# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016133
**Filing Date:** 2025-11
**Character Count:** 25484
**Document Hash:** 1f1405f5fb6b2a7e436b6da7fb7486e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016133.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016133

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251530637

**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

### Bahl & Gaynor Small Cap Dividend ETF (Series ID: S000089193)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000255707 | Bahl & Gaynor Small Cap Dividend ETF | SCDV            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Bahl & Gaynor Small Cap Dividend ETF** | **Bahl & Gaynor Small Cap Dividend ETF** | **Bahl & Gaynor Small Cap Dividend ETF** | **Bahl & Gaynor Small Cap Dividend ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.9%** | **COMMON STOCKS - 99.9%** | **Shares** | **Value**  |
| **Communication Services - 2.8%** | **Communication Services - 2.8%** | **Communication Services - 2.8%** | |
| New York Times Company - Class A | New York Times Company - Class A | 60863 | $3493536 |
| **Consumer Discretionary - 10.4%** | **Consumer Discretionary - 10.4%** | **Consumer Discretionary - 10.4%** |  |
| Gildan Activewear, Inc. | Gildan Activewear, Inc. | 119527 | 6908661 |
| Installed Building Products, Inc. | Installed Building Products, Inc. | 6813 | 1680494 |
| Meritage Homes Corporation | Meritage Homes Corporation | 14367 | 1040602 |
| Texas Roadhouse, Inc. | Texas Roadhouse, Inc. | 18930 | 3145219 |
|  |  |  | 12774976 |
| **Consumer Staples - 6.4%** | **Consumer Staples - 6.4%** | **Consumer Staples - 6.4%** |  |
| Interparfums, Inc. | Interparfums, Inc. | 22743 | 2237456 |
| Marzetti Company | Marzetti Company | 17145 | 2962485 |
| Utz Brands, Inc. | Utz Brands, Inc. | 225141 | 2735463 |
|  |  |  | 7935404 |
| **Energy - 2.0%** | **Energy - 2.0%** | **Energy - 2.0%** |  |
| DT Midstream, Inc. | DT Midstream, Inc. | 21816 | 2466517 |
| **Financials - 12.4%** | **Financials - 12.4%** | **Financials - 12.4%** |  |
| Evercore, Inc. - Class A | Evercore, Inc. - Class A | 16067 | 5419721 |
| Kinsale Capital Group, Inc. | Kinsale Capital Group, Inc. | 7625 | 3242608 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | 9111 | 1750496 |
| Victory Capital Holdings, Inc. - Class A | Victory Capital Holdings, Inc. - Class A | 74503 | 4824814 |
|  |  |  | 15237639 |
| **Health Care - 18.6%** | **Health Care - 18.6%** | **Health Care - 18.6%** |  |
| Chemed Corporation | Chemed Corporation | 11310 | 5063940 |
| Ensign Group, Inc. | Ensign Group, Inc. | 51638 | 8921497 |
| LeMaitre Vascular, Inc. | LeMaitre Vascular, Inc. | 35383 | 3096366 |
| Perrigo Company PLC | Perrigo Company PLC | 108810 | 2423199 |
| US Physical Therapy, Inc. | US Physical Therapy, Inc. | 40781 | 3464346 |
|  |  |  | 22969348 |
| **Industrials - 33.3%<sup>(a)</sup>** | **Industrials - 33.3%<sup>(a)</sup>** | **Industrials - 33.3%<sup>(a)</sup>** |  |
| AAON, Inc. | AAON, Inc. | 35233 | 3292172 |
| Applied Industrial Technologies, Inc. | Applied Industrial Technologies, Inc. | 9482 | 2475276 |
| BWX Technologies, Inc. | BWX Technologies, Inc. | 33379 | 6154086 |
| Curtiss-Wright Corporation | Curtiss-Wright Corporation | 13947 | 7572384 |
| Enpro, Inc. | Enpro, Inc. | 22077 | 4989402 |
| Federal Signal Corporation | Federal Signal Corporation | 54627 | 6500067 |
| MSA Safety, Inc. | MSA Safety, Inc. | 26753 | 4603389 |
| Tetra Tech, Inc. | Tetra Tech, Inc. | 136030 | 4540681 |
| UFP Industries, Inc. | UFP Industries, Inc. | 10063 | 940790 |
|  |  |  | 41068247 |
| **Information Technology - 4.4%** | **Information Technology - 4.4%** | **Information Technology - 4.4%** |  |
| Littelfuse, Inc. | Littelfuse, Inc. | 14848 | 3845780 |
| Universal Display Corporation | Universal Display Corporation | 10677 | 1533538 |
|  |  |  | 5379318 |
| **Materials - 5.0%** | **Materials - 5.0%** | **Materials - 5.0%** |  |
| AptarGroup, Inc. | AptarGroup, Inc. | 22793 | 3046512 |
| Balchem Corporation | Balchem Corporation | 12122 | 1819027 |
| Innospec, Inc. | Innospec, Inc. | 16973 | 1309637 |
|  |  |  | 6175176 |
| **Real Estate - 1.3%** | **Real Estate - 1.3%** | **Real Estate - 1.3%** |  |
| Terreno Realty Corporation | Terreno Realty Corporation | 28172 | 1598761 |
| **Utilities - 3.3%** | **Utilities - 3.3%** | **Utilities - 3.3%** |  |
| Chesapeake Utilities Corporation | Chesapeake Utilities Corporation | 30700 | 4134983 |
| **TOTAL COMMON STOCKS** (Cost $100,750,314) | **TOTAL COMMON STOCKS** (Cost $100,750,314) | **TOTAL COMMON STOCKS** (Cost $100,750,314) | 123233905 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 0.2%** | **U.S. TREASURY BILLS - 0.2%** | **Par** | **Value**  |
| 3.91%, 12/11/2025 <sup>(b)</sup> | 3.91%, 12/11/2025 <sup>(b)</sup> | 65000 | 64507 |
| 3.86%, 12/18/2025 <sup>(b)</sup> | 3.86%, 12/18/2025 <sup>(b)</sup> | 44000 | 43633 |
| 3.88%, 12/26/2025 <sup>(b)</sup> | 3.88%, 12/26/2025 <sup>(b)</sup> | 36000 | 35669 |
| 3.82%, 12/30/2025 <sup>(b)</sup> | 3.82%, 12/30/2025 <sup>(b)</sup> | 67000 | 66356 |
| **TOTAL U.S. TREASURY BILLS** (Cost $210,175) | **TOTAL U.S. TREASURY BILLS** (Cost $210,175) | **TOTAL U.S. TREASURY BILLS** (Cost $210,175) | 210165 |
| **TOTAL INVESTMENTS - 100.1% (**Cost $100,960,489**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $100,960,489**)** | **TOTAL INVESTMENTS - 100.1% (**Cost $100,960,489**)** | 123444070 |
| Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | Liabilities in Excess of Other Assets - (0.1)% | (86160) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $123357910 |
| two | two | two | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

PLC - Public Limited Company<br>

(a) 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.

(b) Zero coupon bond, the rate shown is the annualized yield as of September 30, 2025.

------

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Bahl & Gaynor Small Cap Dividend 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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $123233905 | $– | $– | $123233905 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 210165 | – | 210165 |
| Total Investments | $123233905 | $210165 | $– | $123444070 |
| 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:** Bahl & Gaynor Small Cap Dividend ETF

- **b. EDGAR series identifier (if any):** S000089193

- **c. LEI of Series:** 5299003YU3Y52B8BIR71

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $123701582.67

**Total Liabilities:** $343582.85

**Net Assets:** $123357999.82

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255707 | 1.63%                | 3.60%                | -0.04%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5809953.38              | $-3892631.84                               |
| Month 2  | $941213.36               | $3169836.52                                |
| Month 3  | $1083373.88              | $-1189848.15                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Applied Industrial Technologie | Applied Industrial Technologies Inc | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |      9482 | NS      | $2475276.10   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums Inc                    | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22743 | NS      | $2237456.34   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The           | Marzetti Company/The                | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |     17145 | NS      | $2962484.55   | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries Inc                  | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     10063 | NS      | $940789.87    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     44000 | PA      | $43632.37     | 0.04%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                      | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Long             | EC               | CORP              | US        |     22793 | NS      | $3046512.38   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                        | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     12122 | NS      | $1819027.32   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                    | Chemed Corp                         | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |     11310 | NS      | $5063939.40   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp      | Chesapeake Utilities Corp           | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     30700 | NS      | $4134983.00   | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Curtiss-Wright Corp            | Curtiss-Wright Corp                 | CUSIP: 231561101<br>LEI: TEL51ETZWP7D0ZM4X325 | Long             | EC               | CORP              | US        |     13947 | NS      | $7572384.18   | 6.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                        | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |     16067 | NS      | $5419720.44   | 4.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc      | Kinsale Capital Group Inc           | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      7625 | NS      | $3242607.50   | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc          | LeMaitre Vascular Inc               | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     35383 | NS      | $3096366.33   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc        | US Physical Therapy Inc             | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     40781 | NS      | $3464345.95   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     36000 | PA      | $35669.14     | 0.03%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc        | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |     74503 | NS      | $4824814.28   | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Innospec Inc                   | Innospec Inc                        | CUSIP: 45768S105<br>LEI: 213800SQBACNY5IWJO68 | Long             | EC               | CORP              | US        |     16973 | NS      | $1309636.68   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc     | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Long             | EC               | CORP              | US        |      6813 | NS      | $1680494.58   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill         | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     65000 | PA      | $64507.09     | 0.05%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                 | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     14367 | NS      | $1040601.81   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The          | New York Times Co/The               | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     60863 | NS      | $3493536.20   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp         | Universal Display Corp              | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10677 | NS      | $1533537.51   | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                 | Utz Brands Inc                      | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    225141 | NS      | $2735463.15   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                            | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35233 | NS      | $3292171.52   | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Enpro Inc                      | Enpro Inc                           | CUSIP: 29355X107<br>LEI: 549300Y5CFT2LKCFDN54 | Long             | EC               | CORP              | US        |     22077 | NS      | $4989402.00   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Signal Corp            | Federal Signal Corp                 | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |     54627 | NS      | $6500066.73   | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse Inc                      | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |     14848 | NS      | $3845780.48   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc    | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |      9111 | NS      | $1750496.43   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28172 | NS      | $1598761.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                      | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    136030 | NS      | $4540681.40   | 3.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                 | Perrigo Co PLC                      | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |    108810 | NS      | $2423198.70   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc           | BWX Technologies Inc                | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     33379 | NS      | $6154086.23   | 4.99%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                    | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21816 | NS      | $2466516.96   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The           | Ensign Group Inc/The                | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     51638 | NS      | $8921497.26   | 7.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc               | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |    119527 | NS      | $6908660.60   | 5.60%             |  |  |  | No            |                  1 | On Loan: No      |
| MSA Safety Inc                 | MSA Safety Inc                      | CUSIP: 553498106<br>LEI: 529900DVA3258XK11O39 | Long             | EC               | CORP              | US        |     26753 | NS      | $4603388.71   | 3.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                 | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     18930 | NS      | $3145219.50   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer