# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-011900
**Filing Date:** 2025-11
**Character Count:** 97397
**Document Hash:** d044dea9879f5c8369864686e84ae375
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011900.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001133228-25-011900

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251465789

**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

### Hoya Capital Housing ETF (Series ID: S000065066)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000210709 | Hoya Capital Housing ETF | HOMZ            |

### Hoya Capital High Dividend Yield ETF (Series ID: S000073033)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000229810 | Hoya Capital High Dividend Yield ETF | RIET            |

?xml version='1.0' encoding='ASCII'? 2025-07-30193422_HoyaCapitalHighDividendYieldETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February 28</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img219445_202410292058202.jpg) | **Hoya Capital High Dividend Yield ETF**  | ![image](img122593_a20240906110309.jpg) |
| ![image](img219445_202410292058202.jpg) | RIET (Principal U.S. Listing Exchange: NYSE) | ![image](img122593_a20240906110309.jpg) |
| ![image](img219445_202410292058202.jpg) | Semi - Annual Shareholder Report \| August 31, 2025  | ![image](img122593_a20240906110309.jpg) |

---

This semi-annual shareholder report contains important information about the Hoya Capital High Dividend Yield ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.hoyaetfs.com/riet. You can also request this information by contacting us at 1-833-HOYA-CAP.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Hoya Capital High Dividend Yield ETF | $25 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $94157790 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $221792 |
| **Portfolio Turnover** | 17% |
| **30-Day SEC Yield** | 9.09% |
| **30-Day SEC Yield Unsubsidized** | 9.09% |

---

Visit https://www.hoyaetfs.com/riet for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Annaly Capital Management, Inc.  | 2.2% |
|  Rithm Capital Corporation  | 2.1% |
|  AGNC Investment Corporation  | 2.1% |
|  Global Net Lease, Inc.  | 2.1% |
|  New York Mortgage Trust, Inc.  | 1.8% |
|  Kilroy Realty Corporation  | 1.8% |
|  Arbor Realty Trust, Inc.  | 1.7% |
|  Alexandria Real Estate Equities, Inc.  | 1.7% |
|  Healthcare Realty Trust, Inc.  | 1.7% |
|  Two Harbors Investment Corporation  | 1.6% |

---

**Industry Breakdown (% of Net Assets)**

![image](ts5257img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hoyaetfs.com/riet.

Hoya Capital High Dividend Yield ETF PAGE 1 TSR-SAR-26922B840

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hoya Capital Real Estate documents not be householded, please contact Hoya Capital Real Estate at 1-833-HOYA-CAP, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hoya Capital Real Estate or your financial intermediary.

Hoya Capital High Dividend Yield ETF PAGE 2 TSR-SAR-26922B840

36.028.113.812.19.40.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img219446_202410292100914.jpg) | **Hoya Capital Housing ETF**  | ![image](img122593_a20240906110309.jpg) |
| ![image](img219446_202410292100914.jpg) | HOMZ (Principal U.S. Listing Exchange: NYSE) | ![image](img122593_a20240906110309.jpg) |
| ![image](img219446_202410292100914.jpg) | Semi - Annual Shareholder Report \| August 31, 2025  | ![image](img122593_a20240906110309.jpg) |

---

This semi-annual shareholder report contains important information about the Hoya Capital Housing ETF for the period of March 1, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.hoyaetfs.com/homz. You can also request this information by contacting us at 1-833-HOYA-CAP.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Hoya Capital Housing ETF | $15 | 0.30% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35882897 |
| **Number of Holdings** | 101 |
| **Net Advisory Fee** | $52235 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 2.48% |
| **30-Day SEC Yield Unsubsidized** | 2.48% |

---

Visit https://www.hoyaetfs.com/homz for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Lowe's Companies, Inc.  | 3.0% |
|  Home Depot, Inc.  | 2.9% |
|  DR Horton, Inc.  | 1.9% |
|  M/I Homes, Inc.  | 1.8% |
|  PulteGroup, Inc.  | 1.8% |
|  Toll Brothers, Inc.  | 1.7% |
|  Lennar Corporation  | 1.7% |
|  KB Home  | 1.6% |
|  Meritage Homes Corporation  | 1.6% |
|  Taylor Morrison Home Corporation  | 1.6% |

---

**Industry Breakdown (% of Net Assets)**

![image](ts5256img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.hoyaetfs.com/homz.

Hoya Capital Housing ETF PAGE 1 TSR-SAR-26922A230

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Hoya Capital Real Estate documents not be householded, please contact Hoya Capital Real Estate at 1-833-HOYA-CAP, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Hoya Capital Real Estate or your financial intermediary.

Hoya Capital Housing ETF PAGE 2 TSR-SAR-26922A230

26.217.514.514.511.46.05.04.10.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](hoyacapital_logo.jpg)

**Hoya Capital High Dividend Yield ETF (Ticker: RIET)** 

**Hoya Capital Housing ETF (Ticker: HOMZ)** 

Semi-Annual Financial Statements and Additional Information

August 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#sch001) <br>|  |
| &nbsp;&nbsp;&nbsp; [Hoya Capital High Dividend Yield ETF](#tsoicd) | [1](#tsoicd) |
| &nbsp;&nbsp;&nbsp; [Hoya Capital Housing ETF](#tsoich) | [5](#tsoich) |
| [Statements of Assets and Liabilities](#tsal) | [9](#tsal) |
| [Statements of Operations](#tsop) | [10](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [11](#tscna) |
| [Financial Highlights](#tfihicd) | [12](#tfihicd) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Federal Tax Information](#ttax) | [20](#ttax) |
| [Additional Information](#tapprvl) | [21](#tapprvl) |
| [Approval of Sub-Advisory Agreement & Board Considerations](#app1) | [22](#app1) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 90.0%** <br>|  |  |
| **Dividend Champions - 12.1%**  | **Dividend Champions - 12.1%**  |  |
| Alexandria Real Estate Equities, Inc.  | 19029 | $1568751  |
| Apple Hospitality REIT, Inc.  | 112545 | 1469838  |
| BXP, Inc.  | 19978 | 1448605  |
| Gaming and Leisure Properties, Inc.  | 27922 | 1340535  |
| Realty Income Corporation  | 23246 | 1365935  |
| Rithm Capital Corporation  | 115981 | 1435845  |
| Starwood Property Trust, Inc.  | 66097 | 1339786  |
| WP Carey, Inc.  | 21034 | 1411381  |
|  |  | 11380676  |
| **Large-Cap REITs - 13.8%** | **Large-Cap REITs - 13.8%** |  |
| AGNC Investment Corporation  | 146027 | 1425223  |
| Annaly Capital Management, Inc.  | 68700 | 1455753  |
| Healthcare Realty Trust, Inc.  | 89956 | 1563435  |
| Healthpeak Properties, Inc.  | 76655 | 1375191  |
| Kilroy Realty Corporation  | 41282 | 1716918  |
| National Storage Affiliates Trust  | 37799 | 1218262  |
| NNN REIT, Inc.  | 31383 | 1346645  |
| Omega Healthcare Investors, Inc.  | 35659 | 1518004  |
| Sabra Health Care REIT, Inc.  | 74017 | 1414465  |
|  |  | 13033896  |
| **Mid-Cap REITs - 28.1%<sup>(a)</sup>** | **Mid-Cap REITs - 28.1%<sup>(a)</sup>** |  |
| Alexander's, Inc.  | 4826 | 1111621  |
| American Assets Trust, Inc.  | 54208 | 1132947  |
| Apollo Commercial Real Estate Finance, Inc.  | 107238 | 1135650  |
| Arbor Realty Trust, Inc.  | 108935 | 1300684  |
| Armada Hoffler Properties, Inc.  | 148377 | 1080185  |
| ARMOUR Residential REIT, Inc.  | 64624 | 989393  |
| Blackstone Mortgage Trust, Inc. - Class A  | 68920 | 1348075  |
| Broadstone Net Lease, Inc.  | 66798 | 1241775  |
| Dynex Capital, Inc.  | 87147 | 1099795  |
| Easterly Government Properties, Inc.  | 48713 | 1115041  |
| Ellington Financial, Inc.  | 81961 | 1117948  |
| EPR Properties  | 24466 | 1327280  |
| Global Net Lease, Inc.  | 133597 | 1051408  |
| Highwoods Properties, Inc.  | 44932 | 1416706  |
| Innovative Industrial Properties, Inc.  | 18597 | 1053706  |
| Ladder Capital Corporation  | 100263 | 1165056  |
| MFA Financial, Inc.  | 110569 | 1127804  |
| Outfront Media, Inc.  | 65778 | 1228733  |
| Park Hotels & Resorts, Inc.  | 101544 | 1194157  |
| Ready Capital Corporation  | 246469 | 1049958  |
| RLJ Lodging Trust  | 145044 | 1116839  |
| Saul Centers, Inc.  | 31668 | 1082096  |
| Two Harbors Investment Corporation  | 95178 | 951780  |
|  |  | 26438637  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Small-Cap REITs - 36.0%<sup>(a)</sup>**  | **Small-Cap REITs - 36.0%<sup>(a)</sup>**  |  |
| Advanced Flower Capital, Inc.  | 218793 | $1019576  |
| AG Mortgage Investment Trust, Inc.  | 150538 | 1138067  |
| Alpine Income Property Trust, Inc.  | 69308 | 1058333  |
| Angel Oak Mortgage REIT, Inc.  | 112006 | 1104379  |
| Ares Commercial Real Estate Corporation  | 228474 | 1078397  |
| Braemar Hotels & Resorts, Inc.  | 516353 | 1425134  |
| Brandywine Realty Trust  | 251880 | 1073009  |
| BrightSpire Capital, Inc.  | 205309 | 1190792  |
| Chicago Atlantic Real Estate Finance, Inc.  | 71220 | 1014173  |
| City Office REIT, Inc.  | 217870 | 1509839  |
| Clipper Realty, Inc.  | 262109 | 1174248  |
| Community Healthcare Trust, Inc.  | 65154 | 1004023  |
| CTO Realty Growth, Inc.  | 57885 | 1000253  |
| Franklin BSP Realty Trust, Inc.  | 95091 | 1098301  |
| Gladstone Commercial Corporation  | 74563 | 1002872  |
| Global Medical REIT, Inc.  | 166564 | 1249230  |
| Invesco Mortgage Capital, Inc.  | 140504 | 1098741  |
| KKR Real Estate Finance Trust, Inc.  | 115127 | 1108673  |
| Modiv Industrial, Inc.  | 72930 | 1106348  |
| New York Mortgage Trust, Inc.  | 160857 | 1161388  |
| Nexpoint Real Estate Finance, Inc.  | 69308 | 1039620  |
| One Liberty Properties, Inc.  | 43926 | 1049392  |
| Orchid Island Capital, Inc.  | 149234 | 1053592  |
| PennyMac Mortgage Investment Trust  | 84508 | 1040294  |
| Postal Realty Trust, Inc. - Class A  | 78592 | 1244897  |
| Redwood Trust, Inc.  | 189837 | 1161803  |
| Seven Hills Realty Trust  | 89256 | 965750  |
| Summit Hotel Properties, Inc.  | 248845 | 1363671  |
| TPG RE Finance Trust, Inc.  | 136060 | 1272161  |
| Universal Health Realty Income Trust  | 27183 | 1103358  |
|  |  | 33910314  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $86,464,879)** | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $86,464,879)** | 84763523  |
| **PREFERRED STOCKS - 9.4%**<br>|  |  |
| **Preferreds Issued by U.S. REITs - 9.4%** | **Preferreds Issued by U.S. REITs - 9.4%** |  |
|  AG Mortgage Investment Trust, Inc., Series C, 11.05% (3 mo. Term SOFR + 6.74%), Perpetual  | 11383 | 284916  |
| AGNC Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 9.54% (3 mo. Term SOFR + 5.37%), Perpetual  | 11186 | 285467  |
| &nbsp;&nbsp;&nbsp; Series D, 8.91% (3 mo. Term SOFR + 4.59%), Perpetual  | 11631 | 291822  |
| Annaly Capital Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 9.43% (3 mo. Term SOFR + 5.25%), Perpetual  | 11147 | 287258  |
| &nbsp;&nbsp;&nbsp; Series G, 8.60% (3 mo. Term SOFR + 4.43%), Perpetual  | 11515 | 292366  |
| Arbor Realty Trust, Inc., Series D, 6.38%, Perpetual  | 16647 | 300978  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  | **PREFERRED STOCKS - (Continued)**  |
| **Preferreds Issued by U.S. REITs - (Continued)**  | **Preferreds Issued by U.S. REITs - (Continued)**  | **Preferreds Issued by U.S. REITs - (Continued)**  |
| ARMOUR Residential REIT, Inc., Series C, 7.00%, Perpetual  | 13977 | $303021  |
| Chimera Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 10.35% (3 mo. Term SOFR + 6.05%), Perpetual  | 11422 | 282695  |
| &nbsp;&nbsp;&nbsp; Series C, 7.75% to 9/30/2025 then 3 mo. LIBOR US + 4.74%, Perpetual<sup>(b)</sup> | 12449 | 289439  |
| &nbsp;&nbsp;&nbsp; Series D, 9.90% (3 mo. Term SOFR + 5.60%), Perpetual  | 11570 | 285895  |
| Global Net Lease, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, Perpetual  | 12862 | 303543  |
| &nbsp;&nbsp;&nbsp; Series B, 6.88%, Perpetual  | 13478 | 305816  |
| &nbsp;&nbsp;&nbsp; Series D, 7.50%, Perpetual  | 12553 | 300393  |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual  | 15402 | 310812  |
| Hudson Pacific Properties, Inc., Series C, 4.75%, Perpetual  | 23376 | 355315  |
| Innovative Industrial Properties, Inc., Series A, 9.00%, Perpetual  | 11706 | 289138  |
| KKR Real Estate Finance Trust, Inc., Series A, 6.50%, Perpetual  | 14788 | 289697  |
| MFA Financial, Inc., Series C, 9.90% (3 mo. Term SOFR + 5.61%), Perpetual  | 11754 | 286915  |
| New York Mortgage Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then 3 mo. LIBOR US + 5.70%, Perpetual<sup>(b)</sup> | 12949 | 279957  |
| &nbsp;&nbsp;&nbsp; Series E, 11.28% (3 mo. LIBOR US + 6.43%), Perpetual<sup>(b)</sup> | 11769 | 291636  |
| Pebblebrook Hotel Trust, Series G, 6.38%, Perpetual  | 15716 | 315892  |
| PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual  | 14702 | 275368  |
| Ready Capital Corp., Series E, 6.50%, Perpetual  | 18589 | 289245  |
| Rithm Capital Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 10.23% (3 mo. Term SOFR + 6.06%), Perpetual  | 11334 | 287884  |
| &nbsp;&nbsp;&nbsp; Series B, 10.07% (3 mo. Term SOFR + 5.90%), Perpetual  | 11403 | 287698  |
| RLJ Lodging Trust, Series A, 1.95%, Perpetual  | 11803 | 287285  |
| Two Harbors Investment Corporation<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then 3 mo. LIBOR US + 5.35%, Perpetual<sup>(b)</sup> | 12630 | 283796  |
| &nbsp;&nbsp;&nbsp; Series C, 9.44% (3 mo. Term SOFR + 5.27%), Perpetual  | 11915 | 285007  |
| Vornado Realty Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series M, 5.25%, Perpetual  | 17279 | 301000  |
| &nbsp;&nbsp;&nbsp; Series N, 5.25%, Perpetual  | 17383 | 302812  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $8,311,642)** |  | 8833066  |
| **SHORT-TERM INVSETMENTS - 0.5%**<br>|  |  |
| **Money Market Funds - 0.5%**<br>|  |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 445507 | $445507  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $445,507)** |  | 445507  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $95,222,028)** |  | $94042096  |
| Other Assets in Excess of Liabilities - 0.1%  |  | 115694  |
| **TOTAL NET ASSETS - 100.0%** |  | $94157790 |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

The Fund's security classifications are defined by the Fund's Adviser.

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> 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.

<sup>(b)</sup> Securities referencing LIBOR are expected to transition to an alternative reference rate by the security's next scheduled coupon reset date.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.2%** <br>|  |  |
| **Home Building Products & Materials - 14.5%**  | **Home Building Products & Materials - 14.5%**  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 11300 | $284308  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 2162 | 299826  |
| Cavco Industries, Inc.<sup>(a)</sup> | 496 | 263123  |
| Century Communities, Inc.  | 4418 | 291058  |
| Champion Homes, Inc.<sup>(a)</sup> | 2781 | 209854  |
| Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 11165 | 310275  |
| Eagle Materials, Inc.  | 1093 | 252374  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 3964 | 276846  |
| Installed Building Products, Inc.  | 1497 | 391944  |
| Leggett & Platt, Inc.  | 26893 | 258442  |
| Lennox International, Inc.  | 414 | 230954  |
| LGI Homes, Inc.<sup>(a)</sup> | 4549 | 281628  |
| Louisiana-Pacific Corporation  | 2529 | 240533  |
| PotlatchDeltic Corporation  | 6120 | 257224  |
| Rayonier, Inc.  | 10049 | 264088  |
| Simpson Manufacturing Company, Inc.  | 1518 | 290120  |
| TopBuild Corporation<sup>(a)</sup> | 839 | 353018  |
| Watsco, Inc.  | 515 | 207226  |
| Weyerhaeuser Company  | 9284 | 240177  |
|  |  | 5203018  |
| **Home Furnishings & Home Goods - 14.5%**  | **Home Furnishings & Home Goods - 14.5%**  |  |
| A.O. Smith Corporation  | 3625 | 258426  |
| American Woodmark Corporation<sup>(a)</sup> | 4282 | 276489  |
| Carrier Global Corporation  | 3422 | 223114  |
| Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 3314 | 271483  |
| Fortune Brands Home & Security, Inc.  | 4833 | 282827  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 17849 | 287012  |
| La-Z-Boy, Inc.  | 5787 | 213945  |
| Masco Corporation  | 3931 | 288496  |
| Masterbrand, Inc.<sup>(a)</sup> | 24787 | 315043  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 2403 | 318854  |
| Owens Corning  | 1816 | 272709  |
| RH<sup>(a)</sup> | 1315 | 296756  |
| Sherwin-Williams Company  | 690 | 252423  |
| Somnigroup International, Inc.  | 3807 | 319598  |
| Trex Company, Inc.<sup>(a)</sup> | 4268 | 263037  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 6711 | 500641  |
| Whirlpool Corporation  | 3144 | 292863  |
| Williams-Sonoma, Inc.  | 1539 | 289624  |
|  |  | 5223340  |
| **Home Improvement Retailers - 6.0%**  | **Home Improvement Retailers - 6.0%**  |  |
| Home Depot, Inc.  | 2583 | 1050687  |
| Lowe's Companies, Inc.  | 4238 | 1093658  |
|  |  | 2144345  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Homebuilders - 17.5%** | **Homebuilders - 17.5%** |  |
| DR Horton, Inc.  | 3949 | $669276  |
| KB Home  | 9143 | 581038  |
| Lennar Corporation - Class A  | 4454 | 593006  |
| M/I Homes, Inc.<sup>(a)</sup> | 4406 | 648828  |
| Meritage Homes Corporation  | 7295 | 566748  |
| Millrose Properties, Inc.  | 8357 | 295086  |
| NVR, Inc.<sup>(a)</sup> | 67 | 543882  |
| PulteGroup, Inc.  | 4770 | 629735  |
| Taylor Morrison Home Corporation<sup>(a)</sup> | 8302 | 559306  |
| Toll Brothers, Inc.  | 4494 | 624666  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 15694 | 554469  |
|  |  | 6266040  |
| **Mortgage Lenders & Servicers - 11.4%** | **Mortgage Lenders & Servicers - 11.4%** |  |
| AGNC Investment Corporation  | 23553 | 229877  |
| Annaly Capital Management, Inc.  | 11081 | 234806  |
| Arbor Realty Trust, Inc.  | 21963 | 262238  |
| Chimera Investment Corporation  | 16041 | 227301  |
| Citizens Financial Group, Inc.  | 5262 | 275097  |
| Ellington Financial, Inc.  | 16525 | 225401  |
| Essent Group Ltd.  | 3615 | 226805  |
| MFA Financial, Inc.  | 22292 | 227379  |
| PennyMac Mortgage Investment Trust  | 17039 | 209750  |
| PNC Financial Services Group, Inc.  | 1212 | 251417  |
| Rithm Capital Corporation  | 18707 | 231593  |
| Rocket Companies, Inc. - Class A  | 16420 | 291783  |
| Starwood Property Trust, Inc.  | 10661 | 216099  |
| Truist Financial Corporation  | 5301 | 248193  |
| Two Harbors Investment Corporation  | 19190 | 191900  |
| UWM Holdings Corporation  | 51283 | 292313  |
| Wells Fargo & Company  | 2859 | 234953  |
|  |  | 4076905  |
| **Property, Title & Mortgage Insurance - 5.0%** | **Property, Title & Mortgage Insurance - 5.0%** |  |
| Allstate Corporation  | 1025 | 208537  |
| Fidelity National Financial, Inc.  | 3860 | 231098  |
| First American Financial Corporation  | 3743 | 247038  |
| MGIC Investment Corporation  | 8011 | 222946  |
| Old Republic International Corporation  | 5561 | 222273  |
| Radian Group, Inc.  | 6257 | 218244  |
| Stewart Information Services Corp.  | 3428 | 249696  |
| Travelers Companies, Inc.  | 769 | 208791  |
|  |  | 1808623  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Real Estate Technology, Brokerage & Services - 4.1%** | **Real Estate Technology, Brokerage & Services - 4.1%** |  |
| Anywhere Real Estate, Inc.<sup>(a)</sup> | 62338 | $380885  |
| Compass, Inc. - Class A<sup>(a)</sup> | 34876 | 316674  |
| CoStar Group, Inc.<sup>(a)</sup> | 2815 | 251914  |
| RE/MAX Holdings, Inc. - Class A<sup>(a)</sup> | 28958 | 272784  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 3153 | 265830  |
|  |  | 1488087  |
| **Residential REITs & Real Estate Operators - 26.2%<sup>(b)</sup>**  | **Residential REITs & Real Estate Operators - 26.2%<sup>(b)</sup>**  |  |
| American Homes 4 Rent - Class A  | 12443 | 445708  |
| AvalonBay Communities, Inc.  | 2366 | 463381  |
| Camden Property Trust  | 4145 | 464157  |
| Centerspace  | 7660 | 455770  |
| CubeSmart  | 11338 | 463951  |
| Elme Communities  | 30030 | 512912  |
| Equity LifeStyle Properties, Inc.  | 7376 | 444699  |
| Equity Residential  | 6930 | 458212  |
| Essex Property Trust, Inc.  | 1739 | 469895  |
| Extra Space Storage, Inc.  | 3215 | 461610  |
| Independence Realty Trust, Inc.  | 26040 | 471584  |
| Invitation Homes, Inc.  | 14192 | 444068  |
| Mid-America Apartment Communities, Inc.  | 3067 | 447230  |
| NexPoint Residential Trust, Inc.  | 14069 | 485521  |
| Public Storage  | 1580 | 465452  |
| Sun Communities, Inc.  | 3906 | 495554  |
| UDR, Inc.  | 11869 | 469656  |
| UMH Properties, Inc.  | 28443 | 446271  |
| Ventas, Inc.  | 7307 | 497461  |
| Welltower, Inc.  | 3141 | 528568  |
|  |  | 9391660  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $31,291,731)** |  | 35602018  |
| **SHORT-TERM INVESTMENTS - 0.7%**<br>|  |  |
| **Money Market Funds - 0.7%** | **Money Market Funds - 0.7%** |  |
| First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 261223 | $261223  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $261,223)** |  | 261223  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $31,552,954)** |  | $35863241  |
| Other Assets in Excess of Liabilities - 0.1%  |  | 19656  |
| **TOTAL NET ASSETS - 100.0%** |  | $35882897 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

The Fund's security classifications are defined by the Fund's Adviser.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

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**HOYA CAPITAL ETFs** 

**Statements of Assets and Liabilities** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital High** <br>**Dividend Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | &nbsp;&nbsp; $94042096 | $35863241  |
| Dividends receivable | &nbsp;&nbsp; 154405 | 28513  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 94196501 | 35891754  |
| **LIABILITIES:**<br>|  |  |
| Payable to adviser | &nbsp;&nbsp; 38711 | 8857  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 38711 | 8857  |
| **NET ASSETS** | &nbsp;&nbsp; $94157790 | $35882897  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $102810453 | $31889208  |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; (8652663) | 3993689  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $94157790 | $35882897  |
| Net assets | &nbsp;&nbsp; $94157790 | $35882897  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 9530000 | 750000  |
| Net asset value per share | &nbsp;&nbsp; $9.88 | $47.84  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $95222028 | $31552954 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL ETFs** 

**Statements of Operations** 

**For the Period Ended August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital High** <br>**Dividend Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $4276480 | $552245  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 4276480 | 552245  |
| **EXPENSES:** <br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 221792 | 52235  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 221792 | 52235  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 4054688 | 500010  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (2426557) | 51971  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 446537 | 1519132  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (1980020) | 1571103  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (1928609) | (701498)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (1928609) | (701498)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; (3908629) | 869605  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $146059 | $1369615 |

---

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hoya Capital High Dividend Yield ETF** | **Hoya Capital High Dividend Yield ETF** | **Hoya Capital Housing ETF**  | **Hoya Capital Housing ETF**  |
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28, 2025** | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28, 2025**  |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $4054688 | &nbsp;&nbsp;&nbsp; $4266700 | $500010 | &nbsp;&nbsp; $786022  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (1980020) | &nbsp;&nbsp;&nbsp; (1172036) | 1571103 | &nbsp;&nbsp; 2368651  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1928609) | &nbsp;&nbsp;&nbsp; 6070573 | (701498) | &nbsp;&nbsp; 1531904  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 146059 | &nbsp;&nbsp;&nbsp; 9165237 | 1369615 | &nbsp;&nbsp; 4686577  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (4741830) | &nbsp;&nbsp;&nbsp; (4266700) | (423000) | &nbsp;&nbsp; (786022)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3103400) |  | &nbsp;&nbsp; (146984)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (4741830) | &nbsp;&nbsp;&nbsp; (7370100) | (423000) | &nbsp;&nbsp; (933006)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 17620394 | &nbsp;&nbsp;&nbsp; 43817652 | 1060220 | &nbsp;&nbsp; 3599103  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (3968679) | &nbsp;&nbsp;&nbsp; (14333987) | (5492818) | &nbsp;&nbsp; (8306950)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note #) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 |  | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 13651715 | &nbsp;&nbsp;&nbsp; 29483692 | (4432598) | &nbsp;&nbsp; (4707847)  |
| **Net increase (decrease) in net assets**  | &nbsp;&nbsp; 9055944 | &nbsp;&nbsp;&nbsp; 31278829 | (3485983) | &nbsp;&nbsp; (954276)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 85101846 | &nbsp;&nbsp;&nbsp; 53823017 | 39368880 | &nbsp;&nbsp; 40323156  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $94157790 | &nbsp;&nbsp;&nbsp; $85101846 | $35882897 | &nbsp;&nbsp; $39368880  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp;&nbsp; 4200000 | 25000 | &nbsp;&nbsp; 75000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (410000) | &nbsp;&nbsp;&nbsp; (1420000) | (125000) | &nbsp;&nbsp; (175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp; 2780000 | (100000) | &nbsp;&nbsp; (100000) |

---

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hoya Capital High Dividend Yield ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**August 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023**  | **Period Ended** <br>**February 28,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $14.92  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 0.59 | 0.61 | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.52) | 0.85 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (0.41)  |
| **Total from investment operations** | &nbsp;&nbsp; (0.08) | 1.44 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; (0.18)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.30)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.17)  |
| **Total distributions** | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.48)  |
| ETF transaction fees per share | &nbsp;&nbsp; — | 0.00<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | &nbsp;&nbsp; $9.88 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $14.26  |
| TOTAL RETURN<sup>(e)</sup> | &nbsp;&nbsp; -0.39% | &nbsp;&nbsp; 14.82% | &nbsp;&nbsp; -1.33% | &nbsp;&nbsp; -14.20% | &nbsp;&nbsp; -1.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:** <br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $94158 | &nbsp;&nbsp; $85102 | &nbsp;&nbsp; $53823 | &nbsp;&nbsp; $32385 | &nbsp;&nbsp; $21821  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.36%<sup>(h)</sup> | &nbsp;&nbsp; 0.25%<sup>(h)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 9.14% | &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 3.42%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 17% | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 7% |

---

<sup>(a)</sup> Inception date of the Fund was September 21, 2021.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> The Advisor contractually waived 0.25% of its management fees for the Fund from September 21, 2021 through September 30, 2022. 

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Hoya Capital Housing ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**August 31,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**February 28,** <br>**2025**  | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023** | **Year Ended** <br>**February 28,** <br>**2022**  | **Year Ended** <br>**February 28,** <br>**2021** |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.32 | &nbsp;&nbsp; $42.45 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $39.64 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $26.78  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | 0.83 | 0.72 | 0.63 | 0.42 | 0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | 4.04 | 7.55 | &nbsp;&nbsp; (4.46) | 4.71 | 8.82  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | 4.87 | 8.27 | &nbsp;&nbsp; (3.83) | 5.13 | 9.31  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.87)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; —  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.15)  |
| **Total distributions** | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (1.02)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.84 | &nbsp;&nbsp; $46.32 | &nbsp;&nbsp; $42.45 | &nbsp;&nbsp; $35.07 | &nbsp;&nbsp; $39.64 | &nbsp;&nbsp; $35.07  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp; 4.58% | &nbsp;&nbsp; 11.51% | &nbsp;&nbsp; 23.94% | &nbsp;&nbsp; -9.62% | &nbsp;&nbsp; 14.60% | &nbsp;&nbsp; 35.54%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $35883 | &nbsp;&nbsp; $39369 | &nbsp;&nbsp; $40323 | &nbsp;&nbsp; $35069 | &nbsp;&nbsp; $63423 | &nbsp;&nbsp; $59625  |
| Ratio of expenses to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.33%<sup>(f)</sup>  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 1.92% | &nbsp;&nbsp; 1.80% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.67%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp; 6% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 18% | &nbsp;&nbsp; 13% | &nbsp;&nbsp; 19% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Effective August 1, 2020, the management fee for the Fund was reduced from 0.45% to 0.30%. 

The accompanying notes are an integral part of these financial statements.

13<br>

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Hoya Capital High Dividend Yield ETF and Hoya Capital Housing ETF (individually each a "Fund" or collectively the "Funds") are each a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Hoya Capital High Dividend Yield ETF is to track the performance, before fees and expenses, of the Hoya Capital High Dividend Yield Index (the "Index"). The investment objective of the Hoya Capital Housing ETF is to track the performance, before fees and expenses, of the Hoya Capital Housing 100™ Index (the "Index"). Hoya Capital High Dividend Yield ETF commenced operations on September 21, 2021 and Hoya Capital Housing ETF commenced operations on March 19, 2019.

The end of the reporting period for the Funds is August 31, 2025. The current fiscal period is the period from March 1, 2025 through August 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation*.
 All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded on a national
 securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup> and
 the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq") are valued at the last reported sale price on
 the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price
 ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent
 quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price
 in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted
 closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current
 exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund's Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' 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.  |

---

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 markets, and other characteristics particular to the security. To the extent that 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.

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.

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**Hoya Capital High Dividend Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks  | $84763523 | $— | $— | $84763523  |
| Preferred Stocks  | 8833066 |  |  | 8833066  |
| Money Market Funds  | 445507 |  |  | 445507  |
| **Total Investments**  | $94042096 | $— | $— | $94042096 |

---

**Hoya Capital Housing ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks  | $35602018 | $— | $— | $35602018  |
| Money Market Funds  | 261223 |  |  | 261223  |
| **Total Investments**  | $35863241 | $— | $— | $35863241 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes*. The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. Each Fund plans to file U.S. Federal and applicable state and
 local tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions and Investment Income*. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Interest income
 is recorded on an accrual basis. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Funds'
 understanding of the applicable tax rules and regulations.

Distributions received from investments in Real Estate Investment Trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders*. Distributions to shareholders from net investment income, if any, are declared and paid monthly by the Funds.
 Distributions to shareholders from net realized gains on securities are declared and paid by the Funds on, at least, an annual basis.
 Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates*.
 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
 as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation*.
 The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other
 assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares of each Fund, rounded to
 the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is
 closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Guarantees and Indemnifications*. In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Reclassifications of Capital Accounts*. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.

These timing differences are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended February 28, 2025, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-In** <br>**Capital**  |
| Hoya Capital High Dividend Yield ETF  | $(1061016)  | $1061016  |
| Hoya Capital Housing ETF  | (2649579) | 2649579 |

---

&nbsp;&nbsp;&nbsp;&nbsp;I. *New Accounting Pronouncement.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds.
 Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the President of the Adviser, who serves as the chief operating decision maker, using the information presented in the financial
 statements and financial highlights.

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;J. *Subsequent Events*. In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Hoya Capital Real Estate, LLC (the "Adviser"), serves as the investment adviser to the Funds. An affiliate of the Adviser, Hoya Capital Index Innovations (the "Index Provider"), serves as index provider to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Penserra Capital Management, LLC, (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses and distribution (12b-1) fees and expenses. For the services it provides to the Funds, the Funds pay the Adviser a unified management fee, which is calculated daily and paid monthly, at the annual rates of each Fund's average daily net assets listed below. The Adviser is responsible for paying the Sub-Adviser.

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF  | 0.50% |
| Hoya Capital Housing ETF  | 0.30% |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Hoya Capital High Dividend Yield ETF  | $15030812 | $15435528  |
| Hoya Capital Housing ETF  | 3127091 | 2116440 |

---

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Hoya Capital High Dividend Yield ETF  | $17229688 | $3893937  |
| Hoya Capital Housing ETF  | 0 | 5454255 |

---

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

**NOTE 5 – INCOME TAX INFORMATION** 

The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated losses) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings (accumulated losses) and cost basis of investments for federal income tax purposes at February 28, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital** <br>**High Dividend** <br>**Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| Tax cost of investments  | $86618282 | $34431860  |
| Gross tax unrealized appreciation  | $6570836 | $8190214  |
| Gross tax unrealized depreciation  | (8369142)  | (3278725)  |
| Net tax unrealized appreciation (depreciation)  | (1798306)  | 4911489  |
| Undistributed ordinary income  |  | —  |
| Undistributed long-term capital gains  |  | —  |
| Other accumulated gain (loss)  | (2258586)  | (1864415)  |
| Distributable earnings (accumulated losses)  | $(4056892)  | $3047074 |

---

The difference between the cost basis for financial statement and federal income tax purposes is primarily due to timing differences in recognizing wash sales.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended February 28, 2025, the Funds did not elect to defer any post-October capital losses or late-year losses.

As of February 28, 2025, the Funds had the following capital loss carryforwards with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Hoya Capital High Dividend Yield ETF | $— | $2258586  |
| Hoya Capital Housing ETF | 69236 | 1795179 |

---

The tax character of distributions paid by the Funds during the year ended February 28, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| Hoya Capital High Dividend Yield ETF | $4266700 | $3103400  |
| Hoya Capital Housing ETF | $786022 | $146984 |

---

The tax character of distributions paid by the Funds during the year ended February 29, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| Hoya Capital High Dividend Yield ETF | $2452041 | $1711809  |
| Hoya Capital Housing ETF | 687124 | 167226 |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025 (Unaudited)(Continued)** 

prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Funds, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 7 – RISKS** 

Concentration Risk. The Funds' investments will be concentrated in an industry or group of industries to the extent the Indexes are so concentrated, and the Indexes are expected to be concentrated in housing and real estate-related industries. When the Funds focus their investments in a particular industry or sector, they thereby present a more concentrated risk and their performance will be especially sensitive to developments that significantly affect that industry or group of industries. In addition, the value of shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of industries. An industry may have above-average performance during particular periods, but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. The Funds' performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

Construction and Housing Risk. The construction and housing industry can be significantly affected by the national, regional and local real estate markets. This industry is also sensitive to interest rate fluctuations which can cause changes in the availability of mortgage capital and directly affect the purchasing power of potential homebuyers. The building industry can be significantly affected by changes in government spending, consumer confidence, demographic patterns and the level of new and existing home sales.

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**HOYA CAPITAL ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

For the fiscal year ended February 28, 2025, certain dividends paid by the Funds may be subject to the maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF | 4.91%  |
| Hoya Capital Housing ETF | 53.11% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended February 28, 2025 was as follows:

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF | 4.90%  |
| Hoya Capital Housing ETF | 50.56% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF | 0.00%  |
| Hoya Capital Housing ETF | 0.00% |

---

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**HOYA CAPITAL ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others** 

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

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**HOYA CAPITAL ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)** 

**Hoya Capital Housing ETF (HOMZ)** 

**Hoya Capital High Dividend Yield ETF (RIET)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on April 9-10, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") by and among Hoya Capital Real Estate, LLC (the "Adviser"), Penserra Capital Management, LLC (the "Sub-Adviser"), and the Trust, on behalf of the Hoya Capital Housing ETF (the "Housing ETF") and the Hoya Capital High Dividend Yield ETF (the "RIET ETF") (each, a "Fund" and, together, the "Funds").

Prior to the Meeting, the Board, including the Trustees who are not parties to the Sub-Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Sub-Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided to the Funds by the Sub-Adviser; (ii) the Funds' historical performance; (iii) the cost of the services provided and the profits realized by the Sub-Adviser from services rendered to each Fund; (iv) comparative performance, fee, and expense data for the Funds and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's investment performance, fees, and expenses to relevant market benchmarks and peer groups (the "Barrington Report"); (v) the extent to which any economies of scale realized by the Sub-Adviser in connection with its services to each Fund are shared with Fund shareholders; (vi) any other financial benefits to the Sub-Adviser and its affiliates resulting from services rendered to the Funds; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference twelve days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Sub-Adviser to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Sub-Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment sub-adviser to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Sub-Advisory Agreement should be continued. The Board also noted that the Sub-Adviser provides investment sub-advisory services to other series of the Trust, and, over the course of the year, the Sub-Adviser provided written and oral updates to the Board with respect to its sub-advisory services to those funds. Additionally, at the Meeting, a Sub-Adviser representative provided an oral overview of the services provided to the Funds by the Sub-Adviser and additional information about the Sub-Adviser's personnel and business operations. The Board then discussed the Materials and the Sub-Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, including the Adviser's 15(c) presentation at the January 15-16, 2025, quarterly Board meeting, and deliberated, in light of this information, on the approval of the continuation of the Sub-Advisory Agreement.

**<u>Approval of the Continuation of the Sub-Advisory Agreement with the Sub-Adviser</u>** 

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Sub-Advisory Agreement, noting that the Sub-Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Sub-Adviser's compliance program. The Board also considered its previous experience with the Sub-Adviser providing investment management services to the Funds, as well as other series of the Trust. The Board noted that it had received a copy of the Sub-Adviser's registration form and financial statements, as well as the Sub-Adviser's response to a detailed series of questions that included, among other things, information about the Sub-Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.

The Board noted the responsibilities that the Sub-Adviser has as the Funds' investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of the Funds' assets; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of the Funds' shares; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; responsibility for quarterly reporting to the Board; and implementation

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**HOYA CAPITAL ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)** 

of Board directives as they relate to the Funds. The Board also considered the Sub-Adviser's resources and capacity with respect to portfolio management, compliance, and operations given the number of funds and/or accounts for which it provides sub-advisory services.

Historical Performance. The Trustees next considered each Fund's performance. Because each Fund is designed to track the performance of an index, the Board considered, among other things, the extent to which each Fund tracked its index before fees and expenses. The Board noted that, for each of the one-year, three-year, five-year, and since inception periods ended December 31, 2024, as applicable, each Fund's performance on a gross of fees basis (i.e., excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that each Fund tracked its underlying index closely and in an appropriate manner.

The Board then observed that additional information regarding each Fund's past investment performance, for periods ended December 31, 2024, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well as with funds in each Fund's Morningstar category – US Fund Mid-Cap Value (Housing ETF) and US Fund Real Estate (RIET ETF), respectively (each, a "Category Peer Group").

<u>Housing ETF</u>: The Board noted that the Fund underperformed its broad-based securities market index, the S&P 500 Index, over the one-, three-, five-year, and since inception periods. The Board further noted that the Fund underperformed an additional benchmark, the S&P MidCap 400 Index, over the one- and three-year periods, but outperformed the same benchmark over the five-year and since inception periods. The S&P 500 Index provides an indication of the performance of U.S. large-cap companies, while the S&P MidCap 400 Index provides an indication of the performance of U.S. mid-sized companies. In its consideration of the Fund's returns relative to its benchmarks, the Board noted that the Fund seeks to provide investors with exposure to companies in a very specific industry (*i.e.*, companies involved in the U.S. housing industry), not broad exposure to the large-cap or mid-cap equity markets.

The Board noted that the Fund underperformed the median return of its Peer Group and Category Peer Group over the one-year period but outperformed the same peer groups over the five-year period. The Board further noted that the Fund outperformed the median return of its Peer Group over the three-year period but underperformed its Category Peer Group over the same period. The Board took into consideration that although the Fund invests a significant portion of its assets in real estate investment trusts ("REITs"), the Fund is classified by Morningstar among mid-cap value ETFs, rather than real estate ETFs, given its significant allocation to companies that build homes or provide related products or services. Accordingly, the Board considered that the Housing ETF's Category Peer Group is comprised of ETFs that do not invest primarily in the real estate sector or real estate-related companies.

<u>RIET ETF</u>: The Board noted that the Fund underperformed its benchmark, the Dow Jones U.S. Real Estate Index, for the one-year, three-year, and since inception periods. The Dow Jones U.S. Real Estate Index is designed to track the performance of REIT and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies. In its consideration of the Fund's returns relative to its benchmark, the Board noted that the Fund's underlying index also seeks diversified exposure to U.S. listed real estate-related securities, including REITs; however, the Fund's underlying index uses screens to identify and select real estate investments that provide income through high dividend yields.

The Board noted that the Fund outperformed the median return of its Peer Group but underperformed the median return of its Category Peer Group over the one-year period. The Board further noted that the Fund performed in-line with both Peer Groups over the three-year period. The Board took into consideration that although the Fund shares similar investment characteristics with the index-based funds included in its Peer Group and Category Peer Group, the Fund focuses more specifically on securities with high dividend yields, especially in contrast to the Category Peer Group. The Board also considered that the RIET ETF invests primarily in equity REITs; whereas, certain of its peer funds invest significantly in mortgage REITs.

The Board also considered that the RIET ETF commenced operations on September 21, 2021, just over three years prior to December 31, 2024, which was a relatively short period of time over which to evaluate the RIET ETF's performance and draw meaningful conclusions about its management.

Cost of Services Provided and Economies of Scale. The Board then reviewed the sub-advisory fees paid by the Adviser to the Sub-Adviser for its services to the Funds. The Board considered that the fees paid to the Sub-Adviser are

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**HOYA CAPITAL ETFs** 

**APPROVAL OF SUB-ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)** 

paid by the Adviser and noted that the fee reflected an arm's-length negotiation between the Adviser and the Sub-Adviser. The Board further determined that the fees reflected an appropriate allocation of the advisory fee paid to each firm given the work performed by each firm and noted that the fees were generally in line with those charged by the Sub-Adviser in connection with other exchange-traded funds managed by the Sub-Adviser. The Board noted that the Sub-Adviser has an affiliated broker-dealer that may execute a limited amount of the brokerage transactions for the Funds and, consequently, the Sub-Adviser would benefit indirectly from any commissions paid to such affiliated broker-dealer. The Board noted that the Sub-Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Sub-Adviser from its relationship with the Funds, taking into account analyses of the Sub-Adviser's profitability with respect to each Fund at various Fund asset levels.

The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board further noted that although each Fund's sub-advisory fee includes asset-level breakpoints, because each Fund pays the Adviser a unified fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to the Adviser, rather than the Fund's shareholders. Consequently, the Board determined that it would monitor fees as the Funds grow to determine whether economies of scale were being effectively shared with the Funds and their shareholders.

Conclusion. No single factor was determinative of the Board's decision to approve the continuation of the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Sub-Advisory Agreement was in the best interests of each Fund and its shareholders.

24<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer
 (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
 is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's
 service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [*A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](hoya-efp18510_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](hoya-efp18510_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>11/10/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>11/10/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>11/10/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/10/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/10/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer),<br> ETF Series Solutions<br>| Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |

---

Dated: <u>11/10/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.