252 | 30938642 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | 142505 | 27158603 |
| US Physical Therapy, Inc. | US Physical Therapy, Inc. | 294667 | 25031961 |
|  |  |  | 83129206 |
| **Industrials - 21.5%** | **Industrials - 21.5%** | **Industrials - 21.5%** |  |
| Allegion PLC | Allegion PLC | 86285 | 15302645 |
| Booz Allen Hamilton Holding Corporation | Booz Allen Hamilton Holding Corporation | 220559 | 22044872 |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | 222421 | 52974010 |
| Hubbell, Inc. | Hubbell, Inc. | 115895 | 49870778 |
| Oshkosh Corporation | Oshkosh Corporation | 47106 | 6109648 |
| Ryder System, Inc. | Ryder System, Inc. | 98599 | 18599715 |
| Snap-on, Inc. | Snap-on, Inc. | 155927 | 54033383 |
| Watsco, Inc. | Watsco, Inc. | 88404 | 35741737 |
|  |  |  | 254676788 |
| **Information Technology - 4.9%** | **Information Technology - 4.9%** | **Information Technology - 4.9%** |  |
| Amdocs, Ltd. | Amdocs, Ltd. | 369299 | 30300983 |
| Avnet, Inc. | Avnet, Inc. | 371509 | 19422491 |
| NetApp, Inc. | NetApp, Inc. | 75131 | 8900018 |
|  |  |  | 58623492 |
| **Materials - 8.2%** | **Materials - 8.2%** | **Materials - 8.2%** |  |
| Avery Dennison Corporation | Avery Dennison Corporation | 140930 | 22854618 |
| Avient Corporation | Avient Corporation | 258827 | 8528350 |
| Packaging Corporation of America | Packaging Corporation of America | 208621 | 45464774 |
| RPM International, Inc. | RPM International, Inc. | 175618 | 20701850 |
|  |  |  | 97549592 |
| **Real Estate - 5.4%** | **Real Estate - 5.4%** | **Real Estate - 5.4%** |  |
| Agree Realty Corporation | Agree Realty Corporation | 425661 | 30238957 |
| Equity LifeStyle Properties, Inc. | Equity LifeStyle Properties, Inc. | 365944 | 22212801 |
| Terreno Realty Corporation | Terreno Realty Corporation | 196896 | 11173848 |
|  |  |  | 63625606 |
| **Utilities - 10.0%** | **Utilities - 10.0%** | **Utilities - 10.0%** |  |
| Alliant Energy Corporation | Alliant Energy Corporation | 487090 | 32834737 |
| Atmos Energy Corporation | Atmos Energy Corporation | 164387 | 28069080 |
| CMS Energy Corporation | CMS Energy Corporation | 238506 | 17472950 |
| NiSource, Inc. | NiSource, Inc. | 929737 | 40257612 |
|  |  |  | 118634379 |
| **TOTAL COMMON STOCKS** (Cost $1,109,689,135) | **TOTAL COMMON STOCKS** (Cost $1,109,689,135) | **TOTAL COMMON STOCKS** (Cost $1,109,689,135) | 1184522218 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 0.2%** | **U.S. TREASURY BILLS - 0.2%** | **Par** | **Value**  |
| 3.95%, 12/04/2025 <sup>(a)</sup> | 3.95%, 12/04/2025 <sup>(a)</sup> | 324000 | 321758 |
| 3.91%, 12/11/2025 <sup>(a)</sup> | 3.91%, 12/11/2025 <sup>(a)</sup> | 1230000 | 1220673 |
| 3.86%, 12/18/2025 <sup>(a)</sup> | 3.86%, 12/18/2025 <sup>(a)</sup> | 607000 | 601928 |
| 3.88%, 12/26/2025 <sup>(a)</sup> | 3.88%, 12/26/2025 <sup>(a)</sup> | 335000 | 331921 |
| 3.82%, 12/30/2025 <sup>(a)</sup> | 3.82%, 12/30/2025 <sup>(a)</sup> | 171000 | 169356 |
| **TOTAL U.S. TREASURY BILLS** (Cost $2,645,641) | **TOTAL U.S. TREASURY BILLS** (Cost $2,645,641) | **TOTAL U.S. TREASURY BILLS** (Cost $2,645,641) | 2645636 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $1,112,334,776**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $1,112,334,776**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $1,112,334,776**)** | 1187167854 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (705719) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $1186462135 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | 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. | 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 <br> PLC - Public Limited Company

(a) Zero coupon bond, the rate shown is the annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Bahl & Gaynor Small/Mid Cap Income Growth ETF (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 September 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 | $1184522218 | $– | $– | $1184522218 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 2645636 | – | 2645636 |
| Total Investments | $1184522218 | $2645636 | $– | $1187167854 |
| 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:** Bahl & Gaynor Small/Mid Cap Income Growth ETF

- **b. EDGAR series identifier (if any):** S000072560

- **c. LEI of Series:** 5493004CC8IJTW3EOJ91

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $1188888776.55

**Total Liabilities:** $2426631.77

**Net Assets:** $1186462144.78

**Cash Not Reported:** $161342.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228893 | 1.12%                | 2.50%                | -0.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $878267.29               | $10223928.20                               |
| Month 2  | $1814516.61              | $24960550.48                               |
| Month 3  | $116056.25               | $-10290515.64                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First Financial Bancorp        | First Financial Bancorp            | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |    402212 | NS      | $10155853.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc              | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |    142505 | NS      | $27158602.90  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc               | Ryder System Inc                   | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |     98599 | NS      | $18599715.36  | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    297196 | NS      | $49792217.84  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill        | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1230000 | PA      | $1220672.68   | 0.10%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill        | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    607000 | PA      | $601928.32    | 0.05%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands Inc                     | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    495681 | NS      | $6022524.15   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                     | Watsco Inc                         | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     88404 | NS      | $35741737.20  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp                  | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    425661 | NS      | $30238957.44  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp   | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    220559 | NS      | $22044872.05  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    365944 | NS      | $22212800.80  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc        | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |     93258 | NS      | $16218498.78  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP          | Plains GP Holdings LP              | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |    707527 | NS      | $12905292.48  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliant Energy Corp            | Alliant Energy Corp                | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    487090 | NS      | $32834736.90  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O | American Financial Group Inc/OH    | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    207780 | NS      | $30277701.60  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    140930 | NS      | $22854618.10  | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                      | Avnet Inc                          | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    371509 | NS      | $19422490.52  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    222421 | NS      | $52974009.57  | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     87608 | NS      | $21485862.00  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    383975 | NS      | $43412213.50  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                       | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |    142260 | NS      | $47987143.20  | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc              | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |    877528 | NS      | $50721118.40  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The   | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    394043 | NS      | $52561395.77  | 4.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                        | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    115895 | NS      | $49870777.45  | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums Inc                   | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    268219 | NS      | $26387385.22  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The           | Marzetti Company/The               | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |    121151 | NS      | $20933681.29  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource Inc                       | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    929737 | NS      | $40257612.10  | 3.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                       | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     47106 | NS      | $6109648.20   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America          | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    208621 | NS      | $45464774.53  | 3.83%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International Inc              | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    175618 | NS      | $20701849.84  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc   | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    176456 | NS      | $33902491.28  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                        | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    155927 | NS      | $54033383.31  | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    144395 | NS      | $23991229.25  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill        | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    335000 | PA      | $331921.18    | 0.03%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill        | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    324000 | PA      | $321757.70    | 0.03%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Allegion plc                   | Allegion plc                       | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |     86285 | NS      | $15302644.75  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                         | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |    369299 | NS      | $30300982.95  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Co PLC                     | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |   1389252 | NS      | $30938642.04  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp              | Atmos Energy Corp                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    164387 | NS      | $28069080.25  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                    | Avient Corp                        | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    258827 | NS      | $8528349.65   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                | CMS Energy Corp                    | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    238506 | NS      | $17472949.56  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |    116755 | NS      | $8456564.65   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     75131 | NS      | $8900018.26   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    196896 | NS      | $11173848.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                  | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    100481 | NS      | $5714354.47   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc        | US Physical Therapy Inc            | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |    294667 | NS      | $25031961.65  | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc       | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |    731279 | NS      | $47357628.04  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer