# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016134
**Filing Date:** 2025-11
**Character Count:** 33630
**Document Hash:** 8dc3a43b0359d2da5b7fa4a92f297061
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016134.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016134

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251530638

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

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

## Series and Classes Contracts Data

### Bahl & Gaynor Dividend ETF (Series ID: S000089194)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000255708 | Bahl & Gaynor Dividend ETF | BGDV            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Bahl & Gaynor Dividend ETF** | **Bahl & Gaynor Dividend ETF** | **Bahl & Gaynor Dividend ETF** | **Bahl & Gaynor Dividend ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** | **Shares** | **Value**  |
| **Communication Services - 5.2%** | **Communication Services - 5.2%** | **Communication Services - 5.2%** | |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 80796 | $19641507 |
| Meta Platforms, Inc. - Class A | Meta Platforms, Inc. - Class A | 23468 | 17234430 |
|  |  |  | 36875937 |
| **Consumer Discretionary - 7.1%** | **Consumer Discretionary - 7.1%** | **Consumer Discretionary - 7.1%** |  |
| DR Horton, Inc. | DR Horton, Inc. | 28230 | 4784138 |
| Ferrari NV | Ferrari NV | 11431 | 5546550 |
| Home Depot, Inc. | Home Depot, Inc. | 33078 | 13402875 |
| TJX Companies, Inc. | TJX Companies, Inc. | 180322 | 26063742 |
|  |  |  | 49797305 |
| **Consumer Staples - 5.5%** | **Consumer Staples - 5.5%** | **Consumer Staples - 5.5%** |  |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | 181312 | 4625269 |
| Mondelez International, Inc. - Class A | Mondelez International, Inc. - Class A | 274194 | 17128899 |
| Procter & Gamble Company | Procter & Gamble Company | 49221 | 7562807 |
| Walmart, Inc. | Walmart, Inc. | 92214 | 9503575 |
|  |  |  | 38820550 |
| **Energy - 5.7%** | **Energy - 5.7%** | **Energy - 5.7%** |  |
| Chevron Corporation | Chevron Corporation | 37193 | 5775701 |
| Targa Resources Corporation | Targa Resources Corporation | 91445 | 15320695 |
| Williams Companies, Inc. | Williams Companies, Inc. | 296722 | 18797339 |
|  |  |  | 39893735 |
| **Financials - 17.0%** | **Financials - 17.0%** | **Financials - 17.0%** |  |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | 89736 | 11959117 |
| Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | 28039 | 6876565 |
| CME Group, Inc. | CME Group, Inc. | 14309 | 3866149 |
| Evercore, Inc. - Class A | Evercore, Inc. - Class A | 26691 | 9003408 |
| Hartford Insurance Group, Inc. | Hartford Insurance Group, Inc. | 135798 | 18114095 |
| JPMorgan Chase & Company | JPMorgan Chase & Company | 44799 | 14130949 |
| KKR & Company, Inc. | KKR & Company, Inc. | 69101 | 8979675 |
| Marsh & McLennan Companies, Inc. | Marsh & McLennan Companies, Inc. | 87070 | 17547217 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | 79825 | 15336777 |
| Travelers Companies, Inc. | Travelers Companies, Inc. | 36777 | 10268874 |
| Victory Capital Holdings, Inc. - Class A | Victory Capital Holdings, Inc. - Class A | 51528 | 3336953 |
|  |  |  | 119419779 |
| **Health Care - 13.0%** | **Health Care - 13.0%** | **Health Care - 13.0%** |  |
| AbbVie, Inc. | AbbVie, Inc. | 100283 | 23219526 |
| Eli Lilly & Company | Eli Lilly & Company | 38491 | 29368633 |
| Encompass Health Corporation | Encompass Health Corporation | 93255 | 11845250 |
| Stryker Corporation | Stryker Corporation | 28506 | 10537813 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 48768 | 16839590 |
|  |  |  | 91810812 |
| **Industrials - 18.1%** | **Industrials - 18.1%** | **Industrials - 18.1%** |  |
| Booz Allen Hamilton Holding Corporation | Booz Allen Hamilton Holding Corporation | 52073 | 5204696 |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | 105644 | 25161232 |
| Carlisle Companies, Inc. | Carlisle Companies, Inc. | 38391 | 12629103 |
| Carrier Global Corporation | Carrier Global Corporation | 150063 | 8958761 |
| Cintas Corporation | Cintas Corporation | 106905 | 21943320 |
| Hubbell, Inc. | Hubbell, Inc. | 19181 | 8253776 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | 39152 | 11957412 |
| Parker-Hannifin Corporation | Parker-Hannifin Corporation | 12232 | 9273691 |
| Snap-on, Inc. | Snap-on, Inc. | 20835 | 7219953 |
| Waste Management, Inc. | Waste Management, Inc. | 76447 | 16881791 |
|  |  |  | 127483735 |
| **Information Technology - 22.3%** | **Information Technology - 22.3%** | **Information Technology - 22.3%** |  |
| Accenture PLC - Class A | Accenture PLC - Class A | 26091 | 6434041 |
| Analog Devices, Inc. | Analog Devices, Inc. | 44022 | 10816205 |
| Broadcom, Inc. | Broadcom, Inc. | 136146 | 44915927 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | 56652 | 25906393 |
| Oracle Corporation | Oracle Corporation | 43541 | 12245471 |
| Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | 149512 | 41757206 |
| Western Digital Corporation | Western Digital Corporation | 124162 | 14906890 |
|  |  |  | 156982133 |
| **Materials - 1.6%** | **Materials - 1.6%** | **Materials - 1.6%** |  |
| Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | 13486 | 3677902 |
| Avery Dennison Corporation | Avery Dennison Corporation | 44890 | 7279811 |
|  |  |  | 10957713 |
| **Utilities - 4.4%** | **Utilities - 4.4%** | **Utilities - 4.4%** |  |
| CMS Energy Corporation | CMS Energy Corporation | 80784 | 5918236 |
| NextEra Energy, Inc. | NextEra Energy, Inc. | 190780 | 14401982 |
| Sempra | Sempra | 119978 | 10795621 |
|  |  |  | 31115839 |
| **TOTAL COMMON STOCKS** (Cost $587,257,067) | **TOTAL COMMON STOCKS** (Cost $587,257,067) | **TOTAL COMMON STOCKS** (Cost $587,257,067) | 703157538 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 0.2%** | **U.S. TREASURY BILLS - 0.2%** | **Par** | **Value**  |
| 4.06%, 11/28/2025 <sup>(a)</sup> | 4.06%, 11/28/2025 <sup>(a)</sup> | 234000 | 232494 |
| 4.00%, 12/04/2025 <sup>(a)</sup> | 4.00%, 12/04/2025 <sup>(a)</sup> | 95000 | 94342 |
| 3.87%, 12/09/2025 <sup>(a)</sup> | 3.87%, 12/09/2025 <sup>(a)</sup> | 12000 | 11912 |
| 3.91%, 12/11/2025 <sup>(a)</sup> | 3.91%, 12/11/2025 <sup>(a)</sup> | 431000 | 427732 |
| 3.85%, 12/18/2025 <sup>(a)</sup> | 3.85%, 12/18/2025 <sup>(a)</sup> | 345000 | 342117 |
| 3.84%, 12/26/2025 <sup>(a)</sup> | 3.84%, 12/26/2025 <sup>(a)</sup> | 216000 | 214015 |
| 3.82%, 12/30/2025 <sup>(a)</sup> | 3.82%, 12/30/2025 <sup>(a)</sup> | 124000 | 122808 |
| **TOTAL U.S. TREASURY BILLS** (Cost $1,445,451) | **TOTAL U.S. TREASURY BILLS** (Cost $1,445,451) | **TOTAL U.S. TREASURY BILLS** (Cost $1,445,451) | 1445420 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $588,702,518**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $588,702,518**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $588,702,518**)** | 704602958 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (676745) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $703926213 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

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

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

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Bahl & Gaynor Dividend ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $703157538 | $– | $– | $703157538 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 1445420 | – | 1445420 |
| Total Investments | $703157538 | $1445420 | $– | $704602958 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

- **b. EDGAR series identifier (if any):** S000089194

- **c. LEI of Series:** 529900U80MGWWWHM6Z33

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $705163472.81

**Total Liabilities:** $1237252.64

**Net Assets:** $703926220.17

**Cash Not Reported:** $125108.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255708 | 0.86%                | 2.04%                | 3.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2027193.84              | $3320418.53                                |
| Month 2  | $9561933.25              | $3721690.00                                |
| Month 3  | $1001360.51              | $22517606.85                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Carlisle Cos Inc               | Carlisle Cos Inc                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |     38391 | NS      | $12629103.36  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     93255 | NS      | $11845250.10  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |     19181 | NS      | $8253776.11   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     44799 | NS      | $14130948.57  | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     69101 | NS      | $8979674.95   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |    181312 | NS      | $4625269.12   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     38491 | NS      | $29368633.00  | 4.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                    | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     56652 | NS      | $25906393.08  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    190780 | NS      | $14401982.20  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                    | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EC               | CORP              | US        |    119978 | NS      | $10795620.44  | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     20835 | NS      | $7219952.55   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                           | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    180322 | NS      | $26063741.88  | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                      | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     91445 | NS      | $15320695.30  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    345000 | PA      | $342117.41    | 0.05%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797RW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     12000 | PA      | $11911.69     | 0.00%             | 2025-12-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    296722 | NS      | $18797338.70  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferrari NV                     | Ferrari NV                                | CUSIP: N/A<br>LEI: 549300RIVY5EX8RCON76       | Long             | EC               | CORP              | IT        |     11431 | NS      | $5546549.82   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                               | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106905 | NS      | $21943320.30  | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                        | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     33078 | NS      | $13402874.82  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                       | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |    150063 | NS      | $8958761.10   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37193 | NS      | $5775700.97   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    234000 | PA      | $232494.07    | 0.03%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    136146 | NS      | $44915926.86  | 6.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                   | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     28039 | NS      | $6876564.75   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc                 | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |     39152 | NS      | $11957412.32  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc                | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    274194 | NS      | $17128899.18  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                   | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     49221 | NS      | $7562806.65   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                     | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     36777 | NS      | $10268873.94  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    216000 | PA      | $214014.85    | 0.03%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     95000 | PA      | $94342.54     | 0.01%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill               | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    431000 | PA      | $427731.65    | 0.06%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                             | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     14309 | NS      | $3866148.71   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                               | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     92214 | NS      | $9503574.84   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                        | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     44022 | NS      | $10816205.40  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                             | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     28230 | NS      | $4784138.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    135798 | NS      | $18114095.22  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     43541 | NS      | $12245470.84  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    100283 | NS      | $23219525.82  | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc              | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |     89736 | NS      | $11959116.72  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                       | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     44890 | NS      | $7279811.30   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                | CMS Energy Corp                           | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |     80784 | NS      | $5918235.84   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     26691 | NS      | $9003408.12   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     23468 | NS      | $17234429.84  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     87070 | NS      | $17547217.10  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp           | Parker-Hannifin Corp                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |     12232 | NS      | $9273690.80   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc          | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     79825 | NS      | $15336777.25  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     28506 | NS      | $10537813.02  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    149512 | NS      | $41757206.48  | 5.93%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     48768 | NS      | $16839590.40  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc              | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     51528 | NS      | $3336953.28   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                      | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     76447 | NS      | $16881791.01  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Digital Corp           | Western Digital Corp                      | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |    124162 | NS      | $14906889.72  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc            | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     13486 | NS      | $3677901.92   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     80796 | NS      | $19641507.60  | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Co | Booz Allen Hamilton Holding Corp          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     52073 | NS      | $5204696.35   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc        | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    105644 | NS      | $25161231.48  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                             | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     26091 | NS      | $6434040.60   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer