# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-009864
**Filing Date:** 2025-9
**Character Count:** 31141
**Document Hash:** 93ac0410b313685e73944eb7bb9c910c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009864.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009864

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251355302

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

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

## Series and Classes Contracts Data

### AAM S&P 500 High Dividend Value ETF (Series ID: S000059242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000194426 | AAM S&P 500 High Dividend Value ETF | SPDV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM S&P 500 High Dividend Value ETF** | **AAM S&P 500 High Dividend Value ETF** | **AAM S&P 500 High Dividend Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Communication Services - 9.0%** | **Communication Services - 9.0%** | |
| AT&T, Inc. | 47125 | $1291696 |
| Comcast Corporation - Class A | 37204 | 1236289 |
| Interpublic Group of Companies, Inc. | 50008 | 1230197 |
| Omnicom Group, Inc. <sup>(a)</sup> | 17074 | 1230182 |
| Verizon Communications, Inc. | 30537 | 1305762 |
|  |  | 6294126 |
| **Consumer Discretionary - 10.9%** | **Consumer Discretionary - 10.9%** |  |
| Best Buy Company, Inc. | 19553 | 1272118 |
| Ford Motor Company | 116796 | 1292932 |
| Hasbro, Inc. | 17531 | 1317630 |
| LKQ Corporation | 41466 | 1222003 |
| Lowe's Companies, Inc. | 5832 | 1303860 |
| Target Corporation | 12433 | 1249517 |
|  |  | 7658060 |
| **Consumer Staples - 7.3%** | **Consumer Staples - 7.3%** |  |
| Altria Group, Inc. | 22073 | 1367202 |
| Conagra Brands, Inc. | 68170 | 1244784 |
| Kraft Heinz Company | 45724 | 1255581 |
| Molson Coors Beverage Company - Class B <sup>(a)</sup> | 25865 | 1260143 |
|  |  | 5127710 |
| **Energy - 9.3%** | **Energy - 9.3%** |  |
| APA Corporation <sup>(a)</sup> | 68171 | 1315019 |
| EOG Resources, Inc. | 11052 | 1326461 |
| Halliburton Company | 58684 | 1314522 |
| Schlumberger NV | 37324 | 1261551 |
| Valero Energy Corporation | 9375 | 1287281 |
|  |  | 6504834 |
| **Financials - 9.1%** | **Financials - 9.1%** |  |
| Fifth Third Bancorp | 30819 | 1281146 |
| Invesco, Ltd. | 61395 | 1289909 |
| Principal Financial Group, Inc. | 16385 | 1275244 |
| Regions Financial Corporation <sup>(a)</sup> | 50017 | 1266931 |
| US Bancorp | 28564 | 1284237 |
|  |  | 6397467 |
| **Health Care - 8.9%** | **Health Care - 8.9%** |  |
| Bristol-Myers Squibb Company | 26884 | 1164346 |
| CVS Health Corporation | 22394 | 1390667 |
| Merck & Company, Inc. | 15642 | 1221953 |
| Pfizer, Inc. | 51912 | 1209031 |
| Viatris, Inc. | 140717 | 1229867 |
|  |  | 6215864 |
| **Industrials - 12.4%** | **Industrials - 12.4%** |  |
| Eastman Chemical Company | 17013 | 1235314 |
| FedEx Corporation | 5563 | 1243275 |
| Lockheed Martin Corporation | 3129 | 1317246 |
| Newmont Corporation | 21387 | 1328133 |
| Snap-on, Inc. | 3984 | 1279621 |
| Stanley Black & Decker, Inc. <sup>(a)</sup> | 18101 | 1224532 |
| United Parcel Service, Inc. - Class B | 12831 | 1105519 |
|  |  | 8733640 |
| **Information Technology - 9.0%** | **Information Technology - 9.0%** |  |
| Cisco Systems, Inc. | 19264 | 1311493 |
| HP, Inc. | 51213 | 1270082 |
| NetApp, Inc. | 12570 | 1308914 |
| QUALCOMM, Inc. | 8282 | 1215466 |
| Skyworks Solutions, Inc. | 18188 | 1246606 |
|  |  | 6352561 |
| **Materials - 5.4%** | **Materials - 5.4%** |  |
| Amcor PLC <sup>(a)</sup> | 134805 | 1260426 |
| CF Industries Holdings, Inc. | 14072 | 1306304 |
| LyondellBasell Industries NV - Class A | 21673 | 1255517 |
|  |  | 3822247 |
| **Real Estate - 8.8%** | **Real Estate - 8.8%** |  |
| Alexandria Real Estate Equities, Inc. | 16035 | 1225555 |
| BXP, Inc. | 18600 | 1216998 |
| Healthpeak Properties, Inc. | 69724 | 1181125 |
| Host Hotels & Resorts, Inc. | 80066 | 1258637 |
| Simon Property Group, Inc. | 7977 | 1306553 |
|  |  | 6188868 |
| **Utilities - 9.6%** | **Utilities - 9.6%** |  |
| NextEra Energy, Inc. | 18281 | 1299048 |
| NRG Energy, Inc. | 8330 | 1392776 |
| Southern Company | 13850 | 1308548 |
| Vistra Corporation | 6705 | 1398261 |
| WEC Energy Group, Inc. | 12012 | 1310269 |
|  |  | 6708902 |
| **TOTAL COMMON STOCKS** (Cost $72,356,478) | **TOTAL COMMON STOCKS** (Cost $72,356,478) | 70004279 |
| **SHORT-TERM INVESTMENTS - 12.2%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 11.7%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(b)</sup> | 8205634 | 8205634 |
| **Money Market Funds - 0.5%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.25%<sup>(b)</sup> | 371836 | 371836 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,577,470) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $8,577,470) | 8577470 |
| **TOTAL INVESTMENTS - 111.9% (**Cost $80,933,948**)** | **TOTAL INVESTMENTS - 111.9% (**Cost $80,933,948**)** | 78581749 |
| Liabilities in Excess of Other Assets - (11.9)% | Liabilities in Excess of Other Assets - (11.9)% | (8329608) |
| **TOTAL NET ASSETS - 100.0%** |  | $70252141 |
| 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. |

---

LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) All or a portion of this security is on loan as of July 31, 2025. The fair value of these securities was $6,381,632.

(b) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
AAM S&P 500 High Dividend Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $70004279 |  |  | $70004279 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – |  |  | 8205634 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 371836 |  |  | 371836 |
| Total Investments | $70376115 |  |  | $78581749 |
| 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. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $8,205,634 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** AAM S&P 500 High Dividend Value ETF

- **b. EDGAR series identifier (if any):** S000059242

- **c. LEI of Series:** 549300YVPLLF13BE7X64

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

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

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $110664007.58

**Total Liabilities:** $24061165.48

**Net Assets:** $86602842.10

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194426 | 3.93%                | 3.22%                | 1.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $68767.86                | $2177673.45                                |
| Month 2  | $0.00                    | $1891099.50                                |
| Month 3  | $296.07                  | $444517.20                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AT&T Inc                                  | AT&T Inc                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     73955 | NS      | $2027106.55   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc       | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     16530 | NS      | $1263387.90   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Best Buy Co Inc                           | Best Buy Co Inc                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     19818 | NS      | $1289359.08   | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                   | BXP Inc                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     22826 | NS      | $1493505.18   | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     28158 | NS      | $1219522.98   | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings Inc                | CF Industries Holdings Inc                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     19070 | NS      | $1770268.10   | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp                              | Chevron Corp                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10796 | NS      | $1637105.44   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     26997 | NS      | $1837955.76   | 2.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Citizens Financial Group Inc              | Citizens Financial Group Inc              | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     35395 | NS      | $1689049.40   | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson & Johnson                         | Johnson & Johnson                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     11443 | NS      | $1885119.82   | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    371836 | NS      | $371836.48    | 0.43%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| Invesco Ltd                               | Invesco Ltd                               | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     95281 | NS      | $2001853.81   | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Molson Coors Beverage Co                  | Molson Coors Beverage Co                  | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     30446 | NS      | $1483329.12   | 1.71%             |  |  |  | No            | 1                  | On Loan: —       |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     14948 | NS      | $2499305.60   | 2.89%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     23090 | NS      | $1640775.40   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Omnicom Group Inc                         | Omnicom Group Inc                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     19404 | NS      | $1398058.20   | 1.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Pfizer Inc                                | Pfizer Inc                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     64407 | NS      | $1500039.03   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Financial Group Inc             | Principal Financial Group Inc             | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     20535 | NS      | $1598239.05   | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Prudential Financial Inc                  | Prudential Financial Inc                  | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |     14317 | NS      | $1482954.86   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| RTX Corp                                  | RTX Corp                                  | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     13395 | NS      | $2110650.15   | 2.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Regions Financial Corp                    | Regions Financial Corp                    | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     68654 | NS      | $1739005.82   | 2.01%             |  |  |  | No            | 1                  | On Loan: —       |
| Simon Property Group Inc                  | Simon Property Group Inc                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      9642 | NS      | $1579263.18   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions Inc                    | Skyworks Solutions Inc                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     18424 | NS      | $1262780.96   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Snap-on Inc                               | Snap-on Inc                               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      4788 | NS      | $1537857.72   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Co/The                           | Southern Co/The                           | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     20126 | NS      | $1901504.48   | 2.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     19059 | NS      | $1289341.35   | 1.49%             |  |  |  | No            | 1                  | On Loan: —       |
| Tapestry Inc                              | Tapestry Inc                              | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     22496 | NS      | $2430242.88   | 2.81%             |  |  |  | No            | 1                  | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service Inc                 | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     12626 | NS      | $1087856.16   | 1.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                        | Valero Energy Corp                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     12015 | NS      | $1649779.65   | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   8205634 | NS      | $8205633.75   | 9.48%             |  |  |  | No            | N/A                | On Loan: No      |
| LyondellBasell Industries NV              | LyondellBasell Industries NV              | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     21717 | NS      | $1258065.81   | 1.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinder Morgan Inc                         | Kinder Morgan Inc                         | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |     55503 | NS      | $1557414.18   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Kraft Heinz Co/The                        | Kraft Heinz Co/The                        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     57349 | NS      | $1574803.54   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| LKQ Corp                                  | LKQ Corp                                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     43805 | NS      | $1290933.35   | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Lockheed Martin Corp                      | Lockheed Martin Corp                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3383 | NS      | $1424175.34   | 1.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     42483 | NS      | $1816573.08   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Viatris Inc                               | Viatris Inc                               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    149980 | NS      | $1310825.20   | 1.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                               | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      8792 | NS      | $1833483.68   | 2.12%             |  |  |  | No            | 1                  | On Loan: No      |
| WEC Energy Group Inc                      | WEC Energy Group Inc                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     17146 | NS      | $1870285.68   | 2.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                              | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     44636 | NS      | $1483254.28   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Conagra Brands Inc                        | Conagra Brands Inc                        | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     65164 | NS      | $1189894.64   | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                         | EOG Resources Inc                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     12738 | NS      | $1528814.76   | 1.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Ford Motor Co                             | Ford Motor Co                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    165985 | NS      | $1837453.95   | 2.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Gilead Sciences Inc                       | Gilead Sciences Inc                       | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     18043 | NS      | $2026048.47   | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     51285 | NS      | $1271868.00   | 1.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Hasbro Inc                                | Hasbro Inc                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     29254 | NS      | $2198730.64   | 2.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     80646 | NS      | $1366143.24   | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Hewlett Packard Enterprise Co             | Hewlett Packard Enterprise Co             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     68921 | NS      | $1425975.49   | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     99148 | NS      | $1558606.56   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| IBM                                       | International Business Machines Corp      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      7484 | NS      | $1894574.60   | 2.19%             |  |  |  | No            | 1                  | On Loan: —       |
| Interpublic Group of Cos Inc/T            | Interpublic Group of Cos Inc/The          | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     58851 | NS      | $1447734.60   | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     32262 | NS      | $1998308.28   | 2.31%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     72041 | NS      | $1389670.89   | 1.60%             |  |  |  | No            | 1                  | On Loan: —       |
| Archer-Daniels-Midland Co                 | Archer-Daniels-Midland Co                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     33262 | NS      | $1802135.16   | 2.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Amcor PLC                                 | Amcor PLC                                 | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | CH        |    172113 | NS      | $1609256.55   | 1.86%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer