# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-050036
**Filing Date:** 2025-7
**Character Count:** 51099
**Document Hash:** 86bac5c42bc5b00131c07191be799a8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-050036.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-050036

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20250831

**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:** 251166818

**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

### Acquirers Small and Micro Deep Value ETF (Series ID: S000046243)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000144551 | Acquirers Small and Micro Deep Value ETF | DEEP            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Acquirers Small and Micro Deep Value ETF** | **Acquirers Small and Micro Deep Value ETF** | **Acquirers Small and Micro Deep Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.7%** | **Shares** | **Value**  |
| **Communication Services - 4.2%** | **Communication Services - 4.2%** | |
| AMC Networks, Inc. - Class A <sup>(a)</sup> | 35316 | $233439 |
| IDT Corporation - Class B | 5033 | 309983 |
| Playtika Holding Corporation | 63410 | 300563 |
| Thryv Holdings, Inc. <sup>(a)</sup> | 16817 | 223666 |
|  |  | 1067651 |
| **Consumer Discretionary - 25.2%<sup>(b)</sup>** | **Consumer Discretionary - 25.2%<sup>(b)</sup>** |  |
| Buckle, Inc. | 6512 | 277476 |
| Build-A-Bear Workshop, Inc. | 6812 | 347684 |
| Carter's, Inc. | 6219 | 195090 |
| Century Communities, Inc. | 3687 | 191245 |
| Cricut, Inc. - Class A | 47440 | 287486 |
| Ethan Allen Interiors, Inc. | 9223 | 240997 |
| G-III Apparel Group, Ltd. <sup>(a)</sup> | 9705 | 281930 |
| Hovnanian Enterprises, Inc. - Class A <sup>(a)</sup> | 2383 | 215137 |
| JAKKS Pacific, Inc. | 10341 | 208164 |
| Malibu Boats, Inc. - Class A <sup>(a)</sup> | 8605 | 259355 |
| MasterCraft Boat Holdings, Inc. <sup>(a)</sup> | 14698 | 250013 |
| Movado Group, Inc. | 14439 | 233912 |
| Nathan's Famous, Inc. | 2698 | 288632 |
| Papa John's International, Inc. | 5686 | 257291 |
| Perdoceo Education Corporation | 10345 | 352144 |
| Signet Jewelers, Ltd. | 4380 | 291577 |
| Smith & Wesson Brands, Inc. | 26738 | 254546 |
| Steven Madden, Ltd. | 10159 | 250419 |
| Sturm Ruger & Company, Inc. | 6452 | 233562 |
| Target Hospitality Corporation <sup>(a)</sup> | 42521 | 310829 |
| Upbound Group, Inc. | 10249 | 235112 |
| Winmark Corporation | 796 | 338157 |
| Winnebago Industries, Inc. | 7315 | 248198 |
| XPEL, Inc. <sup>(a)</sup> | 7880 | 283444 |
|  |  | 6332400 |
| **Consumer Staples - 6.9%** | **Consumer Staples - 6.9%** |  |
| Herbalife, Ltd. <sup>(a)</sup> | 30163 | 235573 |
| Ingles Markets, Inc. - Class A | 4128 | 257174 |
| John B Sanfilippo & Son, Inc. | 3609 | 224263 |
| Medifast, Inc. <sup>(a)</sup> | 17732 | 249489 |
| MGP Ingredients, Inc. | 8605 | 253159 |
| Olaplex Holdings, Inc. <sup>(a)</sup> | 189758 | 250481 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 9311 | 278120 |
|  |  | 1748259 |
| **Energy - 13.9%** | **Energy - 13.9%** |  |
| Amplify Energy Corporation <sup>(a)</sup> | 67807 | 194606 |
| Ardmore Shipping Corporation | 25402 | 244113 |
| Berry Corporation | 76131 | 181953 |
| Dorian LPG, Ltd. | 11041 | 236388 |
| FutureFuel Corporation | 61271 | 242020 |
| Geopark, Ltd. | 32852 | 206311 |
| Gran Tierra Energy, Inc. <sup>(a)</sup> | 51059 | 243551 |
| International Seaways, Inc. | 7523 | 278727 |
| Natural Resource Partners LP | 2332 | 228536 |
| Peabody Energy Corporation | 18163 | 239025 |
| Riley Exploration Permian, Inc. | 8536 | 219034 |
| SandRidge Energy, Inc. | 22423 | 219970 |
| Scorpio Tankers, Inc. | 6413 | 254853 |
| Teekay Tankers, Ltd. – Class A | 6610 | 292096 |
| TORM PLC - Class A | 13880 | 221802 |
|  |  | 3502985 |
| **Financials - 9.0%** | **Financials - 9.0%** |  |
| Acadian Asset Management, Inc. | 9960 | 299896 |
| Diamond Hill Investment Group, Inc. | 1770 | 250030 |
| Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 5706 | 310863 |
| International General Insurance Holdings, Ltd. | 9694 | 226258 |
| Open Lending Corporation <sup>(a)</sup> | 78119 | 139833 |
| PROG Holdings, Inc. | 9352 | 269618 |
| Regional Management Corporation | 8245 | 218080 |
| Rocket Cos., Inc. - Class A | 18021 | 229768 |
| World Acceptance Corporation <sup>(a)</sup> | 2028 | 313285 |
|  |  | 2257631 |
| **Health Care - 8.1%** | **Health Care - 8.1%** |  |
| AMN Healthcare Services, Inc. <sup>(a)</sup> | 10560 | 222922 |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 8988 | 231081 |
| Cross Country Healthcare, Inc. <sup>(a)</sup> | 17020 | 224324 |
| Inmode, Ltd. <sup>(a)</sup> | 13649 | 200094 |
| Innoviva, Inc. <sup>(a)</sup> | 14724 | 288149 |
| Ironwood Pharmaceuticals, Inc. <sup>(a)</sup> | 180338 | 108040 |
| National Research Corporation | 17609 | 237898 |
| SIGA Technologies, Inc. | 45325 | 271043 |
| Utah Medical Products, Inc. | 4476 | 246538 |
|  |  | 2030089 |
| **Industrials - 18.1%** | **Industrials - 18.1%** |  |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 3162 | 211601 |
| Danaos Corporation | 3128 | 266819 |
| Genco Shipping & Trading, Ltd. | 18642 | 246820 |
| Global Industrial Company | 11367 | 296110 |
| Global Ship Lease, Inc. - Class A | 10904 | 270964 |
| Heidrick & Struggles International, Inc. | 6007 | 262266 |
| Hudson Technologies, Inc. <sup>(a)</sup> | 41346 | 295624 |
| IBEX Holdings, Ltd. <sup>(a)</sup> | 10082 | 290261 |
| Insteel Industries, Inc. | 9321 | 326422 |
| Janus International Group, Inc. <sup>(a)</sup> | 32025 | 261644 |
| Kforce, Inc. | 5251 | 214241 |
| Lindsay Corporation | 2003 | 279218 |
| RCM Technologies, Inc. <sup>(a)</sup> | 16795 | 384438 |
| Resources Connection, Inc. | 37559 | 195870 |
| Safe Bulkers, Inc. | 67988 | 258354 |
| Star Bulk Carriers Corporation | 15336 | 253197 |
| Universal Logistics Holdings, Inc. | 9606 | 231120 |
|  |  | 4544969 |
| **Information Technology - 7.5%** | **Information Technology - 7.5%** |  |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 4549 | 256291 |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 10752 | 236221 |
| CPI Card Group, Inc. <sup>(a)</sup> | 8649 | 192527 |
| Hackett Group, Inc. | 8913 | 218547 |
| Ituran Location and Control, Ltd. | 6876 | 261872 |
| NVE Corporation | 3853 | 274180 |
| Photronics, Inc. <sup>(a)</sup> | 12103 | 202241 |
| Teradata Corporation <sup>(a)</sup> | 11104 | 243844 |
|  |  | 1885723 |
| **Materials - 5.9%** | **Materials - 5.9%** |  |
| Alpha Metallurgical Resources, Inc. <sup>(a)</sup> | 2033 | 227777 |
| CVR Partners LP | 3373 | 279116 |
| Ferroglobe PLC | 66564 | 241627 |
| Mesabi Trust | 9345 | 234560 |
| Olympic Steel, Inc. | 7986 | 236785 |
| Ramaco Resources, Inc. – Class A | 28928 | 261509 |
| Ramaco Resources, Inc. - Class B | 267 | 1989 |
|  |  | 1483363 |
| **Real Estate - 0.9%** | **Real Estate - 0.9%** |  |
| RMR Group, Inc. - Class A | 15055 | 227331 |
| **TOTAL COMMON STOCKS** (Cost $29,448,331) | **TOTAL COMMON STOCKS** (Cost $29,448,331) | 25080401 |
| **CONTINGENT VALUE RIGHTS - 0.0%<sup>(c)</sup>** | **Shares** | **Value**  |
| **Materials *-* 0.0%<sup>(c)</sup>** | **Materials *-* 0.0%<sup>(c)</sup>** |  |
| Resolute Forrest Products <sup>(a)(d)</sup> | 17062 | 171 |
| **TOTAL CONTINGENT VALUE RIGHTS** (Cost $46,067) | **TOTAL CONTINGENT VALUE RIGHTS** (Cost $46,067) | 171 |
| **SHORT-TERM INVESTMENTS - 0.2%** |  | **Value**  |
| **Money Market Funds - 0.2%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(e)</sup> | 53005 | 53005 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $53,005) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $53,005) | 53005 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $29,547,404**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $29,547,404**)** | 25133577 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 20077 |
| **TOTAL NET ASSETS - 100.0%** |  | $25153654 |
| 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. |

---

LP - Limited Partnership <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(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 $171 or 0.0% of net assets as of May 31, 2025.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Acquirers Small and Micro Deep 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 25080401 |  | – | 25080401 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights | – |  | 171 | 171 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 53005 |  | – | 53005 |
| Total Investments | 25133406 |  | 171 | 25133577 |
| 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. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |
| Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. | Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. | Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. | Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. | Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets. |

---

## 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:** Acquirers Small and Micro Deep Value ETF

- **b. EDGAR series identifier (if any):** S000046243

- **c. LEI of Series:** 549300F4XPMKEHF8KP37

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $25167836.82

**Total Liabilities:** $16223.80

**Net Assets:** $25151613.02

**Cash Not Reported:** $15465.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144551 | -4.15%               | -4.95%               | 7.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1198520.91             | $-10841.19                                 |
| Month 2  | $-119733.47              | $-1234622.38                               |
| Month 3  | $223882.13               | $1228836.75                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AMN Healthcare Services Inc    | AMN Healthcare Services Inc                  | CUSIP: 001744101<br>LEI: 529900W3ARRTCNFH2I39 | Long             | EC               | CORP              | US        |     10560 | NS      | $222921.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc                     | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      4549 | NS      | $256290.66    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc          | BlueLinx Holdings Inc                        | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      3162 | NS      | $211601.04    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Acadian Asset Management Inc                 | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |      9960 | NS      | $299895.60    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                               | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      6512 | NS      | $277476.32    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc      | Build-A-Bear Workshop Inc                    | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      6812 | NS      | $347684.48    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| CVR Partners LP                | CVR Partners LP                              | CUSIP: 126633205<br>LEI: 529900LE0OS06MYQRP11 | Long             | EC               | CORP              | US        |      3373 | NS      | $279115.75    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                                 | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      6219 | NS      | $195090.03    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc  | Consensus Cloud Solutions Inc                | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10752 | NS      | $236221.44    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc      | Ethan Allen Interiors Inc                    | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9223 | NS      | $240996.99    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund     | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |     37540 | NS      | $37539.86     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                      | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      9705 | NS      | $281930.25    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hovnanian Enterprises Inc      | Hovnanian Enterprises Inc                    | CUSIP: 442487401<br>LEI: 549300805N4EF0ROBT53 | Long             | EC               | CORP              | US        |      2383 | NS      | $215137.24    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc              | JAKKS Pacific Inc                            | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |     10341 | NS      | $208164.33    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                             | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8605 | NS      | $259354.70    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                      | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     10345 | NS      | $352143.80    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc       | Resources Connection Inc                     | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37559 | NS      | $195870.19    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| John B Sanfilippo & Son Inc    | John B Sanfilippo & Son Inc                  | CUSIP: 800422107<br>LEI: 5299007IBEYVXKYDUX28 | Long             | EC               | CORP              | US        |      3609 | NS      | $224263.26    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                        | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | IE        |     25402 | NS      | $244113.22    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd   | Genco Shipping & Trading Ltd                 | CUSIP: N/A<br>LEI: 5493003MBZ5GU8QHXZ58       | Long             | EC               | CORP              | US        |     18642 | NS      | $246820.08    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                          | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |      8605 | NS      | $253159.10    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NVE Corp                       | NVE Corp                                     | CUSIP: 629445206<br>LEI: 5299003C1ATTWX8X0112 | Long             | EC               | CORP              | US        |      3853 | NS      | $274179.48    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc           | Ramaco Resources Inc                         | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     28928 | NS      | $261509.12    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| XPEL Inc                       | XPEL Inc                                     | CUSIP: 98379L100<br>LEI: 549300KWSE3IGXLJNW66 | Long             | EC               | CORP              | US        |      7880 | NS      | $283443.60    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd                          | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |      4380 | NS      | $291576.60    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TORM PLC                       | TORM PLC                                     | CUSIP: N/A<br>LEI: 213800VL1H1ABVM1ZF63       | Long             | EC               | CORP              | GB        |     13880 | NS      | $221802.40    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc  | Amphastar Pharmaceuticals Inc                | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |      8988 | NS      | $231081.48    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc   | Cross Country Healthcare Inc                 | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     17020 | NS      | $224323.60    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                       | IDT Corp                                     | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |      5033 | NS      | $309982.47    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaos Corp                    | Danaos Corp                                  | CUSIP: N/A<br>LEI: 734IM3DNDNT36T7YTD24       | Long             | EC               | CORP              | GR        |      3128 | NS      | $266818.40    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Amplify Energy Corp            | Amplify Energy Corp                          | CUSIP: 03212B103<br>LEI: J0TW5YQRAZXYN7VEU787 | Long             | EC               | CORP              | US        |     67807 | NS      | $194606.09    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gran Tierra Energy Inc         | Gran Tierra Energy Inc                       | CUSIP: 38500T200<br>LEI: 549300IH2S17MAIUCM32 | Long             | EC               | CORP              | CA        |     51059 | NS      | $243551.43    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati | Heidrick & Struggles International Inc       | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      6007 | NS      | $262265.62    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp         | National Research Corp                       | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |     17609 | NS      | $237897.59    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc  | Papa John's International Inc                | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | EC               | CORP              | US        |      5686 | NS      | $257291.50    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd                  | Herbalife Ltd                                | CUSIP: N/A<br>LEI: 549300BA7TYPBSZZIA41       | Long             | EC               | CORP              | US        |     30163 | NS      | $235573.03    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd              | IBEX Holdings Ltd                            | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | US        |     10082 | NS      | $290260.78    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| International General Insuranc | International General Insurance Holdings Ltd | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JO        |      9694 | NS      | $226257.96    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Cricut Inc                     | Cricut Inc                                   | CUSIP: 22658D100<br>LEI: 254900R3DKAJ28MC0Q39 | Long             | EC               | CORP              | US        |     47440 | NS      | $287486.40    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc   | Ironwood Pharmaceuticals Inc                 | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |    180338 | NS      | $108040.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                   | Medifast Inc                                 | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |     17732 | NS      | $249489.24    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Mesabi Trust                   | Mesabi Trust                                 | CUSIP: 590672101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9345 | NS      | $234559.50    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                    | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      9311 | NS      | $278119.57    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc            | Nathan's Famous Inc                          | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |      2698 | NS      | $288632.04    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                 | Rocket Cos Inc                               | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18021 | NS      | $229767.75    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                  | Teradata Corp                                | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     11104 | NS      | $243843.84    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Star Bulk Carriers Corp        | Star Bulk Carriers Corp                      | CUSIP: N/A<br>LEI: 549300SO3FMK7H6DDY54       | Long             | EC               | CORP              | GR        |     15336 | NS      | $253197.36    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMC Networks Inc               | AMC Networks Inc                             | CUSIP: 00164V103<br>LEI: 549300VGG9K75226LR46 | Long             | EC               | CORP              | US        |     35316 | NS      | $233438.76    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Alpha Metallurgical Resources  | Alpha Metallurgical Resources Inc            | CUSIP: 020764106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2033 | NS      | $227777.32    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CPI Card Group Inc             | CPI Card Group Inc                           | CUSIP: 12634H200<br>LEI: 54930087HHJ1VWIJK062 | Long             | EC               | CORP              | US        |      8649 | NS      | $192526.74    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Communities Inc        | Century Communities Inc                      | CUSIP: 156504300<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | EC               | CORP              | US        |      3687 | NS      | $191244.69    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions  | Donnelley Financial Solutions Inc            | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      5706 | NS      | $310862.88    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                | FutureFuel Corp                              | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |     61271 | NS      | $242020.45    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co           | Global Industrial Co                         | CUSIP: 37892E102<br>LEI: 5493000GO8Z3HEWCGE46 | Long             | EC               | CORP              | US        |     11367 | NS      | $296110.35    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The          | Hackett Group Inc/The                        | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |      8913 | NS      | $218546.76    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce Inc                                   | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      5251 | NS      | $214240.80    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                   | Lindsay Corp                                 | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      2003 | NS      | $279218.20    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Olaplex Holdings Inc           | Olaplex Holdings Inc                         | CUSIP: 679369108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    189758 | NS      | $250480.56    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Regional Management Corp       | Regional Management Corp                     | CUSIP: 75902K106<br>LEI: 549300S5O87W87JW4146 | Long             | EC               | CORP              | US        |      8245 | NS      | $218080.25    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferroglobe PLC                 | Ferroglobe PLC                               | CUSIP: N/A<br>LEI: 2138005GCFJACFTZUD90       | Long             | EC               | CORP              | GB        |     66564 | NS      | $241627.32    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Geopark Ltd                    | Geopark Ltd                                  | CUSIP: N/A<br>LEI: 529900ZR5QI19AH4KZ07       | Long             | EC               | CORP              | CO        |     32852 | NS      | $206310.56    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Ltd                     | Inmode Ltd                                   | CUSIP: N/A<br>LEI: 984500DD95A35E9BD358       | Long             | EC               | CORP              | IL        |     13649 | NS      | $200094.34    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Lt | Ituran Location and Control Ltd              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |      6876 | NS      | $261872.46    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                 | Dorian LPG Ltd                               | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |     11041 | NS      | $236387.81    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc          | Global Ship Lease Inc                        | CUSIP: N/A<br>LEI: 254900GLZ0J5N8UZM071       | Long             | EC               | CORP              | GB        |     10904 | NS      | $270964.40    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc      | International Seaways Inc                    | CUSIP: N/A<br>LEI: 549300YUFDGFRNGBWF46       | Long             | EC               | CORP              | US        |      7523 | NS      | $278727.15    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd              | Steven Madden Ltd                            | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     10159 | NS      | $250419.35    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group Inc                            | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     10249 | NS      | $235112.06    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc          | SIGA Technologies Inc                        | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45325 | NS      | $271043.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc           | SandRidge Energy Inc                         | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |     22423 | NS      | $219969.63    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc           | Sturm Ruger & Co Inc                         | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      6452 | NS      | $233562.40    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                   | Winmark Corp                                 | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       796 | NS      | $338156.72    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc       | Winnebago Industries Inc                     | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |      7315 | NS      | $248197.95    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc             | Ingles Markets Inc                           | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |      4128 | NS      | $257174.40    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc  | Janus International Group Inc                | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32025 | NS      | $261644.25    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc  | MasterCraft Boat Holdings Inc                | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     14698 | NS      | $250012.98    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners LP   | Natural Resource Partners LP                 | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |      2332 | NS      | $228536.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Lending Corp              | Open Lending Corp                            | CUSIP: 68373J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78119 | NS      | $139833.01    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                               | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     12103 | NS      | $202241.13    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Playtika Holding Corp          | Playtika Holding Corp                        | CUSIP: 72815L107<br>LEI: 254900E35Z4TKA4UFG64 | Long             | EC               | CORP              | IL        |     63410 | NS      | $300563.40    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| RCM Technologies Inc           | RCM Technologies Inc                         | CUSIP: 749360400<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16795 | NS      | $384437.55    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The              | RMR Group Inc/The                            | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     15055 | NS      | $227330.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| RESOLUTE FOREST PRODUCTS       | RESOLUTE FOREST PRODUCTS                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     17062 | NS      | $170.62       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Riley Exploration Permian Inc  | Riley Exploration Permian Inc                | CUSIP: 76665T102<br>LEI: 5493008CUBI02XP43Q95 | Long             | EC               | CORP              | US        |      8536 | NS      | $219033.76    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc      | Smith & Wesson Brands Inc                    | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |     26738 | NS      | $254545.76    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc             | Thryv Holdings Inc                           | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16817 | NS      | $223666.10    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp          | World Acceptance Corp                        | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2028 | NS      | $313285.44    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc        | Hudson Technologies Inc                      | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41346 | NS      | $295623.90    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc              | Olympic Steel Inc                            | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |      7986 | NS      | $236784.90    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Safe Bulkers Inc               | Safe Bulkers Inc                             | CUSIP: N/A<br>LEI: 549300V6ZM2HJJYQQO85       | Long             | EC               | CORP              | MC        |     67988 | NS      | $258354.40    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Corp                     | Berry Corp                                   | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76131 | NS      | $181953.09    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamond Hill Investment Group  | Diamond Hill Investment Group Inc            | CUSIP: 25264R207<br>LEI: 549300AQ6779A0B7VZ57 | Long             | EC               | CORP              | US        |      1770 | NS      | $250030.20    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc         | Insteel Industries Inc                       | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      9321 | NS      | $326421.42    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                   | Innoviva Inc                                 | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     14724 | NS      | $288148.68    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc               | Movado Group Inc                             | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     14439 | NS      | $233911.80    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp                          | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |     18163 | NS      | $239025.08    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc              | PROG Holdings Inc                            | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      9352 | NS      | $269618.16    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Hospitality Corp        | Target Hospitality Corp                      | CUSIP: 87615L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42521 | NS      | $310828.51    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Logistics Holdings I | Universal Logistics Holdings Inc             | CUSIP: 91388P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9606 | NS      | $231120.36    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Utah Medical Products Inc      | Utah Medical Products Inc                    | CUSIP: 917488108<br>LEI: 5493002R27BBGV8DID60 | Long             | EC               | CORP              | US        |      4476 | NS      | $246538.08    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Teekay Tankers Ltd             | Teekay Tankers Ltd                           | CUSIP: N/A<br>LEI: 549300DE8ZAIYS2T6Q22       | Long             | EC               | CORP              | CA        |      6610 | NS      | $292095.90    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Scorpio Tankers Inc            | Scorpio Tankers Inc                          | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MC        |      6413 | NS      | $254852.62    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer