# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-050073
**Filing Date:** 2025-7
**Character Count:** 109117
**Document Hash:** 3ad85f1a05429c45036401a9e58b4a58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050073.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-050073

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**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:** 251168194

**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

### Vident International Equity Strategy ETF (Series ID: S000042078)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000130685 | Vident International Equity Strategy ETF | VIDI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Vident International Equity Strategy ETF** | **Vident International Equity Strategy ETF** | **Vident International Equity Strategy ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 96.9%** | **Shares** | **Value**  |
| **Australia - 3.8%** | **Australia - 3.8%** | |
| AGL Energy, Ltd. | 197785 | $1291939 |
| BlueScope Steel, Ltd. | 107381 | 1572140 |
| JB Hi-Fi, Ltd. | 22245 | 1543384 |
| New Hope Corporation, Ltd. | 426081 | 1020041 |
| Origin Energy, Ltd. | 231214 | 1609993 |
| Perseus Mining, Ltd. | 483642 | 1210754 |
| Qantas Airways, Ltd. | 267650 | 1827533 |
| QBE Insurance Group, Ltd. | 126068 | 1878996 |
| Super Retail Group, Ltd. | 67249 | 619743 |
| Yancoal Australia, Ltd. | 309001 | 1040026 |
|  |  | 13614549 |
| **Austria - 0.5%** | **Austria - 0.5%** |  |
| OMV AG | 25673 | 1372747 |
| voestalpine AG | 13933 | 366650 |
|  |  | 1739397 |
| **Belgium - 0.3%** | **Belgium - 0.3%** |  |
| Ageas SA | 6718 | 438150 |
| Proximus SADP | 29582 | 257750 |
| Solvay SA | 16526 | 541449 |
|  |  | 1237349 |
| **Brazil - 2.9%** | **Brazil - 2.9%** |  |
| Cia de Saneamento de Minas Gerais Copasa MG | 293384 | 1219693 |
| Lojas Renner SA | 703586 | 2210655 |
| Marfrig Global Foods SA | 598469 | 2638377 |
| Telefonica Brasil SA | 369080 | 1838945 |
| TIM SA | 383194 | 1296243 |
| Vibra Energia SA | 310419 | 1088515 |
|  |  | 10292428 |
| **Canada - 5.9%** | **Canada - 5.9%** |  |
| Air Canada <sup>(a)</sup> | 115027 | 1606254 |
| Canadian Tire Corporation, Ltd. - Class A | 1938 | 245804 |
| Empire Company, Ltd. | 53966 | 2079042 |
| Great-West Lifeco, Inc. | 49497 | 1875194 |
| Hudbay Minerals, Inc. | 191261 | 1701241 |
| iA Financial Corporation, Inc. | 17038 | 1731372 |
| Kinross Gold Corporation | 144483 | 2128969 |
| Magna International, Inc. | 38489 | 1394612 |
| Manulife Financial Corporation | 52920 | 1681955 |
| Parex Resources, Inc. | 51851 | 511741 |
| Power Corporation of Canada | 52799 | 2039459 |
| Sun Life Financial, Inc. | 27443 | 1764400 |
| Suncor Energy, Inc. | 40944 | 1452895 |
| Tamarack Valley Energy, Ltd. | 350511 | 1114028 |
|  |  | 21326966 |
| **Chile - 1.2%** | **Chile - 1.2%** |  |
| Cencosud SA | 668866 | 2304146 |
| Latam Airlines Group SA <sup>(a)</sup> | 111321492 | 2119815 |
|  |  | 4423961 |
| **China - 4.4%** | **China - 4.4%** |  |
| Anhui Conch Cement Company, Ltd. - Class H | 588000 | 1533447 |
| China Coal Energy Company, Ltd. - Class H | 605000 | 677404 |
| China Pacific Insurance Group Company, Ltd. - Class H | 531600 | 1660922 |
| China Resources Pharmaceutical Group, Ltd. <sup>(b)</sup> | 2351500 | 1544366 |
| COSCO SHIPPING Holdings Company, Ltd. - Class H | 753795 | 1301577 |
| Country Garden Services Holdings Company, Ltd. | 1897000 | 1616002 |
| JD Logistics, Inc. <sup>(a)(b)</sup> | 922000 | 1462680 |
| Lenovo Group, Ltd. | 1326000 | 1528657 |
| People's Insurance Company Group of China, Ltd. - Class H | 3142000 | 2055520 |
| Sinopharm Group Company, Ltd. - Class H | 394000 | 954658 |
| ZTE Corporation - Class H | 454000 | 1273728 |
|  |  | 15608961 |
| **Denmark - 6.6%** | **Denmark - 6.6%** |  |
| AP Moller - Maersk AS - Class B | 1115 | 2016783 |
| Bavarian Nordic AS <sup>(a)</sup> | 58000 | 1527071 |
| Carlsberg AS - Class B | 15592 | 2228666 |
| D/S Norden AS | 56521 | 1716941 |
| Danske Bank AS | 52527 | 2007310 |
| Demant AS <sup>(a)</sup> | 38980 | 1524614 |
| Genmab AS <sup>(a)</sup> | 5838 | 1225662 |
| H Lundbeck AS | 263990 | 1460015 |
| ISS AS | 85008 | 2283440 |
| NKT AS <sup>(a)</sup> | 23855 | 2040332 |
| Pandora AS | 8206 | 1494271 |
| ROCKWOOL AS | 44940 | 2129448 |
| Tryg AS | 78593 | 2019023 |
|  |  | 23673576 |
| **Finland - 1.2%** | **Finland - 1.2%** |  |
| Fortum Oyj | 104267 | 1799217 |
| Nokia Oyj | 358024 | 1859907 |
| Outokumpu Oyj | 121090 | 468766 |
|  |  | 4127890 |
| **France - 0.6%** | **France - 0.6%** |  |
| Bouygues SA | 13906 | 606057 |
| Renault SA | 15257 | 786008 |
| Societe Generale SA | 11740 | 637739 |
|  |  | 2029804 |
| **Germany - 5.8%** | **Germany - 5.8%** |  |
| Allianz SE | 4903 | 1940917 |
| Aurubis AG | 5837 | 512227 |
| Continental AG | 22745 | 1995991 |
| Deutsche Bank AG | 78916 | 2182406 |
| Deutsche Lufthansa AG | 249150 | 1992951 |
| Freenet AG | 20400 | 673469 |
| Fresenius Medical Care AG | 23972 | 1361260 |
| Fresenius SE & Company KGaA | 41462 | 2032479 |
| Heidelberg Materials AG | 11356 | 2223216 |
| HelloFresh SE <sup>(a)</sup> | 135297 | 1605851 |
| K+S AG | 65022 | 1183278 |
| Schaeffler AG | 29128 | 140207 |
| Suedzucker AG | 14235 | 182127 |
| Talanx AG | 8481 | 1100491 |
| TUI AG <sup>(a)</sup> | 189284 | 1581127 |
|  |  | 20707997 |
| **Hong Kong - 6.3%** | **Hong Kong - 6.3%** |  |
| BOC Hong Kong Holdings, Ltd | 495000 | 2089447 |
| Bosideng International Holdings, Ltd. | 194000 | 108856 |
| Cathay Pacific Airways, Ltd. | 1173000 | 1579647 |
| China Taiping Insurance Holdings Company, Ltd. | 1062600 | 1634238 |
| Geely Automobile Holdings, Ltd. | 874000 | 1963882 |
| Guangdong Investment, Ltd. | 2010000 | 1635365 |
| Hong Kong Exchanges and Clearing, Ltd. | 26900 | 1357770 |
| Kingboard Holdings, Ltd. | 631500 | 1795876 |
| Kunlun Energy Company, Ltd. | 1678000 | 1679808 |
| Orient Overseas International, Ltd. | 120000 | 2067448 |
| Pacific Basin Shipping, Ltd. | 5257605 | 1300732 |
| Sino Biopharmaceutical, Ltd. | 4002155 | 2271182 |
| Sino Land Company, Ltd. | 1252000 | 1264525 |
| WH Group, Ltd. <sup>(b)</sup> | 2060500 | 1902433 |
|  |  | 22651209 |
| **Indonesia - 1.5%** | **Indonesia - 1.5%** |  |
| Astra International Tbk PT | 5242600 | 1560872 |
| PT Alamtri Resources Indonesia Tbk | 11100300 | 1499120 |
| Telkom Indonesia Persero Tbk PT | 5694500 | 985788 |
| United Tractors Tbk PT | 1017300 | 1401988 |
|  |  | 5447768 |
| **Ireland - 3.5%** | **Ireland - 3.5%** |  |
| Accenture PLC - Class A | 2278 | 721716 |
| AerCap Holdings NV | 16754 | 1938940 |
| Alkermes PLC <sup>(a)</sup> | 50018 | 1531051 |
| Aptiv PLC <sup>(a)</sup> | 15441 | 1031613 |
| DCC PLC | 20364 | 1273128 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 12702 | 1372705 |
| Kerry Group PLC - Class A | 15484 | 1691030 |
| Medtronic PLC | 17270 | 1433065 |
| TE Connectivity PLC | 10868 | 1739641 |
|  |  | 12732889 |
| **Israel - 1.6%** | **Israel - 1.6%** |  |
| El Al Israel Airlines <sup>(a)</sup> | 25045 | 92518 |
| ICL Group, Ltd. | 153472 | 1017519 |
| Inmode, Ltd. <sup>(a)</sup> | 30827 | 451924 |
| Israel Discount Bank, Ltd. - Class A | 219741 | 1867001 |
| Plus500, Ltd. | 10965 | 503934 |
| Tower Semiconductor, Ltd. <sup>(a)</sup> | 5391 | 212621 |
| ZIM Integrated Shipping Services, Ltd. | 88186 | 1538846 |
|  |  | 5684363 |
| **Italy - 0.7%** | **Italy - 0.7%** |  |
| Iveco Group NV | 123437 | 2459323 |
| Telecom Italia SpA <sup>(a)</sup> | 342292 | 146265 |
|  |  | 2605588 |
| **Japan - 1.9%** | **Japan - 1.9%** |  |
| Alps Alpine Company, Ltd. | 114800 | 1103089 |
| Konica Minolta, Inc. <sup>(a)</sup> | 393400 | 1200961 |
| Mitsubishi Motors Corporation | 537800 | 1623892 |
| Panasonic Holdings Corporation | 61100 | 706295 |
| Sankyo Company, Ltd. | 116400 | 2030415 |
|  |  | 6664652 |
| **Malaysia - 2.3%** | **Malaysia - 2.3%** |  |
| CIMB Group Holdings Bhd | 367000 | 597512 |
| IHH Healthcare Bhd | 969800 | 1572094 |
| MISC Bhd | 616500 | 1089177 |
| Public Bank Bhd | 1613800 | 1634084 |
| RHB Bank Bhd | 1105400 | 1669851 |
| Telekom Malaysia Bhd | 1085000 | 1664525 |
| YTL Corporation Bhd | 292100 | 124897 |
|  |  | 8352140 |
| **Mexico - 1.5%** | **Mexico - 1.5%** |  |
| Arca Continental SAB de CV | 136016 | 1496414 |
| Cemex SAB de CV | 2724344 | 1867143 |
| Qualitas Controladora SAB de CV | 190313 | 2039937 |
|  |  | 5403494 |
| **Netherlands - 1.9%** | **Netherlands - 1.9%** |  |
| Aegon, Ltd. | 232313 | 1663108 |
| Koninklijke Ahold Delhaize NV | 45025 | 1900449 |
| Nebius Group NV <sup>(a)</sup> | 53096 | 1951278 |
| Randstad NV | 6449 | 270594 |
| Stellantis NV | 117743 | 1198336 |
|  |  | 6983765 |
| **Norway - 3.9%** | **Norway - 3.9%** |  |
| Aker BP ASA | 67322 | 1548443 |
| DNO ASA | 1501812 | 1788860 |
| Equinor ASA | 67043 | 1571553 |
| Hoegh Autoliners ASA | 167892 | 1395930 |
| Leroy Seafood Group ASA | 178939 | 780406 |
| Norsk Hydro ASA | 134305 | 735597 |
| Norwegian Air Shuttle ASA <sup>(a)</sup> | 1650019 | 2306149 |
| Storebrand ASA | 136096 | 1780931 |
| Yara International ASA | 53531 | 1917594 |
|  |  | 13825463 |
| **Peru - 0.5%** | **Peru - 0.5%** |  |
| Credicorp, Ltd. | 8717 | 1846348 |
| **Poland - 1.9%** | **Poland - 1.9%** |  |
| Alior Bank SA | 11016 | 305808 |
| ORLEN SA | 123312 | 2421750 |
| Powszechna Kasa Oszczednosci Bank Polski SA | 98048 | 1971146 |
| Powszechny Zaklad Ubezpieczen SA | 130863 | 2138093 |
|  |  | 6836797 |
| **Portugal - 0.7%** | **Portugal - 0.7%** |  |
| Banco Comercial Portugues SA | 3029410 | 2359257 |
| Galp Energia SGPS SA | 3718 | 59282 |
|  |  | 2418539 |
| **Russia - 0.0% <sup>(d)</sup>** | **Russia - 0.0% <sup>(d)</sup>** |  |
| Severstal PAO - GDR <sup>(a)(c)</sup> | 24074 | 0 |
| **Singapore - 6.3%** | **Singapore - 6.3%** |  |
| ComfortDelGro Corporation, Ltd. | 586600 | 645915 |
| DBS Group Holdings, Ltd. | 48740 | 1690177 |
| Genting Singapore, Ltd. | 2967800 | 1587920 |
| Hafnia, Ltd. | 309552 | 1560311 |
| Jardine Cycle & Carriage, Ltd. | 53900 | 1021910 |
| NetLink NBN Trust | 594400 | 398694 |
| Oversea-Chinese Banking Corporation, Ltd. | 125100 | 1574421 |
| SATS, Ltd. | 401100 | 961072 |
| Seatrium, Ltd. | 964000 | 1532413 |
| Sembcorp Industries, Ltd. | 345200 | 1772041 |
| Singapore Airlines, Ltd. | 344900 | 1906899 |
| Singapore Exchange, Ltd. | 177100 | 1925358 |
| Singapore Telecommunications, Ltd. | 664500 | 1963202 |
| United Overseas Bank, Ltd. | 58719 | 1612314 |
| UOL Group, Ltd. | 125600 | 556123 |
| Venture Corporation, Ltd. | 94100 | 807760 |
| Wilmar International, Ltd. | 476600 | 1127195 |
|  |  | 22643725 |
| **South Africa - 2.1%** | **South Africa - 2.1%** |  |
| Foschini Group, Ltd. | 203142 | 1511851 |
| Harmony Gold Mining Company, Ltd. | 144406 | 2045235 |
| MTN Group, Ltd. | 259707 | 1797778 |
| Vodacom Group, Ltd. | 264988 | 2021731 |
|  |  | 7376595 |
| **South Korea - 7.3%** | **South Korea - 7.3%** |  |
| DB Insurance Company, Ltd. | 20231 | 1473665 |
| Doosan Bobcat, Inc. | 43049 | 1466480 |
| Hankook Tire & Technology Company, Ltd. | 57723 | 1610738 |
| HD Korea Shipbuilding & Offshore Engineering Company, Ltd. | 10054 | 2306364 |
| HMM Company, Ltd. | 121243 | 1871766 |
| Hyundai Glovis Company, Ltd. | 15685 | 1289178 |
| Hyundai Mobis Company, Ltd. | 8576 | 1572609 |
| Kia Corporation | 22222 | 1439912 |
| Korean Air Lines Company, Ltd. | 91869 | 1498190 |
| KT Corporation | 48084 | 1770434 |
| LG Uplus Corporation | 231127 | 2144253 |
| NongShim Company, Ltd. | 4634 | 1424089 |
| Orion Corporation | 23660 | 1893212 |
| Samsung Fire & Marine Insurance Company, Ltd. | 3133 | 918532 |
| Samsung SDS Company, Ltd. | 20205 | 1906712 |
| SK Telecom Company, Ltd. | 41241 | 1539401 |
|  |  | 26125535 |
| **Spain - 1.4%** | **Spain - 1.4%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 134149 | 2011793 |
| Banco Santander SA | 305745 | 2440448 |
| CaixaBank SA | 30733 | 261254 |
| Mapfre SA | 67119 | 254194 |
| Repsol SA | 16128 | 217058 |
|  |  | 5184747 |
| **Sweden - 1.3%** | **Sweden - 1.3%** |  |
| SSAB AB - Class B | 349556 | 2070780 |
| Telefonaktiebolaget LM Ericsson - Class B | 208956 | 1772600 |
| Volvo Car AB <sup>(a)</sup> | 535302 | 969177 |
|  |  | 4812557 |
| **Switzerland - 6.2%** | **Switzerland - 6.2%** |  |
| Avolta AG | 21941 | 1177237 |
| Chubb, Ltd. | 5820 | 1729704 |
| Glencore PLC | 293900 | 1123220 |
| Helvetia Holding AG | 4443 | 1053492 |
| Holcim AG | 15972 | 1769547 |
| Julius Baer Group, Ltd. | 22315 | 1470011 |
| Logitech International SA | 16088 | 1340226 |
| Novartis AG | 13744 | 1573061 |
| Sandoz Group AG | 33559 | 1704604 |
| STMicroelectronics NV | 33121 | 831165 |
| Swatch Group AG | 8763 | 1477833 |
| Swiss Re AG | 10377 | 1834653 |
| Swisscom AG | 110 | 75717 |
| Swissquote Group Holding SA | 3354 | 2009420 |
| UBS Group AG | 44164 | 1407894 |
| Zurich Insurance Group AG | 2605 | 1830206 |
|  |  | 22407990 |
| **Taiwan - 6.6%** | **Taiwan - 6.6%** |  |
| Arcadyan Technology Corporation | 292000 | 2085123 |
| Compal Electronics, Inc. | 1411000 | 1355984 |
| Eva Airways Corporation | 1083000 | 1476235 |
| Evergreen Marine Corporation Taiwan, Ltd. | 253000 | 2064117 |
| FIT Hon Teng, Ltd. <sup>(a)(b)</sup> | 3704000 | 968329 |
| Foxconn Technology Company, Ltd. | 662000 | 1338645 |
| L&K Engineering Company, Ltd. | 210000 | 1765854 |
| Pegatron Corporation | 470000 | 1315815 |
| Pou Chen Corporation | 1382000 | 1438791 |
| Primax Electronics, Ltd. | 520000 | 1353421 |
| Radiant Opto-Electronics Corporation | 259000 | 1274755 |
| Simplo Technology Company, Ltd. | 130822 | 1636994 |
| Taiwan Surface Mounting Technology Corporation | 406000 | 1483458 |
| Tong Yang Industry Company, Ltd. | 484000 | 2107613 |
| Tripod Technology Corporation | 242000 | 1728081 |
| Zhen Ding Technology Holding, Ltd. | 45000 | 154662 |
|  |  | 23547877 |
| **Thailand - 2.1%** | **Thailand - 2.1%** |  |
| Cal-Comp Electronics Thailand PCL | 3812000 | 840794 |
| Kasikornbank PCL - NVDR | 338700 | 1588906 |
| Krung Thai Bank PCL - NVDR | 2277600 | 1540255 |
| PTT Exploration & Production PCL - NVDR | 429900 | 1283381 |
| SCB X PCL - NVDR | 211500 | 763468 |
| TMBThanachart Bank PCL - NVDR | 27052500 | 1582234 |
|  |  | 7599038 |
| **United Kingdom - 2.2%** | **United Kingdom - 2.2%** |  |
| Centrica PLC | 437210 | 933627 |
| easyJet PLC | 169711 | 1318708 |
| J Sainsbury PLC | 118903 | 457628 |
| Kingfisher PLC | 413392 | 1547558 |
| Tesco PLC | 350030 | 1831481 |
| Vodafone Group PLC | 1586136 | 1644444 |
|  |  | 7733446 |
| **TOTAL COMMON STOCKS** (Cost $298,895,808) | **TOTAL COMMON STOCKS** (Cost $298,895,808) | 347667403 |
| **PREFERRED STOCKS - 1.6%** | **Shares** | **Value**  |
| **Brazil - 0.9%** | **Brazil - 0.9%** |  |
|  Cia Energetica de Minas Gerais | 797159 | 1506134 |
|  Metalurgica Gerdau SA | 775110 | 1127767 |
|  Petroleo Brasileiro SA | 130604 | 707242 |
|  |  | 3341143 |
| **Chile - 0.6%** | **Chile - 0.6%** |  |
|  Embotelladora Andina SA | 484690 | 2063072 |
| **Germany - 0.1%** | **Germany - 0.1%** |  |
|  Volkswagen AG | 4661 | 504590 |
| **TOTAL PREFERRED STOCKS** (Cost $5,070,250) | **TOTAL PREFERRED STOCKS** (Cost $5,070,250) | 5908805 |
| **WARRANTS - 0.0%<sup>(d)</sup>** | **Contracts** | **Value**  |
| **Malaysia *-* 0.0%<sup>(d)</sup>** | **Malaysia *-* 0.0%<sup>(d)</sup>** |  |
| YTL Corporation Bhd, Expires 12/31/2099, Exercise Price $1.50 <sup>(a)(c)</sup> | 58420 | 3980 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 3980 |
| **TOTAL INVESTMENTS - 98.5% (**Cost $303,966,058**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $303,966,058**)** | 353580188 |
| Other Assets in Excess of Liabilities - 1.5% | Other Assets in Excess of Liabilities - 1.5% | 5322877 |
| **TOTAL NET ASSETS - 100.0%** |  | $358903065 |
| 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. |

---

---

| |
|:---|
| ASA - Advanced Subscription Agreement |
| GDR - Global Depositary Receipt |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $5,877,808 or 1.6% of the Fund's net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $3,980 or 0.0% of net assets as of May 31, 2025.

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

------

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Vident International Equity Strategy 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 May 31, 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 | $347667403 | $– | $0 | $347667403 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 5908805 | – | – | 5908805 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 3980 | 3980 |
| Total Investments | $353576208 | $– | $3980 | $353580188 |
| 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. |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | |
|:---|:---|
| Balance as of 8/31/2024 | $— |
| Net Realized Gain (Loss) |  |
| Change in Net Unrealized Appreciation (Depreciation) |  |
| Purchases | 3980 |
| Sales |  |
| Transfers into Level 3 |  |
| Transfers Out of Level 3 |  |
| Balance as of 5/31/2025 | $3980 |

---

Fair valuation inputs are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.

## 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:** Vident International Equity Strategy ETF

- **b. EDGAR series identifier (if any):** S000042078

- **c. LEI of Series:** 5493004M2YRI1LYU4Y95

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $359191618.47

**Total Liabilities:** $288791.91

**Net Assets:** $358902826.56

**Cash Not Reported:** $222468.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130685 | 0.69%                | 3.37%                | 6.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8076.18                 | $402455.67                                 |
| Month 2  | $940313.35               | $8414749.22                                |
| Month 3  | $17781.56                | $19928633.16                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Canadian Tire Corp Ltd                 | Canadian Tire Corp Ltd                              | CUSIP: 136681202<br>LEI: 549300RLHDA7VQYMUB14 | Long             | EC               | CORP              | CA        |      1938 | NS      | $245803.72    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Cemex SAB de CV                        | Cemex SAB de CV                                     | CUSIP: P2253T133<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |   2724344 | NS      | $1867142.90   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Manulife Financial Corp                | Manulife Financial Corp                             | CUSIP: 56501R106<br>LEI: 5493007GBX87QOZACS27 | Long             | EC               | CORP              | CA        |     52920 | NS      | $1681954.98   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Latam Airlines Group SA                | Latam Airlines Group SA                             | CUSIP: N/A<br>LEI: 549300HX3UUDPEFTG707       | Long             | EC               | CORP              | CL        | 111321492 | NS      | $2119814.93   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Magna International Inc                | Magna International Inc                             | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     38489 | NS      | $1394612.15   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Metalurgica Gerdau SA                  | Metalurgica Gerdau SA                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EP               | CORP              | BR        |    775110 | NS      | $1127767.10   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Arca Continental SAB de CV             | Arca Continental SAB de CV                          | CUSIP: P0448R103<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |    136016 | NS      | $1496414.30   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingfisher PLC                         | Kingfisher PLC                                      | CUSIP: N/A<br>LEI: 213800KBMEV7I92FY281       | Long             | EC               | CORP              | GB        |    413392 | NS      | $1547558.04   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Bouygues SA                            | Bouygues SA                                         | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     13906 | NS      | $606056.97    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlsberg AS                           | Carlsberg AS                                        | CUSIP: N/A<br>LEI: 5299001O0WJQYB5GYZ19       | Long             | EC               | CORP              | DK        |     15592 | NS      | $2228665.89   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Continental AG                         | Continental AG                                      | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |     22745 | NS      | $1995990.85   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Leroy Seafood Group ASA                | Leroy Seafood Group ASA                             | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ2JK50       | Long             | EC               | CORP              | NO        |    178939 | NS      | $780405.67    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Renault SA                             | Renault SA                                          | CUSIP: N/A<br>LEI: 969500F7JLTX36OUI695       | Long             | EC               | CORP              | FR        |     15257 | NS      | $786007.61    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Randstad NV                            | Randstad NV                                         | CUSIP: N/A<br>LEI: 7245009EAAUUQJ0U4T57       | Long             | EC               | CORP              | NL        |      6449 | NS      | $270593.56    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Allianz SE                             | Allianz SE                                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |      4903 | NS      | $1940916.94   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Aurubis AG                             | Aurubis AG                                          | CUSIP: N/A<br>LEI: 5299005SHIN9ZK7GW242       | Long             | EC               | CORP              | DE        |      5837 | NS      | $512226.80    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| BBVA                                   | Banco Bilbao Vizcaya Argentaria SA                  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |    134149 | NS      | $2011793.35   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Bavarian Nordic A/S                    | Bavarian Nordic A/S                                 | CUSIP: N/A<br>LEI: 2138006JCDVYIN6INP51       | Long             | EC               | CORP              | DK        |     58000 | NS      | $1527070.73   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Repsol SA                              | Repsol SA                                           | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |     16128 | NS      | $217057.69    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Santander SA                     | Banco Santander SA                                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    305745 | NS      | $2440448.08   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Nokia Oyj                              | Nokia Oyj                                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |    358024 | NS      | $1859907.16   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung Fire & Marine Insuranc         | Samsung Fire & Marine Insurance Co Ltd              | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               | CORP              | KR        |      3133 | NS      | $918531.93    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Cathay Pacific Airways Ltd             | Cathay Pacific Airways Ltd                          | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |   1173000 | NS      | $1579646.88   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Lenovo Group Ltd                       | Lenovo Group Ltd                                    | CUSIP: N/A<br>LEI: 254900VUZRGD5U73RE46       | Long             | EC               | CORP              | CN        |   1326000 | NS      | $1528656.96   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Compal Electronics Inc                 | Compal Electronics Inc                              | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   1411000 | NS      | $1355983.78   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| SATS Ltd                               | SATS Ltd                                            | CUSIP: N/A<br>LEI: 529900SEP1R0K8049D51       | Long             | EC               | CORP              | SG        |    401100 | NS      | $961072.43    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| RHB Bank Bhd                           | RHB Bank Bhd                                        | CUSIP: N/A<br>LEI: 549300ZHRPSV7QIUJT80       | Long             | EC               | CORP              | MY        |   1105400 | NS      | $1669851.29   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| LG Uplus Corp                          | LG Uplus Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    231127 | NS      | $2144252.81   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Kunlun Energy Co Ltd                   | Kunlun Energy Co Ltd                                | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | HK        |   1678000 | NS      | $1679808.20   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Krung Thai Bank PCL                    | Krung Thai Bank PCL                                 | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               | CORP              | TH        |   2277600 | NS      | $1540254.97   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Simplo Technology Co Ltd               | Simplo Technology Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    130822 | NS      | $1636993.84   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| L&K Engineering Co Ltd                 | L&K Engineering Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    210000 | NS      | $1765854.15   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Kia Corp                               | Kia Corp                                            | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     22222 | NS      | $1439912.15   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingboard Holdings Ltd                 | Kingboard Holdings Ltd                              | CUSIP: N/A<br>LEI: 529900G89MY26MMSDR76       | Long             | EC               | CORP              | HK        |    631500 | NS      | $1795875.82   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Konica Minolta Inc                     | Konica Minolta Inc                                  | CUSIP: N/A<br>LEI: 549300SVK6KRUOL1A740       | Long             | EC               | CORP              | JP        |    393400 | NS      | $1200961.23   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Korean Air Lines Co Ltd                | Korean Air Lines Co Ltd                             | CUSIP: N/A<br>LEI: 988400C2UFBF4B660C58       | Long             | EC               | CORP              | KR        |     91869 | NS      | $1498189.82   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| KT Corp                                | KT Corp                                             | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |     48084 | NS      | $1770433.57   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Radiant Opto-Electronics Corp          | Radiant Opto-Electronics Corp                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    259000 | NS      | $1274755.16   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| BlueScope Steel Ltd                    | BlueScope Steel Ltd                                 | CUSIP: N/A<br>LEI: 529900H6UQI16XACWC95       | Long             | EC               | CORP              | AU        |    107381 | NS      | $1572140.54   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| BOC Hong Kong Holdings Ltd             | BOC Hong Kong Holdings Ltd                          | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |    495000 | NS      | $2089446.60   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| MISC Bhd                               | MISC Bhd                                            | CUSIP: N/A<br>LEI: 9845002055U77FF6B972       | Long             | EC               | CORP              | MY        |    616500 | NS      | $1089176.55   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| MTN Group Ltd                          | MTN Group Ltd                                       | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |    259707 | NS      | $1797777.93   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsubishi Motors Corp                 | Mitsubishi Motors Corp                              | CUSIP: N/A<br>LEI: 5299006ZTN6MO1N5BR16       | Long             | EC               | CORP              | JP        |    537800 | NS      | $1623891.75   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| ComfortDelGro Corp Ltd                 | ComfortDelGro Corp Ltd                              | CUSIP: N/A<br>LEI: 2549005O5PVA2JCH6Q33       | Long             | EC               | CORP              | SG        |    586600 | NS      | $645915.01    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| NongShim Co Ltd                        | NongShim Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      4634 | NS      | $1424089.29   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| New Hope Corp Ltd                      | New Hope Corp Ltd                                   | CUSIP: N/A<br>LEI: 254900DHRUGXZSLSNZ83       | Long             | EC               | CORP              | AU        |    426081 | NS      | $1020041.01   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Cal-Comp Electronics Thailand          | Cal-Comp Electronics Thailand PCL                   | CUSIP: N/A<br>LEI: 894500RJVZSIJ6N82707       | Long             | EC               | CORP              | TH        |   3812000 | NS      | $840793.50    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Qantas Airways Ltd                     | Qantas Airways Ltd                                  | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    267650 | NS      | $1827532.69   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| QBE Insurance Group Ltd                | QBE Insurance Group Ltd                             | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    126068 | NS      | $1878996.37   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Sankyo Co Ltd                          | Sankyo Co Ltd                                       | CUSIP: N/A<br>LEI: 3538009H2R9ZBZAOAK48       | Long             | EC               | CORP              | JP        |    116400 | NS      | $2030415.47   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Airlines Ltd                 | Singapore Airlines Ltd                              | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |    344900 | NS      | $1906899.04   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Novartis AG                            | Novartis AG                                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     13744 | NS      | $1573061.07   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| NKT A/S                                | NKT A/S                                             | CUSIP: N/A<br>LEI: 529900197LKWCEQ0NL18       | Long             | EC               | CORP              | DK        |     23855 | NS      | $2040331.77   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Norwegian Air Shuttle ASA              | Norwegian Air Shuttle ASA                           | CUSIP: N/A<br>LEI: 549300IEUH2FEM2Y6B51       | Long             | EC               | CORP              | NO        |   1650019 | NS      | $2306149.10   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Proximus SADP                          | Proximus SADP                                       | CUSIP: N/A<br>LEI: 549300CWRXC5EP004533       | Long             | EC               | CORP              | BE        |     29582 | NS      | $257750.21    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Cencosud SA                            | Cencosud SA                                         | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               | CORP              | CL        |    668866 | NS      | $2304145.77   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Bank Bhd                        | Public Bank Bhd                                     | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |   1613800 | NS      | $1634083.87   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinross Gold Corp                      | Kinross Gold Corp                                   | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |    144483 | NS      | $2128968.75   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Sembcorp Industries Ltd                | Sembcorp Industries Ltd                             | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |    345200 | NS      | $1772040.94   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Lojas Renner SA                        | Lojas Renner SA                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    703586 | NS      | $2210654.80   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Avolta AG                              | Avolta AG                                           | CUSIP: N/A<br>LEI: 549300X53WDBVW7TIF57       | Long             | EC               | CORP              | CH        |     21941 | NS      | $1177237.27   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| COPASA                                 | Cia de Saneamento de Minas Gerais Copasa MG         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    293384 | NS      | $1219692.91   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Norsk Hydro ASA                        | Norsk Hydro ASA                                     | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |    134305 | NS      | $735597.28    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| PTT Exploration & Production P         | PTT Exploration & Production PCL                    | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |    429900 | NS      | $1283381.31   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Logitech International SA              | Logitech International SA                           | CUSIP: N/A<br>LEI: 549300SN6PRK6IJJC215       | Long             | EC               | CORP              | CH        |     16088 | NS      | $1340226.06   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Mapfre SA                              | Mapfre SA                                           | CUSIP: N/A<br>LEI: 95980020140005693107       | Long             | EC               | CORP              | ES        |     67119 | NS      | $254193.61    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Severstal PAO                          | Severstal PAO                                       | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     24074 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Marfrig Global Foods SA                | Marfrig Global Foods SA                             | CUSIP: N/A<br>LEI: 391200219USWMOBN3F92       | Long             | EC               | CORP              | BR        |    598469 | NS      | $2638377.48   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| BOSIDENG                               | Bosideng International Holdings Ltd                 | CUSIP: N/A<br>LEI: 254900G7F1RDM4B3S169       | Long             | EC               | CORP              | HK        |    194000 | NS      | $108856.03    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| CaixaBank SA                           | CaixaBank SA                                        | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     30733 | NS      | $261254.57    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcadyan Technology Corp               | Arcadyan Technology Corp                            | CUSIP: N/A<br>LEI: 254900R5W61G3GO1Q067       | Long             | EC               | CORP              | TW        |    292000 | NS      | $2085122.71   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Primax Electronics Ltd                 | Primax Electronics Ltd                              | CUSIP: N/A<br>LEI: 254900JO4CQFFG7AIQ15       | Long             | EC               | CORP              | TW        |    520000 | NS      | $1353421.09   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| PZU                                    | Powszechny Zaklad Ubezpieczen SA                    | CUSIP: N/A<br>LEI: QLPCKOOKVX32FUELX240       | Long             | EC               | CORP              | PL        |    130863 | NS      | $2138093.59   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Astra International Tbk PT             | Astra International Tbk PT                          | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |   5242600 | NS      | $1560872.31   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke Ahold Delhaize NV          | Koninklijke Ahold Delhaize NV                       | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     45025 | NS      | $1900448.99   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| NETLINK NBN TRUST                      | NETLINK NBN TRUST                                   | CUSIP: N/A<br>LEI: 25490032IBVZHHXJIM98       | Long             | EC               | CORP              | SG        |    594400 | NS      | $398694.17    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Sandoz Group AG                        | Sandoz Group AG                                     | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |     33559 | NS      | $1704603.58   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Seatrium Ltd                           | Seatrium Ltd                                        | CUSIP: N/A<br>LEI: 254900MQNHWMN6X1NV39       | Long             | EC               | CORP              | SG        |    964000 | NS      | $1532413.15   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Schaeffler AG                          | Schaeffler AG                                       | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | EC               | CORP              | DE        |     29128 | NS      | $140206.98    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| SCB X PCL                              | SCB X PCL                                           | CUSIP: N/A<br>LEI: 254900TG41KIWX7VDO42       | Long             | EC               | CORP              | TH        |    211500 | NS      | $763468.13    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ROCKWOOL A/S                           | ROCKWOOL A/S                                        | CUSIP: N/A<br>LEI: 213800QRC7LNX935OZ09       | Long             | EC               | CORP              | DK        |     44940 | NS      | $2129447.78   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung SDS Co Ltd                     | Samsung SDS Co Ltd                                  | CUSIP: N/A<br>LEI: 988400G19T2TB4CAWX91       | Long             | EC               | CORP              | KR        |     20205 | NS      | $1906712.33   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Volvo Car AB                           | Volvo Car AB                                        | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | EC               | CORP              | SE        |    535302 | NS      | $969177.54    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualitas Controladora SAB de C         | Qualitas Controladora SAB de CV                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    190313 | NS      | $2039936.47   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Comercial Portugues SA           | Banco Comercial Portugues SA                        | CUSIP: N/A<br>LEI: JU1U6S0DG9YLT7N8ZV32       | Long             | EC               | CORP              | PT        |   3029410 | NS      | $2359257.16   | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Medtronic PLC                          | Medtronic PLC                                       | CUSIP: N/A<br>LEI: 549300GX3ZBSQWUXY261       | Long             | EC               | CORP              | IE        |     17270 | NS      | $1433064.60   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Nebius Group NV                        | Nebius Group NV                                     | CUSIP: N/A<br>LEI: 549300GGZHJ5Q1B18P93       | Long             | EC               | CORP              | NL        |     53096 | NS      | $1951278.00   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| AP Moller - Maersk A/S                 | AP Moller - Maersk A/S                              | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |      1115 | NS      | $2016782.71   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Zurich Insurance Group AG              | Zurich Insurance Group AG                           | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |      2605 | NS      | $1830206.32   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Alps Alpine Co Ltd                     | Alps Alpine Co Ltd                                  | CUSIP: N/A<br>LEI: 529900PWNU4ASLY9VI90       | Long             | EC               | CORP              | JP        |    114800 | NS      | $1103088.81   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| CIMB Group Holdings Bhd                | CIMB Group Holdings Bhd                             | CUSIP: N/A<br>LEI: 549300FYDN5UD7USZW18       | Long             | EC               | CORP              | MY        |    367000 | NS      | $597512.04    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Anhui Conch Cement Co Ltd              | Anhui Conch Cement Co Ltd                           | CUSIP: N/A<br>LEI: 300300JVKW56SSAEQZ33       | Long             | EC               | CORP              | CN        |    588000 | NS      | $1533446.83   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| CHINA TAIPING                          | China Taiping Insurance Holdings Co Ltd             | CUSIP: N/A<br>LEI: 529900C2G37NOIADYW07       | Long             | EC               | CORP              | HK        |   1062600 | NS      | $1634237.62   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| YTL Corp Bhd                           | YTL Corp Bhd                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    292100 | NS      | $124896.51    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Yara International ASA                 | Yara International ASA                              | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |     53531 | NS      | $1917594.05   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Centrica PLC                           | Centrica PLC                                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |    437210 | NS      | $933627.36    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| ZTE Corp                               | ZTE Corp                                            | CUSIP: N/A<br>LEI: 3003004FBGVVG1CW5U45       | Long             | EC               | CORP              | CN        |    454000 | NS      | $1273727.77   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Wilmar International Ltd               | Wilmar International Ltd                            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    476600 | NS      | $1127194.48   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| China Coal Energy Co Ltd               | China Coal Energy Co Ltd                            | CUSIP: N/A<br>LEI: 529900KRC89344UI3Z10       | Long             | EC               | CORP              | CN        |    605000 | NS      | $677404.34    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Cia Energetica de Minas Gerais         | Cia Energetica de Minas Gerais                      | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |    797159 | NS      | $1506133.40   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Zhen Ding Technology Holding L         | Zhen Ding Technology Holding Ltd                    | CUSIP: N/A<br>LEI: 549300H7R4K33675UP38       | Long             | EC               | CORP              | TW        |     45000 | NS      | $154662.40    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Yancoal Australia Ltd                  | Yancoal Australia Ltd                               | CUSIP: N/A<br>LEI: 3003003IC6G39HKQAD13       | Long             | EC               | CORP              | AU        |    309001 | NS      | $1040025.76   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| YTL CORP BHD                           | YTL Corp Bhd                                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | MY        |     58420 | NS      | $3980.22      | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| CG SERVICES                            | Country Garden Services Holdings Co Ltd             | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               | CORP              | CN        |   1897000 | NS      | $1616001.94   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| WH Group Ltd                           | WH Group Ltd                                        | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   2060500 | NS      | $1902432.55   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| CHINARES PHARMA                        | China Resources Pharmaceutical Group Ltd            | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               | CORP              | CN        |   2351500 | NS      | $1544366.23   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Aptiv PLC                              | Aptiv PLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     15441 | NS      | $1031613.21   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Chubb Ltd                              | Chubb Ltd                                           | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      5820 | NS      | $1729704.00   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIM Integrated Shipping Servic         | ZIM Integrated Shipping Services Ltd                | CUSIP: N/A<br>LEI: 21380089EIJRELKAIL21       | Long             | EC               | CORP              | IL        |     88186 | NS      | $1538845.70   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| PETROBRAS                              | Petroleo Brasileiro SA - Petrobras                  | CUSIP: N/A<br>LEI: 5493000J801JZRCMFE49       | Long             | EP               | CORP              | BR        |    130604 | NS      | $707242.29    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Power Corp of Canada                   | Power Corp of Canada                                | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     52799 | NS      | $2039459.54   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Kerry Group PLC                        | Kerry Group PLC                                     | CUSIP: N/A<br>LEI: 635400TLVVBNXLFHWC59       | Long             | EC               | CORP              | IE        |     15484 | NS      | $1691030.13   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Danske Bank A/S                        | Danske Bank A/S                                     | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |     52527 | NS      | $2007309.62   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| OMV AG                                 | OMV AG                                              | CUSIP: N/A<br>LEI: 549300V62YJ9HTLRI486       | Long             | EC               | CORP              | AT        |     25673 | NS      | $1372747.43   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Outokumpu Oyj                          | Outokumpu Oyj                                       | CUSIP: N/A<br>LEI: 5493009YRUJJDCFF0R80       | Long             | EC               | CORP              | FI        |    121090 | NS      | $468765.64    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| ORLEN SA                               | ORLEN SA                                            | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               | CORP              | PL        |    123312 | NS      | $2421750.14   | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| DB Insurance Co Ltd                    | DB Insurance Co Ltd                                 | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     20231 | NS      | $1473664.93   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| DBS Group Holdings Ltd                 | DBS Group Holdings Ltd                              | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     48740 | NS      | $1690177.42   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Origin Energy Ltd                      | Origin Energy Ltd                                   | CUSIP: N/A<br>LEI: ZSN2LWNPYW6ISMRUC664       | Long             | EC               | CORP              | AU        |    231214 | NS      | $1609992.72   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Jardine Cycle & Carriage Ltd           | Jardine Cycle & Carriage Ltd                        | CUSIP: N/A<br>LEI: 254900WEP6OCEXFWML09       | Long             | EC               | CORP              | SG        |     53900 | NS      | $1021909.89   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Kasikornbank PCL                       | Kasikornbank PCL                                    | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |    338700 | NS      | $1588905.64   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Israel Discount Bank Ltd               | Israel Discount Bank Ltd                            | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |    219741 | NS      | $1867000.81   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Panasonic Holdings Corp                | Panasonic Holdings Corp                             | CUSIP: N/A<br>LEI: 254900GE1G59KGWPHX32       | Long             | EC               | CORP              | JP        |     61100 | NS      | $706294.74    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| OOIL                                   | Orient Overseas International Ltd                   | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |    120000 | NS      | $2067448.40   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Pou Chen Corp                          | Pou Chen Corp                                       | CUSIP: N/A<br>LEI: 25490027LIXQ7W4PBH18       | Long             | EC               | CORP              | TW        |   1382000 | NS      | $1438790.73   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| JB Hi-Fi Ltd                           | JB Hi-Fi Ltd                                        | CUSIP: N/A<br>LEI: 529900TPC8H040Y3ZQ65       | Long             | EC               | CORP              | AU        |     22245 | NS      | $1543383.95   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| J Sainsbury PLC                        | J Sainsbury PLC                                     | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    118903 | NS      | $457627.59    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Pacific Basin Shipping Ltd             | Pacific Basin Shipping Ltd                          | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   5257605 | NS      | $1300731.83   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Perseus Mining Ltd                     | Perseus Mining Ltd                                  | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |    483642 | NS      | $1210754.61   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Powszechna Kasa Oszczednosci B         | Powszechna Kasa Oszczednosci Bank Polski SA         | CUSIP: N/A<br>LEI: P4GTT6GF1W40CVIMFR43       | Long             | EC               | CORP              | PL        |     98048 | NS      | $1971145.65   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| COSCO SHIPPING Holdings Co Ltd         | COSCO SHIPPING Holdings Co Ltd                      | CUSIP: N/A<br>LEI: 3003009XI0QGYYA29S17       | Long             | EC               | CORP              | CN        |    753795 | NS      | $1301577.40   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Oversea-Chinese Banking Corp L         | Oversea-Chinese Banking Corp Ltd                    | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    125100 | NS      | $1574420.75   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| D/S Norden A/S                         | D/S Norden A/S                                      | CUSIP: N/A<br>LEI: 529900RGXD3CBR3BRU63       | Long             | EC               | CORP              | DK        |     56521 | NS      | $1716941.23   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| CPIC                                   | China Pacific Insurance Group Co Ltd                | CUSIP: N/A<br>LEI: 529900BA5ILEL308WX03       | Long             | EC               | CORP              | CN        |    531600 | NS      | $1660921.63   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Pandora A/S                            | Pandora A/S                                         | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      8206 | NS      | $1494270.67   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Pegatron Corp                          | Pegatron Corp                                       | CUSIP: N/A<br>LEI: 529900M87JQS8TUO0L66       | Long             | EC               | CORP              | TW        |    470000 | NS      | $1315814.94   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Julius Baer Group Ltd                  | Julius Baer Group Ltd                               | CUSIP: N/A<br>LEI: 5299007MF0604ZGJER92       | Long             | EC               | CORP              | CH        |     22315 | NS      | $1470011.32   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| K+S AG                                 | K+S AG                                              | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |     65022 | NS      | $1183278.46   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Parex Resources Inc                    | Parex Resources Inc                                 | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |     51851 | NS      | $511740.84    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| People's Insurance Co Group of         | People's Insurance Co Group of China Ltd/The        | CUSIP: N/A<br>LEI: 3003000P2JHYHQ524P66       | Long             | EC               | CORP              | CN        |   3142000 | NS      | $2055519.64   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Plus500 Ltd                            | Plus500 Ltd                                         | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |     10965 | NS      | $503933.98    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Orion Corp/Republic of Korea           | Orion Corp/Republic of Korea                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     23660 | NS      | $1893211.57   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| ISS A/S                                | ISS A/S                                             | CUSIP: N/A<br>LEI: 213800LEZA58SZNCBN19       | Long             | EC               | CORP              | DK        |     85008 | NS      | $2283439.79   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Iveco Group NV                         | Iveco Group NV                                      | CUSIP: N/A<br>LEI: 549300ZWF2ZJDD9EOR96       | Long             | EC               | CORP              | IT        |    123437 | NS      | $2459323.10   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| JD Logistics Inc                       | JD Logistics Inc                                    | CUSIP: G5074S101<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |    922000 | NS      | $1462680.21   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Credicorp Ltd                          | Credicorp Ltd                                       | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      8717 | NS      | $1846347.77   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Jazz Pharmaceuticals PLC               | Jazz Pharmaceuticals PLC                            | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     12702 | NS      | $1372705.14   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| DCC PLC                                | DCC PLC                                             | CUSIP: N/A<br>LEI: 213800UPS1QEE4TD3T45       | Long             | EC               | CORP              | IE        |     20364 | NS      | $1273127.60   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Embotelladora Andina SA                | Embotelladora Andina SA                             | CUSIP: N/A<br>LEI: 254900NNPKP1J9XTSA53       | Long             | EP               | CORP              | CL        |    484690 | NS      | $2063072.49   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Empire Co Ltd                          | Empire Co Ltd                                       | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |     53966 | NS      | $2079042.16   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Great-West Lifeco Inc                  | Great-West Lifeco Inc                               | CUSIP: 39138C106<br>LEI: 549300X81X4VZEESFU46 | Long             | EC               | CORP              | CA        |     49497 | NS      | $1875194.54   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Fresenius SE & Co KGaA                 | Fresenius SE & Co KGaA                              | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     41462 | NS      | $2032478.67   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Genmab A/S                             | Genmab A/S                                          | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      5838 | NS      | $1225662.37   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Heidelberg Materials AG                | Heidelberg Materials AG                             | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |     11356 | NS      | $2223216.18   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Fresenius Medical Care AG              | Fresenius Medical Care AG                           | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     23972 | NS      | $1361259.95   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Lufthansa AG                  | Deutsche Lufthansa AG                               | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | EC               | CORP              | DE        |    249150 | NS      | $1992951.09   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortum Oyj                             | Fortum Oyj                                          | CUSIP: N/A<br>LEI: 635400IUIZZIUJSAMF76       | Long             | EC               | CORP              | FI        |    104267 | NS      | $1799217.13   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Bank AG                       | Deutsche Bank AG                                    | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |     78916 | NS      | $2182405.56   | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Ericsson                               | Telefonaktiebolaget LM Ericsson                     | CUSIP: N/A<br>LEI: 549300W9JLPW15XIFM52       | Long             | EC               | CORP              | SE        |    208956 | NS      | $1772600.05   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Eva Airways Corp                       | Eva Airways Corp                                    | CUSIP: N/A<br>LEI: 254900S1P4XOXV67GC07       | Long             | EC               | CORP              | TW        |   1083000 | NS      | $1476235.05   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| HKEX                                   | Hong Kong Exchanges & Clearing Ltd                  | CUSIP: N/A<br>LEI: 213800YTVSXYQN17BW16       | Long             | EC               | CORP              | HK        |     26900 | NS      | $1357769.83   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Evergreen Marine Corp Taiwan L         | Evergreen Marine Corp Taiwan Ltd                    | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               | CORP              | TW        |    253000 | NS      | $2064117.32   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Foschini Group Ltd                     | Foschini Group Ltd                                  | CUSIP: N/A<br>LEI: 3789PTO7LG718IG59F97       | Long             | EC               | CORP              | ZA        |    203142 | NS      | $1511851.22   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| HMM Co Ltd                             | HMM Co Ltd                                          | CUSIP: N/A<br>LEI: 988400M8Q35QDZ4XXW80       | Long             | EC               | CORP              | KR        |    121243 | NS      | $1871766.25   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Gold Mining Co Ltd             | Harmony Gold Mining Co Ltd                          | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |    144406 | NS      | $2045235.19   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| HD Korea Shipbuilding & Offsho         | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               | CORP              | KR        |     10054 | NS      | $2306364.43   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Hyundai Mobis Co Ltd                   | Hyundai Mobis Co Ltd                                | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8576 | NS      | $1572608.54   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Geely Automobile Holdings Ltd          | Geely Automobile Holdings Ltd                       | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |    874000 | NS      | $1963882.14   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| El Al Israel Airlines                  | El Al Israel Airlines                               | CUSIP: N/A<br>LEI: 549300TW18OUVFDCDP95       | Long             | EC               | CORP              | IL        |     25045 | NS      | $92518.08     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Foxconn Technology Co Ltd              | Foxconn Technology Co Ltd                           | CUSIP: N/A<br>LEI: 3003003OO8QC88ZHCE44       | Long             | EC               | CORP              | TW        |    662000 | NS      | $1338645.58   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Guangdong Investment Ltd               | Guangdong Investment Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |   2010000 | NS      | $1635365.46   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                              | Holcim AG                                           | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |     15972 | NS      | $1769547.12   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinor ASA                            | Equinor ASA                                         | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     67043 | NS      | $1571553.56   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Hudbay Minerals Inc                    | Hudbay Minerals Inc                                 | CUSIP: 443628102<br>LEI: 549300WI524AL577IX21 | Long             | EC               | CORP              | CA        |    191261 | NS      | $1701241.52   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Hyundai Glovis Co Ltd                  | Hyundai Glovis Co Ltd                               | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |     15685 | NS      | $1289178.08   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| DNO ASA                                | DNO ASA                                             | CUSIP: N/A<br>LEI: 5967007LIEEXZXH3K072       | Long             | EC               | CORP              | NO        |   1501812 | NS      | $1788860.11   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Galp Energia SGPS SA                   | Galp Energia SGPS SA                                | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |      3718 | NS      | $59282.19     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Freenet AG                             | Freenet AG                                          | CUSIP: N/A<br>LEI: 5299003GLDODCVP8DO20       | Long             | EC               | CORP              | DE        |     20400 | NS      | $673469.11    | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Glencore PLC                           | Glencore PLC                                        | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |    293900 | NS      | $1123220.06   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| easyJet PLC                            | easyJet PLC                                         | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    169711 | NS      | $1318708.07   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Hankook Tire & Technology Co L         | Hankook Tire & Technology Co Ltd                    | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |     57723 | NS      | $1610738.20   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| IHH Healthcare Bhd                     | IHH Healthcare Bhd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    969800 | NS      | $1572094.44   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Genting Singapore Ltd                  | Genting Singapore Ltd                               | CUSIP: N/A<br>LEI: 254900Y2N3AK93K1O866       | Long             | EC               | CORP              | SG        |   2967800 | NS      | $1587920.29   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| iA Financial Corp Inc                  | iA Financial Corp Inc                               | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |     17038 | NS      | $1731371.58   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Helvetia Holding AG                    | Helvetia Holding AG                                 | CUSIP: N/A<br>LEI: 529900SUJBXTORH0LT80       | Long             | EC               | CORP              | CH        |      4443 | NS      | $1053492.06   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Hoegh Autoliners ASA                   | Hoegh Autoliners ASA                                | CUSIP: N/A<br>LEI: 549300D7GNMPKTA4HD46       | Long             | EC               | CORP              | NO        |    167892 | NS      | $1395929.92   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| H Lundbeck A/S                         | H Lundbeck A/S                                      | CUSIP: N/A<br>LEI: 5493006R4KC2OI5D3470       | Long             | EC               | CORP              | DK        |    263990 | NS      | $1460015.46   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Hafnia Ltd                             | Hafnia Ltd                                          | CUSIP: N/A<br>LEI: 5493001KCFT0SCGJ2647       | Long             | EC               | CORP              | SG        |    309552 | NS      | $1560310.65   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| FIT Hon Teng Ltd                       | FIT Hon Teng Ltd                                    | CUSIP: N/A<br>LEI: 3003001IDFNIKMGLFJ67       | Long             | EC               | CORP              | TW        |   3704000 | NS      | $968328.97    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| HelloFresh SE                          | HelloFresh SE                                       | CUSIP: N/A<br>LEI: 391200ZAF4V6XD2M9G57       | Long             | EC               | CORP              | DE        |    135297 | NS      | $1605851.25   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Doosan Bobcat Inc                      | Doosan Bobcat Inc                                   | CUSIP: N/A<br>LEI: 9884007K6X0Q0112FX44       | Long             | EC               | CORP              | KR        |     43049 | NS      | $1466480.39   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Demant A/S                             | Demant A/S                                          | CUSIP: N/A<br>LEI: 213800RM6L9LN78BVA56       | Long             | EC               | CORP              | DK        |     38980 | NS      | $1524614.39   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| ICL Group Ltd                          | ICL Group Ltd                                       | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |    153472 | NS      | $1017519.36   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Inmode Ltd                             | Inmode Ltd                                          | CUSIP: N/A<br>LEI: 984500DD95A35E9BD358       | Long             | EC               | CORP              | IL        |     30827 | NS      | $451923.82    | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Sun Life Financial Inc                 | Sun Life Financial Inc                              | CUSIP: 866796105<br>LEI: 549300V040JZX5S66Z78 | Long             | EC               | CORP              | CA        |     27443 | NS      | $1764399.58   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Solvay SA                              | Solvay SA                                           | CUSIP: N/A<br>LEI: 549300MMVL80RTBP3O28       | Long             | EC               | CORP              | BE        |     16526 | NS      | $541448.54    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Storebrand ASA                         | Storebrand ASA                                      | CUSIP: N/A<br>LEI: 5967007LIEEXZX7NA051       | Long             | EC               | CORP              | NO        |    136096 | NS      | $1780930.61   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| voestalpine AG                         | voestalpine AG                                      | CUSIP: N/A<br>LEI: 529900ZAXBMQDIWPNB72       | Long             | EC               | CORP              | AT        |     13933 | NS      | $366649.57    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Volkswagen AG                          | Volkswagen AG                                       | CUSIP: N/A<br>LEI: 529900NNUPAGGOMPXZ31       | Long             | EP               | CORP              | DE        |      4661 | NS      | $504589.79    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Swisscom AG                            | Swisscom AG                                         | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |       110 | NS      | $75716.63     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Suedzucker AG                          | Suedzucker AG                                       | CUSIP: N/A<br>LEI: 529900S8QNB101D40S72       | Long             | EC               | CORP              | DE        |     14235 | NS      | $182127.07    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| STMicroelectronics NV                  | STMicroelectronics NV                               | CUSIP: N/A<br>LEI: 213800Z8NOHIKRI42W10       | Long             | EC               | CORP              | CH        |     33121 | NS      | $831164.66    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Societe Generale SA                    | Societe Generale SA                                 | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |     11740 | NS      | $637739.25    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| SK Telecom Co Ltd                      | SK Telecom Co Ltd                                   | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |     41241 | NS      | $1539400.96   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| United Tractors Tbk PT                 | United Tractors Tbk PT                              | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |   1017300 | NS      | $1401988.03   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Exchange Ltd                 | Singapore Exchange Ltd                              | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |    177100 | NS      | $1925358.25   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Tripod Technology Corp                 | Tripod Technology Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    242000 | NS      | $1728081.15   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| TMBThanachart Bank PCL                 | TMBThanachart Bank PCL                              | CUSIP: N/A<br>LEI: 549300WKGLXEV3DB7I54       | Long             | EC               | CORP              | TH        |  27052500 | NS      | $1582234.41   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Surface Mounting Techno         | Taiwan Surface Mounting Technology Corp             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    406000 | NS      | $1483457.63   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Sino Land Co Ltd                       | Sino Land Co Ltd                                    | CUSIP: N/A<br>LEI: 529900G5P51053HJVZ92       | Long             | EC               | CORP              | HK        |   1252000 | NS      | $1264525.51   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Telekom Malaysia Bhd                   | Telekom Malaysia Bhd                                | CUSIP: N/A<br>LEI: 254900SNFPTSDGGVEK77       | Long             | EC               | CORP              | MY        |   1085000 | NS      | $1664524.84   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Tong Yang Industry Co Ltd              | Tong Yang Industry Co Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    484000 | NS      | $2107612.99   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| United Overseas Bank Ltd               | United Overseas Bank Ltd                            | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     58719 | NS      | $1612313.73   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| UOL Group Ltd                          | UOL Group Ltd                                       | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |    125600 | NS      | $556122.83    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Venture Corp Ltd                       | Venture Corp Ltd                                    | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |     94100 | NS      | $807759.77    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Swatch Group AG/The                    | Swatch Group AG/The                                 | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |      8763 | NS      | $1477832.94   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Telecom Italia SpA/Milano              | Telecom Italia SpA/Milano                           | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | EC               | CORP              | IT        |    342292 | NS      | $146264.68    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account              | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2302106 | NS      | $2302106.41   | 0.64%             |  |  |  | No            | N/A                | On Loan: No      |
| Sino Biopharmaceutical Ltd             | Sino Biopharmaceutical Ltd                          | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               | CORP              | HK        |   4002155 | NS      | $2271182.32   | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Retail Group Ltd                 | Super Retail Group Ltd                              | CUSIP: N/A<br>LEI: 9845001C5140A8CK7D81       | Long             | EC               | CORP              | AU        |     67249 | NS      | $619742.63    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| SingTel                                | Singapore Telecommunications Ltd                    | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    664500 | NS      | $1963201.77   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| SSAB AB                                | SSAB AB                                             | CUSIP: N/A<br>LEI: 529900329VS14ZIML164       | Long             | EC               | CORP              | SE        |    349556 | NS      | $2070779.80   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Aker BP ASA                            | Aker BP ASA                                         | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |     67322 | NS      | $1548442.57   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Swissquote Group Holding SA            | Swissquote Group Holding SA                         | CUSIP: N/A<br>LEI: 549300O3WME82RDPEN66       | Long             | EC               | CORP              | CH        |      3354 | NS      | $2009419.76   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Alamtri Resources Indonesia Tb         | Alamtri Resources Indonesia Tbk PT                  | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               | CORP              | ID        |  11100300 | NS      | $1499119.71   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Suncor Energy Inc                      | Suncor Energy Inc                                   | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     40944 | NS      | $1452894.84   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Sinopharm Group Co Ltd                 | Sinopharm Group Co Ltd                              | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               | CORP              | CN        |    394000 | NS      | $954658.20    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Swiss Re AG                            | Swiss Re AG                                         | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |     10377 | NS      | $1834653.09   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Vodacom Group Ltd                      | Vodacom Group Ltd                                   | CUSIP: N/A<br>LEI: 37890012A8DC24B8D663       | Long             | EC               | CORP              | ZA        |    264988 | NS      | $2021730.40   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Telefonica Brasil SA                   | Telefonica Brasil SA                                | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |    369080 | NS      | $1838945.02   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Ageas SA/NV                            | Ageas SA/NV                                         | CUSIP: N/A<br>LEI: 5493005DJBML6LY3RV36       | Long             | EC               | CORP              | BE        |      6718 | NS      | $438150.33    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Talanx AG                              | Talanx AG                                           | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |      8481 | NS      | $1100490.77   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Tamarack Valley Energy Ltd             | Tamarack Valley Energy Ltd                          | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |    350511 | NS      | $1114028.20   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Alior Bank SA                          | Alior Bank SA                                       | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     11016 | NS      | $305807.96    | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Telkom Indonesia Persero Tbk P         | Telkom Indonesia Persero Tbk PT                     | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |   5694500 | NS      | $985788.21    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Vodafone Group PLC                     | Vodafone Group PLC                                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1586136 | NS      | $1644444.48   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Tesco PLC                              | Tesco PLC                                           | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    350030 | NS      | $1831480.97   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Stellantis NV                          | Stellantis NV                                       | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |    117743 | NS      | $1198335.71   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| TIM SA/Brazil                          | TIM SA/Brazil                                       | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |    383194 | NS      | $1296243.34   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| TUI AG                                 | TUI AG                                              | CUSIP: N/A<br>LEI: 529900SL2WSPV293B552       | Long             | EC               | CORP              | DE        |    189284 | NS      | $1581127.16   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Vibra Energia SA                       | Vibra Energia SA                                    | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |    310419 | NS      | $1088514.91   | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| Aegon Ltd                              | Aegon Ltd                                           | CUSIP: N/A<br>LEI: O4QK7KMMK83ITNTHUG69       | Long             | EC               | CORP              | NL        |    232313 | NS      | $1663108.53   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| UBS Group AG                           | UBS Group AG                                        | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |     44164 | NS      | $1407893.81   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Canada                             | Air Canada                                          | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |    115027 | NS      | $1606253.61   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| AGL Energy Ltd                         | AGL Energy Ltd                                      | CUSIP: N/A<br>LEI: 549300QAZ8A74DEDXO80       | Long             | EC               | CORP              | AU        |    197785 | NS      | $1291938.73   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Tryg A/S                               | Tryg A/S                                            | CUSIP: N/A<br>LEI: 213800ZRS8AC4LSTCE39       | Long             | EC               | CORP              | DK        |     78593 | NS      | $2019023.46   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Alkermes PLC                           | Alkermes PLC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     50018 | NS      | $1531050.98   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Accenture PLC                          | Accenture PLC                                       | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |      2278 | NS      | $721715.96    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                    | TE Connectivity PLC                                 | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     10868 | NS      | $1739640.76   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Tower Semiconductor Ltd                | Tower Semiconductor Ltd                             | CUSIP: N/A<br>LEI: 54930086ZSNXZOUX0C54       | Long             | EC               | CORP              | IL        |      5391 | NS      | $212621.04    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| AerCap Holdings NV                     | AerCap Holdings NV                                  | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | IE        |     16754 | NS      | $1938940.42   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer