# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-015948
**Filing Date:** 2025-11
**Character Count:** 18903
**Document Hash:** 88588ce528fd5d3e0aa7b649bf063d00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015948.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015948

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251529102

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

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

## Series and Classes Contracts Data

### Defiance Drone and Modern Warfare ETF (Series ID: S000095495)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000264219 | Defiance Drone and Modern Warfare ETF | JEDI            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Defiance Drone and Modern Warfare ETF** | **Defiance Drone and Modern Warfare ETF** | **Defiance Drone and Modern Warfare ETF** | **Defiance Drone and Modern Warfare ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 84.9%** | **COMMON STOCKS - 84.9%** | **Shares** | **Value**  |
| **Communication Services - 1.3%** | **Communication Services - 1.3%** | **Communication Services - 1.3%** | |
| Iridium Communications, Inc. | Iridium Communications, Inc. | 2946 | $51437 |
| **Industrials - 72.4%<sup>(a)</sup>** | **Industrials - 72.4%<sup>(a)</sup>** | **Industrials - 72.4%<sup>(a)</sup>** |  |
| AeroVironment, Inc. <sup>(b)</sup> | AeroVironment, Inc. <sup>(b)</sup> | 756 | 238057 |
| BlackSky Technology, Inc. <sup>(b)</sup> | BlackSky Technology, Inc. <sup>(b)</sup> | 2382 | 47997 |
| CACI International, Inc. - Class A <sup>(b)</sup> | CACI International, Inc. - Class A <sup>(b)</sup> | 360 | 179561 |
| Chemring Group PLC | Chemring Group PLC | 8250 | 65418 |
| Cohort PLC | Cohort PLC | 2298 | 44302 |
| DroneShield, Ltd. <sup>(b)</sup> | DroneShield, Ltd. <sup>(b)</sup> | 24978 | 77143 |
| Elbit Systems, Ltd. | Elbit Systems, Ltd. | 354 | 180469 |
| Electro Optic Systems Holdings, Ltd. <sup>(b)</sup> | Electro Optic Systems Holdings, Ltd. <sup>(b)</sup> | 7890 | 53442 |
| Exail Technologies SA <sup>(b)</sup> | Exail Technologies SA <sup>(b)</sup> | 324 | 38679 |
| Hensoldt AG | Hensoldt AG | 478 | 61950 |
| Kratos Defense & Security Solutions, Inc. <sup>(b)</sup> | Kratos Defense & Security Solutions, Inc. <sup>(b)</sup> | 2640 | 241217 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | 858 | 262042 |
| Leidos Holdings, Inc. | Leidos Holdings, Inc. | 1224 | 231287 |
| Mercury Systems, Inc. <sup>(b)</sup> | Mercury Systems, Inc. <sup>(b)</sup> | 1872 | 144893 |
| Parsons Corporation <sup>(b)</sup> | Parsons Corporation <sup>(b)</sup> | 716 | 59371 |
| QinetiQ Group PLC | QinetiQ Group PLC | 15162 | 112164 |
| Rocket Lab Corporation <sup>(b)</sup> | Rocket Lab Corporation <sup>(b)</sup> | 1248 | 59792 |
| RTX Corporation | RTX Corporation | 1488 | 248987 |
| Saab AB | Saab AB | 948 | 57907 |
| Science Applications International Corporation | Science Applications International Corporation | 1452 | 144285 |
| Thales SA | Thales SA | 864 | 270653 |
|  |  |  | 2819616 |
| **Information Technology - 11.2%** | **Information Technology - 11.2%** | **Information Technology - 11.2%** |  |
| C3.ai, Inc. - Class A <sup>(b)</sup> | C3.ai, Inc. - Class A <sup>(b)</sup> | 3882 | 67314 |
| Palantir Technologies, Inc. - Class A <sup>(b)</sup> | Palantir Technologies, Inc. - Class A <sup>(b)</sup> | 1530 | 279103 |
| Red Cat Holdings, Inc. <sup>(b)</sup> | Red Cat Holdings, Inc. <sup>(b)</sup> | 4530 | 46885 |
| Telos Corporation <sup>(b)</sup> | Telos Corporation <sup>(b)</sup> | 6162 | 42148 |
|  |  |  | 435450 |
| **TOTAL COMMON STOCKS** (Cost $3,247,183) | **TOTAL COMMON STOCKS** (Cost $3,247,183) | **TOTAL COMMON STOCKS** (Cost $3,247,183) | 3306503 |
| **TOTAL INVESTMENTS - 84.9% (**Cost $3,247,183**)** | **TOTAL INVESTMENTS - 84.9% (**Cost $3,247,183**)** | **TOTAL INVESTMENTS - 84.9% (**Cost $3,247,183**)** | 3306503 |
| Other Assets in Excess of Liabilities - 15.1% | Other Assets in Excess of Liabilities - 15.1% | Other Assets in Excess of Liabilities - 15.1% | 587872 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $3894375 |
| two | two | two | –% |
| <br> Percentages are stated as a percent of net assets. | <br> Percentages are stated as a percent of net assets. | <br> Percentages are stated as a percent of net assets. | –% |

---

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.<br> PLC - Public Limited Company<br>

(a) 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.

(b) Non-income producing security.

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $3306503 | $– | $– | $3306503 |
| Total Investments | $3306503 | $– | $– | $3306503 |
| 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:** Defiance Drone and Modern Warfare ETF

- **b. EDGAR series identifier (if any):** S000095495

- **c. LEI of Series:** 529900VR4RCOVTARFC14

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1298190.97

**Total Liabilities:** $47.72

**Net Assets:** $1298143.25

**Cash Not Reported:** $14755.35

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000264219 |  |  | 4.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  |  |  |
| Month 3  | $850.82                  | $59307.28                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AeroVironment Inc              | AeroVironment Inc                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |       252 | NS      | $79352.28     | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                      | Thales SA                               | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |       288 | NS      | $90217.85     | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kratos Defense & Security Solu | Kratos Defense & Security Solutions Inc | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |       880 | NS      | $80405.60     | 6.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings Inc                     | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |       408 | NS      | $77095.68     | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Electro Optic Systems Holdings | Electro Optic Systems Holdings Ltd      | CUSIP: N/A<br>LEI: 391200AIL8NMTC2B3I63       | Long             | EC               | CORP              | AU        |      2630 | NS      | $17813.85     | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DroneShield Ltd                | DroneShield Ltd                         | CUSIP: N/A<br>LEI: 5299002AW8NA4BW6MU87       | Long             | EC               | CORP              | AU        |      8326 | NS      | $25714.22     | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                  | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       120 | NS      | $59853.60     | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                | Rocket Lab Corp                         | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1248 | NS      | $59791.68     | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Telos Corp                     | Telos Corp                              | CUSIP: 87969B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2054 | NS      | $14049.36     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Exail Technologies SA          | Exail Technologies SA                   | CUSIP: N/A<br>LEI: 549300EWC06TYV07XE53       | Long             | EC               | CORP              | FR        |       108 | NS      | $12893.10     | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Saab AB                        | Saab AB                                 | CUSIP: N/A<br>LEI: 549300ZHO4JCQQI13M69       | Long             | EC               | CORP              | SE        |       948 | NS      | $57907.52     | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Elbit Systems Ltd              | Elbit Systems Ltd                       | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32       | Long             | EC               | CORP              | IL        |       118 | NS      | $60156.40     | 4.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackSky Technology Inc        | BlackSky Technology Inc                 | CUSIP: 09263B207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       794 | NS      | $15999.10     | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| C3.ai Inc                      | C3.ai Inc                               | CUSIP: 12468P104<br>LEI: 549300YDLK0YQO5B1V80 | Long             | EC               | CORP              | US        |      1294 | NS      | $22437.96     | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Cat Holdings Inc           | Red Cat Holdings Inc                    | CUSIP: 75644T100<br>LEI: 5493005OGSQW28V2PY05 | Long             | EC               | CORP              | US        |      1510 | NS      | $15628.50     | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Iridium Communications Inc     | Iridium Communications Inc              | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |       982 | NS      | $17145.72     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc               | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |       510 | NS      | $93034.20     | 7.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Parsons Corp                   | Parsons Corp                            | CUSIP: 70202L102<br>LEI: 549300ZXH0VRBSEPX752 | Long             | EC               | CORP              | US        |       716 | NS      | $59370.72     | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |       496 | NS      | $82995.68     | 6.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemring Group PLC             | Chemring Group PLC                      | CUSIP: N/A<br>LEI: 213800U9A54VQJ5P2J41       | Long             | EC               | CORP              | GB        |      2750 | NS      | $21806.00     | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| L3Harris Technologies Inc      | L3Harris Technologies Inc               | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       286 | NS      | $87347.26     | 6.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercury Systems Inc            | Mercury Systems Inc                     | CUSIP: 589378108<br>LEI: 549300P3B84SGK7HH679 | Long             | EC               | CORP              | US        |       624 | NS      | $48297.60     | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Science Applications Internati | Science Applications International Corp | CUSIP: 808625107<br>LEI: 549300LZPNZIXQGZPZ48 | Long             | EC               | CORP              | US        |       484 | NS      | $48095.08     | 3.70%             |  |  |  | No            |                  1 | On Loan: No      |
| QinetiQ Group PLC              | QinetiQ Group PLC                       | CUSIP: N/A<br>LEI: 213800S8OBDOZMCMUW34       | Long             | EC               | CORP              | GB        |      5054 | NS      | $37387.90     | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohort PLC                     | Cohort PLC                              | CUSIP: N/A<br>LEI: 213800WE61C73LZZNW11       | Long             | EC               | CORP              | GB        |       766 | NS      | $14767.26     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hensoldt AG                    | Hensoldt AG                             | CUSIP: N/A<br>LEI: 894500686FYLLZD3M624       | Long             | EC               | CORP              | DE        |       478 | NS      | $61950.27     | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer