# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-009867
**Filing Date:** 2025-9
**Character Count:** 69186
**Document Hash:** 217ec0101e6fc23200d3cd1318a25d23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009867.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009867

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** 251355304

**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

### AAM SLC Low Duration Income ETF (Series ID: S000088945)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255346 | AAM SLC Low Duration Income ETF | LODI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM SLC Low Duration Income ETF** | **AAM SLC Low Duration Income ETF** | **AAM SLC Low Duration Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **ASSET-BACKED SECURITIES - 29.5%** | **Par** | **Value** |
| Affirm, Inc. | Affirm, Inc. | Affirm, Inc. |
| &nbsp;&nbsp; Series 2024-X2, Class D, 6.08%, 12/17/2029 <sup>(a)</sup> | 750000 | $756134 |
| &nbsp;&nbsp; Series 2025-X1, Class D, 6.11%, 04/15/2030 <sup>(a)</sup> | 215000 | 217169 |
| American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust | American Credit Acceptance Receivables Trust |
| &nbsp;&nbsp; Series 2022-1, Class E, 3.64%, 03/13/2028 <sup>(a)</sup> | 1000000 | 998350 |
| &nbsp;&nbsp; Series 2024-1, Class C, 5.63%, 01/14/2030 <sup>(a)</sup> | 1000000 | 1003605 |
|  Bridgecrest Lending Auto Securitization Trust, Series 2025-2, Class D, 5.62%, 03/17/2031 | 545000 | 551584 |
|  Carvana Auto Receivables Trust, Series 2024-P4, Class D, 5.60%, 12/10/2032 | 395000 | 395652 |
| CPS Auto Trust | CPS Auto Trust | CPS Auto Trust |
| &nbsp;&nbsp; Series 2024-A, Class D, 6.13%, 04/15/2030 <sup>(a)</sup> | 1000000 | 1017520 |
| &nbsp;&nbsp; Series 2025-B, Class D, 5.56%, 07/15/2031 <sup>(a)</sup> | 530000 | 535225 |
| DT Auto Owner Trust | DT Auto Owner Trust | DT Auto Owner Trust |
| &nbsp;&nbsp; Series 2021-3A, Class E, 2.65%, 09/15/2028 <sup>(a)</sup> | 175000 | 172624 |
| &nbsp;&nbsp; Series 2021-4A, Class D, 1.99%, 09/15/2027 <sup>(a)</sup> | 639843 | 631863 |
| Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2022-5A, Class D, 7.40%, 02/15/2029 | 195000 | 198700 |
| &nbsp;&nbsp; Series 2022-6A, Class D, 8.03%, 04/06/2029 | 500000 | 515135 |
| &nbsp;&nbsp; Series 2023-5A, Class D, 7.13%, 02/15/2030 | 180000 | 186164 |
| &nbsp;&nbsp; Series 2024-5A, Class D, 5.06%, 02/18/2031 | 500000 | 497854 |
| &nbsp;&nbsp; Series 2025-3A, Class D, 5.57%, 10/15/2031 | 365000 | 368929 |
|  GLS Auto Receivables Trust, Series 2025-2A, Class D, 5.59%, 01/15/2031 <sup>(a)</sup> | 165000 | 167501 |
|  Marriott Vacations Worldwide Corporation, Series 2021-1WA, Class C, 1.94%, 01/22/2041 <sup>(a)</sup> | 137837 | 131767 |
|  MVW Owner Trust, Series 2024-1A, Class C, 6.20%, 02/20/2043 <sup>(a)</sup> | 144196 | 146148 |
|  Octane Receivables Trust, Series 2023-2A, Class D, 7.38%, 06/20/2031 <sup>(a)</sup> | 750000 | 773402 |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
| &nbsp;&nbsp; Series 2023-8, Class B, 7.96%, 06/16/2031 <sup>(a)</sup> | 423556 | 427571 |
| &nbsp;&nbsp; Series 2024-11, Class D, 6.31%, 07/15/2032 <sup>(a)</sup> | 999885 | 1002525 |
| &nbsp;&nbsp; Series 2024-5, Class C, 7.27%, 10/15/2031 <sup>(a)</sup> | 671463 | 677512 |
| &nbsp;&nbsp; Series 2024-5, Class E, 8.00%, 10/15/2031 <sup>(a)</sup> | 328072 | 328092 |
| &nbsp;&nbsp; Series 2025-1, Class D, 6.28%, 07/15/2032 <sup>(a)</sup> | 159986 | 160374 |
| &nbsp;&nbsp; Series 2025-3, Class D, 6.99%, 12/15/2032 <sup>(a)</sup> | 170000 | 171911 |
| &nbsp;&nbsp; Series 2025-4, Class D, 6.57%, 01/17/2033 <sup>(a)</sup> | 200000 | 200682 |
| &nbsp;&nbsp; Series 2025-5, Class D, 5.87%, 03/15/2033 <sup>(a)</sup> | 130000 | 129837 |
|  Pagaya Technologies Ltd., Series 2025-1, Class D, 6.74%, 01/20/2034 <sup>(a)</sup> | 145000 | 146067 |
|  Santander Consumer USA Holdings, Inc., Series 2024-2, Class D, 6.28%, 08/15/2031 | 1000000 | 1026450 |
|  Santander Consumer USA, Inc., Series 2025-S1, Class R2, 6.26%, 06/16/2029 <sup>(a)</sup> | 364935 | 366126 |
|  Verus Securitization Trust, Series 2025-1, Class A3, 5.98%, 01/25/2070 <sup>(a)(b)</sup> | 234169 | 234496 |
| Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust | Westlake Automobile Receivables Trust |
| &nbsp;&nbsp; Series 2023-3A, Class D, 6.47%, 03/15/2029 <sup>(a)</sup> | 2000000 | 2053901 |
| &nbsp;&nbsp; Series 2023-4A, Class D, 7.19%, 07/16/2029 <sup>(a)</sup> | 155000 | 160304 |
| &nbsp;&nbsp; Series 2024-1A, Class D, 6.02%, 10/15/2029 <sup>(a)</sup> | 1000000 | 1017491 |
| &nbsp;&nbsp; Series 2025-1A, Class D, 5.54%, 11/15/2030 <sup>(a)</sup> | 225000 | 227375 |
| **TOTAL ASSET-BACKED SECURITIES** (Cost $17,529,054) | **TOTAL ASSET-BACKED SECURITIES** (Cost $17,529,054) | 17596040 |
| **CORPORATE BONDS - 29.0%** | **Par** | **Value** |
| **Basic Materials - 0.8%** | **Basic Materials - 0.8%** | **Basic Materials - 0.8%** |
|  Celanese US Holdings LLC, 6.67%, 07/15/2027 | 80000 | 82074 |
|  Glencore Funding LLC, 4.91%, 04/01/2028 <sup>(a)</sup> | 390000 | 393727 |
|  |  | 475801 |
| **Communications - 0.6%** | **Communications - 0.6%** | **Communications - 0.6%** |
|  Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026 | 375000 | 380550 |
| **Consumer, Cyclical - 3.1%** | **Consumer, Cyclical - 3.1%** | **Consumer, Cyclical - 3.1%** |
|  Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/2028 <sup>(a)</sup> | 645000 | 645714 |
|  Ford Motor Credit Company LLC, 2.70%, 08/10/2026 | 260000 | 253622 |
|  General Motors Financial Company, Inc., 5.40%, 05/08/2027 | 130000 | 131721 |
|  Las Vegas Sands Corporation, 5.90%, 06/01/2027 | 250000 | 254161 |
|  Volkswagen Group of America Finance LLC, 5.05%, 03/27/2028 <sup>(a)</sup> | 550000 | 552711 |
|  |  | 1837929 |
| **Energy - 3.5%** | **Energy - 3.5%** | **Energy - 3.5%** |
|  Columbia Pipelines Holding Company LLC, 6.04%, 08/15/2028 <sup>(a)</sup> | 545000 | 566598 |
|  Expand Energy Corporation, 5.38%, 02/01/2029 | 720000 | 720909 |
|  Patterson-UTI Energy, Inc., 3.95%, 02/01/2028 | 525000 | 508136 |
|  South Bow USA Infrastructure Holdings LLC, 5.03%, 10/01/2029 <sup>(a)</sup> | 290000 | 289870 |
|  |  | 2085513 |
| **Financial - 18.0%** | **Financial - 18.0%** | **Financial - 18.0%** |
|  Ally Financial, Inc., 5.74% (SOFR + 1.96%), 05/15/2029 | 240000 | 244424 |
|  Ares Strategic Income Fund, 5.70%, 03/15/2028 | 760000 | 763828 |
|  Avolon Holdings Funding Ltd., 2.53%, 11/18/2027 <sup>(a)</sup> | 650000 | 618435 |
|  Barclays PLC, 5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028 | 500000 | 507982 |
|  Blackstone Private Credit Fund, 2.63%, 12/15/2026 | 530000 | 512586 |
|  Blue Owl Credit Income Corporation, 7.75%, 09/16/2027 | 475000 | 496473 |
|  Corebridge Financial, Inc., 6.88% (5 yr. CMT Rate + 3.85%), 12/15/2052 | 1200000 | 1233308 |
|  Global Atlantic Financial Company, 4.70% (5 yr. CMT Rate + 3.80%), 10/15/2051 <sup>(a)</sup> | 1280000 | 1253089 |
|  Goldman Sachs Group, Inc., 3.62% (SOFR + 1.85%), 03/15/2028 | 510000 | 502287 |
|  Huntington Bancshares, Inc., 4.44% (SOFR + 1.97%), 08/04/2028 | 500000 | 498552 |
|  Jackson National Life Global Funding, 5.55%, 07/02/2027 <sup>(a)</sup> | 240000 | 244177 |
|  Lloyds Banking Group PLC, 5.99% (1 yr. CMT Rate + 1.48%), 08/07/2027 | 500000 | 506380 |
|  LPL Holdings, Inc., 4.90%, 04/03/2028 | 570000 | 573393 |
|  NatWest Group PLC, 3.07% (1 yr. CMT Rate + 2.55%), 05/22/2028 | 550000 | 536283 |
|  Oaktree Strategic Credit Fund, 8.40%, 11/14/2028 | 725000 | 780781 |
|  Santander Holdings USA, Inc., 2.49% (SOFR + 1.25%), 01/06/2028 | 560000 | 542584 |
|  Santander UK Group Holdings PLC, 1.53% (1 yr. CMT Rate + 1.25%), 08/21/2026 | 525000 | 523735 |
|  Synchrony Financial, 5.02% (SOFR + 1.40%), 07/29/2029 | 125000 | 124928 |
|  VICI Properties LP / VICI Note Company, Inc., 3.75%, 02/15/2027 <sup>(a)</sup> | 265000 | 260501 |
|  |  | 10723726 |
| **Utilities - 3.0%** | **Utilities - 3.0%** | **Utilities - 3.0%** |
|  NextEra Energy Capital Holdings, Inc., 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 550000 | 567553 |
|  Pacific Gas and Electric Company, 2.10%, 08/01/2027 | 595000 | 565652 |
|  Sempra, 6.63% to 04/01/2030 then 5 yr. CMT Rate + 2.35%, 04/01/2055 | 160000 | 156938 |
|  Southern Company, 4.00% (5 yr. CMT Rate + 3.73%), 01/15/2051 | 470000 | 467360 |
|  |  | 1757503 |
| **TOTAL CORPORATE BONDS** (Cost $17,130,586) | **TOTAL CORPORATE BONDS** (Cost $17,130,586) | 17261022 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 21.7%** | **Par** | **Value** |
|  Banc of America Re-Remic Trust, Series 2024-FRR3, Class C, 0.64%, 01/27/2050 <sup>(a)(c)</sup> | 750000 | 681707 |
|  ALA Trust |  |  |
| &nbsp;&nbsp; Series 2025-OANA, Class C, 6.43% (1 mo. Term SOFR + 2.09%), 06/15/2040 <sup>(a)</sup> | 120000 | 120339 |
| &nbsp;&nbsp; Series 2025-OANA, Class D, 7.43% (1 mo. Term SOFR + 3.09%), 06/15/2040 <sup>(a)</sup> | 190000 | 190862 |
| BBCMS Trust | BBCMS Trust | BBCMS Trust |
| &nbsp;&nbsp; Series 2018-TALL, Class A, 5.26% (1 mo. Term SOFR + 0.92%), 03/15/2037 <sup>(a)</sup> | 330000 | 313776 |
| &nbsp;&nbsp; Series 2018-TALL, Class D, 5.99% (1 mo. Term SOFR + 1.65%), 03/15/2037 <sup>(a)</sup> | 500000 | 440321 |
| &nbsp;&nbsp; Series 2024-5C25, Class D, 4.00%, 03/15/2057 <sup>(a)</sup> | 400000 | 358398 |
| &nbsp;&nbsp; Series 2024-5C27, Class C, 6.70%, 07/15/2057 <sup>(c)</sup> | 135000 | 139107 |
| &nbsp;&nbsp; Series 2024-5C31, Class D, 4.25%, 12/15/2057 <sup>(a)</sup> | 930000 | 825157 |
| Benchmark Mortgage Trust | Benchmark Mortgage Trust | Benchmark Mortgage Trust |
| &nbsp;&nbsp; Series 2024-V5, Class C, 6.97%, 01/10/2057 <sup>(c)</sup> | 500000 | 516757 |
| &nbsp;&nbsp; Series 2024-V6, Class B, 6.79%, 03/15/2057 | 600000 | 624646 |
| &nbsp;&nbsp; Series 2025-V13, Class C, 5.91%, 02/15/2058 <sup>(c)</sup> | 300000 | 299786 |
| &nbsp;&nbsp; Series 2025-V15, Class C, 6.27%, 06/15/2058 | 70000 | 71105 |
| BMO Mortgage Trust | BMO Mortgage Trust | BMO Mortgage Trust |
| &nbsp;&nbsp; Series 2024-5C5, Class D, 4.50%, 02/15/2057 <sup>(a)</sup> | 500000 | 449342 |
| &nbsp;&nbsp; Series 2024-5C8, Class D, 4.50%, 12/15/2057 <sup>(a)</sup> | 500000 | 451843 |
|  Brookfield Properties Retail Holding LLC, Series 2024-SHOW, Class C, 6.07%, 10/10/2041 <sup>(a)(c)</sup> | 500000 | 498633 |
|  BWAY Mortgage Trust, Series 2013-1515, Class B, 3.47%, 03/10/2033 <sup>(a)</sup> | 325000 | 299139 |
|  Commercial Mortgage Pass Through Certificates, Series 2015-CR24, Class B, 4.32%, 08/10/2048 <sup>(c)</sup> | 250000 | 246382 |
| Computershare Corporate Trust | Computershare Corporate Trust | Computershare Corporate Trust |
| &nbsp;&nbsp; Series 2016-C34, Class C, 5.05%, 06/15/2049 <sup>(c)</sup> | 470000 | 433655 |
| &nbsp;&nbsp; Series 2016-C35, Class AS, 3.18%, 07/15/2048 | 500000 | 489024 |
| &nbsp;&nbsp; Series 2016-C37, Class B, 4.29%, 12/15/2049 <sup>(c)</sup> | 600000 | 590995 |
| &nbsp;&nbsp; Series 2016-C37, Class D, 3.16%, 12/15/2049 <sup>(a)(c)</sup> | 400000 | 364656 |
|  FS Commercial Mortgage Trust, Series 2023-4SZN, Class B, 7.54%, 11/10/2039 <sup>(a)(c)</sup> | 670000 | 685764 |
|  Great Wolf Trust 2024-WOLF, Series 2024-WOLF, Class D, 7.23% (1 mo. Term SOFR + 2.89%), 03/15/2039 <sup>(a)</sup> | 500000 | 501291 |
| Hudson Yards Mortgage Trust | Hudson Yards Mortgage Trust | Hudson Yards Mortgage Trust |
| &nbsp;&nbsp; Series 2025-SPRL, Class D, 6.34%, 01/13/2040 <sup>(a)(c)</sup> | 375000 | 386663 |
| &nbsp;&nbsp; Series 2025-SPRL, Class E, 6.68%, 01/13/2040 <sup>(a)(c)</sup> | 400000 | 411864 |
| JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust | JPMBB Commercial Mortgage Securities Trust |
| &nbsp;&nbsp; Series 2015-C28, Class B, 3.99%, 10/15/2048 | 290096 | 287411 |
| &nbsp;&nbsp; Series 2015-C28, Class D, 3.74%, 10/15/2048 <sup>(a)(c)</sup> | 400000 | 350365 |
|  Morgan Stanley Capital I, Inc., Series 2018-L1, Class C, 4.78%, 10/15/2051 <sup>(c)</sup> | 250000 | 224561 |
| RFM Reremic Trust | RFM Reremic Trust | RFM Reremic Trust |
| &nbsp;&nbsp; Series 2022-FRR1, Class AK55, 0.00%, 03/28/2049 <sup>(a)(d)</sup> | 260000 | 250021 |
| &nbsp;&nbsp; Series 2022-FRR1, Class AK64, 2.79%, 03/01/2050 <sup>(a)(c)</sup> | 350000 | 328130 |
|  RIDE Trust, Series 2025-SHRE, Class D, 6.75%, 02/14/2047 <sup>(a)(c)</sup> | 235000 | 238899 |
|  TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, 6.33% (1 mo. Term SOFR + 1.99%), 12/15/2039 <sup>(a)</sup> | 575000 | 576436 |
|  UBS Commercial Mortgage Trust, Series 2017-C3, Class C, 4.36%, 08/15/2050 <sup>(c)</sup> | 600000 | 566693 |
| **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $13,183,669) | **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS** (Cost $13,183,669) | 13213728 |
| **COLLATERALIZED LOAN OBLIGATIONS - 8.7%** | **Par** | **Value** |
|  AGL CLO Ltd., Series 2021-16A, Class DR, 6.73% (3 mo. Term SOFR + 2.40%), 01/20/2035 <sup>(a)</sup> | 510000 | 509992 |
|  Blackrock CLO Ltd., Series 2024-1A, Class A1, 6.17% (3 mo. Term SOFR + 1.85%), 07/15/2036 <sup>(a)</sup> | 900000 | 905520 |
|  CIFC Funding Ltd., Series 2019-3A, Class CR2, 6.12% (3 mo. Term SOFR + 1.80%), 01/16/2038 <sup>(a)</sup> | 1000000 | 1002058 |
| Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. | Golub Capital Partners CLO Ltd. |
| &nbsp;&nbsp; Series 2019-45A, Class A1R, 5.95% (3 mo. Term SOFR + 1.62%), 07/20/2037 <sup>(a)</sup> | 1000000 | 1002473 |
| &nbsp;&nbsp; Series 2025-78A, Class C, 6.33% (3 mo. Term SOFR + 2.00%), 04/21/2039 <sup>(a)</sup> | 195000 | 195912 |
|  Madison Park Funding Ltd., Series 2019-36A, Class D1RR, 6.87% (3 mo. Term SOFR + 2.55%), 04/15/2035 <sup>(a)</sup> | 1000000 | 1001165 |
|  Neuberger Berman CLO Ltd., Series 2019-35A, Class DR, 7.48% (3 mo. Term SOFR + 3.15%), 01/19/2033 <sup>(a)</sup> | 535000 | 535000 |
| **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $5,149,780) | **TOTAL COLLATERALIZED LOAN OBLIGATIONS** (Cost $5,149,780) | 5152120 |
| **U.S. TREASURY SECURITIES - 7.5%** | **Par** | **Value** |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 4.25%, 12/31/2026 | 770000 | 771805 |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | 1505000 | 1504765 |
| &nbsp;&nbsp; 3.75%, 05/15/2028 | 120000 | 119578 |
| &nbsp;&nbsp; 3.88%, 06/15/2028 | 2095000 | 2094836 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $4,490,922) | **TOTAL U.S. TREASURY SECURITIES** (Cost $4,490,922) | 4490984 |
| **SHORT-TERM INVESTMENTS - 2.4%** |  | **Value**  |
| **Money Market Funds - 2.4%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.25%<sup>(e)</sup> | 1444684 | 1444684 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,444,684) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,444,684) | 1444684 |
| **TOTAL INVESTMENTS - 99.3% (**Cost $58,928,695**)** | **TOTAL INVESTMENTS - 99.3% (**Cost $58,928,695**)** | 59158578 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 415141 |
| **TOTAL NET ASSETS - 100.0%** |  | $59573719 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| CMT - Constant Maturity Treasury |
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REMIC - Real Estate Mortgage Investment Conduit |
| SOFR - Secured Overnight Financing Rate |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of July 31, 2025, the value of these securities total $32,556,120 or 54.6% of the Fund's net assets.

(b) Step coupon bond. The rate disclosed is as of July 31, 2025.

(c) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral
 increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of July 31, 2025.

(d) Principal only security.

(e) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
AAM SLC Low Duration Income 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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Asset-Backed Securities | $– | 17596040 |  | $17596040 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 17261022 |  | 17261022 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations | – | 13213728 |  | 13213728 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Loan Obligations | – | 5152120 |  | 5152120 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 4490984 |  | 4490984 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1444684 | – |  | 1444684 |
| Total Investments | $1444684 | 57713894 |  | $59158578 |
| 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:** AAM SLC Low Duration Income ETF

- **b. EDGAR series identifier (if any):** S000088945

- **c. LEI of Series:** 529900NTIQ8M1K4PAC68

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**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:** $59199486.65

**Total Liabilities:** $277679.41

**Net Assets:** $58921807.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255346 | 0.56%                | 1.05%                | 0.35%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5744.49                 | $60515.92                                  |
| Month 2  | $-402.54                 | $346654.69                                 |
| Month 3  | $0.00                    | $-30543.12                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AGL CLO 16 LTD                 | AGL CLO 16 Ltd                                                                  | CUSIP: 00120LAL2<br>LEI: 2549009GL17CEZFCKZ48 | Long             | ABS-CBDO         | CORP              | KY        |    510000 | PA      | $509991.89    | 0.87%             | 2035-01-20      | Floating      | 6.73%                 | No            |                  2 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                                             | CUSIP: 009920AE9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    120000 | PA      | $120339.11    | 0.20%             | 2040-06-15      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2021-1W LLC                                                                 | CUSIP: 55389TAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    137837 | PA      | $131767.32    | 0.22%             | 2041-01-22      | Fixed         | 1.94%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd       | Madison Park Funding XXXVI Ltd                                                  | CUSIP: 55819PBJ7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1001165.10   | 1.70%             | 2035-04-15      | Floating      | 6.87%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust | Morgan Stanley Capital I Trust 2018-L1                                          | CUSIP: 61691QAK4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $224561.17    | 0.38%             | 2051-10-15      | Variable      | 4.78%                 | No            |                  2 | On Loan: No      |
| MVW Owner Trust                | MVW 2024-1 LLC                                                                  | CUSIP: 62847RAC1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    144196 | PA      | $146147.53    | 0.25%             | 2043-02-20      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Neuberger Berman CLO Ltd       | Neuberger Berman Loan Advisers CLO 35 Ltd                                       | CUSIP: 64133CAW9<br>LEI: 549300MYVO80EQUJK294 | Long             | ABS-CBDO         | CORP              | KY        |    535000 | PA      | $535000.00    | 0.91%             | 2033-01-19      | Floating      | 7.48%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL         | NextEra Energy Capital Holdings Inc                                             | CUSIP: 65339KCW8<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |    550000 | PA      | $567552.88    | 0.96%             | 2054-09-01      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| OAKTREE STRATEGIC CREDIT       | Oaktree Strategic Credit Fund                                                   | CUSIP: 67403AAB5<br>LEI: 2549006RRE0JC7G43241 | Long             | DBT              | CORP              | US        |    725000 | PA      | $780781.10    | 1.33%             | 2028-11-14      | Fixed         | 8.40%                 | No            |                  2 | On Loan: No      |
| Octane Receivables Trust       | Octane Receivables Trust 2023-2                                                 | CUSIP: 67571QAE0<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $773401.86    | 1.31%             | 2031-06-20      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC         | Pacific Gas and Electric Co                                                     | CUSIP: 694308JF5<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    595000 | PA      | $565652.13    | 0.96%             | 2027-08-01      | Fixed         | 2.10%                 | No            |                  2 | On Loan: No      |
| Pagaya Point of Sale Holdings  | Pagaya Point of Sale Holdings Grantor Trust 2025-1                              | CUSIP: 694952AH5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    145000 | PA      | $146067.46    | 0.25%             | 2034-01-20      | Fixed         | 6.74%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2023-8                                                     | CUSIP: 694960AB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    423556 | PA      | $427571.01    | 0.73%             | 2031-06-16      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-11                                            | CUSIP: 69544AAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    999885 | PA      | $1002524.50   | 1.70%             | 2032-07-15      | Fixed         | 6.31%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-5                                             | CUSIP: 69544LAC5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    671463 | PA      | $677511.73    | 1.15%             | 2031-10-15      | Fixed         | 7.27%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-1                                             | CUSIP: 69544NAE7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    159986 | PA      | $160374.35    | 0.27%             | 2032-07-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-3                                             | CUSIP: 69544TAE4<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    170000 | PA      | $171910.54    | 0.29%             | 2032-12-15      | Fixed         | 6.99%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2024-5                                             | CUSIP: 69546WAB1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    328072 | PA      | $328091.94    | 0.56%             | 2031-10-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Trust 2025-4                                                     | CUSIP: 69547DAE6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    200000 | PA      | $200682.46    | 0.34%             | 2033-01-17      | Fixed         | 6.57%                 | No            |                  2 | On Loan: No      |
| Pagaya AI Debt Selection Trust | Pagaya AI Debt Grantor Trust 2025-5                                             | CUSIP: 69548WAE3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    130000 | PA      | $129837.42    | 0.22%             | 2033-03-15      | Fixed         | 5.87%                 | No            |                  2 | On Loan: No      |
| PATTERSON-UTI ENERGY INC       | Patterson-UTI Energy Inc                                                        | CUSIP: 703481AB7<br>LEI: 254900XGFBKIXD6G0697 | Long             | DBT              | CORP              | US        |    525000 | PA      | $508135.62    | 0.86%             | 2028-02-01      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| RFM RE-REMIC TRUST 2022-FRR1   | RFM Reremic Trust 2022-FRR1                                                     | CUSIP: 74971BAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    260000 | PA      | $250021.46    | 0.42%             | 2049-03-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| NATWEST GROUP PLC              | NatWest Group PLC                                                               | CUSIP: 780097BP5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    550000 | PA      | $536282.46    | 0.91%             | 2028-05-22      | Variable      | 3.07%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners Clo 45M Ltd                                              | CUSIP: 381931AC8<br>LEI: 254900SGGS5FSVUNJG17 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002473.60   | 1.70%             | 2037-07-20      | Floating      | 5.95%                 | No            |                  2 | On Loan: No      |
| Golub Capital Partners CLO Ltd | Golub Capital Partners CLO 78M                                                  | CUSIP: 381934AJ7<br>LEI: 254900PSE4IZIZUH7U62 | Long             | ABS-CBDO         | CORP              | US        |    195000 | PA      | $195911.80    | 0.33%             | 2039-04-21      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| Great Wolf Trust               | Great Wolf Trust 2024-WOLF                                                      | CUSIP: 39152MAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $501291.26    | 0.85%             | 2039-03-15      | Floating      | 7.23%                 | No            |                  2 | On Loan: No      |
| HUNTINGTON BANCSHARES          | Huntington Bancshares Inc/OH                                                    | CUSIP: 446150BB9<br>LEI: 549300XTVCVV9I7B5T19 | Long             | DBT              | CORP              | US        |    500000 | PA      | $498551.57    | 0.85%             | 2028-08-04      | Variable      | 4.44%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    375000 | PA      | $386662.86    | 0.66%             | 2040-01-13      | Variable      | 6.34%                 | No            |                  2 | On Loan: No      |
| Hudson Yards                   | Hudson Yards 2025-SPRL Mortgage Trust                                           | CUSIP: 44855PAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $411864.14    | 0.70%             | 2040-01-13      | Variable      | 6.68%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu | JPMBB Commercial Mortgage Securities Trust 2015-C28                             | CUSIP: 46644FAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    290096 | PA      | $287411.54    | 0.49%             | 2048-10-15      | Fixed         | 3.99%                 | No            |                  2 | On Loan: No      |
| JPMBB Commercial Mortgage Secu | JPMBB Commercial Mortgage Securities Trust 2015-C28                             | CUSIP: 46644FAX9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $350364.99    | 0.59%             | 2048-10-15      | Variable      | 3.74%                 | No            |                  2 | On Loan: No      |
| JACKSON NATL LIFE GLOBAL       | Jackson National Life Global Funding                                            | CUSIP: 46849LVA6<br>LEI: 635400PQXLYXWJI5QD78 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244177.30    | 0.41%             | 2027-07-02      | Fixed         | 5.55%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC               | LPL Holdings Inc                                                                | CUSIP: 50212YAN4<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |    570000 | PA      | $573393.21    | 0.97%             | 2028-04-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| LV Trust                       | Fashion Show Mall LLC                                                           | CUSIP: 50245XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $498632.85    | 0.85%             | 2041-10-10      | Variable      | 6.07%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP           | Las Vegas Sands Corp                                                            | CUSIP: 517834AJ6<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    250000 | PA      | $254160.90    | 0.43%             | 2027-06-01      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| LLOYDS BANKING GROUP PLC       | Lloyds Banking Group PLC                                                        | CUSIP: 539439AY5<br>LEI: 549300PPXHEU2JF0AM85 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $506379.60    | 0.86%             | 2027-08-07      | Variable      | 5.99%                 | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio                                           | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   1444684 | NS      | $1444683.65   | 2.45%             | 2031-12-31      | Fixed         | 0.06%                 | No            |                  1 | On Loan: No      |
| CPS Auto Trust                 | CPS Auto Receivables Trust 2024-A                                               | CUSIP: 22411CAD2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017520.40   | 1.73%             | 2030-04-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2021-3                                                      | CUSIP: 23344QAE9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    175000 | PA      | $172624.38    | 0.29%             | 2028-09-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Drive Auto Receivables Trust   | Drive Auto Receivables Trust 2025-S1                                            | CUSIP: 26210HAB9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    364935 | PA      | $366126.17    | 0.62%             | 2029-06-16      | Fixed         | 6.26%                 | No            |                  2 | On Loan: No      |
| DT Auto Owner Trust            | DT Auto Owner Trust 2021-4                                                      | CUSIP: 26253WAG3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    639843 | PA      | $631862.97    | 1.07%             | 2027-09-15      | Fixed         | 1.99%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2024-5                                      | CUSIP: 30165BAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $497853.66    | 0.84%             | 2031-02-18      | Fixed         | 5.06%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust                                             | CUSIP: 30166XAF1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    365000 | PA      | $368928.66    | 0.63%             | 2031-10-15      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-5                                      | CUSIP: 30167FAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    195000 | PA      | $198699.51    | 0.34%             | 2029-02-15      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2022-6                                      | CUSIP: 30168AAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $515135.33    | 0.87%             | 2029-04-06      | Fixed         | 8.03%                 | No            |                  2 | On Loan: No      |
| Exeter Automobile Receivables  | Exeter Automobile Receivables Trust 2023-5                                      | CUSIP: 30168DAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    180000 | PA      | $186163.50    | 0.32%             | 2030-02-15      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| FS Commerical Mortgage Trust 2 | FS Commercial Mortgage Trust 2023-4SZN                                          | CUSIP: 30334RAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    670000 | PA      | $685763.68    | 1.16%             | 2039-11-10      | Variable      | 7.54%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                        | CUSIP: 345397B77<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    260000 | PA      | $253621.92    | 0.43%             | 2026-08-10      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO         | General Motors Financial Co Inc                                                 | CUSIP: 37045XEQ5<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    130000 | PA      | $131721.15    | 0.22%             | 2027-05-08      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES       | Delta Air Lines Inc / SkyMiles IP Ltd                                           | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    645000 | PA      | $645714.28    | 1.10%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EXPAND ENERGY CORP             | Expand Energy Corp                                                              | CUSIP: 845467AR0<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | DBT              | CORP              | US        |    720000 | PA      | $720909.24    | 1.22%             | 2029-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ALA Trust                      | ALA Trust 2025-OANA                                                             | CUSIP: 009920AG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    190000 | PA      | $190861.30    | 0.32%             | 2040-06-15      | Floating      | 7.43%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC             | Ally Financial Inc                                                              | CUSIP: 02005NBZ2<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |    240000 | PA      | $244424.40    | 0.41%             | 2029-05-15      | Variable      | 5.74%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2022-1                             | CUSIP: 02530WAJ3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $998350.17    | 1.69%             | 2028-03-13      | Fixed         | 3.64%                 | No            |                  2 | On Loan: No      |
| American Credit Acceptance Rec | American Credit Acceptance Receivables Trust 2024-1                             | CUSIP: 02531AAE1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1003604.87   | 1.70%             | 2030-01-14      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| ARES STRATEGIC INCOME FU       | Ares Strategic Income Fund                                                      | CUSIP: 04020EAG2<br>LEI: 549300IANZJVZPTICV54 | Long             | DBT              | CORP              | US        |    760000 | PA      | $763828.31    | 1.30%             | 2028-03-15      | Fixed         | 5.70%                 | No            |                  2 | On Loan: No      |
| AVOLON HOLDINGS FNDG LTD       | Avolon Holdings Funding Ltd                                                     | CUSIP: 05401AAR2<br>LEI: 635400ZRKEX9L1BKCH30 | Long             | DBT              | CORP              | KY        |    650000 | PA      | $618435.04    | 1.05%             | 2027-11-18      | Fixed         | 2.53%                 | No            |                  2 | On Loan: No      |
| Banc of America Merrill Lynch  | BAMLL Re-REMIC Trust 2024-FRR3                                                  | CUSIP: 054988AE0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $681707.10    | 1.16%             | 2050-01-27      | Variable      | 0.64%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAA5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    330000 | PA      | $313775.74    | 0.53%             | 2037-03-15      | Floating      | 5.26%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS 2018-TALL Mortgage Trust                                                  | CUSIP: 05548WAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $440320.79    | 0.75%             | 2037-03-15      | Floating      | 5.99%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C25                                                  | CUSIP: 05554VAK6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    400000 | PA      | $358397.96    | 0.61%             | 2057-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C27                                                  | CUSIP: 05555FAG9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    135000 | PA      | $139107.26    | 0.24%             | 2057-07-15      | Variable      | 6.70%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2024-5C5 Mortgage Trust                                                     | CUSIP: 05593RAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $449341.92    | 0.76%             | 2057-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| BARCLAYS PLC                   | Barclays PLC                                                                    | CUSIP: 06738ECP8<br>LEI: 213800LBQA1Y9L22JB70 | Long             | DBT              | CORP              | GB        |    500000 | PA      | $507982.01    | 0.86%             | 2028-03-12      | Variable      | 5.67%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S | BBCMS Mortgage Trust 2024-5C31                                                  | CUSIP: 07336YAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    930000 | PA      | $825157.44    | 1.40%             | 2057-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2024-V5 Mortgage Trust                                                | CUSIP: 08163XBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $516756.68    | 0.88%             | 2057-01-10      | Variable      | 6.97%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V13 Mortgage Trust                                               | CUSIP: 08164AAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    300000 | PA      | $299786.27    | 0.51%             | 2058-02-15      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2025-V15 Mortgage Trust                                               | CUSIP: 08164CAH1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $71104.62     | 0.12%             | 2058-06-15      | Fixed         | 6.27%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust       | Benchmark 2024-V6 Mortgage Trust                                                | CUSIP: 081927AF2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $624645.88    | 1.06%             | 2057-03-15      | Fixed         | 6.79%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE PRIVATE CRE         | Blackstone Private Credit Fund                                                  | CUSIP: 09261HAD9<br>LEI: 549300ORP3TTCNXSYO43 | Long             | DBT              | CORP              | US        |    530000 | PA      | $512586.39    | 0.87%             | 2026-12-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Blackrock CLO                  | BlackRock Shasta CLO XIII LLC                                                   | CUSIP: 09263EAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    900000 | PA      | $905519.79    | 1.54%             | 2036-07-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BMO Mortgage Trust             | BMO 2024-5C8 Mortgage Trust                                                     | CUSIP: 09661XAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $451842.73    | 0.77%             | 2057-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bridgecrest Lending Auto Secur | Bridgecrest Lending Auto Securitization Trust 2025-2                            | CUSIP: 10807HAF3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    545000 | PA      | $551583.57    | 0.94%             | 2031-03-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| BLUE OWL CREDIT INCOME         | Blue Owl Credit Income Corp                                                     | CUSIP: 69120VAP6<br>LEI: 5493003I42XBWPE05N35 | Long             | DBT              | CORP              | US        |    475000 | PA      | $496472.58    | 0.84%             | 2027-09-16      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BWAY Mortgage Trust            | BWAY 2013-1515 Mortgage Trust                                                   | CUSIP: 05604FAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $299138.60    | 0.51%             | 2033-03-10      | Fixed         | 3.47%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd               | CIFC Funding 2019-III Ltd                                                       | CUSIP: 12554VBC9<br>LEI: 254900SVOWCOSOG16T40 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1002058.00   | 1.70%             | 2038-01-16      | Floating      | 6.12%                 | No            |                  2 | On Loan: No      |
| COMM Mortgage Trust            | COMM 2015-CCRE24 Mortgage Trust                                                 | CUSIP: 12593JBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $246381.78    | 0.42%             | 2048-08-10      | Variable      | 4.32%                 | No            |                  2 | On Loan: No      |
| CPS Auto Trust                 | Consumer Portfolio Services Auto Trust 2025-B                                   | CUSIP: 12630SAD3<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    530000 | PA      | $535225.44    | 0.91%             | 2031-07-15      | Fixed         | 5.56%                 | No            |                  2 | On Loan: No      |
| Carvana Auto Receivables Trust | Carvana Auto Receivables Trust 2024-P4                                          | CUSIP: 14076LAG8<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    395000 | PA      | $395651.52    | 0.67%             | 2032-12-10      | Fixed         | 5.60%                 | No            |                  2 | On Loan: No      |
| CELANESE US HOLDINGS LLC       | Celanese US Holdings LLC                                                        | CUSIP: 15089QAM6<br>LEI: CD30XVRLT4QO00B1C706 | Long             | DBT              | CORP              | US        |     80000 | PA      | $82073.54     | 0.14%             | 2027-07-15      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP       | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CM4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    375000 | PA      | $380550.45    | 0.65%             | 2026-11-10      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| COLUMBIA PIPELINE HOLDCO       | Columbia Pipelines Holding Co LLC                                               | CUSIP: 19828AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    545000 | PA      | $566597.74    | 0.96%             | 2028-08-15      | Fixed         | 6.04%                 | No            |                  2 | On Loan: No      |
| COREBRIDGE FINANCIAL INC       | Corebridge Financial Inc                                                        | CUSIP: 21871XAP4<br>LEI: 549300XY1661QCIA7J65 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1233307.75   | 2.09%             | 2052-12-15      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CMS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1505000 | PA      | $1504764.84   | 2.55%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CND9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    120000 | PA      | $119578.13    | 0.20%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VOLKSWAGEN GROUP AMERICA       | Volkswagen Group of America Finance LLC                                         | CUSIP: 928668CP5<br>LEI: 5493002SQ1AVQBY41K40 | Long             | DBT              | CORP              | US        |    550000 | PA      | $552711.21    | 0.94%             | 2028-03-27      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C34                                  | CUSIP: 95000DBK6<br>LEI: 549300FWFHJGIW2B2U59 | Long             | ABS-MBS          | CORP              | US        |    470000 | PA      | $433654.72    | 0.74%             | 2049-06-15      | Variable      | 5.05%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C35                                  | CUSIP: 95000FAV8<br>LEI: 549300MZIB10PDVAE312 | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $489023.68    | 0.83%             | 2048-07-15      | Fixed         | 3.18%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag | Wells Fargo Commercial Mortgage Trust 2016-C37                                  | CUSIP: 95000PAK0<br>LEI: 549300TRQQDPEF728F16 | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $590994.93    | 1.00%             | 2049-12-15      | Variable      | 4.29%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-4                                    | CUSIP: 96041AAN6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    155000 | PA      | $160304.12    | 0.27%             | 2029-07-16      | Fixed         | 7.19%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2023-3                                    | CUSIP: 96041CAN2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   2000000 | PA      | $2053901.17   | 3.49%             | 2029-03-15      | Fixed         | 6.47%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2024-1                                    | CUSIP: 96043RAG2<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1017491.11   | 1.73%             | 2029-10-15      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| Westlake Automobile Receivable | Westlake Automobile Receivables Trust 2025-1                                    | CUSIP: 96043VAH1<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    225000 | PA      | $227375.30    | 0.39%             | 2030-11-15      | Fixed         | 5.54%                 | No            |                  2 | On Loan: No      |
| SANTANDER UK GROUP HLDGS       | Santander UK Group Holdings PLC                                                 | CUSIP: 80281LAM7<br>LEI: 549300F5XIFGNNW4CF72 | Long             | DBT              | CORP              | GB        |    525000 | PA      | $523734.49    | 0.89%             | 2026-08-21      | Variable      | 1.53%                 | No            |                  2 | On Loan: No      |
| SEMPRA                         | Sempra                                                                          | CUSIP: 816851BU2<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | DBT              | CORP              | US        |    160000 | PA      | $156938.20    | 0.27%             | 2055-04-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW USA INFRA HLDS       | South Bow USA Infrastructure Holdings LLC                                       | CUSIP: 83007CAC6<br>LEI: 254900Z1WAY7QFQ7O850 | Long             | DBT              | CORP              | US        |    290000 | PA      | $289870.20    | 0.49%             | 2029-10-01      | Fixed         | 5.03%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                    | Southern Co/The                                                                 | CUSIP: 842587DF1<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |    470000 | PA      | $467359.41    | 0.79%             | 2051-01-15      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| SYNCHRONY FINANCIAL            | Synchrony Financial                                                             | CUSIP: 87165BAX1<br>LEI: 549300RS7EWPM9MA6C78 | Long             | DBT              | CORP              | US        |    125000 | PA      | $124928.18    | 0.21%             | 2029-07-29      | Variable      | 5.02%                 | No            |                  2 | On Loan: No      |
| Taubman Centers Commercial Mor | TCO Commercial Mortgage Trust 2024-DPM                                          | CUSIP: 87231EAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    575000 | PA      | $576436.20    | 0.98%             | 2039-12-15      | Floating      | 6.33%                 | No            |                  2 | On Loan: No      |
| UBS Commercial Mortgage Trust  | UBS Commercial Mortgage Trust 2017-C3                                           | CUSIP: 90276GAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    600000 | PA      | $566692.96    | 0.96%             | 2050-08-15      | Variable      | 4.36%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CME8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    770000 | PA      | $771804.69    | 1.31%             | 2026-12-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2024-X2                                       | CUSIP: 00833QAD7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    750000 | PA      | $756134.07    | 1.28%             | 2029-12-17      | Fixed         | 6.08%                 | No            |                  2 | On Loan: No      |
| Affirm Inc                     | Affirm Asset Securitization Trust 2025-X1                                       | CUSIP: 00834MAD5<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    215000 | PA      | $217169.34    | 0.37%             | 2030-04-15      | Fixed         | 6.11%                 | No            |                  2 | On Loan: No      |
| RFM RE-REMIC TRUST 2022-FRR1   | RFM Reremic Trust 2022-FRR1                                                     | CUSIP: 74971BAY1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $328130.57    | 0.56%             | 2050-03-01      | Variable      | 2.79%                 | No            |                  2 | On Loan: No      |
| RIDE 2025-SHRE                 | RIDE 2025-SHRE                                                                  | CUSIP: 765692AG3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    235000 | PA      | $238899.06    | 0.41%             | 2047-02-14      | Variable      | 6.75%                 | No            |                  2 | On Loan: No      |
| SANTANDER HOLDINGS USA         | Santander Holdings USA Inc                                                      | CUSIP: 80282KBC9<br>LEI: 549300SMVCQN2P0O6I58 | Long             | DBT              | CORP              | US        |    560000 | PA      | $542584.31    | 0.92%             | 2028-01-06      | Variable      | 2.49%                 | No            |                  2 | On Loan: No      |
| Santander Drive Auto Receivabl | Santander Drive Auto Receivables Trust 2024-2                                   | CUSIP: 80286YAF9<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |   1000000 | PA      | $1026449.74   | 1.74%             | 2031-08-15      | Fixed         | 6.28%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                                | CUSIP: 91282CNH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2095000 | PA      | $2094836.33   | 3.56%             | 2028-06-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Verus Securitization Trust     | Verus Securitization Trust 2025-1                                               | CUSIP: 92540TAC4<br>LEI: 213800JOKZMXZECMAB50 | Long             | ABS-MBS          | CORP              | US        |    234169 | PA      | $234496.44    | 0.40%             | 2070-01-25      | Variable      | 5.98%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE         | VICI Properties LP / VICI Note Co Inc                                           | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    265000 | PA      | $260500.84    | 0.44%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GLENCORE FUNDING LLC           | Glencore Funding LLC                                                            | CUSIP: 378272BY3<br>LEI: 213800STG1QDNBY87K49 | Long             | DBT              | CORP              | US        |    390000 | PA      | $393727.45    | 0.67%             | 2028-04-01      | Fixed         | 4.91%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC                | Global Atlantic Fin Co                                                          | CUSIP: 37959GAC1<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   1280000 | PA      | $1253089.38   | 2.13%             | 2051-10-15      | Variable      | 4.70%                 | No            |                  2 | On Loan: No      |
| GLS Auto Receivables Trust     | GLS Auto Receivables Issuer Trust 2025-2                                        | CUSIP: 37989BAL6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    165000 | PA      | $167500.60    | 0.28%             | 2031-01-15      | Fixed         | 5.59%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                                                     | CUSIP: 38141GZR8<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |    510000 | PA      | $502287.00    | 0.85%             | 2028-03-15      | Variable      | 3.62%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer