# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-011890
**Filing Date:** 2025-11
**Character Count:** 166150
**Document Hash:** c18385a1ab29bc4f12c8b54731576ac0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011890.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001133228-25-011890

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 32

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**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
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251465680

**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

### Vident International Equity Strategy ETF (Series ID: S000042078)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000130685 | Vident International Equity Strategy ETF | VIDI            |

### Vident U.S. Equity Strategy ETF (Series ID: S000043147)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000133545 | Vident U.S. Equity Strategy ETF | VUSE            |

### Vident U.S. Bond Strategy ETF (Series ID: S000046801)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000146217 | Vident U.S. Bond Strategy ETF | VBND            |

?xml version='1.0' encoding='ASCII'? 2025-07-30199474_VidentInternationalEquityStrategyETF_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>August 31</u>**

Date of reporting period: **<u>August 31, 2025</u>**

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img172230_202410091935701.jpg) | **Vident International Equity Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | VIDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img123059_202409061328326.jpg) |

---

This annual shareholder report contains important information about the Vident International Equity Strategy ETF<sup>TM</sup> for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://videntam.com/etf/vident-international-equity-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**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** **\*** |
| Vident International Equity Strategy ETF<sup>TM</sup>  | $69 | 0.61% |

---

\* Annualized

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

The Vident International Equity Strategy ETF™ (the "Fund") seeks to track the total return performance, before fees and expenses, of the Vident Core International Equity Index™ (the "Index"). The Index seeks to provide investors with a well-diversified set of global equities exposures across countries, regions and stocks, emphasizing countries with more favorable conditions for investment as well as economic and financial market resilience. The Index also seeks to enhance investors' stock exposures, systematically selecting higher quality stocks that Vident believes to have favorable valuations and favorable price momentum.

The period in question was characterized by several economic and financial trends. One of the most highly visible was high volatility in trade policy with on and off and on-again threats of tariffs against all of the U.S.'s significant trading partners. Coinciding with that was a general slowing of economic growth, including a contraction in gross domestic product ("GDP") in the first quarter of 2025. Consistent with the general public narrative and with the Federal Reserve's dual mandate, there was a clearly discernible shift towards expectations of the Federal Reserve easing interest rates, and those expectations were realized at the Federal Open Market Committee ("FOMC") meeting in September 2025. What one would expect to see during a time of Federal Reserve interest rate easing is a weakening of the U.S. Dollar relative to the currencies of the Fund's investable markets, which would generally be helpful to ex-U.S. funds such as the Fund. The market dynamics shown below are consistent with that pattern of trade tensions and Federal Reserve interest rate easing, with the two largest contributors being based in Thailand, a country benefiting from a shift away from direct U.S.-China trade and reconfiguration of global trade towards other parts of Asia and buoyed by a significant rise in the Baht relative to the U.S. Dollar.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Kasikornbank PLC THB10 |
| ↑ | PTT Exploration & Production PCL |
| ↑ | Celestica Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | LG Innotek Co Ltd |
| ↓ | ICON PLC |
| ↓ | TE Connectivity PLC |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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.

Vident International Equity Strategy ETFTM PAGE 1 TSR-AR-26922A404

------

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

![image](ts5381img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Vident International Equity Strategy ETF NAV**  | 27.06 | 12.82 | 7.90 |
| **Morningstar Global Markets ex-US NR USD**  | 15.32 | 8.99 | 7.61 |
| **Vident Core Int'l Equity Index/Vident Int'l Equity Index**  | 29.12 | 14.43 | 9.02 |
| **Morningstar Global Markets ex-US Large-Mid Cap NR** **USD**  | 15.25 | 9.04 | 7.50 |

---

Visit https://videntam.com/etf/vident-international-equity-strategy-etf/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $383668217 |
| **Number of Holdings** | 246 |
| **Net Advisory Fee** | $2106037 |
| **Portfolio Turnover** | 70% |
| **30-Day SEC Yield** | 3.29% |
| **30-Day SEC Yield Unsubsidized** | 3.29% |

---

Visit https://videntam.com/etf/vident-international-equity-strategy-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  Mobvista, Inc.  | 0.8% |
|  Zhen Ding Technology Holding, Ltd.  | 0.8% |
|  Seibu Holdings, Inc.  | 0.6% |
|  OceanaGold Corporation  | 0.6% |
|  VSTECS Holdings, Ltd.  | 0.6% |
|  Aisin Corporation  | 0.6% |
|  Latam Airlines Group SA  | 0.6% |
|  Minth Group, Ltd.  | 0.6% |
|  Ramelius Resources, Ltd.  | 0.6% |
|  Exxaro Resources, Ltd.  | 0.6% |

---

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

![image](ts5381img004.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of** **Net** **Assets)**  |
|  Taiwan  | 7.4% |
|  South Korea  | 7.2% |
|  Singapore  | 7.0% |
|  Hong Kong  | 6.9% |
|  Denmark  | 5.8% |
|  Norway  | 5.4% |
|  Japan  | 5.2% |
|  Switzerland  | 5.2% |
|  Brazil  | 4.7% |
|  Cash & Other  | 45.2% |

---

Vident International Equity Strategy ETFTM PAGE 2 TSR-AR-26922A404

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://videntam.com/etf/vident-international-equity-strategy-etf/.

ALPS Distributors, Inc. is the distributor of the Fund. ALPS is not affiliated with Vident Asset Management.

**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 Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

Vident International Equity Strategy ETFTM PAGE 3 TSR-AR-26922A404

100001056813601129251194211705155941313514489168372139310000105171246812939124581354317069137381533718061208271000010675138231321812261120921627813907156121837123720100001034712255127191230713376168061355615166178872061519.817.512.410.57.57.17.06.56.05.7 ------

---

| | | |
|:---|:---|:---|
| ![image](img172230_202410091935701.jpg) | **Vident U.S. Bond Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | VBND (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img123059_202409061328326.jpg) |

---

This annual shareholder report contains important information about the Vident U.S. Bond Strategy ETF<sup>TM</sup> for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://videntam.com/etf/vident-us-bond-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**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** **\*** |
| Vident U.S. Bond Strategy ETF<sup>TM</sup>  | $42 | 0.41% |

---

\* Annualized

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

The Vident U.S. Bond Strategy ETF™ (the "Fund") is an actively-managed fund that seeks current income and long-term capital appreciation. The Fund may invest in any core U.S. bond sector, including U.S. Treasuries, U.S. agency securities, mortgage-backed securities, and investment-grade corporate bonds, private credit collateralized loan obligations and collateralized mortgage obligations, as well as any non-core bond sector, such as high-yield corporate bonds (also known as "junk bonds"), Treasury Inflation-Protected Securities, private credit, and dollar-denominated international bonds. Prior to May 9, 2025, the Fund sought to track the total return performance, before fees and expenses, of the Vident Core U.S. Bond Index™ (the "Index").

The period in question was characterized by several economic and financial trends. One of the most highly visible was high volatility in trade policy with on and off and on-again threats of tariffs against all of the U.S.'s significant trading partners. Coinciding with that was a general slowing of economic growth, including a contraction in gross domestic product ("GDP") in the first quarter of 2025. Consistent with the general public narrative and with the Federal Reserve's dual mandate, there was a clearly discernible shift towards expectations of the Federal Reserve easing interest rates, and those expectations were realized at the Federal Open Market Committee meeting in September 2025. What one would expect to see during a time of trade tensions and Fed Reserve interest rate easing is generally good for U.S. Treasuries, especially those on the short end of the yield curve which are most affected by Federal Reserve interest rate policy. The market dynamics are consistent with that pattern of Federal Reserve Interest easing, shorter duration U.S. Treasuries being most affected as well as a trade sensitive company such as Federal Express being negatively affected.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | United States Treasury Note/Bond (5 ¼ 11/15/28) |
| ↑ | United States Treasury Note/Bond (6 ⅛ 11/15/27) |
| ↑ | United States Treasury Note/Bond (5 ⅜ 02/15/31) |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Warnermedia Holdings, Inc. (5.391% 03/15/62) |
| ↓ | FedEx Corporation (5.1% 01/15/44) |
| ↓ | United States Treasury Note/Bond (2 ¼ 08/15/46) |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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.

Vident U.S. Bond Strategy ETFTM PAGE 1 TSR-AR-26922A602

------

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

![image](ts5382img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Vident U.S. Bond Strategy ETF NAV**  | 2.82 | -0.24 | 1.66 |
| **FTSE Broad Investment-Grade (BIG) Bond Index**  | 3.16 | -0.69 | 1.81 |

---

Visit https://videntam.com/etf/vident-us-bond-strategy-etf/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $468137856 |
| **Number of Holdings** | 213 |
| **Net Advisory Fee** | $1858560 |
| **Portfolio Turnover** | 168% |
| **30-Day SEC Yield** | 4.18% |
| **30-Day SEC Yield Unsubsidized** | 4.18% |
| **Effective Duration** | 6.33 years |
| **Average Credit Quality** | AA-/A+ |

---

Visit https://videntam.com/etf/vident-us-bond-strategy-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 56.8% |
|  Federal National Mortgage Association  | 6.0% |
|  Government National Mortgage Association  | 5.9% |
|  Tennessee Valley Authority  | 1.5% |
|  Deutsche Bank AG  | 0.8% |
|  Federal Home Loan Banks  | 0.7% |
|  Capital One Financial Corporation  | 0.6% |
|  Bayer US Finance II LLC  | 0.5% |
|  Woodside Finance, Ltd.  | 0.4% |
|  Israel Government International Bond  | 0.4% |

---

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

![image](ts5382img004.jpg)

Vident U.S. Bond Strategy ETFTM PAGE 2 TSR-AR-26922A602

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://videntam.com/etf/vident-us-bond-strategy-etf/.

ALPS Distributors, Inc. is the distributor of the Fund. ALPS is not affiliated with Vident Asset Management.

**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 Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

Vident U.S. Bond Strategy ETFTM PAGE 3 TSR-AR-26922A602

1000010576106291037211447119351210910606105581146711790100001060110651105401162712389123941093710801115981196557.911.510.94.74.52.01.71.31.04.5 ------

---

| | | |
|:---|:---|:---|
| ![image](img172230_202410091935701.jpg) | **Vident U.S. Equity Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | VUSE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img123059_202409061328326.jpg) |

---

This annual shareholder report contains important information about the Vident U.S. Equity Strategy ETF<sup>TM</sup> for the period of September 1, 2024 to August 31, 2025. You can find additional information about the Fund at https://videntam.com/etf/vident-us-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**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** **\*** |
| Vident U.S. Equity Strategy ETF<sup>TM</sup>  | $54 | 0.50% |

---

\* Annualized

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

The Vident U.S. Equity Strategy ETF™ (the "Fund") seeks to track the total return performance, before fees and expenses, of the Vident U.S. Quality Index™ (the "Index"). The Index represents a portfolio of U.S. equities that adhere to higher standards of corporate governance and accounting, as measured by numerous research metrics. This research is integrated into a systematic and structured selection process that seeks to provide an index of higher quality U.S. companies across small, medium and large-capitalization ranges. The Index also seeks to mitigate some of the risks often associated with market capitalization-weighted indices, including issuer concentration.

The period in question was characterized by several economic and financial trends. One of the most highly visible was high volatility in trade policy with on and off and on-again threats of tariffs against all of the U.S.'s significant trading partners. Coinciding with that was a general slowing of economic growth, including a contraction in gross domestic product ("GDP") in the first quarter of 2025. Consistent with the general public narrative and with the Federal Reserve's dual mandate, there was a clearly discernible shift towards expectations of the Federal Reserve easing interest rates, and those expectations were realized at the Federal Open Market Committee meeting in September 2025. What one would expect to see during a time of Federal Reserve interest rate easing is generally good for growth stocks in the technology sector, especially those connected to artificial intelligence technology which are disproportionately represented among the securities listed below. The relatively weak contributions of the pharmaceutical companies in the Fund's portfolio are consistent both with a move away from defensive sectors which often accompanies times of easing and also times of disruptions in international trade.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Broadcom Inc. |
| ↑ | Oracle Corporation |
| ↑ | NVIDIA Corporation |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Fiserv, Inc. |
| ↓ | Eli Lilly and Company |
| ↓ | Merck & Co., Inc. |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

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.

Vident U.S. Equity Strategy ETFTM PAGE 1 TSR-AR-26922A503

------

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

![image](ts5383img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Vident U.S. Equity Strategy ETF NAV**  | 16.01 | 17.91 | 11.25 |
| **S&P 500 TR**  | 15.88 | 14.74 | 14.60 |
| **Vident U.S. Quality Index/Vident Core U.S. Stock** **Index/Vident Core U.S Equity Index**  | 16.62 | 19.92 | 12.27 |
| **Morningstar US Market TR USD**  | 15.95 | 14.14 | 14.11 |

---

Visit https://videntam.com/etf/vident-us-strategy-etf/ 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 August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $630849614 |
| **Number of Holdings** | 122 |
| **Net Advisory Fee** | $2961393 |
| **Portfolio Turnover** | 64% |
| **30-Day SEC Yield** | 0.42% |
| **30-Day SEC Yield Unsubsidized** | 0.42% |

---

Visit https://videntam.com/etf/vident-us-strategy-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net** **Assets)** |
|  Walmart, Inc.  | 2.5% |
|  Visa, Inc. - Class A  | 2.5% |
|  Broadcom, Inc.  | 2.5% |
|  Meta Platforms, Inc. - Class A  | 2.4% |
|  Alphabet, Inc. - Class A  | 2.1% |
|  Berkshire Hathaway, Inc. - Class B  | 2.0% |
|  Apple, Inc.  | 2.0% |
|  AbbVie, Inc.  | 2.0% |
|  JPMorgan Chase & Company  | 2.0% |
|  Microsoft Corporation  | 2.0% |

---

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

![image](ts5383img004.jpg)

Vident U.S. Equity Strategy ETFTM PAGE 2 TSR-AR-26922A503

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://videntam.com/etf/vident-us-strategy-etf/.

ALPS Distributors, Inc. is the distributor of the Fund. ALPS is not affiliated with Vident Asset Management.

**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 Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

Vident U.S. Equity Strategy ETFTM PAGE 3 TSR-AR-26922A503

100001066112092145051240312738191451787121488250312903410000112551308215655161121964725770228762652433721390761000010640120771449112444128241931918051232862727531808100001116312960155631586219323256072214625516322833743128.115.612.211.310.18.86.52.92.02.5 ------

&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 there is at least one audit committee financial expert serving on its audit committee. Mr. Leonard Rush is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<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 8/31/2025 | FYE 8/31/2024 |
| (a) Audit Fees | $49000 | $49500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $10500 | $10500 |
| (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 8/31/2025 | FYE 8/31/2024 |
| 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 8/31/2025</u> <u>FYE 8/31/2024</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: Leonard M. Rush, David A. Massart, and Janet D. Olsen.

(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) ![](vident_logo.jpg)

**Vident ETFs**

**Vident International Equity Strategy ETF<sup>TM</sup> (Ticker: VIDI)** 

**Vident U.S. Bond Strategy ETF<sup>TM</sup> (Ticker: VBND)** 

**Vident U.S. Equity Strategy ETF<sup>TM</sup> (Ticker: VUSE)** 

Annual Financial Statements and Additional Information

August 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#sch001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Vident International Equity Strategy ETF<sup>TM</sup>](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Vident U.S. Bond Strategy ETF<sup>TM</sup>](#soi2) | [5](#soi2) |
| &nbsp;&nbsp;&nbsp; [Vident U.S. Equity Strategy ETF<sup>TM</sup>](#soi3) | [9](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [11](#sal) |
| [Statements of Operations](#sop) | [12](#sop) |
| [Statements of Changes in Net Assets](#scna) | [13](#scna) |
| [Financial Highlights](#fihi) | [15](#fihi) |
| [Notes to Financial Statements](#notes) | [18](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [27](#report) |
| [Tax Information](#tax) | [28](#tax) |
| [Additional Information](#add) | [29](#add) |

---

------

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

**VIDENT INTERNATIONAL EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.2%** <br>|  |  |
| **Australia - 3.7%** <br>|  |  |
| AGL Energy, Ltd. | 191142 | $1029596  |
| BlueScope Steel, Ltd. | 103296 | 1551590  |
| Perseus Mining, Ltd. | 809944 | 2003815  |
| Qantas Airways, Ltd. | 256704 | 1974155  |
| QBE Insurance Group, Ltd. | 123894 | 1755573  |
| Ramelius Resources, Ltd. | 1084076 | 2249209  |
| Regis Resources, Ltd.<sup>(a)</sup> | 399477 | 1187021  |
| Super Retail Group, Ltd. | 68256 | 840311  |
| Yancoal Australia, Ltd. | 421807 | 1501839  |
|  |  | 14093109  |
| **Austria - 0.6%**<br>|  |  |
| OMV AG | 25194 | 1387773  |
| voestalpine AG | 29149 | 965560  |
|  |  | 2353333  |
| **Belgium - 0.2%**<br>|  |  |
| Ageas SA | 6459 | 455125  |
| Proximus SADP | 52681 | 456613  |
|  |  | 911738  |
| **Brazil - 4.1%**<br>|  |  |
| Ambev SA | 714100 | 1624718  |
|  Cia de Saneamento de Minas Gerais Copasa MG | 299072 | 1655114  |
| Lojas Renner SA | 627650 | 1878984  |
| Magazine Luiza SA | 1428900 | 2174373  |
| Marfrig Global Foods SA | 448469 | 2063845  |
| Telefonica Brasil SA | 336464 | 2094493  |
| TIM SA | 518858 | 2178437  |
| Vibra Energia SA | 488763 | 2182645  |
|  |  | 15852609  |
| **Canada - 4.3%**<br>|  |  |
| Air Canada<sup>(a)</sup> | 114534 | 1626726  |
| Empire Company, Ltd. | 45558 | 1768962  |
| Finning International, Inc. | 41131 | 1705815  |
| iA Financial Corporation, Inc. | 16813 | 1809331  |
| Kinross Gold Corporation | 73282 | 1532413  |
| Magna International, Inc. | 43239 | 1985350  |
| OceanaGold Corporation | 130994 | 2394806  |
| Parex Resources, Inc. | 48258 | 608080  |
| Power Corporation of Canada | 45607 | 1930977  |
| Tamarack Valley Energy, Ltd. | 274341 | 1077023  |
|  |  | 16439483  |
| **Chile - 1.1%**<br>|  |  |
| Cencosud SA | 620497 | 1974165  |
| Latam Airlines Group SA<sup>(a)</sup> | 89396194 | 2259482  |
|  |  | 4233647  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **China - 0.9%**<br>|  |  |
|  China Resources Pharmaceutical Group, Ltd.<sup>(b)</sup> | 2579000 | $1614387  |
|  Country Garden Services Holdings Company, Ltd. | 2034000 | 1693293  |
|  |  | 3307680  |
| **Denmark - 5.8%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 873 | 1798088  |
| Bavarian Nordic AS<sup>(a)</sup> | 49541 | 1838002  |
| Carlsberg AS - Class B | 13831 | 1692534  |
| D/S Norden AS | 43216 | 1543707  |
| Danske Bank AS | 14312 | 588661  |
| Genmab AS<sup>(a)</sup> | 7880 | 1962200  |
| H Lundbeck AS | 252838 | 1599355  |
| ISS AS | 62503 | 1828854  |
| Jyske Bank AS | 18238 | 1959000  |
| NKT AS<sup>(a)</sup> | 20121 | 1916737  |
| ROCKWOOL AS | 41399 | 1564492  |
| Tryg AS | 75163 | 1977710  |
| Vestas Wind Systems AS | 96017 | 1912134  |
|  |  | 22181474  |
| **Finland - 0.8%**<br>|  |  |
| Fortum Oyj | 50445 | 873284  |
| Nokia Oyj | 396514 | 1707488  |
| Outokumpu Oyj | 125264 | 515225  |
|  |  | 3095997  |
| **France - 1.0%**<br>|  |  |
| Bouygues SA | 41391 | 1775132  |
| Orange SA | 121205 | 1971990  |
| Societe Generale SA | 2520 | 155505  |
|  |  | 3902627  |
| **Germany - 4.3%**<br>|  |  |
| Allianz SE | 404 | 170804  |
| Aurubis AG | 5844 | 663516  |
| Bayer AG | 54607 | 1793516  |
| Continental AG | 20832 | 1828780  |
| Deutsche Lufthansa AG | 207446 | 1931831  |
| Freenet AG | 19616 | 654831  |
| Fresenius Medical Care AG | 24744 | 1268277  |
| Fresenius SE & Company KGaA | 37737 | 2049973  |
| HelloFresh SE<sup>(a)</sup> | 70082 | 619987  |
| K+S AG | 65733 | 888658  |
| RWE AG | 41957 | 1681541  |
| Schaeffler AG | 26180 | 181103  |
| Suedzucker AG | 14698 | 172383  |
| Talanx AG | 8163 | 1125549  |
| thyssenkrupp AG | 149435 | 1579113  |
|  |  | 16609862  |

---

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

1<br>

------

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

**VIDENT INTERNATIONAL EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Hong Kong - 6.9%**<br>|  |  |
| BOC Hong Kong Holdings, Ltd. | 395500 | $1786785  |
| Cathay Pacific Airways, Ltd. | 1161000 | 1594991  |
|  China Taiping Insurance Holdings Company, Ltd. | 822600 | 1707276  |
| Geely Automobile Holdings, Ltd. | 758000 | 1901843  |
| Johnson Electric Holdings, Ltd. | 568500 | 2081234  |
| Kingboard Holdings, Ltd. | 505500 | 1855784  |
| Kunlun Energy Company, Ltd. | 1856000 | 1723666  |
| Orient Overseas International, Ltd. | 100000 | 1748366  |
| Pacific Basin Shipping, Ltd. | 6279605 | 1756003  |
| Sino Biopharmaceutical, Ltd. | 71155 | 74022  |
| TCL Electronics Holdings, Ltd. | 1460000 | 2007632  |
|  United Laboratories International Holdings, Ltd. | 920000 | 1810297  |
| VSTECS Holdings, Ltd. | 1632000 | 2283923  |
| WH Group, Ltd.<sup>(b)</sup> | 1812500 | 1939012  |
| Yue Yuen Industrial Holdings, Ltd. | 1132000 | 1996575  |
|  |  | 26267409  |
| **Indonesia - 3.0%**<br>|  |  |
| Alamtri Resources Indonesia Tbk PT | 15618300 | 1662226  |
| Aneka Tambang Tbk | 10123000 | 1866217  |
| Astra International Tbk PT | 5895100 | 1966225  |
|  Bank Negara Indonesia Persero Tbk PT | 7141400 | 1896867  |
| &nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk <br>PT | 1354900 | 332768  |
| Telkom Indonesia Persero Tbk PT | 10512300 | 1995361  |
| United Tractors Tbk PT | 1243600 | 1840136  |
|  |  | 11559800  |
| **Ireland - 3.2%**<br>|  |  |
| AerCap Holdings NV | 16451 | 2031698  |
| Alkermes PLC<sup>(a)</sup> | 70367 | 2038532  |
| Aptiv PLC<sup>(a)</sup> | 26336 | 2094502  |
| DCC PLC | 20027 | 1272775  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 15674 | 2002354  |
| Perrigo Company PLC | 43075 | 1022601  |
| TE Connectivity PLC | 8790 | 1815135  |
|  |  | 12277597  |
| **Israel - 1.9%**<br>|  |  |
| Bank Leumi Le-Israel BM | 97713 | 1875641  |
| El Al Israel Airlines<sup>(a)</sup> | 465691 | 1858837  |
| ICL Group, Ltd. | 85434 | 550195  |
| Inmode, Ltd.<sup>(a)</sup> | 30775 | 459779  |
| Israel Discount Bank, Ltd. - Class A | 113556 | 1123490  |
| Plus500, Ltd. | 10249 | 419836  |
| &nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services, <br>Ltd. | 83071 | 1130596  |
|  |  | 7418374  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Italy - 0.5%**<br>|  |  |
| Iveco Group NV | 80428 | $1729832  |
| Telecom Italia SpA<sup>(a)</sup> | 296264 | 142039  |
|  |  | 1871871  |
| **Japan - 5.2%**<br>|  |  |
| Aisin Corporation | 136200 | 2274561  |
| Alps Alpine Company, Ltd. | 172100 | 2123338  |
| Brother Industries, Ltd. | 107700 | 1839684  |
| Japan Airlines Company, Ltd. | 93200 | 1991271  |
| JTEKT Corporation | 91500 | 905496  |
| Kioxia Holdings Corporation<sup>(a)</sup> | 111100 | 1964350  |
| Sankyo Company, Ltd. | 99400 | 2012033  |
| SBI Holdings, Inc. | 46100 | 2197541  |
| Seibu Holdings, Inc. | 66700 | 2429048  |
| Toyo Tire Corporation | 84900 | 2178806  |
|  |  | 19916128  |
| **Malaysia - 3.9%**<br>|  |  |
| AMMB Holdings Bhd | 1520500 | 1939762  |
| IHH Healthcare Bhd | 1156600 | 1858772  |
| KPJ Healthcare Bhd | 3017600 | 1856985  |
| Malayan Banking Bhd | 816000 | 1912047  |
| MISC Bhd | 865700 | 1520354  |
| Public Bank Bhd | 1831800 | 1851310  |
| RHB Bank Bhd | 1239700 | 1918968  |
| Telekom Malaysia Bhd | 1153400 | 1916418  |
| YTL Corporation Bhd | 334220 | 202510  |
|  |  | 14977126  |
| **Mexico - 1.5%**<br>|  |  |
| Cemex SAB de CV | 2185456 | 1983315  |
| Gentera SAB de CV | 757100 | 1858183  |
| Industrias Penoles SAB de CV<sup>(a)</sup> | 62000 | 2014248  |
|  |  | 5855746  |
| **Netherlands - 1.8%**<br>|  |  |
| Koninklijke Ahold Delhaize NV | 45896 | 1839944  |
| NN Group NV | 27120 | 1867170  |
| Signify NV<sup>(b)</sup> | 46302 | 1222667  |
| Stellantis NV | 191120 | 1830801  |
|  |  | 6760582  |
| **Norway - 5.4%**<br>|  |  |
| Aker BP ASA | 73360 | 1853814  |
| DNB Bank ASA | 72087 | 1899132  |
| DNO ASA | 1299084 | 1978212  |
| Equinor ASA | 70485 | 1738370  |
| Gjensidige Forsikring ASA | 35211 | 978448  |
| Hoegh Autoliners ASA | 173532 | 1993102  |
| Leroy Seafood Group ASA | 174785 | 855881  |
| Norsk Hydro ASA | 296178 | 1921371  |
| Norwegian Air Shuttle ASA | 1113159 | 1883434  |
| Orkla ASA | 174176 | 1946759  |

---

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

2<br>

------

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

**VIDENT INTERNATIONAL EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Norway - (Continued)** | **Norway - (Continued)** | **Norway - (Continued)** |
| Storebrand ASA | 126311 | $1943546  |
| Yara International ASA | 48539 | 1766688  |
|  |  | 20758757  |
| **Peru - 0.5%**<br>|  |  |
| Credicorp, Ltd. | 7830 | 2013876  |
| **Poland - 1.4%**<br>|  |  |
| Alior Bank SA | 10513 | 299184  |
| Bank Polska Kasa Opieki SA | 34102 | 1714973  |
| ORLEN SA | 80532 | 1718977  |
| &nbsp;&nbsp;&nbsp; PGE Polska Grupa Energetyczna <br>SA<sup>(a)</sup> | 559281 | 1741278  |
|  |  | 5474412  |
| **Portugal - 0.5%**<br>|  |  |
| Banco Comercial Portugues SA | 2318397 | 1964697  |
| **Russia - 0.0%<sup>(c)</sup>** <br>|  |  |
| Severstal PAO - GDR<sup>(a)(d)</sup> | 24074 | 0  |
| **Singapore - 7.0%**<br>|  |  |
| ComfortDelGro Corporation, Ltd. | 1372000 | 1550584  |
| DBS Group Holdings, Ltd. | 46240 | 1820768  |
| Genting Singapore, Ltd. | 3175000 | 1781761  |
| Hafnia, Ltd. | 326927 | 1999804  |
| Jardine Cycle & Carriage, Ltd. | 28500 | 628199  |
| Mobvista, Inc.<sup>(a)(b)</sup> | 1759000 | 3183680  |
|  Oversea-Chinese Banking Corporation, Ltd. | 124400 | 1623115  |
| SATS, Ltd. | 385000 | 993258  |
| Sembcorp Industries, Ltd. | 308000 | 1457178  |
| Singapore Airlines, Ltd. | 311300 | 1596535  |
| Singapore Exchange, Ltd. | 150000 | 1937256  |
| Singapore Telecommunications, Ltd. | 581200 | 1952433  |
| United Overseas Bank, Ltd. | 38419 | 1053753  |
| UOL Group, Ltd. | 341300 | 1981828  |
| Venture Corporation, Ltd. | 88600 | 937793  |
| Wilmar International, Ltd. | 472400 | 1086189  |
| Yangzijiang Financial Holding, Ltd. | 1679900 | 1374821  |
|  |  | 26958955  |
| **South Africa - 2.2%**<br>|  |  |
| Exxaro Resources, Ltd. | 202782 | 2208583  |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Company, <br>Ltd. | 24226 | 321978  |
| Old Mutual, Ltd. | 2603563 | 2045328  |
| Tiger Brands, Ltd. | 109794 | 1929830  |
| Vodacom Group, Ltd. | 241029 | 1936678  |
|  |  | 8442397  |
| **South Korea - 7.2%**<br>|  |  |
| DB Insurance Company, Ltd. | 19822 | 1880613  |
|  Hankook Tire & Technology Company, Ltd. | 55165 | 1593148  |
| Hanwha Corporation | 27227 | 1641160  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| HD Hyundai Company, Ltd. | 12760 | $1258332  |
|  HD Korea Shipbuilding & Offshore Engineering Company, Ltd. | 7194 | 2103478  |
| Hyundai Mobis Company, Ltd. | 8463 | 1938835  |
| Kia Corporation | 24104 | 1834349  |
| Korea Gas Corporation | 57019 | 1622083  |
| KT Corporation | 45987 | 1789532  |
| LG Uplus Corporation | 177962 | 1900907  |
| NongShim Company, Ltd. | 6648 | 1960568  |
| Samsung C&T Corporation | 671 | 80988  |
| Samsung E&A Company, Ltd. | 100915 | 2112301  |
| Samsung Electronics Company, Ltd. | 36123 | 1811022  |
|  Samsung Fire & Marine Insurance Company, Ltd. | 2237 | 714424  |
| Samsung SDS Company, Ltd. | 16168 | 1713035  |
| SK Telecom Company, Ltd. | 39587 | 1543331  |
|  |  | 27498106  |
| **Spain - 1.2%**<br>|  |  |
| Banco Bilbao Vizcaya Argentaria SA | 92764 | 1681900  |
| Banco Santander SA | 209368 | 1999722  |
| CaixaBank SA | 28739 | 286939  |
| Mapfre SA | 63625 | 278826  |
| Repsol SA | 14017 | 229860  |
|  |  | 4477247  |
| **Sweden - 1.4%**<br>|  |  |
| Embracer Group AB<sup>(a)</sup> | 169580 | 1514496  |
| Sinch AB<sup>(a)(b)</sup> | 141496 | 441705  |
| SSAB AB - Class B | 306543 | 1737694  |
| Volvo Car AB<sup>(a)</sup> | 885738 | 1844264  |
|  |  | 5538159  |
| **Switzerland - 5.2%**<br>|  |  |
| Adecco Group AG | 55511 | 1778464  |
| Avolta AG | 19950 | 1147990  |
| Chubb, Ltd. | 6917 | 1902659  |
| Coca-Cola HBC AG | 28853 | 1456352  |
| Garrett Motion, Inc. | 140572 | 1826030  |
| Helvetia Holding AG | 4486 | 1155396  |
| Holcim AG | 22865 | 1917220  |
| Novartis AG | 15795 | 1999652  |
| Sandoz Group AG | 3784 | 237539  |
| STMicroelectronics NV | 12450 | 338741  |
| Swatch Group AG | 2006 | 362890  |
| Swiss Re AG | 10084 | 1828636  |
| Swisscom AG | 91 | 65826  |
| Swissquote Group Holding SA | 2774 | 1819130  |
| Zurich Insurance Group AG | 2667 | 1950560  |
|  |  | 19787085  |
| **Taiwan - 7.4%**<br>|  |  |
| Arcadyan Technology Corporation | 246000 | 1907195  |
| Compal Electronics, Inc. | 1385000 | 1252727  |
|  Evergreen Marine Corporation Taiwan, Ltd. | 271000 | 1644466  |

---

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

3<br>

------

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

**VIDENT INTERNATIONAL EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Taiwan - (Continued)**  | **Taiwan - (Continued)**  | **Taiwan - (Continued)**  |
| Foxconn Technology Company, Ltd. | 658000 | $1530408  |
| L&K Engineering Company, Ltd. | 158000 | 1824498  |
| Minth Group, Ltd. | 534000 | 2252214  |
| Powertech Technology, Inc. | 326000 | 1269043  |
| Primax Electronics, Ltd. | 514000 | 1395574  |
| Sigurd Microelectronics Corporation | 675000 | 1868038  |
| Simplo Technology Company, Ltd. | 120822 | 1559210  |
|  Taiwan Surface Mounting Technology Corporation | 516000 | 1814554  |
| Tripod Technology Corporation | 200000 | 2103404  |
| United Microelectronics Corporation | 1247000 | 1652088  |
| Wan Hai Lines, Ltd. | 593000 | 1606189  |
| WT Microelectronics Company, Ltd. | 400000 | 1609447  |
| Zhen Ding Technology Holding, Ltd. | 463000 | 2976153  |
|  |  | 28265208  |
| **Thailand - 1.6%**<br>|  |  |
| Kasikornbank PCL - NVDR | 327400 | 1702945  |
| Krung Thai Bank PCL - NVDR | 1249800 | 949069  |
|  PTT Exploration & Production PCL - NVDR | 513600 | 1775681  |
| TMBThanachart Bank PCL - NVDR | 26777600 | 1570534  |
|  |  | 5998229  |
| **United Kingdom - 2.5%**<br>|  |  |
| Centrica PLC | 414256 | 900800  |
| easyJet PLC | 179399 | 1186670  |
| J Sainsbury PLC | 453325 | 1833707  |
| JET2 PLC | 2322 | 51072  |
| Kingfisher PLC | 487434 | 1695090  |
| Tesco PLC | 323912 | 1849813  |
| Vodafone Group PLC | 1636949 | 1954157  |
|  |  | 9471309  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $319,231,894)** |  | 376534629  |
| **PREFERRED STOCKS - 0.8%**<br>|  |  |
| **Brazil - 0.6%**<br>|  |  |
| Banco Bradesco SA | 248400 | 769715  |
| Cia Energetica de Minas Gerais | 813151 | 1665820  |
|  |  | 2435535  |
| **Chile - 0.2%**<br>|  |  |
| Embotelladora Andina SA | 189477 | 753572  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $2,335,072)** |  | 3189107  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **RIGHTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Italy - 0.0%<sup>(c)</sup>** <br>|  |  |
|  Telecom Italia SpA, Expires 09/15/2025, Exercise Price $0.29<sup>(a)(d)</sup> | 296264 | $0  |
| &nbsp;&nbsp;&nbsp; **TOTAL RIGHTS** <br>**(Cost $0)** |  | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.0%** <br>**(Cost $321,566,966)** |  | $379723736  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.0% |  | 3944481  |
| **TOTAL NET ASSETS - 100.0%** |  | $383668217 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $8,401,451 or 2.2% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2025. 

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

4<br>

------

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

**VIDENT U.S. BOND STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 56.8%**  | **U.S. TREASURY SECURITIES - 56.8%**  |  |
| United States Treasury Note/Bond <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.25%, 11/30/2026 | $5770000 | $5593857  |
| &nbsp;&nbsp;&nbsp; 1.63%, 11/30/2026 | 16872000 | 16434053  |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/31/2027 | 11670000 | 11052311  |
| &nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 3990000 | 3770005  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2027 | 5490000 | 5560984  |
| &nbsp;&nbsp;&nbsp; 0.38%, 07/31/2027 | 2980000 | 2802306  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 3540000 | 3481576  |
| &nbsp;&nbsp;&nbsp; 2.25%, 08/15/2027 | 3750000 | 3652515  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 1925000 | 1928910  |
| &nbsp;&nbsp;&nbsp; 0.50%, 08/31/2027 | 480000 | 451369  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/31/2027 | 1560000 | 1545040  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 28115000 | 29620690  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/31/2028 | 4740000 | 4844613  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/30/2028 | 2145000 | 2208931  |
| &nbsp;&nbsp;&nbsp; 4.88%, 10/31/2028 | 2510000 | 2604762  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2028 | 1495000 | 1473655  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 | 20160000 | 21150675  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/30/2028 | 1700000 | 1739943  |
| &nbsp;&nbsp;&nbsp; 1.38%, 12/31/2028 | 1065000 | 991386  |
| &nbsp;&nbsp;&nbsp; 3.75%, 12/31/2028 | 400000 | 401797  |
| &nbsp;&nbsp;&nbsp; 4.00%, 01/31/2029 | 1500000 | 1518779  |
| &nbsp;&nbsp;&nbsp; 2.63%, 02/15/2029 | 1815000 | 1757501  |
| &nbsp;&nbsp;&nbsp; 4.25%, 02/28/2029 | 1055000 | 1076904  |
| &nbsp;&nbsp;&nbsp; 2.38%, 03/31/2029 | 2030000 | 1945945  |
| &nbsp;&nbsp;&nbsp; 4.13%, 03/31/2029 | 2450000 | 2491487  |
| &nbsp;&nbsp;&nbsp; 4.63%, 04/30/2029 | 995000 | 1028912  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2030 | 11340000 | 12582084  |
| &nbsp;&nbsp;&nbsp; 5.38%, 02/15/2031 | 13625000 | 14702227  |
| &nbsp;&nbsp;&nbsp; 4.50%, 08/15/2039 | 1040000 | 1032931  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2039 | 3780000 | 3693769  |
| &nbsp;&nbsp;&nbsp; 4.63%, 02/15/2040 | 2600000 | 2605231  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2040 | 3400000 | 3309289  |
| &nbsp;&nbsp;&nbsp; 4.25%, 11/15/2040 | 6750000 | 6443086  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 4955000 | 4997195  |
| &nbsp;&nbsp;&nbsp; 2.25%, 05/15/2041 | 1820000 | 1319002  |
| &nbsp;&nbsp;&nbsp; 4.38%, 05/15/2041 | 7515000 | 7244930  |
| &nbsp;&nbsp;&nbsp; 2.00%, 11/15/2041 | 2785000 | 1910173  |
| &nbsp;&nbsp;&nbsp; 3.13%, 11/15/2041 | 1015000 | 827582  |
| &nbsp;&nbsp;&nbsp; 2.38%, 02/15/2042 | 2190000 | 1585654  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2042 | 3625000 | 2941206  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2042 | 4350000 | 3452303  |
| &nbsp;&nbsp;&nbsp; 3.25%, 05/15/2042 | 3590000 | 2952985  |
| &nbsp;&nbsp;&nbsp; 2.75%, 08/15/2042 | 4885000 | 3712791  |
| &nbsp;&nbsp;&nbsp; 3.38%, 08/15/2042 | 3340000 | 2786225  |
| &nbsp;&nbsp;&nbsp; 2.75%, 11/15/2042 | 4635000 | 3505038  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 3395000 | 3075923  |
| &nbsp;&nbsp;&nbsp; 3.13%, 02/15/2043 | 5135000 | 4096366  |
| &nbsp;&nbsp;&nbsp; 3.88%, 02/15/2043 | 2610000 | 2319638  |
| &nbsp;&nbsp;&nbsp; 2.88%, 05/15/2043 | 4410000 | 3373133  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 2945000 | 2611847  |
| &nbsp;&nbsp;&nbsp; 3.63%, 08/15/2043 | 4655000 | 3970933  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | $2515000 | $2378640  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 12066000 | 10449816  |
| &nbsp;&nbsp;&nbsp; 3.63%, 02/15/2044 | 4285000 | 3635889  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 4385000 | 4204290  |
| &nbsp;&nbsp;&nbsp; 3.38%, 05/15/2044 | 4865000 | 3965925  |
| &nbsp;&nbsp;&nbsp; 3.13%, 08/15/2044 | 4735000 | 3701068  |
| &nbsp;&nbsp;&nbsp; 3.00%, 11/15/2044 | 4430000 | 3381336  |
| &nbsp;&nbsp;&nbsp; 3.00%, 05/15/2045 | 2600000 | 1972039  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $266,776,345)** |  | 265869450  |
| **CORPORATE BONDS - 26.8%**<br>|  |  |
| **Communication Services - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Fox Corporation, <br>5.58%, 01/25/2049 | 1450000 | 1368231  |
|  Paramount Global, 4.90%, 08/15/2044 | 500000 | 400824  |
|  |  | 1769055  |
| **Communications - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc., <br>5.39%, 03/15/2062 | 2000000 | 1079000  |
| **Consumer Discretionary - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Brunswick Corporation, <br>2.40%, 08/18/2031 | 1630000 | 1409828  |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc., <br>4.10%, 01/15/2052 | 1795000 | 1276669  |
| Ford Motor Company <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.75%, 01/15/2043 | 500000 | 387541  |
| &nbsp;&nbsp;&nbsp; 5.29%, 12/08/2046 | 500000 | 406281  |
| &nbsp;&nbsp;&nbsp; General Motors Company, <br>6.75%, 04/01/2046 | 1400000 | 1451032  |
| &nbsp;&nbsp;&nbsp; Lear Corporation, <br>5.25%, 05/15/2049 | 1520000 | 1339705  |
| Tapestry, Inc., 3.05%, 03/15/2032 | 1560000 | 1397917  |
| &nbsp;&nbsp;&nbsp; Whirlpool Corporation, <br>4.50%, 06/01/2046 | 2000000 | 1507759  |
|  |  | 9176732  |
| **Consumer Staples - 0.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc., <br>4.45%, 05/06/2050 | 1755000 | 1384757  |
| Kraft Heinz Foods Company <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 01/26/2039 | 105000 | 114299  |
| &nbsp;&nbsp;&nbsp; 6.50%, 02/09/2040 | 990000 | 1044991  |
|  |  | 2544047  |
| **Energy - 4.7%**<br>|  |  |
| APA Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/01/2040<sup>(a)</sup> | 1500000 | 1276393  |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2055<sup>(a)</sup> | 150000 | 142517  |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc., <br>4.90%, 06/01/2044 | 1610000 | 1270611  |

---

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

5<br>

------

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

**VIDENT U.S. BOND STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Energy - (Continued)**  | **Energy - (Continued)**  | **Energy - (Continued)**  |
| &nbsp;&nbsp;&nbsp; Devon Energy Corporation, <br>7.88%, 09/30/2031 | $1175000 | $1359107  |
|  Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1200000 | 1279267  |
| &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, <br>02/15/2078 | 1380000 | 1368807  |
|  EQT Corporation, 7.00%, 02/01/2030<sup>(b)</sup> | 1220000 | 1327389  |
|  Halliburton Company, 7.45%, 09/15/2039 | 375000 | 439600  |
|  Helmerich & Payne, Inc., 5.50%, 12/01/2034 | 1400000 | 1346891  |
|  HF Sinclair Corporation, 6.25%, 01/15/2035 | 1400000 | 1440710  |
|  Marathon Petroleum Corporation, 6.50%, 03/01/2041 | 1045000 | 1099382  |
| NOV, Inc., 3.95%, 12/01/2042 | 1945000 | 1474253  |
| Occidental Petroleum Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 1200000 | 1186139  |
| &nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 300000 | 301490  |
| Ovintiv, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 11/01/2031 | 1100000 | 1218131  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2034 | 150000 | 157999  |
|  Phillips 66 Company, 4.90%, 10/01/2046 | 1030000 | 887873  |
|  Valero Energy Corporation, 6.63%, 06/15/2037 | 1215000 | 1325860  |
|  Western Midstream Operating LP, 5.30%, 03/01/2048 | 1580000 | 1332337  |
| Woodside Finance, Ltd. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.10%, 09/12/2034 | 1000000 | 979636  |
| &nbsp;&nbsp;&nbsp; 5.70%, 09/12/2054 | 1000000 | 921346  |
|  |  | 22135738  |
| **Financials - 10.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Allstate Corporation, 6.50% to 05/15/2037 then 3 mo. LIBOR <br>US + 2.12%, 05/15/2057<sup>(c)</sup> | 1350000 | 1395850  |
|  Ally Financial, Inc., 6.70%, 02/14/2033 | 1290000 | 1340413  |
|  Ares Capital Corporation, 3.20%, 11/15/2031 | 1590000 | 1416772  |
|  Athene Holding, Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054 | 1400000 | 1407780  |
|  Blackstone Private Credit Fund, 6.00%, 11/22/2034 | 1400000 | 1410852  |
|  Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | 1430000 | 1351262  |
|  Blue Owl Technology Finance Corporation, 6.75%, 04/04/2029 | 1500000 | 1553706  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Brighthouse Financial, Inc., 4.70%, 06/22/2047 | $1840000 | $1379422  |
| Capital One Financial Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.36% to 07/29/2031 then SOFR + 1.34%, 07/29/2032 | 1625000 | 1398099  |
| &nbsp;&nbsp;&nbsp; 6.70%, 11/29/2032 | 1260000 | 1386658  |
|  Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 | 1385000 | 1365532  |
|  COPT Defense Properties LP, 2.75%, 04/15/2031 | 1610000 | 1452816  |
|  Corebridge Financial, Inc., 6.88% to 12/15/2027 then 5 yr. CMT Rate + 3.85%, 12/15/2052 | 1300000 | 1344908  |
| Deutsche Bank AG <br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.73% to 01/14/2031 then SOFR + 2.76%, 01/14/2032 | 1000000 | 938542  |
| &nbsp;&nbsp;&nbsp; 4.88% to 12/01/2027 then 5 yr. Mid Swap Rate USD + 2.55%, 12/01/2032 | 1000000 | 996667  |
| &nbsp;&nbsp;&nbsp; 3.74% to 01/07/2032 then SOFR + 2.26%, 01/07/2033 | 500000 | 458049  |
| &nbsp;&nbsp;&nbsp; 7.08% to 02/10/2033 then SOFR + 3.65%, 02/10/2034 | 1100000 | 1194789  |
|  Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042 | 1400000 | 1386093  |
|  Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055 | 1350000 | 1382897  |
|  F&G Annuities & Life, Inc., 6.50%, 06/04/2029 | 1290000 | 1345167  |
|  Fifth Third Bancorp, 8.25%, 03/01/2038 | 910000 | 1115049  |
|  First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 1430000 | 1439851  |
| GLP Capital LP, 5.75%, 06/01/2028 | 1305000 | 1340447  |
|  HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 | 1420000 | 1408702  |
|  Huntington Bancshares, Inc., 2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036 | 1640000 | 1395662  |
| &nbsp;&nbsp;&nbsp; Legg Mason, Inc., <br>5.63%, 01/15/2044 | 1100000 | 1084868  |
|  Lincoln National Corporation, 7.00%, 06/15/2040 | 1170000 | 1318041  |
|  Markel Group, Inc., 5.00%, 04/05/2046 | 1240000 | 1104716  |
| MetLife, Inc., 10.75%, 08/01/2039 | 1000000 | 1338426  |
|  MGIC Investment Corporation, 5.25%, 08/15/2028 | 1290000 | 1290520  |
|  Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047<sup>(c)</sup> | 1375000 | 1354528  |
| Regions Bank, 6.45%, 06/26/2037 | 1308000 | 1414176  |

---

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

6<br>

------

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

**VIDENT U.S. BOND STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
|  Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | $1380000 | $1409037  |
|  Sabra Health Care LP, 3.20%, 12/01/2031 | 1515000 | 1369940  |
| Synovus Bank, 5.63%, 02/15/2028 | 1250000 | 1276125  |
|  Truist Financial Corporation, 4.92% to 07/28/2032 then SOFR + 2.24%, 07/28/2033 | 1365000 | 1345250  |
|  US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036 | 1585000 | 1364061  |
| VICI Properties LP <br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.63%, 05/15/2052 | 850000 | 778084  |
| &nbsp;&nbsp;&nbsp; 6.13%, 04/01/2054 | 600000 | 584651  |
|  Zions Bancorp NA, 3.25%, 10/29/2029 | 1545000 | 1434007  |
|  |  | 51072415  |
| **Health Care - 1.7%**<br>|  |  |
| Bayer US Finance II LLC <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.40%, 07/15/2044<sup>(a)</sup> | 2020000 | 1589702  |
| &nbsp;&nbsp;&nbsp; 4.70%, 07/15/2064<sup>(a)</sup> | 1115000 | 828556  |
|  Cardinal Health, Inc., 4.37%, 06/15/2047 | 1000000 | 807892  |
|  Centene Corporation, 4.63%, 12/15/2029 | 1350000 | 1300633  |
| HCA, Inc., 5.50%, 06/15/2047 | 1100000 | 1018558  |
|  Icon Investments Six DAC, 6.00%, 05/08/2034 | 1000000 | 1040017  |
| Viatris, Inc., 4.00%, 06/22/2050 | 2000000 | 1320408  |
|  |  | 7905766  |
| **Industrials - 0.7%**<br>|  |  |
|  FedEx Corporation, 5.10%, 01/15/2044<sup>(a)</sup> | 1205000 | 1071515  |
|  Flowserve Corporation, 3.50%, 10/01/2030 | 1410000 | 1343009  |
| Owens Corning, 4.30%, 07/15/2047 | 1260000 | 1023751  |
|  |  | 3438275  |
| **Information Technology - 1.0%**<br>|  |  |
| Corning, Inc., 5.45%, 11/15/2079 | 785000 | 713612  |
| HP, Inc., 6.00%, 09/15/2041 | 1195000 | 1210669  |
|  Kyndryl Holdings, Inc., 4.10%, 10/15/2041 | 1685000 | 1326394  |
|  Vontier Corporation, 2.95%, 04/01/2031 | 1505000 | 1366801  |
|  |  | 4617476  |
| **Materials - 1.4%**<br>|  |  |
|  Albemarle Corporation, 5.05%, 06/01/2032 | 1500000 | 1468820  |
|  Dow Chemical Company, 9.40%, 05/15/2039 | 750000 | 971301  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; FMC Corporation, <br>6.38%, 05/18/2053 | $1500000 | $1444892  |
|  Freeport-McMoRan, Inc., 5.45%, 03/15/2043 | 1380000 | 1306254  |
| &nbsp;&nbsp;&nbsp; Mosaic Company, <br>5.63%, 11/15/2043 | 1150000 | 1106775  |
|  |  | 6298042  |
| **Real Estate - 0.3%**<br>|  |  |
| EPR Properties, 3.75%, 08/15/2029 | 1430000 | 1373627  |
| **Utilities - 3.0%**<br>|  |  |
|  American Electric Power Company, Inc., 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062 | 1430000 | 1389945  |
|  CMS Energy Corporation, 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050 | 1420000 | 1375205  |
|  Dominion Energy, Inc., 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055 | 1300000 | 1335034  |
|  Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 1420000 | 1424056  |
|  Entergy Corporation, 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 1300000 | 1360534  |
|  Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 | 1300000 | 1322252  |
|  Exelon Corporation, 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055 | 165000 | 170487  |
| NextEra Energy Capital Holdings, Inc. <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077<sup>(c)</sup> | 1140000 | 1102454  |
| &nbsp;&nbsp;&nbsp; 3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082 | 230000 | 222219  |
|  NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 1350000 | 1407090  |
|  PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 1320000 | 1372681  |
|  Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | 1415000 | 1374562  |
|  |  | 13856519  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $124,263,252)** |  | 125266692  |

---

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

7<br>

------

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

**VIDENT U.S. BOND STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **MORTGAGE-BACKED SECURITIES - 11.6%** | **MORTGAGE-BACKED SECURITIES - 11.6%** |  |
| Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/2041<sup>(d)</sup> | $7300000 | $7458707  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/2053<sup>(d)</sup> | 4315000 | 4470197  |
| Pool BV7232, 4.00%, 04/01/2052 | 2324339 | 2173148  |
| Pool MA4626, 4.00%, 06/01/2052 | 3181146 | 2977376  |
| Pool MA4644, 4.00%, 05/01/2052 | 3052152 | 2856492  |
| Pool MA5585, 5.00%, 01/01/2055 | 2871154 | 2834085  |
|  Series Pool TBA, Pool TBA, 5.00%, 09/15/2041<sup>(d)</sup> | 300000 | 295910  |
|  Series Pool TBA, Pool TBA, 5.50%, 09/15/2041<sup>(d)</sup> | 3600000 | 3621101  |
|  Government National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50%, 09/15/2041<sup>(d)</sup> | 300000 | 288964  |
| &nbsp;&nbsp;&nbsp; 5.00%, 09/15/2048<sup>(d)</sup> | 1170000 | 1158025  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/20/2053<sup>(d)</sup> | 4120000 | 4151480  |
| &nbsp;&nbsp;&nbsp; 6.00%, 09/15/2053<sup>(d)</sup> | 8825000 | 9003729  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/15/2053<sup>(d)</sup> | 5555000 | 5715655  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/20/2053<sup>(d)</sup> | 530000 | 547637  |
| Pool MB0146, 5.00%, 01/20/2055 | 3435541 | 3403627  |
| Pool MB0425, 6.00%, 06/20/2055 | 3480209 | 3554100  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $54,781,196)** |  | 54510233  |
|  **U.S. GOVERNMENT AGENCY ISSUES - 2.8%**<br>|  |  |
| Federal Home Loan Banks <br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/17/2026 | 660000 | 666512  |
| &nbsp;&nbsp;&nbsp; 1.25%, 12/21/2026 | 590000 | 571177  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2027 | 460000 | 462129  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/09/2027 | 400000 | 406467  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/10/2028 | 320000 | 326782  |
| &nbsp;&nbsp;&nbsp; 3.25%, 06/09/2028 | 160000 | 158611  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/30/2028 | 150000 | 151735  |
| &nbsp;&nbsp;&nbsp; 3.25%, 11/16/2028 | 270000 | 267521  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 | 370000 | 403526  |
|  Federal Home Loan Mortgage Corporation <br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2029 | 700000 | 782467  |
| &nbsp;&nbsp;&nbsp; 6.75%, 03/15/2031 | 150000 | 171967  |
| &nbsp;&nbsp;&nbsp; 6.25%, 07/15/2032 | 150000 | 170407  |
|  Federal National Mortgage Association <br>|  |  |
| &nbsp;&nbsp;&nbsp; 1.88%, 09/24/2026 | 545000 | 533558  |
| &nbsp;&nbsp;&nbsp; 0.75%, 10/08/2027 | 290000 | 273287  |
| &nbsp;&nbsp;&nbsp; 7.13%, 01/15/2030 | 100000 | 113646  |
| &nbsp;&nbsp;&nbsp; 7.25%, 05/15/2030 | 100000 | 115315  |
| &nbsp;&nbsp;&nbsp; 6.63%, 11/15/2030 | 205000 | 232547  |
| &nbsp;&nbsp;&nbsp; 5.63%, 07/15/2037 | 270000 | 296323  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| Tennessee Valley Authority <br>|  |  |
| &nbsp;&nbsp;&nbsp; 2.88%, 02/01/2027 | $660000 | $652289  |
| &nbsp;&nbsp;&nbsp; 3.88%, 03/15/2028 | 370000 | 372063  |
| &nbsp;&nbsp;&nbsp; 7.13%, 05/01/2030 | 475000 | 542127  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/01/2034 | 350000 | 349672  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2036 | 820000 | 910068  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2038 | 785000 | 899104  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2039 | 800000 | 837870  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2042 | 805000 | 657328  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055 | 600000 | 582196  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/2056 | 545000 | 540641  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2060 | 495000 | 428807  |
| &nbsp;&nbsp;&nbsp; 4.25%, 09/15/2065 | 260000 | 207229  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES** <br>**(Cost $13,241,060)** |  | 13083371  |
|  **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 0.4%**<br>|  |  |
|  Israel Government International Bond, 5.75%, 03/12/2054 | 2000000 | 1854409  |
| &nbsp;&nbsp;&nbsp; **TOTAL FOREIGN GOVERNMENT** <br>**DEBT OBLIGATIONS** <br>**(Cost $1,867,926)** |  | 1854409  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.4%**<br>**(Cost $460,929,779)** |  | $460584155  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.6% |  | 7553701  |
| **TOTAL NET ASSETS - 100.0%** |  | $468137856 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2025, the value of these securities total $4,908,683 or 1.0% of the Fund's net assets.

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

<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> To-be-announced security.

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

8<br>

------

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

**VIDENT U.S. EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 100.0%** <br>|  |  |
| **Communication Services - 8.8%** <br>|  |  |
| Alphabet, Inc. - Class A | 60822 | $12949612  |
| Cargurus, Inc.<sup>(a)</sup> | 115379 | 3992113  |
| Electronic Arts, Inc. | 18307 | 3147888  |
| Fox Corporation - Class A | 10663 | 636581  |
| Meta Platforms, Inc. - Class A | 20881 | 15424795  |
| Netflix, Inc.<sup>(a)</sup> | 4987 | 6025543  |
| New York Times Company - Class A | 52976 | 3170084  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 40517 | 1484138  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 17940 | 4037935  |
| T-Mobile US, Inc. | 5532 | 1394009  |
| Yelp, Inc.<sup>(a)</sup> | 100202 | 3168387  |
|  |  | 55431085  |
| **Consumer Discretionary - 12.2%**<br>|  |  |
|  Abercrombie & Fitch Company - Class A<sup>(a)</sup> | 32554 | 3044776  |
| Adtalem Global Education, Inc.<sup>(a)</sup> | 28967 | 3793229  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 5724 | 747154  |
| Amazon.com, Inc.<sup>(a)</sup> | 55073 | 12611717  |
| Booking Holdings, Inc. | 1380 | 7726689  |
| Chewy, Inc. - Class A<sup>(a)</sup> | 55178 | 2260091  |
| Deckers Outdoor Corporation<sup>(a)</sup> | 27702 | 3313990  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 11870 | 2911118  |
| eBay, Inc. | 33277 | 3015229  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 19308 | 3891914  |
| Home Depot, Inc. | 30912 | 12574074  |
| Laureate Education, Inc.<sup>(a)</sup> | 144946 | 3983116  |
| Monarch Casino & Resort, Inc. | 24753 | 2582480  |
| Royal Caribbean Cruises, Ltd. | 17282 | 6277168  |
| Strategic Education, Inc. | 25209 | 2050752  |
| TJX Companies, Inc. | 46084 | 6295535  |
|  |  | 77079032  |
| **Consumer Staples - 6.5%**<br>|  |  |
| Altria Group, Inc. | 94789 | 6370769  |
| Colgate-Palmolive Company | 74860 | 6293480  |
| Costco Wholesale Corporation | 13382 | 12623508  |
| Walmart, Inc. | 163956 | 15900453  |
|  |  | 41188210  |
| **Energy - 2.0%**<br>|  |  |
| Exxon Mobil Corporation | 54528 | 6232005  |
| International Seaways, Inc. | 71219 | 3234767  |
| TechnipFMC PLC | 86879 | 3193672  |
|  |  | 12660444  |
| **Financials - 15.6%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 25593 | 12872767  |
| Dave, Inc.<sup>(a)</sup> | 3881 | 827507  |
| Erie Indemnity Company - Class A | 8995 | 3187648  |
| Federated Hermes, Inc. | 53750 | 2854125  |
| JPMorgan Chase & Company | 42193 | 12717814  |
| MarketAxess Holdings, Inc. | 16594 | 3050641  |
| Mastercard, Inc. - Class A | 21300 | 12679677  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Moody's Corporation | 12317 | $6278714  |
| Morningstar, Inc. | 12099 | 3175019  |
| Paymentus Holdings, Inc. - Class A<sup>(a)</sup> | 102813 | 4002510  |
| Progressive Corporation | 24848 | 6138947  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 56190 | 5845446  |
| SEI Investments Company | 37478 | 3308558  |
| Sezzle, Inc.<sup>(a)</sup> | 42221 | 3994106  |
| Toast, Inc. - Class A<sup>(a)</sup> | 34498 | 1555860  |
| Visa, Inc. - Class A | 44837 | 15772760  |
|  |  | 98262099  |
| **Health Care - 10.1%**<br>|  |  |
| AbbVie, Inc. | 60461 | 12720994  |
| ADMA Biologics, Inc.<sup>(a)</sup> | 197980 | 3417135  |
| Doximity, Inc. - Class A<sup>(a)</sup> | 15879 | 1078819  |
| Eli Lilly & Company | 17115 | 12538107  |
| Exelixis, Inc.<sup>(a)</sup> | 102679 | 3842248  |
| Gilead Sciences, Inc. | 68607 | 7750533  |
| Incyte Corporation<sup>(a)</sup> | 37492 | 3172198  |
| Johnson & Johnson | 71378 | 12646040  |
| Lantheus Holdings, Inc.<sup>(a)</sup> | 19588 | 1075381  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 1548 | 736090  |
| Zoetis, Inc. | 29322 | 4585961  |
|  |  | 63563506  |
| **Industrials - 11.3%**<br>|  |  |
| Armstrong World Industries, Inc. | 15937 | 3119986  |
| Automatic Data Processing, Inc. | 20758 | 6311470  |
| Blue Bird Corporation<sup>(a)</sup> | 45549 | 2659606  |
| Carlisle Companies, Inc. | 3719 | 1435125  |
| Caterpillar, Inc. | 14605 | 6120079  |
| Cintas Corporation | 21310 | 4475739  |
| Comfort Systems USA, Inc. | 4452 | 3131448  |
| Crane Company | 16144 | 2991483  |
| ExlService Holdings, Inc.<sup>(a)</sup> | 51601 | 2259092  |
| IES Holdings, Inc.<sup>(a)</sup> | 9447 | 3299932  |
| Illinois Tool Works, Inc. | 23657 | 6260825  |
| Parker-Hannifin Corporation | 1825 | 1385814  |
| Paycom Software, Inc. | 14981 | 3402934  |
| REV Group, Inc. | 72842 | 3875923  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 13438 | 3742886  |
| TransDigm Group, Inc. | 4457 | 6234808  |
| Uber Technologies, Inc.<sup>(a)</sup> | 63333 | 5937469  |
| Valmont Industries, Inc. | 8371 | 3073161  |
| Verisk Analytics, Inc. | 6314 | 1692910  |
|  |  | 71410690  |
| **Information Technology - 28.1%<sup>(b)</sup>** <br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 17743 | 6328928  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 5338 | 1480654  |
| Apple, Inc. | 54933 | 12752147  |
| AppLovin Corporation - Class A<sup>(a)</sup> | 6316 | 3022774  |
| Autodesk, Inc.<sup>(a)</sup> | 22298 | 7017181  |
| Badger Meter, Inc. | 18281 | 3343961  |
| Broadcom, Inc. | 52831 | 15711411  |

---

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

9<br>

------

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

**VIDENT U.S. EQUITY STRATEGY ETF<sup>TM</sup>** 

**SCHEDULE OF INVESTMENTS** 

**August 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Information Technology - (Continued)** | **Information Technology - (Continued)** | **Information Technology - (Continued)** |
| Cirrus Logic, Inc.<sup>(a)</sup> | 26979 | $3080732  |
| Clear Secure, Inc. - Class A | 108241 | 3930231  |
| Docusign, Inc.<sup>(a)</sup> | 31017 | 2377763  |
| Dolby Laboratories, Inc. - Class A | 35576 | 2550088  |
| F5, Inc.<sup>(a)</sup> | 12474 | 3906108  |
| Fair Isaac Corporation<sup>(a)</sup> | 2769 | 4213421  |
| Fortinet, Inc.<sup>(a)</sup> | 101396 | 7986963  |
| HubSpot, Inc.<sup>(a)</sup> | 8608 | 4159127  |
| InterDigital, Inc. | 14754 | 4008809  |
| Intuit, Inc. | 4747 | 3166249  |
| Lam Research Corporation | 60781 | 6087217  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 54028 | 1508462  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 3385 | 729264  |
| Microsoft Corporation | 25095 | 12715386  |
| Motorola Solutions, Inc. | 13825 | 6531759  |
| NVIDIA Corporation | 69311 | 12072590  |
| Onto Innovation, Inc.<sup>(a)</sup> | 28837 | 3056722  |
| Oracle Corporation | 53788 | 12163080  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 18426 | 2887538  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 10055 | 1915679  |
| Pegasystems, Inc. | 64719 | 3508417  |
| Qualys, Inc.<sup>(a)</sup> | 19760 | 2683606  |
| Rambus, Inc.<sup>(a)</sup> | 34628 | 2554508  |
| Salesforce, Inc. | 25842 | 6622013  |
| ServiceNow, Inc.<sup>(a)</sup> | 9100 | 8348886  |
| Twilio, Inc. - Class A<sup>(a)</sup> | 38429 | 4058487  |
| Ubiquiti, Inc. | 1971 | 1040944  |
|  |  | 177521105  |
| **Materials - 2.9%**<br>|  |  |
| Ecolab, Inc. | 22559 | 6249745  |
| Royal Gold, Inc. | 16463 | 2956426  |
| Sherwin-Williams Company | 17188 | 6287886  |
| United States Lime & Minerals, Inc. | 21239 | 2674415  |
|  |  | 18168472  |
| **Real Estate - 1.2%**<br>|  |  |
| American Tower Corporation | 27481 | 5602002  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 26246 | 2212800  |
|  |  | 7814802  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 1.3%**<br>|  |  |
| Constellation Energy Corporation | 13246 | 4079503  |
| Vistra Corporation | 20162 | 3812836  |
|  |  | 7892339  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $542,526,005)** |  | 630991784  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $542,526,005)** |  | 630991784  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.0)%<sup>(c)</sup> |  | (142170)  |
| **TOTAL NET ASSETS - 100.0%** |  | $630849614 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<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> Represents less than 0.05% of net assets. 

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

10<br>

------

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

**Vident ETFs** 

**Statements of Assets and Liabilities** 

**August 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy** <br>**ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>** | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>** |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | &nbsp;&nbsp;&nbsp; $379723736 | $460584155 | &nbsp;&nbsp; $630991784  |
| Cash - interest bearing deposit account | &nbsp;&nbsp;&nbsp; 1434810 |  | &nbsp;&nbsp; 1167908  |
|  Cash and cash equivalents held as collateral for TBA commitments | &nbsp;&nbsp;&nbsp; — | 39546041 | &nbsp;&nbsp; —  |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 123041 |  | &nbsp;&nbsp; —  |
| Dividend tax reclaims receivable | &nbsp;&nbsp;&nbsp; 1622072 |  | &nbsp;&nbsp; —  |
| Dividends receivable | &nbsp;&nbsp;&nbsp; 955150 |  | &nbsp;&nbsp; 419197  |
| Interest receivable | &nbsp;&nbsp;&nbsp; 4914 | 4860125 | &nbsp;&nbsp; 2968  |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 275669012  |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 73086188  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp; 383863723 | 504990321 | &nbsp;&nbsp; 981337057  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | &nbsp;&nbsp;&nbsp; 194896 | 162828 | &nbsp;&nbsp; 266372  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp; 610 | 36689637 | &nbsp;&nbsp; 277608171  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 72612900  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp; 195506 | 36852465 | &nbsp;&nbsp; 350487443  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $383668217 | $468137856 | &nbsp;&nbsp; $630849614  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $442434947 | $523450479 | &nbsp;&nbsp; $574413384  |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp;&nbsp; (58766730) | (55312623) | &nbsp;&nbsp; 56436230  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp;&nbsp; $383668217 | $468137856 | &nbsp;&nbsp; $630849614  |
| Net assets | &nbsp;&nbsp;&nbsp; $383668217 | $468137856 | &nbsp;&nbsp; $630849614  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12200000 | 10700000 | &nbsp;&nbsp; 9775000  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $31.45 | $43.75 | &nbsp;&nbsp; $64.54  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp;&nbsp; $321566966 | $460929779 | &nbsp;&nbsp; $542526005  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp;&nbsp; $120949 | $— | &nbsp;&nbsp; $— |

---

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

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

11<br>

------

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

**VIDENT ETFs** 

**Statements of Operations** 

**For the Year Ended August 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy** <br>**ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>** | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $16741473 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6560503  |
| Less: Issuance fees | &nbsp;&nbsp;&nbsp;&nbsp;(330) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Less: Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (2051090) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp;&nbsp; 49969 | &nbsp;&nbsp; 20843968 | &nbsp;&nbsp; 21416  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 14740022 | &nbsp;&nbsp; 20843968 | &nbsp;&nbsp; 6581919  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 2106037 | &nbsp;&nbsp; 1858560 | &nbsp;&nbsp; 2961393  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 2106037 | &nbsp;&nbsp; 1858560 | &nbsp;&nbsp; 2961393  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 12633985 | &nbsp;&nbsp; 18985408 | &nbsp;&nbsp; 3620526  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 32936914 | &nbsp;&nbsp; (99991) | &nbsp;&nbsp; (2698538)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 5440176 | &nbsp;&nbsp; 204723 | &nbsp;&nbsp; 69657717  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp; (66279) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 38310811 | &nbsp;&nbsp; 104732 | &nbsp;&nbsp; 66959179  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 33961867 | &nbsp;&nbsp; (6230516) | &nbsp;&nbsp; 20115116  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 97588 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 34059455 | &nbsp;&nbsp; (6230516) | &nbsp;&nbsp; 20115116  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 72370266 | &nbsp;&nbsp; (6125784) | &nbsp;&nbsp; 87074295  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $85004251 | &nbsp;&nbsp; $12859624 | &nbsp;&nbsp; $90694821 |

---

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

12<br>

------

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

**VIDENT ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy ETF<sup>TM</sup>** | **Vident International** <br>**Equity Strategy ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>**  | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>**  |
|  | **Year Ended August 31,** | **Year Ended August 31,** | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **OPERATIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $12633985 | $12285195 | $18985408 | $18130032  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 38310811 | 12691015 | 104732 | (6042961)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 34059455 | 29773587 | (6230516) | 22621994  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 85004251 | 54749797 | 12859624 | 34709065  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (16349982) | (13529647) | (19015676) | (17916415)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (16349982) | (13529647) | (19015676) | (17916415)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5457070 | 2407150 | 30357270 | 64738000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (41146620) | (57047410) | (8645760) | (17208730)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | 28004 | 54196 | 665 | 4253  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (35661546) | (54586064) | 21712175 | 47533523  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 32992723 | (13365914) | 15556123 | 64326173  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 350675494 | 364041408 | 452581733 | 388255560  |
| &nbsp;&nbsp;&nbsp; End of the year | $383668217 | $350675494 | $468137856 | $452581733  |
| **SHARES TRANSACTIONS** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 200000 | 100000 | 700000 | 1500000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1500000) | (2300000) | (200000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (1300000) | (2200000) | 500000 | 1100000 |

---

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

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**VIDENT ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Vident U.S. Equity Strategy ETF<sup>TM</sup>**  | **Vident U.S. Equity Strategy ETF<sup>TM</sup>**  |
|  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3620526 | $5607316  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 66959179 | 58693109  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 20115116 | 20999152  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 90694821 | 85299577  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (4009223) | (5728087)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (4009223) | (5728087)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 156824748 | 156118625  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (183920453) | (203612130)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | 3 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (27095702) | (47493505)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 59589896 | 32077985  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 571259718 | 539181733  |
| &nbsp;&nbsp;&nbsp; End of the year | $630849614 | $571259718  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2550000 | 2875000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2975000) | (3775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (425000) | (900000) |

---

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

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

**Vident International Equity Strategy ETF<sup>TM</sup>** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $25.98 | $23.19 | $22.08 | $27.80 | $21.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.99 | 0.81 | 1.01 | 1.34 | 0.78  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 5.77 | 2.88 | 1.20 | (5.60) | 6.34  |
| **Total from investment operations** | 6.76 | 3.69 | 2.21 | (4.26) | 7.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.29) | (0.90) | (1.10) | (1.46) | (0.86)  |
| **Total distributions** | (1.29) | (0.90) | (1.10) | (1.46) | (0.86)  |
| ETF transaction fees per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c</sup><sup>)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $31.45 | $25.98 | $23.19 | $22.08 | $27.80  |
| Total return | 27.06% | 16.20% | 10.31% | -15.77% | 33.22%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $383668 | $350675 | $364041 | $340074 | $486453  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.61% | 0.61% | 0.61% | 0.61% | 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.61% | 0.61% | 0.61% | 0.60% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets | 3.66% | 3.36% | 4.53% | 5.23% | 3.04%  |
| Portfolio turnover rate<sup>(d)</sup> | 70% | 64% | 82% | 70% | 74% |

---

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

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

15<br>

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**Vident U.S. Bond Strategy ETF<sup>TM</sup>** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $44.37 | $42.67 | $44.43 | $51.96 | $52.01  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 1.83 | 1.89 | 1.60 | 0.85 | 0.80  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (0.62) | 1.68 | (1.80) | (7.23) | (0.05)  |
| **Total from investment operations** | 1.21 | 3.57 | (0.20) | (6.38) | 0.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (1.83) | (1.87) | (1.56) | (1.05) | (0.80)  |
| Net realized gains |  |  |  | (0.10) | —  |
| **Total distributions** | (1.83) | (1.87) | (1.56) | (1.15) | (0.80)  |
| ETF transaction fees per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| **Net asset value, end of year** | $43.75 | $44.37 | $42.67 | $44.43 | $51.96  |
| Total return | 2.82% | 8.61% | -0.45% | -12.41% | 1.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $468138 | $452582 | $388256 | $377675 | $415673  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.41% | 0.41% | 0.41% | 0.41% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.41% | 0.41% | 0.41% | 0.40% | 0.39%  |
|  Ratio of net investment income (loss) to average net assets | 4.19% | 4.39% | 3.69% | 1.77% | 1.55%  |
| Portfolio turnover rate<sup>(d)</sup> | 168% | 202% | 185% | 247% | 238% |

---

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

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

16<br>

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**Vident U.S. Equity Strategy ETF<sup>TM</sup>** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |
| Net asset value, beginning of year | $56.01 | $48.57 | $41.04 | $44.58 | $30.03  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.36 | 0.52 | 0.67 | 0.62 | 0.46  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 8.57 | 7.45 | 7.53 | (3.56) | 14.56  |
| **Total from investment operations** | 8.93 | 7.97 | 8.20 | (2.94) | 15.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.40) | (0.53) | (0.67) | (0.60) | (0.47)  |
| **Total distributions** | (0.40) | (0.53) | (0.67) | (0.60) | (0.47)  |
| ETF transaction fees per share | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | —  |
| **Net asset value, end of year** | $64.54 | $56.01 | $48.57 | $41.04 | $44.58  |
| Total return | 16.01% | 16.49% | 20.24% | -6.66% | 50.29%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $630850 | $571260 | $539182 | $463768 | $427974  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 0.50% | 0.50% | 0.50% | 0.49% | 0.48%  |
|  Ratio of net investment income (loss) to average net assets | 0.61% | 1.02% | 1.54% | 1.42% | 1.19%  |
| Portfolio turnover rate<sup>(d)</sup> | 64% | 65% | 167% | 63% | 65% |

---

<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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

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

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

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

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**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025** 

**NOTE 1 – ORGANIZATION** 

Vident International Equity Strategy ETF<sup>TM</sup>, Vident U.S. Bond Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup> (individually each a "Fund" or collectively the "Funds") are 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 objectives of the Vident International Equity Strategy ETF<sup>TM</sup> and the Vident U.S. Equity Strategy ETF<sup>TM</sup> is to seek to track the performance, before fees and expenses, of the Vident Core International Equity Index<sup>TM</sup> and Vident U.S. Quality Index<sup>TM</sup>, respectively. The Vident U.S. Bond Strategy ETF<sup>TM</sup> is actively-managed and seeks current income and long-term capital appreciation. Prior to May 9, 2025, the Vident U.S. Bond Strategy ETF<sup>TM</sup> sought to track the total return performance, before fees and expenses, of the Vident Core U.S. Bond Index<sup>TM</sup>. Vident International Equity Strategy ETF<sup>TM</sup> commenced operations on October 29, 2013; Vident U.S. Bond Strategy ETF<sup>TM</sup> commenced operations on October 15, 2014; and Vident U.S. Equity Strategy ETF<sup>TM</sup> commenced operations on January 21, 2014.

The end of the reporting period for the Funds is August 31, 2025. The current fiscal period is the period from September 1, 2024 through August 31, 2025.

**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 SelectMarket<sup>®</sup>
 and 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.

Debt securities, including short-term debt instruments, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' 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 the shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

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 valuations methods. The three levels of inputs are:

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

---

| | |
|:---|:---|
| 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:

**Vident International Equity Strategy ETF<sup>TM</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $376534629 | $— | $0 | $376534629  |
| Preferred Stocks | 3189107 |  |  | 3189107  |
| Rights |  |  | 0 | 0  |
| **Total Investments** | $379723736 | $— | $0 | $379723736 |

---

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

**Vident U.S. Bond Strategy ETF<sup>TM</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| U.S. Treasury Securities | $— | $265869450 | $— | $265869450  |
| Corporate Bonds |  | 125266692 |  | 125266692  |
| Mortgage-Backed Securities |  | 54510233 |  | 54510233  |
| U.S. Government Agency Issues |  | 13083371 |  | 13083371  |
| Foreign Government Debt Obligations |  | 1854409 |  | 1854409  |
| **Total Investments** | $— | $460584155 | $— | $460584155 |

---

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

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**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

**Vident U.S. Equity Strategy ETF<sup>TM</sup>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $630991784 | $— | $— | $630991784  |
| **Total Investments** | $630991784 | $— | $— | $630991784 |

---

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

During the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Cash and Cash Equivalents.* Cash and cash equivalents include cash and overnight investments in interest bearing demand deposits with a financial
 institution. Amounts swept overnight are available on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the
 date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated
 into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations
 resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities
 held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized
 foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and
 settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes
 recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange
 gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end,
 resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Securities Purchased or Sold on a Forward-Commitment Basis.* Vident U.S. Bond Strategy ETF<sup>TM</sup> may enter into TBA commitments, Mortgage
 Dollar Roll Transactions or other purchase and sale transactions that specify forward delivery of a financial security. TBA commitments
 are forward agreements for the purchase or sale of mortgage-backed pass-through securities for a fixed price, with payment and delivery
 on an agreed upon future settlement date. Most commitments in mortgage-backed pass-through securities occur for future delivery in which
 the exact mortgage pools to be delivered are not specified until a few days prior to settlement. The specific securities to be delivered
 are not identified at the trade date. However, delivered securities must follow general trade parameters, including issuer, rate and mortgage
 terms. When entering into TBA commitments, the Fund may take possession of or deliver the underlying mortgage-backed pass-through securities
 but can extend the settlement or roll the transaction. In order to better define contractual rights and to secure rights that will help
 the Fund mitigate counterparty risk, TBA commitments may be entered into by a Fund under Master Securities Forward Transaction Agreements
 (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the
 event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for
 each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a Fund and the counterparty.
 Cash collateral that has been pledged to cover the obligations of the Trust or cash collateral received from the counterparty, if any,
 is reported separately on the Statements of Assets and Liabilities as cash held as collateral for TBA commitments or cash received as
 collateral for TBA commitments, respectively. In connection with this ability, the Fund may enter into mortgage "dollar rolls"
 in which a Fund sells TBA mortgage-backed securities and simultaneously contracts to repurchase substantially similar (i.e., same type,
 coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase,
 a Fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated
 as purchases and sales and the Fund realizes gains and losses on these transactions.

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**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

The value of TBA commitments on the Statement of Assets and Liabilities for the Vident U.S. Bond Strategy ETF<sup>TM</sup> as of the end of the current fiscal period is as follows:

**Statement of Assets and Liabilities - Values of TBA Commitments as of the end of the current fiscal period** 

---

| | | |
|:---|:---|:---|
|  | **Asset**  | **Asset**  |
|  | **Location** | **Value**  |
| TBA Commitments - Credit/interest rate risk | Investments, at value | $36711405 |

---

---

| | | |
|:---|:---|:---|
|  | **Liabilities**  | **Liabilities**  |
|  | **Location** | **Value**  |
| TBA Commitments - Credit/interest rate risk | Payable for securities purchased | $36689637 |

---

**The effect of TBA Commitments on the Statement of Operations for the current fiscal period** 

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain**<br>(Loss) on TBA Commitments <br>**Recognized in Income** | **Amount of Realized Gain**<br>(Loss) on TBA Commitments <br>**Recognized in Income** | **Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**Recognized in Income**  | **Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**Recognized in Income**  |
|  | **Investments in** <br>**Securities** |  | **Investments in** <br>**Securities**  |
| TBA Commitments | &nbsp;&nbsp; $402875 | TBA Commitments | &nbsp;&nbsp;&nbsp;&nbsp; $6991 |

---

The average monthly value of TBA Commitments during the current fiscal period was $36,189,354.

**OFFSETTING ASSETS AND LIABILITIES** 

The Vident U.S. Bond Strategy ETF<sup>TM</sup> is subject to various MSFTAs, which govern the terms of certain transactions with select counterparties. The MSFTAs allow the Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The MSFTAs also specify collateral posting arrangements at prearranged exposure levels. Under the MSFTAs, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant MSFTAs with a counterparty in a given account exceeds a specified threshold depending on the counterparty and type of MSFTAs.

The following is a summary of the Assets and Liabilities subject to offsetting in the Fund as of the end of the current fiscal period.

**OFFSETTING ASSETS AND LIABILITIES** 

**Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Description/Counterparty** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  |
| TBA Commitments <br>|  |  |  |
| Goldman Sachs & Company, LLC | $10055400 | $— | $10055400  |
| Wells Fargo Securities, LLC | 26634237 |  | 26634237  |
|  | $36689637 | $— | $36689637 |

---

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

**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Amounts not offset in** <br>**the Statement of Assets and Liabilities** | **Gross Amounts not offset in** <br>**the Statement of Assets and Liabilities** | |
| <br>**Description/Counterparty** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
| TBA Commitments <br>|  |  |  |
| Goldman Sachs & Company, LLC | &nbsp;&nbsp; $(9145400) | &nbsp;&nbsp; $(910000) | $—  |
| Wells Fargo Securities, LLC | &nbsp;&nbsp; (25834237) | &nbsp;&nbsp; (800000) |  |
|  | &nbsp;&nbsp; $(34979637) | &nbsp;&nbsp; $(1710000) | $— |

---

In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Federal Income Taxes*. The Funds' policy is to comply with the provisions 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 various 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 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 expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized from 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 fair value of the security received. Withholding taxes on
 foreign dividends and foreign taxes on capital gains have been provided for in accordance with the Funds' understanding of the applicable
 tax rules and regulations. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted
 and amortized using the effective yield method. Paydown gains and losses on mortgage-related and other asset-backed securities are recorded
 as components of interest income on the Statements of Operations.

Distributions received from the Funds' investments in real estate investment trusts ("REIT") 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 their 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 a Fund's shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Distributions to Shareholders.* Distributions to shareholders from net investment income for the Funds are declared and paid at least on a quarterly
 basis and distributions from net realized gains on securities are normally declared and paid on an annual basis. Distributions are recorded
 on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;H. *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.

22<br>

------

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

**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

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

&nbsp;&nbsp;&nbsp;&nbsp;J. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. Each Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be made 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;K. *Reclassification 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. The permanent differences
 are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended August 31, 2025 the following
 table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)** | **Paid-In** <br>**Capital**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $(4975495) | $4975495  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | (201511) | 201511  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | (69133562) | 69133562 |

---

&nbsp;&nbsp;&nbsp;&nbsp;L. *New Accounting Pronouncement.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. 
 Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the Adviser's Enterprise Risk Committee, who serves as the chief operating decision maker, using the information presented
 in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;M. *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** 

Vident Asset Management (the "Adviser") serves as the investment adviser to the Funds and index provider to the Vident International Equity Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup>. 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 has agreed to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to this 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 fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"). For services provided to the Funds, Vident International Equity Strategy ETF<sup>TM</sup> pays the Adviser 0.61%, Vident U.S. Bond Strategy ETF<sup>TM</sup> pays the Adviser 0.41% and Vident U.S. Equity Strategy ETF<sup>TM</sup> pays the Adviser 0.50% at an annual rate based on each Fund's average daily net assets.

U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, 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

23<br>

------

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

**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' Custodian, transfer agent and accountants. 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.

ALPS Distributors, Inc. (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

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

**NOTE 4 – 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**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $240997166 | $251258134  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 755140630 | 759154996  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 382275871 | 380462372 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $1606608 | $29832531  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 27289306 | 7724261  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 155100168 | 183603054 |

---

There were no purchases or sales of U.S. Government securities in Vident International Equity Strategy ETF<sup>TM</sup> or Vident U.S. Equity Strategy ETF<sup>TM</sup> during the current fiscal period. Included in the amounts for Vident U.S. Bond Strategy ETF<sup>TM</sup> there were $291,183,523 of purchases and $288,847,261 of sales of U.S. Government securities during the current fiscal period.

**NOTE 5 – INCOME TAX INFORMATION** 

The components of distributable earnings (accumulated deficit) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes as of August 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Vident** <br>**International** <br>**Equity** <br>**Strategy ETF<sup>TM</sup>** | **Vident** <br>**U.S. Bond** <br>**Strategy ETF<sup>TM</sup>** | **Vident** <br>**U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  |
| Tax cost of Investments | $325047836 | $461842499 | $543412791  |
| Gross tax unrealized appreciation | $70631082 | $9494747 | $98777215  |
| Gross tax unrealized depreciation | (15853440) | (10753091) | (11198222)  |
| Net tax unrealized appreciation/(depreciation) | 54777642 | (1258344) | 87578993  |
| Undistributed ordinary income | 8063738 | 953609 | 809479  |
| Undistributed long-term capital gain |  |  | —  |
| Other accumulated gain (loss) | (121608110) | (55007888) | (31952242)  |
| Distributable earnings/(accumulated deficit) | $(58766730) | $(55312623) | $56436230 |

---

The differences between book and tax-basis cost are attributable to the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and 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'

24<br>

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

**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2025, the Funds did not elect to defer any post- October capital losses or late-year ordinary losses.

As of August 31, 2025, the Funds had the following capital loss carryforwards available for federal income tax purposes, with an indefinite expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $121594440 | $—  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 29499956 | 25507932  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 31952242 |  |

---

During the fiscal year ended August 31, 2025, the Funds utilized the following capital loss carryforwards that were available as of August 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $7312572 | $19612493  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> |  | —  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> |  |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended August 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $16349982 | $—  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 19015676 | —  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 4009223 |  |

---

The tax character of distributions paid by the Funds during the fiscal year ended August 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Capital Gains**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $13529647 | $—  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 17916415 | —  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 5728087 |  |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on 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 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 a Fund. Creation Units of a Fund 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 Participant 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 the shares directly from a Fund. 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 each currently offer one class of shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. Vident International Equity Strategy ETF<sup>TM</sup> charges $5,000; Vident U.S. Bond Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup> each charge $500 for the standard fixed transaction fee, payable to the Custodian. The fixed transaction fee may be waived on transaction orders if the Funds' Custodian has

25<br>

------

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

**Vident ETFs** 

**Notes to Financial Statements** 

**August 31, 2025(Continued)** 

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 each Fund may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% in Vident International Equity Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup> and up to a maximum of 3% in Vident U.S. Bond Strategy ETF<sup>TM</sup> 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 transactions fees. Variable fees received by each Fund, if any, are displayed in the Capital Transactions sections of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges.

**NOTE 7 – RISKS** 

Sector Risk. To the extent a Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

Russia/Ukraine Conflict Risk (Vident International Equity Strategy ETF<sup>TM</sup> Only). On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Fund.

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under section 2(a)(9) of the 1940 Act. As of the end of the current fiscal period, Blue Trust, Inc., as a beneficial shareholder, owned greater than 25% of the outstanding shares of each Fund.

26<br>

------

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

**Vident ETFs** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Vident 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 Vident International Equity Strategy ETF, Vident U.S. Bond Strategy ETF, and Vident U.S. Equity Strategy ETF (the "Funds"), each a series of ETF Series Solutions, as of August 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, 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 August 31, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<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 August 31, 2025, by correspondence with the custodian and brokers. 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 auditor of one or more of Vident Asset Management's investment companies since 2013.

![](kaisercc_efp-18275.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

October 30, 2025

27<br>

------

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

**Vident ETFs** 

**TAX INFORMATION (Unaudited)** 

**QUALIFIED DIVIDEND INCOME** 

For the year ended August 31, 2025, certain dividends paid by the Funds may be subject to a 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:

---

| | |
|:---|:---|
| Vident International Equity Strategy ETF<sup>TM</sup> | 60.72%  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 0.00%  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 100.00% |

---

**DIVIDENDS RECEIVED DEDUCTION** 

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
| Vident International Equity Strategy ETF<sup>TM</sup> | 0.26%  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 0.00%  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 100.00% |

---

**SHORT-TERM CAPITAL GAIN** 

For the year ended August 31, 2025, 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 were as follows:

---

| | |
|:---|:---|
| Vident International Equity Strategy ETF<sup>TM</sup> | 0.00%  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 0.00%  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 0.00% |

---

**FOREIGN TAX CREDIT PASS THROUGH** 

Pursuant to Section 853 of the Internal Revenue code, the Funds designated the following amounts as foreign taxes paid for the year ended August 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable** <br>**Foreign** <br>**Taxes Paid** | **Per Share** <br>**Amount** | **Portion of** <br>**Ordinary Income** <br>**Distribution** <br>**Derived from** <br>**Foreign Sourced Income**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $2095383 | $0.17175270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100.00%  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

28<br>

------

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

**Vident 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.

**Statement Regarding basis for Approval of Investment Advisory Contract** 

Not applicable.

29<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.](veft-efp18275_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.](veft-efp18275_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.](veft-efp18275_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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) ETF Series Solutions

---

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

---

Date <u>11/10/2025</u> <br>

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>11/10/2025</u> <br>

---

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

---

Date <u>11/10/2025</u> <br>

*\* 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**

**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.

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;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;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;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;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;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.

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;• 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.

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.

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.

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.

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.

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.

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.

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.

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: | 11/10/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> 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: | 11/10/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> 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 August 31, 2025 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<br> President (principal executive officer),<br> ETF Series Solutions | Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |

---

Dated: <u>11/10/2025</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.