# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016135
**Filing Date:** 2025-11
**Character Count:** 32315
**Document Hash:** 39fac176c100bb0be5e1a893da72e44b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016135.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016135

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251530639

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Bahl & Gaynor Income Growth ETF (Series ID: S000081227)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243899 | Bahl & Gaynor Income Growth ETF | BGIG            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Bahl & Gaynor Income Growth ETF** | **Bahl & Gaynor Income Growth ETF** | **Bahl & Gaynor Income Growth ETF** | **Bahl & Gaynor Income Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** | **Shares** | **Value**  |
| **Consumer Discretionary - 5.3%** | **Consumer Discretionary - 5.3%** | **Consumer Discretionary - 5.3%** | |
| Home Depot, Inc. | Home Depot, Inc. | 20393 | $8263040 |
| McDonald's Corporation | McDonald's Corporation | 28646 | 8705233 |
|  |  |  | 16968273 |
| **Consumer Staples - 9.3%** | **Consumer Staples - 9.3%** | **Consumer Staples - 9.3%** |  |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 117514 | 2997782 |
| Mondelez International, Inc. - Class A | Mondelez International, Inc. - Class A | 153507 | 9589582 |
| PepsiCo, Inc. | PepsiCo, Inc. | 30993 | 4352657 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | 14155 | 2295941 |
| Procter & Gamble Company | Procter & Gamble Company | 66196 | 10171016 |
|  |  |  | 29406978 |
| **Energy - 10.4%** | **Energy - 10.4%** | **Energy - 10.4%** |  |
| Chevron Corporation | Chevron Corporation | 46382 | 7202661 |
| Exxon Mobil Corporation | Exxon Mobil Corporation | 50797 | 5727362 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | 112624 | 3188385 |
| ONEOK, Inc. | ONEOK, Inc. | 33417 | 2438439 |
| Targa Resources Corporation | Targa Resources Corporation | 10317 | 1728510 |
| Williams Companies, Inc. | Williams Companies, Inc. | 201948 | 12793406 |
|  |  |  | 33078763 |
| **Financials - 15.0%** | **Financials - 15.0%** | **Financials - 15.0%** |  |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | 16684 | 2223477 |
| CME Group, Inc. | CME Group, Inc. | 18408 | 4973657 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 32839 | 4380394 |
| JPMorgan Chase & Company | JPMorgan Chase & Company | 35076 | 11064023 |
| Marsh & McLennan Companies, Inc. | Marsh & McLennan Companies, Inc. | 39953 | 8051728 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | 32216 | 6473161 |
| Travelers Companies, Inc. | Travelers Companies, Inc. | 37206 | 10388659 |
|  |  |  | 47555099 |
| **Health Care - 15.6%** | **Health Care - 15.6%** | **Health Care - 15.6%** |  |
| AbbVie, Inc. | AbbVie, Inc. | 66044 | 15291828 |
| Eli Lilly & Company | Eli Lilly & Company | 17114 | 13057982 |
| Johnson & Johnson | Johnson & Johnson | 82523 | 15301415 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 16767 | 5789645 |
|  |  |  | 49440870 |
| **Industrials - 12.9%** | **Industrials - 12.9%** | **Industrials - 12.9%** |  |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | 23912 | 7018172 |
| Eaton Corporation PLC | Eaton Corporation PLC | 18364 | 6872727 |
| Fastenal Company | Fastenal Company | 52062 | 2553120 |
| General Dynamics Corporation | General Dynamics Corporation | 15900 | 5421900 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | 15017 | 3915833 |
| Lockheed Martin Corporation | Lockheed Martin Corporation | 10361 | 5172315 |
| Paychex, Inc. | Paychex, Inc. | 37564 | 4761613 |
| RTX Corporation | RTX Corporation | 19458 | 3255907 |
| Union Pacific Corporation | Union Pacific Corporation | 9192 | 2172713 |
|  |  |  | 41144300 |
| **Information Technology - 19.1%** | **Information Technology - 19.1%** | **Information Technology - 19.1%** |  |
| Accenture PLC - Class A | Accenture PLC - Class A | 15940 | 3930804 |
| Broadcom, Inc. | Broadcom, Inc. | 63820 | 21054856 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 75117 | 5139505 |
| Corning, Inc. | Corning, Inc. | 77632 | 6368153 |
| Microsoft Corporation | Microsoft Corporation | 25967 | 13449608 |
| Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | 6443 | 1799465 |
| TE Connectivity PLC | TE Connectivity PLC | 26541 | 5826546 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 16026 | 2944457 |
|  |  |  | 60513394 |
| **Materials - 0.9%** | **Materials - 0.9%** | **Materials - 0.9%** |  |
| Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | 10270 | 2800834 |
| **Real Estate - 2.2%** | **Real Estate - 2.2%** | **Real Estate - 2.2%** |  |
| AvalonBay Communities, Inc. 28,220 | AvalonBay Communities, Inc. 28,220 | AvalonBay Communities, Inc. 28,220 | 5451257 |
| VICI Properties, Inc. | VICI Properties, Inc. | 211494 | 6896819 |
|  |  |  | 12348076 |
| **Utilities - 7.4%** | **Utilities - 7.4%** | **Utilities - 7.4%** |  |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 113164 | 8542750 |
| PPL Corporation | PPL Corporation | 159446 | 5925013 |
| Sempra | Sempra | 62209 | 5597566 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | 31120 | 3566041 |
|  |  |  | 23631370 |
| **TOTAL COMMON STOCKS** (Cost $286,555,603) | **TOTAL COMMON STOCKS** (Cost $286,555,603) | **TOTAL COMMON STOCKS** (Cost $286,555,603) | 316887957 |
| <br> **SHORT-TERM INVESTMENTS** | <br> **SHORT-TERM INVESTMENTS** | <br> **SHORT-TERM INVESTMENTS** | <br> **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 0.3%** | **U.S. TREASURY BILLS - 0.3%** | **Par** | **Value**  |
| 4.06%, 11/28/2025 <sup>(a)</sup> | 4.06%, 11/28/2025 <sup>(a)</sup> | 137000 | 136118 |
| 3.94%, 12/04/2025 <sup>(a)</sup> | 3.94%, 12/04/2025 <sup>(a)</sup> | 43000 | 42703 |
| 3.87%, 12/09/2025 <sup>(a)</sup> | 3.87%, 12/09/2025 <sup>(a)</sup> | 103000 | 102242 |
| 3.91%, 12/11/2025 <sup>(a)</sup> | 3.91%, 12/11/2025 <sup>(a)</sup> | 154000 | 152832 |
| 3.86%, 12/18/2025 <sup>(a)</sup> | 3.86%, 12/18/2025 <sup>(a)</sup> | 133000 | 131889 |
| 3.85%, 12/26/2025 <sup>(a)</sup> | 3.85%, 12/26/2025 <sup>(a)</sup> | 127000 | 125833 |
| 3.82%, 12/30/2025 <sup>(a)</sup> | 3.82%, 12/30/2025 <sup>(a)</sup> | 145000 | 143606 |
| **TOTAL U.S. TREASURY BILLS** (Cost $835,252) | **TOTAL U.S. TREASURY BILLS** (Cost $835,252) | **TOTAL U.S. TREASURY BILLS** (Cost $835,252) | 835223 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $287,390,855**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $287,390,855**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $287,390,855**)** | 317723180 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (324233) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $317398947 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <br> PLC - Public Limited Company

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

------

**Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)** 

Bahl & Gaynor Income Growth ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $316887957 | $– | $– | $316887957 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 835223 | – | 835223 |
| Total Investments | $316887957 | $835223 | $– | $317723180 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

**Item A.2. Information about the Series.**

- **a. Name of Series:** Bahl & Gaynor Income Growth ETF

- **b. EDGAR series identifier (if any):** S000081227

- **c. LEI of Series:** 5493000MOYNXLR8OPL75

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

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

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $318506350.98

**Total Liabilities:** $1108026.22

**Net Assets:** $317398324.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243899 | 0.94%                | 2.49%                | 2.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1915026.92              | $-86482.58                                 |
| Month 2  | $9978418.16              | $-3007023.55                               |
| Month 3  | $7235431.96              | $897905.74                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AbbVie Inc                     | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     66044 | NS      | $15291827.76  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     77632 | NS      | $6368152.96   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     28646 | NS      | $8705232.94   | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    201948 | NS      | $12793405.80  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                             | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     15940 | NS      | $3930804.00   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     39953 | NS      | $8051728.09   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    113164 | NS      | $8542750.36   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |      9192 | NS      | $2172713.04   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                       | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    211494 | NS      | $6896819.34   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC Energy Group Inc           | WEC Energy Group Inc                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     31120 | NS      | $3566040.80   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46382 | NS      | $7202660.78   | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     50797 | NS      | $5727361.75   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     52062 | NS      | $2553120.48   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     35076 | NS      | $11064022.68  | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    153507 | NS      | $9589582.29   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                               | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |     37564 | NS      | $4761612.64   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                      | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |      9750 | NS      | $1633515.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    154000 | PA      | $152832.19    | 0.05%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AvalonBay Communities Inc      | AvalonBay Communities Inc                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     28220 | NS      | $5451257.40   | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     20393 | NS      | $8263039.67   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     10361 | NS      | $5172314.81   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     63820 | NS      | $21054856.20  | 6.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                            | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |     18364 | NS      | $6872727.00   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     18408 | NS      | $4973657.52   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works Inc                   | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     15017 | NS      | $3915832.92   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    117514 | NS      | $2997782.14   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc            | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     10270 | NS      | $2800834.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc              | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     16684 | NS      | $2223476.68   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc             | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     23912 | NS      | $7018172.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     75117 | NS      | $5139505.14   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     82523 | NS      | $15301414.66  | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     17114 | NS      | $13057982.00  | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     25967 | NS      | $13449607.65  | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                       | PPL Corp                                  | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |    159446 | NS      | $5925013.36   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc           | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |     14155 | NS      | $2295941.00   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     66196 | NS      | $10171015.40  | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     16026 | NS      | $2944456.98   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                     | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     37206 | NS      | $10388659.32  | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    127000 | PA      | $125832.81    | 0.04%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Kinder Morgan Inc              | Kinder Morgan Inc                         | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    112624 | NS      | $3188385.44   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |     62209 | NS      | $5597565.82   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      6443 | NS      | $1799465.47   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    137000 | PA      | $136118.33    | 0.04%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     43000 | PA      | $42702.41     | 0.01%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    103000 | PA      | $102241.99    | 0.03%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     16767 | NS      | $5789645.10   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                      | ONEOK Inc                                 | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |     33417 | NS      | $2438438.49   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The      | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     32216 | NS      | $6473160.88   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                       | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     26541 | NS      | $5826545.73   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                     | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     15900 | NS      | $5421900.00   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     32839 | NS      | $4380394.21   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     30993 | NS      | $4352656.92   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     19458 | NS      | $3255907.14   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    133000 | PA      | $131888.74    | 0.04%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer