# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-015763
**Filing Date:** 2025-11
**Character Count:** 37064
**Document Hash:** 70da1a8a6f9847fca6801fd768d4dea3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015763.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015763

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251527437

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

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

## Series and Classes Contracts Data

### Distillate International Fundamental Stability & Value ETF (Series ID: S000070185)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223218 | Distillate International Fundamental Stability & Value ETF | DSTX            |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

**Item A.2. Information about the Series.**

- **a. Name of Series:** Distillate International Fundamental Stability & Value ETF

- **b. EDGAR series identifier (if any):** S000070185

- **c. LEI of Series:** 549300UKM064HH8J4M75

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $49997252.30

**Total Liabilities:** $6004172.15

**Net Assets:** $43993080.15

**Cash Not Reported:** $17886.61

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223218 | -0.43%               | 4.50%                | 4.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $906727.30               | $-1075820.72                               |
| Month 2  | $8.82                    | $1553103.20                                |
| Month 3  | $-484.29                 | $1665117.04                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Grupo Mexico SAB de CV         | Grupo Mexico SAB de CV                         | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     86482 | NS      | $751767.16    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg AS                   | Carlsberg AS                                   | CUSIP: N/A<br>LEI: 5299001O0WJQYB5GYZ19       | Long             | EC               | CORP              | DK        |      2803 | NS      | $325975.38    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                             | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |      3876 | NS      | $371996.90    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| H & M Hennes & Mauritz AB      | H & M Hennes & Mauritz AB                      | CUSIP: N/A<br>LEI: 529900O5RR7R39FRDM42       | Long             | EC               | CORP              | SE        |     26727 | NS      | $498017.75    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                   | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      5202 | NS      | $1288403.83   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NIDEC CORP                     | NIDEC CORP                                     | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |     15400 | NS      | $274610.83    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd      | Shin-Etsu Chemical Co Ltd                      | CUSIP: N/A<br>LEI: 353800PX8Q64N86H5W41       | Long             | EC               | CORP              | JP        |     14100 | NS      | $463332.77    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Boerse AG             | Deutsche Boerse AG                             | CUSIP: N/A<br>LEI: 529900G3SW56SHYNPR95       | Long             | EC               | CORP              | DE        |      1330 | NS      | $356464.88    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                    | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      5014 | NS      | $630932.80    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| LPP SA                         | LPP SA                                         | CUSIP: N/A<br>LEI: 259400NUS7MKGPJL4752       | Long             | EC               | CORP              | PL        |        83 | NS      | $404493.02    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie de Saint-Gobain SA         | Cie de Saint-Gobain SA                         | CUSIP: N/A<br>LEI: NFONVGN05Z0FMN5PEC35       | Long             | EC               | CORP              | FR        |      4013 | NS      | $432204.05    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                       | Mowi ASA                                       | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |     18463 | NS      | $390065.99    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                | Norsk Hydro ASA                                | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |     48229 | NS      | $326753.43    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Eiffage SA                     | Eiffage SA                                     | CUSIP: N/A<br>LEI: 969500OQXKE5WDM9M994       | Long             | EC               | CORP              | FR        |      2817 | NS      | $359795.90    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV A/S                        | DSV A/S                                        | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      2006 | NS      | $399286.46    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                      | Danone SA                                      | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      5442 | NS      | $474207.13    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                                   | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |     17700 | NS      | $389151.91    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                        | CGI Inc                                        | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      3055 | NS      | $272170.33    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Sports Fashion PLC          | JD Sports Fashion PLC                          | CUSIP: G5144Y120<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |    268599 | NS      | $344608.03    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                 | PRIO SA/Brazil                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |     42438 | NS      | $303529.86    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd                 | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     16443 | NS      | $525882.92    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     35854 | NS      | $35853.61     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                        | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      7244 | NS      | $343220.72    | 0.78%             |  |  |  | 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        |     28336 | NS      | $517135.08    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                                    | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     13400 | NS      | $468185.67    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                     | CUSIP: N/A<br>LEI: 5299005557VL7ULJ7A69       | Long             | EC               | CORP              | CN        |     31000 | NS      | $439077.68    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nitto Denko Corp               | Nitto Denko Corp                               | CUSIP: N/A<br>LEI: 3538009GX5P09USH2J25       | Long             | EC               | CORP              | JP        |     15500 | NS      | $369120.09    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| MINEBEA MITSUMI Inc            | MINEBEA MITSUMI Inc                            | CUSIP: N/A<br>LEI: 353800CCB0CZ75YZ4010       | Long             | EC               | CORP              | JP        |     23000 | NS      | $434428.01    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Ing hc F Porsche AG         | Dr Ing hc F Porsche AG                         | CUSIP: N/A<br>LEI: 529900EWEX125AULXI58       | Long             | EP               | CORP              | DE        |      8084 | NS      | $392108.10    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                    | Euronext NV                                    | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2380 | NS      | $356275.70    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung C&T Corp               | Samsung C&T Corp                               | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |      3674 | NS      | $483390.04    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC          | Auto Trader Group PLC                          | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |     24069 | NS      | $255400.99    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Assa Abloy AB                  | Assa Abloy AB                                  | CUSIP: N/A<br>LEI: 549300YECS8HKCIMMB67       | Long             | EC               | CORP              | SE        |     10312 | NS      | $358092.86    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| DCC PLC                        | DCC PLC                                        | CUSIP: N/A<br>LEI: 213800UPS1QEE4TD3T45       | Long             | EC               | CORP              | IE        |      5304 | NS      | $340747.01    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands PLC                            | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     12366 | NS      | $525738.13    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                   | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     17120 | NS      | $908729.60    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV           | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     37232 | NS      | $366481.08    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc                          | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      5579 | NS      | $322374.30    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                 | Open Text Corp                                 | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     12159 | NS      | $454586.16    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                | Cemex SAB de CV                                | CUSIP: P2253T133<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    524088 | NS      | $470557.12    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC             | Intertek Group PLC                             | CUSIP: N/A<br>LEI: 2138003GAT25WW1RN369       | Long             | EC               | CORP              | GB        |      4148 | NS      | $263689.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                                   | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      1960 | NS      | $284536.93    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                     | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      1358 | NS      | $412030.13    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                                     | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |      3653 | NS      | $469791.61    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       719 | NS      | $1074186.00   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG                        | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      1884 | NS      | $424036.14    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                             | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |      2950 | NS      | $219553.26    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN Holdings Co Ltd         | SCREEN Holdings Co Ltd                         | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |      3900 | NS      | $355445.71    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Corp                    | Otsuka Corp                                    | CUSIP: N/A<br>LEI: 529900RG9DJ58J3UIE72       | Long             | EC               | CORP              | JP        |     16500 | NS      | $345004.57    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd                                | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |     20238 | NS      | $855257.12    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco Inc              | Japan Tobacco Inc                              | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |     14600 | NS      | $480652.74    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp                                       | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      8528 | NS      | $612073.41    | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Electronics Inc             | LG Electronics Inc                             | CUSIP: N/A<br>LEI: 988400RMQFTGZIOG0609       | Long             | EC               | CORP              | KR        |      7219 | NS      | $388978.58    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Murata Manufacturing Co Ltd    | Murata Manufacturing Co Ltd                    | CUSIP: N/A<br>LEI: 529900QZG6DL8ZRI7140       | Long             | EC               | CORP              | JP        |     24400 | NS      | $465167.08    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Niterra Co Ltd                 | Niterra Co Ltd                                 | CUSIP: N/A<br>LEI: 549300RG3XQGTFM4HH31       | Long             | EC               | CORP              | JP        |      8400 | NS      | $324999.83    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp                     | Denso Corp                                     | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |     27900 | NS      | $403429.26    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Ono Pharmaceutical Co Ltd      | Ono Pharmaceutical Co Ltd                      | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               | CORP              | JP        |     31400 | NS      | $362082.81    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Secom Co Ltd                   | Secom Co Ltd                                   | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |      9600 | NS      | $352642.45    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                              | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     20400 | NS      | $357968.65    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Shimano Inc                    | Shimano Inc                                    | CUSIP: N/A<br>LEI: 529900L32YT3P9DECR10       | Long             | EC               | CORP              | JP        |      1900 | NS      | $213562.65    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                              | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |     32700 | NS      | $478371.87    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                            | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |     42700 | NS      | $462750.79    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Yokogawa Electric Corp         | Yokogawa Electric Corp                         | CUSIP: N/A<br>LEI: 529900MV0U7C9WWF4L22       | Long             | EC               | CORP              | JP        |     14700 | NS      | $423526.42    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                               | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     19655 | NS      | $821775.55    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2639 | NS      | $737046.31    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                 | Li Ning Co Ltd                                 | CUSIP: N/A<br>LEI: 529900T77L2FV3FZ3U81       | Long             | EC               | CORP              | CN        |    133500 | NS      | $302675.95    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                                      | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |     11057 | NS      | $349215.43    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHOU INTL                  | Shenzhou International Group Holdings Ltd      | CUSIP: N/A<br>LEI: 529900B4W41TCUKJFM73       | Long             | EC               | CORP              | CN        |     43900 | NS      | $347852.94    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                     | Legrand SA                                     | CUSIP: N/A<br>LEI: 969500XXRPGD7HCAFA90       | Long             | EC               | CORP              | FR        |      2674 | NS      | $441760.16    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                       | Volvo AB                                       | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     18126 | NS      | $519394.48    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                 | CMOC Group Ltd                                 | CUSIP: N/A<br>LEI: 2549008KG3638J59U652       | Long             | EC               | CORP              | CN        |    357000 | NS      | $719928.28    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi | Yangzijiang Shipbuilding Holdings Ltd          | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               | CORP              | CN        |    184400 | NS      | $482026.06    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                                       | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      4261 | NS      | $590539.97    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MatsukiyoCocokara & Co         | MatsukiyoCocokara & Co                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     15700 | NS      | $319347.26    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp Ltd              | Kingsoft Corp Ltd                              | CUSIP: G5264Y108<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |     56400 | NS      | $250959.85    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                              | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |      9356 | NS      | $292862.83    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp                            | CUSIP: 89156V106<br>LEI: 894500I7AXG91VB3PM28 | Long             | EC               | CORP              | CA        |      7711 | NS      | $332624.85    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                                    | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      1672 | NS      | $218027.45    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Brenntag SE                    | Brenntag SE                                    | CUSIP: N/A<br>LEI: NNROIXVWJ7CPSR27SV97       | Long             | EC               | CORP              | DE        |      5166 | NS      | $308966.94    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA           | Telefonica Brasil SA                           | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |     74820 | NS      | $477815.10    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd    | Suntory Beverage & Food Ltd                    | CUSIP: N/A<br>LEI: 549300FONLMVK7YYYH41       | Long             | EC               | CORP              | JP        |      8600 | NS      | $269323.22    | 0.61%             |  |  |  | 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        |   2501700 | NS      | $459358.06    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                          | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      3993 | NS      | $351489.61    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                      | Essity AB                                      | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |     11020 | NS      | $288005.02    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                            | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | CN        |     54300 | NS      | $590429.80    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                   | WH Group Ltd                                   | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |    373500 | NS      | $404684.21    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| America Movil SAB de CV        | America Movil SAB de CV                        | CUSIP: N/A<br>LEI: 5493000FNR3UCEAONM59       | Long             | EC               | CORP              | MX        |    792289 | NS      | $830644.73    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc         | ZTO Express Cayman Inc                         | CUSIP: N/A<br>LEI: 549300SCJPK3YZJTJR78       | Long             | EC               | CORP              | CN        |     18500 | NS      | $350721.04    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                  | TIM SA/Brazil                                  | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |     92568 | NS      | $408126.23    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Logistics Inc               | JD Logistics Inc                               | CUSIP: G5074S101<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |    180800 | NS      | $304416.23    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Michelin                       | Cie Generale des Etablissements Michelin SCA   | CUSIP: N/A<br>LEI: 549300SOSI58J6VIW052       | Long             | EC               | CORP              | FR        |     10621 | NS      | $381130.99    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| MINISO Group Holding Ltd       | MINISO Group Holding Ltd                       | CUSIP: N/A<br>LEI: 2549006PIKT2YKNBL092       | Long             | EC               | CORP              | CN        |     58000 | NS      | $332029.20    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                     | Zalando SE                                     | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               | CORP              | DE        |      9079 | NS      | $277471.38    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSTELLATION SOFTWARE INC     | Constellation Software Inc/Canada              | CUSIP: 21037X134<br>LEI: 549300B6PYHMCTDWQV29 | N/A              | DE               | CORP              | CA        |       138 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV   | Wal-Mart de Mexico SAB de CV                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |    118007 | NS      | $364207.61    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt | LVMH Moet Hennessy Louis Vuitton SE            | CUSIP: N/A<br>LEI: IOG4E947OATN0KJYSD45       | Long             | EC               | CORP              | FR        |      1148 | NS      | $702105.61    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd  | Geely Automobile Holdings Ltd                  | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |    180000 | NS      | $452290.37    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Recordati Industria Chimica e  | Recordati Industria Chimica e Farmaceutica SpA | CUSIP: N/A<br>LEI: 815600FBF92FD3531704       | Long             | EC               | CORP              | IT        |      5655 | NS      | $343528.66    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| SKF AB                         | SKF AB                                         | CUSIP: N/A<br>LEI: 549300B6HWYEE57O8J84       | Long             | EC               | CORP              | SE        |     14220 | NS      | $352585.72    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik AB                     | Sandvik AB                                     | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |     15643 | NS      | $435437.94    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      6500 | NS      | $345894.98    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                     | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     33900 | NS      | $603458.69    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer