# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001193125-26-247685
**Filing Date:** 2026-5
**Character Count:** 13832
**Document Hash:** 618cef67faf3f25a85aec765c9f7d9b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247685.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247685

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042605

**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

### LHA Market State Tactical Beta ETF (Series ID: S000069542)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000221894 | LHA Market State Tactical Beta ETF | MSTB            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 80.6%** | **Shares**  | **Value**  |
| **Domestic Equity - 80.6%** | **Domestic Equity - 80.6%** | |
| State Street SPDR S&P 500 ETF Trust <sup>(a)(b)</sup> | 215451 | $140116403 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $107,304,831) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $107,304,831) | 140116403 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 10.4%** | **Par**  | **Value**  |
| 3.62%, 10/29/2026 <sup>(b)(c)</sup> | 6102000 | 5974747 |
| 3.42%, 01/21/2027 <sup>(b)(c)</sup> | 12483000 | 12125272 |
| **TOTAL U.S. TREASURY BILLS** (Cost $18,121,563) | **TOTAL U.S. TREASURY BILLS** (Cost $18,121,563) | 18100019 |
| **MONEY MARKET FUNDS - 7.8%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(d)</sup> | 6815534 | 6815534 |
| First American Treasury Obligations Fund - Class X, 3.59% <sup>(d)</sup> | 6815534 | 6815534 |
| **TOTAL MONEY MARKET FUNDS** (Cost $13,631,068) | **TOTAL MONEY MARKET FUNDS** (Cost $13,631,068) | 13631068 |
| **TOTAL INVESTMENTS - 98.8% (**Cost $139,057,462**)** | **TOTAL INVESTMENTS - 98.8% (**Cost $139,057,462**)** | 171847490 |
| Other Assets in Excess of Liabilities - 1.2% <sup>(e)</sup> | Other Assets in Excess of Liabilities - 1.2% <sup>(e)</sup> | 2065009 |
| **TOTAL NET ASSETS - 100.0%** |  | $173912499 |
| 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. |  |

---

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

(b) All or a portion of the security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of March 31, 2026 was $145,530,416, or 83.7% of net assets.

(c) The rate shown is the annualized yield as of March 31, 2026.

(d) The rate shown represents the 7-day annualized yield as of March 31, 2026.

(e) Includes cash of $2,187,355 that is pledged as collateral for futures contracts.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** | **LHA Market State<sup>TM</sup> Tactical Beta ETF** |
| **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** | **Schedule of Futures Contracts** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Description** | **Contracts** <br> **Purchased** | **Expiration Date** | **Notional Value** | **Value / Unrealized**<br> **Appreciation**<br> (Depreciation) |
| &nbsp;&nbsp;&nbsp;&nbsp;CBOE Volatility Index | 143 | 04/15/2026 | $3578203 | $(270339) |
| &nbsp;&nbsp;&nbsp;&nbsp;CBOE Volatility Index | 150 | 05/19/2026 | 3661800 | (213507) |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index | 105 | 06/18/2026 | 34496438 | (186175) |
| **Net Unrealized Appreciation (Depreciation)** |  | $– | $– | $(670021) |

---

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
LHA Market State<sup>TM</sup> Tactical Beta 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $140116403 | $– | $– | $140116403 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 18100019 | – | 18100019 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 13631068 | – | – | 13631068 |
| Total Investments | $153747471 | $18100019 | $– | $171847490 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts \* | $(670021) | $– | $– | $(670021) |
| Total Other Financial Instruments | $(670021) | $– | $– | $(670021) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of March 31, 2026. |
| 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:** LHA Market State Tactical Beta ETF

- **b. EDGAR series identifier (if any):** S000069542

- **c. LEI of Series:** 549300J7TS7FC4GG7Z81

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $174552640.40

**Total Liabilities:** $1347753.10

**Net Assets:** $173204887.30

**Cash Not Reported:** $2276230.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000221894 | 0.79%                | -0.33%               | -4.43%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $2123174.47                                |
| Month 2  | $1166175.96              | $-2442947.88                               |
| Month 3  | $0.00                    | $-7702870.22                               |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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 American Treasury Obliga | First American Treasury Obligations Fund   | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   6815534 | NS      | $6815533.99   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   6815534 | NS      | $6815533.99   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR S&P 500 ETF  | State Street SPDR S&P 500 ETF Trust        | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Long             | EC               | RF                | US        |    215451 | NS      | $140116403.34 | 80.90%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797SK4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6102000 | PA      | $5974746.33   | 3.45%             | 2026-10-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                | CUSIP: 912797TM9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12483000 | PA      | $12125272.17  | 7.00%             | 2027-01-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | S&P500 EMINI FUT  Jun26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        50 | NC      | $-463351.00   | -0.27%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE VIX FUTURE   Apr26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       313 | NC      | $-157983.74   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE VIX FUTURE   May26                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       302 | NC      | $-211944.76   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer