# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-012367
**Filing Date:** 2023-2
**Character Count:** 46690
**Document Hash:** b540a4f46cbd0cd6f5cfb6803c2d2b0d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012367.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012367

**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:** 23679270

**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 International Fundamental Stability & Value ETF (Series ID: S000070185)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223218 | Distillate International Fundamental Stability & Value ETF | DSTX            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Distillate International Fundamental Stability & Value ETF** | **Distillate International Fundamental Stability & Value ETF** | **Distillate International Fundamental Stability & Value ETF** | |
| Schedule of Investments | Schedule of Investments |  |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** |  | **Security Description** | **Value** |
|  |  | **COMMON STOCKS - 99.7%** |  |
|  |  | **Australia - 4.3%** |  |
| 4965 |  | Aristocrat Leisure, Ltd. | $102761 |
| 40424 |  | Aurizon Holdings, Ltd. | 102253 |
| 70878 |  | Evolution Mining, Ltd. | 143236 |
| 19045 |  | Northern Star Resources, Ltd. | 140907 |
| 5474 |  | Sonic Healthcare, Ltd. | 111254 |
|  |  |  | 600411 |
|  |  | **Brazil - 0.9%** |  |
| 29585 |  | JBS SA | 123053 |
|  |  | **Canada - 6.4%** |  |
| 24304 |  | B2Gold Corporation | 86765 |
| 1372 |  | CGI, Inc. (a) | 118179 |
| 92 |  | Constellation Software, Inc. | 143536 |
| 3584 |  | Gildan Activewear, Inc. | 98202 |
| 2405 |  | Magna International, Inc. | 135113 |
| 3219 |  | Open Text Corporation | 95314 |
| 1059 |  | TFI International, Inc. | 105990 |
| 2527 |  | Tourmaline Oil Corporation | 127418 |
|  |  |  | 910517 |
|  |  | **China - 8.8%** |  |
| 38100 |  | Alibaba Group Holding, Ltd. (a) | 421031 |
| 36500 |  | Anhui Conch Cement Company, Ltd. - H-Shares | 127669 |
| 104000 |  | China Shenhua Energy Company, Ltd. - H-Shares | 300476 |
| 47400 |  | Pop Mart International Group, Ltd. (b) | 120368 |
| 84000 |  | Smoore International Holdings, Ltd. (b) | 130440 |
| 27500 |  | Zhongsheng Group Holdings, Ltd. | 141465 |
|  |  |  | 1241449 |
|  |  | **Denmark - 2.1%** |  |
| 1079 |  | DSV AS | 169797 |
| 1852 |  | Pandora AS | 129733 |
|  |  |  | 299530 |
|  |  | **France - 15.6%** |  |
| 1259 |  | Arkema SA | 112707 |
| 4875 |  | Bureau Veritas SA | 128042 |
| 858 |  | Capgemini SE | 142803 |
| 4310 |  | Cie Generale des Etablissements Michelin SCA | 119527 |
| 2525 |  | Danone SA | 132665 |
| 401 |  | Kering SA | 203498 |
| 1377 |  | Legrand SA | 109955 |
| 634 |  | LVMH Moet Hennessy Louis Vuitton SE | 460044 |
| 2500 |  | Publicis Groupe SA | 158540 |
| 1576 |  | Safran SA | 196657 |
| 409 |  | Teleperformance | 97209 |
| 5382 |  | Valeo | 95924 |
| 2511 |  | Vinci SA | 250004 |
|  |  |  | 2207575 |
|  |  | **Germany - 2.0%** |  |
| 824 |  | adidas AG | 112090 |
| 5427 |  | Infineon Technologies AG | 164665 |
|  |  |  | 276755 |
|  |  | **Hong Kong - 1.5%** |  |
| 86000 |  | Geely Automobile Holdings, Ltd. | 125613 |
| 45000 |  | Xinyi Glass Holdings, Ltd. | 83831 |
|  |  |  | 209444 |
|  |  | **Indonesia - 1.6%** |  |
| 258000 |  | Astra International Tbk PT | 94466 |
| 545200 |  | Telkom Indonesia Persero Tbk PT | 131331 |
|  |  |  | 225797 |
|  |  | **Ireland - 1.4%** |  |
| 1897 |  | Kingspan Group plc | 102403 |
| 2456 |  | Smurfit Kappa Group plc | 90728 |
|  |  |  | 193131 |
|  |  | **Italy - 0.9%** |  |
| 2383 |  | Moncler SpA | 125891 |
|  |  | **Japan - 19.4%** |  |
| 1800 |  | Advantest Corporation | 115685 |
| 8500 |  | Astellas Pharma, Inc. | 129260 |
| 1500 |  | Bandai Namco Holdings, Inc. | 94516 |
| 5600 |  | Chugai Pharmaceutical Company, Ltd. | 142944 |
| 1200 |  | Hoya Corporation | 115548 |
| 11200 |  | Isuzu Motors, Ltd. | 131315 |
| 5900 |  | KDDI Corporation | 178057 |
| 2000 |  | Konami Group Corporation | 90492 |
| 2400 |  | Murata Manufacturing Company, Ltd. | 119832 |
| 5800 |  | Nexon Company, Ltd. | 130203 |
| 6000 |  | NGK Spark Plug Company, Ltd. | 110910 |
| 9400 |  | Nippon Telegraph & Telephone Corporation | 268012 |
| 1800 |  | Nitto Denko Corporation | 104362 |
| 3500 |  | Otsuka Corporation | 110216 |
| 5400 |  | Recruit Holdings Company, Ltd. | 170949 |
| 1900 |  | Secom Company, Ltd. | 108619 |
| 3500 |  | Shimadzu Corporation | 99341 |
| 1500 |  | Shin-Etsu Chemical Company, Ltd. | 184452 |
| 2700 |  | Shionogi & Company, Ltd. | 134770 |
| 3500 |  | Taiyo Yuden Company, Ltd. | 101595 |
| 2000 |  | Trend Micro, Inc. | 93069 |
|  |  |  | 2734147 |
|  |  | **Malaysia - 0.6%** |  |
| 16861 |  | Lynas Rare Earths, Ltd. (a) | 89759 |
|  |  | **Netherlands - 0.7%** |  |
| 1535 |  | BE Semiconductor Industries NV | 92658 |
|  |  | **Norway - 2.4%** |  |
| 3990 |  | Aker BP ASA | 123171 |
| 7550 |  | Mowi ASA | 128146 |
| 9690 |  | Telenor ASA | 90103 |
|  |  |  | 341420 |
|  |  | **Republic of Korea - 8.6%** |  |
| 3116 |  | Kakao Games Corporation (a) | 110027 |
| 476 |  | LG Innotek Company, Ltd. | 95049 |
| 385 |  | NCSoft Corporation | 136402 |
| 1654 |  | Samsung C&T Corporation | 148461 |
| 1181 |  | Samsung Electro-Mechanics Company, Ltd. | 121883 |
| 405 |  | Samsung Electronics Company, Ltd. - GDR | 447525 |
| 2701 |  | SK Hynix, Inc. | 160202 |
|  |  |  | 1219549 |
|  |  | **Spain - 1.6%** |  |
| 8647 |  | Industria de Diseno Textil SA | 229328 |
|  |  | **Sweden - 4.0%** |  |
| 6361 |  | Assa Abloy AB - Class B | 136567 |
| 11279 |  | Atlas Copco AB - Class A | 133254 |
| 2624 |  | Boliden AB | 98530 |
| 15005 |  | Embracer Group AB (a) | 68102 |
| 6073 |  | EQT AB | 128576 |
|  |  |  | 565029 |
|  |  | **Switzerland - 6.4%** |  |
| 1478 |  | Cie Financiere Richemont SA | 191539 |
| 238 |  | Geberit AG | 112029 |
| 144 |  | Partners Group Holding AG | 127128 |
| 9290 |  | Roche Holding AG - ADR | 363703 |
| 466 |  | Sonova Holding AG | 110456 |
|  |  |  | 904855 |
|  |  | **Thailand - 0.9%** |  |
| 22900 |  | Advanced Info Service pcl - NVDR | 128930 |
|  |  | **United Kingdom - 9.6%** |  |
| 16176 |  | Auto Trader Group plc (b) | 100327 |
| 3112 |  | Bunzl plc | 103282 |
| 5855 |  | Burberry Group plc | 142973 |
| 25823 |  | DS Smith plc | 99866 |
| 87622 |  | JD Sports Fashion plc | 132963 |
| 1702 |  | London Stock Exchange Group plc | 146099 |
| 5702 |  | Mondi plc | 96677 |
| 1470 |  | Next plc | 102666 |
| 4968 |  | Persimmon plc | 72728 |
| 7326 |  | Smith & Nephew plc | 97775 |
| 5103 |  | Unilever plc - ADR | 256936 |
|  |  |  | 1352292 |
|  |  | TOTAL COMMON STOCKS (Cost $15,999,506) | 14071520 |
|  |  | TOTAL INVESTMENTS - 99.7% (Cost $15,999,506) | 14071520 |
|  |  | Other Assets in Excess of Liabilities - 0.3% | 35360 |
|  |  | NET ASSETS - 100.0% | $14106880 |
|  | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ADR <br>| American Depositary Receipt. |  |
|  | GDR <br>| Global Depositary Receipt. |  |
|  | NVDR <br>| Non-voting Depositary Receipt. |  |
|  | (a) <br>| Non-income producing security. |  |
|  | (b) <br>| Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities, according to the Fund's liquidity guidelines. At December 31, 2022, the market value of these securities amounted to $351,135 or 2.5% of net assets. |  |

---

------

**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 | $14071520 | $- | $- | $14071520 |
| Total Investments in Securities | $14071520 | $- | $- | $14071520 |
| ^ 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 International Fundamental Stability & Value ETF

- **b. EDGAR series identifier (if any):** S000070185

- **c. LEI of Series:** 549300UKM064HH8J4M75

**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:** $14290567.96

**Total Liabilities:** $183643.68

**Net Assets:** $14106924.28

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223218 | 3.04%                | 12.42%               | -1.86%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1813043.39             | $2382588.28                                |
| Month 2  | $897.85                  | $1587971.21                                |
| Month 3  | $-20270.71               | $-265416.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| China Shenhua Energy Co Ltd    | China Shenhua Energy Co Ltd                  | CUSIP: N/A<br>LEI: 529900N9JOX4C108MA40       | Long             | EC               | CORP              | CN        |    104000 | NS      | $300475.98    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandai Namco Holdings Inc      | Bandai Namco Holdings Inc                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      1500 | NS      | $94516.65     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC              | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      1702 | NS      | $146098.64    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Arkema SA                      | Arkema SA                                    | CUSIP: N/A<br>LEI: 9695000EHMS84KKP2785       | Long             | EC               | CORP              | FR        |      1259 | NS      | $112706.56    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Partners Group Holding AG      | Partners Group Holding AG                    | CUSIP: N/A<br>LEI: 549300I3IVVWZWDHI788       | Long             | EC               | CORP              | CH        |       144 | NS      | $127128.40    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                     | Legrand SA                                   | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      1377 | NS      | $109955.43    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada            | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |        92 | NS      | $143536.16    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondi PLC                      | Mondi PLC                                    | CUSIP: N/A<br>LEI: 213800LOZA69QFDC9N34       | Long             | EC               | CORP              | GB        |      5702 | NS      | $96677.20     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Aker BP ASA                    | Aker BP ASA                                  | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |      3990 | NS      | $123171.15    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit Kappa Group PLC        | Smurfit Kappa Group PLC                      | CUSIP: G8248F104<br>LEI: 635400CPLP8H5ITDVT56 | Long             | EC               | CORP              | IE        |      2456 | NS      | $90727.71     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS SA                         | JBS SA                                       | CUSIP: N/A<br>LEI: 529900RM0MTMZL9O5050       | Long             | EC               | CORP              | BR        |     29585 | NS      | $123052.53    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Geberit AG                     | Geberit AG                                   | CUSIP: N/A<br>LEI: 52990093Z5OHD6T7BS47       | Long             | EC               | CORP              | CH        |       238 | NS      | $112028.75    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                        | DSV A/S                                      | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      1079 | NS      | $169797.50    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                     | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      2511 | NS      | $250003.94    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                      | Danone SA                                    | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      2525 | NS      | $132664.97    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                            | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |      4875 | NS      | $128041.65    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Innotek Co Ltd              | LG Innotek Co Ltd                            | CUSIP: N/A<br>LEI: 988400KTHH2LMUX7EB48       | Long             | EC               | CORP              | KR        |       476 | NS      | $95049.43     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp                          | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |      2527 | NS      | $127417.72    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Mining Ltd           | Evolution Mining Ltd                         | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |     70878 | NS      | $143236.43    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                                  | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      1852 | NS      | $129733.16    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhongsheng Group Holdings Ltd  | Zhongsheng Group Holdings Ltd                | CUSIP: N/A<br>LEI: 3003005VYMEBAJNJ2Y26       | Long             | EC               | CORP              | CN        |     27500 | NS      | $141464.71    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                                 | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |      5800 | NS      | $130202.74    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT     | Astra International Tbk PT                   | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |    258000 | NS      | $94466.04     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurizon Holdings Ltd           | Aurizon Holdings Ltd                         | CUSIP: N/A<br>LEI: 5299005PC1O6NOWL3H48       | Long             | EC               | CORP              | AU        |     40424 | NS      | $102252.49    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Financiere Richemont SA    | Cie Financiere Richemont SA                  | CUSIP: N/A<br>LEI: 549300YIPGJ6UX2QPS51       | Long             | EC               | CORP              | CH        |      1478 | NS      | $191539.34    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk P | Telkom Indonesia Persero Tbk PT              | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |    545200 | NS      | $131331.30    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Valeo                          | Valeo                                        | CUSIP: N/A<br>LEI: 5493006IH2N2WMIBB742       | Long             | EC               | CORP              | FR        |      5382 | NS      | $95923.54     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                        | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      1059 | NS      | $105989.88    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV | BE Semiconductor Industries NV               | CUSIP: N/A<br>LEI: 7245007A1YFLI2GNYX06       | Long             | EC               | CORP              | NL        |      1535 | NS      | $92657.98     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Moncler SpA                    | Moncler SpA                                  | CUSIP: N/A<br>LEI: 815600EBD7FB00525B20       | Long             | EC               | CORP              | IT        |      2383 | NS      | $125890.88    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                        | CGI Inc                                      | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      1372 | NS      | $118178.62    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EQT AB                         | EQT AB                                       | CUSIP: N/A<br>LEI: 213800U7P9GOIRKCTB34       | Long             | EC               | CORP              | SE        |      6073 | NS      | $128576.59    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                    | CUSIP: G01719114<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     38100 | NS      | $421030.88    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Smoore International Holdings  | Smoore International Holdings Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     84000 | NS      | $130440.30    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Boliden AB                     | Boliden AB                                   | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |      2624 | NS      | $98530.64     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Copco AB                 | Atlas Copco AB                               | CUSIP: W1R924252<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     11279 | NS      | $133254.47    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Sports Fashion PLC          | JD Sports Fashion PLC                        | CUSIP: G5144Y120<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |     87622 | NS      | $132963.42    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Embracer Group AB              | Embracer Group AB                            | CUSIP: W2504N150<br>LEI: 549300RFXXKT652HB549 | Long             | EC               | CORP              | SE        |     15005 | NS      | $68101.78     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kakao Games Corp               | Kakao Games Corp                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3116 | NS      | $110027.20    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Pop Mart International Group L | Pop Mart International Group Ltd             | CUSIP: N/A<br>LEI: 9845000A05E8F937E337       | Long             | EC               | CORP              | CN        |     47400 | NS      | $120368.23    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Industria de Diseno Textil SA  | Industria de Diseno Textil SA                | CUSIP: N/A<br>LEI: 549300TTCXZOGZM2EY83       | Long             | EC               | CORP              | ES        |      8647 | NS      | $229327.90    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |      4310 | NS      | $119526.73    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Recruit Holdings Co Ltd        | Recruit Holdings Co Ltd                      | CUSIP: N/A<br>LEI: 353800R2LRSMVVC4I806       | Long             | EC               | CORP              | JP        |      5400 | NS      | $170948.50    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp               | Samsung C&T Corp                             | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |      1654 | NS      | $148461.05    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC          | Auto Trader Group PLC                        | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |     16176 | NS      | $100326.54    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |      6361 | NS      | $136566.60    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd                    | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |      1500 | NS      | $184451.85    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                            | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |      2700 | NS      | $134769.79    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd           | Sonic Healthcare Ltd                         | CUSIP: N/A<br>LEI: 549300NQQ5L2NONWR862       | Long             | EC               | CORP              | AU        |      5474 | NS      | $111254.43    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Advantest Corp                 | Advantest Corp                               | CUSIP: N/A<br>LEI: 353800EMK32PDKS9XR54       | Long             | EC               | CORP              | JP        |      1800 | NS      | $115684.57    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiyo Yuden Co Ltd             | Taiyo Yuden Co Ltd                           | CUSIP: N/A<br>LEI: 353800V9G3X5PLB9AD43       | Long             | EC               | CORP              | JP        |      3500 | NS      | $101595.36    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                          | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |      8500 | NS      | $129260.30    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonova Holding AG              | Sonova Holding AG                            | CUSIP: N/A<br>LEI: 5299004A0QNX7FBNHS61       | Long             | EC               | CORP              | CH        |       466 | NS      | $110455.90    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                             | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |      9290 | NS      | $363703.50    | 2.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                   | Unilever PLC                                 | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |      5103 | NS      | $256936.05    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                       | Mowi ASA                                     | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |      7550 | NS      | $128145.37    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                      | Safran SA                                    | CUSIP: N/A<br>LEI: 969500UIC89GT3UL7L24       | Long             | EC               | CORP              | FR        |      1576 | NS      | $196657.30    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinyi Glass Holdings Ltd       | Xinyi Glass Holdings Ltd                     | CUSIP: N/A<br>LEI: 52990082YXVVZFK1QJ17       | Long             | EC               | CORP              | HK        |     45000 | NS      | $83831.41     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                                    | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |      3112 | NS      | $103281.62    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Aristocrat Leisure Ltd         | Aristocrat Leisure Ltd                       | CUSIP: N/A<br>LEI: 529900TE2HO3OZKYKC27       | Long             | EC               | CORP              | AU        |      4965 | NS      | $102761.29    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| NCSoft Corp                    | NCSoft Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |       385 | NS      | $136401.74    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Corp                    | Otsuka Corp                                  | CUSIP: N/A<br>LEI: 529900RG9DJ58J3UIE72       | Long             | EC               | CORP              | JP        |      3500 | NS      | $110216.38    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL      | Advanced Info Service PCL                    | CUSIP: N/A<br>LEI: 529900DU2YW1NO5RMU78       | Long             | EC               | CORP              | TH        |     22900 | NS      | $128930.27    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                      | Hoya Corp                                    | CUSIP: J22848105<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      1200 | NS      | $115548.15    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                 | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      2701 | NS      | $160201.66    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Isuzu Motors Ltd               | Isuzu Motors Ltd                             | CUSIP: N/A<br>LEI: 529900C0QSXVCC7AR494       | Long             | EC               | CORP              | JP        |     11200 | NS      | $131315.32    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Konami Group Corp              | Konami Group Corp                            | CUSIP: N/A<br>LEI: 353800FC4A5QCMIZFV94       | Long             | EC               | CORP              | JP        |      2000 | NS      | $90492.25     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd  | Geely Automobile Holdings Ltd                | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |     86000 | NS      | $125612.59    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                  | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |      2400 | NS      | $119831.75    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NGK Spark Plug Co Ltd          | NGK Spark Plug Co Ltd                        | CUSIP: N/A<br>LEI: 549300RG3XQGTFM4HH31       | Long             | EC               | CORP              | JP        |      6000 | NS      | $110909.85    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT                            | Nippon Telegraph & Telephone Corp            | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |      9400 | NS      | $268011.67    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Denko Corp               | Nitto Denko Corp                             | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |      1800 | NS      | $104361.67    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Star Resources Ltd    | Northern Star Resources Ltd                  | CUSIP: N/A<br>LEI: 254900XFXCRYYZAX6M78       | Long             | EC               | CORP              | AU        |     19045 | NS      | $140906.65    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electro-Mechanics Co L | Samsung Electro-Mechanics Co Ltd             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      1181 | NS      | $121882.56    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Secom Co Ltd                   | Secom Co Ltd                                 | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |      1900 | NS      | $108618.74    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimadzu Corp                  | Shimadzu Corp                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      3500 | NS      | $99340.63     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Persimmon PLC                  | Persimmon PLC                                | CUSIP: N/A<br>LEI: 213800XI72Y57UWN6F31       | Long             | EC               | CORP              | GB        |      4968 | NS      | $72728.38     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DS Smith PLC                   | DS Smith PLC                                 | CUSIP: N/A<br>LEI: 39RSBE4RCI4M15BLWH36       | Long             | EC               | CORP              | GB        |     25823 | NS      | $99866.41     | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                           | CUSIP: G82343164<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      7326 | NS      | $97774.59     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp                    | B2Gold Corp                                  | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | CA        |     24304 | NS      | $86765.28     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                 | Open Text Corp                               | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      3219 | NS      | $95314.42     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Burberry Group PLC             | Burberry Group PLC                           | CUSIP: N/A<br>LEI: 213800PE1KEFCNFR1R50       | Long             | EC               | CORP              | GB        |      5855 | NS      | $142973.22    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund   | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    170326 | NS      | $170325.83    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Next PLC                       | Next PLC                                     | CUSIP: N/A<br>LEI: 213800WQD8ECPZP9PH98       | Long             | EC               | CORP              | GB        |      1470 | NS      | $102665.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                        | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      3584 | NS      | $98201.60     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| adidas AG                      | adidas AG                                    | CUSIP: N/A<br>LEI: 549300JSX0Z4CW0V5023       | Long             | EC               | CORP              | DE        |       824 | NS      | $112089.82    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE          | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |       634 | NS      | $460043.97    | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                 | CUSIP: F4973Q101<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |       858 | NS      | $142803.12    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                           | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |      2500 | NS      | $158539.58    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingspan Group PLC             | Kingspan Group PLC                           | CUSIP: G52654103<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |      1897 | NS      | $102402.65    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Telenor ASA                    | Telenor ASA                                  | CUSIP: N/A<br>LEI: 549300IM1QSBY4SLPM26       | Long             | EC               | CORP              | NO        |      9690 | NS      | $90102.93     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                   | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       405 | NS      | $447525.00    | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kering SA                      | Kering SA                                    | CUSIP: N/A<br>LEI: 549300VGEJKB7SVUZR78       | Long             | EC               | CORP              | FR        |       401 | NS      | $203497.90    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      2405 | NS      | $135112.90    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG       | Infineon Technologies AG                     | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |      5427 | NS      | $164665.16    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance                | Teleperformance                              | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |       409 | NS      | $97209.47     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Conch Cement Co Ltd      | Anhui Conch Cement Co Ltd                    | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | CN        |     36500 | NS      | $127668.98    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Lynas Rare Earths Ltd          | Lynas Rare Earths Ltd                        | CUSIP: N/A<br>LEI: 529900SGT9M1FJPXXI35       | Long             | EC               | CORP              | MY        |     16861 | NS      | $89759.16     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Trend Micro Inc/Japan          | Trend Micro Inc/Japan                        | CUSIP: N/A<br>LEI: 3538005O5UJ5RNAGVE16       | Long             | EC               | CORP              | JP        |      2000 | NS      | $93069.08     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd   | Chugai Pharmaceutical Co Ltd                 | CUSIP: N/A<br>LEI: 529900T9LAII161DCN95       | Long             | EC               | CORP              | JP        |      5600 | NS      | $142944.41    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                    | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |      5900 | NS      | $178057.52    | 1.26%             |  |  |  | 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