# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010504
**Filing Date:** 2025-9
**Character Count:** 39068
**Document Hash:** 04497f91516098d5e3c899630fd8d7d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010504.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010504

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**PERIOD START**: 20260430

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251361525

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

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

## Series and Classes Contracts Data

### Aptus International Enhanced Yield ETF (Series ID: S000071790)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000227294 | Aptus International Enhanced Yield ETF | IDUB            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.5%** | **Shares** | **Value** |
| **Developed Market Equity - 69.0%** | **Developed Market Equity - 69.0%** | |
| iShares Core MSCI EAFE ETF <sup>(a)(b)</sup> | 1991395 | $163035509 |
| iShares Core MSCI International Developed Markets ETF | 791660 | 59255751 |
|  |  | 222291260 |
| **Emerging Market Equity - 30.5%** | **Emerging Market Equity - 30.5%** |  |
| SPDR Portfolio Emerging Markets ETF <sup>(a)</sup> | 2281011 | 98106283 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $293,212,653) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $293,212,653) | 320397543 |
| **SHORT-TERM INVESTMENTS - 0.2%** | **Shares** | **Value** |
| **Money Market Funds - 0.2%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(c)</sup> | 578331 | 578331 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $578,331) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $578,331) | 578331 |
| **U.S. TREASURY BILLS - 0.1%** | **Par** | **Value** |
| **U.S. Treasury Bills - 0.1%** |  |  |
| 4.28%, 11/12/2025 <sup>(b)(d)</sup> | $500000 | 493946 |
| **TOTAL U.S. TREASURY BILLS** (Cost $493,966) | **TOTAL U.S. TREASURY BILLS** (Cost $493,966) | 493946 |
| **TOTAL INVESTMENTS - 99.8% (**Cost $294,284,950**)** | **TOTAL INVESTMENTS - 99.8% (**Cost $294,284,950**)** | 321469820 |
| Other Assets in Excess of Liabilities - 0.2% | Other Assets in Excess of Liabilities - 0.2% | 637474 |
| **TOTAL NET ASSETS - 100.0%** |  | $322107294 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

The Fund's security classifications are defined by the Fund Adviser.<br>

(a) Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at
 www.sec.gov.

(b) All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of July 31, 2025 is $148,711,393.

(c) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

(d) The rate shown is the annualized effective yield as of July 31, 2025.

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | **Aptus International Enhanced Yield ETF** | |
| **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | |
| **Reference Entity** | **Counterparty** | **Pay/ Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)** |
| RCXTGVHT <sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 01/05/2027 | $| 319960905 | $742745 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $742745 |
| There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. |  |
| EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. |  |
| <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Diversified Global Equity Volatility Harvesting Series (RCXTGVHT" or "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index is generally made up of options on Japan, London & U.S. market indices such as the Nikkei 225, FTSE 100, Nasdaq-100, and S&P 500 as well as futures on the Cboe Volatility Index ("VIX"). As of July 31, 2025, the components of the Index are provided below. |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: |  |  |
| **Description** | **Expiration Date** | **Number of Contracts Purchased/(Sold)** | **Notional Amount** | **Concentration**<br> **% of Exposure** |
| **Futures Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cboe Volatility Index August 2025 | 08/20/2025 | 30222 | $542684 | 0.17% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility Index September 2025 | 09/17/2025 | 5900 | $117229 | 0.04% |
| **Total Futures Contracts** |  |  | 659913 | 0.21% |
| **Option Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22325 Index | 08/01/2025 | (44.03) | (125) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22500 Index | 08/01/2025 | (54.72) | (269) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22690 Index | 08/01/2025 | (72.96) | (738) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22710 Index | 08/01/2025 | (218.88) | (2432) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22730 Index | 08/01/2025 | (109.44) | (1334) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6170 Index | 08/01/2025 | (300.97) | (232) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6175 Index | 08/01/2025 | (374.66) | (303) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6215 Index | 08/01/2025 | (499.53) | (759) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/01/2025 | (751.46) | (1399) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6245 Index | 08/01/2025 | (1505.23) | (4420) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P4950 Index | 08/01/2025 | (996.92) | (114) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P4975 Index | 08/01/2025 | (328.10) | (38) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5000 Index | 08/01/2025 | (658.27) | (75) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5025 Index | 08/01/2025 | (1316.60) | (151) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5050 Index | 08/01/2025 | (284.93) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5075 Index | 08/01/2025 | (1642.62) | (188) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5100 Index | 08/01/2025 | (1551.03) | (178) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5125 Index | 08/01/2025 | (564.25) | (129) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5145 Index | 08/01/2025 | (989.05) | (226) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5175 Index | 08/01/2025 | (1173.99) | (537) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5195 Index | 08/01/2025 | (282.73) | (162) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5200 Index | 08/01/2025 | (422.50) | (290) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5225 Index | 08/01/2025 | (654.39) | (749) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5230 Index | 08/01/2025 | (141.21) | (194) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5265 Index | 08/01/2025 | (187.12) | (728) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5270 Index | 08/01/2025 | (326.36) | (1457) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5290 Index | 08/01/2025 | (93.40) | (738) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5305 Index | 08/01/2025 | (93.40) | (1090) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5330 Index | 08/01/2025 | (46.54) | (1055) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22300 Index | 08/04/2025 | (44.03) | (290) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22500 Index | 08/04/2025 | (54.72) | (663) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22510 Index | 08/04/2025 | (109.44) | (1375) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22530 Index | 08/04/2025 | (72.96) | (968) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6140 Index | 08/04/2025 | (299.71) | (483) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6180 Index | 08/04/2025 | (875.62) | (2281) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6190 Index | 08/04/2025 | (752.62) | (2265) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22360 Index | 08/05/2025 | (72.96) | (1043) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22400 Index | 08/05/2025 | (98.43) | (1575) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6150 Index | 08/05/2025 | (877.47) | (2942) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6155 Index | 08/05/2025 | (299.71) | (1061) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22300 Index | 08/06/2025 | (98.43) | (1729) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6125 Index | 08/06/2025 | (376.31) | (1406) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6130 Index | 08/06/2025 | (300.65) | (1179) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nasdaq-100 Weekly 22200 Index | 08/07/2025 | (43.71) | (855) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6100 Index | 08/07/2025 | (300.97) | (1263) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P26000 Index | 08/08/2025 | (261.65) | (2) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P27250 Index | 08/08/2025 | (516.90) | (7) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P27500 Index | 08/08/2025 | (6430.75) | (85) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P29000 Index | 08/08/2025 | (2043.68) | (27) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P29250 Index | 08/08/2025 | (2290.59) | (30) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P29500 Index | 08/08/2025 | (3983.36) | (53) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P30000 Index | 08/08/2025 | (13988.95) | (186) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P30500 Index | 08/08/2025 | (3223.21) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31000 Index | 08/08/2025 | (7214.67) | (144) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31250 Index | 08/08/2025 | (2938.63) | (59) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31500 Index | 08/08/2025 | (9469.35) | (189) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31750 Index | 08/08/2025 | (10268.89) | (205) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P32000 Index | 08/08/2025 | (8591.07) | (171) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P32250 Index | 08/08/2025 | (3858.05) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P32500 Index | 08/08/2025 | (3851.51) | (77) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P33500 Index | 08/08/2025 | (5157.99) | (137) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P33750 Index | 08/08/2025 | (5108.78) | (170) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P34500 Index | 08/08/2025 | (2043.68) | (68) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P34750 Index | 08/08/2025 | (2290.59) | (91) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35250 Index | 08/08/2025 | (4257.36) | (226) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35375 Index | 08/08/2025 | (6487.45) | (345) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35500 Index | 08/08/2025 | (3737.23) | (199) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35625 Index | 08/08/2025 | (3490.27) | (186) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35750 Index | 08/08/2025 | (2940.45) | (176) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35875 Index | 08/08/2025 | (7721.73) | (513) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36000 Index | 08/08/2025 | (4735.91) | (315) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36125 Index | 08/08/2025 | (29044.24) | (1930) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36250 Index | 08/08/2025 | (1624.31) | (119) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36375 Index | 08/08/2025 | (7372.23) | (539) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36500 Index | 08/08/2025 | (1894.19) | (151) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36625 Index | 08/08/2025 | (7448.00) | (643) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P37125 Index | 08/08/2025 | (3319.11) | (331) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P38750 Index | 08/08/2025 | (8606.52) | (2230) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P39125 Index | 08/08/2025 | (2389.38) | (810) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P39375 Index | 08/08/2025 | (2631.35) | (1171) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P4975 Index | 08/08/2025 | (328.72) | (677) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5000 Index | 08/08/2025 | (659.37) | (1585) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5075 Index | 08/08/2025 | (981.58) | (4269) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5100 Index | 08/08/2025 | (282.41) | (1552) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5125 Index | 08/08/2025 | (1305.46) | (9264) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5150 Index | 08/08/2025 | (46.86) | (424) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5175 Index | 08/08/2025 | (374.65) | (4331) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5200 Index | 08/08/2025 | (372.99) | (5550) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5225 Index | 08/08/2025 | (140.26) | (2697) | 0.00% |
| &nbsp;&nbsp;&nbsp; EURO STOXX 50 Weekly P5250 Index | 08/08/2025 | (186.49) | (4589) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7575 Index | 08/15/2025 | (3.27) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7600 Index | 08/15/2025 | (6.57) | (13) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7675 Index | 08/15/2025 | (13.21) | (26) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7725 Index | 08/15/2025 | (9.84) | (20) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7750 Index | 08/15/2025 | (16.48) | (33) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7875 Index | 08/15/2025 | (65.41) | (173) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7900 Index | 08/15/2025 | (42.77) | (113) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7925 Index | 08/15/2025 | (26.20) | (69) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7950 Index | 08/15/2025 | (71.70) | (190) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8000 Index | 08/15/2025 | (0.94) | (3) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8025 Index | 08/15/2025 | (1.88) | (6) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8050 Index | 08/15/2025 | (45.92) | (152) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8100 Index | 08/15/2025 | (48.43) | (192) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8125 Index | 08/15/2025 | (56.29) | (223) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8150 Index | 08/15/2025 | (61.33) | (243) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8175 Index | 08/15/2025 | (57.87) | (230) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8200 Index | 08/15/2025 | (63.21) | (293) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8225 Index | 08/15/2025 | (79.25) | (367) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8250 Index | 08/15/2025 | (86.48) | (401) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8300 Index | 08/15/2025 | (64.78) | (343) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8325 Index | 08/15/2025 | (69.50) | (368) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8350 Index | 08/15/2025 | (54.41) | (288) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8375 Index | 08/15/2025 | (23.30) | (139) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8400 Index | 08/15/2025 | (29.18) | (174) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8425 Index | 08/15/2025 | (72.96) | (483) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8450 Index | 08/15/2025 | (16.57) | (110) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8475 Index | 08/15/2025 | (6.04) | (40) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8500 Index | 08/15/2025 | (124.22) | (904) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8525 Index | 08/15/2025 | (62.58) | (497) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8550 Index | 08/15/2025 | (24.75) | (197) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8575 Index | 08/15/2025 | (33.34) | (287) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8600 Index | 08/15/2025 | (53.46) | (495) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8625 Index | 08/15/2025 | (6.89) | (64) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8650 Index | 08/15/2025 | (66.04) | (655) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8675 Index | 08/15/2025 | (8.68) | (92) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8700 Index | 08/15/2025 | (27.77) | (331) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8725 Index | 08/15/2025 | (12.64) | (159) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8750 Index | 08/15/2025 | (20.79) | (289) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8800 Index | 08/15/2025 | (26.61) | (440) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8825 Index | 08/15/2025 | (6.32) | (117) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8850 Index | 08/15/2025 | (6.76) | (139) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8875 Index | 08/15/2025 | (5.41) | (125) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8900 Index | 08/15/2025 | (4.97) | (128) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C19.5 Index | 08/20/2025 | (10880.83) | (12344) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C20.5 Index | 08/20/2025 | (65862.51) | (64743) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C21.5 Index | 08/20/2025 | (54981.69) | (47797) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C22 Index | 08/20/2025 | (36131.62) | (29676) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C22.5 Index | 08/20/2025 | (43960.79) | (34267) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C23 Index | 08/20/2025 | (154845.15) | (114482) | -0.04% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C23.5 Index | 08/20/2025 | (12875.30) | (9021) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C24 Index | 08/20/2025 | (61787.34) | (40986) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C24.5 Index | 08/20/2025 | (110422.71) | (70339) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C25 Index | 08/20/2025 | (79163.59) | (47762) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C26 Index | 08/20/2025 | (114415.68) | (63157) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C27 Index | 08/20/2025 | (116195.70) | (58698) | -0.02% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C28 Index | 08/20/2025 | (25518.82) | (11773) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C29 Index | 08/20/2025 | (65206.47) | (27811) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C30 Index | 08/20/2025 | (22690.65) | (8997) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C31 Index | 08/20/2025 | 30744.70 | 11304 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C33 Index | 08/20/2025 | (2961.64) | (963) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C34 Index | 08/20/2025 | 88337.20 | 27075 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C35 Index | 08/20/2025 | 73738.21 | 21212 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C37 Index | 08/20/2025 | 37126.45 | 9826 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C38 Index | 08/20/2025 | 38625.91 | 9553 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C40 Index | 08/20/2025 | 183802.70 | 41846 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C42.5 Index | 08/20/2025 | 210543.59 | 43161 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C45 Index | 08/20/2025 | 85157.42 | 15754 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C47.5 Index | 08/20/2025 | 181304.03 | 29945 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C50 Index | 08/20/2025 | 31026.40 | 4545 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C55 Index | 08/20/2025 | 8884.92 | 1111 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C60 Index | 08/20/2025 | 8608.95 | 847 | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P28250 Index | 09/12/2025 | (834.99) | (122) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P28500 Index | 09/12/2025 | (1108.66) | (169) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P29000 Index | 09/12/2025 | (2488.20) | (413) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P29250 Index | 09/12/2025 | (1377.87) | (238) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P30000 Index | 09/12/2025 | (1936.15) | (373) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31000 Index | 09/12/2025 | (3519.33) | (865) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31250 Index | 09/12/2025 | (6200.10) | (1566) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31500 Index | 09/12/2025 | (4793.38) | (1242) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P31750 Index | 09/12/2025 | (2368.21) | (645) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P34500 Index | 09/12/2025 | (1943.64) | (969) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P34750 Index | 09/12/2025 | (831.30) | (442) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35000 Index | 09/12/2025 | (3034.78) | (1775) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P35250 Index | 09/12/2025 | (1936.15) | (1222) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36500 Index | 09/12/2025 | (3519.33) | (3274) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36625 Index | 09/12/2025 | (6200.10) | (5974) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P36875 Index | 09/12/2025 | (2138.51) | (2203) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P37000 Index | 09/12/2025 | (2654.87) | (2823) | 0.00% |
| &nbsp;&nbsp;&nbsp; Nikkei 225 P37375 Index | 09/12/2025 | (2368.21) | (2990) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C23.5 Index | 09/17/2025 | (6120.46) | (9784) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C24.5 Index | 09/17/2025 | (23743.89) | (34813) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C25 Index | 09/17/2025 | (10108.97) | (14238) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C26 Index | 09/17/2025 | (32391.39) | (42109) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C27 Index | 09/17/2025 | (4583.11) | (5549) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C28 Index | 09/17/2025 | (11666.77) | (13067) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C29 Index | 09/17/2025 | (31428.19) | (32738) | -0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C31 Index | 09/17/2025 | (5546.31) | (5052) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C32 Index | 09/17/2025 | (3695.80) | (3160) | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C45 Index | 09/17/2025 | 18361.39 | 8174 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C47.5 Index | 09/17/2025 | 83197.19 | 33709 | 0.01% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C50 Index | 09/17/2025 | 16638.93 | 6234 | 0.00% |
| &nbsp;&nbsp;&nbsp; Cboe Volatility C55 Index | 09/17/2025 | 11087.39 | 3493 | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7925 Index | 09/19/2025 | (3.21) | (42) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P7950 Index | 09/19/2025 | (15.98) | (211) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8050 Index | 09/19/2025 | (12.71) | (193) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8100 Index | 09/19/2025 | (22.20) | (367) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8150 Index | 09/19/2025 | (34.59) | (595) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8200 Index | 09/19/2025 | (25.22) | (467) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8225 Index | 09/19/2025 | (28.40) | (545) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8325 Index | 09/19/2025 | (0.92) | (21) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8350 Index | 09/19/2025 | (4.56) | (109) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8425 Index | 09/19/2025 | (3.65) | (99) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8450 Index | 09/19/2025 | (6.35) | (181) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8500 Index | 09/19/2025 | (10.38) | (323) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8525 Index | 09/19/2025 | (2.28) | (75) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8550 Index | 09/19/2025 | (15.32) | (537) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8600 Index | 09/19/2025 | (1.82) | (71) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8625 Index | 09/19/2025 | (3.18) | (130) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8650 Index | 09/19/2025 | (2.71) | (118) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8675 Index | 09/19/2025 | (2.25) | (104) | 0.00% |
| &nbsp;&nbsp;&nbsp; FTSE 100 P8700 Index | 09/19/2025 | (7.67) | (376) | 0.00% |
| **Total Options Contracts** |  |  | (665208) | -0.21% |
| **Cash** |  |  |  |  |
| Cash |  |  | 319966200 | 100.00% |
| **Total Underlying Positions** |  |  | $319960906 | 100.00% |

---

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Aptus International Enhanced Yield 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 July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $320397543 | $– | $– | $320397543 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 578331 | – | – | 578331 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 493946 | – | 493946 |
| Total Investments | $320975874 | $493946 | $– | $321469820 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | $– | $742745 | $– | $742745 |
| Total Other Financial Instruments | $– | $742745 | $– | $742745 |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. |
| Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Aptus International Enhanced Yield ETF

- **b. EDGAR series identifier (if any):** S000071790

- **c. LEI of Series:** 549300FFZ9DLMHLGPR26

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**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:** $322768570.88

**Total Liabilities:** $661277.64

**Net Assets:** $322107293.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227294 | 3.62%                | 3.45%                | -0.88%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2375020.63             | $12177064.85                               |
| Month 2  | $12454616.68             | $-7072831.46                               |
| Month 3  | $96444.14                | $-3602311.29                               |

**Designated Index Information**

- **Index Name:** MSCI ACWI ex USA Net Total Return USD Index

- **Index Identifier:** NDUEACWZ

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL                  | United States Treasury Bill                           | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $493946.37    | 0.15%             | 2025-11-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund              | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    575224 | NS      | $575224.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI EAFE ETF     | iShares Core MSCI EAFE ETF                            | CUSIP: 46432F842<br>LEI: 5493009FT582MI7Y3I36 | Long             | EC               | RF                | US        |   1991395 | NS      | $163035508.65 | 50.62%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core MSCI Internationa | iShares Core MSCI International Developed Markets ETF | CUSIP: 46435G326<br>LEI: 549300LRJOM3FVVFKB50 | Long             | EC               | RF                | US        |    791660 | NS      | $59255751.00  | 18.40%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Emerging Market | SPDR Portfolio Emerging Markets ETF                   | CUSIP: 78463X509<br>LEI: 5493005Z5SCOTBZOLJ04 | Long             | EC               | RF                | US        |   2281011 | NS      | $98106283.11  | 30.46%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | RCXTGVHT TRS 010527                                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $742745.07    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer