# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-004591
**Filing Date:** 2023-1
**Character Count:** 20213
**Document Hash:** e9d24dc7bfda5fd685a361e3ac6f4a27
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004591.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004591

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 23567168

**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

### Loncar Cancer Immunotherapy ETF (Series ID: S000050740)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000160229 | Loncar Cancer Immunotherapy ETF | CNCR            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Loncar Cancer Immunotherapy ETF** | **Loncar Cancer Immunotherapy ETF** | |
| **Schedule of Investments** | **Schedule of Investments** | |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | |
| **Shares** | **Security Description** | **Value** |
| | **COMMON STOCKS - 100.0%** | |
| | **Biotechnology - 81.0% (a)** | |
| 69673 | Allogene Therapeutics, Inc. (b) | $686976 |
| 38365 | Arcellx, Inc. (b) | 764998 |
| 31089 | Arcus Biosciences, Inc. (b) | 1093400 |
| 1949 | Argenx SE - ADR (b) | 775644 |
| 4902 | BeiGene, Ltd. - ADR (b) | 939272 |
| 4857 | BioNTech SE - ADR | 811216 |
| 159964 | Celularity, Inc. (b) | 273538 |
| 10746 | CRISPR Therapeutics AG (b) | 588773 |
| 34584 | Fate Therapeutics, Inc. (b) | 720039 |
| 24215 | Genmab AS - ADR (b) | 1126724 |
| 47367 | IGM Biosciences, Inc. (b) | 1042548 |
| 68752 | I-Mab - ADR (b) | 254382 |
| 208800 | ImmunityBio, Inc. (b) | 1150488 |
| 22157 | Immunocore Holdings plc - ADR (b) | 1391681 |
| 134859 | Instil Bio, Inc. (b) | 179363 |
| 81737 | Iovance Biotherapeutics, Inc. (b) | 523117 |
| 36486 | iTeos Therapeutics, Inc. (b) | 735193 |
| 15448 | Legend Biotech Corporation - ADR (b) | 795727 |
| 141702 | Lyell Immunopharma, Inc. (b) | 596565 |
| 34134 | Merus NV (b) | 523957 |
| 199479 | Nektar Therapeutics (b) | 558541 |
| 51478 | NGM Biopharmaceuticals, Inc. (b) | 284673 |
| 56181 | Nkarta, Inc. (b) | 476415 |
| 45225 | Replimune Group, Inc. (b) | 925756 |
| 31571 | Xencor, Inc. (b) | 938290 |
|  |  | 18157276 |
|  | **Pharmaceuticals - 19.0%** |  |
| 11066 | AstraZeneca plc - ADR | 752156 |
| 9179 | Bristol-Myers Squibb Company | 736890 |
| 11479 | Gilead Sciences, Inc. | 1008201 |
| 7920 | Merck & Company, Inc. | 872150 |
| 1195 | Regeneron Pharmaceuticals, Inc. (b) | 898282 |
|  |  | 4267679 |
|  | TOTAL COMMON STOCKS (Cost $27,671,144) | 22424955 |
|  | **SHORT-TERM INVESTMENTS - 0.1%** |  |
| 20434 | First American Government Obligations Fund - Class X - 3.67% (c) | 20434 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $20,434) | 20434 |
|  | TOTAL INVESTMENTS (Cost $27,691,578) - 100.1% | 22445389 |
|  | Liabilities in Excess of Other Assets - (0.1)% | (14344) |
|  | NET ASSETS - 100.0% | $22431045 |
|  | Percentages are stated as a percent of net assets. |  |
| <sup>ADR</sup> | American Depositary Receipt. |  |
| <sup>(a)</sup> | To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. | To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. |
| <sup>(b)</sup> | Non-income producing security. |  |
| <sup>(c)</sup> | Rate shown is the annualized seven-day yield as of November 30, 2022. |  |

---

------

**Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of their investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.<br> Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.<br>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the markets, and other characteristics particular to the security.<br>

<br> To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.<br>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.<br>The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Loncar Cancer Immunotherapy ETF | Loncar Cancer Immunotherapy ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $22424955 | $- | $- | $22424955 |
| Short-Term Investments | 20434 | - | - | 20434 |
| Total Investments in Securities | $22445389 | $- | $- | $22445389 |
| ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. | ^See Schedule of Investments for breakout of investments by industry group classification. |  |
| For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Loncar Cancer Immunotherapy ETF

- **b. EDGAR series identifier (if any):** S000050740

- **c. LEI of Series:** 549300MLI82YH9HOGS11

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $22445456.00

**Total Liabilities:** $14410.85

**Net Assets:** $22431045.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000160229 | -5.38%               | 2.44%                | -0.39%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $240557.87               | $-1513580.84                               |
| Month 2  | $147649.72               | $214868.62                                 |
| Month 3  | $0.00                    | $-74432.45                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Allogene Therapeutics Inc      | Allogene Therapeutics Inc                  | CUSIP: 019770106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69673 | NS      | $686975.78    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcellx Inc                    | Arcellx Inc                                | CUSIP: 03940C100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38365 | NS      | $764998.10    | 3.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcus Biosciences Inc          | Arcus Biosciences Inc                      | CUSIP: 03969F109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31089 | NS      | $1093400.13   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                      | Argenx SE                                  | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |      1949 | NS      | $775643.53    | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                | AstraZeneca PLC                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     11066 | NS      | $752156.02    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| BeiGene Ltd                    | BeiGene Ltd                                | CUSIP: 07725L102<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CN        |      4902 | NS      | $939272.22    | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                    | BioNTech SE                                | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |      4857 | NS      | $811216.14    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                    | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      9179 | NS      | $736890.12    | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Celularity Inc                 | Celularity Inc                             | CUSIP: 151190105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    159964 | NS      | $273538.44    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Fate Therapeutics Inc          | Fate Therapeutics Inc                      | CUSIP: 31189P102<br>LEI: 549300L14Q4UHOODLA90 | Long             | EC               | CORP              | US        |     34584 | NS      | $720038.88    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     20434 | NS      | $20434.24     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Genmab A/S                     | Genmab A/S                                 | CUSIP: 372303206<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |     24215 | NS      | $1126723.95   | 5.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                        | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     11479 | NS      | $1008200.57   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| IGM Biosciences Inc            | IGM Biosciences Inc                        | CUSIP: 449585108<br>LEI: 5493008XCQES2N0VY969 | Long             | EC               | CORP              | US        |     47367 | NS      | $1042547.67   | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| I-Mab                          | I-Mab                                      | CUSIP: 44975P103<br>LEI: 549300L1A5T19703RR64 | Long             | EC               | CORP              | CN        |     68752 | NS      | $254382.40    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ImmunityBio Inc                | ImmunityBio Inc                            | CUSIP: 45256X103<br>LEI: 529900J9XLBR4HFL4B83 | Long             | EC               | CORP              | US        |    208800 | NS      | $1150488.00   | 5.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Immunocore Holdings PLC        | Immunocore Holdings PLC                    | CUSIP: 45258D105<br>LEI: 213800IUE3DFS84BVN18 | Long             | EC               | CORP              | GB        |     22157 | NS      | $1391681.17   | 6.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Instil Bio Inc                 | Instil Bio Inc                             | CUSIP: 45783C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    134859 | NS      | $179362.47    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Iovance Biotherapeutics Inc    | Iovance Biotherapeutics Inc                | CUSIP: 462260100<br>LEI: 549300220Z2GHH33XL82 | Long             | EC               | CORP              | US        |     81737 | NS      | $523116.80    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| iTeos Therapeutics Inc         | iTeos Therapeutics Inc                     | CUSIP: 46565G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36486 | NS      | $735192.90    | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp            | Legend Biotech Corp                        | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | US        |     15448 | NS      | $795726.48    | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyell Immunopharma Inc         | Lyell Immunopharma Inc                     | CUSIP: 55083R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141702 | NS      | $596565.42    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                             | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      7920 | NS      | $872150.40    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| NGM Biopharmaceuticals Inc     | NGM Biopharmaceuticals Inc                 | CUSIP: 62921N105<br>LEI: 5493008V5DSDZIGQOP17 | Long             | EC               | CORP              | US        |     51478 | NS      | $284673.34    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nektar Therapeutics            | Nektar Therapeutics                        | CUSIP: 640268108<br>LEI: 5299005I24806IOIYE03 | Long             | EC               | CORP              | US        |    199479 | NS      | $558541.20    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nkarta Inc                     | Nkarta Inc                                 | CUSIP: 65487U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56181 | NS      | $476414.88    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc              | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      1195 | NS      | $898281.50    | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Replimune Group Inc            | Replimune Group Inc                        | CUSIP: 76029N106<br>LEI: 549300AY704NEIRC4K64 | Long             | EC               | CORP              | US        |     45225 | NS      | $925755.75    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Xencor Inc                     | Xencor Inc                                 | CUSIP: 98401F105<br>LEI: 549300V5IF65437JKG30 | Long             | EC               | CORP              | US        |     31571 | NS      | $938290.12    | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CRISPR Therapeutics AG         | CRISPR Therapeutics AG                     | CUSIP: N/A<br>LEI: 506700O6IRRIQLT3W370       | Long             | EC               | CORP              | CH        |     10746 | NS      | $588773.34    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                       | Merus NV                                   | CUSIP: N/A<br>LEI: 549300W8GPUWU8QNU293       | Long             | EC               | CORP              | NL        |     34134 | NS      | $523956.90    | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer