# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-050064
**Filing Date:** 2025-7
**Character Count:** 43152
**Document Hash:** 1df6c724519e5622978cb694fc2a12dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050064.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-050064

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20260228

**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:** 251168172

**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

### U.S. Diversified Real Estate ETF (Series ID: S000061208)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000198249 | U.S. Diversified Real Estate ETF | PPTY            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **U.S. Diversified Real Estate ETF** | **U.S. Diversified Real Estate ETF** | **U.S. Diversified Real Estate ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.5%** | **Shares** | **Value**  |
| **Asset Management & Custody Banks - 0.5%** | **Asset Management & Custody Banks - 0.5%** | |
| DigitalBridge Group, Inc. | 19744 | $218369 |
| **Data Center REITs - 8.0%** | **Data Center REITs - 8.0%** |  |
| Digital Realty Trust, Inc. | 9339 | 1601825 |
| Equinix, Inc. | 1902 | 1690536 |
|  |  | 3292361 |
| **Diversified REITs - 3.0%** | **Diversified REITs - 3.0%** |  |
| Alexander & Baldwin, Inc. | 4157 | 74452 |
| Armada Hoffler Properties, Inc. | 70226 | 488773 |
| Broadstone Net Lease, Inc. | 2732 | 43466 |
| Essential Properties Realty Trust, Inc. | 1371 | 44558 |
| WP Carey, Inc. | 9309 | 584232 |
|  |  | 1235481 |
| **Health Care Facilities - 0.3%** | **Health Care Facilities - 0.3%** |  |
| National HealthCare Corporation | 1192 | 124135 |
| **Health Care REITs - 10.3%** | **Health Care REITs - 10.3%** |  |
| Alexandria Real Estate Equities, Inc. | 12952 | 909101 |
| American Healthcare REIT, Inc. | 5763 | 201359 |
| CareTrust REIT, Inc. | 5682 | 163414 |
| Community Healthcare Trust, Inc. | 2145 | 35049 |
| Healthcare Realty Trust, Inc. | 2587 | 37512 |
| Healthpeak Properties, Inc. | 16806 | 292592 |
| LTC Properties, Inc. | 3778 | 133703 |
| National Health Investors, Inc. | 2178 | 157927 |
| Omega Healthcare Investors, Inc. | 7112 | 263144 |
| Sabra Health Care REIT, Inc. | 9031 | 157862 |
| Sila Realty Trust, Inc. | 5155 | 128463 |
| Ventas, Inc. | 8371 | 538088 |
| Welltower, Inc. | 7975 | 1230383 |
|  |  | 4248597 |
| **Hotel & Resort REITs - 2.0%** | **Hotel & Resort REITs - 2.0%** |  |
| Apple Hospitality REIT, Inc. | 10767 | 124790 |
| DiamondRock Hospitality Company | 12099 | 92436 |
| Host Hotels & Resorts, Inc. | 15944 | 246973 |
| Ryman Hospitality Properties, Inc. | 1972 | 191501 |
| Sunstone Hotel Investors, Inc. | 13023 | 116686 |
| Xenia Hotels & Resorts, Inc. | 2910 | 35589 |
|  |  | 807975 |
| **Hotels, Resorts & Cruise Lines - 5.1%** | **Hotels, Resorts & Cruise Lines - 5.1%** |  |
| Choice Hotels International, Inc. | 1322 | 167471 |
| Hilton Worldwide Holdings, Inc. | 2833 | 703831 |
| Hyatt Hotels Corporation - Class A | 1724 | 227620 |
| Marriott International, Inc. - Class A | 3135 | 827107 |
| Wyndham Hotels & Resorts, Inc. | 2012 | 166553 |
|  |  | 2092582 |
| **Industrial REITs - 14.0%** | **Industrial REITs - 14.0%** |  |
| Americold Realty Trust, Inc. | 33175 | 549710 |
| EastGroup Properties, Inc. | 4044 | 685660 |
| First Industrial Realty Trust, Inc. | 9305 | 459946 |
| Innovative Industrial Properties, Inc. | 9686 | 534861 |
| LXP Industrial Trust | 7861 | 67447 |
| Prologis, Inc. | 14484 | 1572963 |
| Rexford Industrial Realty, Inc. | 1067 | 37601 |
| STAG Industrial, Inc. | 24522 | 872493 |
| Terreno Realty Corporation | 16201 | 914060 |
|  |  | 5694741 |
| **Multi-Family Residential REITs - 17.3%** | **Multi-Family Residential REITs - 17.3%** |  |
| AvalonBay Communities, Inc. | 7837 | 1620455 |
| Camden Property Trust | 5999 | 704823 |
| Centerspace | 712 | 45390 |
| Elme Communities | 2902 | 46606 |
| Equity Residential | 18642 | 1307550 |
| Essex Property Trust, Inc. | 3126 | 887471 |
| Independence Realty Trust, Inc. | 38645 | 718411 |
| Mid-America Apartment Communities, Inc. | 5466 | 856249 |
| UDR, Inc. | 21625 | 895924 |
|  |  | 7082879 |
| **Office REITs - 13.9%** | **Office REITs - 13.9%** |  |
| BXP, Inc. | 6663 | 448620 |
| COPT Defense Properties | 23114 | 634479 |
| Cousins Properties, Inc. | 20555 | 576979 |
| Douglas Emmett, Inc. | 16685 | 237428 |
| Easterly Government Properties, Inc. | 48061 | 1044365 |
| Empire State Realty Trust, Inc. - Class A | 32544 | 249287 |
| Highwoods Properties, Inc. | 29088 | 863914 |
| JBG SMITH Properties | 2923 | 49983 |
| Kilroy Realty Corporation | 26057 | 839035 |
| SL Green Realty Corporation | 3527 | 200228 |
| Vornado Realty Trust | 14734 | 555030 |
|  |  | 5699348 |
| **Other Specialized REITs - 3.9%** | **Other Specialized REITs - 3.9%** |  |
| Four Corners Property Trust, Inc. | 58672 | 1619934 |
| **Retail REITs - 13.3%** | **Retail REITs - 13.3%** |  |
| Acadia Realty Trust | 19738 | 380154 |
| Agree Realty Corporation | 3717 | 279890 |
| Brixmor Property Group, Inc. | 14862 | 377643 |
| Federal Realty Investment Trust | 5121 | 488953 |
| Getty Realty Corporation | 8341 | 244058 |
| InvenTrust Properties Corporation | 4864 | 136630 |
| Kimco Realty Corporation | 19576 | 416186 |
| Kite Realty Group Trust | 13171 | 291343 |
| Macerich Company | 2116 | 34237 |
| NETSTREIT Corporation | 10045 | 161725 |
| NNN REIT, Inc. | 1094 | 45685 |
| Phillips Edison & Company, Inc. | 8716 | 309069 |
| Realty Income Corporation | 4431 | 250883 |
| Regency Centers Corporation | 7519 | 542496 |
| Saul Centers, Inc. | 1183 | 39843 |
| Simon Property Group, Inc. | 5943 | 969125 |
| Tanger, Inc. | 8770 | 261346 |
| Urban Edge Properties | 12837 | 233120 |
|  |  | 5462386 |
| **Self-Storage REITs - 2.1%** | **Self-Storage REITs - 2.1%** |  |
| CubeSmart | 3433 | 146795 |
| Extra Space Storage, Inc. | 1950 | 294743 |
| National Storage Affiliates Trust | 1166 | 40110 |
| Public Storage | 1289 | 397540 |
|  |  | 879188 |
| **Single-Family Residential REITs - 5.8%** | **Single-Family Residential REITs - 5.8%** |  |
| American Homes 4 Rent - Class A | 29499 | 1116538 |
| Equity LifeStyle Properties, Inc. | 4933 | 313591 |
| Invitation Homes, Inc. | 13072 | 440526 |
| Sun Communities, Inc. | 3389 | 418338 |
| UMH Properties, Inc. | 6661 | 111838 |
|  |  | 2400831 |
| **TOTAL COMMON STOCKS** (Cost $43,012,242) | **TOTAL COMMON STOCKS** (Cost $43,012,242) | 40858807 |
| **TOTAL INVESTMENTS - 99.5% (**Cost $43,012,242**)** | **TOTAL INVESTMENTS - 99.5% (**Cost $43,012,242**)** | 40858807 |
| Other Assets in Excess of Liabilities - 0.5% | Other Assets in Excess of Liabilities - 0.5% | 210824 |
| **TOTAL NET ASSETS - 100.0%** |  | $41069631 |
| two | two | –% |
| 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. |

---

REIT - Real Estate Investment Trust<br>

------

**Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)** 

U.S. Diversified Real Estate 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 May 31, 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 | $40858807 | $– | $– | $40858807 |
| Total Investments | $40858807 | $– | $– | $40858807 |
| 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:** U.S. Diversified Real Estate ETF

- **b. EDGAR series identifier (if any):** S000061208

- **c. LEI of Series:** 549300RLPYZATE397T12

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

- **a. Date of fiscal year-end:** 2026-02-28

- **b. Date as of which information is reported:** 2025-05-31

**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:** $41088582.16

**Total Liabilities:** $18959.43

**Net Assets:** $41069622.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000198249 | -4.55%               | -4.68%               | 2.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $613167.50               | $-3896398.97                               |
| Month 2  | $102767.46               | $-2853356.67                               |
| Month 3  | $25027.86                | $827276.00                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Sila Realty Trust Inc                  | Sila Realty Trust Inc                  | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |      5155 | NS      | $128462.60    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Independence Realty Trust Inc          | Independence Realty Trust Inc          | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     38645 | NS      | $718410.55    | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Innovative Industrial Properti         | Innovative Industrial Properties Inc   | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |      9686 | NS      | $534860.92    | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| InvenTrust Properties Corp             | InvenTrust Properties Corp             | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |      4864 | NS      | $136629.76    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Invitation Homes Inc                   | Invitation Homes Inc                   | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13072 | NS      | $440526.40    | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| JBG SMITH Properties                   | JBG SMITH Properties                   | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2923 | NS      | $49983.30     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Kilroy Realty Corp                     | Kilroy Realty Corp                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     26057 | NS      | $839035.40    | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Kimco Realty Corp                      | Kimco Realty Corp                      | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |     19576 | NS      | $416185.76    | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Kite Realty Group Trust                | Kite Realty Group Trust                | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13171 | NS      | $291342.52    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| LTC Properties Inc                     | LTC Properties Inc                     | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |      3778 | NS      | $133703.42    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| LXP Industrial Trust                   | LXP Industrial Trust                   | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |      7861 | NS      | $67447.38     | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Macerich Co/The                        | Macerich Co/The                        | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |      2116 | NS      | $34236.88     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Marriott International Inc/MD          | Marriott International Inc/MD          | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |      3135 | NS      | $827107.05    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Mid-America Apartment Communit         | Mid-America Apartment Communities Inc  | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |      5466 | NS      | $856248.90    | 2.08%             |  |  |  | No            | 1                  | On Loan: No      |
| National HealthCare Corp               | National HealthCare Corp               | CUSIP: 635906100<br>LEI: 254900PTS11LS1JS2752 | Long             | EC               | CORP              | US        |      1192 | NS      | $124134.88    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| National Health Investors Inc          | National Health Investors Inc          | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |      2178 | NS      | $157926.78    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| NNN REIT Inc                           | NNN REIT Inc                           | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |      1094 | NS      | $45685.44     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| National Storage Affiliates Tr         | National Storage Affiliates Trust      | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |      1166 | NS      | $40110.40     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NETSTREIT Corp                         | NETSTREIT Corp                         | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     10045 | NS      | $161724.50    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Omega Healthcare Investors Inc         | Omega Healthcare Investors Inc         | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |      7112 | NS      | $263144.00    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips Edison & Co Inc               | Phillips Edison & Co Inc               | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |      8716 | NS      | $309069.36    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Prologis Inc                           | Prologis Inc                           | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |     14484 | NS      | $1572962.40   | 3.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Storage                         | Public Storage                         | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |      1289 | NS      | $397540.49    | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Realty Income Corp                     | Realty Income Corp                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |      4431 | NS      | $250883.22    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Regency Centers Corp                   | Regency Centers Corp                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |      7519 | NS      | $542495.85    | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Rexford Industrial Realty Inc          | Rexford Industrial Realty Inc          | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |      1067 | NS      | $37601.08     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryman Hospitality Properties I         | Ryman Hospitality Properties Inc       | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      1972 | NS      | $191500.92    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| SL Green Realty Corp                   | SL Green Realty Corp                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |      3527 | NS      | $200227.79    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabra Health Care REIT Inc             | Sabra Health Care REIT Inc             | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |      9031 | NS      | $157861.88    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Saul Centers Inc                       | Saul Centers Inc                       | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1183 | NS      | $39843.44     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc               | Simon Property Group Inc               | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      5943 | NS      | $969125.01    | 2.36%             |  |  |  | No            | 1                  | On Loan: No      |
| STAG Industrial Inc                    | STAG Industrial Inc                    | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     24522 | NS      | $872492.76    | 2.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Communities Inc                    | Sun Communities Inc                    | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |      3389 | NS      | $418338.16    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunstone Hotel Investors Inc           | Sunstone Hotel Investors Inc           | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     13023 | NS      | $116686.08    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Tanger Inc                             | Tanger Inc                             | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |      8770 | NS      | $261346.00    | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Terreno Realty Corp                    | Terreno Realty Corp                    | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16201 | NS      | $914060.42    | 2.23%             |  |  |  | No            | 1                  | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    192863 | NS      | $192863.32    | 0.47%             |  |  |  | No            | N/A                | On Loan: No      |
| UDR Inc                                | UDR Inc                                | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |     21625 | NS      | $895923.75    | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| UMH Properties Inc                     | UMH Properties Inc                     | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |      6661 | NS      | $111838.19    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Edge Properties                  | Urban Edge Properties                  | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12837 | NS      | $233119.92    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Ventas Inc                             | Ventas Inc                             | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |      8371 | NS      | $538087.88    | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| AvalonBay Communities Inc              | AvalonBay Communities Inc              | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      7837 | NS      | $1620456.49   | 3.95%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                | BXP Inc                                | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |      6663 | NS      | $448619.79    | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Brixmor Property Group Inc             | Brixmor Property Group Inc             | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |     14862 | NS      | $377643.42    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadstone Net Lease Inc               | Broadstone Net Lease Inc               | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |      2732 | NS      | $43466.12     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Essex Property Trust Inc               | Essex Property Trust Inc               | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |      3126 | NS      | $887471.40    | 2.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Extra Space Storage Inc                | Extra Space Storage Inc                | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1950 | NS      | $294742.50    | 0.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Realty Investment Trus         | Federal Realty Investment Trust        | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |      5121 | NS      | $488953.08    | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| First Industrial Realty Trust          | First Industrial Realty Trust Inc      | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9305 | NS      | $459946.15    | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Four Corners Property Trust In         | Four Corners Property Trust Inc        | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     58672 | NS      | $1619933.92   | 3.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc              | Healthpeak Properties Inc              | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     16806 | NS      | $292592.46    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Highwoods Properties Inc               | Highwoods Properties Inc               | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     29088 | NS      | $863913.60    | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Hilton Worldwide Holdings Inc          | Hilton Worldwide Holdings Inc          | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |      2833 | NS      | $703830.52    | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc              | Host Hotels & Resorts Inc              | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     15944 | NS      | $246972.56    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Hyatt Hotels Corp                      | Hyatt Hotels Corp                      | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      1724 | NS      | $227619.72    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Acadia Realty Trust                    | Acadia Realty Trust                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |     19738 | NS      | $380153.88    | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Agree Realty Corp                      | Agree Realty Corp                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3717 | NS      | $279890.10    | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexander & Baldwin Inc                | Alexander & Baldwin Inc                | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4157 | NS      | $74451.87     | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equitie         | Alexandria Real Estate Equities Inc    | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     12952 | NS      | $909100.88    | 2.21%             |  |  |  | No            | 1                  | On Loan: No      |
| American Homes 4 Rent                  | American Homes 4 Rent                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |     29499 | NS      | $1116537.15   | 2.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Americold Realty Trust Inc             | Americold Realty Trust Inc             | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |     33175 | NS      | $549709.75    | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Hospitality REIT Inc             | Apple Hospitality REIT Inc             | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     10767 | NS      | $124789.53    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Armada Hoffler Properties Inc          | Armada Hoffler Properties Inc          | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     70226 | NS      | $488772.96    | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Camden Property Trust                  | Camden Property Trust                  | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |      5999 | NS      | $704822.51    | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| CareTrust REIT Inc                     | CareTrust REIT Inc                     | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |      5682 | NS      | $163414.32    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Centerspace                            | Centerspace                            | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |       712 | NS      | $45390.00     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Choice Hotels International In         | Choice Hotels International Inc        | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      1322 | NS      | $167470.96    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Community Healthcare Trust Inc         | Community Healthcare Trust Inc         | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |      2145 | NS      | $35049.30     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| COPT Defense Properties                | COPT Defense Properties                | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     23114 | NS      | $634479.30    | 1.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Cousins Properties Inc                 | Cousins Properties Inc                 | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |     20555 | NS      | $576978.85    | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| CubeSmart                              | CubeSmart                              | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3433 | NS      | $146795.08    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| DiamondRock Hospitality Co             | DiamondRock Hospitality Co             | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     12099 | NS      | $92436.36     | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc               | Digital Realty Trust Inc               | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |      9339 | NS      | $1601825.28   | 3.90%             |  |  |  | No            | 1                  | On Loan: No      |
| DigitalBridge Group Inc                | DigitalBridge Group Inc                | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |     19744 | NS      | $218368.64    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Emmett Inc                     | Douglas Emmett Inc                     | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16685 | NS      | $237427.55    | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Easterly Government Properties         | Easterly Government Properties Inc     | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     48061 | NS      | $1044365.53   | 2.54%             |  |  |  | No            | 1                  | On Loan: No      |
| EastGroup Properties Inc               | EastGroup Properties Inc               | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |      4044 | NS      | $685660.20    | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Empire State Realty Trust Inc          | Empire State Realty Trust Inc          | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |     32544 | NS      | $249287.04    | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                            | Equinix Inc                            | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |      1902 | NS      | $1690535.64   | 4.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity LifeStyle Properties In         | Equity LifeStyle Properties Inc        | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |      4933 | NS      | $313590.81    | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Equity Residential                     | Equity Residential                     | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |     18642 | NS      | $1307549.88   | 3.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Essential Properties Realty Tr         | Essential Properties Realty Trust Inc  | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |      1371 | NS      | $44557.50     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Getty Realty Corp                      | Getty Realty Corp                      | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |      8341 | NS      | $244057.66    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| American Healthcare REIT Inc           | American Healthcare REIT Inc           | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |      5763 | NS      | $201359.22    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthcare Realty Trust Inc            | Healthcare Realty Trust Inc            | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |      2587 | NS      | $37511.50     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Vornado Realty Trust                   | Vornado Realty Trust                   | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14734 | NS      | $555029.78    | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| WP Carey Inc                           | WP Carey Inc                           | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      9309 | NS      | $584232.84    | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Elme Communities                       | Elme Communities                       | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |      2902 | NS      | $46606.12     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Welltower Inc                          | Welltower Inc                          | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      7975 | NS      | $1230383.00   | 3.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Wyndham Hotels & Resorts Inc           | Wyndham Hotels & Resorts Inc           | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      2012 | NS      | $166553.36    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Xenia Hotels & Resorts Inc             | Xenia Hotels & Resorts Inc             | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |      2910 | NS      | $35589.30     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer