# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-004619
**Filing Date:** 2023-1
**Character Count:** 23636
**Document Hash:** fe694d1caf6f9ecb2a6edc6e0553d2a7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004619.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004619

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 23567291

**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

### Nationwide Dow Jones Risk-Managed Income ETF (Series ID: S000074524)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000232478 | Nationwide Dow Jones Risk-Managed Income ETF | NDJI            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **Shares** | **Security Description** | | **Value** |
| | **COMMON STOCKS - 99.1%** | | |
| | **Communication Services - 2.6%** | | |
| 5645 | Verizon Communications, Inc. |  | $220042 |
| 5645 | Walt Disney Company (a) |  | 552476 |
|  |  |  | 772518 |
|  | **Consumer Discretionary - 13.3%** |  |  |
| 5645 | Home Depot, Inc. |  | 1828923 |
| 5645 | McDonald's Corporation |  | 1539900 |
| 5645 | NIKE, Inc. - Class B |  | 619200 |
|  |  |  | 3988023 |
|  | **Consumer Staples - 7.7%** |  |  |
| 5645 | Coca-Cola Company |  | 359078 |
| 5645 | Procter & Gamble Company |  | 842008 |
| 5645 | Walgreens Boots Alliance, Inc. |  | 234268 |
| 5645 | Walmart, Inc. |  | 860411 |
|  |  |  | 2295765 |
|  | **Energy - 3.4%** |  |  |
| 5645 | Chevron Corporation |  | 1034785 |
|  | **Financials - 16.6%** |  |  |
| 5645 | American Express Company |  | 889596 |
| 5645 | Goldman Sachs Group, Inc. |  | 2179817 |
| 5645 | JPMorgan Chase & Company |  | 780026 |
| 5645 | Travelers Companies, Inc. |  | 1071477 |
|  |  |  | 4920916 |
|  | **Health Care - 21.2%** |  |  |
| 5645 | Amgen, Inc. |  | 1616728 |
| 5645 | Johnson & Johnson |  | 1004810 |
| 5645 | Merck & Company, Inc. |  | 621627 |
| 5645 | UnitedHealth Group, Inc. |  | 3092106 |
|  |  |  | 6335271 |
|  | **Industrials - 14.3%** |  |  |
| 5645 | 3M Company |  | 711101 |
| 5645 | Boeing Company (a) |  | 1009778 |
| 5645 | Caterpillar, Inc. |  | 1334534 |
| 5645 | Honeywell International, Inc. |  | 1239359 |
|  |  |  | 4294772 |
|  | **Information Technology - 19.0%** |  |  |
| 5645 | Apple, Inc. |  | 835629 |
| 5645 | Cisco Systems, Inc. |  | 280669 |
| 5645 | Intel Corporation |  | 169745 |
| 5645 | International Business Machines Corporation |  | 840541 |
| 5645 | Microsoft Corporation |  | 1440266 |
| 5645 | Salesforce, Inc. (a) |  | 904611 |
| 5645 | Visa, Inc. - Class A |  | 1224965 |
|  |  |  | 5696426 |
|  | **Materials - 1.0%** |  |  |
| 5645 | Dow, Inc. |  | 287726 |
|  | **TOTAL COMMON STOCKS (Cost $29,230,863)** |  | **29626202** |
| **Contracts** |  | **Notional** <br> **Amount** |  |
|  | **PURCHASED OPTIONS (b) - 0.0% (c)** |  |  |
| 856 | Dow Jones Industrial Average Index Put, Expiration: 12/16/2022, Exercise Price: $300.00 | $29609040 | 10700 |
|  | **TOTAL PURCHASED OPTIONS (Cost $63,016)** |  | **10700** |
| **Shares** |  |  |  |
|  | **SHORT-TERM INVESTMENTS - 2.2%** |  |  |
| 650648 | Invesco Government & Agency Portfolio - Institutional Class, 3.73% (d) |  | 650648 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $650,648)** |  | **650648** |
|  | **Total Investments (Cost $29,944,527) - 101.3%** |  | **30287550** |
|  | **Liabilities in Excess of Other Assets - (1.3)%** |  | **(395076)** |
|  | **NET ASSETS - 100.0%** |  | $**29892474** |
|  | Percentages are stated as a percent of net assets. |  |  |
| (a) | Non-income producing security. | Non-income producing security. | Non-income producing security. |
| (b) | Exchange traded. |  |  |
| (c) | Represents less than 0.05% of net assets. |  |  |
| (d) | Rate shown is the annualized seven-day yield as of November 30, 2022. |  |  |
|  | The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS<sup>®)</sup> was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** | **November 30, 2022 (Unaudited)** |
| **Contracts** | **Security Description** | **Notional** <br> **Amount** | **Value** |
| | **WRITTEN OPTIONS (a) - (1.6)%** | |  |
| (856) | Dow Jones Industrial Average Index Call, Expiration: 12/16/2022, Exercise Price: $345.00 | $(29609040) | $(485780) |
|  | **TOTAL WRITTEN OPTIONS (Premiums Received $264,949)** |  | $**(485780)** |
|  | Percentages are stated as a percent of net assets. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Exchange traded. |  |  |

---

------

**Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has ability to access.<br> Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.<br> Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing asset or liability, and would be based on the best information available.<br>The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in marketplace, liquidity of markets, and other characteristics particular to security.<br>To the extent that the valuation is based on models or inputs that are less observable or unobservable in market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.<br>The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on lowest level input that is significant to the fair value measurement in its entirety.<br>The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nationwide Dow Jones® Risk-Managed Income ETF** | **Nationwide Dow Jones® Risk-Managed Income ETF** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | Level 1 | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $29626202 | $- | $- | $29626202 |
| Purchased Options | - | 10700 | - | 10700 |
| Short-Term Investments | 650648 | - | - | 650648 |
| Total Investments in Securities | $30276850 | $10700 | $- | $30287550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Liabilities^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Written Options | $- | $485780 | $- | $485780 |
| Total Written Options | $- | $485780 | $- | $485780 |
| ^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | ^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | ^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | ^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | ^ See Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. |
| For the period ended November 30, 2022, the Fund did not recognize any transfers in to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers in to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers in to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers in to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers in to or from Level 3. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Nationwide Dow Jones Risk-Managed Income ETF

- **b. EDGAR series identifier (if any):** S000074524

- **c. LEI of Series:** 549300RQCKPXZT4NZ905

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $30394678.64

**Total Liabilities:** $502205.83

**Net Assets:** $29892472.81

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000232478 | -7.71%               | 6.00%                | 2.70%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2638010.85                               |
| Month 2  | $0.00                    | $3810258.39                                |
| Month 3  | $-219530.62              | $1891891.77                                |

**Designated Index Information**

- **Index Name:** Dow Jones Composite Average Total Return Index

- **Index Identifier:** DJCTR

### Schedule of Portfolio Investments

| Name                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| American Express Co            | American Express Co                   | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5645 | NS      | $889595.55    | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                             | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5645 | NS      | $1616728.00   | 5.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5645 | NS      | $835629.35    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                         | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      5645 | NS      | $1009777.60   | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                       | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      5645 | NS      | $1334534.45   | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp                          | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5645 | NS      | $1034784.95   | 3.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                     | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      5645 | NS      | $280669.40    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co/The                      | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      5645 | NS      | $359078.45    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co/The                    | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5645 | NS      | $552476.15    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                        | Dow Inc                               | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      5645 | NS      | $287725.65    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The           | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5645 | NS      | $2179816.75   | 7.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                    | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5645 | NS      | $1828923.55   | 6.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc           | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5645 | NS      | $1239359.75   | 4.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                            | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      5645 | NS      | $169745.15    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp  | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5645 | NS      | $840540.50    | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                   | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5645 | NS      | $780026.10    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                     | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5645 | NS      | $1004810.00   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                       | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5645 | NS      | $1539899.55   | 5.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                        | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5645 | NS      | $621627.40    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5645 | NS      | $1440265.30   | 4.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                              | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5645 | NS      | $619200.05    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5645 | NS      | $842008.20    | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                        | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5645 | NS      | $904611.25    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    650648 | NS      | $650647.63    | 2.18%             | 2031-12-31      | Fixed         | 0.06%                 | No            |                  1 | On Loan: No      |
| 3M Co                          | 3M Co                                 | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      5645 | NS      | $711100.65    | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5645 | NS      | $1071477.45   | 3.58%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5645 | NS      | $3092105.20   | 10.34%            |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications Inc            | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5645 | NS      | $220042.10    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      5645 | NS      | $1224965.00   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                           | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5645 | NS      | $860410.90    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc   | Walgreens Boots Alliance Inc          | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      5645 | NS      | $234267.50    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | CBOE DOW CLL OPT 12/22 345            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -856 | NC      | $-485780.00   | -1.63%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | CBOE DOW PUT OPT 12/22 300            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       856 | NC      | $10700.00     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer