# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010507
**Filing Date:** 2025-9
**Character Count:** 60176
**Document Hash:** 0c7f7110493ff1cb0e1af2e2e50d0cec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010507.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010507

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**PERIOD START**: 20260430

**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/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251361529

**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

### Aptus Large Cap Upside ETF (Series ID: S000088187)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000254245 | Aptus Large Cap Upside ETF | UPSD            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.9%** | **Shares** | **Value**  |
| **Basic Materials - 1.2%** | **Basic Materials - 1.2%** | |
| Linde PLC <sup>(a)</sup> | 1185 | $545408 |
| Sherwin-Williams Company <sup>(a)</sup> | 1405 | 464886 |
|  |  | 1010294 |
| **Communications - 12.2%** | **Communications - 12.2%** |  |
| Airbnb, Inc. - Class A <sup>(a)(b)</sup> | 2589 | 342809 |
| Alphabet, Inc. - Class A <sup>(a)</sup> | 4068 | 780649 |
| Alphabet, Inc. - Class C <sup>(a)</sup> | 3842 | 740968 |
| Amazon.com, Inc. <sup>(a)(b)</sup> | 8415 | 1970036 |
| AT&T, Inc. <sup>(a)</sup> | 29619 | 811857 |
| Cisco Systems, Inc. <sup>(a)</sup> | 8735 | 594679 |
| Expedia Group, Inc. <sup>(a)</sup> | 2035 | 366748 |
| MercadoLibre, Inc. <sup>(a)(b)</sup> | 327 | 776262 |
| Meta Platforms, Inc. - Class A <sup>(a)</sup> | 1119 | 865479 |
| Motorola Solutions, Inc. <sup>(a)</sup> | 2096 | 920102 |
| Netflix, Inc. <sup>(a)(b)</sup> | 738 | 855637 |
| Palo Alto Networks, Inc. <sup>(a)(b)</sup> | 2820 | 489552 |
| Spotify Technology SA <sup>(a)(b)</sup> | 864 | 541331 |
|  |  | 10056109 |
| **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** |  |
| Chipotle Mexican Grill, Inc. <sup>(a)(b)</sup> | 12890 | 552723 |
| Costco Wholesale Corporation <sup>(a)</sup> | 617 | 579758 |
| Dollar General Corporation | 5617 | 589223 |
| Fastenal Company <sup>(a)</sup> | 12455 | 574549 |
| Home Depot, Inc. <sup>(a)</sup> | 1331 | 489156 |
| Live Nation Entertainment, Inc. <sup>(b)</sup> | 2420 | 357434 |
| TJX Companies, Inc. <sup>(a)</sup> | 6175 | 768973 |
| Tractor Supply Company <sup>(a)</sup> | 9559 | 544385 |
| Ulta Beauty, Inc. <sup>(a)(b)</sup> | 903 | 465054 |
| W.W. Grainger, Inc. <sup>(a)</sup> | 597 | 620606 |
| Walmart, Inc. <sup>(a)</sup> | 5085 | 498228 |
| Warner Music Group Corporation - Class A | 17750 | 519365 |
|  |  | 6559454 |
| **Consumer, Non-cyclical - 26.0%<sup>(c)</sup>** | **Consumer, Non-cyclical - 26.0%<sup>(c)</sup>** |  |
| AbbVie, Inc. <sup>(a)</sup> | 5336 | 1008611 |
| Altria Group, Inc. <sup>(a)</sup> | 8306 | 514474 |
| Automatic Data Processing, Inc. <sup>(a)</sup> | 2797 | 865672 |
| Bristol-Myers Squibb Company | 8162 | 353496 |
| Cencora, Inc. <sup>(a)</sup> | 4518 | 1292509 |
| Centene Corporation <sup>(b)</sup> | 10234 | 266800 |
| Church & Dwight Company, Inc. <sup>(a)</sup> | 6353 | 595721 |
| Cigna Group | 1036 | 277006 |
| Cintas Corporation <sup>(a)</sup> | 2008 | 446880 |
| Clorox Company <sup>(a)</sup> | 4913 | 616876 |
| Coca-Cola Company <sup>(a)</sup> | 15365 | 1043130 |
| Colgate-Palmolive Company <sup>(a)</sup> | 11601 | 972744 |
| Elevance Health, Inc. | 744 | 210612 |
| Eli Lilly & Company <sup>(a)</sup> | 735 | 543951 |
| Gilead Sciences, Inc. | 4956 | 556509 |
| Hershey Company <sup>(a)</sup> | 4652 | 865877 |
| Johnson & Johnson <sup>(a)</sup> | 4754 | 783174 |
| Kellanova <sup>(a)</sup> | 13040 | 1040983 |
| Kimberly-Clark Corporation <sup>(a)</sup> | 7263 | 905115 |
| McKesson Corporation <sup>(a)</sup> | 1048 | 726830 |
| Merck & Company, Inc. <sup>(a)</sup> | 8521 | 665661 |
| Monster Beverage Corporation <sup>(a)(b)</sup> | 9669 | 568054 |
| PepsiCo, Inc. <sup>(a)</sup> | 6055 | 835106 |
| Philip Morris International, Inc. <sup>(a)</sup> | 4209 | 690486 |
| Procter & Gamble Company <sup>(a)</sup> | 4925 | 741065 |
| Rollins, Inc. <sup>(a)</sup> | 13720 | 785744 |
| Royalty Pharma PLC - Class A | 11644 | 428499 |
| Sysco Corporation <sup>(a)</sup> | 11469 | 912932 |
| UnitedHealth Group, Inc. <sup>(a)</sup> | 1443 | 360115 |
| Verisk Analytics, Inc. <sup>(a)</sup> | 3433 | 956811 |
| Vertex Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 1287 | 587992 |
|  |  | 21419435 |
| **Energy - 3.4%** | **Energy - 3.4%** |  |
| Cheniere Energy, Inc. <sup>(a)</sup> | 2936 | 692544 |
| Exxon Mobil Corporation <sup>(a)</sup> | 4936 | 551055 |
| Marathon Petroleum Corporation <sup>(a)</sup> | 5632 | 958510 |
| Williams Companies, Inc. <sup>(a)</sup> | 9778 | 586191 |
|  |  | 2788300 |
| **Financial - 13.7%** | **Financial - 13.7%** |  |
| Arch Capital Group, Ltd. <sup>(a)</sup> | 7559 | 650528 |
| Arthur J. Gallagher & Company <sup>(a)</sup> | 2251 | 646600 |
| Cboe Global Markets, Inc. | 4522 | 1089983 |
| Chubb, Ltd. <sup>(a)</sup> | 2968 | 789607 |
| CME Group, Inc. | 3827 | 1064978 |
| Hartford Insurance Group, Inc. <sup>(a)</sup> | 4765 | 592718 |
| Iron Mountain, Inc. <sup>(a)</sup> | 4338 | 422348 |
| Marsh & McLennan Companies, Inc. <sup>(a)</sup> | 3699 | 736841 |
| Mastercard, Inc. - Class A <sup>(a)</sup> | 1266 | 717151 |
| Progressive Corporation <sup>(a)</sup> | 3412 | 825840 |
| Rocket Companies, Inc. - Class A | 57722 | 852554 |
| Travelers Companies, Inc. <sup>(a)</sup> | 2281 | 593607 |
| Visa, Inc. - Class A <sup>(a)</sup> | 2105 | 727214 |
| W.R. Berkley Corporation <sup>(a)</sup> | 14293 | 983501 |
| Welltower, Inc. <sup>(a)</sup> | 3944 | 651036 |
|  |  | 11344506 |
| **Industrial - 6.2%** | **Industrial - 6.2%** |  |
| Garmin, Ltd. <sup>(a)</sup> | 1595 | 348922 |
| General Dynamics Corporation <sup>(a)</sup> | 2036 | 634438 |
| Honeywell International, Inc. <sup>(a)</sup> | 1698 | 377550 |
| Lockheed Martin Corporation <sup>(a)</sup> | 2516 | 1059186 |
| Republic Services, Inc. <sup>(a)</sup> | 3555 | 819961 |
| Trane Technologies PLC <sup>(a)</sup> | 1461 | 640035 |
| Waste Management, Inc. <sup>(a)</sup> | 3919 | 898078 |
| Westinghouse Air Brake Technologies Corporation <sup>(a)</sup> | 1842 | 353756 |
|  |  | 5131926 |
| **Technology - 23.7%** | **Technology - 23.7%** |  |
| Apple, Inc. <sup>(a)</sup> | 18034 | 3743317 |
| Broadridge Financial Solutions, Inc. | 2654 | 656892 |
| Datadog, Inc. - Class A <sup>(a)(b)</sup> | 5226 | 731535 |
| Electronic Arts, Inc. | 2289 | 349050 |
| Fiserv, Inc. <sup>(a)(b)</sup> | 3008 | 417932 |
| Fortinet, Inc. <sup>(a)(b)</sup> | 5238 | 523276 |
| Leidos Holdings, Inc. <sup>(a)</sup> | 5183 | 827466 |
| Microsoft Corporation <sup>(a)</sup> | 8970 | 4785495 |
| NVIDIA Corporation <sup>(a)</sup> | 28095 | 4997258 |
| Paychex, Inc. <sup>(a)</sup> | 4825 | 696392 |
| ServiceNow, Inc. <sup>(a)(b)</sup> | 1013 | 955381 |
| Veeva Systems, Inc. - Class A <sup>(b)</sup> | 1676 | 476319 |
| Workday, Inc. - Class A <sup>(b)</sup> | 1690 | 387652 |
|  |  | 19547965 |
| **Utilities - 1.5%** | **Utilities - 1.5%** |  |
| Entergy Corporation <sup>(a)</sup> | 6290 | 568804 |
| PPL Corporation | 18617 | 664441 |
|  |  | 1233245 |
| **TOTAL COMMON STOCKS** (Cost $77,192,995) | **TOTAL COMMON STOCKS** (Cost $77,192,995) | 79091234 |
| **SHORT-TERM INVESTMENTS - 3.3%** | **Shares** | **Value** |
| **Money Market Funds - 3.3%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.22%<sup>(d)</sup> | 2748787 | 2748787 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,748,787) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $2,748,787) | 2748787 |
| **TOTAL INVESTMENTS - 99.2% (**Cost $79,941,782**)** | **TOTAL INVESTMENTS - 99.2% (**Cost $79,941,782**)** | 81840021 |
| Other Assets in Excess of Liabilities - 0.8% | Other Assets in Excess of Liabilities - 0.8% | 664403 |
| **TOTAL NET ASSETS - 100.0%** |  | $82504424 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of July 31, 2025 is $48,924,873.

(b) Non-income producing security.

(c) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(d) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** | **Aptus Large Cap Upside ETF** |
| **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **Reference Entity** | **Counterparty** | **Pay/ Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)** | **Value/ Unrealized Appreciation (Depreciation)** |
| RCXTSOA6 <sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 01/26/2026 | $| 30691782 | $| (481727) |
| RCXTSOA6 <sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 09/08/2026 |  | 52451234 |  | 1143882 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $ | 662155 |
| There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. |
| EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. |
| <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Equity Futures Trend and Dynamic PutWrite Series 1 ("RCXTSOA6" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The Index generally is made up of S&P Index options and futures. As of July 31, 2025, the components of the Index are provided below. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: |  |  |
| **Description** | **Expiration Date** | **Number of Contracts Purchased/(Sold)** | **Notional Amount** | **Concentration %**<br> **of Exposure** |
| **Futures Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; E-mini S&P 500 September Index | 09/19/2025 | 6534 | $41650741 | 50.09% |
| **Total Futures Contracts** |  |  | 41650741 | 50.09% |
| **Option Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/01/2025 | (156.57) | (292) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6235 Index | 08/01/2025 | (89.25) | (207) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/01/2025 | (124.05) | (323) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6265 Index | 08/01/2025 | (191.19) | (897) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6275 Index | 08/01/2025 | (1359.08) | (8037) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6215 Index | 08/04/2025 | (88.93) | (391) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6235 Index | 08/04/2025 | (124.06) | (750) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/04/2025 | (544.62) | (3555) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6280 Index | 08/04/2025 | (155.95) | (1911) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6210 Index | 08/05/2025 | (192.09) | (1327) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6220 Index | 08/05/2025 | (88.94) | (698) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/05/2025 | (124.42) | (1045) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6230 Index | 08/05/2025 | (154.84) | (1384) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6195 Index | 08/06/2025 | (124.64) | (972) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6210 Index | 08/06/2025 | (89.19) | (820) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/06/2025 | (155.93) | (1701) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6180 Index | 08/07/2025 | (89.35) | (778) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/07/2025 | (156.16) | (2987) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6280 Index | 08/08/2025 | (155.45) | (4111) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/11/2025 | (155.13) | (4004) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6270 Index | 08/12/2025 | (155.55) | (4993) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/13/2025 | (155.40) | (4425) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/14/2025 | (155.90) | (5497) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6295 Index | 08/15/2025 | (155.56) | (7233) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6300 Index | 08/18/2025 | (155.01) | (7918) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6310 Index | 08/19/2025 | (155.07) | (8707) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6310 Index | 08/20/2025 | (154.98) | (9065) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/21/2025 | (154.94) | (12173) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/22/2025 | (154.07) | (12559) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6390 Index | 08/25/2025 | (154.02) | (14891) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6390 Index | 08/26/2025 | (153.58) | (15135) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6370 Index | 08/27/2025 | (153.63) | (14058) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/28/2025 | (153.97) | (14071) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6340 Index | 08/29/2025 | (154.16) | (13136) | -0.02% |
| **Total Options Contracts** |  |  | (180051) | -0.21% |
| **Cash** |  |  |  |  |
| Cash |  |  | 41672326 | 50.12% |
| **Total Underlying Positions** |  |  | $83143016 | 100.00% |

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#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Aptus Large Cap Upside 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 July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $79091234 | $– | $– | $79091234 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 2748787 | – | – | 2748787 |
| Total Investments | $81840021 | $– | $– | $81840021 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | $– | $1143882 | $– | $1143882 |
| Total Other Financial Instruments | $– | $1143882 | $– | $1143882 |
| **Liabilities:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | $– | $(481727) | $– | $(481727) |
| Total Other Financial Instruments | $– | $(481727) | $– | $(481727) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. |
| Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Total Return Swap Contracts 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:** Aptus Large Cap Upside ETF

- **b. EDGAR series identifier (if any):** S000088187

- **c. LEI of Series:** 529900R6MY5A8SVRPA55

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $82558719.92

**Total Liabilities:** $54296.37

**Net Assets:** $82504423.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254245 | 4.11%                | 4.99%                | 0.46%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-580448.47              | $2250758.77                                |
| Month 2  | $0.00                    | $1327568.02                                |
| Month 3  | $0.00                    | $-713054.92                                |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AT&T Inc                       | AT&T Inc                                 | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     29619 | NS      | $811856.79    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      5336 | NS      | $1008610.72   | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      8415 | NS      | $1970035.65   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora Inc                    | Cencora Inc                              | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      4518 | NS      | $1292509.44   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       744 | NS      | $210611.52    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18034 | NS      | $3743317.38   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |      2797 | NS      | $865671.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                  | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      8162 | NS      | $353496.22    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |      2654 | NS      | $656891.54    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc                  | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |      4522 | NS      | $1089982.88   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cigna Group/The                | Cigna Group/The                          | CUSIP: 125523100<br>LEI: 549300VIWYMSIGT1U456 | Long             | EC               | CORP              | US        |      1036 | NS      | $277005.68    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group Inc                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |      3827 | NS      | $1064977.56   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Church & Dwight Co Inc         | Church & Dwight Co Inc                   | CUSIP: 171340102<br>LEI: POOXSI30AWAQGYJZC921 | Long             | EC               | CORP              | US        |      6353 | NS      | $595720.81    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                        | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      8735 | NS      | $594678.80    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                              | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2008 | NS      | $446880.40    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                            | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |      4913 | NS      | $616876.28    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                         | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |     15365 | NS      | $1043129.85   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co                     | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     11601 | NS      | $972743.85    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                    | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |       617 | NS      | $579757.88    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                              | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      5226 | NS      | $731535.48    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corp            | Dollar General Corp                      | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |      5617 | NS      | $589223.30    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Electronic Arts Inc            | Electronic Arts Inc                      | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      2289 | NS      | $349049.61    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Entergy Corp                   | Entergy Corp                             | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      6290 | NS      | $568804.70    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc              | Expedia Group Inc                        | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2035 | NS      | $366747.70    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      4936 | NS      | $551055.04    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co                              | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     12455 | NS      | $574549.15    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   2748787 | NS      | $2748787.16   | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Arthur J Gallagher & Co        | Arthur J Gallagher & Co                  | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Long             | EC               | CORP              | US        |      2251 | NS      | $646599.75    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                      | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |      4956 | NS      | $556509.24    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| WW Grainger Inc                | WW Grainger Inc                          | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |       597 | NS      | $620605.38    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The         | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |      4765 | NS      | $592718.35    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co/The                           | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |      4652 | NS      | $865876.76    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                       | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      1331 | NS      | $489155.81    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1698 | NS      | $377550.30    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                        | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |      4338 | NS      | $422347.68    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      4754 | NS      | $783173.96    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kellanova                      | Kellanova                                | CUSIP: 487836108<br>LEI: LONOZNOJYIBXOHXWDB86 | Long             | EC               | CORP              | US        |     13040 | NS      | $1040983.20   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                      | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |      7263 | NS      | $905115.06    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Leidos Holdings Inc            | Leidos Holdings Inc                      | CUSIP: 525327102<br>LEI: 549300IUTGTP6EJP8124 | Long             | EC               | CORP              | US        |      5183 | NS      | $827465.95    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                           | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |       735 | NS      | $543951.45    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technol | Westinghouse Air Brake Technologies Corp | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |      1842 | NS      | $353756.10    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |      3944 | NS      | $651036.08    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The           | Williams Cos Inc/The                     | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |      9778 | NS      | $586191.10    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                              | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      1690 | NS      | $387652.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                   | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |      7559 | NS      | $650527.54    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |      1185 | NS      | $545408.10    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                               | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |      2589 | NS      | $342809.49    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3842 | NS      | $740968.12    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      4068 | NS      | $780649.20    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      8306 | NS      | $514473.64    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                         | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     14293 | NS      | $983501.33    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                             | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     10234 | NS      | $266800.38    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                      | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |      2936 | NS      | $692543.68    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc               | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12890 | NS      | $552723.20    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1119 | NS      | $865479.36    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |      3008 | NS      | $417931.52    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                   | Fortinet Inc                             | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      5238 | NS      | $523276.20    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corp          | General Dynamics Corp                    | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      2036 | NS      | $634437.96    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment Inc  | Live Nation Entertainment Inc            | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      2420 | NS      | $357434.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Lockheed Martin Corp           | Lockheed Martin Corp                     | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      2516 | NS      | $1059185.68   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp        | Marathon Petroleum Corp                  | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |      5632 | NS      | $958510.08    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                 | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |      3699 | NS      | $736840.80    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                           | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      1266 | NS      | $717151.02    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                            | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      1048 | NS      | $726829.92    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                         | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       327 | NS      | $776262.03    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8521 | NS      | $665660.52    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      8970 | NS      | $4785495.00   | 5.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Monster Beverage Corp          | Monster Beverage Corp                    | CUSIP: 61174X109<br>LEI: 52990090AP0E7HCB6F33 | Long             | EC               | CORP              | US        |      9669 | NS      | $568053.75    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                   | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      2096 | NS      | $920102.08    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |       738 | NS      | $855637.20    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     28095 | NS      | $4997257.65   | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corp                       | PPL Corp                                 | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |     18617 | NS      | $664440.73    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                   | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2820 | NS      | $489552.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                              | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      4825 | NS      | $696392.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      6055 | NS      | $835105.60    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In | Philip Morris International Inc          | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      4209 | NS      | $690486.45    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4925 | NS      | $741064.75    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      3412 | NS      | $825840.48    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3555 | NS      | $819960.75    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Cos Inc                 | Rocket Cos Inc                           | CUSIP: 77311W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57722 | NS      | $852553.94    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                    | Rollins Inc                              | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     13720 | NS      | $785744.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1013 | NS      | $955380.56    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                  | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      1405 | NS      | $464886.40    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Sysco Corp                     | Sysco Corp                               | CUSIP: 871829107<br>LEI: 5RGWIFLMGH3YS7KWI652 | Long             | EC               | CORP              | US        |     11469 | NS      | $912932.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      6175 | NS      | $768972.75    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                        | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |      9559 | NS      | $544385.05    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                    | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      2281 | NS      | $593607.44    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                | Ulta Beauty Inc                          | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       903 | NS      | $465054.03    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      1443 | NS      | $360115.08    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                        | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1676 | NS      | $476319.20    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Verisk Analytics Inc           | Verisk Analytics Inc                     | CUSIP: 92345Y106<br>LEI: 549300I1YSWNIRKBWP67 | Long             | EC               | CORP              | US        |      3433 | NS      | $956811.43    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      1287 | NS      | $587991.69    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2105 | NS      | $727214.35    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5085 | NS      | $498228.30    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Music Group Corp        | Warner Music Group Corp                  | CUSIP: 934550203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17750 | NS      | $519365.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                     | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |      3919 | NS      | $898078.04    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Royalty Pharma PLC             | Royalty Pharma PLC                       | CUSIP: N/A<br>LEI: 549300FGFN7VOK8BZR03       | Long             | EC               | CORP              | US        |     11644 | NS      | $428499.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC         | Trane Technologies PLC                   | CUSIP: N/A<br>LEI: 549300BURLR9SLYY2705       | Long             | EC               | CORP              | IE        |      1461 | NS      | $640034.88    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      2968 | NS      | $789606.72    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Garmin Ltd                     | Garmin Ltd                               | CUSIP: N/A<br>LEI: 2549001E0HIPIJQ0W046       | Long             | EC               | CORP              | CH        |      1595 | NS      | $348922.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                    | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Long             | EC               | CORP              | SE        |       864 | NS      | $541330.56    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | RCXTSOA6 TRS 012626                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $-481727.18   | -0.58%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | RCXTSOA6 TRS 090826                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1143882.62   | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer