# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-040038
**Filing Date:** 2025-6
**Character Count:** 24851
**Document Hash:** 3ecab3bd1a971aeefe66871a934fd8e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-040038.hdr.sgml**: 20250613

**ACCESSION NUMBER**: 0001145549-25-040038

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250613

**DATE AS OF CHANGE**: 20250613

**EFFECTIVENESS DATE**: 20250613

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251045766

**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

### AlphaMark Actively Managed Small Cap ETF (Series ID: S000049009)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000154531 | AlphaMark Actively Managed Small Cap ETF | SMCP            |

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001540305

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000049009

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-03-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** ETF Series Solutions

- **Item B.1.b - Investment Company Act file number:** 811-22668

- **Item B.1.c - CIK:** 0001540305

- **Item B.1.d - LEI:** 5493008BB0X0GYS3UI50

- **Item B.2.a - Street 1:** c/o U.S. Bancorp Fund Services LLC

- **Item B.2.a - Street 2:** 615 East Michigan Street

- **Item B.2.b - City:** Milwaukee

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53202

- **Item B.2.f - Telephone:** 4145161645

- **Item B.2.g - Public Website:** http://www.opusetfs.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** U.S. Bancorp Fund Services LLC

- **b. Street 1:** 615 East Michigan Street

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53202

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** U.S. Bank National Association

- **b. Street 1:** 1555 N. Rivercenter Drive

- **Street 2:** Suite 302

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212

- **g. Telephone number:** 8336121912

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** Quasar Distributors, LLC

- **b. Street 1:** Three Canal Plaza

- **Street 2:** Suite 100

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** ClearShares LLC

- **b. Street 1:** 606 Bald Eagle Drive

- **Street 2:** Suite 608

- **c. City:** Marco Island

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 34145

- **g. Telephone number:** 2122920959

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO, OPER and PIFI only.

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** Vident Asset Management

- **b. Street 1:** 1125 Sanctuary Parkway

- **Street 2:** Suite 515

- **c. City:** Alpharetta

- **d. State, if applicable:** GA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 30009

- **g. Telephone number:** 4042671501

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for certain Series within the Registrant.

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** Little Harbor Advisors, LLC

- **b. Street 1:** 30 Doaks Lane

- **c. City:** Marblehead

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 01945

- **g. Telephone number:** 7816393000

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSTB, RMIF and MSTQ only.

**Location books Record: 7**

- **a. Name of person (e.g., a custodian of records):** Exchange Traded Concepts, LLC

- **b. Street 1:** 10900 Hefner Pointe Drive

- **Street 2:** Suite 400

- **c. City:** Oklahoma City

- **d. State, if applicable:** OK

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 73120

- **g. Telephone number:** 4057788377

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for DEEP, CNCR, RITA, and NETL only.

**Location books Record: 8**

- **a. Name of person (e.g., a custodian of records):** Penserra Capital Management LLC

- **b. Street 1:** 4 Orinda Way

- **Street 2:** Suite 100-A

- **c. City:** Orinda

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94563

- **g. Telephone number:** 8004568850

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 9**

- **a. Name of person (e.g., a custodian of records):** Defiance ETFs, LLC

- **b. Street 1:** 78 SW 7th Street

- **Street 2:** 9th Floor

- **c. City:** Miami

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 33130

- **g. Telephone number:** 8333339383

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for SIXG, QTUM, HDRO, and CRUZ only.

**Location books Record: 10**

- **a. Name of person (e.g., a custodian of records):** Tidal Investments, LLC

- **b. Street 1:** 234 West Florida Street

- **Street 2:** Suite 203

- **c. City:** Milwaukee

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53204

- **g. Telephone number:** 8449867676

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for ZIG only.

**Location books Record: 11**

- **a. Name of person (e.g., a custodian of records):** Advisors Asset Management, Inc.

- **b. Street 1:** 18925 Base Camp Road

- **Street 2:** Suite 203

- **c. City:** Monument

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80132

- **g. Telephone number:** 7194889956

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for SPDV, PFLD, BDIV, LODI, SAWG, SAWS, and TRFM only.

**Location books Record: 12**

- **a. Name of person (e.g., a custodian of records):** U.S. Global Investors, Inc.

- **b. Street 1:** 7900 Callaghan Road

- **c. City:** San Antonio

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 78229

- **g. Telephone number:** 2103081294

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for JETS, GOAU, SEA and WAR only.

**Location books Record: 13**

- **a. Name of person (e.g., a custodian of records):** Acquirers Funds, LLC

- **b. Street 1:** 609 Deep Valley Drive

- **Street 2:** Suite 200

- **c. City:** Rolling Hills

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90274

- **g. Telephone number:** 6465358629

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for ZIG only.

**Location books Record: 14**

- **a. Name of person (e.g., a custodian of records):** Point Bridge Capital, LLC

- **b. Street 1:** 300 Throckmorton Street

- **Street 2:** Suite 1550

- **c. City:** Fort Worth

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 76102

- **g. Telephone number:** 8175294600

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MAGA only.

**Location books Record: 15**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services, LLC

- **b. Street 1:** Three Canal Plaza

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 8662516920

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.

**Location books Record: 16**

- **a. Name of person (e.g., a custodian of records):** Aptus Capital Advisors, LLC

- **b. Street 1:** 265 Young Street

- **c. City:** Fairhope

- **d. State, if applicable:** AL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 36532

- **g. Telephone number:** 2515177198

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OSCV, ADME, DRSK, IDUB, MSMR, JUCY, DUBS, UPSD and ACIO only.

**Location books Record: 17**

- **a. Name of person (e.g., a custodian of records):** Distillate Capital Partners LLC

- **b. Street 1:** 53 West Jackson Blvd

- **Street 2:** Suite 530

- **c. City:** Chicago

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 60604

- **g. Telephone number:** 8006170004

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for DSTL, DSTX, and DSMC only.

**Location books Record: 18**

- **a. Name of person (e.g., a custodian of records):** Hoya Capital Real Estate LLC

- **b. Street 1:** 137 Rowayton Avenue

- **Street 2:** Suite 430

- **c. City:** Rowayton

- **d. State, if applicable:** CT

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 06853

- **g. Telephone number:** 8334692227

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for HOMZ and RIET only.

**Location books Record: 19**

- **a. Name of person (e.g., a custodian of records):** Beyond Investing LLC

- **b. Street 1:** 14391 Spring Hill Drive

- **Street 2:** Suite 301

- **c. City:** Spring Hill

- **d. State, if applicable:** FL

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 34609

- **g. Telephone number:** 8443299300

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for VEGN only.

**Location books Record: 20**

- **a. Name of person (e.g., a custodian of records):** ALPS Distributors, Inc

- **b. Street 1:** 1290 Broadway

- **Street 2:** Suite 1000

- **c. City:** Denver

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 80203

- **g. Telephone number:** 3036232577

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for PPTY, VIDI, VUSE and VBND only.

**Location books Record: 21**

- **a. Name of person (e.g., a custodian of records):** Bahl & Gaynor, Inc.

- **b. Street 1:** 255 East Fifth Street

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45202

- **g. Telephone number:** 5132876100

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for BGDV, SCDV, SMIG and BGIG only.

**Location books Record: 22**

- **a. Name of person (e.g., a custodian of records):** McElhenny Sheffield Capital Management LLC

- **b. Street 1:** 4701 W. Lovers Lane

- **c. City:** Dallas

- **d. State, if applicable:** TX

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 75209

- **g. Telephone number:** 2149229200

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSMR only.

**Location books Record: 23**

- **a. Name of person (e.g., a custodian of records):** Grimes & Company, Inc.

- **b. Street 1:** 110 Turnpike Road

- **Street 2:** Suite 100

- **c. City:** Westborough

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 01581

- **g. Telephone number:** 5083663883

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for RMIF only.

**Location books Record: 24**

- **a. Name of person (e.g., a custodian of records):** Blueprint Investment Partners LLC

- **b. Street 1:** 1250 Revolution Mill Drive

- **Street 2:** Suite 150

- **c. City:** Greensboro

- **d. State, if applicable:** NC

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 27405

- **g. Telephone number:** 8002457339

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO only.

**Location books Record: 25**

- **a. Name of person (e.g., a custodian of records):** Piton Investment Management, L.P.

- **b. Street 1:** 401 Franklin Avenue

- **Street 2:** Suite 202B

- **c. City:** Garden City

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 11530

- **g. Telephone number:** 6465182800

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OPER and PIFI only.

**Location books Record: 26**

- **a. Name of person (e.g., a custodian of records):** Vest Financial LLC

- **b. Street 1:** 8350 Broad Street

- **Street 2:** Suite 240

- **c. City:** McLean

- **d. State, if applicable:** VA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 22102

- **g. Telephone number:** 8559796060

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for RYSE and HYKE only.

**Location books Record: 27**

- **a. Name of person (e.g., a custodian of records):** The Milwaukee Company

- **b. Street 1:** 414 N Main Street

- **c. City:** Thiensville

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53092

- **g. Telephone number:** 2622386980

- **h. Briefly describe the books and records kept at this location:** The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for TBFG and TBFC only.

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 54

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name               | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| Michael A. Castino | Yes                     | N/A                                     |
| Leonard M. Rush    | No                      | 811-22525                               |
| Janet D. Olsen     | No                      | N/A                                     |
| David A. Massart   | No                      | 811-22525                               |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Cynthia Andrae

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** c/o U.S. Bancorp Fund Services LLC

- **   Street Address 2:** 615 E. Michigan Street

- **d. City:** Milwaukee

- **e. State, if applicable:** WI

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 53202

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** —

| Series Name                                   | Series ID   |
|:---|:---|
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | S000072560  |
| Nationwide Nasdaq-100 Risk-Managed Income ETF | S000067096  |

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Funds Distributors LLC

- **ii. SEC file number:** 8-32480

- **iii. CRD number:** 000031334

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** PA

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 2**

- **i. Full name:** ALPS Distributors, Inc

- **ii. SEC file number:** 8-34626

- **iii. CRD number:** 000016853

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CO

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

**Principal underwriter Record: 3**

- **i. Full name:** Quasar Distributors, LLC

- **ii. SEC file number:** 8-52323

- **iii. CRD number:** 000103848

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 00925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [ ] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** ETF Series Solutions

**Date:** 2025-06-13

**Signature:** /s/ Kristen Weitzel

**Title:** Treasurer