# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001193125-26-182093
**Filing Date:** 2026-4
**Character Count:** 38101
**Document Hash:** cc59b70c00655f87dafc33fa497c3b78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-182093.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001193125-26-182093

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20260531

**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:** 26900969

**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

### ClearShares Piton Intermediate Fixed Income ETF (Series ID: S000069643)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000222120 | ClearShares Piton Intermediate Fixed Income ETF | PIFI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **ClearShares Piton Intermediate Fixed Income ETF** | **ClearShares Piton Intermediate Fixed Income ETF** | **ClearShares Piton Intermediate Fixed Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** | **February 28, 2026 (Unaudited)** |
| **U.S. TREASURY SECURITIES - 56.3%** | **Par** | **Value**  |
| United States Treasury Note/Bond | United States Treasury Note/Bond | United States Treasury Note/Bond |
| &nbsp;&nbsp; 4.88%, 04/30/2026 | 300000 | $300560 |
| &nbsp;&nbsp; 4.50%, 07/15/2026 | 1000000 | 1003171 |
| &nbsp;&nbsp; 4.13%, 02/15/2027 | 1650000 | 1659281 |
| &nbsp;&nbsp; 4.50%, 05/15/2027 | 2200000 | 2226297 |
| &nbsp;&nbsp; 4.38%, 07/15/2027 | 1350000 | 1366901 |
| &nbsp;&nbsp; 2.75%, 07/31/2027 | 676000 | 669623 |
| &nbsp;&nbsp; 3.38%, 09/15/2027 | 2000000 | 1998633 |
| &nbsp;&nbsp; 4.25%, 02/15/2028 | 5325000 | 5411635 |
| &nbsp;&nbsp; 3.63%, 05/31/2028 | 1500000 | 1508057 |
| &nbsp;&nbsp; 4.13%, 07/31/2028 | 2275000 | 2314768 |
| &nbsp;&nbsp; 3.75%, 12/31/2028 | 1700000 | 1717033 |
| &nbsp;&nbsp; 1.88%, 02/28/2029 | 1967000 | 1882788 |
| &nbsp;&nbsp; 4.13%, 10/31/2029 | 975000 | 997909 |
| &nbsp;&nbsp; 4.00%, 02/28/2030 | 2060000 | 2101401 |
| &nbsp;&nbsp; 3.50%, 04/30/2030 | 1500000 | 1501729 |
| &nbsp;&nbsp; 3.75%, 05/31/2030 | 2500000 | 2526953 |
| &nbsp;&nbsp; 3.75%, 01/31/2031 | 1500000 | 1515820 |
| &nbsp;&nbsp; 4.13%, 03/31/2031 | 1350000 | 1386730 |
| &nbsp;&nbsp; 4.13%, 07/31/2031 | 2370000 | 2435036 |
| &nbsp;&nbsp; 1.38%, 11/15/2031 | 3000000 | 2657109 |
| &nbsp;&nbsp; 1.88%, 02/15/2032 | 2775000 | 2515711 |
| &nbsp;&nbsp; 4.13%, 02/29/2032 | 2100000 | 2155863 |
| &nbsp;&nbsp; 4.00%, 07/31/2032 | 1500000 | 1528301 |
| &nbsp;&nbsp; 4.00%, 01/31/2033 | 500000 | 508750 |
| &nbsp;&nbsp; 3.50%, 02/15/2033 | 4765000 | 4701436 |
| &nbsp;&nbsp; 3.38%, 05/15/2033 | 4025000 | 3932708 |
| &nbsp;&nbsp; 4.00%, 02/15/2034 | 3775000 | 3825579 |
| &nbsp;&nbsp; 4.25%, 11/15/2034 | 3440000 | 3535003 |
| &nbsp;&nbsp; 4.00%, 11/15/2035 | 1000000 | 1003750 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $60,595,499) | **TOTAL U.S. TREASURY SECURITIES** (Cost $60,595,499) | 60888535 |
| **CORPORATE BONDS - 32.8%** | **Par** | **Value**  |
| **Communications - 5.2%** | **Communications - 5.2%** | **Communications - 5.2%** |
|  Alphabet, Inc., 2.00%, 08/15/2026 | 1000000 | 991963 |
|  Amazon.com, Inc., 3.60%, 04/13/2032 | 1600000 | 1559854 |
|  Cisco Systems, Inc., 5.05%, 02/26/2034 | 1500000 | 1557258 |
|  Verizon Communications, Inc., 3.15%, 03/22/2030 | 1500000 | 1452350 |
|  |  | 5561425 |
| **Consumer, Cyclical - 4.7%** | **Consumer, Cyclical - 4.7%** | **Consumer, Cyclical - 4.7%** |
|  Costco Wholesale Corp., 1.38%, 06/20/2027 | 1000000 | 972100 |
|  Home Depot, Inc., 2.88%, 04/15/2027 | 1000000 | 991707 |
|  McDonald's Corp., 4.80%, 08/14/2028 | 1000000 | 1023841 |
|  NIKE, Inc., 2.75%, 03/27/2027 | 1000000 | 990686 |
|  Target Corp., 3.38%, 04/15/2029 | 1100000 | 1088384 |
|  |  | 5066718 |
| **Consumer, Non-cyclical - 4.5%** | **Consumer, Non-cyclical - 4.5%** | **Consumer, Non-cyclical - 4.5%** |
|  Anheuser-Busch InBev Worldwide, Inc., 5.00%, 06/15/2034 | 1200000 | 1250208 |
|  Bristol-Myers Squibb Co., 3.25%, 02/27/2027 | 1000000 | 996404 |
|  Pfizer, Inc., 2.75%, 06/03/2026 | 1000000 | 996947 |
|  Sysco Corp., 5.95%, 04/01/2030 | 1500000 | 1597299 |
|  |  | 4840858 |
| **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** |
|  Chevron Corp., 2.24%, 05/11/2030 | 1750000 | 1640761 |
| **Financial - 11.8%** | **Financial - 11.8%** | **Financial - 11.8%** |
|  American Express Co., 4.05%, 05/03/2029 | 1000000 | 1008866 |
|  Bank of America Corp., Series MTN, 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 | 1500000 | 1545454 |
|  Bank of New York Mellon Corp., Series MTN, 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034 | 1500000 | 1681994 |
|  Blackrock, Inc., 3.20%, 03/15/2027 | 1000000 | 995782 |
|  Citigroup, Inc., 4.60%, 03/09/2026 | 1000000 | 1000101 |
|  Goldman Sachs Group, Inc., 3.80%, 03/15/2030 | 1313000 | 1300874 |
|  JPMorgan Chase & Co., 4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033 | 1575000 | 1615855 |
|  MetLife, Inc., 4.55%, 03/23/2030 | 1400000 | 1433615 |
|  PNC Financial Services Group, Inc., 4.81% to 10/21/2031 then SOFR + 1.26%, 10/21/2032 | 1275000 | 1304824 |
|  US Bancorp, Series MTN, 2.22% to 01/27/2027 then SOFR + 0.73%, 01/27/2028 | 880000 | 867062 |
|  |  | 12754427 |
| **Industrial - 2.8%** | **Industrial - 2.8%** | **Industrial - 2.8%** |
|  Lockheed Martin Corp., 5.25%, 01/15/2033 | 1600000 | 1703699 |
|  Waste Management, Inc., 1.50%, 03/15/2031 | 1500000 | 1330016 |
|  |  | 3033715 |
| **Technology - 0.9%** | **Technology - 0.9%** | **Technology - 0.9%** |
|  Apple, Inc., 3.35%, 08/08/2032 | 1000000 | 970079 |
| **Utilities - 1.4%** | **Utilities - 1.4%** | **Utilities - 1.4%** |
|  Florida Power & Light Co., 4.80%, 05/15/2033 | 1500000 | 1541687 |
| **TOTAL CORPORATE BONDS** (Cost $34,879,528) | **TOTAL CORPORATE BONDS** (Cost $34,879,528) | 35409670 |
| **U.S. GOVERNMENT AGENCY ISSUES - 10.0%** | **Par** | **Value**  |
|  Federal Farm Credit Banks Funding Corp., 4.50%, 08/14/2026 | 1400000 | 1404871 |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| &nbsp;&nbsp; 1.00%, 03/23/2026 | 1696500 | 1693254 |
| &nbsp;&nbsp; 3.25%, 11/16/2028 | 3000000 | 2994147 |
|  Federal Home Loan Mortgage Corp., 6.25%, 07/15/2032 | 590000 | 674421 |
|  Resolution Funding Corp., 0.00%, 01/15/2030 <sup>(a)</sup> | 2600000 | 2263091 |
| Tennessee Valley Authority | Tennessee Valley Authority | Tennessee Valley Authority |
| &nbsp;&nbsp; 3.88%, 03/15/2028 | 250000 | 252759 |
| &nbsp;&nbsp; Series A, 2.88%, 02/01/2027 | 1565000 | 1555425 |
| **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $10,749,330) | **TOTAL U.S. GOVERNMENT AGENCY ISSUES** (Cost $10,749,330) | 10837968 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 3.60% <sup>(b)</sup> | 63650 | 63650 |
| **TOTAL MONEY MARKET FUNDS** (Cost $63,650) | **TOTAL MONEY MARKET FUNDS** (Cost $63,650) | 63650 |
| **TOTAL INVESTMENTS - 99.2% (**Cost $106,288,007**)** | **TOTAL INVESTMENTS - 99.2% (**Cost $106,288,007**)** | 107199823 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 834821 |
| **TOTAL NET ASSETS - 100.0%** |  | $108034644 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

PO Principal Only <br> SOFR - Secured Overnight Financing Rate

(a) Zero coupon bonds make no periodic interest payments.

(b) The rate shown represents the 7-day annualized yield as of February 28, 2026.

------

#### Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
ClearShares Piton Intermediate Fixed Income 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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | $– | $60888535 | $– | $60888535 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | – | 35409670 | – | 35409670 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government Agency Issues | – | 10837968 | – | 10837968 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 63650 | – | – | 63650 |
| Total Investments | $63650 | $107136173 | $– | $107199823 |
| 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:** ClearShares Piton Intermediate Fixed Income ETF

- **b. EDGAR series identifier (if any):** S000069643

- **c. LEI of Series:** 549300UVXIVFWYPCFG20

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**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:** $108071033.13

**Total Liabilities:** $36385.46

**Net Assets:** $108034647.67

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 211.159931000000 | **1-Year:** 5818.559951000000 | **5-Year:** 23214.006557000000 | **10-Year:** 10720.323212000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 242.370541000000 | **5-Year:** 620.763780000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000222120 | 0.00%                | 0.03%                | 1.16%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3909.44                 | $-296107.39                                |
| Month 2  | $-37813.60               | $-228514.98                                |
| Month 3  | $0.00                    | $941733.13                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALPHABET INC                   | Alphabet Inc                               | CUSIP: 02079KAC1<br>LEI: 5493006MHB84DD0ZWV18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991963.35    | 0.92%             | 2026-08-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BRISTOL-MYERS SQUIBB CO        | Bristol-Myers Squibb Co                    | CUSIP: 110122BB3<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996403.88    | 0.92%             | 2027-02-27      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS GROUP INC        | Goldman Sachs Group Inc/The                | CUSIP: 38141GXH2<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | DBT              | CORP              | US        |   1313000 | PA      | $1300873.83   | 1.20%             | 2030-03-15      | Fixed         | 3.80%                 | No            |                  2 | On Loan: No      |
| METLIFE INC                    | MetLife Inc                                | CUSIP: 59156RBZ0<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | DBT              | CORP              | US        |   1400000 | PA      | $1433614.70   | 1.33%             | 2030-03-23      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                    | CUSIP: 3130AFFX0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   3000000 | PA      | $2994146.67   | 2.77%             | 2028-11-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| NIKE INC                       | NIKE Inc                                   | CUSIP: 654106AJ2<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $990686.24    | 0.92%             | 2027-03-27      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                 | CUSIP: 880591EZ1<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |    250000 | PA      | $252759.27    | 0.23%             | 2028-03-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CHF1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2500000 | PA      | $2526953.13   | 2.34%             | 2030-05-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CKF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1350000 | PA      | $1386729.49   | 1.28%             | 2031-03-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC              | Cisco Systems Inc                          | CUSIP: 17275RBT8<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1557257.46   | 1.44%             | 2034-02-26      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3440000 | PA      | $3535003.13   | 3.27%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CMR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2100000 | PA      | $2155863.28   | 2.00%             | 2032-02-29      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CPJ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1003750.00   | 0.93%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASTE MANAGEMENT INC           | Waste Management Inc                       | CUSIP: 94106LBP3<br>LEI: 549300YX8JIID70NFS41 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1330016.31   | 1.23%             | 2031-03-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CPY1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $508750.00    | 0.47%             | 2033-01-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BLACKROCK INC                  | Blackrock Inc                              | CUSIP: 09247XAN1<br>LEI: 529900VBK42Y5HHRMD23 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995781.97    | 0.92%             | 2027-03-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| CHEVRON CORP                   | Chevron Corp                               | CUSIP: 166764BY5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1640760.78   | 1.52%             | 2030-05-11      | Fixed         | 2.24%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC                    | Federal Home Loan Mortgage Corp            | CUSIP: 3134A4KX1<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | DBT              | USGSE             | US        |    590000 | PA      | $674420.98    | 0.62%             | 2032-07-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     63650 | NS      | $63649.62     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC FINANCIAL SERVICES         | PNC Financial Services Group Inc/The       | CUSIP: 693475CA1<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |   1275000 | PA      | $1304824.29   | 1.21%             | 2032-10-21      | Variable      | 4.81%                 | No            |                  2 | On Loan: No      |
| RFC PRINCIPAL  STRIP           | Resolution Funding Corp Principal Strip    | CUSIP: 76116FAB3<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |   2600000 | PA      | $2263091.12   | 2.09%             | 2030-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TARGET CORP                    | Target Corp                                | CUSIP: 87612EBH8<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1088383.71   | 1.01%             | 2029-04-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CDY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2775000 | PA      | $2515710.94   | 2.33%             | 2032-02-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CGM7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4765000 | PA      | $4701435.66   | 4.35%             | 2033-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                 | Home Depot Inc/The                         | CUSIP: 437076CN0<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $991707.44    | 0.92%             | 2027-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| LOCKHEED MARTIN CORP           | Lockheed Martin Corp                       | CUSIP: 539830BW8<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1703698.64   | 1.58%             | 2033-01-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| AMAZON.COM INC                 | Amazon.com Inc                             | CUSIP: 023135CH7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1559854.21   | 1.44%             | 2032-04-13      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| ANHEUSER-BUSCH INBEV WOR       | Anheuser-Busch InBev Worldwide Inc         | CUSIP: 03523TBY3<br>LEI: 549300CRGMZK3K53BF92 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1250208.42   | 1.16%             | 2034-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| APPLE INC                      | Apple Inc                                  | CUSIP: 037833EP1<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $970079.01    | 0.90%             | 2032-08-08      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| BANK OF AMERICA CORP           | Bank of America Corp                       | CUSIP: 06051GKY4<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1545454.44   | 1.43%             | 2033-07-22      | Variable      | 5.01%                 | No            |                  2 | On Loan: No      |
| BANK OF NY MELLON CORP         | Bank of New York Mellon Corp/The           | CUSIP: 06406RBU0<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1681994.13   | 1.56%             | 2034-10-25      | Variable      | 6.47%                 | No            |                  2 | On Loan: No      |
| CITIGROUP INC                  | Citigroup Inc                              | CUSIP: 172967KJ9<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000100.72   | 0.93%             | 2026-03-09      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| FEDERAL HOME LOAN BANK         | Federal Home Loan Banks                    | CUSIP: 3130ALGJ7<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |   1696500 | PA      | $1693253.90   | 1.57%             | 2026-03-23      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| FEDERAL FARM CREDIT BANK       | Federal Farm Credit Banks Funding Corp     | CUSIP: 3133EPSW6<br>LEI: 254900C5LP6DN9OP9V83 | Long             | DBT              | USGSE             | US        |   1400000 | PA      | $1404870.78   | 1.30%             | 2026-08-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                        | CUSIP: 46647PDH6<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1615855.59   | 1.50%             | 2033-07-25      | Variable      | 4.91%                 | No            |                  2 | On Loan: No      |
| SYSCO CORPORATION              | Sysco Corp                                 | CUSIP: 871829BL0<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1597298.84   | 1.48%             | 2030-04-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CNR8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1528300.79   | 1.41%             | 2032-07-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERIZON COMMUNICATIONS         | Verizon Communications Inc                 | CUSIP: 92343VFE9<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1452349.61   | 1.34%             | 2030-03-22      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CHC8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4025000 | PA      | $3932708.00   | 3.64%             | 2033-05-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CHQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2275000 | PA      | $2314768.07   | 2.14%             | 2028-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CJZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3775000 | PA      | $3825579.11   | 3.54%             | 2034-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CKZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1350000 | PA      | $1366901.37   | 1.27%             | 2027-07-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CGQ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2060000 | PA      | $2101401.18   | 1.95%             | 2030-02-28      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CHE4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1508056.64   | 1.40%             | 2028-05-31      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CKA8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1650000 | PA      | $1659281.46   | 1.54%             | 2027-02-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CKK6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    300000 | PA      | $300560.23    | 0.28%             | 2026-04-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TENN VALLEY AUTHORITY          | Tennessee Valley Authority                 | CUSIP: 880591EU2<br>LEI: 549300HE1ISW43LNKM54 | Long             | DBT              | USGA              | US        |   1565000 | PA      | $1555425.19   | 1.44%             | 2027-02-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| US BANCORP                     | US Bancorp                                 | CUSIP: 91159HJC5<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | DBT              | CORP              | US        |    880000 | PA      | $867062.25    | 0.80%             | 2028-01-27      | Variable      | 2.21%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CEB3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1967000 | PA      | $1882787.81   | 1.74%             | 2029-02-28      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CFB2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    676000 | PA      | $669622.89    | 0.62%             | 2027-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CGZ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1501728.51   | 1.39%             | 2030-04-30      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CHM6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $1003170.93   | 0.93%             | 2026-07-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN EXPRESS CO            | American Express Co                        | CUSIP: 025816CW7<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1008865.69   | 0.93%             | 2029-05-03      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| COSTCO WHOLESALE CORP          | Costco Wholesale Corp                      | CUSIP: 22160KAN5<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972099.78    | 0.90%             | 2027-06-20      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| FLORIDA POWER & LIGHT CO       | Florida Power & Light Co                   | CUSIP: 341081GQ4<br>LEI: A89MY1K3YLIGJMYWVX50 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1541687.03   | 1.43%             | 2033-05-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| MCDONALD'S CORP                | McDonald's Corp                            | CUSIP: 58013MFU3<br>LEI: UE2136O97NLB5BYP9H04 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1023841.31   | 0.95%             | 2028-08-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| PFIZER INC                     | Pfizer Inc                                 | CUSIP: 717081DV2<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $996946.95    | 0.92%             | 2026-06-03      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CDJ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3000000 | PA      | $2657109.36   | 2.46%             | 2031-11-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CJR3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1700000 | PA      | $1717033.20   | 1.59%             | 2028-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CLR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    975000 | PA      | $997908.69    | 0.92%             | 2029-10-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CKR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2200000 | PA      | $2226296.86   | 2.06%             | 2027-05-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CLD1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2370000 | PA      | $2435036.14   | 2.25%             | 2031-07-31      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CLL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1998632.82   | 1.85%             | 2027-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CMN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5325000 | PA      | $5411635.25   | 5.01%             | 2028-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond           | CUSIP: 91282CPW5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1500000 | PA      | $1515820.32   | 1.40%             | 2031-01-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-27

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer