# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-25-053948
**Filing Date:** 2025-8
**Character Count:** 17267
**Document Hash:** 9c7cfae7b3a134d6bbfb2b02370148c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-053948.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001145549-25-053948

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251257622

**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

### The Brinsmere Fund - Growth ETF (Series ID: S000082648)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000245967 | The Brinsmere Fund - Growth ETF | TBFG            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **The Brinsmere Fund - Growth ETF** | **The Brinsmere Fund - Growth ETF** | **The Brinsmere Fund - Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - 99.6% <sup>(a)</sup>** | **Shares** | **Value** |
| **Commodities - 2.2%** | **Commodities - 2.2%** | |
| SPDR Gold MiniShares Trust <sup>(b)</sup> | 106206 | $6958617 |
| **Commodities Broad Basket - 2.5%** | **Commodities Broad Basket - 2.5%** |  |
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 371887 | 7724093 |
| **Domestic Equity - 41.5%** | **Domestic Equity - 41.5%** |  |
| Invesco QQQ Trust Series 1 | 35210 | 19423244 |
| Real Estate Select Sector SPDR Fund | 186633 | 7730339 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 165904 | 9021860 |
| SPDR Portfolio S&P 500 ETF | 611381 | 44441285 |
| Vanguard Growth ETF | 49468 | 21686771 |
| Vanguard Small-Cap ETF | 26489 | 6277363 |
| Vanguard Value ETF | 123734 | 21868747 |
|  |  | 130449609 |
| **Domestic Fixed Income - 21.3%** | **Domestic Fixed Income - 21.3%** |  |
| Vanguard Intermediate-Term Bond ETF | 100823 | 7797651 |
| Vanguard Intermediate-Term Corporate Bond ETF | 98460 | 8164303 |
| Vanguard Long-Term Bond ETF | 113834 | 7916016 |
| Vanguard Short-Term Bond ETF | 95383 | 7506642 |
| Vanguard Short-Term Corporate Bond ETF | 119252 | 9480534 |
| Vanguard Short-Term Treasury ETF | 118748 | 6980008 |
| Vanguard Total Bond Market ETF | 155224 | 11429143 |
| Xtrackers USD High Yield Corporate Bond ETF | 207849 | 7673785 |
|  |  | 66948082 |
| **Foreign Equity - 32.1%** | **Foreign Equity - 32.1%** |  |
| Columbia EM Core ex-China ETF | 943777 | 32258298 |
| iShares China Large-Cap ETF | 338294 | 12435687 |
| Vanguard FTSE Emerging Markets ETF | 197919 | 9789074 |
| Vanguard FTSE Europe ETF | 297285 | 23039587 |
| Vanguard FTSE Pacific ETF | 287410 | 23619354 |
|  |  | 101142000 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $287,574,515) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $287,574,515) | 313222401 |
| **SHORT-TERM INVESTMENTS - 0.4%** |  | **Value**  |
| **Money Market Funds - 0.4%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(c)</sup> | 1408456 | 1408456 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,408,456) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,408,456) | 1408456 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $288,982,971**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $288,982,971**)** | 314630857 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(d)</sup> | 103710 |
| **TOTAL NET ASSETS - 100.0%** |  | $314734567 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) The risks of investing in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment companies invest.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

(d) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
The Brinsmere Fund - Growth ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 313222401 |  |  | 313222401 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1408456 |  |  | 1408456 |
| Total Investments | 314630857 |  |  | 314630857 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** The Brinsmere Fund - Growth ETF

- **b. EDGAR series identifier (if any):** S000082648

- **c. LEI of Series:** 529900E1F0NJFC5B2738

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $314822880.17

**Total Liabilities:** $88328.78

**Net Assets:** $314734551.39

**Cash Not Reported:** $130598.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000245967 | -0.71%               | 3.07%                | 3.91%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3412283.55             | $1175377.09                                |
| Month 2  | $-476738.56              | $9076872.28                                |
| Month 3  | $1357361.80              | $9152509.17                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Vanguard Long-Term Bond ETF    | Vanguard Long-Term Bond ETF                         | CUSIP: 921937793<br>LEI: N/A                  | Long             | EC               | RF                | US        |    113834 | NS      | $7916016.36   | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Intermediate-Term Bon | Vanguard Intermediate-Term Bond ETF                 | CUSIP: 921937819<br>LEI: JIWE2HYVQ16M1P11J864 | Long             | EC               | RF                | US        |    100823 | NS      | $7797650.82   | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund            | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1277857 | NS      | $1277856.59   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 500 ETF     | SPDR Portfolio S&P 500 ETF                          | CUSIP: 78464A854<br>LEI: 5493004K4F0RL72RIJ47 | Long             | EC               | RF                | US        |    611381 | NS      | $44441284.89  | 14.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Intermediate-Term Cor | Vanguard Intermediate-Term Corporate Bond ETF       | CUSIP: 92206C870<br>LEI: N/A                  | Long             | EC               | RF                | US        |     98460 | NS      | $8164303.20   | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Small-Cap ETF         | Vanguard Small-Cap ETF                              | CUSIP: 922908751<br>LEI: N/A                  | Long             | EC               | RF                | US        |     26489 | NS      | $6277363.22   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold MiniShares Trust     | SPDR Gold MiniShares Trust                          | CUSIP: 98149E303<br>LEI: 5493002IEEMEY6LRJ932 | Long             | EC               | RF                | US        |    106206 | NS      | $6958617.12   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| abrdn Bloomberg All Commodity  | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | CUSIP: 003261104<br>LEI: 549300PWXO8WGDSMS419 | Long             | EC               | RF                | US        |    371887 | NS      | $7724092.99   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia EM Core ex-China ETF  | Columbia EM Core ex-China ETF                       | CUSIP: 19762B202<br>LEI: 54930086JPKAR4R2KS15 | Long             | EC               | RF                | US        |    943777 | NS      | $32258297.86  | 10.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                          | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Long             | EC               | RF                | US        |     35210 | NS      | $19423244.40  | 6.17%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares China Large-Cap ETF    | iShares China Large-Cap ETF                         | CUSIP: 464287184<br>LEI: 5493001YVWPO25CNKN94 | Long             | EC               | RF                | US        |    338294 | NS      | $12435687.44  | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Bond ETF   | Vanguard Short-Term Bond ETF                        | CUSIP: 921937827<br>LEI: N/A                  | Long             | EC               | RF                | US        |     95383 | NS      | $7506642.10   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF       | Vanguard FTSE Europe ETF                            | CUSIP: 922042874<br>LEI: N/A                  | Long             | EC               | RF                | US        |    297285 | NS      | $23039587.50  | 7.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Xtrackers USD High Yield Corpo | Xtrackers USD High Yield Corporate Bond ETF         | CUSIP: 233051432<br>LEI: 5493000ENPC36KSKPY20 | Long             | EC               | RF                | US        |    207849 | NS      | $7673785.08   | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select Sector SPDR | Real Estate Select Sector SPDR Fund                 | CUSIP: 81369Y860<br>LEI: 549300SPMSTD3BRHL041 | Long             | EC               | RF                | US        |    186633 | NS      | $7730338.86   | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Pacific ETF      | Vanguard FTSE Pacific ETF                           | CUSIP: 922042866<br>LEI: N/A                  | Long             | EC               | RF                | US        |    287410 | NS      | $23619353.80  | 7.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Growth ETF            | Vanguard Growth ETF                                 | CUSIP: 922908736<br>LEI: N/A                  | Long             | EC               | RF                | US        |     49468 | NS      | $21686771.20  | 6.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Value ETF             | Vanguard Value ETF                                  | CUSIP: 922908744<br>LEI: N/A                  | Long             | EC               | RF                | US        |    123734 | NS      | $21868747.16  | 6.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total Bond Market ETF | Vanguard Total Bond Market ETF                      | CUSIP: 921937835<br>LEI: N/A                  | Long             | EC               | RF                | US        |    155224 | NS      | $11429143.12  | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Corporate  | Vanguard Short-Term Corporate Bond ETF              | CUSIP: 92206C409<br>LEI: N/A                  | Long             | EC               | RF                | US        |    119252 | NS      | $9480534.00   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Emerging Markets | Vanguard FTSE Emerging Markets ETF                  | CUSIP: 922042858<br>LEI: N/A                  | Long             | EC               | RF                | US        |    197919 | NS      | $9789073.74   | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 400 Mid Cap | SPDR Portfolio S&P 400 Mid Cap ETF                  | CUSIP: 78464A847<br>LEI: 549300TKUU0ZLRVSLJ96 | Long             | EC               | RF                | US        |    165904 | NS      | $9021859.52   | 2.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Treasury E | Vanguard Short-Term Treasury ETF                    | CUSIP: 92206C102<br>LEI: N/A                  | Long             | EC               | RF                | US        |    118748 | NS      | $6980007.44   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer