# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-009868
**Filing Date:** 2025-9
**Character Count:** 39116
**Document Hash:** 7786e6da52052d6c21a5c961cb158729
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-009868.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0000894189-25-009868

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251355305

**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

### AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF (Series ID: S000085982)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251382 | AAM SAWGRASS U.S. SMALL CAP QUALITY GROWTH ETF | SAWS            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM Sawgrass U.S. Small Cap Quality Growth ETF** | **AAM Sawgrass U.S. Small Cap Quality Growth ETF** | **AAM Sawgrass U.S. Small Cap Quality Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.6%** | **Shares** | **Value**  |
| **Consumer Discretionary - 10.7%** | **Consumer Discretionary - 10.7%** | |
| Acushnet Holdings Corporation | 141 | $11226 |
| Boyd Gaming Corporation <sup>(a)</sup> | 130 | 11037 |
| Cheesecake Factory, Inc. <sup>(a)</sup> | 169 | 10801 |
| Grand Canyon Education, Inc. <sup>(b)</sup> | 100 | 16863 |
| Group 1 Automotive, Inc. | 77 | 31736 |
| Laureate Education, Inc. <sup>(b)</sup> | 637 | 14396 |
| Life Time Group Holdings, Inc. <sup>(b)</sup> | 335 | 9621 |
| Monarch Casino & Resort, Inc. <sup>(a)</sup> | 182 | 18739 |
| Texas Roadhouse, Inc. | 121 | 22401 |
|  |  | 146820 |
| **Consumer Staples - 2.6%** | **Consumer Staples - 2.6%** |  |
| Oil-Dri Corporation of America | 230 | 12972 |
| PriceSmart, Inc. | 210 | 22575 |
|  |  | 35547 |
| **Energy - 2.3%** | **Energy - 2.3%** |  |
| Archrock, Inc. | 1381 | 32260 |
| **Financials - 15.3%** | **Financials - 15.3%** |  |
| Bread Financial Holdings, Inc. | 245 | 15018 |
| Cadence Bank | 160 | 5576 |
| Enova International, Inc. <sup>(b)</sup> | 167 | 17462 |
| Kinsale Capital Group, Inc. | 30 | 13221 |
| NMI Holdings, Inc. <sup>(b)</sup> | 561 | 20937 |
| Palomar Holdings, Inc. <sup>(b)</sup> | 164 | 21728 |
| Skyward Specialty Insurance Group, Inc. <sup>(b)</sup> | 473 | 23924 |
| StoneX Group, Inc. <sup>(b)</sup> | 618 | 60094 |
| Tiptree, Inc. | 1295 | 26910 |
| Victory Capital Holdings, Inc. - Class A | 66 | 4548 |
|  |  | 209418 |
| **Health Care - 21.8%** | **Health Care - 21.8%** |  |
| ADMA Biologics, Inc. <sup>(b)</sup> | 2465 | 46096 |
| Artivion, Inc. <sup>(b)</sup> | 1355 | 41883 |
| BioCryst Pharmaceuticals, Inc. <sup>(b)</sup> | 738 | 6007 |
| Catalyst Pharmaceuticals, Inc. <sup>(b)</sup> | 900 | 19197 |
| Corcept Therapeutics, Inc. <sup>(b)</sup> | 74 | 4971 |
| CorVel Corporation <sup>(b)</sup> | 189 | 16745 |
| Ensign Group, Inc. | 144 | 21600 |
| Halozyme Therapeutics, Inc. <sup>(b)</sup> | 289 | 17331 |
| Integer Holdings Corporation <sup>(a)(b)</sup> | 178 | 19315 |
| iRadimed Corporation | 547 | 31912 |
| LeMaitre Vascular, Inc. | 175 | 14217 |
| Medpace Holdings, Inc. <sup>(b)</sup> | 22 | 9398 |
| Merit Medical Systems, Inc. <sup>(b)</sup> | 147 | 12475 |
| OptimizeRx Corporation <sup>(b)</sup> | 374 | 4720 |
| Phibro Animal Health Corporation - Class A | 722 | 19133 |
| RadNet, Inc. <sup>(a)(b)</sup> | 236 | 12916 |
|  |  | 297916 |
| **Industrials - 24.8%** | **Industrials - 24.8%** |  |
| Applied Industrial Technologies, Inc. | 80 | 21720 |
| AZZ, Inc. | 100 | 10950 |
| Barrett Business Services, Inc. | 171 | 7861 |
| Comfort Systems USA, Inc. <sup>(a)</sup> | 15 | 10549 |
| Enerpac Tool Group Corporation | 330 | 12708 |
| ESCO Technologies, Inc. | 81 | 15690 |
| ExlService Holdings, Inc. <sup>(b)</sup> | 143 | 6210 |
| Federal Signal Corporation <sup>(a)</sup> | 140 | 17720 |
| Granite Construction, Inc. | 175 | 16532 |
| Huron Consulting Group, Inc. <sup>(b)</sup> | 235 | 31039 |
| IBEX Holdings Ltd. <sup>(b)</sup> | 796 | 23538 |
| Kratos Defense & Security Solutions, Inc. <sup>(b)</sup> | 273 | 16025 |
| Leonardo DRS, Inc. | 463 | 19261 |
| Mueller Industries, Inc. | 309 | 26379 |
| Mueller Water Products, Inc. - Class A | 1205 | 29836 |
| OPENLANE, Inc. <sup>(b)</sup> | 472 | 11630 |
| Primoris Services Corporation | 112 | 10547 |
| REV Group, Inc. | 184 | 9117 |
| Rush Enterprises, Inc. - Class A | 126 | 6822 |
| Sterling Infrastructure, Inc. <sup>(a)(b)</sup> | 37 | 9901 |
| Willdan Group, Inc. <sup>(b)</sup> | 295 | 25164 |
|  |  | 339199 |
| **Information Technology - 20.8%** | **Information Technology - 20.8%** |  |
| A10 Networks, Inc. | 1661 | 30596 |
| ACM Research, Inc. - Class A <sup>(b)</sup> | 158 | 4797 |
| Advanced Energy Industries, Inc. | 122 | 16948 |
| AvePoint, Inc. <sup>(b)</sup> | 1617 | 30852 |
| Badger Meter, Inc. <sup>(a)</sup> | 56 | 10571 |
| Bel Fuse, Inc. - Class B | 84 | 10923 |
| Belden, Inc. | 69 | 8532 |
| Box, Inc. - Class A <sup>(a)(b)</sup> | 667 | 21411 |
| Calix, Inc. <sup>(b)</sup> | 123 | 6973 |
| Commvault Systems, Inc. <sup>(b)</sup> | 226 | 42929 |
| InterDigital, Inc. <sup>(a)</sup> | 91 | 23496 |
| Progress Software Corporation | 464 | 22309 |
| Red Violet, Inc. | 675 | 29923 |
| Sanmina Corporation <sup>(b)</sup> | 210 | 24368 |
|  |  | 284628 |
| **Materials - 1.3%** | **Materials - 1.3%** |  |
| Hawkins, Inc. | 112 | 18287 |
| **TOTAL COMMON STOCKS** (Cost $1,293,906) | **TOTAL COMMON STOCKS** (Cost $1,293,906) | 1364075 |
| **SHORT-TERM INVESTMENTS - 14.6%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 13.9%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(c)</sup> | 190614 | 190614 |
| **Money Market Funds - 0.7%** | **<u>Shares</u>** |  |
| Invesco Government & Agency Portfolio - Institutional Class, 4.25%<sup>(c)</sup> | 9119 | 9119 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $199,733) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $199,733) | 199733 |
| **TOTAL INVESTMENTS - 114.2% (**Cost $1,493,639**)** | **TOTAL INVESTMENTS - 114.2% (**Cost $1,493,639**)** | 1563808 |
| Liabilities in Excess of Other Assets - (14.2)% | Liabilities in Excess of Other Assets - (14.2)% | (194748) |
| **TOTAL NET ASSETS - 100.0%** |  | $1369060 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

LLC - Limited Liability Company<br>

(a) All or a portion of this security is on loan as of July 31, 2025. The fair value of these securities was $186,434.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
AAM Sawgrass U.S. Small Cap Quality Growth ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1364075 |  |  | $1364075 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – |  |  | 190614 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 9119 |  |  | 9119 |
| Total Investments | $1373194 |  |  | $1563808 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $190,614 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** AAM Sawgrass U.S. Small Cap Quality Growth ETF

- **b. EDGAR series identifier (if any):** S000085982

- **c. LEI of Series:** 529900F0XZ5B5U66M230

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1755982.91

**Total Liabilities:** $191344.77

**Net Assets:** $1564638.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000251382 | 4.29%                | 0.71%                | -0.60%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4264.92                | $43987.14                                  |
| Month 2  | $0.00                    | $5294.90                                   |
| Month 3  | $-33342.97               | $24438.77                                  |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ADMA Biologics Inc                        | ADMA Biologics Inc                        | CUSIP: 000899104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2817 | NS      | $52677.90     | 3.37%             |  |  |  | No            | 1                  | On Loan: No      |
| ACM Research Inc                          | ACM Research Inc                          | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |       180 | NS      | $5464.80      | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| A10 Networks Inc                          | A10 Networks Inc                          | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |      1898 | NS      | $34961.16     | 2.23%             |  |  |  | No            | 1                  | On Loan: No      |
| AZZ Inc                                   | AZZ Inc                                   | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |       114 | NS      | $12483.00     | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Acushnet Holdings Corp                    | Acushnet Holdings Corp                    | CUSIP: 005098108<br>LEI: 529900W5FI106H543E43 | Long             | EC               | CORP              | US        |       161 | NS      | $12818.82     | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Energy Industries Inc            | Advanced Energy Industries Inc            | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       139 | NS      | $19309.88     | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Applied Industrial Technologie            | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |        91 | NS      | $24706.50     | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Archrock Inc                              | Archrock Inc                              | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      1578 | NS      | $36862.08     | 2.36%             |  |  |  | No            | 1                  | On Loan: No      |
| AvePoint Inc                              | AvePoint Inc                              | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1848 | NS      | $35259.84     | 2.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Badger Meter Inc                          | Badger Meter Inc                          | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |        63 | NS      | $11891.88     | 0.76%             |  |  |  | No            | 1                  | On Loan: —       |
| Barrett Business Services Inc             | Barrett Business Services Inc             | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |       195 | NS      | $8964.15      | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Bel Fuse Inc                              | Bel Fuse Inc                              | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |        96 | NS      | $12483.84     | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Belden Inc                                | Belden Inc                                | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |        78 | NS      | $9644.70      | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Artivion Inc                              | Artivion Inc                              | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |      1548 | NS      | $47848.68     | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Roadhouse Inc                       | Texas Roadhouse Inc                       | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       138 | NS      | $25547.94     | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Bread Financial Holdings Inc              | Bread Financial Holdings Inc              | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |       280 | NS      | $17164.00     | 1.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Box Inc                                   | Box Inc                                   | CUSIP: 10316T104<br>LEI: 549300KQUCPD8687YS68 | Long             | EC               | CORP              | US        |       762 | NS      | $24460.20     | 1.56%             |  |  |  | No            | 1                  | On Loan: —       |
| Boyd Gaming Corp                          | Boyd Gaming Corp                          | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |       148 | NS      | $12565.20     | 0.80%             |  |  |  | No            | 1                  | On Loan: —       |
| Cadence Bank                              | Cadence Bank                              | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |       182 | NS      | $6342.70      | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |       140 | NS      | $7936.60      | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Catalyst Pharmaceuticals Inc              | Catalyst Pharmaceuticals Inc              | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |      1028 | NS      | $21927.24     | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Cheesecake Factory Inc/The                | Cheesecake Factory Inc/The                | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |       193 | NS      | $12334.63     | 0.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |        17 | NS      | $11956.10     | 0.76%             |  |  |  | No            | 1                  | On Loan: —       |
| Commvault Systems Inc                     | Commvault Systems Inc                     | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |       258 | NS      | $49007.10     | 3.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Corcept Therapeutics Inc                  | Corcept Therapeutics Inc                  | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |        84 | NS      | $5642.28      | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| CorVel Corp                               | CorVel Corp                               | CUSIP: 221006109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       215 | NS      | $19049.00     | 1.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Enerpac Tool Group Corp                   | Enerpac Tool Group Corp                   | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |       377 | NS      | $14518.27     | 0.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Enova International Inc                   | Enova International Inc                   | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |       190 | NS      | $19866.40     | 1.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |       164 | NS      | $24600.00     | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| ESCO Technologies Inc                     | ESCO Technologies Inc                     | CUSIP: 296315104<br>LEI: 5493007JJLP5MEWVDH10 | Long             | EC               | CORP              | US        |        92 | NS      | $17820.40     | 1.14%             |  |  |  | No            | 1                  | On Loan: No      |
| ExlService Holdings Inc                   | ExlService Holdings Inc                   | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |       163 | NS      | $7079.09      | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Federal Signal Corp                       | Federal Signal Corp                       | CUSIP: 313855108<br>LEI: 549300RTXZRPTNP6G884 | Long             | EC               | CORP              | US        |       160 | NS      | $20251.20     | 1.29%             |  |  |  | No            | 1                  | On Loan: —       |
| Grand Canyon Education Inc                | Grand Canyon Education Inc                | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       114 | NS      | $19223.82     | 1.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Granite Construction Inc                  | Granite Construction Inc                  | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |       199 | NS      | $18799.53     | 1.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Integer Holdings Corp                     | Integer Holdings Corp                     | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |       203 | NS      | $22027.53     | 1.41%             |  |  |  | No            | 1                  | On Loan: —       |
| InterDigital Inc                          | InterDigital Inc                          | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       104 | NS      | $26852.80     | 1.72%             |  |  |  | No            | 1                  | On Loan: —       |
| iRadimed Corp                             | iRadimed Corp                             | CUSIP: 46266A109<br>LEI: 549300YVHWP0YJ1YW816 | Long             | EC               | CORP              | US        |       625 | NS      | $36462.50     | 2.33%             |  |  |  | No            | 1                  | On Loan: No      |
| OPENLANE Inc                              | OPENLANE Inc                              | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |       539 | NS      | $13280.96     | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinsale Capital Group Inc                 | Kinsale Capital Group Inc                 | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |        34 | NS      | $14983.46     | 0.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |       311 | NS      | $18255.70     | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Laureate Education Inc                    | Laureate Education Inc                    | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |       728 | NS      | $16452.80     | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| LeMaitre Vascular Inc                     | LeMaitre Vascular Inc                     | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |       200 | NS      | $16248.00     | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Leonardo DRS Inc                          | Leonardo DRS Inc                          | CUSIP: 52661A108<br>LEI: 549300HMMEWVG3PPQU18 | Long             | EC               | CORP              | US        |       529 | NS      | $22006.40     | 1.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Life Time Group Holdings Inc              | Life Time Group Holdings Inc              | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       382 | NS      | $10971.04     | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Medpace Holdings Inc                      | Medpace Holdings Inc                      | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |        25 | NS      | $10680.00     | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Merit Medical Systems Inc                 | Merit Medical Systems Inc                 | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |       167 | NS      | $14171.62     | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Monarch Casino & Resort Inc               | Monarch Casino & Resort Inc               | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |       208 | NS      | $21415.68     | 1.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Mueller Industries Inc                    | Mueller Industries Inc                    | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |       353 | NS      | $30135.61     | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Mueller Water Products Inc                | Mueller Water Products Inc                | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |      1377 | NS      | $34094.52     | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| NMI Holdings Inc                          | NMI Holdings Inc                          | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |       641 | NS      | $23922.12     | 1.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Oil-Dri Corp of America                   | Oil-Dri Corp of America                   | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |       262 | NS      | $14776.80     | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| OptimizeRx Corp                           | OptimizeRx Corp                           | CUSIP: 68401U204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       427 | NS      | $5388.74      | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |       187 | NS      | $24775.63     | 1.58%             |  |  |  | No            | 1                  | On Loan: No      |
| Phibro Animal Health Corp                 | Phibro Animal Health Corp                 | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |       825 | NS      | $21862.50     | 1.40%             |  |  |  | No            | 1                  | On Loan: No      |
| PriceSmart Inc                            | PriceSmart Inc                            | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |       239 | NS      | $25692.50     | 1.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |      9119 | NS      | $9119.15      | 0.58%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    190614 | NS      | $190614.25    | 12.18%            |  |  |  | No            | N/A                | On Loan: No      |
| BioCryst Pharmaceuticals Inc              | BioCryst Pharmaceuticals Inc              | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |       843 | NS      | $6862.02      | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Primoris Services Corp                    | Primoris Services Corp                    | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |       127 | NS      | $11959.59     | 0.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Progress Software Corp                    | Progress Software Corp                    | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |       530 | NS      | $25482.40     | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |       269 | NS      | $14722.37     | 0.94%             |  |  |  | No            | 1                  | On Loan: —       |
| Red Violet Inc                            | Red Violet Inc                            | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |       771 | NS      | $34178.43     | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| IBEX Holdings Ltd                         | IBEX Holdings Ltd                         | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | US        |       909 | NS      | $26879.13     | 1.72%             |  |  |  | No            | 1                  | On Loan: No      |
| REV Group Inc                             | REV Group Inc                             | CUSIP: 749527107<br>LEI: 549300SRD0SIG5ZZ3X20 | Long             | EC               | CORP              | US        |       210 | NS      | $10405.50     | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Rush Enterprises Inc                      | Rush Enterprises Inc                      | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |       144 | NS      | $7796.16      | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Sanmina Corp                              | Sanmina Corp                              | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |       240 | NS      | $27849.60     | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyward Specialty Insurance Gr            | Skyward Specialty Insurance Group Inc     | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |       540 | NS      | $27313.20     | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Sterling Infrastructure Inc               | Sterling Infrastructure Inc               | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |        42 | NS      | $11238.78     | 0.72%             |  |  |  | No            | 1                  | On Loan: —       |
| StoneX Group Inc                          | StoneX Group Inc                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |       706 | NS      | $68651.44     | 4.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Tiptree Inc                               | Tiptree Inc                               | CUSIP: 88822Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1480 | NS      | $30754.40     | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Victory Capital Holdings Inc              | Victory Capital Holdings Inc              | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |        75 | NS      | $5168.25      | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Willdan Group Inc                         | Willdan Group Inc                         | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |       337 | NS      | $28746.10     | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Group 1 Automotive Inc                    | Group 1 Automotive Inc                    | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |        88 | NS      | $36269.20     | 2.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Halozyme Therapeutics Inc                 | Halozyme Therapeutics Inc                 | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |       330 | NS      | $19790.10     | 1.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Hawkins Inc                               | Hawkins Inc                               | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |       127 | NS      | $20736.56     | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Huron Consulting Group Inc                | Huron Consulting Group Inc                | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |       268 | NS      | $35397.44     | 2.26%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer