# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-009879
**Filing Date:** 2026-3
**Character Count:** 37535
**Document Hash:** feb3aad68e9e2bef88eec487acb3e3ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-009879.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000894189-26-009879

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**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:** 26815155

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

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

## Series and Classes Contracts Data

### AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF (Series ID: S000085982)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251382 | AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF | SAWS            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM Sawgrass U.S. Small Cap Quality Growth ETF** | **AAM Sawgrass U.S. Small Cap Quality Growth ETF** | **AAM Sawgrass U.S. Small Cap Quality Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 97.8%** | **Shares** | **Value**  |
| **Consumer Discretionary - 6.6%** | **Consumer Discretionary - 6.6%** | |
| Acushnet Holdings Corp. | 750 | $72705 |
| Boyd Gaming Corp. | 567 | 47934 |
| Laureate Education, Inc. <sup>(a)</sup> | 3120 | 107016 |
| Monarch Casino & Resort, Inc. | 780 | 71393 |
| Phinia, Inc. | 1503 | 106969 |
| Urban Outfitters, Inc. <sup>(a)(b)</sup> | 392 | 27773 |
|  |  | 433790 |
| **Consumer Staples - 5.2%** | **Consumer Staples - 5.2%** |  |
| Mama's Creations, Inc. <sup>(a)</sup> | 2308 | 34851 |
| Nature's Sunshine Products, Inc. <sup>(a)</sup> | 2189 | 55207 |
| PriceSmart, Inc. | 1262 | 179469 |
| Turning Point Brands, Inc. | 570 | 69055 |
|  |  | 338582 |
| **Energy - 3.9%** | **Energy - 3.9%** |  |
| Archrock, Inc. | 5912 | 174936 |
| REX American Resources Corp. <sup>(a)</sup> | 2427 | 82057 |
|  |  | 256993 |
| **Financials - 14.4%** | **Financials - 14.4%** |  |
| Bread Financial Holdings, Inc. | 1050 | 76167 |
| Enova International, Inc. <sup>(a)</sup> | 719 | 118757 |
| Esquire Financial Holdings, Inc. | 239 | 25485 |
| FirstCash Holdings, Inc. | 510 | 86955 |
| Nelnet, Inc. - Class A | 210 | 27699 |
| NMI Holdings, Inc. <sup>(a)</sup> | 2761 | 106906 |
| Palomar Holdings, Inc. <sup>(a)</sup> | 361 | 44616 |
| Red River Bancshares, Inc. | 719 | 59720 |
| Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 1047 | 46717 |
| StoneX Group, Inc. <sup>(a)</sup> | 2642 | 296591 |
| Victory Capital Holdings, Inc. - Class A | 869 | 61290 |
|  |  | 950903 |
| **Health Care - 21.1%** | **Health Care - 21.1%** |  |
| ADMA Biologics, Inc. <sup>(a)</sup> | 4801 | 83057 |
| Artivion, Inc. <sup>(a)</sup> | 5817 | 237159 |
| Axsome Therapeutics, Inc. <sup>(a)</sup> | 301 | 55459 |
| BrightSpring Health Services, Inc. <sup>(a)</sup> | 3928 | 154253 |
| Ensign Group, Inc. | 627 | 107631 |
| Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup> | 2608 | 78762 |
| Halozyme Therapeutics, Inc. <sup>(a)</sup> | 1232 | 88347 |
| Harrow, Inc. <sup>(a)</sup> | 1708 | 69925 |
| iRadimed Corp. | 2341 | 229137 |
| LeMaitre Vascular, Inc. | 567 | 48178 |
| Medpace Holdings, Inc. <sup>(a)</sup> | 91 | 53006 |
| Nutex Health, Inc. <sup>(a)(b)</sup> | 181 | 26931 |
| Phibro Animal Health Corp. - Class A | 2700 | 108405 |
| RadNet, Inc. <sup>(a)</sup> | 720 | 50472 |
|  |  | 1390722 |
| **Industrials - 29.9% <sup>(c)</sup>** | **Industrials - 29.9% <sup>(c)</sup>** |  |
| Amentum Holdings, Inc. <sup>(a)</sup> | 2128 | 76140 |
| Applied Industrial Technologies, Inc. | 333 | 86717 |
| AZZ, Inc. | 540 | 67117 |
| Brink's Co. | 331 | 42050 |
| Douglas Dynamics, Inc. | 1107 | 41712 |
| ESCO Technologies, Inc. | 448 | 102220 |
| ExlService Holdings, Inc. <sup>(a)</sup> | 603 | 23607 |
| Federal Signal Corp. | 450 | 48640 |
| Gorman-Rupp Co. | 2369 | 129087 |
| Granite Construction, Inc. <sup>(b)</sup> | 1293 | 156117 |
| Huron Consulting Group, Inc. <sup>(a)</sup> | 1017 | 171873 |
| IBEX Holdings Ltd. <sup>(a)</sup> | 3418 | 127150 |
| Kratos Defense & Security Solutions, Inc. <sup>(a)(b)</sup> | 1170 | 120522 |
| Mueller Industries, Inc. | 1321 | 179841 |
| Mueller Water Products, Inc. - Class A | 2493 | 67485 |
| OPENLANE, Inc. <sup>(a)</sup> | 3001 | 90150 |
| Primoris Services Corp. | 720 | 106740 |
| Sterling Infrastructure, Inc. <sup>(a)(b)</sup> | 152 | 54402 |
| Upwork, Inc. <sup>(a)</sup> | 6032 | 120821 |
| Willdan Group, Inc. <sup>(a)</sup> | 1261 | 159138 |
|  |  | 1971529 |
| **Information Technology - 14.8%** | **Information Technology - 14.8%** |  |
| A10 Networks, Inc. | 3387 | 59069 |
| ACM Research, Inc. - Class A <sup>(a)</sup> | 687 | 39929 |
| Advanced Energy Industries, Inc. <sup>(b)</sup> | 513 | 131000 |
| AvePoint, Inc. <sup>(a)</sup> | 2339 | 27203 |
| Bel Fuse, Inc. - Class B | 360 | 72428 |
| Calix, Inc. <sup>(a)</sup> | 1023 | 45697 |
| Clear Secure, Inc. - Class A | 2458 | 80180 |
| Digi International, Inc. <sup>(a)</sup> | 1951 | 84030 |
| InterDigital, Inc. <sup>(b)</sup> | 453 | 147877 |
| Red Violet, Inc. <sup>(a)</sup> | 2883 | 131119 |
| Sanmina Corp. <sup>(a)</sup> | 1078 | 152731 |
|  |  | 971263 |
| **Materials - 1.9%** | **Materials - 1.9%** |  |
| Hawkins, Inc. | 630 | 82057 |
| Worthington Steel, Inc. | 990 | 39828 |
|  |  | 121885 |
| **TOTAL COMMON STOCKS** (Cost $6,169,679) | **TOTAL COMMON STOCKS** (Cost $6,169,679) | 6435667 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.8%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.77% <sup>(d)</sup> | 449991 | 449991 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $449,991) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $449,991) | 449991 |
| **MONEY MARKET FUNDS - 2.3%** | **Shares** | **Value**  |
| Invesco Government & Agency Portfolio - Institutional Class, 3.61% <sup>(d)</sup> | 152277 | 152277 |
| **TOTAL MONEY MARKET FUNDS** (Cost $152,277) | **TOTAL MONEY MARKET FUNDS** (Cost $152,277) | 152277 |
| **TOTAL INVESTMENTS - 106.9% (**Cost $6,771,947**)** | **TOTAL INVESTMENTS - 106.9% (**Cost $6,771,947**)** | 7037935 |
| Liabilities in Excess of Other Assets - (6.9)% | Liabilities in Excess of Other Assets - (6.9)% | (451488) |
| **TOTAL NET ASSETS - 100.0%** |  | $6586447 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| 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. |

---

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $428,447.

(c) 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.

(d) The rate shown represents the 7-day annualized yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
AAM Sawgrass U.S. Small Cap Quality Growth 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 January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $6435667 | $– | $– | $6435667 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 449991 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 152277 | – | – | 152277 |
| Total Investments | $6587944 | $– | $– | $7037935 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of
 $449,991 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** AAM Sawgrass U.S. Small Cap Quality Growth ETF

- **b. EDGAR series identifier (if any):** S000085982

- **c. LEI of Series:** 529900F0XZ5B5U66M230

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**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:** $7038150.58

**Total Liabilities:** $451711.14

**Net Assets:** $6586439.44

**Cash Not Reported:** $8.40

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251382 | 0.44%                | 0.86%                | 4.06%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $5763.81                                   |
| Month 2  | $-38046.58               | $48140.04                                  |
| Month 3  | $-36211.35               | $19208.57                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |       603 | NS      | $23607.45     | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Signal Corp                       | Federal Signal Corp                       | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |       450 | NS      | $48640.50     | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| FirstCash Holdings Inc                    | FirstCash Holdings Inc                    | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       510 | NS      | $86955.00     | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Gorman-Rupp Co/The                        | Gorman-Rupp Co/The                        | CUSIP: 383082104<br>LEI: 254900WVLPOIWPGJPA07 | Long             | EC               | CORP              | US        |      2369 | NS      | $129086.81    | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |      1293 | NS      | $156116.82    | 2.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Guardian Pharmacy Services Inc            | Guardian Pharmacy Services Inc            | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2608 | NS      | $78761.60     | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Halozyme Therapeutics Inc                 | Halozyme Therapeutics Inc                 | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |      1232 | NS      | $88346.72     | 1.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Harrow Inc                                | Harrow Inc                                | CUSIP: 415858109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1708 | NS      | $69925.52     | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Hawkins Inc                               | Hawkins Inc                               | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       630 | NS      | $82057.50     | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Huron Consulting Group Inc                | Huron Consulting Group Inc                | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      1017 | NS      | $171873.00    | 2.61%             |  |  |  | No            | 1                  | On Loan: No      |
| InterDigital Inc                          | InterDigital Inc                          | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       453 | NS      | $147877.32    | 2.25%             |  |  |  | No            | 1                  | On Loan: —       |
| iRadimed Corp                             | iRadimed Corp                             | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |      2341 | NS      | $229137.08    | 3.48%             |  |  |  | No            | 1                  | On Loan: No      |
| OPENLANE Inc                              | OPENLANE Inc                              | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |      3001 | NS      | $90150.04     | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      1170 | NS      | $120521.70    | 1.83%             |  |  |  | No            | 1                  | On Loan: —       |
| Laureate Education Inc                    | Laureate Education Inc                    | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |      3120 | NS      | $107016.00    | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| LeMaitre Vascular Inc                     | LeMaitre Vascular Inc                     | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |       567 | NS      | $48177.99     | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Mama's Creations Inc                      | Mama's Creations Inc                      | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2308 | NS      | $34850.80     | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Medpace Holdings Inc                      | Medpace Holdings Inc                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |        91 | NS      | $53005.68     | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| NMI Holdings Inc                          | NMI Holdings Inc                          | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      2761 | NS      | $106905.92    | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Nature's Sunshine Products Inc            | Nature's Sunshine Products Inc            | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2189 | NS      | $55206.58     | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Nelnet Inc                                | Nelnet Inc                                | CUSIP: 64031N108<br>LEI: 549300T6B0Q52I6OM558 | Long             | EC               | CORP              | US        |       210 | NS      | $27699.00     | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutex Health Inc                          | Nutex Health Inc                          | CUSIP: 67079U306<br>LEI: 254900RSD2OET3HENJ50 | Long             | EC               | CORP              | US        |       181 | NS      | $26930.99     | 0.41%             |  |  |  | No            | 1                  | On Loan: —       |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       361 | NS      | $44615.99     | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Phibro Animal Health Corp                 | Phibro Animal Health Corp                 | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      2700 | NS      | $108405.00    | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Phinia Inc                                | Phinia Inc                                | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |      1503 | NS      | $106968.51    | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| PriceSmart Inc                            | PriceSmart Inc                            | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      1262 | NS      | $179469.02    | 2.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Primoris Services Corp                    | Primoris Services Corp                    | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |       720 | NS      | $106740.00    | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |       720 | NS      | $50472.00     | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Red River Bancshares Inc                  | Red River Bancshares Inc                  | CUSIP: 75686R202<br>LEI: 549300SO63STZV7UHM15 | Long             | EC               | CORP              | US        |       719 | NS      | $59720.14     | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Red Violet Inc                            | Red Violet Inc                            | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |      2883 | NS      | $131118.84    | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| REX American Resources Corp               | REX American Resources Corp               | CUSIP: 761624105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2427 | NS      | $82056.87     | 1.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Sanmina Corp                              | Sanmina Corp                              | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      1078 | NS      | $152731.04    | 2.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    152269 | NS      | $152268.94    | 2.31%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| Skyward Specialty Insurance Gr            | Skyward Specialty Insurance Group Inc     | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      1047 | NS      | $46717.14     | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Sterling Infrastructure Inc               | Sterling Infrastructure Inc               | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |       152 | NS      | $54402.32     | 0.83%             |  |  |  | No            | 1                  | On Loan: —       |
| StoneX Group Inc                          | StoneX Group Inc                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |      2642 | NS      | $296590.92    | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| IBEX Holdings Ltd                         | IBEX Holdings Ltd                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | US        |      3418 | NS      | $127149.60    | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Monarch Casino & Resort Inc               | Monarch Casino & Resort Inc               | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |       780 | NS      | $71393.40     | 1.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Industries Inc                    | Mueller Industries Inc                    | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      1321 | NS      | $179840.94    | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Water Products Inc                | Mueller Water Products Inc                | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |      2493 | NS      | $67485.51     | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Willdan Group Inc                         | Willdan Group Inc                         | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      1261 | NS      | $159138.20    | 2.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Worthington Steel Inc                     | Worthington Steel Inc                     | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |       990 | NS      | $39827.70     | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    449990 | NS      | $449990.50    | 6.83%             |  |  |  | No            | N/A                | On Loan: No      |
| Amentum Holdings Inc                      | Amentum Holdings Inc                      | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |      2128 | NS      | $76139.84     | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Applied Industrial Technologie            | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |       333 | NS      | $86716.53     | 1.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Archrock Inc                              | Archrock Inc                              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      5912 | NS      | $174936.08    | 2.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Artivion Inc                              | Artivion Inc                              | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      5817 | NS      | $237159.09    | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Turning Point Brands Inc                  | Turning Point Brands Inc                  | CUSIP: 90041L105<br>LEI: 549300IYG00QF0VVP302 | Long             | EC               | CORP              | US        |       570 | NS      | $69055.50     | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Upwork Inc                                | Upwork Inc                                | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |      6032 | NS      | $120820.96    | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Urban Outfitters Inc                      | Urban Outfitters Inc                      | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |       392 | NS      | $27773.20     | 0.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Victory Capital Holdings Inc              | Victory Capital Holdings Inc              | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |       869 | NS      | $61290.57     | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| ADMA Biologics Inc                        | ADMA Biologics Inc                        | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4801 | NS      | $83057.30     | 1.26%             |  |  |  | No            | 1                  | On Loan: No      |
| ACM Research Inc                          | ACM Research Inc                          | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |       687 | NS      | $39928.44     | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| A10 Networks Inc                          | A10 Networks Inc                          | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      3387 | NS      | $59069.28     | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| AZZ Inc                                   | AZZ Inc                                   | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |       540 | NS      | $67116.60     | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Acushnet Holdings Corp                    | Acushnet Holdings Corp                    | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |       750 | NS      | $72705.00     | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Energy Industries Inc            | Advanced Energy Industries Inc            | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       513 | NS      | $130999.68    | 1.99%             |  |  |  | No            | 1                  | On Loan: —       |
| Bread Financial Holdings Inc              | Bread Financial Holdings Inc              | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |      1050 | NS      | $76167.00     | 1.16%             |  |  |  | No            | 1                  | On Loan: No      |
| AvePoint Inc                              | AvePoint Inc                              | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2339 | NS      | $27202.57     | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Axsome Therapeutics Inc                   | Axsome Therapeutics Inc                   | CUSIP: 05464T104<br>LEI: 549300EXGR0XLRJEIB95 | Long             | EC               | CORP              | US        |       301 | NS      | $55459.25     | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Bel Fuse Inc                              | Bel Fuse Inc                              | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |       360 | NS      | $72428.40     | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Boyd Gaming Corp                          | Boyd Gaming Corp                          | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       567 | NS      | $47934.18     | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| BrightSpring Health Services I            | BrightSpring Health Services Inc          | CUSIP: 10950A106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3928 | NS      | $154252.56    | 2.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Brink's Co/The                            | Brink's Co/The                            | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |       331 | NS      | $42050.24     | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      1023 | NS      | $45697.41     | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Clear Secure Inc                          | Clear Secure Inc                          | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2458 | NS      | $80179.96     | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Digi International Inc                    | Digi International Inc                    | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |      1951 | NS      | $84029.57     | 1.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Douglas Dynamics Inc                      | Douglas Dynamics Inc                      | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |      1107 | NS      | $41711.76     | 0.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Enova International Inc                   | Enova International Inc                   | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       719 | NS      | $118757.23    | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       627 | NS      | $107630.82    | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |       448 | NS      | $102220.16    | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Esquire Financial Holdings Inc            | Esquire Financial Holdings Inc            | CUSIP: 29667J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       239 | NS      | $25484.57     | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer