# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010509
**Filing Date:** 2025-9
**Character Count:** 12664
**Document Hash:** ca6de2ffa48559ccb08e0a5d056a6836
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010509.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010509

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251361530

**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

### McElhenny Sheffield Managed Risk ETF (Series ID: S000074297)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000231961 | McElhenny Sheffield Managed Risk ETF | MSMR            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **McElhenny Sheffield Managed Risk ETF** | **McElhenny Sheffield Managed Risk ETF** | **McElhenny Sheffield Managed Risk ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.7%** | **Shares** | **Value** |
| **U.S. Equity, Aerospace & Defense - 20.6%** | **U.S. Equity, Aerospace & Defense - 20.6%** | |
| iShares U.S. Aerospace & Defense ETF | 139098 | $27346667 |
| **U.S. Equity, Industrials - 14.7%** | **U.S. Equity, Industrials - 14.7%** |  |
| Industrial Select Sector SPDR Fund | 128652 | 19556391 |
| **U.S. Equity, Technology - 15.0%** | **U.S. Equity, Technology - 15.0%** |  |
| Technology Select Sector SPDR Fund | 75948 | 19954577 |
| **U.S. Equity, Total Market - 9.7%** | **U.S. Equity, Total Market - 9.7%** |  |
| iShares Core S&P Total U.S. Stock Market ETF | 93154 | 12866430 |
| **U.S. Nasdaq, Large Cap Non-Financial - 39.7%** | **U.S. Nasdaq, Large Cap Non-Financial - 39.7%** |  |
| Invesco Nasdaq 100 ETF <sup>(a)</sup> | 227101 | 52816880 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $127,801,900) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $127,801,900) | 132540945 |
| **SHORT-TERM INVESTMENTS - 0.4%** |  | **Value**  |
| **Money Market Funds - 0.4%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.22%<sup>(b)</sup> | 490253 | 490253 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $490,253) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $490,253) | 490253 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $128,292,153**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $128,292,153**)** | 133031198 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (102111) |
| **TOTAL NET ASSETS - 100.0%** |  | $132929087 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Fund's security classifications are defined by the Fund Adviser. | The Fund's security classifications are defined by the Fund Adviser. |  |

---

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at
 www.sec.gov.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
McElhenny Sheffield Managed Risk ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $132540945 | $– | $– | $132540945 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 490253 | – | – | 490253 |
| Total Investments | $133031198 | $– | $– | $133031198 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Transactions With Affiliated Securities** | | | | | | |
| Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: | Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2025 for purposes of Section 2(a)(3) of the 1940 Act were as follows: |
|  |  |  |  |  | **Change in** |  |
|  |  |  |  |  | **Unrealized** |  |
|  | **Value at** | **Purchases** | **Proceeds** | **Net Realized** | **Appreciation** | **Value at** |
| **Affiliated Issuer** | **10/31/2024** | **at Cost** | **from Sales** | **Gain (Loss)** | (Depreciation) | **7/31/2025** |
| FT Vest Gold Strategy Target Income ETF | $- | $76813967 | $(77172454) | $358487 | $- | $- |
| WisdomTree Bloomberg U.S. Dollar Bullish Fund | - | 25427382 | (24677061) | (750321) | - | - |
|  | $- |  |  | $(391834) | $- | $- |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** McElhenny Sheffield Managed Risk ETF

- **b. EDGAR series identifier (if any):** S000074297

- **c. LEI of Series:** 549300MSLLUB3E7OQ845

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $133033663.13

**Total Liabilities:** $104575.94

**Net Assets:** $132929087.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231961 | 3.33%                | 3.11%                | 3.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $108958.88               | $3462786.59                                |
| Month 2  | $58933.82                | $3672234.43                                |
| Month 3  | $9192085.05              | $-4226145.94                               |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares U.S. Aerospace & Defen | iShares U.S. Aerospace & Defense ETF         | CUSIP: 464288760<br>LEI: 549300BI35CWQ4Q8FM41 | Long             | EC               | RF                | US        |    139098 | NS      | $27346666.80  | 20.57%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P Total U.S. St | iShares Core S&P Total U.S. Stock Market ETF | CUSIP: 464287150<br>LEI: 549300E44NRXZV2OY345 | Long             | EC               | RF                | US        |     93154 | NS      | $12866430.48  | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Technology Select Sector SPDR  | Technology Select Sector SPDR Fund           | CUSIP: 81369Y803<br>LEI: 549300BR5T0JNM2MW070 | Long             | EC               | RF                | US        |     75948 | NS      | $19954577.52  | 15.01%            |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund     | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    490253 | NS      | $490252.92    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Nasdaq 100 ETF         | Invesco Nasdaq 100 ETF                       | CUSIP: 46138G649<br>LEI: 549300TKJ3EA6QHM7D23 | Long             | EC               | RF                | US        |    227101 | NS      | $52816879.57  | 39.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Select Sector SPDR  | Industrial Select Sector SPDR Fund           | CUSIP: 81369Y704<br>LEI: 549300HQI51T8KP6U325 | Long             | EC               | RF                | US        |    128652 | NS      | $19556390.52  | 14.71%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer