# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-006336
**Filing Date:** 2026-2
**Character Count:** 46222
**Document Hash:** a1c66b194006e10a1c2048a8e8bdd980
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-006336.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-006336

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26689484

**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            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Distillate International Fundamental Stability & Value ETF** | **Distillate International Fundamental Stability & Value ETF** | **Distillate International Fundamental Stability & Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.4%** | **Shares** | **Value**  |
| **Australia - 4.8%** | **Australia - 4.8%** | |
| Brambles Ltd. | 24167 | $370017 |
| Computershare Ltd. | 14179 | 322802 |
| Evolution Mining, Ltd. | 47750 | 403757 |
| Rio Tinto Ltd. | 4181 | 409348 |
| Sonic Healthcare Ltd. | 26113 | 393718 |
|  |  | 1899642 |
| **Brazil - 2.8%** | **Brazil - 2.8%** |  |
| Telefonica Brasil SA | 73448 | 442719 |
| TIM SA | 78968 | 308104 |
| Vibra Energia SA | 73700 | 340407 |
|  |  | 1091230 |
| **Canada - 8.1%** | **Canada - 8.1%** |  |
| Agnico Eagle Mines Ltd. | 3084 | 523678 |
| Canadian Natural Resources Ltd. | 16979 | 575856 |
| CGI, Inc. | 4124 | 381427 |
| Constellation Software, Inc. | 173 | 416664 |
| Magna International, Inc. | 6330 | 337389 |
| Open Text Corp. | 10117 | 329914 |
| TFI International, Inc. | 3483 | 360484 |
| Whitecap Resources, Inc. | 36251 | 304130 |
|  |  | 3229542 |
| **China - 8.9%** | **China - 8.9%** |  |
| China Mengniu Dairy Co. Ltd. | 166000 | 317988 |
| China Nonferrous Mining Corp. Ltd. | 178000 | 337316 |
| Haidilao International Holding Ltd. <sup>(a)</sup> | 195000 | 357005 |
| JD Logistics, Inc. <sup>(a)(b)</sup> | 290300 | 425930 |
| JD.com, Inc. - Class A | 42000 | 602197 |
| Kingsoft Corporation Ltd. | 91400 | 333965 |
| Kuaishou Technology <sup>(a)</sup> | 60200 | 494609 |
| Yangzijiang Shipbuilding Holdings Ltd. | 150900 | 408345 |
| Zhejiang Leapmotor Technology Co. Ltd. - Class H <sup>(a)(b)</sup> | 42200 | 263605 |
|  |  | 3540960 |
| **Denmark - 1.7%** | **Denmark - 1.7%** |  |
| Genmab AS <sup>(b)</sup> | 1256 | 400326 |
| Pandora AS | 2570 | 285951 |
|  |  | 686277 |
| **France - 7.7%** | **France - 7.7%** |  |
| Bureau Veritas SA | 7804 | 249117 |
| Capgemini SE | 2359 | 394109 |
| Cie de Saint-Gobain SA | 5213 | 532406 |
| Danone SA | 4556 | 410835 |
| Publicis Groupe SA | 3765 | 391861 |
| Teleperformance SE | 5277 | 383259 |
| Vinci SA | 4878 | 687764 |
|  |  | 3049351 |
| **Germany - 4.7%** | **Germany - 4.7%** |  |
| Beiersdorf AG | 3429 | 377268 |
| GEA Group AG | 4949 | 335955 |
| Heidelberg Materials AG | 1668 | 436854 |
| Merck KGaA | 3183 | 458314 |
| Zalando SE <sup>(a)(b)</sup> | 8421 | 250615 |
|  |  | 1859006 |
| **Hong Kong - 2.1%** | **Hong Kong - 2.1%** |  |
| Geely Automobile Holdings Ltd. | 225000 | 517441 |
| NetEase Cloud Music, Inc. <sup>(a)(b)</sup> | 13450 | 321410 |
|  |  | 838851 |
| **India - 2.1%** | **India - 2.1%** |  |
| Infosys Ltd. - ADR | 24477 | 436180 |
| Wipro Ltd. - ADR | 134663 | 382443 |
|  |  | 818623 |
| **Indonesia - 1.0%** | **Indonesia - 1.0%** |  |
| Telkom Indonesia Persero Tbk PT | 1863400 | 388883 |
| **Ireland - 0.8%** | **Ireland - 0.8%** |  |
| DCC PLC | 4998 | 311253 |
| **Italy - 1.7%** | **Italy - 1.7%** |  |
| Buzzi SpA | 5445 | 332535 |
| Nexi SpA <sup>(a)</sup> | 67391 | 334082 |
|  |  | 666617 |
| **Japan - 19.5%** | **Japan - 19.5%** |  |
| Astellas Pharma, Inc. | 28600 | 381893 |
| Bandai Namco Holdings, Inc. | 12700 | 338029 |
| Daikin Industries Ltd. | 3500 | 448372 |
| Denso Corp. | 36300 | 499763 |
| Japan Tobacco, Inc. | 12400 | 446177 |
| Komatsu Ltd. | 11700 | 373218 |
| MatsukiyoCocokara & Co. | 13700 | 237037 |
| Nexon Co. Ltd. | 15600 | 380881 |
| NIDEC CORP | 26300 | 357725 |
| Niterra Co. Ltd. | 7300 | 320931 |
| Ono Pharmaceutical Co. Ltd. | 20800 | 288290 |
| Otsuka Corp. | 15400 | 317540 |
| Otsuka Holdings Co. Ltd. | 6000 | 339647 |
| SCREEN Holdings Co. Ltd. | 3300 | 320852 |
| Secom Co. Ltd. | 8700 | 309325 |
| Shin-Etsu Chemical Co. Ltd. | 11800 | 366847 |
| Shionogi & Co. Ltd. | 18800 | 340750 |
| Suntory Beverage & Food Ltd. | 10900 | 328714 |
| Suzuki Motor Corp. | 27500 | 409575 |
| Trend Micro, Inc. <sup>(b)</sup> | 7400 | 306962 |
| Unicharm Corp. | 51000 | 291205 |
| Yokogawa Electric Corp. | 11100 | 355211 |
|  |  | 7758944 |
| **Mexico - 4.7%** | **Mexico - 4.7%** |  |
| America Movil SAB de CV | 652529 | 674686 |
| Cemex SAB de CV | 273624 | 314722 |
| Fomento Economico Mexicano SAB de CV | 35128 | 355647 |
| Grupo Mexico SAB de CV - Class B | 54862 | 519342 |
|  |  | 1864397 |
| **Netherlands - 2.5%** | **Netherlands - 2.5%** |  |
| Euronext NV <sup>(a)</sup> | 2059 | 309529 |
| IMCD NV | 3052 | 277220 |
| Wolters Kluwer NV | 3743 | 388341 |
|  |  | 975090 |
| **Norway - 1.7%** | **Norway - 1.7%** |  |
| Mowi ASA | 15710 | 378778 |
| Norsk Hydro ASA | 40103 | 310905 |
|  |  | 689683 |
| **South Africa - 1.9%** | **South Africa - 1.9%** |  |
| Gold Fields Ltd. | 9900 | 433586 |
| Harmony Gold Mining Co. Ltd. | 15767 | 320745 |
|  |  | 754331 |
| **South Korea - 6.1%** | **South Korea - 6.1%** |  |
| HD Hyundai Co. Ltd. | 3456 | 452227 |
| Hyundai Glovis Co. Ltd. | 2274 | 285089 |
| Kia Corp. | 7122 | 602172 |
| Samsung Electronics Company Ltd. - GDR | 387 | 799542 |
| Samsung SDS Co. Ltd. | 2219 | 264176 |
|  |  | 2403206 |
| **Sweden - 3.3%** | **Sweden - 3.3%** |  |
| Essity AB - Class B | 13089 | 376535 |
| Sandvik AB | 13224 | 431199 |
| Volvo AB - Class B | 15701 | 503962 |
|  |  | 1311696 |
| **Switzerland - 2.9%** | **Switzerland - 2.9%** |  |
| Novartis AG | 4179 | 578124 |
| Roche Holding AG - ADR | 11460 | 590992 |
|  |  | 1169116 |
| **Taiwan - 2.5%** | **Taiwan - 2.5%** |  |
| International Games System Co. Ltd. | 13000 | 298308 |
| Realtek Semiconductor Corp. | 21000 | 326825 |
| United Microelectronics Corp. | 245000 | 384025 |
|  |  | 1009158 |
| **United Kingdom - 7.9%** | **United Kingdom - 7.9%** |  |
| Ashtead Group PLC | 6263 | 428445 |
| Auto Trader Group PLC <sup>(a)</sup> | 41078 | 323996 |
| British American Tobacco PLC - ADR | 13881 | 785942 |
| Bunzl PLC | 9615 | 268481 |
| Imperial Brands PLC | 11123 | 466631 |
| Intertek Group PLC | 5222 | 324922 |
| London Stock Exchange Group PLC | 4448 | 535577 |
|  |  | 3133994 |
| **TOTAL COMMON STOCKS** (Cost $35,041,383) | **TOTAL COMMON STOCKS** (Cost $35,041,383) | 39449850 |
| **WARRANTS - 0.0% <sup>(c)</sup>** | **Contracts** | **Value**  |
| **Canada *-* 0.0%<sup>(c)</sup>** | **Canada *-* 0.0%<sup>(c)</sup>** |  |
| Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00 <sup>(b)(d)</sup> | 138 | 0 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 0 |
| **TOTAL INVESTMENTS - 99.4% (**Cost $35,041,383**)** | **TOTAL INVESTMENTS - 99.4% (**Cost $35,041,383**)** | 39449850 |
| Other Assets in Excess of Liabilities - 0.6% | Other Assets in Excess of Liabilities - 0.6% | 242031 |
| **TOTAL NET ASSETS - 100.0%** |  | $39691881 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt <br> GDR - Global Depositary Receipt <br> PLC - Public Limited Company

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of December 31, 2025, the value of these securities total $3,080,781 or 7.8% of the Fund's net assets.

(b) Non-income producing security.

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

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $0 or 0.0% of net assets as of December 31, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Distillate International Fundamental Stability & 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 December 31, 2025: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $39449850 | $– | $– | $39449850 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Warrants | – | – | 0 | 0 |
| Total Investments | $39449850 | $– | $0 | $39449850 |
| 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. |

---

## 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:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $53487027.20

**Total Liabilities:** $13795364.28

**Net Assets:** $39691662.92

**Delayed Delivery Securities:** $3356272.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223218 | 1.53%                | 1.53%                | 3.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1592836.16              | $-1041393.03                               |
| Month 2  | $553090.19               | $13947.46                                  |
| Month 3  | $2050905.59              | $-918461.92                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Whitecap Resources Inc         | Whitecap Resources Inc                | CUSIP: 96467A200<br>LEI: 894500UA4G4BTB67II45 | Long             | EC               | CORP              | CA        |     36251 | NS      | $304130.22    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                            | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      1256 | NS      | $400325.81    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd     | China Mengniu Dairy Co Ltd            | CUSIP: N/A<br>LEI: 2549005Q343BSJ8RSS21       | Long             | EC               | CORP              | CN        |    166000 | NS      | $317988.05    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Cloud Music Inc        | NetEase Cloud Music Inc               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     13450 | NS      | $321410.68    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Publicis Groupe SA             | Publicis Groupe SA                    | CUSIP: N/A<br>LEI: 2138004KW8BV57III342       | Long             | EC               | CORP              | FR        |      3765 | NS      | $391861.39    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                    | Infosys Ltd                           | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |     24477 | NS      | $436180.14    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolters Kluwer NV              | Wolters Kluwer NV                     | CUSIP: N/A<br>LEI: 724500TEM53I0U077B74       | Long             | EC               | CORP              | NL        |      3743 | NS      | $388340.76    | 0.98%             |  |  |  | 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        |      5213 | NS      | $532406.08    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mowi ASA                       | Mowi ASA                              | CUSIP: N/A<br>LEI: 549300W1OGQF5LZIH349       | Long             | EC               | CORP              | NO        |     15710 | NS      | $378777.52    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV         | Grupo Mexico SAB de CV                | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     54862 | NS      | $519342.16    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Komatsu Ltd                    | Komatsu Ltd                           | CUSIP: N/A<br>LEI: 5493004LQ0B4T7QPQV17       | Long             | EC               | CORP              | JP        |     11700 | NS      | $373217.65    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bunzl PLC                      | Bunzl PLC                             | CUSIP: N/A<br>LEI: 213800Q1Q9DV4L78UM09       | Long             | EC               | CORP              | GB        |      9615 | NS      | $268480.77    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| CGI Inc                        | CGI Inc                               | CUSIP: 12532H104<br>LEI: 549300WSRCZY73ZG3090 | Long             | EC               | CORP              | CA        |      4124 | NS      | $381426.75    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Leapmotor Technology  | Zhejiang Leapmotor Technology Co Ltd  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |     42200 | NS      | $263604.29    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                  | TIM SA/Brazil                         | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |     78968 | NS      | $308104.54    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Logistics Inc               | JD Logistics Inc                      | CUSIP: G5074S101<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |    290300 | NS      | $425929.98    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc               | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      6330 | NS      | $337389.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp            | CUSIP: N/A<br>LEI: 5299002E7F36O00MYY75       | Long             | EC               | CORP              | TW        |     21000 | NS      | $326824.84    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN Holdings Co Ltd         | SCREEN Holdings Co Ltd                | CUSIP: N/A<br>LEI: 353800ND89FTQ9XQ0R07       | Long             | EC               | CORP              | JP        |      3300 | NS      | $320852.34    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Secom Co Ltd                   | Secom Co Ltd                          | CUSIP: N/A<br>LEI: 529900TYCL9N3E9PGE47       | Long             | EC               | CORP              | JP        |      8700 | NS      | $309324.70    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandvik AB                     | Sandvik AB                            | CUSIP: N/A<br>LEI: 5299008ZUAXN43LVZF54       | Long             | EC               | CORP              | SE        |     13224 | NS      | $431198.68    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi | Yangzijiang Shipbuilding Holdings Ltd | CUSIP: N/A<br>LEI: 254900Z3JEM14YIGLM66       | Long             | EC               | CORP              | CN        |    150900 | NS      | $408345.26    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp Ltd              | Kingsoft Corp Ltd                     | CUSIP: G5264Y108<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |     91400 | NS      | $333964.93    | 0.84%             |  |  |  | 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        |   1863400 | NS      | $388883.48    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexi SpA                       | Nexi SpA                              | CUSIP: N/A<br>LEI: 5493000P70CQRQG8SN85       | Long             | EC               | CORP              | IT        |     67391 | NS      | $334081.94    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                   | CUSIP: N/A<br>LEI: 300300FCDZBE6UP9ED24       | Long             | EC               | CORP              | CN        |     60200 | NS      | $494609.11    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Norsk Hydro ASA                | Norsk Hydro ASA                       | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |     40103 | NS      | $310905.25    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Software Inc/Can | Constellation Software Inc/Canada     | CUSIP: 21037X100<br>LEI: 549300B6PYHMCTDWQV29 | Long             | EC               | CORP              | CA        |       173 | NS      | $416664.02    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MatsukiyoCocokara & Co         | MatsukiyoCocokara & Co                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     13700 | NS      | $237037.23    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| IMCD NV                        | IMCD NV                               | CUSIP: N/A<br>LEI: 724500NSJPNFJPDAUP02       | Long             | EC               | CORP              | NL        |      3052 | NS      | $277219.93    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| DCC PLC                        | DCC PLC                               | CUSIP: N/A<br>LEI: 213800UPS1QEE4TD3T45       | Long             | EC               | CORP              | IE        |      4998 | NS      | $311253.18    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck KGaA                     | Merck KGaA                            | CUSIP: N/A<br>LEI: 529900OAREIS0MOPTW25       | Long             | EC               | CORP              | DE        |      3183 | NS      | $458313.72    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Niterra Co Ltd                 | Niterra Co Ltd                        | CUSIP: N/A<br>LEI: 549300RG3XQGTFM4HH31       | Long             | EC               | CORP              | JP        |      7300 | NS      | $320930.81    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| NIDEC CORP                     | NIDEC CORP                            | CUSIP: N/A<br>LEI: 353800IF171MZTNL6Y31       | Long             | EC               | CORP              | JP        |     26300 | NS      | $357724.97    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| International Games System Co  | International Games System Co Ltd     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     13000 | NS      | $298308.43    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Shionogi & Co Ltd              | Shionogi & Co Ltd                     | CUSIP: N/A<br>LEI: 35380049VXDTHZI3DY35       | Long             | EC               | CORP              | JP        |     18800 | NS      | $340749.63    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| United Microelectronics Corp   | United Microelectronics Corp          | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |    245000 | NS      | $384024.76    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Volvo AB                       | Volvo AB                              | CUSIP: 928856301<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |     15701 | NS      | $503962.11    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                      | Essity AB                             | CUSIP: N/A<br>LEI: 549300G8E6YUVJ1DA153       | Long             | EC               | CORP              | SE        |     13089 | NS      | $376535.21    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandai Namco Holdings Inc      | Bandai Namco Holdings Inc             | CUSIP: N/A<br>LEI: 3538008EFEM34VRJDQ95       | Long             | EC               | CORP              | JP        |     12700 | NS      | $338029.28    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Co Ltd              | HD Hyundai Co Ltd                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      3456 | NS      | $452227.27    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc          | TFI International Inc                 | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      3483 | NS      | $360483.83    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Vibra Energia SA               | Vibra Energia SA                      | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |     73700 | NS      | $340407.32    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC             | Intertek Group PLC                    | CUSIP: N/A<br>LEI: 2138003GAT25WW1RN369       | Long             | EC               | CORP              | GB        |      5222 | NS      | $324921.95    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                            | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     42000 | NS      | $602196.96    | 1.52%             |  |  |  | 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      |
| Buzzi SpA                      | Buzzi SpA                             | CUSIP: N/A<br>LEI: 5299003DX5YLKSVJ6K59       | Long             | EC               | CORP              | IT        |      5445 | NS      | $332534.71    | 0.84%             |  |  |  | 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        |     11800 | NS      | $366846.79    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Healthcare Ltd           | Sonic Healthcare Ltd                  | CUSIP: N/A<br>LEI: 549300NQQ5L2NONWR862       | Long             | EC               | CORP              | AU        |     26113 | NS      | $393717.57    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Wipro Ltd                      | Wipro Ltd                             | CUSIP: 97651M109<br>LEI: 335800IFS1IJHESG8362 | Long             | EC               | CORP              | IN        |    134663 | NS      | $382442.92    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd            | CUSIP: 796050888<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       387 | NS      | $799542.00    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto Ltd                  | Rio Tinto Ltd                         | CUSIP: N/A<br>LEI: 529900X2VMAQT2PE0V24       | Long             | EC               | CORP              | AU        |      4181 | NS      | $409348.17    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Roche Holding AG               | Roche Holding AG                      | CUSIP: 771195104<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     12756 | NS      | $657826.92    | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands PLC                   | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |     11123 | NS      | $466631.30    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                 | Open Text Corp                        | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |     10117 | NS      | $329914.21    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| GEA Group AG                   | GEA Group AG                          | CUSIP: N/A<br>LEI: 549300PHUU0ZZWO8EO07       | Long             | EC               | CORP              | DE        |      4949 | NS      | $335954.95    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG        | Heidelberg Materials AG               | CUSIP: N/A<br>LEI: LZ2C6E0W5W7LQMX5ZI37       | Long             | EC               | CORP              | DE        |      1668 | NS      | $436854.34    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleperformance SE             | Teleperformance SE                    | CUSIP: N/A<br>LEI: 9695004GI61FHFFNRG61       | Long             | EC               | CORP              | FR        |      5277 | NS      | $383258.97    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Trend Micro Inc/Japan          | Trend Micro Inc/Japan                 | CUSIP: N/A<br>LEI: 3538005O5UJ5RNAGVE16       | Long             | EC               | CORP              | JP        |      7400 | NS      | $306962.26    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd                       | CUSIP: N/A<br>LEI: 5299003KXIBJQYCBBD72       | Long             | EC               | CORP              | ZA        |      9900 | NS      | $433586.54    | 1.09%             |  |  |  | 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        |     15767 | NS      | $320744.74    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                       | Kia Corp                              | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |      7122 | NS      | $602172.50    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd  | Geely Automobile Holdings Ltd         | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |    225000 | NS      | $517440.74    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzuki Motor Corp              | Suzuki Motor Corp                     | CUSIP: N/A<br>LEI: 353800D83H0V3ZV1SV24       | Long             | EC               | CORP              | JP        |     27500 | NS      | $409574.47    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unicharm Corp                  | Unicharm Corp                         | CUSIP: N/A<br>LEI: 353800UQ4BZIJTAQEG85       | Long             | EC               | CORP              | JP        |     51000 | NS      | $291205.46    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Glovis Co Ltd          | Hyundai Glovis Co Ltd                 | CUSIP: N/A<br>LEI: 988400U6RDXNJ5ZRN304       | Long             | EC               | CORP              | KR        |      2274 | NS      | $285088.61    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandora A/S                    | Pandora A/S                           | CUSIP: N/A<br>LEI: 5299007OWYZ6I1E46843       | Long             | EC               | CORP              | DK        |      2570 | NS      | $285950.69    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexon Co Ltd                   | Nexon Co Ltd                          | CUSIP: N/A<br>LEI: 5299005SFO0GAJFLKN43       | Long             | EC               | CORP              | JP        |     15600 | NS      | $380881.05    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA           | Telefonica Brasil SA                  | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |     73448 | NS      | $442718.63    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Suntory Beverage & Food Ltd    | Suntory Beverage & Food Ltd           | CUSIP: N/A<br>LEI: 549300FONLMVK7YYYH41       | Long             | EC               | CORP              | JP        |     10900 | NS      | $328714.15    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronext NV                    | Euronext NV                           | CUSIP: N/A<br>LEI: 724500QJ4QSZ3H9QU415       | Long             | EC               | CORP              | NL        |      2059 | NS      | $309529.51    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Zalando SE                     | Zalando SE                            | CUSIP: N/A<br>LEI: 529900YRFFGH5AXU4S86       | Long             | EC               | CORP              | DE        |      8421 | NS      | $250614.40    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung SDS Co Ltd             | Samsung SDS Co Ltd                    | CUSIP: N/A<br>LEI: 988400G19T2TB4CAWX91       | Long             | EC               | CORP              | KR        |      2219 | NS      | $264175.84    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Computershare Ltd              | Computershare Ltd                     | CUSIP: N/A<br>LEI: 21380085HOKTMGLV9G93       | Long             | EC               | CORP              | AU        |     14179 | NS      | $322802.27    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Daikin Industries Ltd          | Daikin Industries Ltd                 | CUSIP: N/A<br>LEI: 549300Y7FWSTSHMW5Y57       | Long             | EC               | CORP              | JP        |      3500 | NS      | $448371.56    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Corp                    | Otsuka Corp                           | CUSIP: N/A<br>LEI: 529900RG9DJ58J3UIE72       | Long             | EC               | CORP              | JP        |     15400 | NS      | $317539.95    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                           | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |      4179 | NS      | $578123.57    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd         | Otsuka Holdings Co Ltd                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      6000 | NS      | $339647.20    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Group PLC              | Ashtead Group PLC                     | CUSIP: N/A<br>LEI: 2138007UTBN8X9K1A235       | Long             | EC               | CORP              | GB        |      6263 | NS      | $428445.24    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC          | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     13881 | NS      | $785942.22    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |      3084 | NS      | $523678.16    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd        | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |     16979 | NS      | $575855.34    | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Capgemini SE                   | Capgemini SE                          | CUSIP: N/A<br>LEI: 96950077L0TN7BAROX36       | Long             | EC               | CORP              | FR        |      2359 | NS      | $394108.65    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Vinci SA                       | Vinci SA                              | CUSIP: N/A<br>LEI: 213800WFQ334R8UXUG83       | Long             | EC               | CORP              | FR        |      4878 | NS      | $687764.43    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Bureau Veritas SA              | Bureau Veritas SA                     | CUSIP: N/A<br>LEI: 969500TPU5T3HA5D1F11       | Long             | EC               | CORP              | FR        |      7804 | NS      | $249116.48    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Mining Ltd           | Evolution Mining Ltd                  | CUSIP: N/A<br>LEI: 254900BCFW5QO5LW8F27       | Long             | EC               | CORP              | AU        |     47750 | NS      | $403757.03    | 1.02%             |  |  |  | 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        |    652529 | NS      | $674685.84    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Auto Trader Group PLC          | Auto Trader Group PLC                 | CUSIP: N/A<br>LEI: 213800QLK9BZILB1DI86       | Long             | EC               | CORP              | GB        |     41078 | NS      | $323996.12    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB | Fomento Economico Mexicano SAB de CV  | CUSIP: P4182H115<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     35128 | NS      | $355646.70    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Denso Corp                     | Denso Corp                            | CUSIP: N/A<br>LEI: 549300RYPA10CQM3QK38       | Long             | EC               | CORP              | JP        |     36300 | NS      | $499763.31    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Yokogawa Electric Corp         | Yokogawa Electric Corp                | CUSIP: N/A<br>LEI: 529900MV0U7C9WWF4L22       | Long             | EC               | CORP              | JP        |     11100 | NS      | $355211.33    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cemex SAB de CV                | Cemex SAB de CV                       | CUSIP: P2253T133<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |    273624 | NS      | $314722.01    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Beiersdorf AG                  | Beiersdorf AG                         | CUSIP: N/A<br>LEI: L47NHHI0Z9X22DV46U41       | Long             | EC               | CORP              | DE        |      3429 | NS      | $377268.13    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco Inc              | Japan Tobacco Inc                     | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |     12400 | NS      | $446176.91    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ono Pharmaceutical Co Ltd      | Ono Pharmaceutical Co Ltd             | CUSIP: N/A<br>LEI: 529900G26L4NG4GFJZ86       | Long             | EC               | CORP              | JP        |     20800 | NS      | $288289.90    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                   | CUSIP: N/A<br>LEI: 529900IB708DY2HBBB35       | Long             | EC               | CORP              | JP        |     28600 | NS      | $381892.88    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| London Stock Exchange Group PL | London Stock Exchange Group PLC       | CUSIP: G5689U103<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      4448 | NS      | $535576.36    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Brambles Ltd                   | Brambles Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     24167 | NS      | $370017.35    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                      | Danone SA                             | CUSIP: N/A<br>LEI: 969500KMUQ2B6CBAF162       | Long             | EC               | CORP              | FR        |      4556 | NS      | $410835.13    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| China Nonferrous Mining Corp L | China Nonferrous Mining Corp Ltd      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CN        |    178000 | NS      | $337316.12    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Haidilao International Holding | Haidilao International Holding Ltd    | CUSIP: N/A<br>LEI: 3003009Q8GV4VNKZWI24       | Long             | EC               | CORP              | CN        |    195000 | NS      | $357005.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer