# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-009866
**Filing Date:** 2025-9
**Character Count:** 33852
**Document Hash:** 10092427711f942d8ccb72024f78264d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009866.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009866

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**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:** 251355306

**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

### AAM Todd International Intrinsic Value ETF (Series ID: S000093585)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000261974 | AAM Todd International Intrinsic Value ETF | TIIV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM Todd International Intrinsic Value ETF** | **AAM Todd International Intrinsic Value ETF** | **AAM Todd International Intrinsic Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 97.5%** | **Shares** | **Value**  |
| **Communication Services - 3.5%** | **Communication Services - 3.5%** | |
| Deutsche Telekom AG - ADR | 10983 | $393411 |
| NetEase, Inc. - ADR | 2319 | 302166 |
|  |  | 695577 |
| **Consumer Discretionary - 9.2%** | **Consumer Discretionary - 9.2%** |  |
| Alibaba Group Holding, Ltd. - ADR | 2732 | 329561 |
| JD.com, Inc. - ADR | 7853 | 247291 |
| Naspers, Ltd. - ADR | 4872 | 300651 |
| PDD Holdings, Inc. - ADR <sup>(a)</sup> | 1874 | 212627 |
| Sony Group Corp. - ADR | 10038 | 244124 |
| Vipshop Holdings Ltd. - ADR | 12988 | 195989 |
| Yum China Holdings, Inc. | 6176 | 288296 |
|  |  | 1818539 |
| **Consumer Staples - 4.1%** | **Consumer Staples - 4.1%** |  |
| British American Tobacco PLC - ADR | 7768 | 416986 |
| Koninklijke Ahold Delhaize NV - ADR | 9625 | 379707 |
|  |  | 796693 |
| **Energy - 5.7%** | **Energy - 5.7%** |  |
| Petroleo Brasileiro SA - Petrobras - ADR | 23169 | 295173 |
| Repsol SA - ADR | 16399 | 250085 |
| Shell PLC - ADR | 4810 | 347330 |
| TotalEnergies SE - ADR | 3942 | 234746 |
|  |  | 1127334 |
| **Financials - 29.5%<sup>(b)</sup>** | **Financials - 29.5%<sup>(b)</sup>** |  |
| AXA SA - ADR | 8161 | 397359 |
| Banco Santander SA - ADR | 59320 | 510745 |
| Barclays PLC - ADR | 24369 | 478120 |
| BNP Paribas SA - ADR | 9968 | 454541 |
| Chubb Ltd. | 1226 | 326133 |
| DBS Group Holdings Ltd. - ADR | 2754 | 406105 |
| HDFC Bank Ltd. - ADR | 2620 | 201137 |
| ING Groep NV - ADR | 17579 | 410645 |
| Itau Unibanco Holding SA - ADR | 46985 | 294596 |
| KB Financial Group, Inc. - ADR | 4082 | 323090 |
| Manulife Financial Corp. | 9623 | 297928 |
| Mitsubishi UFJ Financial Group, Inc. - ADR | 32384 | 450138 |
| NatWest Group PLC | 29762 | 416073 |
| ORIX Corp. - ADR | 13152 | 296578 |
| Standard Bank Group Ltd. - ADR | 19883 | 257882 |
| Sun Life Financial, Inc. | 4769 | 290909 |
|  |  | 5811979 |
| **Health Care - 8.1%** | **Health Care - 8.1%** |  |
| Fresenius Medical Care AG - ADR | 10774 | 273013 |
| Medtronic PLC | 1661 | 149871 |
| Novartis AG - ADR | 3269 | 371816 |
| Sanofi SA - ADR | 5100 | 232764 |
| Shionogi & Co. Ltd. - ADR | 23429 | 195164 |
| Smith & Nephew PLC - ADR | 3275 | 100084 |
| Teva Pharmaceutical Industries Ltd. - ADR <sup>(a)</sup> | 17999 | 278084 |
|  |  | 1600796 |
| **Industrials - 19.9%** | **Industrials - 19.9%** |  |
| AerCap Holdings NV | 3910 | 419348 |
| Ashtead Group PLC - ADR | 571 | 154925 |
| BAE Systems PLC - ADR | 3371 | 322318 |
| Brambles Ltd. - ADR | 8081 | 247117 |
| Cie de Saint-Gobain SA - ADR | 20975 | 480118 |
| Hitachi Ltd. - ADR | 9050 | 273047 |
| ITOCHU Corp. - ADR | 3351 | 352760 |
| Komatsu Ltd. - ADR | 10617 | 344362 |
| Marubeni Corp. - ADR | 1717 | 355259 |
| Prysmian SpA - ADR | 7064 | 282843 |
| Techtronic Industries Co. Ltd. - ADR | 3486 | 208533 |
| Thales SA - ADR | 1683 | 90358 |
| Vinci SA - ADR | 5378 | 186240 |
| ZTO Express Cayman, Inc. - ADR | 10590 | 208517 |
|  |  | 3925745 |
| **Information Technology - 8.6%** | **Information Technology - 8.6%** |  |
| Amdocs Ltd. | 3881 | 331282 |
| Capgemini SE - ADR | 7501 | 222930 |
| Fujitsu Ltd. - ADR | 18265 | 398177 |
| NXP Semiconductors NV | 1100 | 235055 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 1515 | 365949 |
| Tokyo Electron Ltd. - ADR | 1639 | 128218 |
|  |  | 1681611 |
| **Materials - 6.4%** | **Materials - 6.4%** |  |
| BASF SE - ADR | 15599 | 191400 |
| CRH PLC | 4171 | 398122 |
| Heidelberg Materials AG - ADR | 7392 | 341510 |
| Rio Tinto PLC - ADR | 4048 | 241949 |
| Vale SA - ADR | 9772 | 93127 |
|  |  | 1266108 |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** |  |
| Daiwa House Industry Co. Ltd. - ADR | 7336 | 243702 |
| **Utilities - 1.2%** | **Utilities - 1.2%** |  |
| Veolia Environnement SA - ADR | 13586 | 230622 |
| **TOTAL COMMON STOCKS** (Cost $14,354,252) | **TOTAL COMMON STOCKS** (Cost $14,354,252) | 19198706 |
| **SHORT-TERM INVESTMENTS - 2.5%** |  | **Value**  |
| **Money Market Funds - 2.5%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.23%<sup>(c)</sup> | 498452 | 498452 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $498,452) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $498,452) | 498452 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $14,852,704**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $14,852,704**)** | 19697158 |
| Liabilities in Excess of Other Assets - (0.0)% <sup>(d)</sup> | Liabilities in Excess of Other Assets - (0.0)% <sup>(d)</sup> | (1388) |
| **TOTAL NET ASSETS - 100.0%** |  | $19695770 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

ADR - American Depositary Receipt <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 July 31, 2025.

(d) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
AAM Todd International Intrinsic 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 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;Common Stocks | $19198706 |  |  | $19198706 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 498452 |  |  | 498452 |
| Total Investments | $19697158 |  |  | $19697158 |
| 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:** AAM Todd International Intrinsic Value ETF

- **b. EDGAR series identifier (if any):** S000093585

- **c. LEI of Series:** 52990022XZW5N84BQ389

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

- **a. Date of fiscal year-end:** 2025-10-31

- **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:** $19935992.04

**Total Liabilities:** $240223.20

**Net Assets:** $19695768.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261974 |  |  | -3.23%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  |  |  |
| Month 2  |  |  |
| Month 3  | $0.00                    | $-615228.24                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ITOCHU Corp                    | ITOCHU Corp                                | CUSIP: 465717106<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      3351 | NS      | $352759.77    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                 | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      7853 | NS      | $247290.97    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Financial Group Inc         | KB Financial Group Inc                     | CUSIP: 48241A105<br>LEI: 529900TKE4MXG3Q6GW86 | Long             | EC               | CORP              | KR        |      4082 | NS      | $323090.30    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                | CUSIP: 500458401<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |     10617 | NS      | $344362.40    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Koninklijke Ahold Delhaize NV  | Koninklijke Ahold Delhaize NV              | CUSIP: 500467501<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      9625 | NS      | $379706.25    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Manulife Financial Corp        | Manulife Financial Corp                    | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |      9623 | NS      | $297928.08    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Marubeni Corp                  | Marubeni Corp                              | CUSIP: 573810207<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |      1717 | NS      | $355259.30    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                              | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |      1661 | NS      | $149870.95    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi UFJ Financial Group | Mitsubishi UFJ Financial Group Inc         | CUSIP: 606822104<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |     32384 | NS      | $450137.60    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                | CUSIP: 631512209<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      4872 | NS      | $300651.12    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC              | NatWest Group PLC                          | CUSIP: 639057207<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     29762 | NS      | $416072.76    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      2319 | NS      | $302165.70    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      3269 | NS      | $371816.06    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV          | NXP Semiconductors NV                      | CUSIP: N/A<br>LEI: 724500M9BY5293JDF951       | Long             | EC               | CORP              | NL        |      1100 | NS      | $235054.87    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ORIX Corp                      | ORIX Corp                                  | CUSIP: 686330101<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |     13152 | NS      | $296577.60    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| PDD Holdings Inc               | PDD Holdings Inc                           | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      1874 | NS      | $212626.74    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras         | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     23169 | NS      | $295173.06    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian SpA                   | Prysmian SpA                               | CUSIP: 74440L106<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      7064 | NS      | $282842.56    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Repsol SA                      | Repsol SA                                  | CUSIP: 76026T205<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     16399 | NS      | $250084.75    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Nephew PLC             | Smith & Nephew PLC                         | CUSIP: 83175M205<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      3275 | NS      | $100084.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                            | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |     10038 | NS      | $244124.16    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Standard Bank Group Ltd        | Standard Bank Group Ltd                    | CUSIP: 853118206<br>LEI: 2549003PEZXUT7MDBU41 | Long             | EC               | CORP              | ZA        |     19883 | NS      | $257882.51    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Life Financial Inc         | Sun Life Financial Inc                     | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |      4769 | NS      | $290909.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd   | Techtronic Industries Co Ltd               | CUSIP: 87873R101<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |      3486 | NS      | $208532.52    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Teva Pharmaceutical Industries | Teva Pharmaceutical Industries Ltd         | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     17999 | NS      | $278084.55    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Thales SA                      | Thales SA                                  | CUSIP: 883219206<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      1683 | NS      | $90358.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokyo Electron Ltd             | Tokyo Electron Ltd                         | CUSIP: 889110102<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      1639 | NS      | $128217.87    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                           | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3942 | NS      | $234746.10    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd  | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1515 | NS      | $365948.95    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                    | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      9772 | NS      | $93127.16     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA        | Veolia Environnement SA                    | CUSIP: 92334N103<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |     13586 | NS      | $230622.35    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                   | CUSIP: 927320101<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      5378 | NS      | $186240.14    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd           | Vipshop Holdings Ltd                       | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |     12988 | NS      | $195988.92    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc         | Yum China Holdings Inc                     | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |      6176 | NS      | $288295.68    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                     | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |     10590 | NS      | $208517.10    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AerCap Holdings NV             | AerCap Holdings NV                         | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | IE        |      3910 | NS      | $419347.50    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                  | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |      2732 | NS      | $329561.16    | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                                 | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |      3881 | NS      | $331282.16    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                          | CUSIP: 045055100<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |       571 | NS      | $154925.25    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG                    | CUSIP: 42281P304<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |      7392 | NS      | $341510.40    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hitachi Ltd                    | Hitachi Ltd                                | CUSIP: 433578507<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |      9050 | NS      | $273047.34    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| ING Groep NV                   | ING Groep NV                               | CUSIP: 456837103<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     17579 | NS      | $410645.44    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                   | CUSIP: 465562106<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EC               | CORP              | BR        |     46985 | NS      | $294595.95    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                              | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      4048 | NS      | $241948.96    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                  | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |      5100 | NS      | $232764.00    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                  | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      4810 | NS      | $347330.10    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                          | CUSIP: 824667109<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |     23429 | NS      | $195163.57    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AXA SA                         | AXA SA                                     | CUSIP: 054536107<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |      8161 | NS      | $397359.09    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BAE Systems PLC                | BAE Systems PLC                            | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |      3371 | NS      | $322318.17    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA             | Banco Santander SA                         | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     59320 | NS      | $510745.20    | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                               | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     24369 | NS      | $478119.78    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| BASF SE                        | BASF SE                                    | CUSIP: 055262505<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     15599 | NS      | $191399.73    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas SA                 | BNP Paribas SA                             | CUSIP: 05565A202<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |      9968 | NS      | $454540.80    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd                   | Brambles Ltd                               | CUSIP: 105105209<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      8081 | NS      | $247116.98    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC               | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      7768 | NS      | $416986.24    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                               | CUSIP: 13961R100<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |      7501 | NS      | $222929.72    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                  | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      1226 | NS      | $326132.58    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA         | Cie de Saint-Gobain SA                     | CUSIP: 204280309<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |     20975 | NS      | $480117.75    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                        | CRH PLC                                    | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | US        |      4171 | NS      | $398121.95    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiwa House Industry Co Ltd    | Daiwa House Industry Co Ltd                | CUSIP: 234062206<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |      7336 | NS      | $243701.92    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DBS Group Holdings Ltd         | DBS Group Holdings Ltd                     | CUSIP: 23304Y100<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |      2754 | NS      | $406104.84    | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Telekom AG            | Deutsche Telekom AG                        | CUSIP: 251566105<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     10983 | NS      | $393411.06    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    492920 | NS      | $492920.14    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresenius Medical Care AG      | Fresenius Medical Care AG                  | CUSIP: 358029106<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |     10774 | NS      | $273013.16    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujitsu Ltd                    | Fujitsu Ltd                                | CUSIP: 359590304<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |     18265 | NS      | $398177.00    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                              | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      2620 | NS      | $201137.40    | 1.02%             |  |  |  | No            |                  1 | 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