# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-043647
**Filing Date:** 2025-6
**Character Count:** 38199
**Document Hash:** b4b59218e4c426907977ee4b7ef3c013
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-043647.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0001145549-25-043647

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**PERIOD START**: 20250430

**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:** 251084661

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

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

## Series and Classes Contracts Data

### Aptus Collared Investment Opportunity ETF (Series ID: S000065985)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000213139 | Aptus Collared Investment Opportunity ETF | ACIO            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Aptus Collared Investment Opportunity ETF

- **b. EDGAR series identifier (if any):** S000065985

- **c. LEI of Series:** 549300IQORRO47RTKY62

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

- **a. Date of fiscal year-end:** 2025-04-30

- **b. Date as of which information is reported:** 2025-04-30

**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:** $1758058501.71

**Total Liabilities:** $9600586.04

**Net Assets:** $1748457915.67

**Cash Not Reported:** $4865387.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000213139 | -1.14%               | -4.25%               | -0.46%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3832640.06             | $-22674674.92                              |
| Month 2  | $-3415165.39             | $-94622253.26                              |
| Month 3  | $-27015165.58            | $16035534.31                               |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Schlumberger NV                | Schlumberger NV                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    105540 | NS      | $3509205.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     37592 | NS      | $16126968.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Analog Devices Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -700 | NC      | $-45500.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Digital Realty Trust Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-156000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Johnson & Johnson                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -500 | NC      | $-44750.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     69618 | NS      | $13582471.80  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     73302 | NS      | $14288025.84  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     21942 | NS      | $20060692.92  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     33624 | NS      | $8150457.60   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    197808 | NS      | $38072105.76  | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                      | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     83320 | NS      | $5210832.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |    260778 | NS      | $18919443.90  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     85548 | NS      | $11293191.48  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     39282 | NS      | $7916894.28   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD            | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     72936 | NS      | $17401070.88  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                           | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    158565 | NS      | $18301572.30  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    100808 | NS      | $6742039.04   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    120194 | NS      | $19539938.58  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     40121 | NS      | $5956363.66   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     31113 | NS      | $29713226.13  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    238000 | NS      | $21869820.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                             | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     86006 | NS      | $32159363.52  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    132992 | NS      | $17113410.56  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     34533 | NS      | $5527006.65   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                    | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     78435 | NS      | $6354019.35   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |     18304 | NS      | $9325888.00   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    252938 | NS      | $24598220.50  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     35737 | NS      | $5453108.83   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Deere & Co                               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-17400.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | JPMorgan Chase & Co                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -650 | NC      | $-40300.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 05/16/25 C5800                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      2000 | NC      | $2774000.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 06/20/25 P5300                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3200 | NC      | $28912000.00  | 1.65%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Walmart Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2000 | NC      | $-1430000.00  | -0.08%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     99581 | NS      | $13020215.75  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                    | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    106663 | NS      | $16075180.73  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                     | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |    408692 | NS      | $16298636.96  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corp                       | CSX Corp                                 | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    520332 | NS      | $14605719.24  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                               | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     25997 | NS      | $12051169.32  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                 | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     69544 | NS      | $11164593.76  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     66073 | NS      | $7289834.09   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    287321 | NS      | $30349717.23  | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     74713 | NS      | $15727086.50  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc            | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     82340 | NS      | $13830649.80  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     33800 | NS      | $8173516.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     58475 | NS      | $9140227.25   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                           | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     29200 | NS      | $26249340.00  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                 | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     73251 | NS      | $16515902.97  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Accenture PLC                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-22500.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Berkshire Hathaway Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-34200.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                           | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |     31139 | NS      | $9166387.43   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |     38816 | NS      | $17592575.68  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | McDonald's Corp                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-39900.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Altria Group Inc                         | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-39000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     27326 | NS      | $30925380.72  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    905311 | NS      | $98606474.12  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     59574 | NS      | $8383253.28   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Otis Worldwide Corp            | Otis Worldwide Corp                      | CUSIP: 68902V107<br>LEI: 549300ZLBKR8VSU25153 | Long             | EC               | CORP              | US        |    251259 | NS      | $24188703.93  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                           | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     26032 | NS      | $7820793.76   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                  | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     20521 | NS      | $7242271.32   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                   | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     18201 | NS      | $9888603.30   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    107495 | NS      | $37139522.50  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Netflix Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-43300.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 06/20/25 P4600                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3200 | NC      | $-5280000.00  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | TJX Cos Inc/The                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -700 | NC      | $-332500.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    125496 | NS      | $6611129.28   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     65915 | NS      | $16277709.25  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Newmont Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -800 | NC      | $-96800.00    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Progressive Corp/The                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -500 | NC      | $-365000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 05/30/25 C5800                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      1000 | NC      | $3430000.00   | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    387660 | NS      | $62370617.40  | 3.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    348568 | NS      | $64282910.56  | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     22326 | NS      | $6495079.92   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     18702 | NS      | $5621821.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     69610 | NS      | $37119532.50  | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                  | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |    225301 | NS      | $11310110.20  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                              | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80248 | NS      | $16986896.64  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    163714 | NS      | $11194763.32  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    165539 | NS      | $5661433.80   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                    | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     20175 | NS      | $20064037.50  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                 | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     35061 | NS      | $15036611.07  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                         | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    123588 | NS      | $15080207.76  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     80782 | NS      | $44349318.00  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   7167852 | NS      | $7167852.16   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     92861 | NS      | $17139354.77  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     52746 | NS      | $19014405.54  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     28250 | NS      | $17726027.50  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    125701 | NS      | $30748978.62  | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Co Inc/MD          | McCormick & Co Inc/MD                    | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |    161833 | NS      | $12406117.78  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     61957 | NS      | $19804555.05  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    274696 | NS      | $108576340.96 | 6.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                   | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     33464 | NS      | $14737210.96  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     36421 | NS      | $17718816.50  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    118490 | NS      | $33383372.60  | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    114657 | NS      | $11761515.06  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    106301 | NS      | $29993890.16  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Costco Wholesale Corp                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-34100.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Crowdstrike Holdings Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-25050.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Elevance Health Inc                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -700 | NC      | $-38500.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     29557 | NS      | $8841976.55   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | ServiceNow Inc                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-36750.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Southern Co/The                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1100 | NC      | $-66000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 05/16/25 C6000                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -2000 | NC      | $-260000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Tesla Inc                                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -500 | NC      | $-40250.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    200263 | NS      | $11845556.45  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     60027 | NS      | $13530686.07  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     70511 | NS      | $29655516.38  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    555045 | NS      | $117947062.50 | 6.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     35267 | NS      | $18190718.60  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Alphabet Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1250 | NC      | $-25000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer