# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001398344-23-005925
**Filing Date:** 2023-3
**Character Count:** 169003
**Document Hash:** 44477ffbc7c01e4dc98978c3b2f91e10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005925.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001398344-23-005925

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 9

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 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:** 23719565

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

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

## Series and Classes Contracts Data

### U.S. Global Jets ETF (Series ID: S000048544)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000153068 | U.S. Global Jets ETF | JETS            |

### U.S. Global GO GOLD and Precious Metal Miners ETF (Series ID: S000054641)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000171622 | U.S. Global GO GOLD and Precious Metal Miners ETF | GOAU            |

### U.S. Global Sea to Sky Cargo ETF (Series ID: S000072692)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000229127 | U.S. Global Sea to Sky Cargo ETF | SEA             |

As filed with the U.S. Securities and Exchange Commission on March 9, 2023

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED <br> MANAGEMENT INVESTMENT COMPANIES**

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

**<u>ETF Series Solutions</u>**<br> (Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**<br> (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>December 31</u>**

Date of reporting period: **<u>December 31, 2022</u>**

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

(a) **Annual Report** 

**December 31, 2022** 

**U.S. Global Jets ETF** 

**Ticker: JETS** 

**U.S. Global GO GOLD and** 

**Precious Metal Miners ETF** 

**Ticker: GOAU** 

**U.S. Global Sea to Sky Cargo ETF** 

**Ticker: SEA** 

**U.S. Global ETFs** 

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| Management Discussion of Fund Performance  | 1 |
| Performance Summary  | 9 |
| Portfolio Allocations  | 12 |
| Schedules of Investments  | 13 |
| Statements of Assets and Liabilities  | 22 |
| Statements of Operations  | 24 |
| Statements of Changes in Net Assets  | 26 |
| Financial Highlights  | 29 |
| Notes to Financial Statements  | 32 |
| Report of Independent Registered Public Accounting Firm  | 47 |
| Trustees and Officers  | 49 |
| Expense Examples  | 51 |
| Review of Liquidity Risk Management Program  | 53 |
| Approval of Advisory Agreement & Board Considerations  | 54 |
| Federal Tax Information  | 58 |
| Federal Tax Credit Pass Through  | 59 |
| Information About Portfolio Holdings  | 59 |
| Information About Proxy Voting  | 60 |
| Frequency Distribution of Premiums and Discounts  | 60 |

---

**U.S. Global Jets ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited)

The U.S. Global Jets ETF ("JETS" or the "Fund") market price fell -19.01% and its NAV fell -18.96% in the 12 months ended December 31, 2022, outperforming the NYSE Arca Global Airlines Index, which was down -27.87%. The U.S. Global Jets Index ("JETSX" or the "Index") lost -18.69%. The S&P 500<sup>®</sup> Index, comparatively, fell -18.11%.

The two largest contributors to yearly performance were Turk Hava Yollari AO ("Turkish Airlines") and Pegasus Hava Tasimaciligi AS ("Pegasus Airlines"). Turkish Airlines operated at a capacity that was 87% of 2019's capacity in December. The recovery remained firm, led by long-haul routes, particularly in North America, while positive momentum has started to be more visible in Asia routes. Yields have been strong and reached pre-COVID-19 levels, particularly in international markets. Pegasus Airlines had strong performance throughout the year, as it benefitted from improved market conditions in Turkey.

The two largest detractors to yearly performance were Sun Country Airlines Holdings, Inc. ("Sun Country") and Bombardier, Inc. ("Bombardier"). Sun Country is seeing its cost per available seat mile (CASM) fall, but there is some pressure on costs from higher pilot pay, and the availability of pilots has been a limitation on growth. Recently, the company renegotiated its pilot contract, which was last done in 2013-2014. It had 40% pay below the industry average, but now it is in line with Spirit Airlines, Inc. and Frontier Group Holdings, Inc. Sun Country is also seeing some airport cost increases. Bombardier's stock was weak despite no signs of weakness in air ticket demand or demand for jets. However, the company's backlog is at a 24-month low.

Airlines reported that traffic outside Asia is mostly recovered to (or within a few percentage points of) pre-pandemic levels. There were some concerns about a consumer-led recession, given inflationary pressures, but bookings still appear strong. International travel is continuing to rebound. According to the International Air Transport Association (IATA), September international air travel increased by 122.2% year-over-year ("YoY"), driven by 464.8% growth in Asia/Pacific, 149.7% growth in the Middle East and 128.9% growth in North America. Asian airline travel should reach about two-thirds of pre-pandemic levels by the end of 2022, with momentum going into 2023 based on bookings, according to the Association of Asia Pacific Airlines (AAPA). Meanwhile, business air travel is poised to remain resilient with Delta Airlines, Inc.'s ("Delta") CEO expecting business air travel to unlikely fall further, as companies place greater emphasis on boosting their sales revenue.

Labor issues are slowly being resolved. Delta and its pilot union leadership reached an agreement in principle ("AIP"), including at least an 18% wage increase or 34% raise over four years. The AIP also includes a "me too" clause that ensures Delta pilot pay exceeds United Airlines Holdings, Inc's and American Airlines Group, Inc's rates by at least 1%.

**U.S. Global Jets ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

Outlook is still favorable. Morgan Stanley remains bullish on the air travel industry for the third year in a row. Legacy carriers are at the top of the preference list. Low-cost carriers (LCCs) with idiosyncratic and cash return stories also remain high. Ultra-low-cost carriers (ULCCs) will continue to benefit from the rising tide but potentially have the least dry powder, Morgan Stanley says. 2023 could be a "Goldilocks" year for U.S. airlines with more normalized, "just right" conditions.

China's domestic air traffic bounced along the bottom at 25% of 2019 levels in the second half of November, down from 28% in the first half of the month. Unsurprisingly, domestic traffic in both Beijing and Guangzhou was most disrupted at 5-10% of 2019 levels in November, while Shanghai and Hainan performed largely in line with industry at 30-35% of 2019 levels.

Supply disruptions are limiting new airline capacity. Airbus SE cut 2022 deliveries to 700 jets from 720 and pushed its production target of 65 A320s per month to early 2024 instead of summer 2023. Similarly, Boeing Company, citing supply chain disruptions, slowness of taking airplanes out of storage and timing of deliveries to Chinese customers, lowered 737 deliveries to the low 400s for 2022 versus 500 at the beginning of the year.

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

The U.S. Global GO GOLD and Precious Metal Miners ETF ("GOAU" or the "Fund") market price and NAV both fell -11.67% in the 12 months ended December 31, 2022, underperforming the U.S. Global GO GOLD and Precious Metal Miners Index ("GOAUX" or the "Index"), which was down -10.38%. The S&P 500<sup>®</sup> Index, comparatively, fell -18.11%.

The biggest contributor to performance was New Gold, Inc. ("New Gold"). New Gold hit 2022 revised (July) guidance at Rainy River (225-245,000 ounces production). The company has added infrastructure at Rainy River to address future heavy rains, so it won't have significant impacts on operations in the future. Capital spending at Rainy River will fall to half of 2022's budget by 2026, peaking in 2023, which is expected to be up 10% year-over-year to $161 million. A harder rock mix at Rainy River is expected to improve going forward. Another strong gainer was China Gold International Resources Corporation, Ltd., which had a strong price spike in the first quarter.

The Fund's biggest loss came from Argonaut Gold, Inc. ("Argonaut Gold"). Argonaut Gold announced a capital spending update at Magino, and it justified financing as a tough but necessary measure to recapitalize the company and get construction to the finish line. The current share price and depressed valuation reflect the market's low level of confidence given successive budget overruns, which may be sustained until the project has greater visibility to completion in early-2023. Another laggard was Westgold Resources, Ltd. ("Westgold"). Westgold guidance for fiscal year 2023 has been set at 240,000-260,000 ounces at an all-in sustaining cost (AISC) of $1,900-2,100 per ounce, a significant miss versus consensus of 292,000 ounces at an AISC of $1,944 per ounce. Disappointingly, this represents a notable year-over-year decline in production and a large step down from the annualized run rate of 290,000 ounces.

UBS has identified three structural reasons in favor of gold: 1) Long-term investors and the official sector are gradually building gold allocations. Central banks have been net buyers of gold for more than a decade now, amid a broader trend of diversifying dollar-denominated reserves. 2) The proportion of gold holdings relative to overall assets held by institutional investors remains light, in UBS's view, and it believes gold is likely held more for diversification and portfolio protection rather than expectations of outright material price appreciation. 3) Strong physical demand has also been a key factor affecting the relationship between gold and real rates, in the bank's view. Key physical gold markets India and China continued to buy large volumes of gold in 2022, helped by cheaper prices as gold came under pressure from macro forces.

Central banks bought a record amount of gold as they diversified their foreign-currency reserves, with a large chunk of the purchases coming from as-yet unknown buyers. Almost 400 tons were scooped up by central banks, more than quadruple the amount a year earlier, according to the World Gold Council (WGC).

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

We believe mergers and acquisitions (M&A) will continue into 2023, with numerous senior companies having publicly commented on looking at M&A as part of their growth strategy. Transactions that provide diversification and less risk concentration would garner shareholder support. There may be further consolidations in the streaming space (between the smaller players) as these transactions are done to increase market cap in a business that allows for growth with synergies.

Financing decisions are a key component to advancing a project in the mining sector, with the most common sources of financing being debt, equity, private equity, a royalty or stream on the asset, or a combination of these alternatives. Over the past decade, royalties and streams have become increasingly more mainstream, offering a competitive source of financing for mine operators. Further to the benefits to mine operators, these arrangements are beneficial to royalty and streaming companies, providing them exposure to the asset, usually for life of mine, and allowing them to share in future growth from project expansions, exploration potential and upside from commodity price increases, with more limited exposure to inflation.

**U.S. Global Sea to Sky Cargo ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

The U.S. Global Sea to Sky Cargo ETF ("SEA" or the "Fund") market price fell -17.63% and its NAV fell -17.92% since inception on January 19, 2022 to December 31, 2022, underperforming the U.S. Global Sea to Sky Cargo Index ("SEAX" or the "Index"), which was down -17.05%. The S&P 500<sup>®</sup> Index, comparatively, fell -13.94% over the same period.

The biggest contributor to performance was D/S Norden AS. Performance and relative performance were consistently strong during the year. Another strong gainer was Kinetsu World Express, Inc. The name was particularly strong during the first three quarters of 2022.

The Fund's biggest loss came from ZIM Integrated Shipping Services, Ltd. ("ZIM"). ZIM's largely chartered fleet and lower proportion of contracted volumes make it more exposed than other carriers to declining spot rates. ZIM's vessels remain full in peak season with strong utilization. However, the carrier is seeing signs of weakening demand, down year-over-year, but still above 2019 levels. The second-quarter volume decline was worse than expected at negative 7%, a result of rising congestion on the East Coast. Hence, the company lowered its 2022 volume guidance to +2-3% (from +5%).

Comments from Asian liners including COSCO SHIPPING Holdings Company, Ltd., Yang Ming Marine Transport Corporation and some Asian intra-region plays provide some optimism, as all of them do not expect normalized freight rates to go below operating break-even levels, even if rates overshoot on the downside. Two key highlights: 1) busier-than-expected Intra-Asia peak season suggests activity is stabilizing; 2) Oversupply concerns in 2023/24 are likely to be partly mitigated by delivery slippages and "overdue" scrapping as IMO 2023 regulations expected to have phased-in capacity reduction effects.

The huge need for European natural gas in the wake of the invasion of Ukraine and a severe shortage of ship capacity has sent spot rates on liquified natural gas (LNG) tankers to record highs. Over the course of 2022, rates increased to between $200,000 and $500,000 a day. That may last for a few years, participants in a panel debate at the Marine Money Conference in New York suggested.

Of the approximately 104,000 oceangoing ships with a capacity greater than 100 tons, about 3%-4% of the fleet is normally removed annually. However, scrapping through the first 10 months of 2022 was only 30% of normal levels. This was despite higher-than-average scrap value and higher-than-average fleet age. Historically, there is a very indirect correlation to cash flows and asset scrapping. For virtually every ship in the world, the past two years on average have been exceptionally strong with respect to cash flows; consequently, there has been limited removal of older equipment.

**U.S. Global Sea to Sky Cargo ETF** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

The air cargo market was oversupplied by as much as 9.7% as demand fell 5.5% in the January-August 2022 period when compared to the same period in 2021. Capacity growth through dedicated freighters and passenger-to-freighter conversions continued with no moderation of supply anticipated in the near term. Global demand for air cargo fell by 10.6% year-over-year, according to data from International Air Transport Association ("IATA"), but against a backdrop of rising inflation and low consumer spending, the sector is "bearing up well," the airline trade association noted. Global demand, measured in cargo ton-kilometers (CTKs), fell 10.6% but continued to track at near pre-pandemic levels, IATA noted. Capacity, meanwhile, was 2.4% above, but still 7.4% below 2019 levels.

**U.S. Global ETFs** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

This report is to be preceded or accompanied by a prospectus.

***Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns. Because the funds concentrate their investments in specific industries, the funds may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. The funds are non-diversified, meaning they may concentrate more of their assets in a smaller number of issuers than diversified funds. The funds invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater for investments in emerging markets. The funds may invest in the securities of smaller capitalization companies, which may be more volatile than funds that invest in larger, more established companies. The performance of the funds may diverge from that of the index. Because the funds may employ a representative sampling strategy and may also invest in securities that are not included in the index, the funds may experience tracking error to a greater extent than funds that seek to replicate an index. The funds are not actively managed and may be affected by a general decline in market segments related to the index.***

***Airline Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel and may also be significantly affected by changes in fuel prices, labor relations and insurance costs.***

***Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.***

***Cargo Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for marine shipping, ports, and air freight. Cargo Companies may also be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs or trade wars, changes in labor relations or availability, insurance costs, commodities prices in general, international politics and conflicts, changes in airborne or seaborne transportation patterns, changes to marine shipping and air freight routes, weather patterns and events, including hurricane activity, maritime accidents, canal closures, and port congestion. Cargo Companies may also be highly dependent on aircraft, ships, or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft, ships, or equipment (e.g., the inability of a supplier to meet demand or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of Cargo Companies.*** 

Distributed by Quasar Distributors, LLC. U.S. Global Investors Inc. is the investment adviser to JETS, GOAU, and SEA.

**Past performance does not guarantee future results.** 

**The S&P 500**<sup>®</sup> **Index includes the 500 leading companies and captures approximately 80% coverage of available market capitalization. It is not possible to invest in an index.** 

The NYSE Arca Global Airline Index is a modified equal- dollar weighted index designed to measure the performance of highly capitalized and liquid international airline companies.

The NYSE Arca Gold Miners Index provides exposure to publicly traded companies worldwide involved primarily in the mining for gold, representing a diversified blend of small-, mid- and large- capitalization stocks.

**U.S. Global ETFs** 

**Management Discussion of Fund Performance** <br> (Unaudited) (Continued)

The U.S. Global Jets Index seeks to provide access to the global airline industry. The index uses various fundamental screens to determine the most efficient airline companies in the world, and also provides diversification through exposure to global aircraft manufacturers and airport companies. The index consists of common stocks listed on well-developed exchanges across the globe. It is not possible to invest directly in an index.

The U.S. Global GO GOLD and Precious Metal Miners Index uses a robust, dynamic, rules-based smart-factor model to select precious minerals companies that earn over 50% of their aggregate revenue from precious minerals through active (mining or production) or passive (royalties or streams) means. The index uses fundamental screens to identify companies with favorable valuation, profitability, quality and operating efficiency. The index consists of 28 common stocks or related ADRs. It is not possible to invest directly in an index.

The U.S. Global Sea to Sky Cargo Index tracks the performance of marine shipping, air freight and courier, and port and harbor operating companies. The index uses fundamental screens to identify companies with favorable cash flow, market capitalization, earnings-to-price ratio, and cash-flow-to-price ratio. The index consists of 29 common stocks. It is not possible to invest directly in an index.

A book-to-bill ratio is the ratio of orders received to units shipped and billed for a specified period, generally a month or quarter.

All opinions expressed and data provided are subject to change without notice. Opinions are not guaranteed and should not be considered investment advice.

The section labeled Schedules of Investments contains a complete list of the Funds' holdings. Fund holdings and sector allocations are subject to change at any time and should not be considered recommendations to buy or sell any security.

**U.S. Global Jets ETF** 

**Performance Summary**<br> (Unaudited)

**Growth of $10,000** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Returns<br> December 31, 2022** | **1 Year** | **3 Years** | **5 Years** | **Since <br> Inception <br> (4/28/2015)** |
| U.S. Global Jets ETF - NAV  | -18.96% | -18.24% | -11.67% | -4.23% |
| U.S. Global Jets ETF – Market  | -19.01% | -18.27% | -11.66% | -4.24% |
| U.S. Global Jets Index  | -18.69% | -17.81% | -11.20% | -3.73% |
| S&P 500<sup>®</sup> Index  | -18.11% | 7.66% | 9.42% | 10.14% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on April 28, 2015 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance current to most recent month end please visit www.usglobaletfs.com. The gross expense ratio from the April 30, 2022 prospectus is 0.60%.* 

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Performance Summary** <br> (Unaudited)

**Growth of $10,000** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Returns<br> December 31, 2022** | **1 Year** | **3 Years** | **5 Years** | **Since <br> Inception <br> (6/27/2017)** |
| U.S. Global GO GOLD and Precious Metal Miners ETF - NAV  | -11.67% | -0.86% | 6.00% | 6.68% |
| U.S. Global GO GOLD and Precious Metal Miners ETF - Market  | -11.67% | -1.19% | 5.56% | 6.60% |
| U.S. Global GO GOLD and Precious Metal Miners Index  | -10.38% | 0.11% | 7.31% | 8.08% |
| S&P 500<sup>®</sup> Index  | -18.11% | 7.66% | 9.42% | 10.70% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on June 27, 2017 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance current to most recent month end please visit www.usglobaletfs.com. The gross expense ratio from the April 30, 2022 prospectus is 0.60%.*

**U.S. Global Sea to Sky Cargo ETF** 

**Performance Summary** <br> (Unaudited)

**Growth of $10,000** 

---

| | |
|:---|:---|
| **Cumulative Returns<br> December 31, 2022** | **Since <br> Inception <br> (1/19/2022)** |
| U.S. Global Sea to Sky Cargo ETF - NAV  | -17.92% |
| U.S. Global Sea to Sky Cargo ETF - Market  | -17.63% |
| U.S. Global Sea to Sky Cargo Index  | -17.05% |
| S&P 500<sup>®</sup> Index  | -13.94% |

---

This chart illustrates the performance of a hypothetical $10,000 investment made on January 19, 2022 and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains and dividends.

*The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance current to most recent month end please visit www.usglobaletfs.com. The gross expense ratio from the January 14, 2022 prospectus is 1.90%, however pursuant to a contractual operating expense limitation the net expense ratio after fee waivers and/or expense reimbursements is 0.60%.*

**U.S. Global ETFs** 

**Portfolio Allocations**<br> As of December 31, 2022 (Unaudited)

**U.S. Global Jets ETF** 

---

| | |
|:---|:---|
| **Industry Group**  | **Percent of <br> Net Assets** |
| Airlines (a) | 74.6% |
| Investments Purchased with Proceeds from Securities Lending | 10.0 |
| Aerospace & Defense | 8.4 |
| Internet | 7.9 |
| Engineering & Construction | 3.8 |
| Commercial Services | 2.8 |
| Miscellaneous Manufacturing | 2.1 |
| Short-Term Investments | 0.6 |
| Liabilities in Excess of Other Assets | (10.2) |
| Total | 100.0% |

---

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

---

| | |
|:---|:---|
| **Industry Group**  | **Percent of <br> Net Assets** |
| Mining (a) | 99.6% |
| Investments Purchased with Proceeds from Securities Lending | 4.1 |
| Short-Term Investments | 0.3  |
| Liabilities in Excess of Other Assets | (4.0) |
| Total | 100.0% |

---

**U.S. Global Sea to Sky Cargo ETF** 

---

| | |
|:---|:---|
| **Industry Group**  | **Percent of <br> Net Assets** |
| Transportation (a) | 95.5% |
| Investments Purchased with Proceeds from Securities Lending | 7.8 |
| Short-Term Investments | 4.2 |
| Commercial Services | 2.8 |
| Liabilities in Excess of Other Assets | (10.3) |
| Total | 100.0% |

---

(a) To the extent that the Fund invests more heavily in particular sectors or industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those sectors or industry groups. See Note 9 in Notes to Financial Statements.

**U.S. Global Jets ETF** 

**Schedule of Investments** <br> December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 99.1%** |  |
|  | &nbsp;&nbsp;**Australia — 1.1%** |  |
| 5229112 | &nbsp;&nbsp;Qantas Airways, Ltd. <sup>(a)</sup>  | $21397081 |
|  | &nbsp;&nbsp;**Brazil — 0.6%** |  |
| 1045582 | &nbsp;&nbsp;Embraer SA - ADR <sup>(a)</sup>  | 11428211 |
|  | &nbsp;&nbsp;**Canada — 5.5%** |  |
| 4535758 | &nbsp;&nbsp;Air Canada <sup>(a)</sup>  | 64954467 |
| 1150880 | &nbsp;&nbsp;Bombardier, Inc. - Class B <sup>(a)</sup>  | 44428728 |
|  |  | 109383195 |
|  | &nbsp;&nbsp;**China — 1.1%** |  |
| 648653 | &nbsp;&nbsp;Trip.com Group, Ltd. - ADR <sup>(a)</sup>  | 22313663 |
|  | &nbsp;&nbsp;**France — 1.7%** |  |
| 8219169 | &nbsp;&nbsp;Air France-KLM <sup>(a)</sup>  | 10830556 |
| 185731 | &nbsp;&nbsp;Airbus SE  | 22072443 |
|  |  | 32902999 |
|  | &nbsp;&nbsp;**Germany — 1.1%** |  |
| 2664441 | &nbsp;&nbsp;Deutsche Lufthansa AG <sup>(a)</sup>  | 22146870 |
|  | &nbsp;&nbsp;**Hong Kong — 0.6%** |  |
| 10181979 | &nbsp;&nbsp;Cathay Pacific Airways, Ltd. <sup>(a)</sup>  | 11114088 |
|  | &nbsp;&nbsp;**India — 0.5%** |  |
| 388683 | &nbsp;&nbsp;MakeMyTrip, Ltd. <sup>(a)(b)</sup>  | 10715990 |
|  | &nbsp;&nbsp;**Ireland — 1.1%** |  |
| 284124 | &nbsp;&nbsp;Ryanair Holdings plc - ADR <sup>(a)</sup>  | 21241110 |
|  | &nbsp;&nbsp;**Japan — 2.9%** |  |
| 1032898 | &nbsp;&nbsp;ANA Holdings, Inc. <sup>(a)</sup>  | 22036836 |
| 1095374 | &nbsp;&nbsp;Japan Airlines Company, Ltd. <sup>(a)</sup>  | 22493393 |
| 236262 | &nbsp;&nbsp;Japan Airport Terminal Company, Ltd. <sup>(a)</sup>  | 11755492 |
|  |  | 56285721 |
|  | &nbsp;&nbsp;**Mexico — 1.0%** |  |
| 674231 | &nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV - Class B  | 9667213 |

---

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

**U.S. Global Jets ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 99.1% (Continued)** |  |
|  | &nbsp;&nbsp;**Mexico — 1.0% (Continued)** |  |
| 42609 | &nbsp;&nbsp;Grupo Aeroportuario del Sureste SAB de CV - ADR  | $9927471 |
|  |  | 19594684 |
|  | &nbsp;&nbsp;**Panama — 0.5%** |  |
| 124711 | &nbsp;&nbsp;Copa Holdings SA - Class A <sup>(a)(b)</sup>  | 10372214 |
|  | &nbsp;&nbsp;**Singapore — 1.1%** |  |
| 4810473 | &nbsp;&nbsp;SATS, Ltd. <sup>(a)</sup>  | 10199898 |
| 2596280 | &nbsp;&nbsp;Singapore Airlines, Ltd.  | 10719298 |
|  |  | 20919196 |
|  | &nbsp;&nbsp;**Spain — 1.0%** |  |
| 80987 | &nbsp;&nbsp;Aena SME SA <sup>(a)</sup>  | 10168997 |
| 196119 | &nbsp;&nbsp;Amadeus IT Group SA <sup>(a)</sup>  | 10192335 |
|  |  | 20361332 |
|  | &nbsp;&nbsp;**Switzerland — 0.5%** |  |
| 393760 | &nbsp;&nbsp;Wizz Air Holdings plc <sup>(a)</sup>  | 9066153 |
|  | &nbsp;&nbsp;**Thailand — 0.6%** |  |
| 5090994 | &nbsp;&nbsp;Airports of Thailand pcl <sup>(a)</sup>  | 11024240 |
|  | &nbsp;&nbsp;**Turkey — 2.9%** |  |
| 943381 | &nbsp;&nbsp;Pegasus Hava Tasimaciligi AS <sup>(a)</sup>  | 24212215 |
| 2339508 | &nbsp;&nbsp;TAV Havalimanlari Holding AS <sup>(a)</sup>  | 11696133 |
| 2960673 | &nbsp;&nbsp;Turk Hava Yollari AO <sup>(a)</sup>  | 22305275 |
|  |  | 58213623 |
|  | &nbsp;&nbsp;**United Kingdom — 1.4%** |  |
| 2233844 | &nbsp;&nbsp;easyJet plc <sup>(a)</sup>  | 8766209 |
| 13255073 | &nbsp;&nbsp;International Consolidated Airlines Group SA <sup>(a)</sup>  | 19845111 |
|  |  | 28611320 |
|  | &nbsp;&nbsp;**United States — 73.9% <sup>(c)</sup>** |  |
| 1399558 | &nbsp;&nbsp;Alaska Air Group, Inc. <sup>(a)(b)</sup>  | 60097021 |
| 847638 | &nbsp;&nbsp;Allegiant Travel Company <sup>(a)(b)</sup>  | 57630908 |
| 16706895 | &nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)(b)</sup>  | 212511704 |
| 240349 | &nbsp;&nbsp;Boeing Company <sup>(a)</sup>  | 45784082 |

---

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

**U.S. Global Jets ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 99.1% (Continued)**  |  |
|  | &nbsp;&nbsp;**United States — 73.9% <sup>(c)</sup>** **(Continued)** |  |
| 21145 | &nbsp;&nbsp;Booking Holdings, Inc. <sup>(a)</sup>  | $42613096 |
| 6666823 | &nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup>  | 219071804 |
| 444239 | &nbsp;&nbsp;Expedia Group, Inc. <sup>(a)</sup>  | 38915336 |
| 4996968 | &nbsp;&nbsp;Frontier Group Holdings, Inc. <sup>(a)(b)</sup>  | 51318861 |
| 172811 | &nbsp;&nbsp;General Dynamics Corporation  | 42876137 |
| 4764909 | &nbsp;&nbsp;Hawaiian Holdings, Inc. <sup>(a)(b)(d)</sup>  | 48887966 |
| 8058074 | &nbsp;&nbsp;JetBlue Airways Corporation <sup>(a)</sup>  | 52216320 |
| 7225742 | &nbsp;&nbsp;Sabre Corporation <sup>(a)(b)</sup>  | 44655086 |
| 3506106 | &nbsp;&nbsp;SkyWest, Inc. <sup>(a)(b)(d)</sup>  | 57885810 |
| 6031725 | &nbsp;&nbsp;Southwest Airlines Company <sup>(a)(b)</sup>  | 203088181 |
| 586313 | &nbsp;&nbsp;Textron, Inc.  | 41510960 |
| 2263475 | &nbsp;&nbsp;TripAdvisor, Inc. <sup>(a)(b)</sup>  | 40697281 |
| 5216783 | &nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(a)(b)</sup>  | 196672718 |
|  |  | 1456433271 |
|  | &nbsp;&nbsp;TOTAL COMMON STOCKS (Cost $2,613,883,689)  | 1953524961 |
|  | &nbsp;&nbsp;**PREFERRED STOCKS — 0.5%** |  |
|  | &nbsp;&nbsp;**Brazil — 0.5%** |  |
| 1676573 | &nbsp;&nbsp;Azul SA <sup>(a)(b)</sup>  | 10243861 |
|  | &nbsp;&nbsp;TOTAL PREFERRED STOCKS (Cost $19,785,171)  | 10243861 |
|  | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS — 0.6%** |  |
| 11470310 | &nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.09% <sup>(e)</sup>  | 11470310 |
|  | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $11,470,310)  | 11470310 |

---

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

**U.S. Global Jets ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Units** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.0%** |  |
| 196965595 | &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.56% <sup>(e)(f)</sup>  | $196965595 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $196,965,595)  | 196965595 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS — 110.2% (Cost $2,842,104,765)  | 2172204727 |
|  | &nbsp;&nbsp;Liabilities in Excess of Other Assets — (10.2)%  | (200470815) |
|  | &nbsp;&nbsp;NET ASSETS — 100.0%  | $1971733912 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt. |
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is out on loan as of December 31, 2022. Total value of securities on loan is $192,972,588. |
| (c) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. See Note 9 in Notes to Financial Statements. |
| (d) | Affiliated Common Stock during the current fiscal period. See Note 6 in Notes to Financial Statements. |
| (e) | Rate shown is the annualized seven-day yield as of December 31, 2022. |
| (f) | Privately offered liquidity fund. See Note 4 in Notes to Financial Statements. |

---

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

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Schedule of Investments** <br> December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 99.6%** |  |
|  | &nbsp;&nbsp;**Australia — 9.8%** |  |
| 228317 | &nbsp;&nbsp;Northern Star Resources, Ltd.  | $1695958 |
| 1079128 | &nbsp;&nbsp;Perseus Mining, Ltd.  | 1550271 |
| 2606584 | &nbsp;&nbsp;Ramelius Resources, Ltd.  | 1650467 |
| 1214150 | &nbsp;&nbsp;Regis Resources, Ltd.  | 1702910 |
| 1888405 | &nbsp;&nbsp;Silver Lake Resources, Ltd. <sup>(a)</sup>  | 1523581 |
|  |  | 8123187 |
|  | &nbsp;&nbsp;**Canada — 61.3% <sup>(b)</sup>** |  |
| 825537 | &nbsp;&nbsp;China Gold International Resources Corporation, Ltd.  | 2422000 |
| 735895 | &nbsp;&nbsp;Dundee Precious Metals, Inc.  | 3538166 |
| 653627 | &nbsp;&nbsp;Fortuna Silver Mines, Inc. <sup>(a)</sup>  | 2451101 |
| 58221 | &nbsp;&nbsp;Franco-Nevada Corporation  | 7946002 |
| 1199642 | &nbsp;&nbsp;IAMGOLD Corporation <sup>(a)(c)</sup>  | 3095076 |
| 743805 | &nbsp;&nbsp;Karora Resources, Inc. <sup>(a)</sup>  | 2554426 |
| 248638 | &nbsp;&nbsp;Lundin Gold, Inc.  | 2429454 |
| 2316982 | &nbsp;&nbsp;New Gold, Inc. <sup>(a)</sup>  | 2270642 |
| 267417 | &nbsp;&nbsp;Osisko Gold Royalties, Ltd.  | 3227723 |
| 634165 | &nbsp;&nbsp;Sandstorm Gold, Ltd.  | 3335708 |
| 862476 | &nbsp;&nbsp;Silvercorp Metals, Inc.  | 2552929 |
| 345460 | &nbsp;&nbsp;Torex Gold Resources, Inc. <sup>(a)</sup>  | 3967431 |
| 448271 | &nbsp;&nbsp;Victoria Gold Corporation <sup>(a)</sup>  | 2367162 |
| 213241 | &nbsp;&nbsp;Wheaton Precious Metals Corporation  | 8333458 |
|  |  | 50491278 |
|  | &nbsp;&nbsp;**Jersey — 2.1%** |  |
| 1253951 | &nbsp;&nbsp;Centamin plc  | 1711532 |
|  | &nbsp;&nbsp;**South Africa — 16.2%** |  |
| 98981 | &nbsp;&nbsp;African Rainbow Minerals, Ltd.  | 1677718 |
| 178507 | &nbsp;&nbsp;AngloGold Ashanti, Ltd. - ADR <sup>(c)</sup>  | 3466606 |
| 708698 | &nbsp;&nbsp;Harmony Gold Mining Company, Ltd. - ADR  | 2409573 |
| 135841 | &nbsp;&nbsp;Impala Platinum Holdings, Ltd.  | 1704004 |
| 149313 | &nbsp;&nbsp;Northam Platinum Holdings, Ltd. <sup>(a)</sup>  | 1644871 |
| 229256 | &nbsp;&nbsp;Sibanye Stillwater, Ltd. - ADR <sup>(c)</sup>  | 2443869 |
|  |  | 13346641 |

---

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

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 99.6% (Continued)** |  |
|  | &nbsp;&nbsp;**United States — 10.2%** |  |
| 74808 | &nbsp;&nbsp;Royal Gold, Inc.  | $8432359 |
|  | &nbsp;&nbsp;TOTAL COMMON STOCKS (Cost $81,437,720)  | 82104997 |
|  | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS — 0.3%** |  |
| 267472 | &nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.09% <sup>(d)</sup>  | 267472 |
|  | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $267,472)  | 267472 |
| **Units** |  |  |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.1%** |  |
| 3325430 | &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.56% <sup>(d)(e)</sup>  | 3325430 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,325,430)  | 3325430 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS — 104.0% (Cost $85,030,622)  | 85697899 |
|  | &nbsp;&nbsp;Liabilities in Excess of Other Assets — (4.0)%  | (3273827) |
|  | &nbsp;&nbsp;NET ASSETS — 100.0%  | $82424072 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt. |
| (a) | Non-income producing security. |
| (b) | To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. See Note 9 in Notes to Financial Statements. |
| (c) | All or portion of this security is out on loan as of December 31, 2022. Total value of securities on loan is $3,218,820. |
| (d) | Rate shown is the annualized seven-day yield as of December 31, 2022. |
| (e) | Privately offered liquidity fund. See Note 4 in Notes to Financial Statements. |

---

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

**U.S. Global Sea to Sky Cargo ETF** 

**Schedule of Investments** <br> December 31, 2022

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 98.3%** |  |
|  | &nbsp;&nbsp;**China — 7.7%** |  |
| 220598 | &nbsp;&nbsp;COSCO SHIPPING Holdings Company, Ltd. - H-Shares  | $224966 |
| 5468 | &nbsp;&nbsp;ZTO Express Cayman, Inc. - ADR <sup>(a)</sup>  | 146926 |
|  |  | 371892 |
|  | &nbsp;&nbsp;**Denmark — 7.4%** |  |
| 113 | &nbsp;&nbsp;AP Moller - Maersk AS - Class B  | 254082 |
| 1729 | &nbsp;&nbsp;D/S Norden AS  | 104037 |
|  |  | 358119 |
|  | &nbsp;&nbsp;**Germany — 2.7%** |  |
| 3458 | &nbsp;&nbsp;Deutsche Post AG  | 130222 |
|  | &nbsp;&nbsp;**Greece — 2.0%** |  |
| 4987 | &nbsp;&nbsp;Star Bulk Carriers Corporation <sup>(a)</sup>  | 95900 |
|  | &nbsp;&nbsp;**Hong Kong — 11.0%** |  |
| 13103 | &nbsp;&nbsp;Orient Overseas International, Ltd.  | 236697 |
| 293454 | &nbsp;&nbsp;Pacific Basin Shipping, Ltd.  | 99254 |
| 88391 | &nbsp;&nbsp;SITC International Holdings Company, Ltd.  | 196589 |
|  |  | 532540 |
|  | &nbsp;&nbsp;**Israel — 4.3%** |  |
| 12197 | &nbsp;&nbsp;ZIM Integrated Shipping Services, Ltd. <sup>(a)</sup>  | 209666 |
|  | &nbsp;&nbsp;**Japan — 18.2%** |  |
| 10086 | &nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd.  | 214185 |
| 5906 | &nbsp;&nbsp;Mitsubishi Logistics Corporation  | 136355 |
| 7721 | &nbsp;&nbsp;Mitsui OSK Lines, Ltd.  | 193554 |
| 2385 | &nbsp;&nbsp;NIPPON EXPRESS HOLDINGS, Inc.  | 137023 |
| 8496 | &nbsp;&nbsp;Nippon Yusen KK  | 201330 |
|  |  | 882447 |
|  | &nbsp;&nbsp;**Norway — 1.8%** |  |
| 51849 | &nbsp;&nbsp;MPC Container Ships ASA  | 86002 |

---

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

**U.S. Global Sea to Sky Cargo ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**COMMON STOCKS — 98.3% (Continued)** |  |
|  | &nbsp;&nbsp;**Republic of Korea — 5.8%** |  |
| 11676 | &nbsp;&nbsp;HMM Company, Ltd.  | $180519 |
| 22255 | &nbsp;&nbsp;Pan Ocean Company, Ltd.  | 100847 |
|  |  | 281366 |
|  | &nbsp;&nbsp;**Switzerland — 3.8%** |  |
| 791 | &nbsp;&nbsp;Kuehne + Nagel International AG  | 184095 |
|  | &nbsp;&nbsp;**Taiwan — 14.6%** |  |
| 47427 | &nbsp;&nbsp;Evergreen Marine Corporation Taiwan, Ltd.  | 251520 |
| 80702 | &nbsp;&nbsp;Wan Hai Lines, Ltd.  | 210318 |
| 117030 | &nbsp;&nbsp;Yang Ming Marine Transport Corporation  | 249401 |
|  |  | 711239 |
|  | &nbsp;&nbsp;**United Kingdom — 2.7%** |  |
| 51602 | &nbsp;&nbsp;International Distributions Services plc  | 132879 |
|  | &nbsp;&nbsp;**United States — 16.3%** |  |
| 8500 | &nbsp;&nbsp;CryoPort, Inc. <sup>(b)</sup>  | 147475 |
| 1283 | &nbsp;&nbsp;Expeditors International of Washington, Inc.  | 133329 |
| 811 | &nbsp;&nbsp;FedEx Corporation  | 140465 |
| 3224 | &nbsp;&nbsp;GXO Logistics, Inc. <sup>(b)</sup>  | 137633 |
| 1531 | &nbsp;&nbsp;Matson, Inc.  | 95703 |
| 798 | &nbsp;&nbsp;United Parcel Service, Inc. - Class B  | 138724 |
|  |  | 793329 |
|  | &nbsp;&nbsp;TOTAL COMMON STOCKS (Cost $5,820,202)  | 4769696 |
|  | &nbsp;&nbsp;**SHORT-TERM INVESTMENTS — 4.2%** |  |
| 207005 | &nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.09% <sup>(c)</sup>  | 207005 |
|  | &nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENTS (Cost $207,005)  | 207005 |

---

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

**U.S. Global Sea to Sky Cargo ETF** 

**Schedule of Investments** <br> December 31, 2022 (Continued)

---

| | | |
|:---|:---|:---|
| **Units** | &nbsp;&nbsp;**Security Description** | **Value** |
|  | &nbsp;&nbsp;**INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.8%** |  |
| 378516 | &nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.56% <sup>(c)(d)</sup>  | $378516 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $378,516)  | 378516 |
|  | &nbsp;&nbsp;TOTAL INVESTMENTS — 110.3% (Cost $6,405,723)  | 5355217 |
|  | &nbsp;&nbsp;Liabilities in Excess of Other Assets — (10.3)%  | (501554) |
|  | &nbsp;&nbsp;NET ASSETS — 100.0%  | $4853663 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt. |
| (a) | All or a portion of this security is out on loan as of December 31, 2022. Total value of securities on loan is $358,784. |
| (b) | Non-income producing security. |
| (c) | Rate shown is the annualized seven-day yield as of December 31, 2022. |
| (d) | Privately offered liquidity fund. See Note 4 in Notes to Financial Statements. |

---

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

**U.S. Global ETFs** 

**Statements of Assets and Liabilities** <br> December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Global <br> Jets ETF** | **U.S. Global <br> GO GOLD and <br> Precious Metal <br> Miners ETF** | **U.S. Global<br> Sea to Sky <br> Cargo ETF** |
| **ASSETS** |  |  |  |
| Investments in unaffiliated securities, at value\*+  | $2065430951 | $85697899 | $5355217 |
| Investments in affiliated securities, at value\*  | 106773776 |  |  |
| Cash  | 84568 |  |  |
| Foreign currency, at value\*  | 178748 | 596 | 14524 |
| Receivable for securities sold  | 9347619 |  |  |
| Securities lending income receivable  | 47645 | 924 | 817 |
| Dividends and interest receivable  | 78602 | 92537 | 46904 |
| Transaction fees receivable  | 10735 | 34 |  |
| &nbsp;&nbsp;&nbsp;Total assets  | $2181952644 | $85791990 | $5417462 |
| **LIABILITIES** |  |  |  |
| Collateral received for securities loaned (Note 4)  | 196965595 | 3325430 | 378516 |
| Management fees payable  | 1073878 | 42488 | 34668 |
| Payable for securities purchased  | 2791694 |  | 109883 |
| Payable for capital shares redeemed  | 9387565 |  |  |
| Accrued other expenses  |  |  | 40692 |
| Distribution fees payable  |  |  | 20 |
| Trustee fees payable  |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Total liabilities  | 210218732 | 3367918 | 563799 |
| **NET ASSETS** | $1971733912 | $82424072 | $4853663 |

---

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

**U.S. Global ETFs** 

**Statements of assets and liabilities** <br> December 31, 2022 (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Global <br> Jets ETF** | **U.S. Global <br> GO GOLD and <br> Precious Metal <br> Miners ETF** | **U.S. Global<br> Sea to Sky <br> Cargo ETF** |
| **Net Assets Consist of:** |  |  |  |
| Paid-in capital  | $3022235244 | $113615443 | $7161713 |
| Total distributable earnings (accumulated deficit)  | (1050501332) | (31191371) | (2308050) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets  | $1971733912 | $82424072 | $4853663 |
| **Net Asset Value:** |  |  |  |
| Net assets  | $1971733912 | $82424072 | $4853663 |
| Shares outstanding ^  | 115350000 | 5300000 | 350000 |
| Net asset value, offering and redemption price per share  | $17.09 | $15.55 | $13.87 |
| \*Identified Cost: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | $2609632646 | $85030622 | $6405723 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  | 232472119 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency  | 179105 | 597 | 14604 |
| +Includes loaned securities with a value of  | $192972588 | $3218820 | $358784 |

---

^ No par value, unlimited number of shares authorized.

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

**U.S. Global ETFs** 

**Statements of Operations** <br> For the Year/Period Ended December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Global <br> Jets ETF** | **U.S. Global <br> GO GOLD and <br> Precious Metal <br> Miners ETF** | **U.S. Global<br> Sea to Sky <br> Cargo ETF <sup>(1)</sup>** |
| **INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from unaffiliated investments+  | $11228706 | $1705945 | $956769 |
| &nbsp;&nbsp;&nbsp;Securities lending income, net (Note 4)  | 2019967 | 11904 | 8250 |
| &nbsp;&nbsp;&nbsp;Interest  | 208080 | 4283 | 3113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income  | 13456753 | 1722132 | 968132 |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Administration, fund accounting and custodian fees  |  |  | 70079 |
| &nbsp;&nbsp;&nbsp;Management fees  | 16786009 | 517026 | 41039 |
| &nbsp;&nbsp;&nbsp;Professional fees  |  |  | 31269 |
| &nbsp;&nbsp;&nbsp;Exchange fees  |  |  | 6576 |
| &nbsp;&nbsp;&nbsp;Trustee fees and expenses  |  |  | 4399 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses  |  |  | 1914 |
| &nbsp;&nbsp;&nbsp;Registration fees  |  |  | 806 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting expenses  |  |  | 642 |
| &nbsp;&nbsp;&nbsp;Insurance expenses  |  |  | 142 |
| &nbsp;&nbsp;&nbsp;Distribution fees  |  |  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses  | 16786009 | 517026 | 156956 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived and/or reimbursed (Note 3)  |  |  | (115917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses  | 16786009 | 517026 | 41039 |
| **Net investment income (loss)** | (3329256) | 1205106 | 927093 |

---

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

**U.S. Global ETFs** 

**Statements of Operations** <br> For the Year/Period Ended December 31, 2022 (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Global <br> Jets ETF** | **U.S. Global <br> GO GOLD and <br> Precious Metal <br> Miners ETF** | **U.S. Global<br> Sea to Sky <br> Cargo ETF <sup>(1)</sup>** |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | $(231886722) | $(13719713) | $(1428678) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  | (98608068) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions  | (646511) | (78843) | (15369) |
| Change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities  | (362682998) | 1355462 | (1050506) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities  | (43744159) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation  | 6352 | (722) | (289) |
| &nbsp;&nbsp;&nbsp;**Net realized and unrealized gain (loss) on investments** | (737562106) | (12443816) | (2494842) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | $(740891362) | $(11238710) | $(1567749) |
| &nbsp;&nbsp;&nbsp;+ Net of foreign taxes withheld of | $166292 | $225184 | $125697 |

---

(1) The Fund commenced operations on January 19, 2022. The information presented is for the period from January 19, 2022 to December 31, 2022.

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

**U.S. Global Jets ETF** 

<br> **Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $(3329256) | $(17754271) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency  | (331141301) | 449668819 |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | (406420805) | (747974650) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (740891362) | (316060102) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  |  | (21341787) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  |  | (21341787) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 1284996755 | 2843829385 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (1804123735) | (2178824370) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 8)  | 522032 | 270457 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions (a)**  | (518604948) | 665275472 |
| **Net increase (decrease) in net assets**  | $(1259496310) | $327873583 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $3231230222 | $2903356639 |
| &nbsp;&nbsp;&nbsp;End of year  | $1971733912 | $3231230222 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 62350000 | 113800000 |
| Shares redeemed  | (100200000) | (90450000) |
| Net increase (decrease)  | (37850000) | 23350000 |

---

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

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

<br> **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** |
| **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $1205106 | $1199943 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency  | (13798556) | (572853) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | 1354740 | (11370734) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (11238710) | (10743644) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (1272275) | (1187166) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (1272275) | (1187166) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 21558560 | 44046850 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (19586845) | (47266865) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 8)  | 35 | 11 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | 1971750 | (3220004) |
| **Net increase (decrease) in net assets**  | $(10539235) | $(15150814) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year  | $92963307 | $108114121 |
| &nbsp;&nbsp;&nbsp;End of year  | $82424072 | $92963307 |

---

(a) A summary of capital share transactions is as follows:

---

| | | |
|:---|:---|:---|
| | **Shares** | **Shares** |
| Shares sold  | 1250000 | 2200000 |
| Shares redeemed  | (1150000) | (2450000) |
| Net increase (decrease)  | 100000 | (250000) |

---

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

**U.S. Global Sea to Sky Cargo ETF** 

<br> **Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period Ended <br> December 31, <br> 2022<sup>(1)</sup>** |
| **OPERATIONS** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)  | $927093 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) on investments and foreign currency  | (1444047) |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation (depreciation) on investments and foreign currency  | (1050795) |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations**  | (1567749) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |
| &nbsp;&nbsp;&nbsp;Net distributions to shareholders  | (907983) |
| &nbsp;&nbsp;&nbsp;**Total distributions to shareholders**  | (907983) |
| **CAPITAL SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold  | 11024265 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed  | (3712870) |
| &nbsp;&nbsp;&nbsp;Transaction fees (Note 8)  | 18000 |
| &nbsp;&nbsp;&nbsp;**Net increase (decrease) in net assets derived from capital share transactions <sup>(a)</sup>**  | 7329395 |
| **Net increase (decrease) in net assets**  | $4853663 |
| **NET ASSETS** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period  | $— |
| &nbsp;&nbsp;&nbsp;End of period  | $4853663 |

---

(a) A summary of capital share transactions is as follows:

---

| | |
|:---|:---|
| | **Shares** |
| Shares sold  | 550000 |
| Shares redeemed  | (200000) |
| Net increase (decrease)  | 350000 |

---

(1) The Fund commenced operations on January 19, 2022. The information presented is for the period from January 19, 2022 to December 31, 2022.

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

**U.S. Global Jets ETF** 

**Financial Highlights** 

For a capital share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year  | $21.09 | $22.36 | $31.50 | $27.94 | $32.60 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |
| Net investment income (loss) <sup>(1)</sup>  | (0.02) | (0.12) | (0.05) | 0.31 | 0.18 |
| Net realized and unrealized gain (loss) on investments <sup>(4)</sup>  | (3.98) | (1.01) | (9.08) | 3.64 | (4.67) |
| Total from investment operations  | (4.00) | (1.13) | (9.13) | 3.95 | (4.49) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income  |  |  | (0.00)<sup>(2)</sup> | (0.39) | (0.15) |
| &nbsp;&nbsp;Capital gains  |  | (0.14) | (0.01) |  | (0.02) |
| Total distributions to shareholders  |  | (0.14) | (0.01) | (0.39) | (0.17) |
| **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** | **CAPITAL SHARE TRANSACTIONS** |  |
| &nbsp;&nbsp;Transaction fees (Note 8)  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> |  |  |
| Net asset value, end of year  | $17.09 | $21.09 | $22.36 | $31.50 | $27.94 |
| Total return  | -18.96% | -5.05% | -28.99% | 14.10% | -13.76% |
| **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** | **SUPPLEMENTAL DATA:** |  |
| Net assets at end of year (000's)  | $1971734 | $3231230 | $2903357 | $51976 | $85230 |
| **RATIOS TO AVERAGE NET ASSETS:** | **RATIOS TO AVERAGE NET ASSETS:** | **RATIOS TO AVERAGE NET ASSETS:** | **RATIOS TO AVERAGE NET ASSETS:** | **RATIOS TO AVERAGE NET ASSETS:** |  |
| Expenses to average net assets  | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net investment income (loss) to average net assets  | -0.12% | -0.50% | -0.28% | 1.02% | 0.57% |
| Portfolio turnover rate <sup>(3)</sup>  | 43% | 54% | 88% | 31% | 33% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the year.

<sup>(2)</sup> Represents less than $0.005 per share.

<sup>(3)</sup> Excludes the impact of in-kind transactions.

<sup>(4)</sup> Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Financial Highlights** 

For a capital share outstanding throughout the year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| Net asset value, beginning of year  | $17.88 | $19.84 | $17.45 | $11.40 | $12.81 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss) <sup>(1)</sup>  | 0.23 | 0.23 | 0.07 | 0.06 | 0.06 |
| Net realized and unrealized gain (loss) on investments <sup>(4)</sup>  | (2.32) | (1.96) | 3.54 | 6.02 | (1.42) |
| Total from investment operations  | (2.09) | (1.73) | 3.61 | 6.08 | (1.36) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |  |
| Distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income  | (0.24) | (0.08) | (0.05) | (0.03) | (0.05) |
| &nbsp;&nbsp;Capital gains  |  | (0.15) | (1.18) |  |  |
| Total distributions to shareholders  | (0.24) | (0.23) | (1.23) | (0.03) | (0.05) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |  |
| &nbsp;&nbsp;Transaction fees (Note 8)  | 0.00<sup>(2)</sup> | 0.00<sup>(2)</sup> | 0.01 |  |  |
| Net asset value, end of year  | $15.55 | $17.88 | $19.84 | $17.45 | $11.40 |
| Total return  | -11.67% | -8.72% | 20.85% | 53.37% | -10.60% |
| **SUPPLEMENTAL DATA:** |  |  |  |  |  |
| Net assets at end of year (000's)  | $82424 | $92963 | $108114 | $50610 | $11398 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| Expenses to average net assets  | 0.60% | 0.60% | 0.60% | 0.60% | 0.60% |
| Net investment income (loss) to average net assets  | 1.40% | 1.20% | 0.37% | 0.40% | 0.49% |
| Portfolio turnover rate <sup>(3)</sup>  | 106% | 81% | 130% | 158% | 130% |

---

<sup>(1)</sup> Calculated based on average shares outstanding during the year.

<sup>(2)</sup> Represents less than $0.005 per share.

<sup>(3)</sup> Excludes the impact of in-kind transactions.

<sup>(4)</sup> Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

**U.S. Global Sea to Sky Cargo ETF** 

**Financial Highlights** 

For a capital share outstanding throughout the period

---

| | | |
|:---|:---|:---|
|  | **Period Ended<br> December 31,<br> 2022 <sup>(1)</sup>** | **Period Ended<br> December 31,<br> 2022 <sup>(1)</sup>** |
|  | **Period Ended<br> December 31,<br> 2022 <sup>(1)</sup>** |  |
| Net asset value, beginning of period  |  | $20.00 |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** | **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |
| Net investment income (loss) <sup>(2)</sup>  |  | 2.40 |
| Net realized and unrealized gain (loss) on investments <sup>(7)</sup>  |  | (5.99) |
| Total from investment operations  |  | (3.59) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Distributions from: |  |  |
| &nbsp;&nbsp;Net investment income  |  | (2.59) |
| Total distributions to shareholders  |  | (2.59) |
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;Transaction fees (Note 8)  |  | 0.05 |
| Net asset value, end of period |  | $13.87 |
| Total return  |  | -17.92%<sup>(3)</sup> |
| **SUPPLEMENTAL DATA:** |  |  |
| Net assets at end of period (000's)  |  | $4854 |
| **RATIOS TO AVERAGE NET ASSETS:** |  |  |
| Expenses before fees waived  |  | 2.29%<sup>(4)(5)</sup> |
| Expenses after fees waived  |  | 0.60%<sup>(4)</sup> |
| Net investment income (loss) before fees waived  |  | 11.86%<sup>(4)(5)</sup> |
| Net investment income (loss) after fees waived  |  | 13.55%<sup>(4)</sup> |
| Portfolio turnover rate <sup>(6)</sup>  |  | 103%<sup>(3)</sup> |

---

<sup>(1)</sup> Commencement of operations on January 19, 2022.

<sup>(2)</sup> Calculated based on average shares outstanding during the period.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Annualized.

<sup>(5)</sup> Pursuant to a contractual operating expense limitation between the Adviser and the Fund, the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to ensure that Total Operating Expenses do not exceed 0.60% through at least April 30, 2023. See Note 3 in Notes to Financial Statements.

<sup>(6)</sup> Excludes the impact of in-kind transactions.

<sup>(7)</sup> Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

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

**U.S. Global ETFs** 

**Notes to Financial Statements** <br> December 31, 2022

**NOTE 1 – ORGANIZATION** 

U.S. Global Jets ETF, U.S. Global GO GOLD and Precious Metal Miners ETF, and U.S. Global Sea to Sky Cargo ETF (individually each a "Fund" or collectively the "Funds") are non-diversified series of ETF Series Solutions ("ESS" and 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 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 the U.S. Global Jets ETF is to track the performance, before fees and expenses, of the U.S. Global Jets Index. The investment objective of the U.S. Global GO GOLD and Precious Metal Miners ETF is to track the performance, before fees and expenses, of the U.S. Global GO GOLD and Precious Metal Miners Index. The investment objective of the U.S. Global Sea to Sky Cargo ETF is to track the performance, before fees and expenses, of the U.S. Global Sea to Sky Cargo Index. U.S. Global Jets ETF commenced operations on April 28, 2015, U.S. Global GO GOLD and Precious Metal Miners ETF commenced operations on June 27, 2017, and U.S. Global Sea to Sky Cargo ETF commenced operations on January 19, 2022.

The end of the reporting period for the Funds is December 31, 2022. The period covered by these Notes to Financial Statements is the fiscal year from January 1, 2022 through December 31, 2022 for U.S. Global Jets ETF and U.S. Global GO GOLD and Precious Metal Miners ETF and the period from January 19, 2022 through December 31, 2022 for U.S. Global Sea to Sky Cargo ETF (each, respectively the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance for 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 the accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&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 Markets<sup>®</sup> and Nasdaq Capital Market

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

Exchange<sup>®</sup> (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.

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share as provided by the underlying fund's administrator. These shares are generally classified as Level 2 Investments.

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 net asset value of their shares to differ significantly from the net asset value 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. Accounting principles generally accepted in the United States of America ("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.

---

| | |
|:---|:---|
| 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.  |

---

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

Level 3 – 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:

**U.S. Global Jets ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1953524961 | $— | $— | $1953524961 |
| Preferred Stocks | 10243861 |  |  | 10243861 |
| Short-Term Investments | 11470310 |  |  | 11470310 |
| Investments Purchased with Proceeds from Securities Lending |  | 196965595 |  | 196965595 |
| &nbsp;&nbsp;Total Investments in Securities | $1975239132 | $196965595 | $— | $2172204727 |

---

^ See Schedule of Investments for breakout of investments by country classification.

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $82104997 | $— | $— | $82104997 |
| Short-Term Investments | 267472 |  |  | 267472 |
| Investments Purchased with Proceeds from Securities Lending |  | 3325430 |  | 3325430 |
| &nbsp;&nbsp;Total Investments in Securities | $82372469 | $3325430 | $— | $85697899 |

---

^ See Schedule of Investments for breakout of investments by country classification.

**U.S. Global Sea to Sky Cargo ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $4769696 | $— | $— | $4769696 |
| Short-Term Investments | 207005 |  |  | 207005 |
| Investments Purchased with Proceeds from Securities Lending |  | 378516 |  | 378516 |
| &nbsp;&nbsp;Total Investments in Securities | $4976701 | $378516 | $— | $5355217 |

---

^ See Schedule of Investments for breakout of investments by country classification.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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 tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. 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

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

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 expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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. Interest income is recorded on an accrual basis. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholdings taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&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 on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&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

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&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 for 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 each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. *Reclassifications 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.

The permanent differences primarily relate to redemptions in-kind and net operating losses. For the year/period ended December 31, 2022, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings/ <br> (Accumulated Deficit)** | **Paid-In Capital** |
| U.S. Global Jets ETF  | $103473645 | $(103473645) |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | (4606843) | 4606843 |
| U.S. Global Sea to Sky Cargo ETF | 167682 | (167682) |

---

During the year/period ended December 31, 2022, the Funds realized the following net capital gains (losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and gains are not distributed to shareholders, they have been reclassified from distributable earnings/(accumulated deficit) to paid-in capital.

---

| | |
|:---|:---|
| U.S. Global Jets ETF  | $(99344585) |
| U.S. Global GO GOLD and Precious Metal Miners ETF  | 4606843 |
| U.S. Global Sea to Sky Cargo ETF | (167682) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. *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

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. *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 current fiscal period, that materially impacted the amounts or disclosures in each Fund's financial statements.

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

U.S. Global Investors, Inc. (the "Adviser"), serves as the investment adviser to the Funds. Pursuant to an 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 also arranges for the transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement for U.S. Global Jets ETF and U.S. Global GO GOLD and Precious Metal Miners ETF, the Adviser has agreed to pay all expenses incurred by the Funds, except: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, 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) expenses. For services provided to the Funds, each Fund pays the Adviser a management fee, calculated daily and paid monthly, at a rate of 0.60% based on the Fund's average daily net assets.

Separately, under an Operating Expenses Limitation, for the U.S. Global Sea to Sky Cargo ETF, the Adviser has agreed to limit the Fund's Operating Expenses to an annual rate of 0.60% of the first $100 million in net assets and 0.70% for net asset greater than $100 million. For purposes of this agreement, the term "Operating Expenses" is defined to include all expenses necessary or appropriate for the operation of the Fund, including the Adviser's management fee, except interest charges on any borrowings, 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) expenses. Under the Agreement, the Adviser may request recoupment of previously waived or paid fees from the Fund for up to three years from the end of

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

the month such fees and expenses were waived or paid. As of December 31, 2022, the Adviser has $115,917 remaining available to be recouped, which expires on December 31, 2025. Fees and expenses can only be recouped so long as the Fund's total expense ratio does not exceed the lesser of (1) the expense limitation in place at the time of the waiver and/or expense payment; or (2) the expense limitation in place at the time of the recoupment.

The Index that each Fund tracks was developed by U.S. Global Indices, LLC (the "Index Provider"), a wholly-owned subsidiary of the Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC ("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 supplied to the Board; 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.

The Custodian acts as the securities lending agent (the "Securities Lending Agent") for the Funds.

A Trustee and all officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – SECURITIES LENDING** 

Each Fund may lend up to 33⅓ percent of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned, that may occur during the term of the loan, will be for the account of the Fund. The Fund has the right, under the terms of the securities lending agreement, to recall the securities from the borrower on demand.

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

As of the end of the current fiscal period, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent.

As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of <br> Securities on Loan** | **Collateral <br> Received\*** |
| U.S. Global Jets ETF | $192972588 | $196965595 |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 3218820 | 3325430 |
| U.S. Global Sea to Sky Cargo ETF | 358784 | 378516 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedules of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. 

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

The interest income earned by the Funds on the investment of cash collateral received from the borrowers for the securities loaned to them ("Securities lending income") is reflected in the Funds' Statements of Operations. Net Fees and interest income earned on collateral investments and recognized by the Fund during the current fiscal period were as follows:

---

| | |
|:---|:---|
|  | **Net Fees and<br> Interest Earned** |
| U.S. Global Jets ETF | $2019967 |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 11904 |
| U.S. Global Sea to Sky Cargo ETF | 8250 |

---

Due to the absence of a master netting agreement related to the Funds' participation in securities lending, no offsetting disclosures have been made on behalf of the Funds.

**NOTE 5 – PURCHASE 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** |
| U.S. Global Jets ETF | $1211491463 | $1218644540 |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 90756760 | 90483687 |
| U.S. Global Sea to Sky Cargo ETF | 11414109 | 6990328 |

---

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** |
| U.S. Global Jets ETF | $1220632203 | $1733691290 |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 21021027 | 19368305 |
| U.S. Global Sea to Sky Cargo ETF | 5822045 | 2982987 |

---

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

**NOTE 6 – TRANSACTIONS WITH AFFILIATED SECURITIES** 

Investments in issuers considered to be affiliate(s) of U.S. Global Jets ETF during the current fiscal period for purposes of Section 2(a)(3) of the 1940 Act, due to the Fund owning greater than five percent of the outstanding voting shares, were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Affiliated <br> Issuer** | **Value at <br> 12/31/2021** | **Purchases <br> at Cost** | **Proceeds <br> from Sales** | **Net Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value at <br> 12/31/2022** |
| SkyWest, Inc. | $92795946 | $78287210 | $(44365762) | $(8328890) | $(60502694) | $57885810 |
| Sun Country Airlines Holdings, Inc. | 98439780 | 103931744 | (170553064) | (71021477) | 39203017 |  |
| Hawaiian Holdings, Inc. | 89901641 | 62971253 | (62282745) | (19257701) | (22444482) | 48887966 |
|  | $281137367 |  |  | $(98608068) | $(43744159) | $106773776 |

---

---

| | | |
|:---|:---|:---|
| **Affiliated Issuer (continued)** | **Shares Held <br> at 12/31/22** | **Dividend <br> Income** |
| SkyWest, Inc. | 3506106 | $— |
| Sun Country Airlines Holdings, Inc. |  |  |
| Hawaiian Holdings, Inc. | 4764909 |  |
|  |  | $— |

---

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

**NOTE 7 – INCOME TAX INFORMATION** 

The components of distributable earnings/(accumulated deficit) and cost basis of investments for federal income tax purposes at December 31, 2022 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Global <br> Jets ETF** | **U.S. Global <br> GO GOLD and <br> Precious Metal <br> Miners ETF** | **U.S. Global Sea <br> to Sky Cargo ETF** |
| Tax cost of investments | $2936946412 | $88350607 | $7022163 |
| Gross tax unrealized appreciation | $75926076 | $4323195 | $55495 |
| Gross tax unrealized depreciation | (840669672) | (6954052) | (1722730) |
| Total unrealized appreciation/(depreciation) | (764743596) | (2630857) | (1667235) |
| Undistributed ordinary income |  | 778959 | 2441 |
| Undistributed long term capital gains |  |  |  |
| Other accumulated gain/(loss) | (285757736) | (29339473) | (643256) |
| Distributable earnings/(accumulated deficit) | $(1050501332) | $(31191371) | $(2308050) |

---

The difference between the cost basis for financial statement and federal income tax purposes was primarily due to the tax deferral of losses from wash sales.

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 year subsequent to October 31 and December 31, respectively. At December 31, 2022, U.S. Global Jets ETF deferred, on a tax-basis, no post-October capital losses, and $227,151 of late-year ordinary losses. U.S. Global GO GOLD and Precious Metal Miners ETF deferred, on a tax-basis, no post-October capital losses and no late-year ordinary losses. U.S. Global Sea to Sky Cargo ETF deferred, on a tax-basis, no post-October capital losses and no late-year ordinary losses.

As of December 31, 2022, the Funds had the following capital loss carryforward available, with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
| U.S. Global Jets ETF | $221835542 | $63695043 |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 19262711 | 10076762 |
| U.S. Global Sea to Sky Cargo ETF | 643256 |  |

---

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2022 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains** |
| U.S. Global Jets ETF | $— | $— |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 1272275 |  |
| U.S. Global Sea to Sky Cargo ETF | 907983 |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains** |
| U.S. Global Jets ETF | $21341787 | $— |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 401808 | 785358 |
| U.S. Global Sea to Sky Cargo ETF | N/A | N/A |

---

**NOTE 8 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. U.S. Global Jets ETF and U.S. Global GO GOLD and Precious Metal Miners ETF issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 shares, called "Creation Units." U.S. Global Sea to Sky Cargo ETF issues and redeems shares generally in blocks of 25,000 shares. 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 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 has 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

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

Units. The standard fixed transaction fee for U.S. Global GO GOLD and Precious Metal Miners ETF is $300, and the standard fixed transaction fee for U.S Global Jets ETF and U.S. Global Sea to Sky Cargo ETF is $500, which is payable to the Custodian. The fixed transaction fee may be waived on certain orders if the applicable Fund's Custodian has determined to waive some or all of 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 costs associated with cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transaction 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 9 – PRINCIPAL RISKS** 

**Airline Companies Risk.** U.S. Global Jets ETF invests in Airline companies. Airline companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel. Airline companies may also be significantly affected by changes in fuel prices which may be very volatile. Airline companies may also be significantly affected by changes in labor relations and insurance costs.

**Gold and Precious Metals Risk.** U.S. Global GO GOLD and Precious Metal Miners ETF will be sensitive to changes in, and its performance will depend to a greater extent on, the overall condition of the metals and mining industry. Competitive pressures may have a significant effect on the financial condition of companies in such industry. Also, such companies are highly dependent on the price of certain precious metals. These prices may fluctuate substantially over short periods of time, so the Fund's share price may be more volatile than other types of investments. The prices of precious metals rise and fall in response to many factors, including: economic cycles; changes in inflation or expectations about inflation in various countries; interest rates; currency fluctuations; metal sales by governments, central banks, or international agencies; investment speculation; resource availability; fluctuations in industrial and commercial supply and demand; government regulation of the metals and materials industries; and government prohibitions or restrictions on the private ownership of certain precious and rare metals. The U.S. Global GO GOLD and Precious Metal Miners Index measures the performance of equity securities of Precious Metals Companies and does not measure the performance of direct investment in previous metals. Consequently, the Fund's share price may not move in the same direction and to the same extent as the spot prices of precious metals.

**Cargo Companies Risk.** U.S. Global Sea to Sky Cargo ETF is expected to concentrate its investments in the securities of Cargo Companies. Cargo Companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for marine shipping, ports, and air freight. Cargo Companies may also

**U.S. Global ETFs** 

**NOTES TO FINANCIAL STATEMENTS** <br> December 31, 2022 (Continued)

be significantly affected by changes in fuel prices, which may be very volatile, the imposition of tariffs or trade wars, changes in labor relations or availability, insurance costs, commodities prices in general, international politics and conflicts, changes in airborne or seaborne transportation patterns, changes to marine shipping and air freight routes, weather patterns and events, including hurricane activity, maritime accidents, canal closures, and port congestion. Cargo Companies may also be highly dependent on aircraft, ships, or related equipment from a small number of suppliers, and consequently, issues affecting the availability, reliability, safety, or longevity of such aircraft, ships, or equipment (e.g., the inability of a supplier to meet demand or the grounding of an aircraft due to safety concerns) may have a significant effect on the operations and profitability of Cargo Companies.

**Concentration Risk.** The Funds may be susceptible to an increased risk of loss, including losses due to adverse occurrences affecting the Funds more than the market as a whole, to the extent that the Funds' investments are concentrated in the securities of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class.

**COVID-19 Risk.** The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds' investments.

**U.S. Global ETFs** 

**Report of Independent Registered Public Accounting Firm** 

<br> To the Shareholders of U.S. Global ETFs and<br> Board of Trustees of ETF Series Solutions

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of U.S. Global ETFs comprising the Funds listed below (the "Funds"), each a series of ETF Series Solutions, as of December 31, 2022, the related statements of operations, the statements of changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (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 December 31, 2022, 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 Changes <br> in Net Assets | Financial Highlights |
| U.S. Global Jets ETF and U.S. Global GO GOLD and Precious Metal Miners ETF | For the year ended December 31, 2022  | For the years ended December 31, 2022 and 2021  | For the years ended December 31, 2022, 2021, 2020, 2019 and 2018  |
| U.S. Global Sea to Sky Cargo ETF  | For the period from January 19, 2022 (commencement of operations) to December 31, 2022  | For the period from January 19, 2022 (commencement of operations) to December 31, 2022  | For the period from January 19, 2022 (commencement of operations) to December 31, 2022  |

---

<u><u>Basis for Opinion</u></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 audit 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

**U.S. Global ETFs** 

**Report of Independent Registered Public Accounting Firm** <br> (Continued)

procedures included confirmation of securities owned as of December 31, 2022, 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 2015.

![](fp0081714-1_48.jpg)

COHEN & COMPANY, LTD.<br> Milwaukee, Wisconsin<br> February 24, 2023

**U.S. Global ETFs** 

**Trustees and Officers** 

(Unaudited)

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o U.S. Bank Global Fund Services, 615 E. Michigan Street, Milwaukee, WI 53202.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and <br> Year of Birth** | **Position <br> Held with <br> the Trust** | **Term of <br> Office and <br> Length of <br> Time <br> Served** | **Principal Occupation(s) <br> During Past 5 Years** | **Number of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by Trustee** | **Other <br> Directorships <br> Held <br> by Trustee <br> During <br> Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Leonard M. Rush, CPA<br> Born: 1946 | &nbsp;&nbsp;Lead Independent Trustee and Audit Committee Chairman | &nbsp;&nbsp;Indefinite term;<br> since 2012 | &nbsp;&nbsp;Retired; formerly Chief Financial Officer, Robert W. Baird & Co. Incorporated (wealth management firm) (2000–2011). | 57 | &nbsp;&nbsp;Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011). |
| David A. Massart<br> Born: 1967 | &nbsp;&nbsp;Trustee and Nominating and Governance Committee Chairman | &nbsp;&nbsp;Indefinite term;<br> since 2012; Chairman since 2023 | &nbsp;&nbsp;Partner and Managing Director, Beacon Pointe Advisors, LLC (since 2022); Co-Founder, President, and Chief Investment Strategist, Next Generation Wealth Management, Inc. (2005-2021). | 57 | &nbsp;&nbsp;Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011). |
| Janet D. Olsen<br> Born: 1956 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Indefinite term;<br> since 2018 | &nbsp;&nbsp;Retired; formerly Managing Director and General Counsel, Artisan Partners Limited Partnership (investment adviser) (2000–2013); Executive Vice President and General Counsel, Artisan Partners Asset Management Inc. (2012–2013); Vice President and General Counsel, Artisan Funds, Inc. (investment company) (2001–2012). | 57 | &nbsp;&nbsp;Independent Trustee, PPM Funds (2 portfolios) (since 2018). |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| Michael A. Castino <br> Born: 1967 | &nbsp;&nbsp;Trustee and Chairman | &nbsp;&nbsp;Indefinite term; Trustee since 2014; Chairman since 2013 | &nbsp;&nbsp;Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2013); Managing Director of Index Services, Zacks Investment Management (2011–2013). | 57 |  |

---

**U.S. Global ETFs** 

**Trustees and Officers** 

(Unaudited) (Continued)

The officers of the Trust conduct and supervise its daily businesses. The address of each officer of the Trust is c/o U.S. Bank Global Services, 615 E. Michigan Street, Milwaukee, WI 53202. Additional information about the Trust's officers is as follows.

---

| | | | |
|:---|:---|:---|:---|
| **Name and <br> Year of Birth** | **Position(s) <br> Held with <br> the Trust** | **Term of Office <br> and Length of <br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** |
| **Principal Officers of the Trust** | **Principal Officers of the Trust** | **Principal Officers of the Trust** | **Principal Officers of the Trust** |
| Kristina R. Nelson<br> Born: 1982 | &nbsp;&nbsp;President | &nbsp;&nbsp;Indefinite term;<br> since 2019 | &nbsp;&nbsp;Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2020); Vice President, U.S. Bancorp Fund Services, LLC (2014–2020). |
| Alyssa M. Bernard<br> Born: 1988 | &nbsp;&nbsp;Vice President | &nbsp;&nbsp;Indefinite term;<br> since 2021 | &nbsp;&nbsp;Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018–2021); Attorney, Waddell & Reed Financial, Inc. (2017–2018). |
| Cynthia L. Andrae<br> Born: 1971 | &nbsp;&nbsp;Chief Compliance Officer and Anti-Money Laundering Officer | &nbsp;&nbsp;Indefinite term;<br> since 2022<br> (other roles since 2021) | &nbsp;&nbsp;Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Compliance Officer, U.S. Bancorp Fund Services, LLC (2015-2019). |
| Kristen M. Weitzel<br> Born: 1977 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2014<br> (other roles since 2013) | &nbsp;&nbsp;Vice President, U.S. Bancorp Fund Services, LLC (since 2015); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011–2015). |
| Isabella K. Zoller<br> Born: 1994 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Indefinite term;<br> since 2021<br> (other roles since 2020) | &nbsp;&nbsp;Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2019); Regulatory Administration Intern, U.S. Bancorp Fund Services, LLC (2018–2019); Law Student (2016–2019). |
| Jason E. Shlensky<br> Born: 1987 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2019 | &nbsp;&nbsp;Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Officer, U.S. Bancorp Fund Services, LLC (2014–2019). |
| Jessica L. Vorbeck<br> Born: 1984 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2020 | &nbsp;&nbsp;Officer, U.S. Bancorp Fund Services, LLC (since 2018; 2014-2017). |
| Vladimir V. Gurevich<br> Born: 1983 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Indefinite term;<br> since 2022 | &nbsp;&nbsp;Officer, U.S. Bancorp Fund Services, LLC<br> (since 2021); Fund Administrator, UMB<br> Fund Services, Inc. (2015 -2021). |

---

The Statement of Additional Information ("SAI") includes additional information about the Trustees and is available without charge, upon request, by calling toll free at (800) 617-0004, or by accessing the SEC's website at <u>www.sec.gov</u>, or by accessing the Funds' website at <u>www.usglobaletfs.com</u>.

**U.S. Global ETFs** 

**Expense Examples** 

For the Six-Months Ended December 31, 2022 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated in the following Expense Example Tables.

**Actual Expenses** 

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period'' to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes** 

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

**U.S. Global ETFs** 

**Expense Examples** 

For the Six-Months Ended December 31, 2022 (Unaudited) (Continued)

**U.S. Global Jets ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> July 1, 2022** | **Ending <br> Account Value <br> December 31, <br> 2022** | **Expenses <br> Paid During <br> the Period<sup>(1)</sup>** |
| Actual | $1000.00 | $1037.80 | $3.08 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1022.18 | $3.06 |

---

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> July 1, 2022** | **Ending <br> Account Value <br> December 31, <br> 2022** | **Expenses <br> Paid During <br> the Period<sup>(1)</sup>** |
| Actual | $1000.00 | $1092.40 | $3.16 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1022.18 | $3.06 |

---

**U.S. Global Sea to Sky Cargo ETF** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning <br> Account Value <br> July 1, 2022** | **Ending <br> Account Value <br> December 31, <br> 2022** | **Expenses <br> Paid During <br> the Period<sup>(2)</sup>** |
| Actual | $1000.00 | $921.90 | $2.91 |
| Hypothetical (5% annual return before expenses) | $1000.00 | $1022.18 | $3.06 |

---

<sup>(1)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.60%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

<sup>(2)</sup> The dollar amounts shown as expenses paid during the period are equal to the annualized net expense ratio, 0.60%, multiplied by the average account value during the period, multiplied by 184/365, to reflect the one-half year period.

**U.S. Global ETFs** 

**Review of Liquidity Risk Management Program** 

(Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the "Series"), has adopted a liquidity risk management program to govern the Trust's approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust's liquidity risk management program is tailored to reflect the Series' particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the "Program") tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2021. The report concluded that the Program is reasonably designed to assess and manage the Series' liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series' ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series' exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

**U.S. Global Jets ETF** 

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Approval of Advisory Agreement & Board Considerations** 

(Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on July 21, 2022 (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 U.S. Global Investors, Inc. (the "Adviser") and the Trust, on behalf of U.S. Global Jets ETF and U.S. Global GO GOLD and Precious Metal Miners ETF (each, a "Fund" and, together, 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 by the Adviser; (ii) the historical performance of the Funds; (iii) the cost of the services provided and the profits realized by the Adviser from services rendered to each Fund; (iv) comparative 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 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 investment adviser to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, representatives from the Adviser provided an oral overview of each Fund's strategy, the services provided to each Fund 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 on the approval of the continuation of the Advisory Agreement in light of this information.

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

**U.S. Global Jets ETF** 

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Approval of Advisory Agreement & Board Considerations** 

(Unaudited) (Continued)

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.

*Historical Performance.* The Trustees next considered each Fund's performance. The Board observed that additional information regarding each Fund's past investment performance, for periods ended March 31, 2022, 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 (the "Peer Group") as well as with funds in the Fund's Morningstar category (the "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be the U.S. Global GO GOLD and Precious Metal Miners ETF's most direct competitors (the "Selected Peer Group") and provided the Selected Peer Group's performance results; however, the Adviser noted that the U.S. Global Jets ETF does not have any established peer ETFs that directly compete with the Fund by concentrating their investments in the airline industry, but the Adviser will monitor any newly launched funds that pursue a similar strategy.

<u>U.S. Global Jets ETF</u>: The Board noted that, for each of the one-year, three-year, and since inception periods ended March 31, 2022, the Fund's performance on a gross of fees basis (i.e., excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund significantly underperformed its broad-based benchmark, the S&P 500 Total Return Index, for the one-year, three-year, and since inception periods. However, the Board noted that the S&P 500 Total Return Index provides an indication

**U.S. Global Jets ETF** 

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Approval of Advisory Agreement & Board Considerations** 

(Unaudited) (Continued)

of the performance of U.S. large-cap companies, while the Fund's objective is to track its underlying index, which tracks the performance of Airline Companies (as defined by the index) across the globe with an emphasis on domestic passenger airlines.

The Board noted that, for the one-year, three-year and five-year periods ended March 31, 2022, the Fund significantly underperformed the median return of its Peer Group and Category Peer Group. The Category Peer Group is comprised of funds in the U.S. Fund Industrials Morningstar category.

<u>U.S. Global GO GOLD and Precious Metal Miners ETF</u>: The Board noted that, for each of the one-year, three-year, and since inception periods ended March 31, 2022, the Fund's performance on a gross of fees basis (i.e., excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that the Fund tracked its underlying index closely and in an appropriate manner. Board also noted that the Fund outperformed its broad-based benchmark, the S&P 500 Total Return Index, for the three-year periods, but the Fund underperformed the same benchmark for the one-year and since inception periods. The Board noted that the S&P 500 Total Return Index provides an indication of the performance of U.S. large-cap companies, while the Fund's objective is to track its underlying index, which tracks the performance of Precious Metals Companies (as defined by the index).

The Board noted that, for the one-year and three-year periods ended March 31, 2022, the Fund outperformed the median return of its Peer Group but slightly underperformed the median return of its Category Peer Group. The Category Peer Group is comprised of funds in the U.S. Fund Equity Precious Metals Morningstar category.

The Board also noted that the Fund underperformed all of the funds from the Selected Peer Group for the one-year and three-year periods ended March 31, 2022. The funds included by the Adviser in the Selected Peer Group include funds that pursue index-based, global equity, gold and/or precious metal mining investment strategies similar to those of the Fund.

*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, 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

**U.S. Global Jets ETF** 

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

**Approval of Advisory Agreement & Board Considerations** 

(Unaudited) (Continued)

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 the Adviser's own fee and resources.

<u>U.S. Global Jets ETF</u>: The Board noted that the Fund's net expense ratio was equal to its unified fee (described above). The Board compared the Fund's net expense ratio to its Peer Group and Category Peer Group, as shown in the Barrington Report. The Board noted that the Fund's net expense ratio was higher than the median net expense ratio of the other funds in the Peer Group and lower than the median net expense ratio of the Category Peer Group.

<u>U.S. Global GO GOLD and Precious Metal Miners ETF</u>: The Board noted that the Fund's net expense ratio was equal to its unified fee (described above). The Board compared the Fund's net expense ratio to its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group. The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the Peer Group and Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratio of each of the other funds in the 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, noting 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 expressed the view that it currently appeared that the Adviser might realize economies of scale in managing the Fund as assets grow in size. The Board noted that, should the Adviser realize economies of scale in the future, the Board would evaluate whether those economies were appropriately shared with Fund shareholders, whether through the structure and amount of the fee or by other means.

*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.

**U.S. Global ETFs** 

**Federal Tax Information** 

(Unaudited)

For the fiscal year/period ended December 31, 2022, certain dividends paid by the Funds may be subject to the maximum 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:

---

| | |
|:---|:---|
| U.S. Global Jets ETF | 0.00% |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 100.00% |
| U.S. Global Sea to Sky Cargo ETF | 77.17% |

---

For corporate shareholders, the percentage of ordinary income distributions that qualified for the corporate dividend received deduction for the fiscal year/period ended December 31, 2022 was as follows:

---

| | |
|:---|:---|
| U.S. Global Jets ETF | 0.00% |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 8.41% |
| U.S. Global Sea to Sky Cargo ETF | 2.11% |

---

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:

---

| | |
|:---|:---|
| U.S. Global Jets ETF | 0.00% |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 0.00% |
| U.S. Global Sea to Sky Cargo ETF | 0.00% |

---

**U.S. Global ETFs** 

**Federal Tax Credit Pass Through** 

(Unaudited)

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the fiscal year/period ended December 31, 2022. 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** |
| U.S. Global Jets ETF | $— | $— |  |
| U.S. Global GO GOLD and Precious Metal Miners ETF | 225184 | 0.042488 | 100.00% |
| U.S. Global Sea to Sky Cargo ETF | 125697 | 0.359136 | 100.00% |

---

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.

**Information About Portfolio Holdings** <br> (Unaudited)

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds' website at <u>www.usglobaletfs.com</u>. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at <u>www.sec.gov</u>. Each Fund's portfolio holdings are posted on their website at <u>www.usglobaletfs.com</u> daily.

**U.S. Global ETFs** 

**Information About Proxy Voting** 

(Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC's website at <u>www.sec.gov</u>, or by accessing the Funds' website at <u>www.usglobaletfs.com</u>.

When available, information regarding how the Funds voted proxies relating to portfolio securities during the twelve-month period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC's website at <u>www.sec.gov</u>.

**Frequency Distribution of Premiums and Discounts**<br> (Unaudited)

Information regarding how often shares of each Fund trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available, without charge, on the Funds' website at <u>www.usglobaletfs.com</u>.

(This Page Intentionally Left Blank.)

***Adviser***

U.S. Global Investors, Inc.<br> 7900 Callaghan Road<br> San Antonio, Texas 78229

***Index Provider***

U.S. Global Indices, LLC<br> 7900 Callaghan Road<br> San Antonio, Texas 78229

***Distributor***

Quasar Distributors, LLC<br> 111 East Kilbourn Avenue, Suite 2200<br> Milwaukee, Wisconsin 53202

***Custodian***

U.S. Bank National Association<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212

***Transfer Agent***

U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, Wisconsin 53202

***Independent Registered Public Accounting Firm***

Cohen & Company, Ltd.<br> 342 North Water Street, Suite 830<br> Milwaukee, Wisconsin 53202

***Legal Counsel***

Morgan, Lewis & Bockius LLP<br> 1111 Pennsylvania Avenue, NW<br> Washington, DC 20004

**U.S. Global Jets ETF** 

Symbol – JETS<br> CUSIP – 26922A842

**U.S. Global GO GOLD and Precious Metal Miners ETF** 

Symbol – GOAU<br> CUSIP – 26922A719

**U.S. Global Sea to Sky Cargo ETF** 

Symbol – SEA<br> CUSIP – 26922B865

(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.

**U.S. Global Jets ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $14000 | $14000 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3500 | $3500 |
| All Other Fees | $0 | $0 |

---

**U.S. Global GO GOLD and Precious Metal Miners ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $15000 | $15000 |
| Audit-Related Fees | $0 | $0 |
| Tax Fees | $3500 | $3500 |
| All Other Fees | $0 | $0 |

---

**U.S. Global Sea to Sky Cargo ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit Fees | $15000 | N/A |
| Audit-Related Fees | $0 | N/A |
| Tax Fees | $3500 | N/A |
| All Other Fees | $0 | N/A |

---

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.

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

**U.S. Global Jets ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**U.S. Global GO GOLD and Precious Metal Miners ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

**U.S. Global Sea to Sky Cargo ETF**

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| Audit-Related Fees | 0% | N/A |
| Tax Fees | 0% | N/A |
| All Other Fees | 0% | N/A |

---

All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

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.S. Global Jets ETF**

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 12/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**U.S. Global GO GOLD and Precious Metal Miners ETF**

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 12/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

**U.S. Global Sea to Sky Cargo ETF**

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2022</u> <u>FYE 12/31/2021</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u> N/A </u> <u> N/A </u>

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.

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.

The registrant is not a foreign issuer.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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, and Janet D. Olsen.

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

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

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

**<u>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 8. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 10. 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 11. Controls and Procedures.</u>**

(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.

(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 has materially affected, or is reasonably likely to materially affect, the Registrant's
internal control over financial reporting.

**<u>Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Exhibits.</u>**

(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.](fp0081714-3_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](fp0081714-3_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *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;(4) *Change in registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

 

*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](fp0081714-3_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 | March 8, 2023 |

---

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 | March 8, 2023 |
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date | March 8, 2023 |

---

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

## Ex-99.Code

**ETF Series Solutions**

**Code of Ethics**

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

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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:

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

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;

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;

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;(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;(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;(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;(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

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;(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;(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: | March 8, 2023 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

EX.99.CERT

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

I, Kristen M. Weitzel, certify that:

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

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;

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;

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;(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;(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;(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;(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

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: | March 8, 2023 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) |
|  |  | 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 December 31, 2022 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 ETF Series Solutions for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson | Kristina R. Nelson | Kristen M. Weitzel |
| President (principal executive officer) <br> ETF Series Solutions | President (principal executive officer) <br> ETF Series Solutions | Treasurer (principal financial officer) <br> ETF Series Solutions |
| Dated: | March 8, 2023 |  |

---

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.