# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-012366
**Filing Date:** 2023-2
**Character Count:** 64415
**Document Hash:** d7af850eb85d089c28e0eaf1a4649937
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012366.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012366

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 23679256

**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

### Distillate Small/Mid Cash Flow ETF (Series ID: S000077110)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000237276 | Distillate Small/Mid Cash Flow ETF | DSMC            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Distillate Small/Mid Cash Flow ETF** | **Distillate Small/Mid Cash Flow ETF** | **Distillate Small/Mid Cash Flow ETF** | |
| Schedule of Investments | Schedule of Investments | Schedule of Investments |  |
| December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) | December 31, 2022 (Unaudited) |  |
| **Shares** |  | **Security Description** | **Value** |
|  |  | **COMMON STOCKS - 97.7%** |  |
|  |  | **Basic Materials - 8.1%** |  |
| 3066 |  | American Vanguard Corporation | $66563 |
| 1386 |  | Celanese Corporation | 141704 |
| 3297 |  | Chemours Company | 100954 |
| 1827 |  | Eastman Chemical Company | 148791 |
| 3297 |  | Huntsman Corporation | 90602 |
| 1323 |  | Minerals Technologies, Inc. | 80333 |
| 2289 |  | Olin Corporation | 121180 |
| 630 |  | Reliance Steel & Aluminum Company | 127537 |
| 2562 |  | Sylvamo Corporation | 124488 |
| 1407 |  | Westlake Corporation | 144274 |
|  |  |  | 1146426 |
|  |  | **Communications - 2.5%** |  |
| 6573 |  | Interpublic Group of Companies, Inc. | 218947 |
| 2352 |  | Overstock.com, Inc. (a) | 45535 |
| 1176 |  | Ziff Davis, Inc. (a) | 93021 |
|  |  |  | 357503 |
|  |  | **Consumer, Cyclical - 33.5% (b)** |  |
| 4389 |  | Abercrombie & Fitch Company (a) | 100552 |
| 2205 |  | Academy Sports & Outdoors, Inc. | 115851 |
| 2079 |  | Alaska Air Group, Inc. (a) | 89272 |
| 8211 |  | American Eagle Outfitters, Inc. | 114626 |
| 1617 |  | AutoNation, Inc. (a) | 173504 |
| 2163 |  | Buckle, Inc. | 98092 |
| 2583 |  | Caleres, Inc. | 57549 |
| 1197 |  | Carter's, Inc. | 89308 |
| 294 |  | Cavco Industries, Inc. (a) | 66517 |
| 13797 |  | Chico's FAS, Inc. (a) | 67881 |
| 1134 |  | Dick's Sporting Goods, Inc. | 136409 |
| 336 |  | Dillard's, Inc. - Class A | 108595 |
| 3087 |  | Foot Locker, Inc. | 116658 |
| 1617 |  | Genesco, Inc. (a) | 74414 |
| 3297 |  | Gentex Corporation | 89909 |
| 4515 |  | G-III Apparel Group, Ltd. (a) | 61901 |
| 1239 |  | Hibbett, Inc. | 84525 |
| 2394 |  | HNI Corporation | 68061 |
| 2415 |  | Kontoor Brands, Inc. | 96576 |
| 3003 |  | La-Z-Boy, Inc. | 68528 |
| 8232 |  | Macy's, Inc. | 169991 |
| 1260 |  | Malibu Boats, Inc. - Class A (a) | 67158 |
| 2289 |  | MarineMax, Inc. (a) | 71463 |
| 1638 |  | Methode Electronics, Inc. | 72678 |
| 1932 |  | Nu Skin Enterprises, Inc. - Class A | 81453 |
| 2079 |  | ODP Corporation (a) | 94678 |
| 672 |  | Oxford Industries, Inc. | 62617 |
| 3717 |  | PulteGroup, Inc. | 169235 |
| 2163 |  | PVH Corporation | 152686 |
| 924 |  | Ralph Lauren Corporation | 97639 |
| 1827 |  | Rush Enterprises, Inc. - Class A | 95516 |
| 5796 |  | Sally Beauty Holdings, Inc. (a) | 72566 |
| 2058 |  | Signet Jewelers, Ltd. | 139944 |
| 3507 |  | Tapestry, Inc. | 133547 |
| 4179 |  | Taylor Morrison Home Corporation (a) | 126833 |
| 1260 |  | Thor Industries, Inc. | 95117 |
| 2646 |  | Toll Brothers, Inc. | 132088 |
| 5418 |  | Tri Pointe Homes, Inc. (a) | 100720 |
| 11508 |  | Under Armour, Inc. - Class A (a) | 116921 |
| 3759 |  | Urban Outfitters, Inc. (a) | 89652 |
| 714 |  | Veritiv Corporation | 86901 |
| 2856 |  | Victoria's Secret & Company (a) | 102188 |
| 2772 |  | Vista Outdoor, Inc. (a) | 67554 |
| 1008 |  | Whirlpool Corporation | 142592 |
| 1071 |  | Williams-Sonoma, Inc. | 123079 |
| 1239 |  | Winnebago Industries, Inc. | 65295 |
| 2646 |  | Xperi, Inc. (a) | 22782 |
| 2268 |  | YETI Holdings, Inc. (a) | 93691 |
|  |  |  | 4725312 |
|  |  | **Consumer, Non-Cyclical - 15.1%** |  |
| 1932 |  | ABM Industries, Inc. | 85819 |
| 735 |  | Amedisys, Inc. (a) | 61402 |
| 3087 |  | DENTSPLY SIRONA, Inc. | 98290 |
| 945 |  | Euronet Worldwide, Inc. (a) | 89189 |
| 4473 |  | Exelixis, Inc. (a) | 71747 |
| 1785 |  | Fulgent Genetics, Inc. (a) | 53157 |
| 3129 |  | Green Dot Corporation - Class A (a) | 49501 |
| 5103 |  | Healthcare Services Group, Inc. | 61236 |
| 6552 |  | Innoviva, Inc. (a) | 86814 |
| 6111 |  | Ironwood Pharmaceuticals, Inc. (a) | 75715 |
| 1911 |  | John Wiley & Sons, Inc. - Class A | 76555 |
| 1554 |  | Korn Ferry | 78664 |
| 1596 |  | ManpowerGroup, Inc. | 132803 |
| 546 |  | Medifast, Inc. | 62981 |
| 3969 |  | Pediatrix Medical Group, Inc. (a) | 58980 |
| 2142 |  | Premier, Inc. - Class A | 74927 |
| 5229 |  | PROG Holdings, Inc. (a) | 88318 |
| 1113 |  | QuidelOrtho Corporation (a) | 95351 |
| 3693 |  | Rentokil Initial plc - ADR | 113781 |
| 1155 |  | Robert Half International, Inc. | 85274 |
| 2205 |  | SpartanNash Company | 66679 |
| 2877 |  | Sprouts Farmers Market, Inc. (a) | 93128 |
| 1008 |  | Strategic Education, Inc. | 78947 |
| 1491 |  | Stride, Inc. (a) | 46638 |
| 1848 |  | Supernus Pharmaceuticals, Inc. (a) | 65918 |
| 1092 |  | TriNet Group, Inc. (a) | 74038 |
| 651 |  | WEX, Inc. (a) | 106536 |
|  |  |  | 2132388 |
|  |  | **Energy - 4.0%** |  |
| 1869 |  | California Resources Corporation | 81320 |
| 15414 |  | Helix Energy Solutions Group, Inc. (a) | 113755 |
| 1953 |  | Helmerich & Payne, Inc. | 96810 |
| 6384 |  | NOW, Inc. (a) | 81077 |
| 3696 |  | Peabody Energy Corporation (a) | 97648 |
| 2457 |  | Warrior Met Coal, Inc. | 85111 |
|  |  |  | 555721 |
|  |  | **Financial - 4.7%** |  |
| 2835 |  | Artisan Partners Asset Management, Inc. - Class A | 84199 |
| 2142 |  | Federated Hermes, Inc. | 77776 |
| 714 |  | Jones Lang LaSalle, Inc. (a) | 113790 |
| 1785 |  | SEI Investments Company | 104066 |
| 3087 |  | Victory Capital Holdings, Inc. - Class A | 82824 |
| 441 |  | Virtus Investment Partners, Inc. | 84425 |
| 8715 |  | Western Union Company | 120006 |
|  |  |  | 667086 |
|  |  | **Industrial - 22.4%** |  |
| 1806 |  | A.O. Smith Corporation | 103375 |
| 525 |  | Acuity Brands, Inc. | 86945 |
| 1722 |  | Aerojet Rocketdyne Holdings, Inc. (a) | 96311 |
| 1995 |  | Altra Industrial Motion Corporation | 119201 |
| 1596 |  | Apogee Enterprises, Inc. | 70958 |
| 882 |  | ArcBest Corporation | 61775 |
| 1134 |  | Arrow Electronics, Inc. (a) | 118582 |
| 945 |  | Atkore, Inc. (a) | 107182 |
| 840 |  | Atlas Air Worldwide Holdings, Inc. (a) | 84672 |
| 2268 |  | Barnes Group, Inc. | 92648 |
| 1281 |  | Boise Cascade Company | 87966 |
| 882 |  | Crane Holdings Company | 88597 |
| 8673 |  | DHT Holdings, Inc. | 77016 |
| 777 |  | Eagle Materials, Inc. | 103224 |
| 735 |  | EMCOR Group, Inc. | 108861 |
| 525 |  | Encore Wire Corporation | 72219 |
| 3171 |  | Frontdoor, Inc. (a) | 65957 |
| 21252 |  | GrafTech International, Ltd. | 101160 |
| 2058 |  | Hillenbrand, Inc. | 87815 |
| 4893 |  | Knowles Corporation (a) | 80343 |
| 1890 |  | Louisiana-Pacific Corporation | 111888 |
| 1470 |  | MasTec, Inc. (a) | 125435 |
| 1260 |  | Matson, Inc. | 78763 |
| 1302 |  | Mohawk Industries, Inc. (a) | 133090 |
| 1302 |  | Oshkosh Corporation | 114823 |
| 1386 |  | Owens Corning | 118226 |
| 1512 |  | Sanmina Corporation (a) | 86624 |
| 1176 |  | Sturm Ruger & Company, Inc. | 59529 |
| 1428 |  | TD SYNNEX Corporation | 135246 |
| 4830 |  | TTM Technologies, Inc. (a) | 72836 |
| 1029 |  | UFP Industries, Inc. | 81548 |
| 3801 |  | Vishay Intertechnology, Inc. | 81988 |
| 4200 |  | WestRock Company | 147672 |
|  |  |  | 3162475 |
|  |  | **Technology - 7.4%** |  |
| 357 |  | CACI International, Inc. - Class A (a) | 107310 |
| 1659 |  | Donnelley Financial Solutions, Inc. (a) | 64120 |
| 6594 |  | DXC Technology Company (a) | 174741 |
| 798 |  | IPG Photonics Corporation (a) | 75547 |
| 1638 |  | Kulicke & Soffa Industries, Inc. | 72498 |
| 1197 |  | Lumentum Holdings, Inc. (a) | 62448 |
| 945 |  | MKS Instruments, Inc. | 80070 |
| 2163 |  | NetScout Systems, Inc. (a) | 70319 |
| 1407 |  | Qorvo, Inc. (a) | 127530 |
| 3717 |  | SMART Global Holdings, Inc. (a) | 55309 |
| 1512 |  | TTEC Holdings, Inc. | 66725 |
| 2352 |  | Ultra Clean Holdings, Inc. (a) | 77969 |
|  |  |  | 1034586 |
|  |  | TOTAL COMMON STOCKS (Cost $13,141,828) | 13781497 |
|  |  | **MASTER LIMITED PARTNERSHIPS - 1.5%** |  |
|  |  | **Energy - 1.0%** |  |
| 3150 |  | Alliance Resource Partners LP | 64008 |
| 4641 |  | Black Stone Minerals LP | 78294 |
|  |  |  | 142302 |
|  |  | **Financial - 0.5%** |  |
| 2121 |  | AllianceBernstein Holding LP | 72899 |
|  |  | TOTAL MASTER LIMITED PARTNERSHIPS (Cost $228,348) | 215201 |
|  |  | **SHORT-TERM INVESTMENTS - 0.7%** |  |
| 103730 |  | First American Government Obligations Fund - Class X, 4.09% (c) | 103730 |
|  |  | TOTAL SHORT-TERM INVESTMENTS (Cost $103,730) <br>| 103730 |
|  |  | TOTAL INVESTMENTS - 99.9% (Cost $13,473,906) | 14100428 |
|  |  | Other Assets in Excess of Liabilities - 0.1% | 18193 |
|  |  | NET ASSETS - 100.0% | $14118621 |
|  | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;ADR <br>| American Depositary Receipt. |  |
|  | (a) <br>| Non-income producing security. |  |
|  | (b) <br>| To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. |  |
|  | (c) <br>| Rate shown is the annualized seven-day yield as of December 31, 2022. |  |

---

------

 **Summary of Fair Value Disclosure at December 31, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.<br> Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.<br>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.<br>To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.<br>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.<br>The following is a summary of the inputs used to value the Fund's investments as of December 31, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | Total |
| Common Stocks | $13781497 | $- | $- | $13781497 |
| Master Limited Partnerships | 215201 | - | - | 215201 |
| Short-Term Investments | 103730 | - | - | 103730 |
| Total Investments in Securities | $14100428 | $- | $- | $14100428 |
| ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. | ^ See Schedule of Investments for breakout of investments by sector classifications. |  |
| For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended December 31, 2022, the Fund did not recognize any transfers to or from Level 3. |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Distillate Small/Mid Cash Flow ETF

- **b. EDGAR series identifier (if any):** S000077110

- **c. LEI of Series:** 549300RXDI4OKGXIK130

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**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:** $14830292.17

**Total Liabilities:** $711662.44

**Net Assets:** $14118629.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237276 | 5.80%                | 8.65%                | -5.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-33195.22               | $573824.99                                 |
| Month 2  | $0.00                    | $914605.56                                 |
| Month 3  | $91049.79                | $-861908.43                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Minerals Technologies Inc      | Minerals Technologies Inc                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      1323 | NS      | $80332.56     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc          | Mohawk Industries Inc                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      1302 | NS      | $133090.44    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems Inc                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |      2163 | NS      | $70319.13     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| NOW Inc                        | NOW Inc                                    | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |      6384 | NS      | $81076.80     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Nu Skin Enterprises Inc        | Nu Skin Enterprises Inc                    | CUSIP: 67018T105<br>LEI: 54930050DETB6CP71D38 | Long             | EC               | CORP              | US        |      1932 | NS      | $81453.12     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                      | Olin Corp                                  | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |      2289 | NS      | $121179.66    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                               | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |      1302 | NS      | $114823.38    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Overstock.com Inc              | Overstock.com Inc                          | CUSIP: 690370101<br>LEI: 549300ACR0DL9U7EI710 | Long             | EC               | CORP              | US        |      2352 | NS      | $45534.72     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |      1386 | NS      | $118225.80    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc          | Oxford Industries Inc                      | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |       672 | NS      | $62616.96     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| PVH Corp                       | PVH Corp                                   | CUSIP: 693656100<br>LEI: 123WALMHY1GZXG2YDL90 | Long             | EC               | CORP              | US        |      2163 | NS      | $152686.17    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Peabody Energy Corp            | Peabody Energy Corp                        | CUSIP: 704551100<br>LEI: EJCO258LNNVSKAR2JX59 | Long             | EC               | CORP              | US        |      3696 | NS      | $97648.32     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Premier Inc                    | Premier Inc                                | CUSIP: 74051N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2142 | NS      | $74927.16     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc              | PROG Holdings Inc                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      5229 | NS      | $88317.81     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                             | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3717 | NS      | $169235.01    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      1407 | NS      | $127530.48    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ralph Lauren Corp              | Ralph Lauren Corp                          | CUSIP: 751212101<br>LEI: HO1QNWM0IXBZ0QSMMO20 | Long             | EC               | CORP              | US        |       924 | NS      | $97639.08     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Steel & Aluminum Co   | Reliance Steel & Aluminum Co               | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |       630 | NS      | $127537.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Rentokil Initial PLC           | Rentokil Initial PLC                       | CUSIP: 760125104<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |      3693 | NS      | $113781.33    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Robert Half International Inc  | Robert Half International Inc              | CUSIP: 770323103<br>LEI: 529900VPCUY9H3HLIC08 | Long             | EC               | CORP              | US        |      1155 | NS      | $85273.65     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc           | Rush Enterprises Inc                       | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |      1827 | NS      | $95515.56     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co             | SEI Investments Co                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      1785 | NS      | $104065.50    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings Inc                  | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |      5796 | NS      | $72565.92     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                               | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |      1512 | NS      | $86622.48     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| A O Smith Corp                 | A O Smith Corp                             | CUSIP: 831865209<br>LEI: 549300XG4US7UJNECY36 | Long             | EC               | CORP              | US        |      1806 | NS      | $103375.44    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SpartanNash Co                 | SpartanNash Co                             | CUSIP: 847215100<br>LEI: 549300TV3QCCSQLF5X16 | Long             | EC               | CORP              | US        |      2205 | NS      | $66679.20     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc     | Sprouts Farmers Market Inc                 | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |      2877 | NS      | $93128.49     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc        | Strategic Education Inc                    | CUSIP: 86272C103<br>LEI: 0PYXF82EO1UCNGL5I740 | Long             | EC               | CORP              | US        |      1008 | NS      | $78946.56     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                     | Stride Inc                                 | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |      1491 | NS      | $46638.48     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc           | Sturm Ruger & Co Inc                       | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      1176 | NS      | $59529.12     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc               | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |      1848 | NS      | $65918.16     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                   | Sylvamo Corp                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      2562 | NS      | $124487.58    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                 | TD SYNNEX Corp                             | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |      1428 | NS      | $135245.88    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc           | Tri Pointe Homes Inc                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5418 | NS      | $100720.62    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc           | TTM Technologies Inc                       | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      4830 | NS      | $72836.40     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                   | Tapestry Inc                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      3507 | NS      | $133546.56    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      4179 | NS      | $126832.65    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                   | ODP Corp/The                               | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2079 | NS      | $94677.66     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc            | Thor Industries Inc                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      1260 | NS      | $95117.40     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      2646 | NS      | $132088.32    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| TriNet Group Inc               | TriNet Group Inc                           | CUSIP: 896288107<br>LEI: 5299003FJVBETSFKE990 | Long             | EC               | CORP              | US        |      1092 | NS      | $74037.60     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| TTEC Holdings Inc              | TTEC Holdings Inc                          | CUSIP: 89854H102<br>LEI: GTJS1N8S8I28A7L4WG97 | Long             | EC               | CORP              | US        |      1512 | NS      | $66724.56     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc             | UFP Industries Inc                         | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |      1029 | NS      | $81548.25     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc       | Ultra Clean Holdings Inc                   | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |      2352 | NS      | $77968.80     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Under Armour Inc               | Under Armour Inc                           | CUSIP: 904311107<br>LEI: 549300D4549QKWETZ406 | Long             | EC               | CORP              | US        |     11508 | NS      | $116921.28    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters Inc                       | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |      3759 | NS      | $89652.15     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Veritiv Corp                   | Veritiv Corp                               | CUSIP: 923454102<br>LEI: 529900VQARHWQROHAS58 | Long             | EC               | CORP              | US        |       714 | NS      | $86900.94     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Victoria's Secret & Co         | Victoria's Secret & Co                     | CUSIP: 926400102<br>LEI: 5493006T3O70U3UWVF17 | Long             | EC               | CORP              | US        |      2856 | NS      | $102187.68    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc               | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      3087 | NS      | $82824.21     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc | Virtus Investment Partners Inc             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |       441 | NS      | $84425.04     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc     | Vishay Intertechnology Inc                 | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |      3801 | NS      | $81987.57     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc              | Vista Outdoor Inc                          | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |      2772 | NS      | $67553.64     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal Inc                       | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |      2457 | NS      | $85110.48     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Union Co/The           | Western Union Co/The                       | CUSIP: 959802109<br>LEI: 28ID94QU1140NC23S047 | Long             | EC               | CORP              | US        |      8715 | NS      | $120005.55    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                              | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Long             | EC               | CORP              | US        |      1407 | NS      | $144273.78    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Westrock Co                    | Westrock Co                                | CUSIP: 96145D105<br>LEI: 5493004Z9TCQW68YVL89 | Long             | EC               | CORP              | US        |      4200 | NS      | $147672.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                        | WEX Inc                                    | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |       651 | NS      | $106536.15    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Whirlpool Corp                 | Whirlpool Corp                             | CUSIP: 963320106<br>LEI: WHENKOULSSK7WUM60H03 | Long             | EC               | CORP              | US        |      1008 | NS      | $142591.68    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |      1911 | NS      | $76554.66     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                        | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |      1071 | NS      | $123079.32    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc       | Winnebago Industries Inc                   | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |      1239 | NS      | $65295.30     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Xperi Inc                      | Xperi Inc                                  | CUSIP: 98423J101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2646 | NS      | $22782.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |      2268 | NS      | $93691.08     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd                        | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |      2058 | NS      | $139944.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SMART Global Holdings Inc      | SMART Global Holdings Inc                  | CUSIP: N/A<br>LEI: 529900RDGHQY8XKXPN14       | Long             | EC               | CORP              | US        |      3717 | NS      | $55308.96     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                           | CUSIP: N/A<br>LEI: 549300SMD6IVZYT74K40       | Long             | EC               | CORP              | BM        |      8673 | NS      | $77016.24     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc             | ABM Industries Inc                         | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |      1932 | NS      | $85819.44     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co                     | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |      4389 | NS      | $100551.99    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc              | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2205 | NS      | $115850.70    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Brands Inc              | Acuity Brands Inc                          | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       525 | NS      | $86945.25     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerojet Rocketdyne Holdings In | Aerojet Rocketdyne Holdings Inc            | CUSIP: 007800105<br>LEI: 549300VULNLWHE8QWI76 | Long             | EC               | CORP              | US        |      1722 | NS      | $96311.46     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                       | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |      2079 | NS      | $89272.26     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners LP  | Alliance Resource Partners LP              | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |      3150 | NS      | $64008.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| AllianceBernstein Holding LP   | AllianceBernstein Holding LP               | CUSIP: 01881G106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2121 | NS      | $72898.77     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Altra Industrial Motion Corp   | Altra Industrial Motion Corp               | CUSIP: 02208R106<br>LEI: NQ0NIXPGW4YKG4MWM571 | Long             | EC               | CORP              | US        |      1995 | NS      | $119201.25    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Amedisys Inc                   | Amedisys Inc                               | CUSIP: 023436108<br>LEI: 5299001RBS9GK9STN379 | Long             | EC               | CORP              | US        |       735 | NS      | $61401.90     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters Inc              | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |      8211 | NS      | $114625.56    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| American Vanguard Corp         | American Vanguard Corp                     | CUSIP: 030371108<br>LEI: 529900GWI78WZA5M9783 | Long             | EC               | CORP              | US        |      3066 | NS      | $66562.86     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc                     | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      1596 | NS      | $70958.16     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp                               | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |       882 | NS      | $61775.28     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics Inc                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      1134 | NS      | $118582.38    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc      | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |      2835 | NS      | $84199.50     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                     | Atkore Inc                                 | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |       945 | NS      | $107181.90    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Air Worldwide Holdings I | Atlas Air Worldwide Holdings Inc           | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |       840 | NS      | $84672.00     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                             | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1617 | NS      | $173504.10    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Barnes Group Inc               | Barnes Group Inc                           | CUSIP: 067806109<br>LEI: G1MSYD2DQZX30V5DMX12 | Long             | EC               | CORP              | US        |      2268 | NS      | $92647.80     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Stone Minerals LP        | Black Stone Minerals LP                    | CUSIP: 09225M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4641 | NS      | $78293.67     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co               | Boise Cascade Co                           | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      1281 | NS      | $87966.27     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |      2163 | NS      | $98092.05     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CACI International Inc         | CACI International Inc                     | CUSIP: 127190304<br>LEI: SYRPI2D1O9WRTS2WX210 | Long             | EC               | CORP              | US        |       357 | NS      | $107310.63    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                    | Caleres Inc                                | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |      2583 | NS      | $57549.24     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1869 | NS      | $81320.19     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                               | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |      1197 | NS      | $89308.17     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc           | Cavco Industries Inc                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       294 | NS      | $66517.50     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Celanese Corp                  | Celanese Corp                              | CUSIP: 150870103<br>LEI: 549300FHJQTDPPN41627 | Long             | EC               | CORP              | US        |      1386 | NS      | $141704.64    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co/The                            | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Long             | EC               | CORP              | US        |      3297 | NS      | $100954.14    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Chico's FAS Inc                | Chico's FAS Inc                            | CUSIP: 168615102<br>LEI: 5299003ESGN5T1MFXY13 | Long             | EC               | CORP              | US        |     13797 | NS      | $67881.24     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| QuidelOrtho Corp               | QuidelOrtho Corp                           | CUSIP: 219798105<br>LEI: 549300YU8CMO9HF53113 | Long             | EC               | CORP              | US        |      1113 | NS      | $95350.71     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Holdings Co              | Crane Holdings Co                          | CUSIP: 224441105<br>LEI: 549300EXNPSXEWUD3N21 | Long             | EC               | CORP              | US        |       882 | NS      | $88596.90     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co                          | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |      6594 | NS      | $174741.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc            | DENTSPLY SIRONA Inc                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      3087 | NS      | $98290.08     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc      | Dick's Sporting Goods Inc                  | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      1134 | NS      | $136408.86    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                  | Dillard's Inc                              | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       336 | NS      | $108595.20    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions  | Donnelley Financial Solutions Inc          | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      1659 | NS      | $64120.35     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc            | Eagle Materials Inc                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       777 | NS      | $103224.45    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastman Chemical Co            | Eastman Chemical Co                        | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |      1827 | NS      | $148790.88    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                            | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       735 | NS      | $108860.85    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Encore Wire Corp               | Encore Wire Corp                           | CUSIP: 292562105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       525 | NS      | $72219.00     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide Inc                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |       945 | NS      | $89189.10     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                   | Exelixis Inc                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      4473 | NS      | $71746.92     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc           | Federated Hermes Inc                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      2142 | NS      | $77776.02     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    140594 | NS      | $140593.68    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Foot Locker Inc                | Foot Locker Inc                            | CUSIP: 344849104<br>LEI: 549300X383CBNP6MTV94 | Long             | EC               | CORP              | US        |      3087 | NS      | $116657.73    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor Inc                              | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3171 | NS      | $65956.80     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulgent Genetics Inc           | Fulgent Genetics Inc                       | CUSIP: 359664109<br>LEI: 549300CL6P01M68QJ404 | Long             | EC               | CORP              | US        |      1785 | NS      | $53157.30     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                    | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |      4515 | NS      | $61900.65     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesco Inc                    | Genesco Inc                                | CUSIP: 371532102<br>LEI: 549300VY2Q511P1K5P56 | Long             | EC               | CORP              | US        |      1617 | NS      | $74414.34     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                    | Gentex Corp                                | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      3297 | NS      | $89909.19     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| GrafTech International Ltd     | GrafTech International Ltd                 | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |     21252 | NS      | $101159.52    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Dot Corp                 | Green Dot Corp                             | CUSIP: 39304D102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3129 | NS      | $49500.78     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HNI Corp                       | HNI Corp                                   | CUSIP: 404251100<br>LEI: 549300SKRADLC4O5HV93 | Long             | EC               | CORP              | US        |      2394 | NS      | $68061.42     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc  | Healthcare Services Group Inc              | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |      5103 | NS      | $61236.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I | Helix Energy Solutions Group Inc           | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |     15414 | NS      | $113755.32    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne Inc                      | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      1953 | NS      | $96810.21     | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Hibbett Inc                    | Hibbett Inc                                | CUSIP: 428567101<br>LEI: 529900RD6P643J1CZM55 | Long             | EC               | CORP              | US        |      1239 | NS      | $84524.58     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillenbrand Inc                | Hillenbrand Inc                            | CUSIP: 431571108<br>LEI: U246OE781574J2BUD366 | Long             | EC               | CORP              | US        |      2058 | NS      | $87814.86     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntsman Corp                  | Huntsman Corp                              | CUSIP: 447011107<br>LEI: 5299000V56320A7RIQ67 | Long             | EC               | CORP              | US        |      3297 | NS      | $90601.56     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| IPG Photonics Corp             | IPG Photonics Corp                         | CUSIP: 44980X109<br>LEI: 5493002KZ51CADQ94G15 | Long             | EC               | CORP              | US        |       798 | NS      | $75546.66     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                   | Innoviva Inc                               | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |      6552 | NS      | $86814.00     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpublic Group of Cos Inc/T | Interpublic Group of Cos Inc/The           | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |      6573 | NS      | $218946.63    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc   | Ironwood Pharmaceuticals Inc               | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |      6111 | NS      | $75715.29     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc         | Jones Lang LaSalle Inc                     | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |       714 | NS      | $113790.18    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                 | Ziff Davis Inc                             | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |      1176 | NS      | $93021.60     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Knowles Corp                   | Knowles Corp                               | CUSIP: 49926D109<br>LEI: 5493003EO323TDZQU148 | Long             | EC               | CORP              | US        |      4893 | NS      | $80343.06     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc             | Kontoor Brands Inc                         | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      2415 | NS      | $96575.85     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      1554 | NS      | $78663.48     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc | Kulicke & Soffa Industries Inc             | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | SG        |      1638 | NS      | $72497.88     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                   | La-Z-Boy Inc                               | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |      3003 | NS      | $68528.46     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                     | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1890 | NS      | $111888.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings Inc                      | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      1197 | NS      | $62447.49     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc            | MKS Instruments Inc                        | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |       945 | NS      | $80069.85     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Macy's Inc                     | Macy's Inc                                 | CUSIP: 55616P104<br>LEI: 529900NZQ81TIOW3CW52 | Long             | EC               | CORP              | US        |      8232 | NS      | $169990.80    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                           | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1260 | NS      | $67158.00     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc              | ManpowerGroup Inc                          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |      1596 | NS      | $132803.16    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                  | MarineMax Inc                              | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |      2289 | NS      | $71462.58     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                 | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Long             | EC               | CORP              | US        |      1470 | NS      | $125435.10    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                 | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1260 | NS      | $78762.60     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Medifast Inc                   | Medifast Inc                               | CUSIP: 58470H101<br>LEI: 5299000YHQJ21T5KKI80 | Long             | EC               | CORP              | US        |       546 | NS      | $62981.10     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc    | Pediatrix Medical Group Inc                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3969 | NS      | $58979.34     | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc        | Methode Electronics Inc                    | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |      1638 | NS      | $72678.06     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-13

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer