# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-013757
**Filing Date:** 2023-2
**Character Count:** 11776
**Document Hash:** 3f0b2c8d4f8ce2144d32ffd74b768f9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013757.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013757

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**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:** 23685912

**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

### AlphaMark Actively Managed Small Cap ETF (Series ID: S000049009)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000154531 | AlphaMark Actively Managed Small Cap ETF | SMCP            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **AlphaMark Actively Managed Small Cap ETF** | **AlphaMark Actively Managed Small Cap ETF** | | |
| Schedule of Investments | Schedule of Investments |  |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |  |
| **Shares** | **Security Description** | **Value** | **Value** |
|  | **EXCHANGE TRADED FUNDS - 98.9% (a)** |  |  |
|  | **Developed Market Equity - 10.7%** |  |  |
| 45371 | iShares MSCI EAFE Small-Cap ETF | $| 2562554 |
|  | **Emerging Market Equity - 13.0%** |  |  |
| 64072 | iShares MSCI Emerging Markets Small-Cap ETF |  | 3093396 |
|  | **U.S. Domestic Equity - 75.2%** |  |  |
| 4105 | iShares Russell 2000 ETF |  | 715748 |
| 28142 | iShares Russell 2000 Growth ETF (b) |  | 6037022 |
| 80603 | iShares Russell 2000 Value ETF (b) |  | 11177218 |
|  |  |  | 17929988 |
|  | TOTAL EXCHANGE TRADED FUNDS (Cost $21,308,013) |  | 23585938 |
|  | **SHORT-TERM INVESTMENTS - 1.1%** |  |  |
| 258826 | First American Government Obligations Fund - Class X, 4.09% (c) |  | 258826 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $258,826) |  | 258826 |
|  | TOTAL INVESTMENTS - 100.0% (Cost $21,566,839) |  | 23844764 |
|  | Liabilities in Excess of Other Assets - (0.0)% (d) |  | (3758) |
|  | NET ASSETS - 100.0% | $| 23841006 |
|  | Percentages are stated as a percent of net assets. |  |  |
|  | The Fund's security classifications are defined by the Fund Adviser. |  |  |
| (a) | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. | The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest. |
| (b) | Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. | Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. | Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov. |
| (c) | Rate shown is the annualized seven-day yield as of December 31, 2022. |  |  |
| (d) | Represents less than 0.05% of net assets. |  |  |

---

------

**Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of its 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 markets, and other characteristics particular to the security.<br>To the extent that 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 December 31, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Exchange Traded Funds | $23585938 | $- | $- | $23585938 |
| Short-Term Investments | 258826 | - | - | 258826 |
| Total Investments in Securities | $23844764 | $- | $- | $23844764 |
| ^See Schedule of Investments for further disaggregation of investment categories. | ^See Schedule of Investments for further disaggregation of investment categories. |  |  |  |
| For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 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:** AlphaMark Actively Managed Small Cap ETF

- **b. EDGAR series identifier (if any):** S000049009

- **c. LEI of Series:** 549300SABFZ83Z36MH57

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

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $22666665.01

**Total Liabilities:** $17709.06

**Net Assets:** $22648955.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000154531 | 8.86%                | 3.35%                | -5.44%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1733957.40                                |
| Month 2  | $-439399.57              | $1238225.96                                |
| Month 3  | $-346637.33              | $-1061002.66                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| First American Government Obli | First American Government Obligations Fund  | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    258826 | NS      | $258826.33    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets  | iShares MSCI Emerging Markets Small-Cap ETF | CUSIP: 464286475<br>LEI: 5493007YPFO23SID2674 | Long             | EC               | RF                | US        |     60869 | NS      | $2938755.32   | 12.98%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Value ETF | iShares Russell 2000 Value ETF              | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             | EC               | RF                | US        |     76573 | NS      | $10618377.91  | 46.88%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Growth ET | iShares Russell 2000 Growth ETF             | CUSIP: 464287648<br>LEI: 549300CPJOUVKWJGSH44 | Long             | EC               | RF                | US        |     26735 | NS      | $5735192.20   | 25.32%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF       | iShares Russell 2000 ETF                    | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Long             | EC               | RF                | US        |      3900 | NS      | $680004.00    | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE Small-Cap ET | iShares MSCI EAFE Small-Cap ETF             | CUSIP: 464288273<br>LEI: 549300MJV5OZGVS4LX86 | Long             | EC               | RF                | US        |     43103 | NS      | $2434457.44   | 10.75%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-20

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer