# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-013287
**Filing Date:** 2025-12
**Character Count:** 147897
**Document Hash:** dbfd3f2cf56deb3944828b44b843fdd8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013287.hdr.sgml**: 20251205

**ACCESSION NUMBER**: 0001133228-25-013287

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251205

**DATE AS OF CHANGE**: 20251205

**EFFECTIVENESS DATE**: 20251205

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251552199

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

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

## Series and Classes Contracts Data

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

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

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

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

### Distillate Small/Mid Cash Flow ETF (Series ID: S000077110)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000237276 | Distillate Small/Mid Cash Flow ETF | DSMC            |

?xml version='1.0' encoding='ASCII'? 2025-07-31191556_DistillateIntlFundamentalStability-ValueETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>September 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img229754_202411191818119.jpg) | **Distillate International Fundamental** **Stability & Value ETF**  | ![image](img171282_202410031804318.jpg) |
| ![image](img229754_202411191818119.jpg) | DSTX (Principal U.S. Listing Exchange: NYSE)  | ![image](img171282_202410031804318.jpg) |
| ![image](img229754_202411191818119.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171282_202410031804318.jpg) |

---

This annual shareholder report contains important information about the Distillate International Fundamental Stability & Value ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Distillate Intl Fundamental Stability & Value ETF | $60 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's strategy is designed to include securities with attractive valuations, more stable than average long-term fundamentals and strong balance sheets, from a starting universe of roughly 1000 mid- and large-capitalization stocks listed outside the U.S. By avoiding stocks with excessive valuations or poor fundamental characteristics, the Fund aims to outperform a broad benchmark of international stocks over the long-term. During the period, the Fund benefited from strong global equity market returns, and the fund's returns outpaced the returns of the Morningstar Global Markets ex-US Index. Relative to that index, the Fund on average holds companies with more attractive valuation metrics such as Price/Cash Flow or Price/Earnings ratios.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | SK Hynix, Inc. |
|  | Gold Fields, Ltd. |
|  | Taiwan Semiconductor-SP ADR |
|  | British American Tob-SP ADR |
|  | Heidelberg Materials AG |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | JD.COM, Inc. |
|  | DR ING HC F Porsche AG |
|  | LVMH Moet Hennessy Louis Vuitton SE |
|  | Merck KGaA |
|  | Bunzl PLC |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distillate International Fundamental Stability & Value ETF PAGE 1 TSR-AR-26922B501

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5446img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(12/14/2020)** |
| **Distillate Intl Fundamental Stability & Value ETF NAV**  | 19.79 | 6.64 |
| **Morningstar Global Markets ex-US NR USD**  | 15.94 | 7.65 |

---

Visit https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37896660 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $190624 |
| **Portfolio Turnover** | 91% |
| **30-Day SEC Yield** | 1.96% |
| **30-Day SEC Yield Unsubsidized** | 1.96% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  SK Hynix, Inc.  | 2.8% |
|  British American Tobacco PLC  | 2.4% |
|  Magna International, Inc.  | 2.0% |
|  Roche Holding AG  | 1.9% |
|  America Movil SAB de CV  | 1.7% |
|  Canadian Natural Resources, Ltd.  | 1.6% |
|  Grupo Mexico SAB de CV  | 1.5% |
|  Samsung Electronics Company, Ltd.  | 1.5% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 1.5% |
|  Kia Corporation  | 1.4% |

---

**Geographic Breakdown (% of Net** **Assets)**

![image](ts5446img004.jpg)

**Sector Breakdown (% of Net Assets)**

![image](ts5446img005.jpg)

Distillate International Fundamental Stability & Value ETF PAGE 2 TSR-AR-26922B501

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate International Fundamental Stability & Value ETF PAGE 3 TSR-AR-26922B501

1000010178750693231136413612100001095781809838122831424218.611.310.18.87.37.26.25.43.321.826.822.114.712.39.57.43.93.10.2 ------

---

| | | |
|:---|:---|:---|
| ![image](img229755_202411191819419.jpg) | **Distillate Small/Mid Cash Flow ETF**  | ![image](img171282_202410031804318.jpg) |
| ![image](img229755_202411191819419.jpg) | DSMC (Principal U.S. Listing Exchange: NYSE)  | ![image](img171282_202410031804318.jpg) |
| ![image](img229755_202411191819419.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171282_202410031804318.jpg) |

---

This annual shareholder report contains important information about the Distillate Small/Mid Cash Flow ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Distillate Small/Mid Cash Flow ETF | $55 | 0.55% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's strategy is designed to include securities with attractive valuations and strong balance sheets, from a starting universe of U.S. listed small- and mid-capitalization stocks. By avoiding stocks with excessive valuations or significant indebtedness, the Fund aims to outperform a broad benchmark of similarly sized U.S. stocks over the long-term. During the period, the Fund's returns were positive, though the fund did not keep pace with the returns of its primary benchmark, the Russell 2000 Index. Relative to that index, the Fund on average holds stocks of companies with more attractive valuation metrics such as Price/Cash Flow or Price/Earnings ratios.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Sterling Infrastructure, Inc. |
|  | Dillards, Inc. |
|  | Tapestry, Inc. |
|  | Ramaco Resources, Inc. |
|  | TopBuild Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Crocs, Inc. |
|  | Alpha Metallurgical Resources, Inc. |
|  | Core Natural Resources, Inc. |
|  | Carter's, Inc. |
|  | ASGN, Inc. |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distillate Small/Mid Cash Flow ETF PAGE 1 TSR-AR-26922B667

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5445img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/05/2022)** |
| **Distillate Small/Mid Cash Flow ETF NAV**  | 0.85 | 14.35 |
| **Russell 3000 Total Return**  | 17.41 | 21.96 |
| **Russell 2000 Total Return Index**  | 10.76 | 13.10 |

---

Visit https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $106711918 |
| **Number of Holdings** | 151 |
| **Net Advisory Fee** | $538693 |
| **Portfolio Turnover** | 112% |
| **30-Day SEC Yield** | 1.30% |
| **30-Day SEC Yield Unsubsidized** | 1.30% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Skyworks Solutions, Inc.  | 1.3% |
|  Mosaic Company  | 1.3% |
|  Owens Corning  | 1.1% |
|  DXC Technology Company  | 1.1% |
|  APA Corporation  | 1.1% |
|  Molina Healthcare, Inc.  | 1.1% |
|  Antero Resources Corporation  | 1.0% |
|  Dillard's, Inc.  | 1.0% |
|  HF Sinclair Corporation  | 1.0% |
|  Ovintiv, Inc.  | 1.0% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5445img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/.

Distillate Small/Mid Cash Flow ETF PAGE 2 TSR-AR-26922B667

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate Small/Mid Cash Flow ETF PAGE 3 TSR-AR-26922B667

10000124461480014925100001139815409180911000010286130391444223.122.117.115.111.44.94.41.90.0 ------

---

| | | |
|:---|:---|:---|
| ![image](img229756_202411191821662.jpg) | **Distillate U.S. Fundamental Stability &** **Value ETF**  | ![image](img171282_202410031804318.jpg) |
| ![image](img229756_202411191821662.jpg) | DSTL (Principal U.S. Listing Exchange: NYSE Arca, Inc.)  | ![image](img171282_202410031804318.jpg) |
| ![image](img229756_202411191821662.jpg) | Annual Shareholder Report \| September 30, 2025  | ![image](img171282_202410031804318.jpg) |

---

This annual shareholder report contains important information about the Distillate U.S. Fundamental Stability & Value ETF for the period of October 1, 2024, to September 30, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Distillate U.S. Fundamental Stability & Value ETF | $40 | 0.39% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Fund's strategy is designed to include securities with attractive valuations, more stable than average long-term fundamentals and strong balance sheets, from a starting universe of roughly the largest 500 U.S. listed stocks. By avoiding stocks with excessive valuations or poor fundamental characteristics, the Fund aims to outperform a broad benchmark of large-capitalization U.S. stocks over the long-term. During the period, the Fund benefited from a very strong U.S. equity returns broadly, though the fund did not keep pace with the returns of market capitalization-weighted benchmarks like the S&P 500 Index. Relative to that index, the Fund on average holds much smaller companies and ones with significantly more attractive valuation metrics as defined by Distillate's proprietary Free Cash Flow methodology.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Comfort Systems USA, Inc. |
|  | LAM Research Corporation |
|  | Vistra Corporation |
|  | Jabil, Inc. |
|  | Cisco Systems, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHeatlh Group, Inc. |
|  | Elevance, Inc. |
|  | Comcast Corporation |
|  | Lennar Corporation |
|  | ICON PLC |

---

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Distillate U.S. Fundamental Stability & Value ETF PAGE 1 TSR-AR-26922A321

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5444img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(10/23/2018)** |
| **Distillate U.S. Fundamental Stability & Value ETF NAV**  | 3.67 | 13.80 | 14.28 |
| **S&P 500 TR**  | 17.60 | 16.47 | 15.59 |
| **Russell 1000 Value Total Return**  | 9.44 | 13.88 | 10.42 |

---

Visit https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/ for more recent performance information.

\* *The Fund's past performance is not a good predictor of the Fund's future performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1838343239 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $7509500 |
| **Portfolio Turnover** | 70% |
| **30-Day SEC Yield** | 1.35% |
| **30-Day SEC Yield Unsubsidized** | 1.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of September 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  AbbVie, Inc.  | 2.7% |
|  Johnson & Johnson  | 2.7% |
|  Merck & Company, Inc.  | 2.4% |
|  T-Mobile US, Inc.  | 2.3% |
|  Cisco Systems, Inc.  | 2.0% |
|  Procter & Gamble Company  | 2.0% |
|  Comcast Corporation  | 2.0% |
|  Salesforce, Inc.  | 1.7% |
|  Cigna Group  | 1.6% |
|  QUALCOMM, Inc.  | 1.6% |

---

**Sector Breakdown (% of Net Assets)**

![image](ts5444img004.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/.

Distillate U.S. Fundamental Stability & Value ETF PAGE 2 TSR-AR-26922A321

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate U.S. Fundamental Stability & Value ETF PAGE 3 TSR-AR-26922A321

11193132301689115386189052435425248110741275116577140121704123236273251093510385140221242814223181711988733.118.515.413.78.45.13.71.60.5 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Leonard Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| (a) Audit Fees | $47500 | $47000 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $10500 | $10500 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 9/30/2025 | FYE 9/30/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 9/30/2025</u> <u>FYE 9/30/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Leonard M. Rush, David A. Massart, Janet D. Olsen, and Michael A. Castino.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](distillatenew_logo.jpg)

**Distillate Capital ETFs** 

**Distillate International Fundamental Stability & Value ETF (DSTX)** 

**Distillate Small/Mid Cash Flow ETF (DSMC)** 

**Distillate U.S. Fundamental Stability & Value ETF (DSTL)** 

Annual Financial Statements and Additional Information

September 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#sch001) <br>|  |
| &nbsp;&nbsp;&nbsp; [Distillate International Fundamental Stability & Value ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Distillate Small/Mid Cash Flow ETF](#tsoi2) | [3](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Distillate U.S. Fundamental Stability & Value ETF](#tsoi3) | [5](#tsoi3) |
| [Statements of Assets and Liabilities](#tsal) | [7](#tsal) |
| [Statements of Operations](#tsop) | [8](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [9](#tscna) |
| [Financial Highlights](#tfihi) | [11](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#rep) | [21](#rep) |
| [Federal Tax Information](#tfedtax) | [22](#tfedtax) |
| [Additional Information](#taddinf) | [23](#taddinf) |
| [Approval of Advisory Agreement & Board Considerations](#app) | [24](#app) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate International Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.9%**<br>|  |  |
| **Australia - 2.7%**<br>|  |  |
| Computershare, Ltd.  | 14288 | $343644  |
| Evolution Mining, Ltd.  | 48337 | 346944  |
| Sonic Healthcare, Ltd.  | 24430 | 347136  |
|  |  | 1037724  |
| **Brazil - 1.9%**<br>|  |  |
| Telefonica Brasil SA  | 56520 | 360948  |
| TIM SA  | 79468 | 350369  |
|  |  | 711317  |
| **Canada - 7.3%**<br>|  |  |
| Canadian Natural Resources, Ltd. | 18767 | 600210  |
| CGI, Inc.  | 2235 | 199116  |
| Gildan Activewear, Inc.  | 4755 | 274761  |
| Magna International, Inc. - ADR | 7984 | 378282  |
| Magna International, Inc.  | 7980 | 378181  |
| Open Text Corporation  | 10233 | 382579  |
| TFI International, Inc.  | 3564 | 313726  |
| Tourmaline Oil Corporation  | 5571 | 240313  |
|  |  | 2767168  |
| **China - 11.3%**<br>|  |  |
|  Aluminum Corporation of China, Ltd. - Class H  | 390000 | 404516  |
|  BYD Electronic International Company, Ltd.  | 57500 | 305518  |
| China Mengniu Dairy Company, Ltd.  | 151000 | 291116  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 154700 | 260471  |
| JD.com, Inc. - Class A  | 27350 | 486861  |
| Kingsoft Corporation, Ltd.  | 48400 | 215363  |
| Kuaishou Technology<sup>(b)</sup> | 43700 | 475171  |
| Li Ning Company, Ltd.  | 115500 | 261866  |
|  Shenzhou International Group Holdings, Ltd.  | 36800 | 291594  |
| Tongcheng Travel Holdings, Ltd.  | 93600 | 276695  |
| &nbsp;&nbsp;&nbsp; Yangzijiang Shipbuilding Holdings, <br>Ltd.  | 140800 | 368055  |
|  Zhejiang Leapmotor Technology Company, Ltd. - Class H<sup>(a)(b)</sup> | 40800 | 347936  |
| ZTO Express Cayman, Inc.  | 15150 | 287212  |
|  |  | 4272374  |
| **Denmark - 1.8%**<br>|  |  |
| Genmab AS<sup>(a)</sup> | 1160 | 351955  |
| Pandora AS  | 2608 | 340081  |
|  |  | 692036  |
| **France - 10.1%**<br>|  |  |
| Bureau Veritas SA  | 7895 | 247130  |
| Capgemini SE  | 3030 | 439871  |
| Cie de Saint-Gobain SA  | 3551 | 382446  |
|  Cie Generale des Etablissements Michelin SCA  | 12102 | 434276  |
| Danone SA  | 4622 | 402754  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  LVMH Moet Hennessy Louis Vuitton SE  | 917 | $560828  |
| Publicis Groupe SA  | 4799 | 460581  |
| Teleperformance SE  | 4988 | 371231  |
| Vinci SA  | 3684 | 510573  |
|  |  | 3809690  |
| **Germany - 4.5%**<br>|  |  |
| Beiersdorf AG  | 3495 | 365491  |
| Deutsche Boerse AG  | 1116 | 299109  |
| Heidelberg Materials AG  | 1694 | 381273  |
| Merck KGaA  | 3242 | 416935  |
| Zalando SE<sup>(a)(b)</sup> | 7943 | 242753  |
|  |  | 1705561  |
| **Hong Kong - 1.9%**<br>|  |  |
| Geely Automobile Holdings, Ltd.  | 152000 | 381934  |
| WH Group, Ltd.<sup>(b)</sup> | 317000 | 343467  |
|  |  | 725401  |
| **India - 1.3%**<br>|  |  |
| Infosys, Ltd. - ADR  | 30085 | 489483  |
| **Indonesia - 0.9%**<br>|  |  |
| Telkom Indonesia Persero Tbk PT  | 1901600 | 349169  |
| **Ireland - 0.8%**<br>|  |  |
| DCC PLC  | 4644 | 298346  |
| **Italy - 1.0%**<br>|  |  |
| Nexi SpA<sup>(b)</sup> | 64453 | 364728  |
| **Japan - 18.6%**<br>|  |  |
| Astellas Pharma, Inc.  | 38300 | 415067  |
| Daikin Industries, Ltd.  | 3400 | 393215  |
| Denso Corporation  | 24400 | 352820  |
| Japan Tobacco, Inc.  | 12300 | 404933  |
| Komatsu, Ltd.  | 11800 | 412283  |
| MatsukiyoCocokara & Company  | 13700 | 278666  |
| Nexon Company, Ltd.  | 15800 | 347378  |
| Nidec Corporation  | 14200 | 253213  |
| Niterra Company, Ltd.  | 7400 | 286309  |
| Ono Pharmaceutical Company, Ltd.  | 27400 | 315958  |
| Otsuka Corporation  | 14400 | 301095  |
| Otsuka Holdings Company, Ltd.  | 5900 | 313966  |
| SCREEN Holdings Company, Ltd.  | 3700 | 337218  |
| Secom Company, Ltd.  | 8600 | 315909  |
| Shimano, Inc.  | 2800 | 314724  |
| Shin-Etsu Chemical Company, Ltd.  | 11900 | 391040  |
| Shionogi & Company, Ltd.  | 17900 | 314100  |
| Suntory Beverage & Food, Ltd.  | 7500 | 234875  |
| Suzuki Motor Corporation  | 27800 | 406689  |
| Unicharm Corporation  | 51800 | 336506  |
| Yokogawa Electric Corporation  | 11300 | 325568  |
|  |  | 7051532  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate International Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Mexico - 6.2%**<br>|  |  |
| America Movil SAB de CV | 614489 | $644237  |
| Cemex SAB de CV  | 389288 | 349526  |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano <br>SAB de CV  | 49732 | 489521  |
| Grupo Mexico SAB de CV - Class B | 64882 | 564004  |
| Wal-Mart de Mexico SAB de CV  | 101507 | 313283  |
|  |  | 2360571  |
| **Netherlands - 1.7%**<br>|  |  |
| Euronext NV<sup>(b)</sup> | 2118 | 317056  |
| IMCD NV  | 3159 | 326642  |
|  |  | 643698  |
| **Norway - 1.6%**<br>|  |  |
| Mowi ASA  | 16222 | 342721  |
| Norsk Hydro ASA | 40718 | 275866  |
|  |  | 618587  |
| **Poland - 0.9%**<br>|  |  |
| LPP SA  | 73 | 355759  |
| **South Africa - 2.2%**<br>|  |  |
| Gold Fields, Ltd.  | 11050 | 466972  |
| Harmony Gold Mining Company, Ltd. | 19211 | 350603  |
|  |  | 817575  |
| **South Korea - 7.2%**<br>|  |  |
| Hyundai Glovis Company, Ltd.  | 2434 | 286934  |
| Kia Corporation  | 7451 | 534775  |
|  Samsung Electronics Company, Ltd. - GDR  | 376 | 561744  |
| Samsung SDS Company, Ltd.  | 2362 | 276427  |
| SK Hynix, Inc.  | 4360 | 1079862  |
|  |  | 2739742  |
| **Sweden - 2.9%**<br>|  |  |
| Essity AB - Class B | 9425 | 246320  |
| Sandvik AB | 13575 | 377873  |
| Volvo AB - Class B  | 16103 | 461426  |
|  |  | 1085619  |
| **Switzerland - 3.3%**<br>|  |  |
| Novartis AG  | 4227 | 531901  |
| Roche Holding AG - ADR  | 17501 | 731717  |
|  |  | 1263618  |
| **United Kingdom - 8.8%**<br>|  |  |
| Ashtead Group PLC  | 6294 | 420701  |
| Auto Trader Group PLC<sup>(b)</sup> | 20473 | 217243  |
| British American Tobacco PLC - ADR | 16956 | 900024  |
| Bunzl PLC  | 9813 | 309926  |
| Imperial Brands PLC  | 10363 | 440581  |
| Intertek Group PLC  | 3540 | 225039  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| JD Sports Fashion PLC  | 219008 | $280984  |
| London Stock Exchange Group PLC  | 4551 | 521760  |
|  |  | 3316258  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,678,810)** |  | 37475956  |
| **PREFERRED STOCKS - 0.9%**<br>|  |  |
| **Germany - 0.9%**<br>|  |  |
| Dr Ing hc F Porsche AG, 0.00%<sup>(b)</sup> | 6807 | 330168  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $398,641)** |  | 330168 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**  | **WARRANTS - 0.0%<sup>(c)</sup>**  | **WARRANTS - 0.0%<sup>(c)</sup>**  |
| **Canada - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(a)(d)</sup> | 138 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(e)</sup> | 38776 | 38776  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $38,776)** |  | 38776  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $33,116,227)** |  | $37844900  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1%  |  | 51760  |
| **TOTAL NET ASSETS - 100.0%** |  | $37896660 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $2,898,993 or 7.6% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of September 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate Small/Mid Cash Flow ETF** 

**Schedule of Investments** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%**<br>|  |  |
| **Basic Materials - 1.9%**<br>|  |  |
| Mosaic Company  | 40092 | $1390390  |
| Sylvamo Corporation  | 14608 | 645966  |
|  |  | 2036356  |
| **Communications - 4.9%**<br>|  |  |
| Cars.com, Inc.<sup>(a)</sup> | 43023 | 525741  |
| ePlus, Inc.  | 8493 | 603088  |
| Etsy, Inc.<sup>(a)</sup> | 14533 | 964846  |
| Interpublic Group of Companies, Inc.  | 33541 | 936129  |
| Liquidity Services, Inc.<sup>(a)</sup> | 19397 | 532060  |
| Scholastic Corporation  | 20586 | 563645  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 43370 | 523042  |
| Ziff Davis, Inc.<sup>(a)</sup> | 16328 | 622097  |
|  |  | 5270648  |
| **Consumer, Cyclical - 22.1%**<br>|  |  |
|  Abercrombie & Fitch Company - Class A<sup>(a)</sup> | 7094 | 606892  |
| Academy Sports & Outdoors, Inc.  | 14357 | 718137  |
| Adient PLC<sup>(a)</sup> | 25901 | 623696  |
| Allison Transmission Holdings, Inc.  | 9961 | 845490  |
| Bath & Body Works, Inc.  | 30933 | 796834  |
| BorgWarner, Inc.  | 20898 | 918676  |
| Buckle, Inc.  | 10696 | 627427  |
| Caleres, Inc.  | 36177 | 471748  |
| Carter's, Inc.  | 22407 | 632326  |
| Columbia Sportswear Company  | 12019 | 628594  |
| Crocs, Inc.<sup>(a)</sup> | 10759 | 898914  |
| Dillard's, Inc. - Class A  | 1769 | 1087015  |
| Ethan Allen Interiors, Inc.  | 18269 | 538205  |
| Gap, Inc.  | 38431 | 822039  |
| Gentex Corporation  | 23931 | 677247  |
| G-III Apparel Group, Ltd.<sup>(a)</sup> | 23055 | 613494  |
| HNI Corporation  | 12533 | 587171  |
| KB Home  | 12749 | 811346  |
| LCI Industries  | 7399 | 689217  |
| Lear Corporation  | 7300 | 734453  |
| Mattel, Inc.<sup>(a)</sup> | 43156 | 726316  |
| Monarch Casino & Resort, Inc.  | 5422 | 573864  |
| MRC Global, Inc.<sup>(a)</sup> | 37699 | 543620  |
| ODP Corporation<sup>(a)</sup> | 26722 | 744208  |
| Oxford Industries, Inc.  | 12734 | 516236  |
| PC Connection, Inc.  | 8869 | 549789  |
| Phinia, Inc.  | 10261 | 589802  |
| ScanSource, Inc.<sup>(a)</sup> | 14110 | 620699  |
| Signet Jewelers, Ltd.  | 9087 | 871625  |
| Steelcase, Inc. - Class A  | 33461 | 575529  |
| Steven Madden, Ltd.  | 20710 | 693371  |
| Taylor Morrison Home Corporation<sup>(a)</sup> | 14343 | 946781  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 21108 | 717039  |
| YETI Holdings, Inc.<sup>(a)</sup> | 16367 | 543057  |
|  |  | 23540857  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Consumer, Non-cyclical - 23.1%**<br>|  |  |
| Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 18391 | $490120  |
| Andersons, Inc.  | 18130 | 721755  |
| Boston Beer Company, Inc. - Class A<sup>(a)</sup> | 2706 | 572103  |
| Cal-Maine Foods, Inc.  | 8411 | 791475  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 15358 | 537376  |
| Dole PLC  | 41459 | 557209  |
| Envista Holdings Corporation<sup>(a)</sup> | 29505 | 601017  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 9566 | 839990  |
| EVERTEC, Inc.  | 17603 | 594629  |
| H&R Block, Inc.  | 18184 | 919565  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 15954 | 439692  |
| Heidrick & Struggles International, Inc. | 10545 | 524825  |
| ICF International, Inc.  | 5835 | 541488  |
| Ingredion, Inc.  | 6883 | 840483  |
| John Wiley & Sons, Inc. - Class A  | 14512 | 587301  |
| Kforce, Inc.  | 16808 | 503904  |
| Korn Ferry  | 8655 | 605677  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 11954 | 613121  |
| ManpowerGroup, Inc.  | 16330 | 618907  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 5873 | 1123857  |
| Omnicell, Inc.<sup>(a)</sup> | 16320 | 496944  |
| Option Care Health, Inc.<sup>(a)</sup> | 22847 | 634233  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 20046 | 516585  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 33884 | 567557  |
| Perdoceo Education Corporation  | 17289 | 651104  |
| Pilgrim's Pride Corporation  | 20471 | 833579  |
| Premier, Inc. - Class A  | 25129 | 698586  |
| Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 9614 | 599914  |
| PROG Holdings, Inc.  | 16858 | 545525  |
| Reynolds Consumer Products, Inc.  | 30120 | 737036  |
| Robert Half, Inc.  | 21490 | 730230  |
| Simply Good Foods Company<sup>(a)</sup> | 20260 | 502853  |
| Smithfield Foods, Inc.  | 34595 | 812291  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 12420 | 593552  |
| Teleflex, Inc.  | 5838 | 714338  |
| TriNet Group, Inc.  | 9914 | 663148  |
| Upbound Group, Inc.  | 24056 | 568443  |
| WEX, Inc.<sup>(a)</sup> | 4689 | 738658  |
|  |  | 24629070  |
| **Energy - 15.1%**<br>|  |  |
| Alliance Resource Partners LP  | 33102 | 836984  |
| Antero Resources Corporation<sup>(a)</sup> | 32787 | 1100332  |
| APA Corporation  | 46551 | 1130258  |
| Black Stone Minerals LP  | 65052 | 854783  |
| California Resources Corporation  | 14767 | 785309  |
| Chord Energy Corporation  | 9886 | 982372  |
| Civitas Resources, Inc.  | 30696 | 997620  |
| CNX Resources Corporation<sup>(a)</sup> | 23964 | 769724  |
| Core Natural Resources, Inc.  | 11338 | 946496  |
| DNOW, Inc.<sup>(a)</sup> | 36698 | 559645  |
| Enphase Energy, Inc.<sup>(a)</sup> | 19843 | 702244  |
| HF Sinclair Corporation  | 20692 | 1083019  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate Small/Mid Cash Flow ETF** 

**Schedule of Investments** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Energy - (Continued)**<br>|  |  |
| Kimbell Royalty Partners LP  | 44622 | $601951  |
| Ovintiv, Inc.  | 25508 | 1030013  |
| Patterson-UTI Energy, Inc.  | 122302 | 633524  |
| Range Resources Corporation  | 26449 | 995540  |
| SunCoke Energy, Inc.  | 75009 | 612074  |
| Talos Energy, Inc.<sup>(a)</sup> | 68291 | 654911  |
| Weatherford International PLC  | 11935 | 816712  |
|  |  | 16093511  |
| **Financial - 4.4%**<br>|  |  |
| AllianceBernstein Holding LP  | 18153 | 693808  |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br>Inc. - Class A  | 16169 | 701734  |
| eXp World Holdings, Inc.  | 55354 | 590074  |
| Federated Hermes, Inc.  | 12962 | 673117  |
| SEI Investments Company  | 9068 | 769420  |
| Victory Capital Holdings, Inc. - Class A | 9836 | 636979  |
| Virtus Investment Partners, Inc.  | 3184 | 605055  |
|  |  | 4670187  |
| **Industrial - 17.1%**<br>|  |  |
| A. O. Smith Corporation  | 11172 | 820136  |
| American Woodmark Corporation<sup>(a)</sup> | 8814 | 588423  |
| Apogee Enterprises, Inc.  | 12874 | 560920  |
| ArcBest Corporation  | 7965 | 556515  |
| Arrow Electronics, Inc.<sup>(a)</sup> | 6575 | 795575  |
| Atkore, Inc.  | 14777 | 927109  |
| CTS Corporation  | 12924 | 516185  |
| Dorian LPG, Ltd.  | 20865 | 621777  |
| EnerSys  | 6336 | 715715  |
| Genco Shipping & Trading, Ltd.  | 31251 | 556268  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 9655 | 606334  |
| Hub Group, Inc. - Class A  | 16987 | 585032  |
| International Seaways, Inc.  | 15077 | 694748  |
| Janus International Group, Inc.<sup>(a)</sup> | 56476 | 557418  |
| Kennametal, Inc.  | 26649 | 557764  |
| Masterbrand, Inc.<sup>(a)</sup> | 50971 | 671288  |
| Matson, Inc.  | 8611 | 848958  |
| Middleby Corporation<sup>(a)</sup> | 5781 | 768468  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 6159 | 794018  |
| Mueller Industries, Inc.  | 9332 | 943558  |
| Owens Corning  | 8558 | 1210615  |
| Sturm Ruger & Company, Inc.  | 14736 | 640574  |
| Thermon Group Holdings, Inc.<sup>(a)</sup> | 19925 | 532396  |
| TopBuild Corporation<sup>(a)</sup> | 2172 | 848948  |
| Tutor Perini Corporation<sup>(a)</sup> | 11068 | 725950  |
| Worthington Enterprises, Inc.  | 10645 | 590691  |
|  |  | 18235383  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Technology - 11.4%**<br>|  |  |
| Adeia, Inc.  | 39185 | $658308  |
| Amdocs, Ltd.  | 10010 | 821321  |
| ASGN, Inc.<sup>(a)</sup> | 13127 | 621564  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 7302 | 712967  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 6013 | 753369  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 27749 | 838297  |
| DXC Technology Company<sup>(a)</sup> | 85581 | 1166469  |
| Genpact, Ltd.  | 16742 | 701322  |
| &nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. - <br>Class A<sup>(a)</sup> | 21663 | 615229  |
| Insight Enterprises, Inc.<sup>(a)</sup> | 5822 | 660273  |
| NetScout Systems, Inc.<sup>(a)</sup> | 21900 | 565677  |
| Photronics, Inc.<sup>(a)</sup> | 26351 | 604755  |
| Qorvo, Inc.<sup>(a)</sup> | 9079 | 826915  |
| Skyworks Solutions, Inc.  | 18110 | 1394108  |
| Teradata Corporation<sup>(a)</sup> | 31103 | 669026  |
| V2X, Inc.<sup>(a)</sup> | 10517 | 610933  |
|  |  | 12220533  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $106,212,603)** |  | 106696545  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.0%<sup>(b)</sup>**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 24076 | 24076  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $24,076)** |  | 24076  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $106,236,679)** |  | $106720621  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)<sup>(b)</sup> |  | (8703)  |
| **TOTAL NET ASSETS - 100.0%** |  | $106711918 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE U.S. FUNDAMENTAL STABILITY & VALUE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Basic Materials - 1.6%**<br>|  |  |
| Reliance, Inc. | 48367 | $13582904  |
| Royal Gold, Inc. | 81777 | 16402831  |
|  |  | 29985735  |
| **Communications - 13.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 128949 | 15656988  |
| Booking Holdings, Inc. | 4832 | 26089273  |
| CDW Corporation | 74573 | 11877987  |
| Cisco Systems, Inc. | 547425 | 37454819  |
| Comcast Corporation - Class A | 1160332 | 36457631  |
| F5, Inc.<sup>(a)</sup> | 50160 | 16211210  |
| FactSet Research Systems, Inc. | 47818 | 13699379  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 105680 | 14460194  |
| Omnicom Group, Inc. | 170530 | 13903311  |
| T-Mobile US, Inc. | 175955 | 42120108  |
| Uber Technologies, Inc.<sup>(a)</sup> | 239601 | 23473710  |
|  |  | 251404610  |
| **Consumer, Cyclical - 8.4%**<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 175597 | 14671129  |
| Deckers Outdoor Corporation<sup>(a)</sup> | 110295 | 11180604  |
| LKQ Corporation | 356011 | 10872576  |
| Lowe's Companies., Inc. | 94566 | 23765382  |
| NVR, Inc.<sup>(a)</sup> | 1790 | 14382042  |
| PACCAR, Inc. | 170703 | 16783519  |
| PulteGroup, Inc. | 137449 | 18161136  |
| Target Corporation | 192659 | 17281512  |
| Toll Brothers, Inc. | 103678 | 14322079  |
| Williams-Sonoma, Inc. | 71024 | 13881641  |
|  |  | 155301620  |
| **Consumer, Non-cyclical - 33.1%<sup>(b)</sup>**<br>|  |  |
| AbbVie, Inc. | 215811 | 49968879  |
| Align Technology, Inc.<sup>(a)</sup> | 106107 | 13286719  |
| Altria Group, Inc. | 413571 | 27320500  |
| Amgen, Inc. | 85832 | 24221791  |
| Automatic Data Processing, Inc. | 70109 | 20576992  |
| Avery Dennison Corporation | 69302 | 11238705  |
| Becton Dickinson and Company | 90633 | 16963779  |
| Cardinal Health, Inc. | 113676 | 17842585  |
| Cencora, Inc. | 50000 | 15626500  |
| Church & Dwight Company, Inc. | 155002 | 13582825  |
| Cigna Group | 103669 | 29882589  |
| Colgate-Palmolive Company | 209952 | 16783563  |
| Corpay, Inc.<sup>(a)</sup> | 40067 | 11541700  |
| Elevance Health, Inc. | 72968 | 23577420  |
| HCA Healthcare, Inc. | 51642 | 22009821  |
| ICON PLC<sup>(a)</sup> | 64220 | 11238500  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 106270 | 14006386  |
| Johnson & Johnson | 267044 | 49515299  |
| Kroger Company | 264968 | 17861493  |
| McKesson Corporation  | 29745 | 22979202  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Merck & Company, Inc. | 532341 | $44679380  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 90090 | 12646834  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 297840 | 19973150  |
| Procter & Gamble Company | 240894 | 37013363  |
| Regeneron Pharmaceuticals, Inc. | 35404 | 19906607  |
| Sysco Corporation | 199259 | 16406986  |
|  Universal Health Services, Inc. - Class B | 72414 | 14804318  |
| Waters Corporation<sup>(a)</sup> | 44404 | 13312763  |
|  |  | 608768649  |
| **Energy - 5.1%**<br>|  |  |
| Coterra Energy, Inc. | 554374 | 13110945  |
| Diamondback Energy, Inc. | 122362 | 17510002  |
| Marathon Petroleum Corporation | 98826 | 19047723  |
| MPLX LP | 333728 | 16669713  |
| Permian Resources Corporation | 1009277 | 12918746  |
| TechnipFMC PLC | 346255 | 13659760  |
|  |  | 92916889  |
| **Financial - 3.7%**<br>|  |  |
| Arthur J. Gallagher & Company | 51504 | 15952849  |
| Brown & Brown, Inc. | 164334 | 15412886  |
| Cboe Global Markets, Inc. | 69606 | 17070872  |
| Marsh & McLennan Companies, Inc. | 97940 | 19737848  |
|  |  | 68174455  |
| **Industrial - 18.5%**<br>|  |  |
| A. O. Smith Corporation | 180961 | 13284347  |
| Acuity Brands, Inc. | 38126 | 13130213  |
| AMETEK, Inc. | 79480 | 14942240  |
| Applied Industrial Technologies, Inc. | 48244 | 12594096  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 91980 | 11152575  |
| Crown Holdings, Inc. | 112978 | 10912545  |
| EMCOR Group, Inc. | 24542 | 15941011  |
| FedEx Corporation | 77295 | 18226934  |
| General Dynamics Corporation | 56615 | 19305715  |
| IDEX Corporation | 66407 | 10808403  |
| Jabil, Inc. | 62366 | 13544024  |
| JB Hunt Transport Services, Inc. | 105186 | 14112806  |
| Lennox International, Inc. | 25158 | 13317639  |
| Lockheed Martin Corporation | 48069 | 23996526  |
| Masco Corporation | 174734 | 12299526  |
| Owens Corning | 78293 | 11075328  |
| Packaging Corporation of America | 58079 | 12657156  |
| Smurfit WestRock PLC | 332461 | 14152865  |
| Snap-on, Inc. | 41825 | 14493617  |
| Textron, Inc. | 183135 | 15473076  |
| TopBuild Corporation<sup>(a)</sup> | 40364 | 15776673  |
| Union Pacific Corporation | 98564 | 23297573  |
|  Westinghouse Air Brake Technologies Corporation | 74205 | 14875876  |
|  |  | 339370764  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE U.S. FUNDAMENTAL STABILITY & VALUE ETF** 

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** <br>|  |  |
| **Technology - 15.4%**<br>|  |  |
| Accenture plc - Class A - Class A | 110088 | $27147701  |
| Adobe, Inc.<sup>(a)</sup> | 72709 | 25648100  |
| Amdocs, Ltd. | 147663 | 12115749  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 26636 | 13285504  |
|  Cognizant Technology Solutions Corporation - Class A | 189637 | 12718954  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 416523 | 12583160  |
| EPAM Systems, Inc.<sup>(a)</sup> | 71428 | 10770628  |
| Fiserv, Inc.<sup>(a)</sup> | 166082 | 21412952  |
| Gartner, Inc.<sup>(a)</sup> | 55845 | 14679975  |
| NetApp, Inc. | 114816 | 13601103  |
| ON Semiconductor Corporation<sup>(a)</sup> | 252521 | 12451810  |
| QUALCOMM, Inc. | 177466 | 29523244  |
| Roper Technologies, Inc. | 31964 | 15940127  |
| Salesforce, Inc. | 132978 | 31515786  |
| SS&C Technologies Holdings, Inc. | 183897 | 16322698  |
|  Zoom Video Communications, Inc. - Class A<sup>(a)</sup> | 155430 | 12822975  |
|  |  | 282540466  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,725,002,570)** |  | 1828463188  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.05%<sup>(c)</sup> | 9022654 | 9022654  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,022,654)** |  | 9022654  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $1,734,025,224)** |  | $1837485842  |
|  Other Assets in Excess of Liabilities - 0.0%<sup>(d)</sup> |  | 857397  |
| **TOTAL NET ASSETS - 100.0%** |  | $1838343239 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of September 30, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Assets and Liabilities** 

**September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF** | **Distillate** <br>**Small/Mid** <br>**Cash Flow** <br>**ETF** | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $37844900 | $106720621 | $1837485842  |
| Foreign currency, at value | 30 |  | —  |
| Receivable for investments sold | 13694333 |  | —  |
| Receivable for fund shares sold | 6012300 |  | —  |
| Dividends receivable | 117783 | 39078 | 1447508  |
| Dividend tax reclaims receivable | 36553 | 866 | —  |
| ETF variable fee receivable | 580 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 57706479 | 106760565 | 1838933350  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for investments purchased | 13725005 |  | —  |
| Payable for capital shares redeemed | 6068020 |  | —  |
| Payable to adviser | 16794 | 48647 | 590111  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 19809819 | 48647 | 590111  |
| **NET ASSETS** | $37896660 | $106711918 | $1838343239  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $39362040 | $120566911 | $1797065027  |
| Total distributable earnings/(accumulated losses) | (1465380) | (13854993) | 41278212  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $37896660 | $106711918 | $1838343239  |
| Net assets | $37896660 | $106711918 | $1838343239  |
| Shares issued and outstanding<sup>(a)</sup> | 1250000 | 2975000 | 31725000  |
| Net asset value per share | $30.32 | $35.87 | $57.95  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $33116227 | $106236679 | $1734025224  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $12 | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended September 30, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF** | **Distillate** <br>**Small/Mid** <br>**Cash Flow** <br>**ETF** | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp; $1079299 | $1705088 | $33979190  |
| Less: Issuance fees | &nbsp;&nbsp; (2415) | (128) | (2959)  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (113808) | (654) | (13283)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 963076 | 1704306 | 33962948  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 190624 | 538693 | 7509500  |
| Excise tax expense | &nbsp;&nbsp; — | 2993 | 14619  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 190624 | 541686 | 7524119  |
| **Net investment income** | &nbsp;&nbsp; 772452 | 1162620 | 26438829  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1226836) | (10471807) | (21169854)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 5106323 | 12003075 | 175315293  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; (57924) |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 3821563 | 1531268 | 154145439  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 1556753 | (2127308) | (120036589)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (6258) |  | —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1550495 | (2127308) | (120036589)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 5372058 | (596040) | 34108850  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $6144510 | $566580 | $60547679 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distillate International Fundamental** <br>**Stability & Value ETF** | **Distillate International Fundamental** <br>**Stability & Value ETF** | **Distillate Small/Mid Cash Flow ETF**  | **Distillate Small/Mid Cash Flow ETF**  |
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $772452 | &nbsp;&nbsp; $802099 | $1162620 | $911156  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 3821563 | &nbsp;&nbsp; 1826946 | 1531268 | 6500106  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1550495 | &nbsp;&nbsp; 4171567 | (2127308) | 879537  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 6144510 | &nbsp;&nbsp; 6800612 | 566580 | 8290799  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (834380) | &nbsp;&nbsp; (736427) | (1243316) | (866572)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (834380) | &nbsp;&nbsp; (736427) | (1243316) | (866572)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 20690540 | &nbsp;&nbsp; 10688455 | 60234780 | 121802315  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (24390825) | &nbsp;&nbsp; (9805265) | (51905580) | (60811863)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | &nbsp;&nbsp; 9748 | &nbsp;&nbsp; 6306 | 8 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; (3690537) | &nbsp;&nbsp; 889496 | 8329208 | 60990452  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 1619593 | &nbsp;&nbsp; 6953681 | 7652472 | 68414679  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | &nbsp;&nbsp; 36277067 | &nbsp;&nbsp; 29323386 | 99059446 | 30644767  |
| &nbsp;&nbsp;&nbsp; End of the year | &nbsp;&nbsp; $37896660 | &nbsp;&nbsp; $36277067 | $106711918 | $99059446  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 450000 | 1675000 | 3525000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (900000) | &nbsp;&nbsp; (400000) | (1450000) | (1775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; (150000) | &nbsp;&nbsp; 50000 | 225000 | 1750000 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distillate U.S. Fundamental Stability &** <br>**Value ETF**  | **Distillate U.S. Fundamental Stability &** <br>**Value ETF**  |
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $26438829 | $25183464  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 154145439 | 217351843  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (120036589) | 173264880  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 60547679 | 415800187  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (25620627) | (24424673)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (2064388) | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (27685015) | (24424673)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 519690317 | 1348465867  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (787174625) | (949186077)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) |  | 10  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (267484308) | 399279800  |
| **Net increase (decrease) in net assets** | (234621644) | 790655314  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 2072964883 | 1282309569  |
| &nbsp;&nbsp;&nbsp; End of the year | $1838343239 | $2072964883  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9250000 | 26175000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (14075000) | (18350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (4825000) | 7825000 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE INTERNATIONAL FUNDAMENTAL STABILITY & VALUE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023** | **2022**  | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $25.91 | $21.72 | $17.95 | $25.08 | &nbsp;&nbsp;&nbsp; $25.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.58 | 0.56 | 0.55 | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.44 | 4.14 | 3.77 | (7.21) | &nbsp;&nbsp;&nbsp; (0.12)  |
| **Total from investment operations** | 5.02 | 4.70 | 4.32 | (6.49) | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.62) | (0.51) | (0.56) | (0.64) | &nbsp;&nbsp;&nbsp; (0.44)  |
| **Total distributions** | (0.62) | (0.51) | (0.56) | (0.64) | &nbsp;&nbsp;&nbsp; (0.44)  |
| ETF transaction fees per share (See Note 6) | 0.01 | 0.00<sup>(d)</sup> | 0.01 | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $30.32 | $25.91 | $21.72 | $17.95 | &nbsp;&nbsp;&nbsp; $25.08  |
| Total return<sup>(e)</sup> | 19.79% | 21.89% | 24.22% | -26.26% | &nbsp;&nbsp;&nbsp; 1.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $37897 | $36277 | $29323 | $19740 | &nbsp;&nbsp;&nbsp; $22568  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55% | 0.55% | 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 2.23% | 2.38% | 2.53% | 3.12% | &nbsp;&nbsp;&nbsp; 2.78%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 91% | 117% | 75% | 102% | &nbsp;&nbsp;&nbsp; 57% |

---

<sup>(a)</sup> Inception date of the Fund was December 14, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE SMALL/MID CASH FLOW ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2023<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**September 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $36.02 | $30.64 | &nbsp;&nbsp;&nbsp; $24.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.40 | 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.37  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.12) | 5.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.69  |
| **Total from investment operations** | 0.28 | 5.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.43) | (0.41) | &nbsp;&nbsp;&nbsp; (0.32)  |
| **Total distributions** | (0.43) | (0.41) | &nbsp;&nbsp;&nbsp; (0.32)  |
| ETF transaction fees per share (See Note 6) | 0.00<sup>(d)</sup> |  | &nbsp;&nbsp;&nbsp; —  |
| **Net asset value, end of period** | $35.87 | $36.02 | &nbsp;&nbsp;&nbsp; $30.64  |
| Total return<sup>(e)</sup> | 0.85% | 18.91% | &nbsp;&nbsp;&nbsp; 24.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $106712 | $99059 | &nbsp;&nbsp;&nbsp; $30645  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
| Ratio of excise tax expense to average net assets<sup>(f)</sup>  | 0.00<sup>(h)</sup>  | —  | &nbsp;&nbsp;&nbsp; — |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.19% | 1.39% | &nbsp;&nbsp;&nbsp; 1.28%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 112% | 114% | &nbsp;&nbsp;&nbsp; 66% |

---

<sup>(a)</sup> Inception date of the Fund was October 5, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE U.S. FUNDAMENTAL STABILITY & VALUE ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $56.72 | $44.64 | $36.86 | $40.96 | $32.61  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.76 | 0.76 | 0.62 | 0.58 | 0.46  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.28 | 12.04 | 7.78 | (4.17) | 8.51  |
| **Total from investment operations** | 2.04 | 12.80 | 8.40 | (3.59) | 8.97  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.75) | (0.72) | (0.62) | (0.51) | (0.62)  |
| Return of capital | (0.06) |  |  |  | —  |
| **Total distributions** | (0.81) | (0.72) | (0.62) | (0.51) | (0.62)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees per share <br>(See Note 6) |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $57.95 | $56.72 | $44.64 | $36.86 | $40.96  |
| Total return | 3.67% | 28.82% | 22.87% | -8.91% | 27.68%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1838343 | $2072965 | $1282310 | $721584 | $373774  |
| Ratio of expenses to average net assets | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%  |
|  Ratio of excise tax expense to average net assets | 0.00<sup>(e)</sup>  | —  |  |  |  |
|  Ratio of net investment income (loss) to average net assets | 1.37% | 1.49% | 1.43% | 1.36% | 1.17%  |
| Portfolio turnover rate<sup>(d)</sup> | 70% | 87% | 95% | 78% | 73% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(e)</sup> Amount represents less than 0.005%. 

The accompanying notes are an integral part of these financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025** 

**NOTE 1 – ORGANIZATION** 

Distillate International Fundamental Stability & Value ETF, Distillate Small/Mid Cash Flow ETF, and Distillate U.S. Fundamental Stability & Value ETF are each a diversified series (individually each a "Fund" or collectively the "Funds") of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of Distillate International Fundamental Stability & Value ETF and Distillate U.S. Fundamental Stability & Value ETF is to seek long-term capital appreciation. The investment objective of Distillate Small/Mid Cash Flow ETF is to seek capital appreciation. Distillate International Fundamental Stability & Value ETF commenced operations on December 14, 2020, Distillate Small/Mid Cash Flow ETF commenced operations on October 5, 2022 and Distillate U.S. Fundamental Stability & Value ETF commenced operations on October 23, 2018.

The end of the reporting period for the Funds is September 30, 2025. The current fiscal period is the period from October 1, 2024, through September 30, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded
 on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup>
 and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq") are valued at the last reported sale price
 on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing
 Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most
 recent quoted bid and asked prices will be used.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of the shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**Distillate International Fundamental Stability & Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $37475956 | $— | $— | $37475956  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 330168 |  |  | 330168  |
| &nbsp;&nbsp;&nbsp; Warrants |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 38776 |  |  | 38776  |
| **Total Investments** | $37844900 | $— | $— | $37844900 |

---

**Distillate Small/Mid Cash Flow ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $106696545 | $— | $— | $106696545  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 24076 |  |  | 24076  |
| **Total Investments** | $106720621 | $— | $— | $106720621 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1828463188 | $— | $— | $1828463188  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 9022654 |  |  | 9022654  |
| **Total Investments** | $1837485842 | $— | $— | $1837485842 |

---

Refer to the Schedules of Investments for further disaggregation of investment categories.

During the current fiscal period, the Funds did not recognize any transfer to or from Level 3.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local
 income and excise tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding
 taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign
 exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal
 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes
 on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and
 regulations. Interest income is recorded on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities are declared and
 paid by the Funds at least annually. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from
 those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares of each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to the Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and primarily relate to redemptions
 in-kind. For the fiscal year ended September 30, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings**<br>**(Accumulated Losses)** | **Paid-In** <br>**Capital**  |
| Distillate International Fundamental Stability & Value ETF | &nbsp;&nbsp;&nbsp; $(4657411) | $4657411  |
| Distillate Small/Mid Cash Flow ETF | &nbsp;&nbsp;&nbsp; (11499482) | 11499482  |
| Distillate U.S. Fundamental Stability & Value ETF | &nbsp;&nbsp;&nbsp; (169814654) | 169814654 |

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncement.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds.
 Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the Chief Operating Officer of the Adviser, who serves as the chief operating decision maker, using the information presented
 in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;K. *New Accounting Pronouncement*. In December 2023, the FASB issued Accounting Standards update 2023-09 ("ASU 2023-09"), Income Taxes
 (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order
 to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial.
 ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating
 the impacts of these changes on the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Distillate Capital Partners, LLC (the "Adviser") serves as the investment adviser to the Funds. Pursuant to the Investment Advisory Agreement ("Advisory Agreement"), between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is responsible for arranging, in consultation with Vident Advisory, LLC, doing business as Vident Asset Management (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and other related services necessary for the Funds to operate. Effective May 1, 2024, Vident Asset Management only serves as the Sub-Adviser for Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Funds, Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF each pay the Adviser at an annual rate of 0.55% based on each Fund's average daily net assets and Distillate U.S. Fundamental Stability & Value ETF pays the Adviser at an annual rate of 0.39% based on the Fund's average daily net assets, calculated daily and paid monthly. The Adviser is responsible for paying the Sub-Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be

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**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

supplied to the Board; and monitors the activities of the Funds' Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Distillate International Fundamental Stability & Value ETF | $31521056 | $32406672  |
| Distillate Small/Mid Cash Flow ETF | 111587955 | 109784167  |
| Distillate U.S. Fundamental Stability & Value ETF | 1382352147 | 1344035786 |

---

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Distillate International Fundamental Stability & Value ETF | $18731923 | $21577525  |
| Distillate Small/Mid Cash Flow ETF | 59875398  | 52773005  |
| Distillate U.S. Fundamental Stability & Value ETF | 469081545  | 780263282 |

---

**NOTE 5 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated losses) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at September 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF** | **Distillate** <br>**Small/Mid** <br>**Cash Flow** <br>**ETF** | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| Tax cost of investments | $34181099 | $108969603 | $1755254689  |
| Gross tax unrealized appreciation | 5295979  | 8444647  | 196739208  |
| Gross tax unrealized depreciation  | (1637570) | (10693629) | (114508055)  |
| Net tax unrealized appreciation (depreciation) | 3658409 | (2248982) | 82231153  |
| Undistributed ordinary income | 468081  | 82745 | —  |
| Undistributed long-term capital gain |  |  | —  |
| Other accumulated gain (loss) | (5591870) | (11688756) | (40952941)  |
| Distributable earnings (accumulated losses) | $(1465380) | $(13854993) | $41278212 |

---

The differences between the cost basis for financial statement and federal income tax purposes are primarily due to timing differences in recognizing losses on wash sales, passive foreign investment companies (PFICs), and the tax treatment of partnership investments.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable period subsequent to October 31 and December 31, respectively. For the taxable year ended September 30, 2025, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

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**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

As of September 30, 2025, the Funds had the following capital loss carryforwards with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Distillate International Fundamental Stability & Value ETF | $3756998 | $1834872  |
| Distillate Small/Mid Cash Flow ETF | 8837639 | 2851117  |
| Distillate U.S. Fundamental Stability & Value ETF | 7311584 | 33641357 |

---

During the fiscal period ended September 30, 2025 the Funds did not utilize any short-term or long-term capital loss carryforwards that were available as of September 20, 2024.

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2025 and fiscal year ended September 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Ordinary Income**  |
|  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **2025** | **2024**  |
| Distillate International Fundamental Stability & Value ETF | $834380 | $736427  |
| Distillate Small/Mid Cash Flow ETF | 1243316 | 866572 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30, 2025** | **Year Ended September 30, 2025** |
|  | **Ordinary** <br>**Income** | **Return of** <br>**Capital** |
| Distillate U.S. Fundamental Stability & Value ETF | $25620627 | $2064388 |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended September 30, 2024** | **Year Ended September 30, 2024** |
|  | **Ordinary** <br>**Income** | **Return of** <br>**Capital** |
| Distillate U.S. Fundamental Stability & Value ETF | $24424673 | $— |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF are listed and trade on the New York Stock Exchange ("NYSE"). Shares of Distillate U.S. Fundamental Stability & Value ETF are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for Distillate International Fundamental Stability & Value ETF is $1,000, payable to the Custodian. The standard fixed transaction fee for Distillate Small/Mid Cash Flow ETF and Distillate U.S. Fundamental Stability & Value ETF is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the

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**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025(Continued)** 

transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

**NOTE 7 – RISKS** 

Foreign Securities Risk (Distillate International Fundamental Stability & Value ETF only). Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or complete. Foreign markets often have less reliable securities valuations and greater risk associated with the custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal remedies.

Sector Risk (Distillate Small/Mid Cash Flow ETF and Distillate U.S. Fundamental Stability & Value ETF only). To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Distillate Capital ETFs and

Board of Trustees of ETF Series Solutions

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Distillate International Fundamental Stability & Value ETF, Distillate Small/Mid Cash Flow ETF, and Distillate U.S. Fundamental Stability & Value ETF (the "Funds"), each a series of ETF Series Solutions, as of September 30, 2025, the related statements of operations, changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| Distillate International Fundamental Stability & Value ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, 2022 and for the period from December 14, 2020 (commencement of operations) to September 30, 2021  |
| Distillate Small/Mid Cash Flow ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, and for the period from October 5, 2022 (commencement of operations) to September 30, 2023  |
| Distillate U.S. Fundamental Stability & Value ETF | For the year ended September 30, 2025 | For the years ended September 30, 2025 and 2024 | For the years ended September 30, 2025, 2024, 2023, 2022, and 2021. |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2018.

![](kaiser_efp-18881.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

November 25, 2025

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

For the fiscal year ended September 30, 2025, certain dividends paid by the Funds may be subject to the maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 80.35%  |
| Distillate Small/Mid Cash Flow ETF  | 100.00%  |
| Distillate U.S. Fundamental Stability & Value ETF  | 100.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2025 was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 0.00%  |
| Distillate Small/Mid Cash Flow ETF  | 100.00%  |
| Distillate U.S. Fundamental Stability & Value ETF  | 100.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 0.00%  |
| Distillate Small/Mid Cash Flow ETF  | 0.00%  |
| Distillate U.S. Fundamental Stability & Value ETF  | 0.00% |

---

**FOREIGN TAX CREDIT PASS THROUGH** 

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the fiscal year ended September 30, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable** <br>**Foreign Tax** <br>**Credit Paid** | **Per Share** <br>**Amount** | **Portion of** <br>**Ordinary Income** <br>**Distribution** <br>**Derived from** <br>**Foreign Sourced** <br>**Income**  |
| Distillate International Fundamental Stability & Value ETF | $92541 | $0.07403280 | &nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Distillate Small/Mid Cash Flow ETF | —  |  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Distillate U.S. Fundamental Stability & Value ETF |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** 

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS** 

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)** 

**Distillate International Fundamental Stability & Value ETF (DSTX)** 

**Distillate Small/Mid Cash Flow ETF (DSMC)** 

**Distillate U.S. Fundamental Stability & Value ETF (DSTL)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 9-10, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Distillate Capital Partners LLC (the "Adviser") and the Trust, on behalf of Distillate U.S. Fundamental Stability & Value ETF ("DSTL"), Distillate International Fundamental Stability & Value ETF ("DSTX") and Distillate Small/Mid Cash Flow ETF ("DSMC") (each, a "Fund" and, collectively, the "Funds").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided to the Funds by the Adviser; (ii) the historical performance of the Funds; (iii) the cost of the services provided and the profits realized by the Adviser or its affiliates from services rendered to each Fund; (iv) comparative performance, fee and expense data for the Funds and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares each Fund's investment performance, fees and expenses to relevant market benchmarks and peer groups (the "Barrington Report"); (v) the extent to which any economies of scale realized by the Adviser in connection with its services to each Fund are shared with Fund shareholders; (vi) any other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund; and (vii) other factors the Board deemed to be relevant. The Board also met via video conference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as the Funds' investment adviser. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, the Adviser's representatives provided an oral overview of the Funds' investment strategies, the services provided to the Funds by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials and the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the continuation of the Advisory Agreement.

**<u>Approval of the Continuation of the Advisory Agreement with the Adviser</u>**

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to the Funds. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

The Board also considered other services provided by the Adviser to the Funds, including monitoring each Fund's adherence to its investment restrictions and compliance with the Funds' policies and procedures and applicable securities regulations, as well as monitoring the extent to which each Fund achieves its investment objective as an actively managed fund. The Board also noted that the Adviser is responsible for the oversight of DSTL's sub-adviser.

Historical Performance. The Trustees next considered each Fund's performance. The Board observed that additional information regarding the past investment performance of each Fund, for periods ended March 31, 2025, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)** 

as with funds in the Fund's Morningstar category (each, a "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be each Fund's most direct competitors (each, a "Selected Peer Group") and provided the Selected Peer Group's performance results. The funds included by the Adviser in each Selected Peer Group include funds that, based on a combination of quantitative and qualitative considerations made by the Adviser, have similar thematic investment strategies as the relevant Fund.

<u>DSTL</u>: The Board noted that the Fund underperformed its broad-based benchmark, the S&P 500<sup>®</sup> Index, over the one-year period, slightly underperformed the same benchmark over the three- and five-year periods, and slightly outperformed the same benchmark over the since inception period. The S&P 500 provides an indication of the performance of the large-cap U.S. equity market. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund, unlike its benchmark, is actively managed and selects large-cap equities of U.S. companies based on a company's valuation and the volatility of its cash flows. In addition, the Board observed that the Fund outperformed another benchmark, the Russell 1000 Value Total Return Index, over the three-, five-year, and since inception periods, but underperformed the same benchmark over the one-year period. The Board noted that the Russell 1000 Value Total Return Index seeks to track the investment results of an index composed of large- and mid-cap U.S. equities that exhibit value characteristics.

The Board then noted that, for the three- and five-year periods ended March 31, 2025, the Fund outperformed the median return of its Peer Group and its Category Peer Group, both of which are comprised entirely of funds in the Morningstar US Fund Large Value category. The Board further noted that the Fund underperformed the median return of the same peer groups over the one-year period. With respect to the Selected Peer Group, the Board observed that the Adviser selected eight competing ETFs that generally focus on value and/or risk factors, including both index-based and actively managed ETFs. The Board considered that the Fund performed within the range of its Selected Peers over the one-, three-, and five-year periods ended March 31, 2025.

In addition, the Board noted that the Fund converted from passive to active management on April 3, 2023, and all Fund performance prior to that date reflects the Fund's prior investment objective and passively managed strategy.

<u>DSTX</u>: The Board noted that the Fund slightly underperformed its broad-based benchmark, the Morningstar Global Markets Index, over the one-, three-year, and since inception periods. The Morningstar Global Markets Index measures the performance of large-, mid-, and small-cap stocks in developed and emerging markets around the world. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund, unlike its benchmark, is actively managed and selects large- and mid-cap equities of non-U.S. securities based on a company's valuation and the volatility of its cash flows.

The Board then noted that, for the one- and three-year periods ended March 31, 2025, the Fund underperformed the median return of its Peer Group and its Category Peer Group, both of which are comprised primarily of funds in the Morningstar US Fund Foreign Large Blend category. With respect to the Selected Peer Group, the Board observed that the Adviser selected six competing ETFs that are actively managed and generally focus on value and/or risk factors. The Board considered that the Fund performed within the range of its Selected Peers over the one- and three-year periods ended March 31, 2025.

<u>DSMC</u>: The Board noted that the Fund significantly underperformed its broad-based benchmark, the Russell 3000 Total Return Index, over the one-year period, but outperformed the same benchmark over the since inception period. The Russell 3000 Total Return Index measures the performance of the broad U.S. equity market. The Board also observed that the Fund underperformed two additional benchmarks, the Russell 2000 Total Return Index and the Morningstar US Small Cap Total Return USD Index, over the one-year period, but outperformed the same additional benchmarks over the since inception period. The Russell 2000 Total Return Index measures the performance of the small-cap sector of the U.S. equity market, and the Morningstar US Small Cap Total Return USD Index measures the performance of small-cap stocks in the United States. In comparing the Fund's performance to that of the benchmarks, the Board noted that the Fund, unlike its benchmarks, is actively managed and selects small- and mid-cap equities of non-U.S. securities based on a company's valuation and the volatility of its cash flows.

The Board then noted that, for the one-year period ended March 31, 2025, the Fund significantly underperformed the median return of its Peer Group and its Category Peer Group. The Board took into consideration that its Peer Group is comprised of a mix of small- and mid-cap ETFs with either value or blended strategies; whereas, the Category Peer Group is comprised entirely of funds in the Morningstar US Fund Small Value category. With respect to the Selected

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)** 

Peer Group, the Board observed that the Adviser selected five competing small-cap ETFs that are actively managed and generally focus on value and/or risk factors. The Board considered that the Fund performed within the range of its Selected Peers over the one-year period ended March 31, 2025.

The Board then noted that the Fund commenced operations on August 22, 2022, less than three years prior to March 31, 2025, which was a relatively short period of time over which to evaluate the Fund's performance and draw meaningful conclusions about its management.

Cost of Services Provided and Economies of Scale. The Board then reviewed each Fund's fees and expenses. The Board took into consideration that the Adviser had charged, and would continue to charge, each Fund a "unified fee," meaning each Fund pays no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser had been and would continue to be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of its own fee and resources.

The Board then compared each Fund's net expense ratio to that of its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group. The Board noted that each Fund's net expense ratio was equal to its unitary management fee. The Board noted that each Fund's net expense ratio was lower than the median net expense ratio of the funds in its Peer Group and its Category Peer Group. In addition, the Board noted that each Fund's net expense ratio was within, but near the high end of, the range of net expense ratios of funds in its Selected Peer Group.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Funds and obligations under the unified fee arrangement. The Board noted that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board also considered each Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that the unitary fee structure for each Fund did not contain any management fee breakpoint reductions as Fund assets grow. The Board determined, however, that each Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at current asset levels. The Board also noted its intention to monitor fees as each Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of such Fund.

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.

26<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](de-efp19492_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](de-efp19492_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](de-efp19492_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF Series
 Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>12/4/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>12/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>12/4/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Codeeth

**EX.99.CODE ETH**

**ETF Series Solutions**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

**I. Introduction/Covered Persons**

ETF Series Solutions (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the

Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12

months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 27, 2012**

**Amended: April 21, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer)<br> ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report
based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 12/4/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended September 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson | Kristen M. Weitzel |
| President (principal executive officer), | Treasurer (principal financial officer), |
| ETF Series Solutions | ETF Series Solutions |

---

Dated: <u>12/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.