# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-005786
**Filing Date:** 2025-8
**Character Count:** 64679
**Document Hash:** 5d4e8847e5d3d804be4a2c1333129ccc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005786.hdr.sgml**: 20250825

**ACCESSION NUMBER**: 0000894189-25-005786

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250825

**DATE AS OF CHANGE**: 20250825

**PERIOD START**: 20250930

**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:** 251249792

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Distillate Small/Mid Cash Flow ETF** | **Distillate Small/Mid Cash Flow ETF** | **Distillate Small/Mid Cash Flow ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 100.0%** | **Shares** | **Value**  |
| **Basic Materials - 1.3%** | **Basic Materials - 1.3%** | |
| Mosaic Company | 22771 | $830686 |
| Sylvamo Corporation | 8812 | 441481 |
|  |  | 1272167 |
| **Communications - 3.5%** | **Communications - 3.5%** |  |
| Cars.com, Inc. <sup>(a)</sup> | 41637 | 493399 |
| Etsy, Inc. <sup>(a)</sup> | 20975 | 1052106 |
| Liquidity Services, Inc. <sup>(a)</sup> | 19008 | 448399 |
| Scholastic Corporation | 24542 | 514891 |
| Thryv Holdings, Inc. <sup>(a)</sup> | 32057 | 389813 |
| Ziff Davis, Inc. <sup>(a)</sup> | 14297 | 432770 |
|  |  | 3331378 |
| **Consumer, Cyclical - 29.7%<sup>(b)</sup>** | **Consumer, Cyclical - 29.7%<sup>(b)</sup>** |  |
| Abercrombie & Fitch Company - Class A <sup>(a)</sup> | 13497 | 1118227 |
| Academy Sports & Outdoors, Inc. | 13825 | 619498 |
| Adient PLC <sup>(a)</sup> | 27597 | 537038 |
| Allison Transmission Holdings, Inc. | 8065 | 766094 |
| American Eagle Outfitters, Inc. | 42732 | 411082 |
| Bath & Body Works, Inc. | 22502 | 674160 |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 6622 | 492544 |
| BorgWarner, Inc. | 17030 | 570164 |
| Buckle, Inc. | 10809 | 490188 |
| Build-A-Bear Workshop, Inc. | 8475 | 436971 |
| Caleres, Inc. | 32272 | 394364 |
| Carter's, Inc. | 16548 | 498591 |
| Cavco Industries, Inc. <sup>(a)</sup> | 3172 | 1378012 |
| Champion Homes, Inc. <sup>(a)</sup> | 9250 | 579143 |
| Columbia Sportswear Company | 10111 | 617580 |
| Crocs, Inc. <sup>(a)</sup> | 13168 | 1333655 |
| Dillard's, Inc. - Class A | 3424 | 1430650 |
| Ethan Allen Interiors, Inc. | 16717 | 465568 |
| Everi Holdings, Inc. <sup>(a)</sup> | 31211 | 444445 |
| Gentex Corporation | 22356 | 491608 |
| G-III Apparel Group, Ltd. <sup>(a)</sup> | 15501 | 347222 |
| Guess?, Inc. | 37971 | 459069 |
| KB Home | 11710 | 620279 |
| LCI Industries | 7066 | 644349 |
| Lear Corporation | 8058 | 765349 |
| LKQ Corporation | 15738 | 582463 |
| M/I Homes, Inc. <sup>(a)</sup> | 5321 | 596591 |
| Malibu Boats, Inc. - Class A <sup>(a)</sup> | 14326 | 448977 |
| Mattel, Inc. <sup>(a)</sup> | 27008 | 532598 |
| Monarch Casino & Resort, Inc. | 5358 | 463146 |
| MRC Global, Inc. <sup>(a)</sup> | 34434 | 472090 |
| ODP Corporation <sup>(a)</sup> | 26443 | 479412 |
| Oxford Industries, Inc. | 8974 | 361204 |
| PC Connection, Inc. | 6871 | 451974 |
| Phinia, Inc. | 10707 | 476354 |
| ScanSource, Inc. <sup>(a)</sup> | 10849 | 453597 |
| Signet Jewelers, Ltd. | 9752 | 775772 |
| Steelcase, Inc. - Class A | 40794 | 425481 |
| Steven Madden, Ltd. | 19193 | 460248 |
| Taylor Morrison Home Corporation <sup>(a)</sup> | 10501 | 644971 |
| Thor Industries, Inc. | 7983 | 708970 |
| Toll Brothers, Inc. | 13118 | 1497157 |
| Tri Pointe Homes, Inc. <sup>(a)</sup> | 16400 | 523980 |
| Visteon Corporation <sup>(a)</sup> | 6613 | 616993 |
| YETI Holdings, Inc. <sup>(a)</sup> | 19660 | 619683 |
|  |  | 28177511 |
| **Consumer, Non-cyclical - 20.1%** | **Consumer, Non-cyclical - 20.1%** |  |
| Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 17199 | 394889 |
| Andersons, Inc. | 12340 | 453495 |
| Cal-Maine Foods, Inc. | 9473 | 943795 |
| Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 15113 | 446891 |
| CompoSecure, Inc. <sup>(a)</sup> | 31750 | 447358 |
| Dole PLC | 30625 | 428444 |
| Euronet Worldwide, Inc. <sup>(a)</sup> | 6621 | 671237 |
| EVERTEC, Inc. | 12378 | 446227 |
| H&R Block, Inc. | 13097 | 718894 |
| Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 13762 | 434879 |
| Heidrick & Struggles International, Inc. | 9940 | 454854 |
| ICON PLC <sup>(a)</sup> | 10514 | 1529261 |
| Ingredion, Inc. | 6888 | 934151 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 12642 | 1341569 |
| John Wiley & Sons, Inc. - Class A | 11922 | 532079 |
| Kforce, Inc. | 10790 | 443793 |
| Korn Ferry | 7399 | 542569 |
| Lantheus Holdings, Inc. <sup>(a)</sup> | 13138 | 1075477 |
| ManpowerGroup, Inc. | 12327 | 498011 |
| Molson Coors Beverage Company - Class B | 17254 | 829745 |
| Pacira BioSciences, Inc. <sup>(a)</sup> | 17716 | 423412 |
| Pediatrix Medical Group, Inc. <sup>(a)</sup> | 30344 | 435436 |
| Perdoceo Education Corporation | 13663 | 446643 |
| PROG Holdings, Inc. | 15471 | 454074 |
| Repay Holdings Corporation <sup>(a)</sup> | 88046 | 424382 |
| Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 14210 | 447899 |
| Teleflex, Inc. | 7944 | 940252 |
| Upbound Group, Inc. | 19198 | 481870 |
| USANA Health Sciences, Inc. <sup>(a)</sup> | 14321 | 437220 |
| WEX, Inc. <sup>(a)</sup> | 7383 | 1084489 |
|  |  | 19143295 |
| **Energy - 12.3%** | **Energy - 12.3%** |  |
| Alliance Resource Partners LP | 16923 | 442367 |
| APA Corporation | 31790 | 581439 |
| California Resources Corporation | 11836 | 540550 |
| ChampionX Corporation | 22426 | 557062 |
| Chord Energy Corporation | 8889 | 860900 |
| Civitas Resources, Inc. | 18116 | 498552 |
| Core Natural Resources, Inc. | 9904 | 690705 |
| DNOW, Inc. <sup>(a)</sup> | 29576 | 438612 |
| Enphase Energy, Inc. <sup>(a)</sup> | 33235 | 1317768 |
| Magnolia Oil & Gas Corporation - Class A | 22664 | 509487 |
| Matador Resources Company | 13976 | 666935 |
| Murphy Oil Corporation | 23779 | 535027 |
| Ovintiv, Inc. | 18618 | 708415 |
| Patterson-UTI Energy, Inc. | 79678 | 472490 |
| Ramaco Resources, Inc. | 46391 | 609578 |
| Range Resources Corporation | 16636 | 676586 |
| SunCoke Energy, Inc. | 51164 | 439499 |
| Talos Energy, Inc. <sup>(a)</sup> | 52983 | 449296 |
| Weatherford International PLC | 12880 | 647993 |
|  |  | 11643261 |
| **Financial - 3.8%** | **Financial - 3.8%** |  |
| Acadian Asset Management, Inc. | 14675 | 517147 |
| Artisan Partners Asset Management, Inc. - Class A | 11957 | 530054 |
| eXp World Holdings, Inc. | 55100 | 501410 |
| Federated Hermes, Inc. | 12113 | 536848 |
| OppFi, Inc. | 33422 | 467574 |
| Victory Capital Holdings, Inc. - Class A | 7949 | 506113 |
| Virtus Investment Partners, Inc. | 2894 | 524971 |
|  |  | 3584117 |
| **Industrial - 19.7%** | **Industrial - 19.7%** |  |
| American Woodmark Corporation <sup>(a)</sup> | 7720 | 412016 |
| Apogee Enterprises, Inc. | 11351 | 460851 |
| ArcBest Corporation | 8258 | 635949 |
| Ardmore Shipping Corporation | 44627 | 428419 |
| Arrow Electronics, Inc. <sup>(a)</sup> | 7934 | 1011030 |
| Atkore, Inc. | 8049 | 567857 |
| Boise Cascade Company | 6588 | 571970 |
| Cactus, Inc. - Class A | 11840 | 517645 |
| C.H. Robinson Worldwide, Inc. | 12997 | 1247062 |
| Clearwater Paper Corporation <sup>(a)</sup> | 14471 | 394190 |
| CTS Corporation | 10808 | 460529 |
| DHT Holdings, Inc. | 37911 | 409818 |
| Dorian LPG, Ltd. | 20314 | 495255 |
| Genco Shipping & Trading, Ltd. | 32987 | 431140 |
| Gibraltar Industries, Inc. <sup>(a)</sup> | 8354 | 492886 |
| Hub Group, Inc. - Class A | 13761 | 460030 |
| International Seaways, Inc. | 13000 | 474240 |
| Janus International Group, Inc. <sup>(a)</sup> | 51228 | 416996 |
| Littelfuse, Inc. | 5021 | 1138411 |
| Mohawk Industries, Inc. <sup>(a)</sup> | 9265 | 971343 |
| Owens Corning | 10185 | 1400641 |
| Sterling Infrastructure, Inc. <sup>(a)</sup> | 7404 | 1708325 |
| Sturm Ruger & Company, Inc. | 12250 | 439775 |
| TopBuild Corporation <sup>(a)</sup> | 4877 | 1578880 |
| Tutor Perini Corporation <sup>(a)</sup> | 12602 | 589521 |
| World Kinect Corporation | 16130 | 457285 |
| Worthington Enterprises, Inc. | 8076 | 513957 |
|  |  | 18686021 |
| **Technology - 9.6%** | **Technology - 9.6%** |  |
| Adeia, Inc. | 32914 | 465404 |
| Axcelis Technologies, Inc. <sup>(a)</sup> | 9346 | 651323 |
| Clear Secure, Inc. - Class A | 20786 | 577019 |
| Cohu, Inc. <sup>(a)</sup> | 24381 | 469090 |
| DXC Technology Company <sup>(a)</sup> | 29119 | 445230 |
| GigaCloud Technology, Inc. - Class A <sup>(a)</sup> | 24446 | 483542 |
| Insight Enterprises, Inc. <sup>(a)</sup> | 6187 | 854332 |
| NetScout Systems, Inc. <sup>(a)</sup> | 18678 | 463401 |
| Photronics, Inc. <sup>(a)</sup> | 24774 | 466494 |
| Qorvo, Inc. <sup>(a)</sup> | 15033 | 1276452 |
| Skyworks Solutions, Inc. | 19828 | 1477583 |
| Synaptics, Inc. <sup>(a)</sup> | 8629 | 559332 |
| Teradata Corporation <sup>(a)</sup> | 20640 | 460478 |
| V2X, Inc. <sup>(a)</sup> | 10145 | 492540 |
|  |  | 9142220 |
| **TOTAL COMMON STOCKS** (Cost $100,164,219) | **TOTAL COMMON STOCKS** (Cost $100,164,219) | 94979970 |
| **SHORT-TERM INVESTMENTS - 0.0%<sup>(c)</sup>** |  | **Value**  |
| **Money Market Funds - 0.0%<sup>(c)</sup>** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.25% <sup>(d)</sup> | 22090 | 22090 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $22,090) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $22,090) | 22090 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $100,186,309**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $100,186,309**)** | 95002060 |
| Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | Other Assets in Excess of Liabilities - 0.0% <sup>(c)</sup> | 654 |
| **TOTAL NET ASSETS - 100.0%** |  | $95002714 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

LP - Limited Partnership <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) 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.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day annualized effective yield as of June 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Distillate Small/Mid Cash Flow 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 June 30, 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 | $94979970 | $– | $– | $94979970 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 22090 | – | – | 22090 |
| Total Investments | $95002060 | $– | $– | $95002060 |
| 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. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $95044768.07

**Total Liabilities:** $42054.54

**Net Assets:** $95002713.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000237276 | -5.23%               | 4.26%                | 4.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $120045.12               | $-4940590.40                               |
| Month 2  | $203269.63               | $3305033.94                                |
| Month 3  | $-1704718.96             | $5464967.46                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BlueLinx Holdings Inc          | BlueLinx Holdings Inc                      | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      6622 | NS      | $492544.36    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Carter's Inc                   | Carter's Inc                               | CUSIP: 146229109<br>LEI: 5299003WAQK4R3L3ZU36 | Long             | EC               | CORP              | US        |     16548 | NS      | $498591.24    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc           | Cavco Industries Inc                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3172 | NS      | $1378011.96   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure Inc                           | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20786 | NS      | $577019.36    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc         | eXp World Holdings Inc                     | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |     55100 | NS      | $501410.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                    | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     15501 | NS      | $347222.40    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp        | Magnolia Oil & Gas Corp                    | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     22664 | NS      | $509486.72    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                       | DNOW Inc                                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     29576 | NS      | $438612.08    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| OppFi Inc                      | OppFi Inc                                  | CUSIP: 68386H103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33422 | NS      | $467573.78    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Upbound Group Inc              | Upbound Group Inc                          | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     19198 | NS      | $481869.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                   | Teleflex Inc                               | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      7944 | NS      | $940251.84    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International PLC              | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     12880 | NS      | $647992.80    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Owens Corning                  | Owens Corning                              | CUSIP: 690742101<br>LEI: JO5M6676RDJIZ2U8X907 | Long             | EC               | CORP              | US        |     10185 | NS      | $1400641.20   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira BioSciences Inc         | Pacira BioSciences Inc                     | CUSIP: 695127100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17716 | NS      | $423412.40    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Phinia Inc                     | Phinia Inc                                 | CUSIP: 71880K101<br>LEI: 254900HG6MORZE1FFM18 | Long             | EC               | CORP              | US        |     10707 | NS      | $476354.43    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp           | Range Resources Corp                       | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     16636 | NS      | $676586.12    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Scholastic Corp                | Scholastic Corp                            | CUSIP: 807066105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24542 | NS      | $514891.16    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc           | Sturm Ruger & Co Inc                       | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |     12250 | NS      | $439775.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc           | Tri Pointe Homes Inc                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16400 | NS      | $523980.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                   | Visteon Corp                               | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |      6613 | NS      | $616992.90    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co               | Boise Cascade Co                           | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      6588 | NS      | $571970.16    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Caleres Inc                    | Caleres Inc                                | CUSIP: 129500104<br>LEI: JFU6RQQJ8Z1CPOLBXQ18 | Long             | EC               | CORP              | US        |     32272 | NS      | $394363.84    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Crocs Inc                      | Crocs Inc                                  | CUSIP: 227046109<br>LEI: 549300B0J6YCXD63OG72 | Long             | EC               | CORP              | US        |     13168 | NS      | $1333655.04   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| DXC Technology Co              | DXC Technology Co                          | CUSIP: 23355L106<br>LEI: 549300DOVZ3EDJB7O259 | Long             | EC               | CORP              | US        |     29119 | NS      | $445229.51    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                    | EVERTEC Inc                                | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |     12378 | NS      | $446226.90    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     22090 | NS      | $22089.82     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                    | Gentex Corp                                | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |     22356 | NS      | $491608.44    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Insight Enterprises Inc        | Insight Enterprises Inc                    | CUSIP: 45765U103<br>LEI: 529900S8991TYW6YP792 | Long             | EC               | CORP              | US        |      6187 | NS      | $854331.90    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                 | Ziff Davis Inc                             | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     14297 | NS      | $432770.19    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc              | PC Connection Inc                          | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      6871 | NS      | $451974.38    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramaco Resources Inc           | Ramaco Resources Inc                       | CUSIP: 75134P600<br>LEI: 5493001BYUI4TCQOPF70 | Long             | EC               | CORP              | US        |     46391 | NS      | $609577.74    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc             | Champion Homes Inc                         | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9250 | NS      | $579142.50    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc   | Supernus Pharmaceuticals Inc               | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     14210 | NS      | $447899.20    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sylvamo Corp                   | Sylvamo Corp                               | CUSIP: 871332102<br>LEI: 5493001AOYU1ZOWOC971 | Long             | EC               | CORP              | US        |      8812 | NS      | $441481.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Talos Energy Inc               | Talos Energy Inc                           | CUSIP: 87484T108<br>LEI: 549300OKFHZ84SFJFT95 | Long             | EC               | CORP              | US        |     52983 | NS      | $449295.84    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Thor Industries Inc            | Thor Industries Inc                        | CUSIP: 885160101<br>LEI: 254900XZO1228PDSG060 | Long             | EC               | CORP              | US        |      7983 | NS      | $708970.23    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| ICON PLC                       | ICON PLC                                   | CUSIP: N/A<br>LEI: 6354008SRQGEMC4XFI67       | Long             | EC               | CORP              | IE        |     10514 | NS      | $1529261.30   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc          | Mohawk Industries Inc                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |      9265 | NS      | $971342.60    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc    | Monarch Casino & Resort Inc                | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      5358 | NS      | $463145.52    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy Inc                   | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     79678 | NS      | $472490.54    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                    | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     13663 | NS      | $446643.47    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc              | PROG Holdings Inc                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |     15471 | NS      | $454073.85    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Sterling Infrastructure Inc    | Sterling Infrastructure Inc                | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |      7404 | NS      | $1708324.92   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| SunCoke Energy Inc             | SunCoke Energy Inc                         | CUSIP: 86722A103<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | EC               | CORP              | US        |     51164 | NS      | $439498.76    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tutor Perini Corp              | Tutor Perini Corp                          | CUSIP: 901109108<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | EC               | CORP              | US        |     12602 | NS      | $589521.56    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Jazz Pharmaceuticals PLC       | Jazz Pharmaceuticals PLC                   | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     12642 | NS      | $1341569.04   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| BorgWarner Inc                 | BorgWarner Inc                             | CUSIP: 099724106<br>LEI: 549300DSFX2IE88NSX47 | Long             | EC               | CORP              | US        |     17030 | NS      | $570164.40    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadian Asset Management Inc   | Acadian Asset Management Inc               | CUSIP: 10948W103<br>LEI: 5493004FTLQNQTBOP608 | Long             | EC               | CORP              | US        |     14675 | NS      | $517147.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc      | Build-A-Bear Workshop Inc                  | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |      8475 | NS      | $436971.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Cars.com Inc                   | Cars.com Inc                               | CUSIP: 14575E105<br>LEI: 5493002G6J07LNGX4M98 | Long             | EC               | CORP              | US        |     41637 | NS      | $493398.45    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                  | Dillard's Inc                              | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |      3424 | NS      | $1430649.92   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati | Heidrick & Struggles International Inc     | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |      9940 | NS      | $454854.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                  | M/I Homes Inc                              | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      5321 | NS      | $596590.52    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Repay Holdings Corp            | Repay Holdings Corp                        | CUSIP: 76029L100<br>LEI: 2549006EJ42T73ZKUI98 | Long             | EC               | CORP              | US        |     88046 | NS      | $424381.72    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                 | ScanSource Inc                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |     10849 | NS      | $453596.69    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Teradata Corp                  | Teradata Corp                              | CUSIP: 88076W103<br>LEI: 549300JU9SOUHV4U4R71 | Long             | EC               | CORP              | US        |     20640 | NS      | $460478.40    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Thryv Holdings Inc             | Thryv Holdings Inc                         | CUSIP: 886029206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32057 | NS      | $389813.12    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                  | TopBuild Corp                              | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      4877 | NS      | $1578879.98   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                        | V2X Inc                                    | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10145 | NS      | $492539.75    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                        | WEX Inc                                    | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |      7383 | NS      | $1084488.87   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc              | YETI Holdings Inc                          | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |     19660 | NS      | $619683.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Signet Jewelers Ltd            | Signet Jewelers Ltd                        | CUSIP: N/A<br>LEI: 549300N3XPGE91WV7M22       | Long             | EC               | CORP              | US        |      9752 | NS      | $775771.60    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Managem | Artisan Partners Asset Management Inc      | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |     11957 | NS      | $530053.81    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc   | Collegium Pharmaceutical Inc               | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     15113 | NS      | $446891.41    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc           | Federated Hermes Inc                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |     12113 | NS      | $536848.16    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings I | Harmony Biosciences Holdings Inc           | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13762 | NS      | $434879.20    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                  | Ingredion Inc                              | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |      6888 | NS      | $934150.56    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                     | Korn Ferry                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      7399 | NS      | $542568.67    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc              | ManpowerGroup Inc                          | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     12327 | NS      | $498010.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                | Murphy Oil Corp                            | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |     23779 | NS      | $535027.50    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems Inc                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     18678 | NS      | $463401.18    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      8889 | NS      | $860899.65    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                   | ODP Corp/The                               | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26443 | NS      | $479411.59    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc       | GigaCloud Technology Inc                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     24446 | NS      | $483541.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                      | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | IE        |     44627 | NS      | $428419.20    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorian LPG Ltd                 | Dorian LPG Ltd                             | CUSIP: N/A<br>LEI: 549300WP1W2WGMC7F395       | Long             | EC               | CORP              | US        |     20314 | NS      | $495255.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Resource Partners LP  | Alliance Resource Partners LP              | CUSIP: 01877R108<br>LEI: 529900T4Q5UPWOUFG783 | Long             | EC               | CORP              | US        |     16923 | NS      | $442367.22    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| American Eagle Outfitters Inc  | American Eagle Outfitters Inc              | CUSIP: 02553E106<br>LEI: 5299001Z9HXK01DHW793 | Long             | EC               | CORP              | US        |     42732 | NS      | $411081.84    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     11836 | NS      | $540550.12    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc      | Ethan Allen Interiors Inc                  | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16717 | NS      | $465568.45    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc       | Gibraltar Industries Inc                   | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8354 | NS      | $492886.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc          | Lantheus Holdings Inc                      | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |     13138 | NS      | $1075476.68   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MRC Global Inc                 | MRC Global Inc                             | CUSIP: 55345K103<br>LEI: 529900TSBPOLCLI2L582 | Long             | EC               | CORP              | US        |     34434 | NS      | $472090.14    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc    | Pediatrix Medical Group Inc                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30344 | NS      | $435436.40    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                              | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     22771 | NS      | $830686.08    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                      | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |     15033 | NS      | $1276452.03   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions Inc                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     19828 | NS      | $1477582.56   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Investment Partners Inc | Virtus Investment Partners Inc             | CUSIP: 92828Q109<br>LEI: 549300HWF93HB8BDM648 | Long             | EC               | CORP              | US        |      2894 | NS      | $524971.60    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| World Kinect Corp              | World Kinect Corp                          | CUSIP: 981475106<br>LEI: D3W7PCXCBRQLL17DZ313 | Long             | EC               | CORP              | US        |     16130 | NS      | $457285.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| International Seaways Inc      | International Seaways Inc                  | CUSIP: N/A<br>LEI: 549300YUFDGFRNGBWF46       | Long             | EC               | CORP              | US        |     13000 | NS      | $474240.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc              | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13825 | NS      | $619498.25    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ChampionX Corp                 | ChampionX Corp                             | CUSIP: 15872M104<br>LEI: 549300EP2909K6DYYP38 | Long             | EC               | CORP              | US        |     22426 | NS      | $557061.84    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc          | Civitas Resources Inc                      | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |     18116 | NS      | $498552.32    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Paper Corp          | Clearwater Paper Corp                      | CUSIP: 18538R103<br>LEI: 549300HCVV19GXN4P292 | Long             | EC               | CORP              | US        |     14471 | NS      | $394190.04    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| CompoSecure Inc                | CompoSecure Inc                            | CUSIP: 20459V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31750 | NS      | $447357.50    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Natural Resources Inc     | Core Natural Resources Inc                 | CUSIP: 218937100<br>LEI: 549300YJCTPJBTK7IJ81 | Long             | EC               | CORP              | US        |      9904 | NS      | $690704.96    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc             | Enphase Energy Inc                         | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |     33235 | NS      | $1317767.75   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                       | Etsy Inc                                   | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     20975 | NS      | $1052106.00   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                              | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13761 | NS      | $460030.23    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                 | Littelfuse Inc                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      5021 | NS      | $1138411.33   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                  | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |     14321 | NS      | $437220.13    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                       | Dole PLC                                   | CUSIP: N/A<br>LEI: 635400JUG5XJXOPPJJ47       | Long             | EC               | CORP              | IE        |     30625 | NS      | $428443.75    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Woodmark Corp         | American Woodmark Corp                     | CUSIP: 030506109<br>LEI: 5299007PFSDWMA74RB56 | Long             | EC               | CORP              | US        |      7720 | NS      | $412016.40    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Amphastar Pharmaceuticals Inc  | Amphastar Pharmaceuticals Inc              | CUSIP: 03209R103<br>LEI: 54930055TH0ZLSAQMJ38 | Long             | EC               | CORP              | US        |     17199 | NS      | $394889.04    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                     | Atkore Inc                                 | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      8049 | NS      | $567856.95    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd              | Steven Madden Ltd                          | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |     19193 | NS      | $460248.14    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                  | Steelcase Inc                              | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     40794 | NS      | $425481.42    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Synaptics Inc                  | Synaptics Inc                              | CUSIP: 87157D109<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | EC               | CORP              | US        |      8629 | NS      | $559331.78    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     10501 | NS      | $644971.42    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc          | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |      8065 | NS      | $766094.35    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp                               | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      8258 | NS      | $635948.58    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc          | Bath & Body Works Inc                      | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     22502 | NS      | $674159.92    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                              | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |     13097 | NS      | $718894.33    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc      | CH Robinson Worldwide Inc                  | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     12997 | NS      | $1247062.15   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     10808 | NS      | $460528.88    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc            | Cal-Maine Foods Inc                        | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |      9473 | NS      | $943794.99    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Guess? Inc                     | Guess? Inc                                 | CUSIP: 401617105<br>LEI: 549300QVH3ZK2DW0KP86 | Long             | EC               | CORP              | CH        |     37971 | NS      | $459069.39    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus International Group Inc  | Janus International Group Inc              | CUSIP: 47103N106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51228 | NS      | $416995.92    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                    | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     11710 | NS      | $620278.70    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                   | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     15738 | NS      | $582463.38    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      8058 | NS      | $765348.84    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc         | Liquidity Services Inc                     | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     19008 | NS      | $448398.72    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co                   | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     17254 | NS      | $829744.86    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                    | Ovintiv Inc                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     18618 | NS      | $708414.90    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                 | Photronics Inc                             | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     24774 | NS      | $466494.42    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc               | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |      7949 | NS      | $506112.83    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc    | Worthington Enterprises Inc                | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |      8076 | NS      | $513956.64    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc               | DHT Holdings Inc                           | CUSIP: N/A<br>LEI: 549300SMD6IVZYT74K40       | Long             | EC               | CORP              | BM        |     37911 | NS      | $409817.91    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Genco Shipping & Trading Ltd   | Genco Shipping & Trading Ltd               | CUSIP: N/A<br>LEI: 5493003MBZ5GU8QHXZ58       | Long             | EC               | CORP              | US        |     32987 | NS      | $431140.09    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                           | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14326 | NS      | $448976.84    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co           | Matador Resources Co                       | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     13976 | NS      | $666934.72    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel Inc                     | Mattel Inc                                 | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     27008 | NS      | $532597.76    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                          | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     13118 | NS      | $1497157.34   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co         | Abercrombie & Fitch Co                     | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     13497 | NS      | $1118226.45   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                      | Adeia Inc                                  | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32914 | NS      | $465403.96    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Andersons Inc/The              | Andersons Inc/The                          | CUSIP: 034164103<br>LEI: L38MWB8MVRFV7HVJPU11 | Long             | EC               | CORP              | US        |     12340 | NS      | $453495.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                   | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     31790 | NS      | $581439.10    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc         | Apogee Enterprises Inc                     | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |     11351 | NS      | $460850.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc          | Arrow Electronics Inc                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      7934 | NS      | $1011029.62   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc       | Axcelis Technologies Inc                   | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |      9346 | NS      | $651322.74    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                             | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     10809 | NS      | $490188.15    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus Inc                                 | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |     11840 | NS      | $517644.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                       | Cohu Inc                                   | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |     24381 | NS      | $469090.44    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Sportswear Co         | Columbia Sportswear Co                     | CUSIP: 198516106<br>LEI: 549300OTMCIEUXAH5Z60 | Long             | EC               | CORP              | US        |     10111 | NS      | $617579.88    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc          | Euronet Worldwide Inc                      | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |      6621 | NS      | $671236.98    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Everi Holdings Inc             | Everi Holdings Inc                         | CUSIP: 30034T103<br>LEI: 5299006DK5S7BG10K532 | Long             | EC               | CORP              | US        |     31211 | NS      | $444444.64    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce Inc                                 | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |     10790 | NS      | $443792.70    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI Industries                 | LCI Industries                             | CUSIP: 50189K103<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | EC               | CORP              | US        |      7066 | NS      | $644348.54    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc          | Oxford Industries Inc                      | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |      8974 | NS      | $361203.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc          | John Wiley & Sons Inc                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |     11922 | NS      | $532078.86    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                     | Adient PLC                                 | CUSIP: N/A<br>LEI: 5493002QLDY8O75RTR78       | Long             | EC               | CORP              | US        |     27597 | NS      | $537037.62    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-22

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer