# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-020360
**Filing Date:** 2025-12
**Character Count:** 17178
**Document Hash:** 091db8492800596428d52f9309851457
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-020360.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000894189-25-020360

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20260430

**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:** 251612752

**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

### Aptus Defined Risk ETF (Series ID: S000062593)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000203050 | Aptus Defined Risk ETF | DRSK            |

## 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:** Aptus Defined Risk ETF

- **b. EDGAR series identifier (if any):** S000062593

- **c. LEI of Series:** 549300DFFKZ7IJTWTS57

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-10-31

**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:** $1487659088.55

**Total Liabilities:** $39202269.14

**Net Assets:** $1448456819.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000203050 | 0.93%                | 1.13%                | 2.20%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $11354091.75                               |
| Month 2  | $114545.06               | $3895448.08                                |
| Month 3  | $456356.40               | $-1798327.12                               |

**Designated Index Information**

- **Index Name:** Bloomberg US Agg Total Return Value Unhedged USD

- **Index Identifier:** LBUSTRUU

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | Salesforce Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15000 | NC      | $10087500.00  | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Salesforce Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -15000 | NC      | $-1845000.00  | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DoorDash Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -20000 | NC      | $-1110000.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DoorDash Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $180000.05    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gitlab Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     30000 | NC      | $3675000.00   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Gitlab Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -30000 | NC      | $-1575000.00  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     30000 | NC      | $1200000.00   | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -50000 | NC      | $-300000.25   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | iShares iBoxx $ High Yield Corporate Bond ETF | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     50000 | NC      | $1875000.00   | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Intel Corp                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -12500 | NC      | $-606250.00   | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Intel Corp                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     25000 | NC      | $11625000.00  | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Kenvue Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     50000 | NC      | $550000.00    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Kenvue Inc                                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -50000 | NC      | $-175000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Eli Lilly & Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2500 | NC      | $8443750.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Eli Lilly & Co                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1000 | NC      | $-1327500.00  | -0.09%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     35000 | NC      | $9240000.00   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | MARA Holdings Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -17500 | NC      | $-2773750.00  | -0.19%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     35000 | NC      | $15750000.00  | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -35000 | NC      | $-4147500.00  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Snap Inc                                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    100000 | NC      | $6750000.00   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 12/19/25 P6200                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -800 | NC      | $-2436000.00  | -0.17%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 12/19/25 P6750                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       800 | NC      | $8744000.00   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 12/31/25 C6950                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2450 | NC      | $31678500.00  | 2.19%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund      | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  17570070 | NS      | $17570070.13  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Bulletshares 2031 Corp | Invesco Bulletshares 2031 Corporate Bond ETF  | CUSIP: 46138J429<br>LEI: 54930074YWSAGYW65L96 | Long             | EC               | RF                | US        |  10133188 | NS      | $168818912.08 | 11.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco BulletShares 2030 Corp | Invesco BulletShares 2030 Corporate Bond ETF  | CUSIP: 46138J460<br>LEI: 549300MD9XDNCUMOK111 | Long             | EC               | RF                | US        |   8764778 | NS      | $148037100.42 | 10.22%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco BulletShares 2029 Corp | Invesco BulletShares 2029 Corporate Bond ETF  | CUSIP: 46138J577<br>LEI: 549300QI81EWC6H7QY92 | Long             | EC               | RF                | US        |   3380010 | NS      | $63577988.10  | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco BulletShares 2033 Corp | Invesco BulletShares 2033 Corporate Bond ETF  | CUSIP: 46139W825<br>LEI: 254900PDI2GNZ8PCD259 | Long             | EC               | RF                | US        |   6681469 | NS      | $143183880.67 | 9.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco BulletShares 2032 Corp | Invesco BulletShares 2032 Corporate Bond ETF  | CUSIP: 46139W858<br>LEI: 5493007MAFSR8RWIXD15 | Long             | EC               | RF                | US        |   8326995 | NS      | $173617845.75 | 11.99%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBonds Dec 2027 Term C | iShares iBonds Dec 2027 Term Corporate ETF    | CUSIP: 46435UAA9<br>LEI: 549300OXS5FQU3APF128 | Long             | EC               | RF                | US        |   2860907 | NS      | $69605867.31  | 4.81%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBonds Dec 2029 Term C | iShares iBonds Dec 2029 Term Corporate ETF    | CUSIP: 46436E205<br>LEI: 549300O4632FCSLM7T54 | Long             | EC               | RF                | US        |   6468463 | NS      | $151750141.98 | 10.48%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBonds Dec 2032 Term C | iShares iBonds Dec 2032 Term Corporate ETF    | CUSIP: 46436E312<br>LEI: 549300ZCXA0SQGYFIX78 | Long             | EC               | RF                | US        |   4725335 | NS      | $120921322.65 | 8.35%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBonds Dec 2031 Term C | iShares iBonds Dec 2031 Term Corporate ETF    | CUSIP: 46436E486<br>LEI: 549300LR0SMCL4YVFM54 | Long             | EC               | RF                | US        |   7052539 | NS      | $149513826.80 | 10.32%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBonds Dec 2030 Term C | iShares iBonds Dec 2030 Term Corporate ETF    | CUSIP: 46436E726<br>LEI: 549300WVEN3NVMUAOJ58 | Long             | EC               | RF                | US        |   5763258 | NS      | $127540899.54 | 8.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Amazon.com Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15000 | NC      | $8587500.00   | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amazon.com Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |    -30000 | NC      | $-2100000.00  | -0.14%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Amazon.com Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     15000 | NC      | $112500.00    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | DoorDash Inc                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     10000 | NC      | $4400000.00   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 12/31/25 C7300                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2450 | NC      | $-5831000.00  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Thermo Fisher Scientific Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $4110000.00   | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Thermo Fisher Scientific Inc                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-277500.02   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tesla Inc                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3500 | NC      | $7787500.00   | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tesla Inc                                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1750 | NC      | $-1137500.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer