# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-012368
**Filing Date:** 2023-2
**Character Count:** 45836
**Document Hash:** b2c70fdc5e9890665488e4abeb543aab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012368.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012368

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 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:** 23679271

**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

### Distillate U.S. Fundamental Stability & Value ETF (Series ID: S000063127)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000204705 | Distillate U.S. Fundamental Stability & Value ETF | DSTL            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Distillate U.S. Fundamental Stability & Value ETF** | **Distillate U.S. Fundamental Stability & Value ETF** | |
| Schedule of Investments | Schedule of Investments |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS - 99.9%** |  |
|  | **Basic Materials - 3.3%** |  |
| 70294 | Celanese Corporation | $7186858 |
| 84519 | Eastman Chemical Company | 6883227 |
| 58140 | PPG Industries, Inc. | 7310524 |
| 79666 | Westlake Corporation | 8168952 |
|  |  | 29549561 |
|  | **Communications - 9.5%** |  |
| 333331 | Alphabet, Inc. - Class A (a) | 29409794 |
| 355775 | Cisco Systems, Inc. | 16949121 |
| 470416 | Comcast Corporation - Class A | 16450447 |
| 223589 | Corning, Inc. | 7141433 |
| 39773 | F5, Inc. (a) | 5707823 |
| 101431 | Omnicom Group, Inc. | 8273727 |
|  |  | 83932345 |
|  | **Consumer, Cyclical - 14.1%** |  |
| 37782 | Advance Auto Parts, Inc. | 5555087 |
| 3223 | AutoZone, Inc. (a) | 7948498 |
| 189399 | BorgWarner, Inc. | 7623310 |
| 33631 | Cummins, Inc. | 8148455 |
| 57217 | Dick's Sporting Goods, Inc. | 6882633 |
| 41871 | Genuine Parts Company | 7265037 |
| 87037 | Hasbro, Inc. | 5310127 |
| 57403 | Home Depot, Inc. | 18131312 |
| 128889 | LKQ Corporation | 6883962 |
| 59005 | Lowe's Companies, Inc. | 11756156 |
| 1574 | NVR, Inc. (a) | 7260201 |
| 83156 | PACCAR, Inc. | 8229949 |
| 60950 | Polaris, Inc. | 6155950 |
| 27070 | Vail Resorts, Inc. | 6452135 |
| 22737 | Watsco, Inc. | 5670608 |
| 51324 | Williams-Sonoma, Inc. | 5898154 |
|  |  | 125171574 |
|  | **Consumer, Non-Cyclical - 26.6% (b)** |  |
| 119996 | AbbVie, Inc. | 19392554 |
| 53903 | Amgen, Inc. | 14157084 |
| 35119 | Becton Dickinson and Company | 8930761 |
| 40275 | Cigna Corporation | 13344719 |
| 136307 | CVS Health Corporation | 12702449 |
| 22821 | Elevance Health, Inc. | 11706488 |
| 35130 | FleetCor Technologies, Inc. (a) | 6452678 |
| 64904 | Global Payments, Inc. | 6446265 |
| 89160 | Henry Schein, Inc. (a) | 7121209 |
| 98914 | Horizon Therapeutics plc (a) | 11256413 |
| 33331 | ICON plc (a) | 6474547 |
| 125361 | Johnson & Johnson | 22145021 |
| 31154 | Laboratory Corporation of America Holdings | 7336144 |
| 23546 | McKesson Corporation | 8832576 |
| 100686 | PayPal Holdings, Inc. (a) | 7170857 |
| 139340 | Philip Morris International, Inc. | 14102601 |
| 12096 | Regeneron Pharmaceuticals, Inc. (a) | 8727143 |
| 75680 | Robert Half International, Inc. | 5587454 |
| 98502 | Tyson Foods, Inc. - Class A | 6131750 |
| 24743 | United Rentals, Inc. (a) | 8794157 |
| 40630 | UnitedHealth Group, Inc. | 21541213 |
| 26492 | Vertex Pharmaceuticals, Inc. (a) | 7650360 |
|  |  | 236004443 |
|  | **Energy - 2.7%** |  |
| 52837 | Cheniere Energy, Inc. | 7923436 |
| 75588 | Chesapeake Energy Corporation | 7133240 |
| 64007 | Diamondback Energy, Inc. | 8754877 |
|  |  | 23811553 |
|  | **Financial - 4.4%** |  |
| 39338 | Arthur J. Gallagher & Company | 7416787 |
| 14817 | BlackRock, Inc. | 10499771 |
| 99288 | Brown & Brown, Inc. | 5656437 |
| 97626 | CBRE Group, Inc. - Class A (a) | 7513297 |
| 82417 | Intercontinental Exchange, Inc. | 8455160 |
|  |  | 39541452 |
|  | **Industrial - 18.4%** |  |
| 80142 | 3M Company | 9610629 |
| 119037 | A.O. Smith Corporation | 6813678 |
| 64220 | Allegion plc | 6759797 |
| 55086 | AMETEK, Inc. | 7696616 |
| 165383 | Coherent Corporation (a) | 5804943 |
| 294156 | CSX Corporation | 9112953 |
| 54762 | Eaton Corporation plc | 8594896 |
| 69118 | Expeditors International of Washington, Inc. | 7182743 |
| 109082 | Fortune Brands Innovations, Inc. | 6229673 |
| 32925 | Generac Holdings, Inc. (a) | 3314230 |
| 37022 | General Dynamics Corporation | 9185528 |
| 139885 | Ingersoll Rand, Inc. | 7308991 |
| 104563 | Jabil, Inc. | 7131197 |
| 120076 | Knight-Swift Transportation Holdings, Inc. | 6293183 |
| 24165 | Lockheed Martin Corporation | 11756031 |
| 109082 | Masterbrand, Inc. (a) | 823569 |
| 45134 | Middleby Corporation (a) | 6043443 |
| 79157 | Owens Corning | 6752092 |
| 53246 | Packaging Corporation of America | 6810696 |
| 29392 | Parker-Hannifin Corporation | 8553072 |
| 29814 | Snap-on, Inc. | 6812201 |
| 45154 | Trane Technologies plc | 7589936 |
| 203519 | WestRock Company | 7155728 |
|  |  | 163335825 |
|  | **Technology - 20.9%** |  |
| 40670 | Accenture plc - Class A | 10852383 |
| 92577 | Activision Blizzard, Inc. | 7086769 |
| 36003 | Adobe, Inc. (a) | 12116090 |
| 73372 | Akamai Technologies, Inc. (a) | 6185260 |
| 73512 | Amdocs, Ltd. | 6682241 |
| 58606 | Analog Devices, Inc. | 9613142 |
| 112317 | Applied Materials, Inc. | 10937430 |
| 34535 | Broadcom, Inc. | 19309555 |
| 118985 | Cognizant Technology Solutions Corporation - Class A | 6804752 |
| 56547 | Electronic Arts, Inc. | 6908913 |
| 106047 | Fidelity National Information Services, Inc. | 7195289 |
| 86058 | Fiserv, Inc. (a) | 8697882 |
| 24678 | KLA Corporation | 9304346 |
| 23252 | Lam Research Corporation | 9772816 |
| 117265 | Microchip Technology, Inc. | 8237866 |
| 99890 | NetApp, Inc. | 5999393 |
| 76466 | Qorvo, Inc. (a) | 6930878 |
| 75140 | Skyworks Solutions, Inc. | 6847508 |
| 78321 | Teradyne, Inc. | 6841339 |
| 66491 | VMware, Inc. - Class A (a) | 8162435 |
| 22778 | Zebra Technologies Corporation - Class A (a) | 5840507 |
| 80945 | Zoom Video Communications, Inc. - Class A (a) | 5483214 |
|  |  | 185810008 |
|  | TOTAL COMMON STOCKS (Cost $893,220,638) | 887156761 |
|  | TOTAL INVESTMENTS - 99.9% (Cost $893,220,638) | 887156761 |
|  | Other Assets in Excess of Liabilities - 0.1% | 599347 |
|  | NET ASSETS - 100.0% | $887756108 |
|  | Percentages are stated as a percent of net assets. |  |
| (a) <br>| Non-income producing security. |  |
| (b) <br>| To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. |  |

---

------

<br> **Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> 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.<br> 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 would be based on the best information available.<br>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.<br>To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.<br>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.<br>The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $887156761 | $- | $- | $887156761 |
| Total Investments in Securities | $887156761 | $- | $- | $887156761 |
| ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. |  |
| For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. |  |

---

## 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:** Distillate U.S. Fundamental Stability & Value ETF

- **b. EDGAR series identifier (if any):** S000063127

- **c. LEI of Series:** 5493002W0E8K4UD8QD78

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $898309125.53

**Total Liabilities:** $6470435.80

**Net Assets:** $891838689.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204705 | 8.94%                | 6.97%                | -4.53%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39038972.42            | $103642140.29                              |
| Month 2  | $0.00                    | $56627255.57                               |
| Month 3  | $1214334.25              | $-44528608.12                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CVS Health Corp                | CVS Health Corp                            | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |    136935 | NS      | $12760972.65  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |     70618 | NS      | $7219984.32   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                        | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     53081 | NS      | $7960026.76   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp         | Chesapeake Energy Corp                     | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     75936 | NS      | $7166080.32   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    357411 | NS      | $17027060.04  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    119533 | NS      | $6836092.27   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    166143 | NS      | $5831619.30   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    472580 | NS      | $16526122.60  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |    224617 | NS      | $7174266.98   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins Inc                                | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |     33787 | NS      | $8186252.23   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     64303 | NS      | $8795364.34   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc      | Dick's Sporting Goods Inc                  | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |     57481 | NS      | $6914389.49   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     84907 | NS      | $6914826.08   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc                        | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |     56807 | NS      | $6940679.26   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     69434 | NS      | $7215581.28   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     39957 | NS      | $5734229.07   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Long             | EC               | CORP              | US        |    106535 | NS      | $7228399.75   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   4177785 | NS      | $4177784.78   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     86454 | NS      | $8737905.78   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| FleetCor Technologies Inc      | FleetCor Technologies Inc                  | CUSIP: 339041105<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     35290 | NS      | $6482067.20   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortune Brands Innovations Inc | Fortune Brands Innovations Inc             | CUSIP: 34964C106<br>LEI: 54930032LHW54PQUJD44 | Long             | EC               | CORP              | US        |    109582 | NS      | $6258228.02   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     39518 | NS      | $7450723.72   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc           | Generac Holdings Inc                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     33077 | NS      | $3329530.82   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     37194 | NS      | $9228203.34   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |     42063 | NS      | $7298351.13   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |     65204 | NS      | $6476061.28   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hasbro Inc                     | Hasbro Inc                                 | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     87437 | NS      | $5334531.37   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                         | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     57667 | NS      | $18214698.62  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc             | Ingersoll Rand Inc                         | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |    140529 | NS      | $7342640.25   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc              | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     82797 | NS      | $8494144.23   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |    105043 | NS      | $7163932.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    125937 | NS      | $22246771.05  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     24790 | NS      | $9346573.70   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc   | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120628 | NS      | $6322113.48   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    129481 | NS      | $6915580.21   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Laboratory Corp of America Hol | Laboratory Corp of America Holdings        | CUSIP: 50540R409<br>LEI: OZ7UA8IXAIFILY2VZH07 | Long             | EC               | CORP              | US        |     31298 | NS      | $7370053.04   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     23360 | NS      | $9818208.00   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     24277 | NS      | $11810517.73  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     59277 | NS      | $11810349.48  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                | Masterbrand Inc                            | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |    109582 | NS      | $827344.10    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     23654 | NS      | $8873088.48   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Microchip Technology Inc       | Microchip Technology Inc                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    117805 | NS      | $8275801.25   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Middleby Corp/The              | Middleby Corp/The                          | CUSIP: 596278101<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | EC               | CORP              | US        |     45342 | NS      | $6071293.80   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                        | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      1582 | NS      | $7297101.56   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    100350 | NS      | $6027021.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc              | Omnicom Group Inc                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    101899 | NS      | $8311901.43   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     79521 | NS      | $6783141.30   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PPG Industries Inc             | PPG Industries Inc                         | CUSIP: 693506107<br>LEI: 549300BKPEP01R3V6C59 | Long             | EC               | CORP              | US        |     58408 | NS      | $7344221.92   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     83540 | NS      | $8267953.80   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     53490 | NS      | $6841905.90   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                       | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     29528 | NS      | $8592648.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    101150 | NS      | $7203903.00   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc            | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |    139980 | NS      | $14167375.80  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Polaris Inc                    | Polaris Inc                                | CUSIP: 731068102<br>LEI: 549300QJSN8UVWN1EI78 | Long             | EC               | CORP              | US        |     61230 | NS      | $6184230.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     76818 | NS      | $6962783.52   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     12152 | NS      | $8767546.48   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Zebra Technologies Corp        | Zebra Technologies Corp                    | CUSIP: 989207105<br>LEI: PO0I32GKZ3HZMMDPZZ08 | Long             | EC               | CORP              | US        |     22882 | NS      | $5867173.62   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Video Communications Inc  | Zoom Video Communications Inc              | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     81317 | NS      | $5508413.58   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |     64516 | NS      | $6790954.16   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                                 | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |     73848 | NS      | $6712783.20   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     40858 | NS      | $10902548.72  | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                             | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | US        |     55014 | NS      | $8634447.30   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Horizon Therapeutics Plc       | Horizon Therapeutics Plc                   | CUSIP: N/A<br>LEI: 529900P0GSQ79OOZEV53       | Long             | EC               | CORP              | US        |     99370 | NS      | $11308306.00  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                   | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     33483 | NS      | $6504072.75   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                     | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |     45362 | NS      | $7624898.58   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    120548 | NS      | $19481762.28  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc        | Activision Blizzard Inc                    | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     93001 | NS      | $7119226.55   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     36167 | NS      | $12171280.51  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Advance Auto Parts Inc         | Advance Auto Parts Inc                     | CUSIP: 00751Y106<br>LEI: 529900UCNQ5H9FSL0Y70 | Long             | EC               | CORP              | US        |     37954 | NS      | $5580376.62   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Akamai Technologies Inc        | Akamai Technologies Inc                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |     73708 | NS      | $6213584.40   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    334863 | NS      | $29544962.49  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                     | AMETEK Inc                                 | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |     55338 | NS      | $7731825.36   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     54151 | NS      | $14222218.64  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     58874 | NS      | $9657102.22   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     22925 | NS      | $11759837.25  | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    112833 | NS      | $10987677.54  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoZone Inc                   | AutoZone Inc                               | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |      3239 | NS      | $7987957.02   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson and Co        | Becton Dickinson and Co                    | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     35279 | NS      | $8971449.70   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Inc                  | BlackRock Inc                              | CUSIP: 09247X101<br>LEI: 549300LRIF3NWCU26A80 | Long             | EC               | CORP              | US        |     14885 | NS      | $10547957.55  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                 | BorgWarner Inc                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |    190271 | NS      | $7658407.75   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     34695 | NS      | $19399015.35  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc              | Brown & Brown Inc                          | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Long             | EC               | CORP              | US        |     99744 | NS      | $5682415.68   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                 | CBRE Group Inc                             | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |     98074 | NS      | $7547775.04   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Corp                     | Cigna Corp                                 | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     40459 | NS      | $13405685.06  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                   | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    295508 | NS      | $9154837.84   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc  | Robert Half International Inc              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |     76028 | NS      | $5613147.24   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Henry Schein Inc               | Henry Schein Inc                           | CUSIP: 806407102<br>LEI: VGO3WGL8H45T73F4RR92 | Long             | EC               | CORP              | US        |     89568 | NS      | $7153796.16   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions Inc                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     75484 | NS      | $6878856.92   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    119585 | NS      | $6845045.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     29950 | NS      | $6843275.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradyne Inc                   | Teradyne Inc                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     78681 | NS      | $6872785.35   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                      | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |     80510 | NS      | $9654759.20   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                            | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Long             | EC               | CORP              | US        |     98954 | NS      | $6159886.50   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     24855 | NS      | $8833964.10   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     40818 | NS      | $21640887.24  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                           | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Long             | EC               | CORP              | US        |     27194 | NS      | $6481689.90   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                 | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     26612 | NS      | $7685013.36   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                     | VMware Inc                                 | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     66795 | NS      | $8199754.20   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                     | Watsco Inc                                 | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     22841 | NS      | $5696545.40   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |     80034 | NS      | $8206686.36   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                    | Westrock Co                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |    204455 | NS      | $7188637.80   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     51560 | NS      | $5925275.20   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-13

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer