# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-015946
**Filing Date:** 2025-11
**Character Count:** 43593
**Document Hash:** 87119bc1e047d6a45aaa26f62b1216a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015946.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015946

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251529100

**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

### Defiance Quantum ETF (Series ID: S000062478)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000202668 | Defiance Quantum ETF | QTUM            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Defiance Quantum ETF** | **Defiance Quantum ETF** | **Defiance Quantum ETF** | **Defiance Quantum ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.5%** | **COMMON STOCKS - 99.5%** | **Shares** | **Value**  |
| **Communication Services - 6.6%** | **Communication Services - 6.6%** | **Communication Services - 6.6%** | |
| Alphabet, Inc. - Class A | Alphabet, Inc. - Class A | 156303 | $37997259 |
| Baidu, Inc. - ADR <sup>(a)(b)</sup> | Baidu, Inc. - ADR <sup>(a)(b)</sup> | 316666 | 41727079 |
| Koninklijke KPN NV | Koninklijke KPN NV | 5875320 | 28214736 |
| NTT, Inc. | NTT, Inc. | 25669731 | 26889037 |
| Orange SA | Orange SA | 1920247 | 31159508 |
|  |  |  | 165987619 |
| **Consumer Discretionary - 1.6%** | **Consumer Discretionary - 1.6%** | **Consumer Discretionary - 1.6%** |  |
| Alibaba Group Holding, Ltd. - ADR <sup>(b)</sup> | Alibaba Group Holding, Ltd. - ADR <sup>(b)</sup> | 230423 | 41183503 |
| **Health Care - 1.4%** | **Health Care - 1.4%** | **Health Care - 1.4%** |  |
| RadNet, Inc. <sup>(a)</sup> | RadNet, Inc. <sup>(a)</sup> | 479077 | 36510458 |
| **Industrials - 11.1%** | **Industrials - 11.1%** | **Industrials - 11.1%** |  |
| ABB, Ltd. | ABB, Ltd. | 480491 | 34615401 |
| Airbus SE | Airbus SE | 147552 | 34224103 |
| Booz Allen Hamilton Holding Corporation | Booz Allen Hamilton Holding Corporation | 275465 | 27532727 |
| Hitachi, Ltd. | Hitachi, Ltd. | 972225 | 25871580 |
| Honeywell International, Inc. | Honeywell International, Inc. | 122774 | 25843927 |
| Lockheed Martin Corporation | Lockheed Martin Corporation | 60684 | 30294059 |
| Mitsubishi Electric Corporation | Mitsubishi Electric Corporation | 1371211 | 35309716 |
| Northrop Grumman Corporation | Northrop Grumman Corporation | 56735 | 34569770 |
| RTX Corporation | RTX Corporation | 195481 | 32709836 |
|  |  |  | 280971119 |
| **Information Technology - 78.8%<sup>(c)</sup>** | **Information Technology - 78.8%<sup>(c)</sup>** | **Information Technology - 78.8%<sup>(c)</sup>** |  |
| Accenture PLC - Class A | Accenture PLC - Class A | 86811 | 21407593 |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | Advanced Micro Devices, Inc. <sup>(a)</sup> | 228837 | 37023538 |
| Alchip Technologies, Ltd. | Alchip Technologies, Ltd. | 258102 | 29343245 |
| Analog Devices, Inc. | Analog Devices, Inc. | 119188 | 29284492 |
| Applied Materials, Inc. | Applied Materials, Inc. | 160457 | 32851966 |
| ARM Holdings PLC - ADR <sup>(a)(b)</sup> | ARM Holdings PLC - ADR <sup>(a)(b)</sup> | 197464 | 27939181 |
| Arqit Quantum, Inc. <sup>(a)(b)</sup> | Arqit Quantum, Inc. <sup>(a)(b)</sup> | 1021248 | 39573360 |
| ASML Holding NV | ASML Holding NV | 35350 | 34221981 |
| Asustek Computer, Inc. | Asustek Computer, Inc. | 1196316 | 26337950 |
| Broadcom, Inc. | Broadcom, Inc. | 109577 | 36150548 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | Cadence Design Systems, Inc. <sup>(a)</sup> | 90208 | 31686462 |
| Cirrus Logic, Inc. <sup>(a)</sup> | Cirrus Logic, Inc. <sup>(a)</sup> | 270056 | 33835316 |
| Cloudflare, Inc. - Class A <sup>(a)</sup> | Cloudflare, Inc. - Class A <sup>(a)</sup> | 154265 | 33103726 |
| Coherent Corporation <sup>(a)</sup> | Coherent Corporation <sup>(a)</sup> | 340157 | 36641712 |
| D-Wave Quantum, Inc. <sup>(a)(b)</sup> | D-Wave Quantum, Inc. <sup>(a)(b)</sup> | 1677356 | 41447467 |
| Elastic NV <sup>(a)(b)</sup> | Elastic NV <sup>(a)(b)</sup> | 333369 | 28166347 |
| Fujitsu, Ltd. | Fujitsu, Ltd. | 1148930 | 27104121 |
| Global Unichip Corporation | Global Unichip Corporation | 685991 | 30160376 |
| Hewlett Packard Enterprise Company | Hewlett Packard Enterprise Company | 1521774 | 37374769 |
| Hon Hai Precision Industry Company, Ltd. | Hon Hai Precision Industry Company, Ltd. | 5316000 | 37674913 |
| Infineon Technologies AG | Infineon Technologies AG | 662599 | 25848103 |
| Intel Corporation | Intel Corporation | 1340734 | 44981626 |
| International Business Machines Corporation | International Business Machines Corporation | 98440 | 27775830 |
| IonQ, Inc. <sup>(a)(b)</sup> | IonQ, Inc. <sup>(a)(b)</sup> | 800141 | 49208672 |
| KLA Corporation | KLA Corporation | 31749 | 34244471 |
| Lam Research Corporation | Lam Research Corporation | 304854 | 40819951 |
| Lattice Semiconductor Corporation <sup>(a)</sup> | Lattice Semiconductor Corporation <sup>(a)</sup> | 543548 | 39852939 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 406310 | 34158482 |
| MediaTek, Inc. | MediaTek, Inc. | 613284 | 26460675 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | 398338 | 25581266 |
| Micron Technology, Inc. | Micron Technology, Inc. | 238926 | 39977098 |
| Microsoft Corporation | Microsoft Corporation | 58640 | 30372588 |
| MKS, Inc. | MKS, Inc. | 295963 | 36631341 |
| MongoDB, Inc. <sup>(a)</sup> | MongoDB, Inc. <sup>(a)</sup> | 131626 | 40854078 |
| NEC Corporation | NEC Corporation | 1027705 | 32977581 |
| Nokia Oyj - ADR | Nokia Oyj - ADR | 5251392 | 25259196 |
| Nutanix, Inc. - Class A <sup>(a)</sup> | Nutanix, Inc. - Class A <sup>(a)</sup> | 374340 | 27847153 |
| NVE Corporation <sup>(b)</sup> | NVE Corporation <sup>(b)</sup> | 377845 | 24661943 |
| NVIDIA Corporation | NVIDIA Corporation | 194077 | 36210887 |
| NXP Semiconductors NV | NXP Semiconductors NV | 127533 | 29043090 |
| ON Semiconductor Corporation <sup>(a)</sup> | ON Semiconductor Corporation <sup>(a)</sup> | 535450 | 26403040 |
| Onto Innovation, Inc. <sup>(a)</sup> | Onto Innovation, Inc. <sup>(a)</sup> | 277418 | 35847954 |
| Oracle Corporation | Oracle Corporation | 157177 | 44204459 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 203244 | 37075770 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 173808 | 28914699 |
| Quantum Computing, Inc. <sup>(a)(b)</sup> | Quantum Computing, Inc. <sup>(a)(b)</sup> | 1638054 | 30156574 |
| Renesas Electronics Corporation | Renesas Electronics Corporation | 2028858 | 23436583 |
| Reply SpA | Reply SpA | 158963 | 22638023 |
| Rigetti Computing, Inc. <sup>(a)(b)</sup> | Rigetti Computing, Inc. <sup>(a)(b)</sup> | 2445818 | 72860918 |
| Salesforce, Inc. | Salesforce, Inc. | 104224 | 24701088 |
| Snowflake, Inc. - Class A <sup>(a)</sup> | Snowflake, Inc. - Class A <sup>(a)</sup> | 132906 | 29976948 |
| STMicroelectronics NV <sup>(b)</sup> | STMicroelectronics NV <sup>(b)</sup> | 927620 | 26214541 |
| Synopsys, Inc. <sup>(a)</sup> | Synopsys, Inc. <sup>(a)</sup> | 69628 | 34353759 |
| Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | 129500 | 36168055 |
| Teradata Corporation <sup>(a)</sup> | Teradata Corporation <sup>(a)</sup> | 1249547 | 26877756 |
| Teradyne, Inc. | Teradyne, Inc. | 319454 | 43969649 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 138824 | 25506134 |
| Tokyo Electron, Ltd. | Tokyo Electron, Ltd. | 159400 | 28450987 |
| Tower Semiconductor, Ltd. <sup>(a)</sup> | Tower Semiconductor, Ltd. <sup>(a)</sup> | 671657 | 48560801 |
| Wipro, Ltd. - ADR <sup>(b)</sup> | Wipro, Ltd. - ADR <sup>(b)</sup> | 9242466 | 24307686 |
|  |  |  | 1994721457 |
| **TOTAL COMMON STOCKS** (Cost $2,106,290,516) | **TOTAL COMMON STOCKS** (Cost $2,106,290,516) | **TOTAL COMMON STOCKS** (Cost $2,106,290,516) | 2519374156 |
| **SHORT-TERM INVESTMENTS - 13.3%** | **SHORT-TERM INVESTMENTS - 13.3%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending – 12.9%** | **Investments Purchased with Proceeds from Securities Lending – 12.9%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | 325266249 | 325266249 |
| **Money Market Funds – 0.4%** | **Money Market Funds – 0.4%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | 10107045 | 10107045 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $335,373,294) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $335,373,294) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $335,373,294) | 335373294 |
| **TOTAL INVESTMENTS - 112.8% (**Cost $2,441,663,810**)** | **TOTAL INVESTMENTS - 112.8% (**Cost $2,441,663,810**)** | **TOTAL INVESTMENTS - 112.8% (**Cost $2,441,663,810**)** | 2854747450 |
| Liabilities in Excess of Other Assets - (12.8)% | Liabilities in Excess of Other Assets - (12.8)% | Liabilities in Excess of Other Assets - (12.8)% | (323841276) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $2530906174 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

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

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $315,283,286.

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

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2519374156 | $– | $– | $2519374156 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 325266249 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 10107045 | – | – | 10107045 |
| Total Investments | $2529481201 | $– | $– | $2854747450 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $325,266,249 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Defiance Quantum ETF

- **b. EDGAR series identifier (if any):** S000062478

- **c. LEI of Series:** 5493007JFTRI1DSFM452

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2842233183.95

**Total Liabilities:** $327064766.44

**Net Assets:** $2515168417.51

**Cash Not Reported:** $71929.89

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000202668 | 0.67%                | 2.73%                | 10.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2036119.71              | $2464245.40                                |
| Month 2  | $-1519308.63             | $52860087.24                               |
| Month 3  | $6175103.92              | $217590190.51                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Renesas Electronics Corp                  | Renesas Electronics Corp                   | CUSIP: N/A<br>LEI: 5299000EPC47VJQOFB81       | Long             | EC               | CORP              | JP        |   2016258 | NS      | $23291032.59  | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Palantir Technologies Inc                 | Palantir Technologies Inc                  | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |    201984 | NS      | $36845921.28  | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc                              | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    172731 | NS      | $28735529.16  | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Quantum Computing Inc                     | Quantum Computing Inc                      | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1627881 | NS      | $29969289.21  | 1.19%             |  |  |  | No            | 1                  | On Loan: —       |
| RadNet Inc                                | RadNet Inc                                 | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    476104 | NS      | $36283885.84  | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Micro Devices Inc                | Advanced Micro Devices Inc                 | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |    227418 | NS      | $36793958.22  | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Alibaba Group Holding Ltd                 | Alibaba Group Holding Ltd                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |    228992 | NS      | $40927740.16  | 1.63%             |  |  |  | No            | 1                  | On Loan: —       |
| Alphabet Inc                              | Alphabet Inc                               | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    155334 | NS      | $37761695.40  | 1.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Analog Devices Inc                        | Analog Devices Inc                         | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |    118450 | NS      | $29103165.00  | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Applied Materials Inc                     | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    159461 | NS      | $32648045.14  | 1.30%             |  |  |  | No            | 1                  | On Loan: No      |
| ARM Holdings PLC                          | ARM Holdings PLC                           | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |    196240 | NS      | $27765997.60  | 1.10%             |  |  |  | No            | 1                  | On Loan: —       |
| Baidu Inc                                 | Baidu Inc                                  | CUSIP: 056752108<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |    314701 | NS      | $41468150.77  | 1.65%             |  |  |  | No            | 1                  | On Loan: —       |
| Booz Allen Hamilton Holding Co            | Booz Allen Hamilton Holding Corp           | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |    273755 | NS      | $27361812.25  | 1.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    108899 | NS      | $35926869.09  | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadence Design Systems Inc                | Cadence Design Systems Inc                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     89650 | NS      | $31490459.00  | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Cirrus Logic Inc                          | Cirrus Logic Inc                           | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |    268379 | NS      | $33625204.91  | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                             | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |    153308 | NS      | $32898363.72  | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                             | Coherent Corp                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |    338045 | NS      | $36414207.40  | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Airbus SE                                 | Airbus SE                                  | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |    146637 | NS      | $34011872.02  | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Asustek Computer Inc                      | Asustek Computer Inc                       | CUSIP: N/A<br>LEI: 254900B3WB4OGRB7HM13       | Long             | EC               | CORP              | TW        |   1190316 | NS      | $26205854.58  | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| ABB Ltd                                   | ABB Ltd                                    | CUSIP: N/A<br>LEI: 5493000LKVGOO9PELI61       | Long             | EC               | CORP              | CH        |    477509 | NS      | $34400572.97  | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Alchip Technologies Ltd                   | Alchip Technologies Ltd                    | CUSIP: N/A<br>LEI: 529900HKE9RIY07SLX84       | Long             | EC               | CORP              | TW        |    258102 | NS      | $29343245.29  | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Arqit Quantum Inc                         | Arqit Quantum Inc                          | CUSIP: N/A<br>LEI: 254900G93Z1SN49J9J68       | Long             | EC               | CORP              | GB        |   1014906 | NS      | $39327607.50  | 1.56%             |  |  |  | No            | 1                  | On Loan: —       |
| Accenture PLC                             | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     86274 | NS      | $21275168.40  | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| ASML Holding NV                           | ASML Holding NV                            | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |     35131 | NS      | $34009969.79  | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| D-Wave Quantum Inc                        | D-Wave Quantum Inc                         | CUSIP: 26740W109<br>LEI: 5493001U37G4PRD4GW95 | Long             | EC               | CORP              | CA        |   1666940 | NS      | $41190087.40  | 1.64%             |  |  |  | No            | 1                  | On Loan: —       |
| First American Government Obli            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  10036644 | NS      | $10036644.26  | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Elastic NV                                | Elastic NV                                 | CUSIP: N/A<br>LEI: 2549003I48WHHH937I59       | Long             | EC               | CORP              | US        |    331299 | NS      | $27991452.51  | 1.11%             |  |  |  | No            | 1                  | On Loan: —       |
| Hewlett Packard Enterprise Co             | Hewlett Packard Enterprise Co              | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |   1512324 | NS      | $37142677.44  | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Honeywell International Inc               | Honeywell International Inc                | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |    122012 | NS      | $25683526.00  | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Intel Corp                                | Intel Corp                                 | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |   1332409 | NS      | $44702321.95  | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| IBM                                       | International Business Machines Corp       | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     97831 | NS      | $27603994.96  | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| IonQ Inc                                  | IonQ Inc                                   | CUSIP: 46222L108<br>LEI: 529900RB2VEFGLQS7G28 | Long             | EC               | CORP              | US        |    795173 | NS      | $48903139.50  | 1.94%             |  |  |  | No            | 1                  | On Loan: —       |
| KLA Corp                                  | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     31554 | NS      | $34034144.40  | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Lam Research Corp                         | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    302961 | NS      | $40566477.90  | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Orange SA                                 | Orange SA                                  | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |   1908322 | NS      | $30966003.36  | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                 | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |    540173 | NS      | $39605484.36  | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Lockheed Martin Corp                      | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     60309 | NS      | $30106855.89  | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| MKS Inc                                   | MKS Inc                                    | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |    294127 | NS      | $36404098.79  | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Marvell Technology Inc                    | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    403787 | NS      | $33946373.09  | 1.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Infineon Technologies AG                  | Infineon Technologies AG                   | CUSIP: N/A<br>LEI: TSI2PJM6EPETEQ4X1U25       | Long             | EC               | CORP              | DE        |    658486 | NS      | $25687654.45  | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                             | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     58277 | NS      | $30184572.15  | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Microchip Technology Inc                  | Microchip Technology Inc                   | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |    395866 | NS      | $25422514.52  | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Micron Technology Inc                     | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |    237444 | NS      | $39729130.08  | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke KPN NV                        | Koninklijke KPN NV                         | CUSIP: N/A<br>LEI: 549300YO0JZHAL7FVP81       | Long             | EC               | CORP              | NL        |   5838828 | NS      | $28039491.97  | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| MongoDB Inc                               | MongoDB Inc                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |    130810 | NS      | $40600807.80  | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| NVE Corp                                  | NVE Corp                                   | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |    375499 | NS      | $24508819.73  | 0.97%             |  |  |  | No            | 1                  | On Loan: —       |
| Fujitsu Ltd                               | Fujitsu Ltd                                | CUSIP: N/A<br>LEI: 3538000246DHJLRTUZ24       | Long             | EC               | CORP              | JP        |   1142030 | NS      | $26941344.89  | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| MediaTek Inc                              | MediaTek Inc                               | CUSIP: N/A<br>LEI: 254900UEGBK1I4DM4E14       | Long             | EC               | CORP              | TW        |    610284 | NS      | $26331237.61  | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Hitachi Ltd                               | Hitachi Ltd                                | CUSIP: N/A<br>LEI: 549300T6IPOCDWLKC615       | Long             | EC               | CORP              | JP        |    966225 | NS      | $25711915.56  | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Hon Hai Precision Industry Co             | Hon Hai Precision Industry Co Ltd          | CUSIP: N/A<br>LEI: 30030004CM3GSZXX7O56       | Long             | EC               | CORP              | TW        |   5283000 | NS      | $37441039.44  | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Nokia Oyj                                 | Nokia Oyj                                  | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |   5218776 | NS      | $25102312.56  | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsubishi Electric Corp                  | Mitsubishi Electric Corp                   | CUSIP: N/A<br>LEI: 549300TRXM9Y6561AX39       | Long             | EC               | CORP              | JP        |   1362811 | NS      | $35093409.85  | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| NEC Corp                                  | NEC Corp                                   | CUSIP: N/A<br>LEI: 5493000QYMPFRTEY4K28       | Long             | EC               | CORP              | JP        |   1025605 | NS      | $32910194.64  | 1.31%             |  |  |  | No            | 1                  | On Loan: No      |
| NTT Inc                                   | NTT Inc                                    | CUSIP: N/A<br>LEI: 353800VHQU5VIXVUA841       | Long             | EC               | CORP              | JP        |  25510431 | NS      | $26722169.99  | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Northrop Grumman Corp                     | Northrop Grumman Corp                      | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     56384 | NS      | $34355898.88  | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutanix Inc                               | Nutanix Inc                                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |    372015 | NS      | $27674195.85  | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    192874 | NS      | $35986430.92  | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| ON Semiconductor Corp                     | ON Semiconductor Corp                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    532126 | NS      | $26239133.06  | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Onto Innovation Inc                       | Onto Innovation Inc                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |    275696 | NS      | $35625437.12  | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp                               | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |    156202 | NS      | $43930250.48  | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        | 325266249 | NS      | $325266249.27 | 12.93%            |  |  |  | No            | N/A                | On Loan: No      |
| Global Unichip Corp                       | Global Unichip Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    682991 | NS      | $30028477.59  | 1.19%             |  |  |  | No            | 1                  | On Loan: No      |
| NXP Semiconductors NV                     | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |    126741 | NS      | $28862727.93  | 1.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Tokyo Electron Ltd                        | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |    158500 | NS      | $28290347.70  | 1.12%             |  |  |  | No            | 1                  | On Loan: No      |
| RTX Corp                                  | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |    194269 | NS      | $32507031.77  | 1.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Rigetti Computing Inc                     | Rigetti Computing Inc                      | CUSIP: 76655K103<br>LEI: 52990024JHY459DH8W71 | Long             | EC               | CORP              | US        |   2430629 | NS      | $72408437.91  | 2.88%             |  |  |  | No            | 1                  | On Loan: —       |
| Salesforce Inc                            | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |    103579 | NS      | $24548223.00  | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                              | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |    132081 | NS      | $29790869.55  | 1.18%             |  |  |  | No            | 1                  | On Loan: No      |
| STMicroelectronics NV                     | STMicroelectronics NV                      | CUSIP: 861012102<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |    921860 | NS      | $26051763.60  | 1.04%             |  |  |  | No            | 1                  | On Loan: —       |
| Synopsys Inc                              | Synopsys Inc                               | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |     69196 | NS      | $34140614.44  | 1.36%             |  |  |  | No            | 1                  | On Loan: No      |
| TSMC                                      | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    128696 | NS      | $35943505.84  | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradata Corp                             | Teradata Corp                              | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |   1241786 | NS      | $26710816.86  | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradyne Inc                              | Teradyne Inc                               | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |    317471 | NS      | $43696708.44  | 1.74%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Instruments Inc                     | Texas Instruments Inc                      | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |    137963 | NS      | $25347941.99  | 1.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Wipro Ltd                                 | Wipro Ltd                                  | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |   9185061 | NS      | $24156710.43  | 0.96%             |  |  |  | No            | 1                  | On Loan: —       |
| Reply SpA                                 | Reply SpA                                  | CUSIP: N/A<br>LEI: 815600DAEFB0388F3521       | Long             | EC               | CORP              | IT        |    157976 | NS      | $22497463.40  | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Ltd                   | Tower Semiconductor Ltd                    | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |    667487 | NS      | $48259310.10  | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer