# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-005787
**Filing Date:** 2025-8
**Character Count:** 46509
**Document Hash:** 215906f4957a39f36fcfafe56d514dca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005787.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000894189-25-005787

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**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:** 251249791

**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

### Distillate U.S. Fundamental Stability & Value ETF (Series ID: S000063127)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000204705 | Distillate U.S. Fundamental Stability & Value ETF | DSTL            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Distillate U.S. Fundamental Stability & Value ETF** | **Distillate U.S. Fundamental Stability & Value ETF** | **Distillate U.S. Fundamental Stability & Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.3%** | **Shares** | **Value**  |
| **Basic Materials - 2.5%** | **Basic Materials - 2.5%** | |
| Reliance, Inc. | 49066 | $15401817 |
| Royal Gold, Inc. | 82960 | 14753606 |
| Steel Dynamics, Inc. | 117750 | 15073178 |
|  |  | 45228601 |
| **Communications - 13.2%** | **Communications - 13.2%** |  |
| Airbnb, Inc. - Class A <sup>(a)</sup> | 130814 | 17311925 |
| Booking Holdings, Inc. | 4905 | 28396222 |
| CDW Corporation | 75653 | 13510869 |
| Cisco Systems, Inc. | 441399 | 30624263 |
| Comcast Corporation - Class A | 876304 | 31275290 |
| F5, Inc. <sup>(a)</sup> | 50887 | 14977062 |
| Fox Corporation - Class A | 293767 | 16462703 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 71020 | 12787861 |
| Omnicom Group, Inc. | 172999 | 12445548 |
| T-Mobile US, Inc. | 146700 | 34952742 |
| Uber Technologies, Inc. <sup>(a)</sup> | 243065 | 22677964 |
|  |  | 235422449 |
| **Consumer, Cyclical - 8.5%** | **Consumer, Cyclical - 8.5%** |  |
| Crocs, Inc. <sup>(a)</sup> | 113137 | 11458515 |
| Deckers Outdoor Corporation <sup>(a)</sup> | 111892 | 11532708 |
| Genuine Parts Company | 100838 | 12232658 |
| LKQ Corporation | 361159 | 13366495 |
| Lowe's Companies., Inc. | 95934 | 21284877 |
| NVR, Inc. <sup>(a)</sup> | 1818 | 13427130 |
| PACCAR, Inc. | 173171 | 16461635 |
| PulteGroup, Inc. | 139436 | 14704920 |
| Ross Stores, Inc. | 104153 | 13287840 |
| Toll Brothers, Inc. | 105178 | 12003965 |
| Williams-Sonoma, Inc. | 72054 | 11771462 |
|  |  | 151532205 |
| **Consumer, Non-cyclical - 34.3%<sup>(b)</sup>** | **Consumer, Non-cyclical - 34.3%<sup>(b)</sup>** |  |
| AbbVie, Inc. | 218932 | 40638158 |
| Align Technology, Inc. <sup>(a)</sup> | 60857 | 11522056 |
| Altria Group, Inc. | 419552 | 24598334 |
| Amgen, Inc. | 87074 | 24311932 |
| Avery Dennison Corporation | 70305 | 12336418 |
| Becton Dickinson and Company | 91944 | 15837354 |
| Cencora, Inc. | 50724 | 15209591 |
| Cigna Group | 87146 | 28808725 |
| Corpay, Inc. <sup>(a)</sup> | 40648 | 13487819 |
| Elevance Health, Inc. | 55392 | 21545272 |
| Global Payments, Inc. | 181436 | 14522137 |
| HCA Healthcare, Inc. | 52391 | 20070992 |
| Hormel Foods Corporation | 444173 | 13436233 |
| ICON PLC <sup>(a)</sup> | 65150 | 9476067 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 107808 | 11440585 |
| Johnson & Johnson | 270907 | 41381044 |
| Kroger Company | 268798 | 19280881 |
| McKesson Corporation | 30176 | 22112369 |
| Merck & Company, Inc. | 540036 | 42749250 |
| Neurocrine Biosciences, Inc. <sup>(a)</sup> | 116152 | 14599145 |
| PayPal Holdings, Inc. <sup>(a)</sup> | 302145 | 22455416 |
| PepsiCo, Inc. | 175875 | 23222535 |
| Procter & Gamble Company | 213584 | 34028203 |
| Quest Diagnostics, Inc. | 89604 | 16095567 |
| Regeneron Pharmaceuticals, Inc. | 26724 | 14030100 |
| Sysco Corporation | 202141 | 15310159 |
| UnitedHealth Group, Inc. | 137278 | 42826618 |
| Universal Health Services, Inc. - Class B | 73464 | 13308004 |
| US Foods Holding Corporation <sup>(a)</sup> | 196384 | 15123532 |
|  |  | 613764496 |
| **Energy - 6.7%** | **Energy - 6.7%** |  |
| Coterra Energy, Inc. | 562389 | 14273433 |
| Diamondback Energy, Inc. | 124131 | 17055599 |
| Enterprise Products Partners LP | 652293 | 20227606 |
| Marathon Petroleum Corporation | 120886 | 20080373 |
| MPLX LP | 338552 | 17438814 |
| Permian Resources Corporation | 1023864 | 13945028 |
| TechnipFMC PLC | 472231 | 16263636 |
|  |  | 119284489 |
| **Financial - 3.2%** | **Financial - 3.2%** |  |
| Arthur J. Gallagher & Company | 52250 | 16726270 |
| Blackrock, Inc. | 22268 | 23364699 |
| Cboe Global Markets, Inc. | 70615 | 16468124 |
|  |  | 56559093 |
| **Industrial - 17.3%** | **Industrial - 17.3%** |  |
| A. O. Smith Corporation | 183577 | 12037144 |
| Allegion PLC | 96273 | 13874865 |
| Builders FirstSource, Inc. <sup>(a)</sup> | 93310 | 10888344 |
| Comfort Systems USA, Inc. | 28307 | 15178497 |
| CRH PLC | 175415 | 16103097 |
| Crown Holdings, Inc. | 114614 | 11802950 |
| EMCOR Group, Inc. | 24898 | 13317691 |
| Fortive Corporation | 179624 | 9363799 |
| General Dynamics Corporation | 70764 | 20639028 |
| IDEX Corporation | 67367 | 11827624 |
| Jabil, Inc. | 63267 | 13798533 |
| Lincoln Electric Holdings, Inc. | 66968 | 13883806 |
| Lockheed Martin Corporation | 48767 | 22585948 |
| Masco Corporation | 177261 | 11408518 |
| Nordson Corporation | 61552 | 13194902 |
| Owens Corning | 79427 | 10922801 |
| Packaging Corporation of America | 58921 | 11103662 |
| Ralliant Corporation <sup>(a)</sup> | 59967 | 2907816 |
| Snap-on, Inc. | 42433 | 13204301 |
| TE Connectivity PLC | 110770 | 18683576 |
| Teledyne Technologies, Inc. <sup>(a)</sup> | 28752 | 14729937 |
| Textron, Inc. | 185785 | 14916678 |
| TopBuild Corporation <sup>(a)</sup> | 40950 | 13257153 |
|  |  | 309630670 |
| **Technology - 13.6%** | **Technology - 13.6%** |  |
| Adobe, Inc. <sup>(a)</sup> | 59220 | 22911034 |
| Amdocs, Ltd. | 149797 | 13667478 |
| Applied Materials, Inc. | 111579 | 20426768 |
| Cognizant Technology Solutions Corporation - Class A | 192378 | 15011255 |
| Dropbox, Inc. - Class A <sup>(a)</sup> | 422544 | 12084758 |
| EPAM Systems, Inc. <sup>(a)</sup> | 72461 | 12812554 |
| Fiserv, Inc. <sup>(a)</sup> | 105375 | 18167704 |
| Lam Research Corporation | 189965 | 18491193 |
| NetApp, Inc. | 116476 | 12410518 |
| ON Semiconductor Corporation <sup>(a)</sup> | 256172 | 13425974 |
| QUALCOMM, Inc. | 180033 | 28672056 |
| Salesforce, Inc. | 97959 | 26712440 |
| SS&C Technologies Holdings, Inc. | 186557 | 15446920 |
| Zoom Video Communications, Inc. - Class A <sup>(a)</sup> | 157677 | 12295652 |
|  |  | 242536304 |
| **TOTAL COMMON STOCKS** (Cost $1,703,947,441) | **TOTAL COMMON STOCKS** (Cost $1,703,947,441) | 1773958307 |
| **SHORT-TERM INVESTMENTS - 0.6%** |  | **Value**  |
| **Money Market Funds - 0.6%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(c)</sup> | 11437324 | 11437324 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,437,324) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $11,437,324) | 11437324 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $1,715,384,765**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $1,715,384,765**)** | 1785395631 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 1113878 |
| **TOTAL NET ASSETS - 100.0%** |  | $1786509509 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LP - Limited Partnership <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) 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.

(c) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Distillate U.S. Fundamental Stability & Value 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1773958307 | $– | $– | $1773958307 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 11437324 | – | – | 11437324 |
| Total Investments | $1785395631 | $– | $– | $1785395631 |
| 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. |

---

## 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:** Distillate U.S. Fundamental Stability & Value ETF

- **b. EDGAR series identifier (if any):** S000063127

- **c. LEI of Series:** 5493002W0E8K4UD8QD78

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $1792621342.81

**Total Liabilities:** $3344206.41

**Net Assets:** $1789277136.40

**Cash Not Reported:** $2745109.29

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000204705 | -2.96%               | 1.73%                | 3.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2155848.90              | $-57706734.70                              |
| Month 2  | $2193546.12              | $28032286.68                               |
| Month 3  | $23253986.82             | $40924274.66                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Corpay Inc                     | Corpay Inc                                 | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |     40710 | NS      | $13508392.20  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                    | Dropbox Inc                                | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |    423198 | NS      | $12103462.80  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                       | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |     48841 | NS      | $22620220.74  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Masco Corp                     | Masco Corp                                 | CUSIP: 574599106<br>LEI: 5GCSNMQXHEYA1JO8QN11 | Long             | EC               | CORP              | US        |    177535 | NS      | $11426152.60  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| US Foods Holding Corp          | US Foods Holding Corp                      | CUSIP: 912008109<br>LEI: 549300UGOZSO64CFPR97 | Long             | EC               | CORP              | US        |    196688 | NS      | $15146942.88  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                 | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |    219270 | NS      | $40700897.40  | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                  | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |     59310 | NS      | $22945852.80  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                  | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     87208 | NS      | $24349345.68  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                              | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     22302 | NS      | $23400373.50  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                            | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |     87280 | NS      | $28853022.40  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortive Corp                   | Fortive Corp                               | CUSIP: 34959J108<br>LEI: 549300MU9YQJYHDQEF63 | Long             | EC               | CORP              | US        |    179902 | NS      | $9378291.26   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |    271325 | NS      | $41444893.75  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                              | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |     30222 | NS      | $22146077.16  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |    116656 | NS      | $12429696.80  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Semiconductor Corp          | ON Semiconductor Corp                      | CUSIP: 682189105<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | EC               | CORP              | US        |    256568 | NS      | $13446728.88  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp         | Permian Resources Corp                     | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |   1025450 | NS      | $13966629.00  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralliant Corp                  | Ralliant Corp                              | CUSIP: 750940108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59967 | NS      | $2907815.99   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |    183861 | NS      | $12055765.77  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    176147 | NS      | $23258449.88  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                             | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     98109 | NS      | $26753343.21  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc        | Zoom Communications Inc                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |    157921 | NS      | $12314679.58  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Payments Inc            | Global Payments Inc                        | CUSIP: 37940X102<br>LEI: 549300NOMHGVQBX6S778 | Long             | EC               | CORP              | US        |    181716 | NS      | $14544548.64  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                   | Nordson Corp                               | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |     61646 | NS      | $13215053.02  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                    | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     70723 | NS      | $16493310.83  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions | Cognizant Technology Solutions Corp        | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |    192676 | NS      | $15034508.28  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp           | Deckers Outdoor Corp                       | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |    112064 | NS      | $11550436.48  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                      | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |    111751 | NS      | $20458255.57  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                    | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |     52330 | NS      | $16751879.60  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                                 | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |    150029 | NS      | $13688645.96  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                           | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    420200 | NS      | $24636326.00  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                        | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |     70413 | NS      | $12355369.11  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                       | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      4911 | NS      | $28430957.64  | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp/DE                    | CDW Corp/DE                                | CUSIP: 12514G108<br>LEI: 9845001B052ABF0B6755 | Long             | EC               | CORP              | US        |     75769 | NS      | $13531585.71  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Corp                       | Fox Corp                                   | CUSIP: 35137L105<br>LEI: 549300DDU6FDRBIELS05 | Long             | EC               | CORP              | US        |    294221 | NS      | $16488144.84  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Genuine Parts Co               | Genuine Parts Co                           | CUSIP: 372460105<br>LEI: 549300D46DQVEU651W04 | Long             | EC               | CORP              | US        |    100994 | NS      | $12251582.14  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     60951 | NS      | $11539852.83  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                        | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     55476 | NS      | $21577944.96  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc             | Coterra Energy Inc                         | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |    563259 | NS      | $14295513.42  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                      | Crocs Inc                                  | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |    113311 | NS      | $11476138.08  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |     24936 | NS      | $13338017.04  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     50965 | NS      | $15000018.80  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |    105537 | NS      | $18195634.17  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                  | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     63365 | NS      | $13819906.50  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                    | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |    121072 | NS      | $20111269.92  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                                 | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |    202453 | NS      | $15333790.22  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                               | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |     96421 | NS      | $13896194.52  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |    175685 | NS      | $16127883.00  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                        | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |    110940 | NS      | $18712249.80  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC PLC                             | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | GB        |    472961 | NS      | $16288776.84  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |    131016 | NS      | $17338657.44  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     50802 | NS      | $15232979.70  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc        | Comfort Systems USA Inc                    | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     28349 | NS      | $15201017.29  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                               | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    877660 | NS      | $31323685.40  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                             | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     96082 | NS      | $21317713.34  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NVR Inc                        | NVR Inc                                    | CUSIP: 62944T105<br>LEI: 529900RWXR4JI3JYTV70 | Long             | EC               | CORP              | US        |      1820 | NS      | $13441901.20  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    180311 | NS      | $28716329.86  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                | Ross Stores Inc                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |    104313 | NS      | $13308252.54  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                                | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |     42497 | NS      | $13224216.46  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |    146926 | NS      | $35006588.76  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                   | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |    107974 | NS      | $11458200.88  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |     26764 | NS      | $14051100.00  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                         | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |    117932 | NS      | $15096475.32  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Textron Inc                    | Textron Inc                                | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    186071 | NS      | $14939640.59  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     73576 | NS      | $13328292.40  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Becton Dickinson & Co          | Becton Dickinson & Co                      | CUSIP: 075887109<br>LEI: ICE2EP6D98PQUILVRZ91 | Long             | EC               | CORP              | US        |     92086 | NS      | $15861813.50  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc                   | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     93454 | NS      | $10905147.26  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L | Enterprise Products Partners LP            | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    653303 | NS      | $20258926.03  | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |  11489902 | NS      | $11489901.96  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                                | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     71128 | NS      | $12807307.68  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc             | HCA Healthcare Inc                         | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |     52471 | NS      | $20101640.10  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |    361717 | NS      | $13387146.17  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                          | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    190259 | NS      | $18519811.06  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc  | Lincoln Electric Holdings Inc              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     67070 | NS      | $13904952.40  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    540872 | NS      | $42815427.52  | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc     | Neurocrine Biosciences Inc                 | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |    116330 | NS      | $14621517.70  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                 | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |    173439 | NS      | $16487111.34  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America                  | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |     59011 | NS      | $11120622.95  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    139652 | NS      | $14727699.92  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                   | Reliance Inc                               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |     49142 | NS      | $15425673.80  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                 | Royal Gold Inc                             | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |     83088 | NS      | $14776369.92  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |     41012 | NS      | $13277224.88  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                      | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |    243441 | NS      | $22713045.30  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                     | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |    137490 | NS      | $42892755.30  | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     72164 | NS      | $11789432.68  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                   | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     65250 | NS      | $9490612.50   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                        | MPLX LP                                    | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    339076 | NS      | $17465804.76  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc          | Quest Diagnostics Inc                      | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |     89742 | NS      | $16120355.46  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Teledyne Technologies Inc      | Teledyne Technologies Inc                  | CUSIP: 879360105<br>LEI: 549300VSMO9KYQWDND94 | Long             | EC               | CORP              | US        |     28796 | NS      | $14752478.76  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    442081 | NS      | $30671579.78  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     79549 | NS      | $10939578.48  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                        | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |    302613 | NS      | $22490198.16  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                    | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    213914 | NS      | $34080778.48  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc             | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |    186845 | NS      | $15470766.00  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |    105340 | NS      | $12022454.20  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hormel Foods Corp              | Hormel Foods Corp                          | CUSIP: 440452100<br>LEI: MSD54751OJP1FS2ND863 | Long             | EC               | CORP              | US        |    444861 | NS      | $13457045.25  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                  | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     67471 | NS      | $11845883.47  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                              | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |    269214 | NS      | $19310720.22  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicom Group Inc              | Omnicom Group Inc                          | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |    173265 | NS      | $12464684.10  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc             | Crown Holdings Inc                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |    114790 | NS      | $11821074.20  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                     | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |    124323 | NS      | $17081980.20  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc               | EPAM Systems Inc                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     72573 | NS      | $12832357.86  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                      | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     70872 | NS      | $20670527.52  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer