# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-26-009282
**Filing Date:** 2026-6
**Character Count:** 128977
**Document Hash:** b0212fefd0f5ce6ec35caaa1d35c6f81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009282.hdr.sgml**: 20260618

**ACCESSION NUMBER**: 0001133228-26-009282

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260618

**DATE AS OF CHANGE**: 20260618

**EFFECTIVENESS DATE**: 20260618

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 261104124

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-12-26193422_HoyaCapitalHighDividendYieldETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>February 28, 2026</u>**

**Explanatory Note**

The sole purpose of this amended Form N-CSR is to add the Approval of Advisory Agreement & Board Considerations in the Annual Financial Statements and Additional Information included under Item 7(a) of this N-CSR filing.

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img219445_202410292058202.jpg) | **Hoya Capital High Dividend Yield ETF**  | ![image](img122593_a20240906110309.jpg) |
| ![image](img219445_202410292058202.jpg) | RIET (Principal U.S. Listing Exchange: NYSE) | ![image](img122593_a20240906110309.jpg) |
| ![image](img219445_202410292058202.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img122593_a20240906110309.jpg) |

---

This annual shareholder report contains important information about the Hoya Capital High Dividend Yield ETF for the period of March 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.hoyaetfs.com/riet. You can also request this information by contacting us at 1-833-HOYA-CAP.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Hoya Capital High Dividend Yield ETF | $50 | 0.50% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Commercial real estate markets continued to feel the effects of elevated borrowing costs during the fiscal period, though conditions improved modestly as the Federal Reserve began easing benchmark interest rates in September 2025. Property-level fundamentals and rental rate trends remained relatively steady across most major property sectors, but higher financing costs and tighter credit conditions continued to weigh on valuations of commercial real estate assets and kept transaction and development activity below historical averages.

Among the classification tiers, the Large-Cap REIT category was the leading contributor to the Fund's performance during the period, reflecting relatively stronger balance sheets and capital market access compared to smaller peers in a higher-rate environment. The leading detractor was the Small-Cap REIT category, which remained more sensitive to elevated financing costs and macroeconomic uncertainty given the typically higher degree of financial and operational leverage among smaller REITs. Among property sectors, Net Lease and Senior Housing were the leading contributors to performance, while Office and Commercial Financing were the leading detractors.

The Fund seeks to maintain consistent monthly distributions. A portion of these distributions may constitute a return of capital, which is primarily a function of the nature of the Fund's holdings—particularly REITs, which frequently classify a portion of their dividends as return of capital—as well as the timing difference between the Fund's monthly distributions and the generally quarterly dividend payments received from portfolio holdings. RIET ended the period with an SEC yield of 9.14% and has paid a distribution in each month since inception.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6775img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/21/2021)** |
| **Hoya Capital High Dividend Yield ETF NAV**  | 1.93 | -0.51 |
| **S&P 500 TR**  | 16.99 | 12.49 |
| **Dow Jones U.S. Real Estate Total Return Index**  | 5.89 | 2.07 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $99260934 |
| **Number of Holdings** | 102 |
| **Net Advisory Fee** | $460362 |
| **Portfolio Turnover** | 36% |
| **30-Day SEC Yield** | 9.14% |
| **30-Day SEC Yield Unsubsidized** | 9.14% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Mount Vernon Liquid Assets Portfolio, LLC  | 7.0% |
|  AGNC Investment Corp.  | 2.5% |
|  Rithm Capital Corp.  | 2.2% |
|  Chimera Investment Corp.  | 2.2% |
|  Annaly Capital Management, Inc.  | 2.1% |
|  Global Net Lease, Inc.  | 2.0% |
|  Adamas Trust, Inc.  | 2.0% |
|  Two Harbors Investment Corp.  | 1.9% |
|  National Storage Affiliates Trust  | 1.7% |
|  Realty Income Corp.  | 1.7% |

---

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

![image](ts6775img004.jpg)

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

**HOUSEHOLDING**

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

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

10000986584638351958997741000010107932912170144101685910000971185659031103431095230.928.318.612.19.50.6 ------

---

| | | |
|:---|:---|:---|
| ![image](img219446_202410292100914.jpg) | **Hoya Capital Housing ETF**  | ![image](img122593_a20240906110309.jpg) |
| ![image](img219446_202410292100914.jpg) | HOMZ (Principal U.S. Listing Exchange: NYSE) | ![image](img122593_a20240906110309.jpg) |
| ![image](img219446_202410292100914.jpg) | Annual Shareholder Report \| February 28, 2026  | ![image](img122593_a20240906110309.jpg) |

---

This annual shareholder report contains important information about the Hoya Capital Housing ETF for the period of March 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.hoyaetfs.com/homz. You can also request this information by contacting us at 1-833-HOYA-CAP.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Hoya Capital Housing ETF | $31 | 0.30% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

Residential real estate markets continued to feel the effects of elevated borrowing costs during the fiscal period, though conditions improved modestly as the Federal Reserve began easing benchmark interest rates in September 2025. Mortgage rates remained well above their 21st-century average, which weighed on affordability and suppressed transaction activity, particularly in the market for existing homes. Even so, housing fundamentals proved resilient as historically limited supply, steady household formation, and solid labor market conditions helped support home prices and rental demand. As borrowing costs stabilized later in the period, housing markets showed modest stabilization across several segments of the residential real estate ecosystem.

Of the four Housing Industry Business Segments, the leading contributor during the period was Home Building and Construction, supported by persistent supply shortages in the existing home market that shifted demand toward new construction. The leading detractor was Residential REITs & Real Estate Operators, as higher financing costs remained a headwind for publicly traded residential real estate companies and weighed on valuations. HOMZ's diversified investment strategy, which includes exposure to approximately 100 companies across the U.S. housing industry—including rental operators, homebuilders, and home improvement firms—helped mitigate sector-specific risks.

The Fund seeks to maintain consistent monthly distributions. A portion of these distributions may constitute a return of capital, which is primarily a function of the nature of the Fund's holdings—particularly REITs, which frequently classify a portion of their dividends as return of capital—as well as the timing difference between the Fund's monthly distributions and the generally quarterly dividend payments received from portfolio holdings. HOMZ ended the period with an SEC yield of 2.69% and increased its distribution by 8.3% in January 2026.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6774img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/19/2019)** |
| **Hoya Capital Housing ETF NAV**  | 5.36 | 8.56 | 12.20 |
| **S&P 500 TR**  | 16.99 | 14.19 | 15.42 |
| **S&P MidCap 400 Total Return Index**  | 17.24 | 9.10 | 11.25 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $36854606 |
| **Number of Holdings** | 99 |
| **Net Advisory Fee** | $106218 |
| **Portfolio Turnover** | 12% |
| **30-Day SEC Yield** | 2.69% |
| **30-Day SEC Yield Unsubsidized** | 2.69% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **Net** **Assets)**  |
|  Lowe's Companies, Inc.  | 3.3% |
|  Home Depot, Inc.  | 3.2% |
|  Tri Pointe Homes, Inc.  | 2.0% |
|  Toll Brothers, Inc.  | 1.7% |
|  Extra Space Storage, Inc.  | 1.7% |
|  PulteGroup, Inc.  | 1.6% |
|  Public Storage  | 1.6% |
|  CubeSmart  | 1.6% |
|  DR Horton, Inc.  | 1.6% |
|  M/I Homes, Inc.  | 1.6% |

---

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

![image](ts6774img004.jpg)

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

**HOUSEHOLDING**

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

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

1000010888147581691315285189442112522256100001062513949162361498719551231492708310000970813570146531456216461178912097628.016.015.914.610.56.45.03.30.3 ------

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

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

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

The registrant's Board of Trustees has determined that the registrant currently does not have an audit committee financial expert (ACFE) serving on its audit committee due to the recent death of the Trustee who had most recently served as the registrant's ACFE. The Board is developing a plan to address the ACFE role.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 2/28/2026 | FYE 2/28/2025 |
| (a) Audit Fees | $32000 | $31000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $9000 | $9000 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 2/28/2026 | FYE 2/28/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 2/28/2026</u> <u>FYE 2/28/2025</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: David A. Massart, Janet D. Olsen, and Michael A. Castino.

(b) Not applicable

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

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

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

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

(a) ![](hoyacapital_logo.jpg)

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

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

Annual Financial Statements and Additional Information

February 28, 2026

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedule of Investments](#soi1) <br>|  |
| &nbsp;&nbsp;&nbsp; [Hoya Capital High Dividend Yield ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Hoya Capital Housing ETF](#soi2) | [5](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [8](#sal) |
| [Statements of Operations](#sop) | [9](#sop) |
| [Statements of Changes in Net Assets](#scna) | [10](#scna) |
| [Financial Highlights](#fihi) | [11](#fihi) |
| [Notes to Financial Statements](#notes) | [13](#notes) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [20](#rep1) |
| [Federal Tax Information](#tax) | [21](#tax) |
| [Additional Information](#add) | [22](#add) |
| [Approval of Advisory Agreement & Board Considerations](#app) | [23](#app) |

---

------

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

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 89.9%**<br>|  |  |
| **Dividend Champions - 12.1%**<br>|  |  |
| Apple Hospitality REIT, Inc. | 120458 | $1476815  |
| Healthpeak Properties, Inc. | 79334 | 1402625  |
| Millrose Properties, Inc. | 46416 | 1455606  |
| Omega Healthcare Investors, Inc. | 31423 | 1516788  |
| Realty Income Corp. | 24976 | 1673392  |
| Starwood Property Trust, Inc. | 79246 | 1411372  |
| VICI Properties, Inc. | 49109 | 1483583  |
| WP Carey, Inc. | 21085 | 1573995  |
|  |  | 11994176  |
| **Large-Cap REITs - 18.6%**<br>|  |  |
| AGNC Investment Corp. | 137678 | 1543370  |
| Alexandria Real Estate Equities, Inc. | 27806 | 1502636  |
| Annaly Capital Management, Inc. | 64364 | 1495819  |
| Blackstone Mortgage Trust, Inc. - Class A | 75084 | 1442364  |
| Broadstone Net Lease, Inc. | 77340 | 1499623  |
| EPR Properties | 27290 | 1621299  |
| Gaming and Leisure Properties, Inc. | 32880 | 1608161  |
| Lineage, Inc. | 41259 | 1671815  |
| National Storage Affiliates Trust | 49126 | 1720392  |
| NNN REIT, Inc. | 34561 | 1566304  |
| Rithm Capital Corp. | 128316 | 1289576  |
| Sabra Health Care REIT, Inc. | 75562 | 1552799  |
|  |  | 18514158  |
| **Mid-Cap REITs - 30.9%<sup>(a)</sup>**<br>|  |  |
| AH Realty Trust, Inc. | 180592 | 1128700  |
| Alexander's, Inc. | 5453 | 1279383  |
| American Assets Trust, Inc. | 59067 | 1152988  |
| Americold Realty Trust, Inc. | 109085 | 1460648  |
| Apollo Commercial Real Estate Finance, Inc. | 113909 | 1207435  |
| Arbor Realty Trust, Inc.<sup>(b)</sup> | 132900 | 1053897  |
| ARMOUR Residential REIT, Inc.<sup>(b)</sup> | 68165 | 1223562  |
| BrightSpire Capital, Inc. | 205132 | 1191817  |
| Dynex Capital, Inc. | 83938 | 1177650  |
| Easterly Government Properties, Inc. | 53183 | 1238100  |
| Ellington Financial, Inc.<sup>(b)</sup> | 82169 | 1020539  |
| Franklin BSP Realty Trust, Inc. | 113118 | 1032767  |
| Getty Realty Corporation | 39659 | 1301608  |
| Global Net Lease, Inc. | 141888 | 1336585  |
| Highwoods Properties, Inc. | 41491 | 933133  |
| Innovative Industrial Properties, Inc.<sup>(b)</sup> | 23560 | 1247738  |
| MFA Financial, Inc. | 123614 | 1249738  |
| Orchid Island Capital, Inc.<sup>(b)</sup> | 157261 | 1170022  |
| Park Hotels & Resorts, Inc.<sup>(b)</sup> | 107942 | 1220824  |
| PennyMac Mortgage Investment Trust | 89368 | 1095652 |
| RLJ Lodging Trust  | 150573  | 1207595  |

---

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

1<br>

------

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

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Mid-Cap REITs - (Continued)**  | **Mid-Cap REITs - (Continued)**  | **Mid-Cap REITs - (Continued)**  |
| Saul Centers, Inc. | 36595 | $1247158  |
| SL Green Realty Corp.<sup>(b)</sup> | 25769 | 949588  |
| TPG RE Finance Trust, Inc. | 128527 | 1087338  |
| Two Harbors Investment Corp. | 116491 | 1203352  |
| Universal Health Realty Income Trust | 27957 | 1219484  |
|  |  | 30637301  |
| **Small-Cap REITs - 28.3%<sup>(a)</sup>**<br>|  |  |
| Adamas Trust, Inc. | 158142 | 1303090  |
| Alpine Income Property Trust, Inc. | 67680 | 1334650  |
| Angel Oak Mortgage REIT, Inc. | 136094 | 1167687  |
| Ares Commercial Real Estate Corp. | 227825 | 1143682  |
| Braemar Hotels & Resorts, Inc. | 404401 | 1176807  |
| Brandywine Realty Trust | 327255 | 1043943  |
| BRT Apartments Corp. | 78851 | 1156744  |
| Chicago Atlantic Real Estate Finance, Inc. | 91243 | 1108602  |
| Chimera Investment Corp. | 92809 | 1263131  |
| Chiron Real Estate, Inc. | 35264 | 1221192  |
| Clipper Realty, Inc. | 312791 | 963396  |
| Community Healthcare Trust, Inc. | 75432 | 1289133  |
| CTO Realty Growth, Inc. | 64664 | 1259655  |
| Gladstone Commercial Corp. | 104747 | 1308290  |
| Invesco Mortgage Capital, Inc. | 145540 | 1226902  |
| KKR Real Estate Finance Trust, Inc. | 135770 | 943602  |
| Modiv Industrial, Inc. | 77183 | 1197108  |
| Nexpoint Real Estate Finance, Inc. | 80246 | 1164369  |
| One Liberty Properties, Inc. | 54801 | 1287275  |
| Ready Capital Corp.<sup>(b)</sup> | 458428 | 848092  |
| Redwood Trust, Inc. | 221584 | 1340583  |
| Seven Hills Realty Trust | 128962 | 1103915  |
| Sunrise Realty Trust, Inc. | 116729 | 1093751  |
| TPG Mortgage Investment Trust, Inc. | 143691 | 1162460  |
|  |  | 28108059  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $91,153,459)** |  | 89253694  |
| **PREFERRED STOCKS - 9.5%**<br>|  |  |
| **Preferreds Issued by U.S. REITs - 9.5%**<br>|  |  |
|  ACRES Commercial Realty Corp., Series C, 9.59% (3 mo. Term SOFR + 5.93%), Perpetual | 12515 | 312124  |
| Adamas Trust, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series D, 8.00% to 10/15/2027 then 3 mo. LIBOR USD + 5.70%, Perpetual <sup>(c)</sup> | 14310 | 325982  |
| &nbsp;&nbsp;&nbsp; Series E, 10.83% (3 mo. LIBOR USD + 6.43%), Perpetual <sup>(c)</sup> | 12631 | 321333 |
| AGNC Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series C, 9.04% (3 mo. Term SOFR + 5.37%), Perpetual | 12351 | 314580  |
| &nbsp;&nbsp;&nbsp; Series D, 8.27% (3 mo. Term SOFR + 4.59%), Perpetual | 12809 | 319456  |
| &nbsp;&nbsp;&nbsp; Series E, 8.92% (3 mo. Term SOFR + 5.25%), Perpetual | 12486 | 316021  |

---

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

2<br>

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

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - (Continued)** <br>|  |  |
| **Preferreds Issued by U.S. REITs - (Continued)** <br>|  |  |
| Annaly Capital Management, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series F, 8.92% (3 mo. Term SOFR + 5.25%), Perpetual | 12327 | $319762  |
| &nbsp;&nbsp;&nbsp; Series G, 8.10% (3 mo. Term SOFR + 4.43%), Perpetual | 12491 | 315897  |
| Arbor Realty Trust, Inc., Series D, 6.38%, Perpetual | 18011 | 309249  |
| Chimera Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 9.74% (3 mo. Term SOFR + 6.05%), Perpetual | 12951 | 306162  |
| &nbsp;&nbsp;&nbsp; Series C, 8.69% (3 mo. Term SOFR + 5.00%), Perpetual | 14056 | 309091  |
| &nbsp;&nbsp;&nbsp; Series D, 9.29% (3 mo. Term SOFR + 5.60%), Perpetual | 13009 | 307533  |
| Dynex Capital, Inc., Series C, 9.39% (3 mo. Term SOFR + 5.72%), Perpetual | 12208 | 317042  |
| Global Net Lease, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 7.25%, Perpetual | 14214 | 329765  |
| &nbsp;&nbsp;&nbsp; Series D, 7.50%, Perpetual | 13440 | 328070  |
|  Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual | 16159 | 328512  |
| Hudson Pacific Properties, Inc., Series C, 4.75%, Perpetual <sup>(b)</sup> | 21406 | 295617  |
| Innovative Industrial Properties, Inc., Series A, 9.00%, Perpetual | 12670 | 288116  |
| KKR Real Estate Finance Trust, Inc., Series A, 6.50%, Perpetual | 17146 | 299712  |
| MFA Financial, Inc., Series C, 9.28% (3 mo. Term SOFR + 5.61%), Perpetual | 13249 | 302872  |
| Pebblebrook Hotel Trust, Series G, 6.38%, Perpetual | 16872 | 340140  |
| PennyMac Mortgage Investment Trust, Series C, 6.75%, Perpetual | 16546 | 313712  |
| Ready Capital Corp., Series E, 6.50%, Perpetual | 22334 | 259074  |
| Redwood Trust, Inc., 10.00% to 04/15/2028 then 5 yr. CMT Rate + 6.28%, Perpetual | 13112 | 327970  |
| Rithm Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series A, 9.73% (3 mo. Term SOFR + 6.06%), Perpetual | 12442 | 316276  |
| &nbsp;&nbsp;&nbsp; Series B, 9.57% (3 mo. Term SOFR + 5.90%), Perpetual | 12515 | 313876  |
| &nbsp;&nbsp;&nbsp; Series C, 8.90% (3 mo. Term SOFR + 5.23%), Perpetual | 12737 | 309891  |
|  TPG Mortgage Investment Trust, Inc., Series C, 10.40% (3 mo. Term SOFR + 6.74%), Perpetual | 12375 | 310365  |
| Two Harbors Investment Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; Series B, 7.63% to 7/27/2027 then 3 mo. LIBOR USD + 5.35%, Perpetual <sup>(c)</sup> | 13709 | 335871  |
| &nbsp;&nbsp;&nbsp; Series C, 8.94% (3 mo. Term SOFR + 5.27%), Perpetual | 13204 | 326139  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $9,109,279)** |  | 9420210  |
|  | **Units** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 7.0%**<br>|  |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78%<sup>(d)</sup> | 6926306 | 6926306  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** <br>**(Cost $6,926,306)** |  | 6926306  |

---

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

3<br>

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

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
| First American Government Obligations Fund - Class X, 3.60%<sup>(d)</sup> | 433072 | $433072  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $433,072)** |  | 433072  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 106.8%**<br>**(Cost $107,622,116)** |  | $106033282  |
| Liabilities in Excess of Other Assets - (6.8)% |  | (6772348)  |
| **TOTAL NET ASSETS - 100.0%** |  | $99260934 |

---

Percentages are stated as a percent of net assets.

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

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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

<sup>(b)</sup> All or a portion of this security is on loan as of February 28, 2026. The fair value of these securities was $6,728,012.

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

4<br>

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

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Home Building Products & Materials - 15.9%**<br>|  |  |
| Beazer Homes USA, Inc.<sup>(a)</sup> | 12461 | $318752  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 2616 | 272823  |
| Cavco Industries, Inc.<sup>(a)</sup> | 464 | 267849  |
| Century Communities, Inc. | 4357 | 292921  |
| Champion Homes, Inc.<sup>(a)</sup> | 3256 | 304371  |
| Dream Finders Homes, Inc. - Class A<sup>(a)</sup> | 13680 | 247198  |
| Eagle Materials, Inc. | 1267 | 283555  |
| Green Brick Partners, Inc.<sup>(a)</sup> | 4072 | 299943  |
| Installed Building Products, Inc. | 1027 | 336609  |
| Leggett & Platt, Inc. | 28764 | 335963  |
| Lennox International, Inc. | 571 | 325436  |
| LGI Homes, Inc.<sup>(a)</sup> | 5394 | 279949  |
| Louisiana-Pacific Corp. | 3418 | 289641  |
| Millrose Properties, Inc. | 8718 | 273396  |
| Rayonier, Inc. | 24373 | 523776  |
| Simpson Manufacturing Co., Inc. | 1633 | 316100  |
| TopBuild Corp.<sup>(a)</sup> | 617 | 276601  |
| Watsco, Inc. | 789 | 329273  |
| Weyerhaeuser Co. | 12203 | 299340  |
|  |  | 5873496  |
| **Home Furnishings & Home Goods - 14.6%**<br>|  |  |
| A. O. Smith Corp. | 4234 | 330252  |
| American Woodmark Corp.<sup>(a)</sup> | 5395 | 270289  |
| Carrier Global Corp. | 5259 | 338680  |
| Floor & Decor Holdings, Inc. - Class A<sup>(a)</sup> | 4555 | 314705  |
| Fortune Brands Home & Security, Inc. | 5857 | 318269  |
| Hayward Holdings, Inc.<sup>(a)</sup> | 17726 | 283616  |
| La-Z-Boy, Inc. | 7308 | 261042  |
| Masco Corp. | 4429 | 317205  |
| Masterbrand, Inc.<sup>(a)</sup> | 27155 | 274809  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 2508 | 314177  |
| Owens Corning | 2645 | 322875  |
| RH<sup>(a)</sup> | 1801 | 298444  |
| Sherwin-Williams Co. | 818 | 296599  |
| Somnigroup International, Inc. | 3155 | 282404  |
| Trex Company, Inc.<sup>(a)</sup> | 8877 | 367685  |
| Wayfair, Inc. - Class A<sup>(a)</sup> | 2624 | 200290  |
| Whirlpool Corp. | 3756 | 257023  |
| Williams-Sonoma, Inc. | 1549 | 318552  |
|  |  | 5366916  |
| **Home Improvement Retailers - 6.4%**<br>|  |  |
| Home Depot, Inc. | 3097 | 1179090  |
| Lowe's Companies, Inc. | 4537 | 1200354  |
|  |  | 2379444  |

---

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

5<br>

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

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Homebuilders - 16.0%**<br>|  |  |
| DR Horton, Inc. | 3623 | $581093  |
| KB Home | 8621 | 548123  |
| Lennar Corp. - Class A | 4317 | 493692  |
| M/I Homes, Inc.<sup>(a)</sup> | 4068 | 578307  |
| Meritage Homes Corp. | 7563 | 570401  |
| NVR, Inc.<sup>(a)</sup> | 72 | 541281  |
| PulteGroup, Inc. | 4418 | 606150  |
| Taylor Morrison Home Corp.<sup>(a)</sup> | 8750 | 576537  |
| Toll Brothers, Inc. | 4038 | 634935  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 16286 | 754042  |
|  |  | 5884561  |
| **Mortgage Lenders & Servicers - 10.5%**<br>|  |  |
| AGNC Investment Corp. | 22982 | 257628  |
| Annaly Capital Management, Inc. | 10744 | 249691  |
| Arbor Realty Trust, Inc. | 27728 | 219883  |
| Chimera Investment Corp. | 19365 | 263558  |
| Citizens Financial Group, Inc. | 4518 | 271938  |
| Ellington Financial, Inc. | 17144 | 212929  |
| Essent Group Ltd. | 3781 | 230036  |
| MFA Financial, Inc. | 25791 | 260747  |
| PennyMac Mortgage Investment Trust | 18646 | 228600  |
| PNC Financial Services Group, Inc. | 1263 | 268198  |
| Rithm Capital Corp. | 21419 | 215261  |
| Starwood Property Trust, Inc. | 13228 | 235591  |
| Truist Financial Corp. | 5195 | 256165  |
| Two Harbors Investment Corp. | 24305 | 251071  |
| UWM Holdings Corp. | 45871 | 202291  |
| Wells Fargo & Co. | 2843 | 231562  |
|  |  | 3855149  |
| **Property, Title & Mortgage Insurance - 5.0%**<br>|  |  |
| Allstate Corp. | 1102 | 236401  |
| F&G Annuities & Life, Inc. | 241 | 5459  |
| Fidelity National Financial, Inc. | 4002 | 211626  |
| First American Financial Corp. | 3660 | 256603  |
| MGIC Investment Corp. | 8352 | 221578  |
| Old Republic International Corp. | 5155 | 220995  |
| Radian Group, Inc. | 6684 | 230732  |
| Stewart Information Services Corp. | 3171 | 225109  |
| Travelers Companies, Inc. | 815 | 251541  |
|  |  | 1860044  |
| **Real Estate Technology, Brokerage & Services - 3.3%**<br>|  |  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 1033 | 183626  |
| Compass, Inc. - Class A<sup>(a)</sup> | 48732 | 475137  |
| CoStar Group, Inc.<sup>(a)</sup> | 3514 | 156830 |

---

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

6<br>

------

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

**HOYA CAPITAL HOUSING ETF** 

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Real Estate Technology, Brokerage & Services - (Continued)**  | **Real Estate Technology, Brokerage & Services - (Continued)**  | **Real Estate Technology, Brokerage & Services - (Continued)**  |
| Rocket Cos., Inc. - Class A | 13547 | $246420  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 3320 | 148138  |
|  |  | 1210151  |
| **Residential REITs & Real Estate Operators - 28.0%<sup>(b)</sup>**<br>|  |  |
| American Homes 4 Rent - Class A | 16406 | 492180  |
| AvalonBay Communities, Inc. | 2942 | 521411  |
| Camden Property Trust | 5052 | 547334  |
| Centerspace | 7970 | 501313  |
| CubeSmart | 14656 | 602948  |
| Equity LifeStyle Properties, Inc. | 8437 | 566629  |
| Equity Residential | 8779 | 554921  |
| Essex Property Trust, Inc. | 2035 | 519149  |
| Extra Space Storage, Inc. | 4043 | 610614  |
| Independence Realty Trust, Inc. | 31379 | 519950  |
| Invitation Homes, Inc. | 18856 | 496667  |
| Mid-America Apartment Communities, Inc. | 3979 | 532629  |
| NexPoint Residential Trust, Inc. | 16801 | 473620  |
| Public Storage | 1972 | 605522  |
| Sun Communities, Inc. | 4145 | 565627  |
| UDR, Inc. | 14936 | 560100  |
| UMH Properties, Inc. | 34857 | 525643  |
| Ventas, Inc. | 6709 | 578047  |
| Welltower, Inc. | 2658 | 550525  |
|  |  | 10324829  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $33,541,257)** |  | 36754590  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.2%**<br>|  |  |
| First American Government Obligations Fund - Class X, 3.60%<sup>(c)</sup> | 77845 | 77845  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $77,845)** |  | 77845  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%**<br>**(Cost $33,619,102)** |  | $36832435  |
| Other Assets in Excess of Liabilities - 0.1% |  | 22171  |
| **TOTAL NET ASSETS - 100.0%** |  | $36854606 |

---

Percentages are stated as a percent of net assets.

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

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

7<br>

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

**HOYA CAPITAL ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital High** <br>**Dividend Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | &nbsp;&nbsp; $106033282 | $36832435  |
| Dividends receivable | &nbsp;&nbsp; 190531 | 30790  |
| Security lending income receivable | &nbsp;&nbsp; 1331 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 106225144 | 36863225  |
| **LIABILITIES:**<br>|  |  |
| Payable upon return of securities loaned | &nbsp;&nbsp; 6926306 |  |
| Payable to Adviser | &nbsp;&nbsp; 37904 | 8619  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 6964210 | 8619  |
| **NET ASSETS** | &nbsp;&nbsp; $99260934 | $36854606  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | &nbsp;&nbsp; $106280233 | $35332798 |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp; (7019299) | 1521808 |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $99260934 | $36854606  |
| Net assets | &nbsp;&nbsp; $99260934 | $36854606  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 10360000 | 775000 |
| Net asset value per share | &nbsp;&nbsp; $9.58 | $47.55  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $107622116 | $33619102 |
| **Loaned Securities:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; at value (included in investments) | &nbsp;&nbsp; $6728012 | $— |

---

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

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

8<br>

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

**HOYA CAPITAL ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended February 28, 2026** 

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital High** <br>**Dividend Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $5511209 | $814427  |
| Securities lending income | &nbsp;&nbsp;&nbsp; 4111 | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 5515320 | 814427  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 460362 | 106218  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 460362 | 106218  |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 5054958 | 708209  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** <br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (898821) | 292702  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 695041 | 2477401  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (203780) | 2770103  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (2337511) | (1798452)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (2337511) | (1798452)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; (2541291) | 971651  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $2513667 | $1679860 |

---

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

9<br>

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

**HOYA CAPITAL ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Hoya Capital High Dividend Yield ETF** | **Hoya Capital High Dividend Yield ETF** | **Hoya Capital Housing ETF**  | **Hoya Capital Housing ETF**  |
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended February 28,**  | **Year Ended February 28,**  |
|  | **2026** | **2025** | **2026** | **2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $5054958 | &nbsp;&nbsp; $4266700 | $708209 | $786022  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (203780) | &nbsp;&nbsp; (1172036) | 2770103 | 2368651  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2337511) | &nbsp;&nbsp; 6070573 | (1798452) | 1531904  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 2513667 | &nbsp;&nbsp; 9165237 | 1679860 | 4686577  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (5054958) | &nbsp;&nbsp; (4266700) | (700610) | (786022)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; (4879287) | &nbsp;&nbsp; (3103400) | (209811) | (146984)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (9934245) | &nbsp;&nbsp; (7370100) | (910421) | (933006)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 28283950 | &nbsp;&nbsp; 43817652 | 4532123 | 3599103  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (6704284) | &nbsp;&nbsp; (14333987) | (7815836) | (8306950)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | &nbsp;&nbsp; — | &nbsp;&nbsp; 27 |  | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 21579666 | &nbsp;&nbsp; 29483692 | (3283713) | (4707847)  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 14159088 | &nbsp;&nbsp; 31278829 | (2514274) | (954276)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | &nbsp;&nbsp; 85101846 | &nbsp;&nbsp; 53823017 | 39368880 | 40323156  |
| &nbsp;&nbsp;&nbsp; End of the year | &nbsp;&nbsp; $99260934 | &nbsp;&nbsp; $85101846 | $36854606 | $39368880  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2930000 | &nbsp;&nbsp; 4200000 | 100000 | 75000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (700000) | &nbsp;&nbsp; (1420000) | (175000) | (175000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 2230000 | &nbsp;&nbsp; 2780000 | (75000) | (100000) |

---

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

10<br>

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

**HOYA CAPITAL HIGH DIVIDEND YIELD ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023** | **Period Ended** <br>**February 28,** <br>**2022<sup>(a)</sup>**  |
|  | **2026** | **2025**  | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended** <br>**February 28,** <br>**2023** | **Period Ended** <br>**February 28,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | $10.47 | $10.06 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $14.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.52 | 0.59 | 0.61 | 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.23  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.38) | 0.85 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (2.59) | &nbsp;&nbsp; (0.41)  |
| **Total from investment operations** | 0.14 | 1.44 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; (0.18)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.53) | (0.60) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.30)  |
| Net realized gains |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)  |
| Return of capital | (0.50) | (0.43) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.17)  |
| **Total distributions** | (1.03) | (1.03) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.48)  |
| ETF transaction fees per share |  | 0.00<sup>(d)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| **Net asset value, end of period** | $9.58 | $10.47 | &nbsp;&nbsp; $10.06 | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp; $14.26  |
| Total return<sup>(e)</sup> | 1.93% | 14.82% | &nbsp;&nbsp; -1.33% | &nbsp;&nbsp; -14.20% | &nbsp;&nbsp; -1.35%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | $99261 | $85102 | &nbsp;&nbsp; $53823 | &nbsp;&nbsp; $32385 | &nbsp;&nbsp; $21821  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup> | 0.50% | 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.50%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup> | 0.50% | 0.50% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.36% | &nbsp;&nbsp; 0.25%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 5.49% | 5.68% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 5.06% | &nbsp;&nbsp; 3.42%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 36% | 36% | &nbsp;&nbsp; 34% | &nbsp;&nbsp; 33% | &nbsp;&nbsp; 7% |

---

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

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

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

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

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

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

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

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

11<br>

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

**HOYA CAPITAL HOUSING ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended February 28,** | **Year Ended February 28,** | **Year Ended** <br>**February 29,** <br>**2024** | **Year Ended February 28,**  | **Year Ended February 28,**  |
|  | **2026** | **2025** | **Year Ended** <br>**February 29,** <br>**2024** | **2023** | **2022**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $46.32 | $42.45 | &nbsp;&nbsp; $35.07 | $39.64 | $35.07  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.91 | 0.83 | 0.72 | 0.63 | 0.42  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 1.49 | 4.04 | 7.55 | (4.46) | 4.71  |
| **Total from investment operations** | 2.40 | 4.87 | 8.27 | (3.83) | 5.13  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.91) | (0.84) | &nbsp;&nbsp; (0.72) | (0.64) | (0.42)  |
| Net realized gains |  |  | &nbsp;&nbsp; — |  | (0.01)  |
| Return of capital | (0.26) | (0.16) | &nbsp;&nbsp; (0.17) | (0.10) | (0.13)  |
| **Total distributions** | (1.17) | (1.00) | &nbsp;&nbsp; (0.89) | (0.74) | (0.56)  |
| **Net asset value, end of year** | $47.55 | $46.32 | &nbsp;&nbsp; $42.45 | $35.07 | $39.64  |
| Total return | 5.36% | 11.51% | &nbsp;&nbsp; 23.94% | -9.62% | 14.60%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $36855 | $39369 | &nbsp;&nbsp; $40323 | $35069 | $63423  |
| Ratio of expenses to average net assets | 0.30% | 0.30% | &nbsp;&nbsp; 0.30% | 0.30% | 0.30%  |
|  Ratio of net investment income (loss) to average net assets | 2.00% | 1.81% | &nbsp;&nbsp; 1.92% | 1.80% | 1.03%  |
| Portfolio turnover rate<sup>(c)</sup> | 12% | 20% | &nbsp;&nbsp; 18% | 18% | 13% |

---

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

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

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

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

12<br>

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026** 

**NOTE 1 – ORGANIZATION** 

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

The end of the reporting period for the Funds is February 28, 2026. The current fiscal period is the period from March 1, 2025 through February 28, 2026.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company's NAV per share as provided by the underlying fund's administrator.

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

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

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

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

---

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

---

---

| | |
|:---|:---|
| Level 3 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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

**Hoya Capital High Dividend Yield ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $89253694 | $— | $— | $89253694  |
| Preferred Stocks | 9420210 |  |  | 9420210  |
|  Investments Purchased with Proceeds from Securities Lending^^ |  |  |  | 6926306  |
| Money Market Funds | 433072 |  |  | 433072  |
| **Total Investments** | $99106976 | $— | $— | $106033282 |

---

**Hoya Capital Housing ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $36754590 | $— | $— | $36754590  |
| Money Market Funds | 77845 |  |  | 77845  |
| **Total Investments** | $36832435 | $— | $— | $36832435 |

---

---

| | |
|:---|:---|
| ^^<br>| Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.  |

---

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

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

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

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

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

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

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

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

These differences are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended February 28, 2026, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-In** <br>**Capital**  |
| Hoya Capital High Dividend Yield ETF | $(421116) | $421116  |
| Hoya Capital Housing ETF | (2504516) | 2504516 |

---

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;I. *Segment Reporting.* Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored
 and assessed by the President of the Adviser, who serves as the chief operating decision maker, using the information presented in the
 financial statements and financial highlights.

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

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

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

---

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

---

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

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

**NOTE 4 – SECURITIES LENDING** 

Hoya Capital High Dividend Yield ETF may lend up to 331∕3 percent of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. Under the terms of the securities lending agreement, the Fund may lend securities to certain broker-dealers and banks in exchange for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked to market daily. The market value of the loaned securities is determined daily at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. The Fund receives compensation in the form of fees and earns interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the fair value of securities loaned, that may occur during the term of the loan, will be for the account of the Fund. The Fund has the right, under the terms of the securities lending agreement, to recall the securities from the borrower on demand.

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

The securities lending agreement provides that, in the event of a borrower's material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent's expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Fund and the Securities Lending Agent.

As of the end of the current fiscal period, Hoya Capital High Dividend Yield ETF loaned securities and received cash collateral for the loans.

The cash collateral is invested by the Securities Lending Agent in accordance with approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Fund could also experience delays in recovering securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Fund is indemnified from this risk by contract with the Securities Lending Agent. The Fund manages credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide the Fund, in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

---

| | | |
|:---|:---|:---|
|  | **Value of** <br>**Securities** <br>**on Loan** | **Collateral** <br>**Received\***  |
| Hoya Capital High Dividend Yield ETF | $6728012 | $6926306 |

---

\* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedules of Investments, a short-term investment portfolio with an overnight and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00 per unit. 

The interest income earned by the Fund on the investment of cash collateral received from the borrowers for the securities loaned to them ("Securities lending income") is reflected in the Fund's Statement of Operations. Net Fees and interest income earned on collateral investments and recognized by the Fund during the current fiscal period were as follows:

---

| | |
|:---|:---|
|  | **Net Fees and** <br>**Interest Earned**  |
| Hoya Capital High Dividend Yield ETF | &nbsp;&nbsp;&nbsp;&nbsp; $4111 |

---

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Hoya Capital High Dividend Yield ETF | $32491566 | $33729606  |
| Hoya Capital Housing ETF | 6986272 | 4169204 |

---

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

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Hoya Capital High Dividend Yield ETF | $27691651 | $6562231  |
| Hoya Capital Housing ETF | 2269444 | 7744175 |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated losses) and cost basis of investments for federal income tax purposes at February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Hoya Capital** <br>**High Dividend** <br>**Yield ETF** | **Hoya Capital** <br>**Housing ETF**  |
| Tax cost of investments | $110569342 | $33763456 |
| Gross tax unrealized appreciation | 9595838 | 7180073 |
| Gross tax unrealized depreciation | (14131898) | (4111094) |
| Net tax unrealized appreciation (depreciation) | (4536060) | 3068979 |
| Undistributed ordinary income |  |  |
| Undistributed long-term capital gains |  |  |
| Other accumulated gain (loss) | (2483239) | (1547171) |
| Distributable earnings (accumulated losses) | $(7019299) | $1521808 |

---

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

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended February 28, 2026, the Funds did not elect to defer any post-October capital losses or late-year losses.

As of February 28, 2026, the Funds had the following capital loss carryforwards with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Hoya Capital High Dividend Yield ETF | $423745 | $2059495 |
| Hoya Capital Housing ETF | 28694 | 1518477 |

---

The tax character of distributions paid by the Funds during the year ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary** <br>**Income** | **Return of** <br>**Capital**  |
| Hoya Capital High Dividend Yield ETF | $5054958 | $4879287 |
| Hoya Capital Housing ETF | $700610 | $209811 |

---

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

---

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

---

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**HOYA CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026(Continued)** 

**NOTE 7 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

**NOTE 8 – RISKS** 

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

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

19<br>

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

**HOYA CAPITAL ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Hoya Capital ETFs and

Board of Trustees of ETF Series Solutions

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Hoya Capital ETFs comprising the funds listed below (the "Funds"), each a series of ETF Series Solutions, as of February 28, 2026, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| Hoya Capital High Dividend Yield ETF | For the year ended February 28, 2026 | For the years ended February 28, 2026 and 2025 | For the years ended February 28, 2026 and 2025, February 29, 2024, February 28, 2023, and for the period from September 21, 2021 (commencement of operations) to February 28, 2022  |
| Hoya Capital Housing ETF | For the year ended February 28, 2026 | For the years ended February 28, 2026 and 2025 | For the years ended February 28, 2026 and 2025, February 29, 2024, and February 28, 2023 and 2022 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and securities lending agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2019.

![](kaisercc_15470.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 28, 2026

20<br>

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

**HOYA CAPITAL ETFs** 

**FEDERAL TAX INFORMATION (Unaudited)** 

For the fiscal year ended February 28, 2026, certain dividends paid by the Funds may be subject to the maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF | 3.18%  |
| Hoya Capital Housing ETF | 48.85% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended February 28, 2026 was as follows:

---

| | |
|:---|:---|
| Hoya Capital High Dividend Yield ETF | 5.10%  |
| Hoya Capital Housing ETF | 44.67% |

---

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

---

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

---

21<br>

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

**HOYA CAPITAL ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

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

**Proxy Disclosure** 

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

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

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

22<br>

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

**HOYA CAPITAL ETFs** 

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

**Hoya Capital Housing ETF (HOMZ)** 

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

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

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

The Board also considered that the Adviser, along with other service providers of the Funds, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, Adviser representatives provided an oral overview of each Fund's strategy, the services provided to each Fund by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials and the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the continuation of the Advisory Agreement.

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

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

The Board also considered other services provided by the Adviser to the Funds, including oversight of the Funds' sub-adviser, monitoring the Funds' adherence to their investment restrictions and compliance with the Funds' policies and procedures and applicable securities regulations, as well as monitoring the extent to which each Fund achieves its investment objective as an index-based fund. Additionally, the Board considered that the Adviser's affiliate, Hoya Capital Index Innovations, LLC, serves as the index provider to the Funds, and the Adviser will provide advisory services to the Funds based on these affiliated indices.

Historical Performance. The Trustees next considered each Fund's performance. The Board observed that additional information regarding each Fund's past investment performance, for periods ended September 30, 2025, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well

23<br>

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

**HOYA CAPITAL ETFs** 

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

as with funds in each Fund's Morningstar category – US Fund Mid-Cap Value (Housing ETF) and US Fund Real Estate (RIET ETF), respectively (each, a "Category Peer Group"). Additionally, at the Board's request, the Adviser identified and selected funds as each Fund's most direct competitors (each, a "Selected Peer Group") and provided each Selected Peer Group's performance results. The funds included by the Adviser in each Selected Peer Group include funds that, based on a combination of quantitative and qualitative considerations made by the Adviser, have similar investment objectives and/or principal investment strategies as the relevant Fund.

In addition, the Board noted that, for each applicable period ended September 30, 2025, each Fund's performance on a gross of fees basis (*i.e.*, excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that each Fund tracked its underlying index closely and in an appropriate manner.

<u>Housing ETF</u>: The Board noted that the Fund underperformed the S&P 500<sup>®</sup> Index, its broad-based benchmark, over the one-, three-, five-year, and since inception periods ended September 30, 2025. The Board also noted that the Fund underperformed the S&P MidCap 400<sup>®</sup> Index, an additional benchmark, over the same one- and five-year periods but outperformed the S&P MidCap 400<sup>®</sup> Index over the same three-year and since inception periods. The Board considered that the S&P MidCap 400<sup>®</sup> Index provides an indication of the performance of U.S. mid-sized companies, while the S&P 500<sup>®</sup> Index provides an indication of the performance of U.S. large-cap companies. The Board considered, however, that the Fund seeks to provide investors with exposure to companies in a very specific industry (*i.e.*, companies involved in the U.S. housing industry), not broad exposure to the large-cap or mid-cap equity markets.

The Board noted that the Fund outperformed the median return of its Peer Group over the one-, three-, and five-year periods ended September 30, 2025. The Board further noted that the Fund outperformed the median return of its Category Peer Group over the same three-year period but underperformed the median return of its Category Peer Group over the same one- and five-year periods. The Board took into consideration that although the Fund invests a significant portion of its assets in real estate investment trusts ("REITs"), the Fund is classified by Morningstar as a mid-cap value ETF, rather than a real estate ETF, given the Fund's significant allocation to companies that build homes or provide related products or services. Accordingly, the Board considered that (i) the Category Peer Group is comprised of mid-cap value ETFs that do not invest primarily in the real estate sector or real estate-related companies, and (ii) the Peer Group includes multiple mid-cap ETFs without a real estate focus. The Board also noted that the Fund generally performed within the range of funds in the Selected Peer Group for the one-, three-, and five-year periods ended September 30, 2025. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as homebuilding and residential real estate ETFs.

<u>RIET ETF</u>: The Board noted that the Fund significantly underperformed the S&P 500<sup>®</sup> Index, its broad-based benchmark, and underperformed the Dow Jones U.S. Real Estate Index, an additional benchmark, for each of the one-, three-year, and since inception periods ended September 30, 2025. The Board considered that the Dow Jones U.S. Real Estate Index is designed to track the performance of REITs and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies, while the S&P 500<sup>®</sup> Index provides an indication of the performance of U.S. large-cap companies. The Board noted that although the Fund's underlying index seeks diversified exposure to U.S. listed real estate-related securities, including REITs, the Fund's underlying index, unlike the Dow Jones U.S. Real Estate Index, uses screens to identify and select for inclusion only those real estate investments that provide income through high dividend yields.

The Board noted that the Fund slightly outperformed the median return of its Peer Group, but slightly underperformed the median return of its Category Peer Group, over the one- and three-year periods ended September 30, 2025. The Board took into consideration that although the Fund shares similar investment characteristics with the index-based funds included in its Peer Group and Category Peer Group, the Fund focuses more specifically on securities with high dividend yields. The Board also considered that the Fund invests primarily in equity REITs; whereas, certain of its peer funds invest significantly in mortgage REITs. The Board also noted that the Fund generally performed within the range of funds in the Selected Peer Group for the one- and three-year periods ended September 30, 2025. In evaluating the Fund's comparative performance, the Board considered that the funds included in the Selected Peer Group were described by the Adviser as having significant differences from the Fund with respect to dividend yields, property sector diversification, and balanced exposure across market capitalizations.

24<br>

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

**HOYA CAPITAL ETFs** 

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

Cost of Services Provided and Economies of Scale. The Board then reviewed each Fund's fees and expenses. The Board took into consideration that the Adviser had charged, and would continue to charge, a "unified fee," meaning each Fund pays no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser had been and would continue to be responsible for compensating the Trust's other service providers and paying the Funds' other expenses out of the Adviser's own fee and resources. The Board noted that each Fund's net expense ratio was equal to its unified fee.

The Board then compared each Fund's net expense ratio, as of September 30, 2025, with those of the funds in its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group.

<u>Housing ETF</u>: The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Peer Group and Category Peer Group. In addition, the Board noted that the Fund had the lowest net expense ratio of all of the funds in its Selected Peer Group.

<u>RIET ETF</u>: The Board noted that the Fund's net expense ratio was lower than the median net expense ratio of the funds in its Category Peer Group and equal to the median net expense ratio of the funds in its Peer Group. In addition, the Board noted that the Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Funds and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser's profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board also considered each Fund's expenses as well as the structure of its advisory fee with respect to potential economies of scale. The Board noted that each Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board concluded, however, that each Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at its current asset level. The Board also noted its intention to monitor fees as a Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of a Fund.

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

25<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

(a) Not Applicable.

(b) Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](hoya-efp25293_ex99code.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](hoya-efp25293_ex99cert.htm)

 

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

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](hoya-efp25293_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) ETF Series Solutions

---

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

---

Date <u>6/18/2026</u>

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

---

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

---

Date <u>6/18/2026</u>

---

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

---

Date <u>6/18/2026</u>

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

## Ex-99.Code

**EX.99.CODE ETH** 

**ETF Series Solutions**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

ETF Series Solutions (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12

months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation.

If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 27, 2012**

**Amended: April 21, 2022**

## Ex-99.Cert

**EX.99.CERT**

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

I, Kristina R. Nelson, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/18/2026 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer)<br> ETF Series Solutions |

---

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

I, Kristen M. Weitzel, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 6/18/2026 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended February 28, 2026 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

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

---

Dated: <u>6/18/2026</u>

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