# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-004592
**Filing Date:** 2023-1
**Character Count:** 32349
**Document Hash:** d7ec2a25e30b3e61857f1518f2caed16
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004592.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004592

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 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:** 23567171

**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

### Loncar China BioPharma ETF (Series ID: S000062680)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000203299 | Loncar China BioPharma ETF | CHNA            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Loncar China BioPharma ETF** | **Loncar China BioPharma ETF** | |
| **Schedule of Investments** | **Schedule of Investments** | |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | |
| **Shares** | **Security Description** | **Value** |
| | **COMMON STOCKS - 99.7%** | |
| | **Biotechnology - 56.2% (a)** | |
| 144000 | 3SBio, Inc. | $152200 |
| 36000 | Akeso, Inc. - Class B (b) | 154507 |
| 83000 | Alphamab Oncology (b) | 94107 |
| 32100 | Ascentage Pharma Group International (b) | 90269 |
| 152000 | Ascletis Pharma, Inc. (b) | 67573 |
| 758 | BeiGene, Ltd. - ADR (b) | 145240 |
| 63500 | Brii Biosciences, Ltd. (b) | 70126 |
| 12000 | CanSino Biologics, Inc. - H Shares | 152892 |
| 53000 | CARsgen Therapeutics Holdings, Ltd. (b) | 93703 |
| 692000 | CK Life Sciences Int'l Holdings, Inc. | 61172 |
| 179500 | Clover Biopharmaceuticals, Ltd. (b) | 126251 |
| 132000 | CStone Pharmaceuticals (b) | 58513 |
| 32500 | Everest Medicines, Ltd. (b) | 47716 |
| 26000 | Genscript Biotech Corporation (b) | 65820 |
| 16681 | Gracell Biotechnologies, Inc. - ADR (b) | 54213 |
| 165000 | HBM Holdings, Ltd. (b) | 32765 |
| 7454 | Hutchmed China, Ltd. - ADR (b) | 90417 |
| 7341 | I-Mab - ADR (b) | 27162 |
| 112000 | Immunotech Biopharm, Ltd. (b) | 69736 |
| 69000 | InnoCare Pharma, Ltd. (b) | 93880 |
| 22500 | Innovent Biologics, Inc. (b) | 88351 |
| 119100 | Jacobio Pharmaceuticals Group Company, Ltd. (b) | 69426 |
| 79500 | JW Cayman Therapeutics Company, Ltd. (b) | 43491 |
| 24000 | Keymed Biosciences, Inc. (b) | 155429 |
| 37000 | Kintor Pharmaceutical, Ltd. (b) | 63045 |
| 1912 | Legend Biotech Corporation - ADR (b) | 98487 |
| 28616 | LianBio - ADR (b) | 44927 |
| 64500 | Ocumension Therapeutics (b) | 61149 |
| 16218 | Prenetics Global, Ltd. - Class A (b) | 29679 |
| 16000 | Remegen Company, Ltd. - H Shares (b) | 101365 |
| 23600 | Shanghai Haohai Biological Technology Company, Ltd. - H Shares | 86019 |
| 23400 | Shanghai Junshi Biosciences Company, Ltd. - H Shares (b) | 103427 |
| 234500 | Sino Biopharmaceutical, Ltd. | 137597 |
| 7750 | Sirnaomics, Ltd. (b) | 57091 |
| 248500 | Viva Biotech Holdings (b) | 53167 |
| 2435 | Zai Lab, Ltd. - ADR (b) | 93894 |
|  |  | 3034806 |
|  | **Biotechnology Services - 8.9%** |  |
| 13000 | Hangzhou Tigermed Consulting Company, Ltd. - H Shares | 122747 |
| 14840 | Joinn Laboratories China Company, Ltd. - H Shares | 68729 |
| 16100 | Pharmaron Beijing Company, Ltd. - H Shares | 91582 |
| 11157 | WuXi AppTec Company, Ltd. - H Shares | 109776 |
| 14000 | Wuxi Biologics Cayman, Inc. (b) | 89949 |
|  |  | 482783 |
|  | **Diagnostics - 2.5%** |  |
| 20184 | Burning Rock Biotech, Ltd. - ADR (b) | 50662 |
| 32000 | New Horizon Health, Ltd. (b) | 84248 |
|  |  | 134910 |
|  | **Pharmaceutical Distribution - 1.8%** |  |
| 41500 | Sinopharm Group Company, Ltd. - H Shares | 98041 |
|  | **Pharmaceutical Manufacturing - 3.2%** |  |
| 175000 | SSY Group, Ltd. | 87214 |
| 104400 | YiChang HEC ChangJiang Pharmaceutical Company, Ltd. - H Shares (b) | 85334 |
|  |  | 172548 |
|  | **Pharmaceutical services - 1.6%** |  |
| 7040 | Asymchem Laboratories Tianjin Company, Ltd. - H Shares | 85232 |
|  | **Pharmaceuticals - 25.5% (a)** |  |
| 64000 | China Medical System Holdings, Ltd. | 92817 |
| 165000 | China Resources Pharmaceutical Group, Ltd. | 135289 |
| 124880 | CSPC Pharmaceutical Group, Ltd. | 159830 |
| 173500 | Grand Pharmaceutical and Healthcare Holdings, Ltd. | 91357 |
| 35000 | Guangzhou Baiyunshan Pharmaceutical Holdings Company, Ltd. - H Shares | 93492 |
| 66000 | Hansoh Pharmaceutical Group Company, Ltd. | 124804 |
| 32570 | Livzon Pharmaceutical Group, Inc. - H Shares | 113497 |
| 328000 | Luye Pharma Group, Ltd. (b) | 127746 |
| 38000 | Shanghai Fosun Pharmaceutical Group Company, Ltd. - H Shares | 125604 |
| 66100 | Shanghai Pharmaceuticals Holding Company, Ltd. - H Shares | 109581 |
| 674000 | Sihuan Pharmaceutical Holdings Group, Ltd. | 74260 |
| 89000 | Simcere Pharmaceutical Group, Ltd. | 116759 |
| 396000 | Sinco Pharmaceuticals Holdings, Ltd. (b) | 11719 |
|  |  | 1376755 |
|  | TOTAL COMMON STOCKS (Cost $8,330,878) | 5385075 |
|  | **SHORT-TERM INVESTMENTS - 0.3%** |  |
| 16043 | First American Government Obligations Fund - Class X - 3.67% | 16043 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $16,043) | 16043 |
|  | TOTAL INVESTMENTS (Cost $8,346,921) - 100.0% | 5401118 |
|  | Liabilities in Excess of Other Assets - (0.0)% (d) | (1745) |
|  | NET ASSETS - 100.0% | $5399373 |
|  | Percentages are stated as a percent of net assets. |  |
| ADR | American Depositary Receipt. |  |
| (a) | To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. |  |
| (b) | Non-income producing security. |  |
| (c) | Rate shown is the annualized seven-day yield as of November 30, 2022. |  |
| (d) | Represents less than 0.05% of net assets. |  |

---

------

**Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of their investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> 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. <br> 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 would be based on the best information available.<br>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security.<br> To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.<br>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.<br>The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Loncar China BioPharma ETF |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $5385075 | $- | $- | $5385075 |
| Short-Term Investments | 16043 | - | - | 16043 |
| Total Investments in Securities | $5401118 | $- | $- | $5401118 |
| ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. |  |
| For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. |  |

---

## 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:** Loncar China BioPharma ETF

- **b. EDGAR series identifier (if any):** S000062680

- **c. LEI of Series:** 549300S2BTS54P9J7P47

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $5402700.29

**Total Liabilities:** $3327.73

**Net Assets:** $5399372.56

**Cash Not Reported:** $1534.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000203299 | -18.65%              | 1.08%                | 24.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $17.10                   | $-988846.77                                |
| Month 2  | $52.17                   | $48924.07                                  |
| Month 3  | $0.00                    | $1077393.73                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BeiGene Ltd                    | BeiGene Ltd                                         | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CN        |       758 | NS      | $145240.38    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Burning Rock Biotech Ltd       | Burning Rock Biotech Ltd                            | CUSIP: 12233L107<br>LEI: 5493006HO04GB8AQ2V43 | Long             | EC               | CORP              | CN        |     20184 | NS      | $50661.84     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund          | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     16043 | NS      | $16042.60     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Gracell Biotechnologies Inc    | Gracell Biotechnologies Inc                         | CUSIP: 38406L103<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     16681 | NS      | $54213.25     | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HUTCHMED China Ltd             | HUTCHMED China Ltd                                  | CUSIP: 44842L103<br>LEI: 2138006X34YDQ6OBYE79 | Long             | EC               | CORP              | HK        |      7454 | NS      | $90417.02     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| I-Mab                          | I-Mab                                               | CUSIP: 44975P103<br>LEI: 549300L1A5T19703RR64 | Long             | EC               | CORP              | CN        |      7341 | NS      | $27161.70     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp            | Legend Biotech Corp                                 | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | US        |      1912 | NS      | $98487.12     | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| LianBio                        | LianBio                                             | CUSIP: 53000N108<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     28616 | NS      | $44927.12     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIYUNSHAN PH                  | Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd | CUSIP: N/A<br>LEI: 529900ROARJHMUIME057       | Long             | EC               | CORP              | CN        |     35000 | NS      | $93491.77     | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd  | CSPC Pharmaceutical Group Ltd                       | CUSIP: N/A<br>LEI: 529900M3XQCW234H8O91       | Long             | EC               | CORP              | CN        |    124880 | NS      | $159829.76    | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| CKLIFE SCIENCES                | CK Life Sciences Int'l Holdings Inc                 | CUSIP: N/A<br>LEI: 529900VUJHPZ88D3MO15       | Long             | EC               | CORP              | HK        |    692000 | NS      | $61172.25     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zai Lab Ltd                    | Zai Lab Ltd                                         | CUSIP: 98887Q104<br>LEI: 549300P2UYQ9U5LY1T58 | Long             | EC               | CORP              | CN        |      2435 | NS      | $93893.60     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Pharmaceutical Group Ltd | Grand Pharmaceutical Group Ltd                      | CUSIP: N/A<br>LEI: 8945001XW4FS15S8Z778       | Long             | EC               | CORP              | HK        |    173500 | NS      | $91356.74     | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Biopharmaceutical Ltd     | Sino Biopharmaceutical Ltd                          | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               | CORP              | HK        |    234500 | NS      | $137596.57    | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinopharm Group Co Ltd         | Sinopharm Group Co Ltd                              | CUSIP: N/A<br>LEI: 529900N54X78YH9JYK92       | Long             | EC               | CORP              | CN        |     41500 | NS      | $98041.12     | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SH PHARMA                      | Shanghai Pharmaceuticals Holding Co Ltd             | CUSIP: N/A<br>LEI: 30030029J1KKCBY19820       | Long             | EC               | CORP              | CN        |     66100 | NS      | $109580.94    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SIHUAN PHARM                   | Sihuan Pharmaceutical Holdings Group Ltd            | CUSIP: N/A<br>LEI: 529900UD7C9N3AQO1V88       | Long             | EC               | CORP              | CN        |    674000 | NS      | $74260.46     | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS                            | China Medical System Holdings Ltd                   | CUSIP: N/A<br>LEI: 529900Z57DVJXUBLHX66       | Long             | EC               | CORP              | CN        |     64000 | NS      | $92816.60     | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| FOSUN PHARMA                   | Shanghai Fosun Pharmaceutical Group Co Ltd          | CUSIP: N/A<br>LEI: 300300DMUYLW3FP1OT73       | Long             | EC               | CORP              | CN        |     38000 | NS      | $125603.74    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Genscript Biotech Corp         | Genscript Biotech Corp                              | CUSIP: N/A<br>LEI: 529900YIYUOJOXSAE372       | Long             | EC               | CORP              | CN        |     26000 | NS      | $65820.25     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascletis Pharma Inc            | Ascletis Pharma Inc                                 | CUSIP: N/A<br>LEI: 254900SKEFCO9I3GPL05       | Long             | EC               | CORP              | CN        |    152000 | NS      | $67572.87     | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Junshi Biosciences Co | Shanghai Junshi Biosciences Co Ltd                  | CUSIP: N/A<br>LEI: 300300L36FLCKN0WXW06       | Long             | EC               | CORP              | CN        |     23400 | NS      | $103427.07    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd             | WuXi AppTec Co Ltd                                  | CUSIP: N/A<br>LEI: 254900OEPQLZSPLN9175       | Long             | EC               | CORP              | CN        |     11157 | NS      | $109776.13    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovent Biologics Inc         | Innovent Biologics Inc                              | CUSIP: N/A<br>LEI: 25490058ONL9SCIE1R22       | Long             | EC               | CORP              | CN        |     22500 | NS      | $88351.16     | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| CStone Pharmaceuticals         | CStone Pharmaceuticals                              | CUSIP: N/A<br>LEI: 300300095A57F80T2461       | Long             | EC               | CORP              | CN        |    132000 | NS      | $58512.59     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVZON GROUP                   | Livzon Pharmaceutical Group Inc                     | CUSIP: N/A<br>LEI: 529900Y4GWTVVTORJ443       | Long             | EC               | CORP              | CN        |     32570 | NS      | $113497.41    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Viva Biotech Holdings          | Viva Biotech Holdings                               | CUSIP: N/A<br>LEI: 300300VJBVYQ6XJUKY15       | Long             | EC               | CORP              | CN        |    248500 | NS      | $53167.00     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| CanSino Biologics Inc          | CanSino Biologics Inc                               | CUSIP: N/A<br>LEI: 254900SPBQ0ZVM8QC931       | Long             | EC               | CORP              | CN        |     12000 | NS      | $152892.19    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hansoh Pharmaceutical Group Co | Hansoh Pharmaceutical Group Co Ltd                  | CUSIP: N/A<br>LEI: 254900Q6MR00EBXTPF42       | Long             | EC               | CORP              | CN        |     66000 | NS      | $124804.30    | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pharmaron Beijing Co Ltd       | Pharmaron Beijing Co Ltd                            | CUSIP: N/A<br>LEI: 300300JYXHGVS5SNGG54       | Long             | EC               | CORP              | CN        |     16100 | NS      | $91581.58     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| InnoCare Pharma Ltd            | InnoCare Pharma Ltd                                 | CUSIP: N/A<br>LEI: 3003001NYJPPWIEOJT79       | Long             | EC               | CORP              | CN        |     69000 | NS      | $93879.96     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascentage Pharma Group Interna | Ascentage Pharma Group International                | CUSIP: N/A<br>LEI: 300300WBVGZIXEF27W64       | Long             | EC               | CORP              | CN        |     32100 | NS      | $90269.04     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| New Horizon Health Ltd         | New Horizon Health Ltd                              | CUSIP: N/A<br>LEI: 6556003WN0RS45SU3L67       | Long             | EC               | CORP              | CN        |     32000 | NS      | $84248.29     | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc      | Wuxi Biologics Cayman Inc                           | CUSIP: N/A<br>LEI: 5493001TD2TH6VDTJU11       | Long             | EC               | CORP              | CN        |     14000 | NS      | $89949.39     | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphamab Oncology              | Alphamab Oncology                                   | CUSIP: N/A<br>LEI: 254900VOW925DTFGNA02       | Long             | EC               | CORP              | CN        |     83000 | NS      | $94106.72     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sirnaomics Ltd                 | Sirnaomics Ltd                                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      7750 | NS      | $57091.15     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Akeso Inc                      | Akeso Inc                                           | CUSIP: N/A<br>LEI: 254900ECWYGR3QW5GF30       | Long             | EC               | CORP              | CN        |     36000 | NS      | $154506.44    | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Keymed Biosciences Inc         | Keymed Biosciences Inc                              | CUSIP: N/A<br>LEI: 549300600S6M6SOT7P36       | Long             | EC               | CORP              | CN        |     24000 | NS      | $155428.86    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CARsgen Therapeutics Holdings  | CARsgen Therapeutics Holdings Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     53000 | NS      | $93703.16     | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Remegen Co Ltd                 | Remegen Co Ltd                                      | CUSIP: N/A<br>LEI: 300300M9HCX4TFAD4I10       | Long             | EC               | CORP              | CN        |     16000 | NS      | $101364.42    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Kintor Pharmaceutical Ltd      | Kintor Pharmaceutical Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     37000 | NS      | $63045.29     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ocumension Therapeutics        | Ocumension Therapeutics                             | CUSIP: N/A<br>LEI: 5493000USURI3SIL4Z85       | Long             | EC               | CORP              | CN        |     64500 | NS      | $61149.19     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunotech Biopharm Ltd        | Immunotech Biopharm Ltd                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    112000 | NS      | $69735.44     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Jacobio Pharmaceuticals Group  | Jacobio Pharmaceuticals Group Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    119100 | NS      | $69426.05     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| TIGERMED                       | Hangzhou Tigermed Consulting Co Ltd                 | CUSIP: N/A<br>LEI: 300300CP4N8WDF6DOO67       | Long             | EC               | CORP              | CN        |     13000 | NS      | $122746.78    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| HBM Holdings Ltd               | HBM Holdings Ltd                                    | CUSIP: N/A<br>LEI: 254900ZT5QBQG3JL9J21       | Long             | EC               | CORP              | CN        |    165000 | NS      | $32765.36     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| JW Cayman Therapeutics Co Ltd  | JW Cayman Therapeutics Co Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     79500 | NS      | $43490.49     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Everest Medicines Ltd          | Everest Medicines Ltd                               | CUSIP: N/A<br>LEI: 3003005FQADBCG83AX84       | Long             | EC               | CORP              | CN        |     32500 | NS      | $47716.35     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Brii Biosciences Ltd           | Brii Biosciences Ltd                                | CUSIP: N/A<br>LEI: 5493000GCQ47MM4EKK44       | Long             | EC               | CORP              | CN        |     63500 | NS      | $70126.19     | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Simcere Pharmaceutical Group L | Simcere Pharmaceutical Group Ltd                    | CUSIP: N/A<br>LEI: 254900WU599EZJIML194       | Long             | EC               | CORP              | CN        |     89000 | NS      | $116758.70    | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Joinn Laboratories China Co Lt | Joinn Laboratories China Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     14840 | NS      | $68729.23     | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Luye Pharma Group Ltd          | Luye Pharma Group Ltd                               | CUSIP: N/A<br>LEI: 5299009HZHEY886D5W65       | Long             | EC               | CORP              | CN        |    328000 | NS      | $127745.82    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ASYMCHEM                       | Asymchem Laboratories Tianjin Co Ltd                | CUSIP: N/A<br>LEI: 8368002CY8G4Q85YRQ60       | Long             | EC               | CORP              | CN        |      7040 | NS      | $85232.21     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Clover Biopharmaceuticals Ltd  | Clover Biopharmaceuticals Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    179500 | NS      | $126251.36    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| HAOHAI BIOTEC                  | Shanghai Haohai Biological Technology Co Ltd        | CUSIP: N/A<br>LEI: 5299005V6H42CRB17Z16       | Long             | EC               | CORP              | CN        |     23600 | NS      | $86018.83     | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| 3SBio Inc                      | 3SBio Inc                                           | CUSIP: N/A<br>LEI: 529900P0TQC1E9Y7FN31       | Long             | EC               | CORP              | CN        |    144000 | NS      | $152200.37    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| CHINARES PHARMA                | China Resources Pharmaceutical Group Ltd            | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               | CORP              | CN        |    165000 | NS      | $135289.22    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| SSY Group Ltd                  | SSY Group Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |    175000 | NS      | $87214.14     | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinco Pharmaceuticals Holdings | Sinco Pharmaceuticals Holdings Ltd                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    396000 | NS      | $11719.43     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| HEC PHARM                      | YiChang HEC ChangJiang Pharmaceutical Co Ltd        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    104400 | NS      | $85333.67     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Prenetics Global Ltd           | Prenetics Global Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KY        |     16218 | NS      | $29678.94     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer