# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-26-008107
**Filing Date:** 2026-5
**Character Count:** 153693
**Document Hash:** c1b61b9a407933eb5ed17e3eafe320ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-008107.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001133228-26-008107

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26951799

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-12-30199474_VidentInternationalEquityStrategyETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

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

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

Date of fiscal year end: **<u>August 31</u>**

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

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

(a) ---

| | | |
|:---|:---|:---|
| ![image](img703121_202604031441431.jpg) | **Vident International Equity Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img703121_202604031441431.jpg) | VIDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img703121_202604031441431.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img123059_202409061328326.jpg) |

---

This semi-annual shareholder report contains important information about the Vident International Equity Strategy ETF<sup>TM</sup> for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://videntam.com/etf/vident-international-equity-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Vident International Equity Strategy ETF™ | $34 | 0.61% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $443442909 |
| **Number of Holdings** | 239 |
| **Net Advisory Fee** | $1215634 |
| **Portfolio Turnover** | 35% |
| **30-Day SEC Yield** | 2.52% |
| **30-Day SEC Yield Unsubsidized** | 2.52% |

---

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of** **Net** **Assets)**  |
|  LG Electronics, Inc.  | 0.7% |
|  Zhen Ding Technology Holding Ltd.  | 0.7% |
|  Samsung Electronics Co. Ltd.  | 0.7% |
|  Citizen Watch Co. Ltd.  | 0.7% |
|  Kia Corp.  | 0.6% |
|  Sasol Ltd.  | 0.6% |
|  WNC Corp.  | 0.6% |
|  Hyundai Glovis Co. Ltd.  | 0.6% |
|  Hoegh Autoliners ASA  | 0.6% |
|  Hanwha Corporation  | 0.6% |

---

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

![image](ts6972img003.jpg)

---

| | |
|:---|:---|
| **Top Ten Countries** | **(% of** **Net** **Assets)**  |
|  South Korea  | 8.4% |
|  Taiwan  | 7.7% |
|  Norway  | 7.0% |
|  Singapore  | 6.8% |
|  Hong Kong  | 6.2% |
|  Denmark  | 6.2% |
|  Canada  | 5.3% |
|  Japan  | 4.8% |
|  Switzerland  | 4.3% |
|  Cash & Other  | 43.3% |

---

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

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

18.617.613.011.99.26.76.15.95.95.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img703120_202604031440145.jpg) | **Vident U.S. Bond Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img703120_202604031440145.jpg) | VBND (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img703120_202604031440145.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img123059_202409061328326.jpg) |

---

This semi-annual shareholder report contains important information about the Vident U.S. Bond Strategy ETF<sup>TM</sup> for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://videntam.com/etf/vident-us-bond-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Vident U.S. Bond Strategy ETF™ | $21 | 0.41% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $506947634 |
| **Number of Holdings** | 191 |
| **Net Advisory Fee** | $988951 |
| **Portfolio Turnover** | 98% |
| **30-Day SEC Yield** | 3.78% |
| **30-Day SEC Yield Unsubsidized** | 3.78% |
| **Effective Duration** | 6.26 years |
| **Average Credit Quality** | A+/A |

---

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

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  United States Treasury Note/Bond  | 41.9% |
|  Federal National Mortgage Association  | 7.6% |
|  Government National Mortgage Association  | 6.6% |
|  Tennessee Valley Authority  | 2.1% |
|  LYB International Finance III LLC  | 1.9% |
|  Energy Transfer LP  | 1.6% |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust  | 1.5% |
|  Dominion Energy, Inc.  | 1.6% |
|  Bank of Nova Scotia  | 1.5% |
|  Royal Bank of Canada  | 1.4% |

---

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

![image](ts6974img003.jpg)

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

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

42.321.911.35.83.62.90.90.30.210.8 ------

---

| | | |
|:---|:---|:---|
| ![image](img703118_120260403143829.jpg) | **Vident U.S. Equity Strategy ETF<sup>TM</sup>**  | ![image](img123059_202409061328326.jpg) |
| ![image](img703118_120260403143829.jpg) | VUSE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img703118_120260403143829.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img123059_202409061328326.jpg) |

---

This semi-annual shareholder report contains important information about the Vident U.S. Equity Strategy ETF<sup>TM</sup> for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://videntam.com/etf/vident-us-strategy-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Vident U.S. Equity Strategy ETF™ | $25 | 0.50% |

---

\* Annualized

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

---

| | |
|:---|:---|
| **Net Assets** | $631440011 |
| **Number of Holdings** | 126 |
| **Net Advisory Fee** | $1590453 |
| **Portfolio Turnover** | 29% |
| **30-Day SEC Yield** | 0.37% |
| **30-Day SEC Yield Unsubsidized** | 0.37% |

---

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

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net** **Assets)** |
|  AbbVie, Inc.  | 2.5% |
|  Alphabet, Inc. - Class A  | 2.5% |
|  Eli Lilly & Co.  | 2.5% |
|  Broadcom, Inc.  | 2.4% |
|  NVIDIA Corp.  | 2.3% |
|  Visa, Inc. - Class A  | 2.0% |
|  Mastercard, Inc. - Class A  | 2.0% |
|  Berkshire Hathaway, Inc. - Class B  | 2.0% |
|  Meta Platforms, Inc. - Class A  | 2.0% |
|  Costco Wholesale Corp.  | 2.0% |

---

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

![image](ts6973img003.jpg)

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

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

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

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

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

28.815.211.310.710.18.86.53.22.52.9 ------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

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

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

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

(a) ![](vident_logo.jpg)

**Vident ETFs**

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

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

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

Semi-Annual Financial Statements and Additional Information

February 28, 2026 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi100)<br>|  |
| &nbsp;&nbsp;&nbsp; [Vident International Equity Strategy ETF<sup>TM</sup>](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Vident U.S. Bond Strategy ETF<sup>TM</sup>](#soi2) | [5](#soi2) |
| &nbsp;&nbsp;&nbsp; [Vident U.S. Equity Strategy ETF<sup>TM</sup>](#soi3) | [9](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [11](#sal) |
| [Statements of Operations](#sop) | [12](#sop) |
| [Statements of Changes in Net Assets](#scna) | [13](#scna) |
| [Financial Highlights](#fihi) | [15](#fihi) |
| [Notes to Financial Statements](#notes) | [18](#notes) |
| [Tax Information](#tax) | [28](#tax) |
| [Additional Information](#add) | [29](#add) |
| [Approval of Advisory Agreement & Board Considerations](#app) | [30](#app) |

---

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** | **COMMON STOCKS - 98.3%** |
| **Australia - 3.4%**<br>|  |  |
| AGL Energy, Ltd. | 340002 | $2396377  |
| Perseus Mining Ltd. | 483336 | 2066701  |
| Qantas Airways Ltd. | 242257 | 1717816  |
| Ramelius Resources Ltd. | 616682 | 2017211  |
| Regis Resources Ltd. | 363217 | 2443518  |
| Whitehaven Coal Ltd. | 224805 | 1251222  |
| Worley Ltd. | 175815 | 1420844  |
| Yancoal Australia Ltd. | 372755 | 1556676  |
|  |  | 14870365  |
| **Austria - 0.5%**<br>|  |  |
| voestalpine AG | 39572 | 2267905  |
| **Belgium - 0.2%**<br>|  |  |
| Ageas SA/NV | 6227 | 462452  |
| Proximus SADP | 34230 | 282300  |
|  |  | 744752  |
| **Brazil - 3.4%**<br>|  |  |
| Ambev SA | 636998 | 2020915  |
|  Cia de Saneamento de Minas Gerais Copasa MG | 216582 | 2303772  |
| Cogna Educacao SA | 2429282 | 1662675  |
| Magazine Luiza SA | 1146605 | 2101668  |
| Telefonica Brasil SA | 285446 | 2407869  |
| TIM SA | 449364 | 2455210  |
| Vibra Energia SA | 384100 | 2224452  |
|  |  | 15176561  |
| **Canada - 5.3%**<br>|  |  |
| Air Canada<sup>(a)</sup> | 111065 | 1680002  |
| Baytex Energy Corp. | 626778 | 2408122  |
| Centerra Gold, Inc. | 108874 | 2288681  |
| Fortuna Mining Corp.<sup>(a)</sup> | 183257 | 2504609  |
| iA Financial Corp., Inc. | 17336 | 1971869  |
| Magna International, Inc. | 39642 | 2499988  |
| Manulife Financial Corp. | 56858 | 2024851  |
| OceanaGold Corp. | 56607 | 2407722  |
| Parex Resources, Inc. | 103544 | 1620141  |
| Power Corp. of Canada | 41406 | 2080243  |
| Sun Life Financial, Inc. | 33626 | 2204175  |
|  |  | 23690403  |
| **Chile - 1.4%**<br>|  |  |
| Banco Santander Chile | 5789632 | 496743  |
| Cencosud SA | 599467 | 1870394  |
| Falabella SA | 274780 | 2036944  |
| Latam Airlines Group SA | 64113483 | 1801344  |
|  |  | 6205425  |
| **China - 1.1%**<br>|  |  |
|  China Resources Pharmaceutical Group Ltd.<sup>(b)</sup> | 2469500 | 1436463  |
|  Country Garden Services Holdings Co. Ltd. | 1938000 | 1565830  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  People's Insurance Co. Group of China Ltd. - Class H | 2450000 | $2007696  |
|  |  | 5009989  |
| **Denmark - 6.2%**<br>|  |  |
| AP Moller - Maersk AS - Class B | 873 | 2162496  |
| Bavarian Nordic AS<sup>(a)</sup> | 66525 | 2076278  |
| D/S Norden AS | 46967 | 2103421  |
| Danske Bank AS | 13356 | 696716  |
| FLSmidth & Co. AS | 24150 | 2139076  |
| Genmab AS<sup>(a)</sup> | 6136 | 1792414  |
| GN Store Nord AS<sup>(a)</sup> | 104693 | 1549218  |
| H Lundbeck AS | 264196 | 1617407  |
| ISS AS | 55147 | 1960821  |
| Jyske Bank AS | 11342 | 1700045  |
| NKT AS<sup>(a)</sup> | 15965 | 2067528  |
| ROCKWOOL AS | 60921 | 2017383  |
| Tryg AS | 75423 | 1866505  |
| Vestas Wind Systems AS | 69623 | 1787335  |
| Zealand Pharma AS<sup>(a)</sup> | 30996 | 1781976  |
|  |  | 27318619  |
| **Finland - 0.5%**<br>|  |  |
| Nokia Oyj | 264943 | 2028302  |
| **France - 1.6%**<br>|  |  |
| Bouygues SA | 38630 | 2402744  |
| Carrefour SA | 63385 | 1200780  |
| Forvia SE<sup>(a)</sup> | 71516 | 1020017  |
| Orange SA | 108778 | 2336204  |
|  |  | 6959745  |
| **Germany - 3.9%**<br>|  |  |
| Allianz SE | 398 | 179602  |
| Aurubis AG | 12086 | 2465832  |
| Bayer AG | 36007 | 1785980  |
| Continental AG | 19281 | 1664573  |
| Deutsche Lufthansa AG | 202836 | 2176459  |
| Freenet AG | 17520 | 572581  |
| Fresenius Medical Care AG | 23497 | 1094451  |
| HelloFresh SE<sup>(a)</sup> | 67924 | 387273  |
| K+S AG | 58739 | 1039598  |
| RWE AG | 33517 | 2158328  |
| Schaeffler AG | 21932 | 268272  |
| Suedzucker AG | 13969 | 167075  |
| Talanx AG | 8188 | 1034424  |
| thyssenkrupp AG | 159918 | 1991045  |
| TUI AG | 31201 | 297658  |
|  |  | 17283151  |
| **Hong Kong - 6.2%**<br>|  |  |
| Cathay Pacific Airways Ltd. | 1344000 | 2415786  |
|  China Taiping Insurance Holdings Co. Ltd. | 667600 | 1951041  |
| CK Hutchison Holdings, Ltd. | 253500 | 2087073  |
| Johnson Electric Holdings Ltd. | 582500 | 2311487  |

---

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

1<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Hong Kong - (Continued)**  | **Hong Kong - (Continued)**  | **Hong Kong - (Continued)**  |
| Kingboard Holdings, Ltd. | 523000 | $2709225  |
| Kunlun Energy Co. Ltd. | 2078000 | 2228853  |
| Orient Overseas International Ltd. | 138000 | 2637510  |
| Pacific Basin Shipping, Ltd. | 5454605 | 2412755  |
| TCL Electronics Holdings Ltd. | 1319000 | 2070699  |
|  United Laboratories International Holdings Ltd. | 1358000 | 2256924  |
| WH Group Ltd.<sup>(b)</sup> | 1807500 | 2273774  |
| Yue Yuen Industrial Holdings Ltd. | 973000 | 2312417  |
|  |  | 27667544  |
| **Indonesia - 3.1%**<br>|  |  |
| Alamtri Resources Indonesia Tbk PT | 15511000 | 2164971  |
| Aneka Tambang Tbk | 7315600 | 1898173  |
| Astra International Tbk PT | 5638300 | 2244894  |
| Bank Negara Indonesia Persero Tbk PT | 7893500 | 2071661  |
| Bank Rakyat Indonesia Persero Tbk PT | 1132100 | 264033  |
| Indokripto Koin Semesta Tbk PT<sup>(a)</sup> | 10473900 | 1015216  |
| Telkom Indonesia Persero Tbk PT | 7978200 | 1684630  |
| United Tractors Tbk PT | 1383500 | 2360161  |
|  |  | 13703739  |
| **Ireland - 3.1%**<br>|  |  |
| AerCap Holdings NV | 14726 | 2200654  |
| Alkermes PLC<sup>(a)</sup> | 66412 | 1999001  |
| Aptiv PLC<sup>(a)</sup> | 27160 | 1997346  |
| Bank of Ireland Group PLC | 102768 | 2006315  |
| DCC PLC | 18483 | 1288443  |
| ICON PLC<sup>(a)</sup> | 11327 | 1224902  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 12622 | 2398432  |
| Perrigo Co. PLC | 34069 | 450392  |
|  |  | 13565485  |
| **Israel - 2.0%**<br>|  |  |
| Bank Leumi Le-Israel BM | 86042 | 2079322  |
| El Al Israel Airlines | 365646 | 1821612  |
| Inmode Ltd.<sup>(a)</sup> | 27624 | 379830  |
| Israel Discount Bank Ltd. - Class A | 177043 | 2140654  |
|  Migdal Insurance & Financial Holdings Ltd.<sup>(a)</sup> | 404013 | 2184133  |
| Plus500 Ltd. | 8962 | 482921  |
|  |  | 9088472  |
| **Italy - 0.4%**<br>|  |  |
| Banca Monte dei Paschi di Siena SpA | 183677 | 1799556  |
| Telecom Italia SpA<sup>(a)</sup> | 274613 | 206277  |
|  |  | 2005833  |
| **Japan - 4.8%**<br>|  |  |
| Aisin Corp. | 116800 | 2079395  |
| Alps Alpine Co. Ltd. | 165000 | 2477774  |
| Brother Industries Ltd. | 102800 | 2128100  |
| Citizen Watch Co. Ltd. | 239500 | 2934594  |
| Koito Manufacturing Co. Ltd. | 136300 | 2462785  |
| Konica Minolta, Inc. | 329600 | 1259922  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Nippon Shinyaku Co. Ltd. | 25100 | $826994  |
| NSK Ltd. | 287900 | 2597323  |
| Seiko Epson Corp. | 162000 | 2197182  |
| Toyoda Gosei Co. Ltd. | 76700 | 2501071  |
|  |  | 21465140  |
| **Malaysia - 3.6%**<br>|  |  |
| AMMB Holdings Bhd | 1253700 | 2071779  |
| CIMB Group Holdings Bhd | 669800 | 1384012  |
| IHH Healthcare Bhd | 961500 | 2253632  |
| Malayan Banking Bhd | 712300 | 2189439  |
| MISC Bhd | 847100 | 1756900  |
| RHB Bank Bhd | 995700 | 2149545  |
| SD Guthrie Bhd | 1435900 | 2121929  |
| Telekom Malaysia Bhd | 1050800 | 2011940  |
|  |  | 15939176  |
| **Mexico - 0.5%**<br>|  |  |
| Cemex SAB de CV | 1653834 | 2078106  |
| **Netherlands - 1.1%**<br>|  |  |
| Aegon Ltd. | 222665 | 1691492  |
| Koninklijke Ahold Delhaize NV | 45137 | 2226047  |
| Signify NV<sup>(b)</sup> | 42683 | 993800  |
|  |  | 4911339  |
| **Norway - 7.0%**<br>|  |  |
| Aker BP ASA | 78149 | 2351025  |
| DNB Bank ASA | 72199 | 2288141  |
| DNO ASA | 1386528 | 2374182  |
| Equinor ASA | 81477 | 2411748  |
| Gjensidige Forsikring ASA | 27662 | 780424  |
| Hoegh Autoliners ASA | 199286 | 2775600  |
| Leroy Seafood Group ASA | 386547 | 2019403  |
| Mowi ASA | 95090 | 2240963  |
| Norsk Hydro ASA | 236915 | 2194976  |
| Norwegian Air Shuttle ASA | 1275473 | 2227593  |
| Orkla ASA | 181396 | 2480672  |
| Storebrand ASA | 119800 | 2269216  |
| Telenor ASA | 130587 | 2420006  |
| Yara International ASA | 46786 | 2364037  |
|  |  | 31197986  |
| **Peru - 0.5%**<br>|  |  |
| Credicorp Ltd. | 5950 | 2060961  |
| **Poland - 1.1%**<br>|  |  |
| Alior Bank SA | 9448 | 316154  |
| ORLEN SA | 71548 | 2296249  |
| PGE Polska Grupa Energetyczna SA<sup>(a)</sup> | 654603 | 2067708  |
|  |  | 4680111  |
| **Portugal - 0.5%**<br>|  |  |
| Banco Comercial Portugues SA | 1925369 | 2026848  |
| **Russia - 0.0%<sup>(c)</sup>**<br>|  |  |
| Severstal PAO - GDR<sup>(a)(d)</sup> | 24074 | 0  |

---

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

2<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Singapore - 6.8%**<br>|  |  |
| ComfortDelGro Corp. Ltd. | 1004700 | $1231201  |
| DBS Group Holdings Ltd. | 43740 | 1975277  |
| Genting Singapore, Ltd. | 3668300 | 2073633  |
| Hafnia Ltd. | 358349 | 2675922  |
| iFAST Corp. Ltd. | 165900 | 1218493  |
| Jardine Cycle & Carriage Ltd. | 22700 | 634599  |
| Mobvista, Inc.<sup>(a)(b)</sup> | 1087000 | 1653676  |
| Oversea-Chinese Banking Corp. Ltd. | 125000 | 2117840  |
| SATS Ltd. | 477600 | 1480169  |
| Seatrium Ltd. | 1281300 | 2431213  |
| Singapore Airlines Ltd. | 419700 | 2382453  |
| Singapore Telecommunications Ltd. | 535200 | 2132591  |
| United Overseas Bank Ltd. | 69619 | 2034877  |
| UOL Group Ltd. | 214500 | 1912923  |
| Venture Corp. Ltd. | 95900 | 1185055  |
| Wilmar International Ltd. | 765100 | 2129226  |
|  Yangzijiang Maritime Development Ltd.<sup>(a)</sup> | 1765300 | 872287  |
|  |  | 30141435  |
| **South Africa - 2.1%**<br>|  |  |
| Kumba Iron Ore, Ltd. | 88562 | 2045147  |
| Old Mutual, Ltd. | 2218553 | 2305316  |
| Sasol Ltd.<sup>(a)</sup> | 311250 | 2841384  |
| Tiger Brands Ltd. | 99260 | 1983017  |
|  |  | 9174864  |
| **South Korea - 8.4%**<br>|  |  |
| Hankook Tire & Technology Co. Ltd. | 47037 | 2383731  |
| Hanwha Corporation<sup>(a)</sup> | 28829 | 2737603  |
| HD Hyundai Co. Ltd. | 12066 | 2453462  |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 7179 | 2245777  |
| Hyundai Glovis Co. Ltd. | 13798 | 2776865  |
| Hyundai Mobis Co. Ltd. | 6659 | 2393259  |
| Kia Corp. | 19925 | 2846429  |
| Korea Electric Power Corp. | 50698 | 2061754  |
| KT Corp. | 42259 | 1874261  |
| LG Display Co. Ltd.<sup>(a)</sup> | 248330 | 2475532  |
| LG Electronics, Inc. | 30288 | 3067752  |
| LG Innotek Co. Ltd. | 11798 | 2616310  |
| LG Uplus Corp. | 187515 | 2156064  |
| NongShim Co. Ltd.<sup>(a)</sup> | 425 | 127042  |
| Samsung Electronics Co. Ltd. | 19177 | 2886215  |
| Samsung SDS Co. Ltd. | 17341 | 2350709  |
|  |  | 37452765  |
| **Spain - 0.4%**<br>|  |  |
| Banco Bilbao Vizcaya Argentaria SA | 56710 | 1322403  |
| CaixaBank SA | 26700 | 331638  |
| Mapfre SA | 65931 | 307485  |
|  |  | 1961526  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Sweden - 1.8%**<br>|  |  |
| Embracer Group AB<sup>(a)</sup> | 365428 | $2146979  |
| SSAB AB - Class B | 227960 | 2018204  |
|  Telefonaktiebolaget LM Ericsson - Class B | 188875 | 2188602  |
| Volvo Car AB<sup>(a)</sup> | 612120 | 1687255  |
|  |  | 8041040  |
| **Switzerland - 4.3%**<br>|  |  |
| Adecco Group AG | 53795 | 1508121  |
| Avolta AG | 18355 | 1211256  |
| Chubb Ltd. | 7027 | 2395223  |
| Coca-Cola HBC AG | 27319 | 1766663  |
| Garrett Motion, Inc. | 115532 | 2352231  |
| Holcim AG | 20232 | 1864696  |
| Novartis AG | 13961 | 2369040  |
| Roche Holding AG | 575 | 274397  |
| STMicroelectronics NV | 11648 | 390646  |
| Swatch Group AG | 1906 | 487746  |
| Swisscom AG | 79 | 74115  |
| Swissquote Group Holding SA | 3636 | 1946954  |
| Zurich Insurance Group AG | 2999 | 2264117  |
|  |  | 18905205  |
| **Taiwan - 7.7%**<br>|  |  |
| Arcadyan Technology Corp. | 230000 | 1451732  |
| AU Optronics Corp. | 4605000 | 2449233  |
| Cathay Financial Holding Co. Ltd. | 875000 | 2234388  |
| China Airlines Ltd. | 2292000 | 1542149  |
| Compal Electronics, Inc. | 2059000 | 2087961  |
| Evergreen Marine Corp. Taiwan Ltd. | 266000 | 1678959  |
| Hannstar Board Corp. | 697000 | 2092496  |
| Innolux Corp. | 2704000 | 2321848  |
| Primax Electronics Ltd. | 499000 | 1307814  |
| Sigurd Microelectronics Corp. | 498000 | 2401365  |
| Simplo Technology Co. Ltd. | 190822 | 2035940  |
|  Taiwan Surface Mounting Technology Corp. | 509000 | 1655298  |
| United Microelectronics Corp. | 794000 | 1663760  |
| Wan Hai Lines Ltd. | 592000 | 1449130  |
| WNC Corp. | 465000 | 2786037  |
| WT Microelectronics Co. Ltd. | 367000 | 2163596  |
| Zhen Ding Technology Holding Ltd. | 440000 | 2946397  |
|  |  | 34268103  |
| **Thailand - 2.6%**<br>|  |  |
| Bangkok Bank pcl - NVDR | 180100 | 1028398  |
| Kasikornbank PCL - NVDR | 317700 | 2054293  |
| Krung Thai Bank PCL - NVDR | 2266800 | 2497600  |
| &nbsp;&nbsp;&nbsp; PTT Oil & Retail Business PCL - <br>NVDR | 4695900 | 2024291  |
|  Thai Airways International PCL - NVDR<sup>(a)</sup> | 9259900 | 2040544  |
| TMBThanachart Bank PCL - NVDR | 26456800 | 2008623  |
|  |  | 11653749  |

---

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

3<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **United Kingdom - 2.8%**<br>|  |  |
| Centrica PLC | 379720 | $1016688  |
| easyJet PLC | 292826 | 1826718  |
| Endeavour Mining PLC | 27610 | 1986964  |
| J Sainsbury PLC | 424039 | 1989642  |
| Kingfisher PLC | 302595 | 1507279  |
| NatWest Group PLC | 230754 | 1920365  |
| Vodafone Group PLC | 1458867 | 2245769  |
|  |  | 12493425  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $341,584,566)** |  | 436038069  |
| **PREFERRED STOCKS - 1.0%**<br>|  |  |
| **Brazil - 0.6%**<br>|  |  |
| Banco Bradesco SA | 206450 | 852232  |
| Cia Energetica de Minas Gerais | 708853 | 1679403  |
|  |  | 2531635  |
| **Chile - 0.4%**<br>|  |  |
| Embotelladora Andina SA | 401891 | 1933273  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $3,182,417)** |  | 4464908  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $344,766,983)** |  | $440502977  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 2939932  |
| **TOTAL NET ASSETS - 100.0%** |  | $443442909 |

---

Percentages are stated as a percent of net assets.

GDR - Global Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

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.

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

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $6,357,713 or 1.4% of the Fund's net assets.

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

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2026.

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

4<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 41.9%** | **U.S. TREASURY SECURITIES - 41.9%** |  |
| United States Treasury Note/Bond<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.50%, 05/31/2027 | $15720000 | $15157212  |
| &nbsp;&nbsp;&nbsp; 0.50%, 06/30/2027 | 5690000 | 5474180  |
| &nbsp;&nbsp;&nbsp; 4.38%, 07/15/2027 | 7095000 | 7183826  |
| &nbsp;&nbsp;&nbsp; 2.75%, 07/31/2027 | 3145000 | 3115331  |
| &nbsp;&nbsp;&nbsp; 3.75%, 08/15/2027 | 10300000 | 10347477  |
| &nbsp;&nbsp;&nbsp; 6.13%, 11/15/2027 | 19110000 | 19969204  |
| &nbsp;&nbsp;&nbsp; 5.25%, 11/15/2028 | 19165000 | 20092556  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2041 | 18850000 | 19695305  |
| &nbsp;&nbsp;&nbsp; 4.00%, 11/15/2042 | 8095000 | 7639656  |
| &nbsp;&nbsp;&nbsp; 3.88%, 05/15/2043 | 2530000 | 2340052  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/15/2043 | 20455000 | 20132194  |
| &nbsp;&nbsp;&nbsp; 3.75%, 11/15/2043 | 3172000 | 2868306  |
| &nbsp;&nbsp;&nbsp; 4.75%, 11/15/2043 | 19785000 | 20374686  |
| &nbsp;&nbsp;&nbsp; 4.50%, 02/15/2044 | 16690000 | 16645667  |
| &nbsp;&nbsp;&nbsp; 4.63%, 05/15/2044 | 14200000 | 14368625  |
| &nbsp;&nbsp;&nbsp; 4.63%, 11/15/2044 | 10965000 | 11073793  |
| &nbsp;&nbsp;&nbsp; 4.75%, 02/15/2045 | 3720000 | 3814889  |
| &nbsp;&nbsp;&nbsp; 5.00%, 05/15/2045 | 11250000 | 11896875  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $208,263,458)** |  | 212189834  |
| **CORPORATE BONDS - 39.2%**<br>|  |  |
| **Communications - 0.3%**<br>|  |  |
|  Discovery Global Holdings, Inc., 5.39%, 03/15/2062 | 2000000 | 1160000  |
| **Consumer Discretionary - 0.0%<sup>(a)</sup>**<br>|  |  |
| Hasbro, Inc., 6.35%, 03/15/2040 | 120000 | 130004  |
| **Consumer Staples - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc., <br>5.40%, 11/01/2048 | 780000 | 702432  |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc., <br>5.75%, 03/15/2035 | 250000 | 247067  |
|  |  | 949499  |
| **Energy - 3.6%**<br>|  |  |
| APA Corp., 5.10%, 09/01/2040 | 1020000 | 938676  |
| &nbsp;&nbsp;&nbsp; Continental Resources, Inc., <br>4.90%, 06/01/2044 | 2400000 | 1979799  |
| Energy Transfer LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.35%, 05/15/2045 | 400000 | 370020  |
| &nbsp;&nbsp;&nbsp; 6.25%, 04/15/2049 | 560000 | 567700  |
| &nbsp;&nbsp;&nbsp; 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | 1525000 | 1637688  |
| &nbsp;&nbsp;&nbsp; 6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056 | 3100000 | 3134154  |
| &nbsp;&nbsp;&nbsp; 6.75% to 02/15/2036 then 5 yr. CMT Rate + 2.48%, 02/15/2056 | 2440000 | 2495350  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 | $1540000 | $1553259  |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc., <br>5.50%, 12/01/2034 | 315000 | 318197  |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp., <br>6.25%, 01/15/2035 | 330000 | 347590  |
| Occidental Petroleum Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/15/2040 | 695000 | 725763  |
| &nbsp;&nbsp;&nbsp; 6.60%, 03/15/2046 | 780000 | 829266  |
| Ovintiv, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.38%, 11/01/2031 | 1100000 | 1244492  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/15/2034 | 150000 | 164322  |
| &nbsp;&nbsp;&nbsp; Western Gas Partners LP, <br>5.45%, 04/01/2044 | 760000 | 701145  |
| Western Midstream Operating LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.30%, 03/01/2048 | 910000 | 804735  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2050<sup>(b)</sup> | 610000 | 530141  |
|  |  | 18342297  |
| **Financials - 21.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aegon Ltd., <br>5.50% to 04/11/2028 then 6 mo. LIBOR USD + 3.54%, 04/11/2048<sup>(c)</sup> | 680000 | 689994  |
|  AerCap Ireland Capital DAC / AerCap Global Aviation Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055 | 4700000 | 4969931  |
| &nbsp;&nbsp;&nbsp; 6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056 | 2700000 | 2800745  |
| &nbsp;&nbsp;&nbsp; Allstate Corp., <br>6.50% to 05/15/2037 then 3 mo. LIBOR USD + 2.12%, 05/15/2057<sup>(c)</sup> | 1150000 | 1209890  |
| Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.70%, 02/14/2033 | 1650000 | 1721649  |
| &nbsp;&nbsp;&nbsp; 5.55% to 07/31/2032 then SOFR + 1.78%, 07/31/2033 | 1200000 | 1212177  |
| &nbsp;&nbsp;&nbsp; 6.65% to 01/17/2035 then 5 yr. CMT Rate + 2.45%, 01/17/2040 | 2900000 | 2894674  |
| American Assets Trust LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/01/2031 | 925000 | 852516  |
| &nbsp;&nbsp;&nbsp; 6.15%, 10/01/2034 | 1340000 | 1373856  |
| Apollo Debt Solutions BDC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.90%, 04/13/2029 | 800000 | 831554  |
| &nbsp;&nbsp;&nbsp; 6.70%, 07/29/2031 | 900000 | 930050  |
| &nbsp;&nbsp;&nbsp; 6.55%, 03/15/2032 | 1120000 | 1145868  |
|  Apollo Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054 | 1650000 | 1590988  |
| Ares Capital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.20%, 11/15/2031 | 1000000 | 880185  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/08/2032 | 735000 | 733030  |

---

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

5<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** | **CORPORATE BONDS - (Continued)** |
| **Financials - (Continued)** | **Financials - (Continued)** | **Financials - (Continued)** |
| Ares Strategic Income Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/09/2028<sup>(d)</sup> | $1600000 | $1604073  |
| &nbsp;&nbsp;&nbsp; 5.60%, 02/15/2030 | 1800000 | 1780236  |
| &nbsp;&nbsp;&nbsp; 5.15%, 01/15/2031<sup>(d)</sup> | 1210000 | 1173126  |
| &nbsp;&nbsp;&nbsp; 6.20%, 03/21/2032 | 1160000 | 1166262  |
| Athene Holding Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054 | 2690000 | 2589502  |
| &nbsp;&nbsp;&nbsp; 6.63%, 05/19/2055 | 560000 | 547907  |
| &nbsp;&nbsp;&nbsp; 6.88% to 06/28/2035 then 5 yr. CMT Rate + 2.58%, 06/28/2055 | 3260000 | 3148563  |
|  Bank of Montreal, 6.88% to 11/26/2030 then 5 yr. CMT Rate + 2.98%, 11/26/2085 | 2100000 | 2167551  |
| Bank of Nova Scotia<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.63% to 10/27/2026 then 5 yr. CMT Rate + 2.61%, 10/27/2081 | 1750000 | 1707779  |
| &nbsp;&nbsp;&nbsp; 7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085 | 2450000 | 2577309  |
| &nbsp;&nbsp;&nbsp; 6.88% to 10/27/2035 then 5 yr. CMT Rate + 2.73%, 10/27/2085 | 3450000 | 3551209  |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc., <br>6.15%, 04/02/2030 | 1085000 | 1130783  |
| Blackstone Private Credit Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 01/25/2031 | 950000 | 956956  |
| &nbsp;&nbsp;&nbsp; 6.00%, 01/29/2032 | 1310000 | 1302924  |
| &nbsp;&nbsp;&nbsp; 6.00%, 11/22/2034 | 1230000 | 1192878  |
|  Blackstone Secured Lending Fund, 5.13%, 01/31/2031 | 390000 | 378735  |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp., <br>6.20%, 07/15/2030 | 1900000 | 1896831  |
| Blue Owl Credit Income Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 09/15/2029 | 1750000 | 1766848  |
| &nbsp;&nbsp;&nbsp; 5.80%, 03/15/2030 | 1735000 | 1702829  |
| &nbsp;&nbsp;&nbsp; 6.65%, 03/15/2031 | 1930000 | 1941512  |
| Blue Owl Technology Finance Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.10%, 03/15/2028 | 1550000 | 1544644  |
| &nbsp;&nbsp;&nbsp; 6.75%, 04/04/2029 | 1665000 | 1659516  |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc., <br>4.70%, 06/22/2047 | 3130000 | 2194684  |
| &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc., <br>6.30% to 01/15/2035 then 5 yr. CMT Rate + 2.08%, 01/15/2055 | 730000 | 723480  |
| Canadian Imperial Bank of Commerce<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 01/28/2030 then 5 yr. CMT Rate + 2.83%, 01/28/2085 | 1800000 | 1862579  |
| &nbsp;&nbsp;&nbsp; 7.00% to 10/28/2030 then 5 yr. CMT Rate + 3.00%, 10/28/2085 | 1135000 | 1181011  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp., <br>6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036 | $825000 | $858126  |
| &nbsp;&nbsp;&nbsp; Elect Global Investments Ltd., <br>7.20% to 09/11/2030 then 5 yr. CMT Rate + 3.28%, Perpetual | 4750000 | 5074187  |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc., <br>6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055 | 1600000 | 1668085  |
| F&G Annuities & Life, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.50%, 06/04/2029 | 1290000 | 1328924  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/04/2034 | 1200000 | 1142363  |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., <br>6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040 | 530000 | 540195  |
|  FNB Corp., 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030 | 480000 | 493821  |
| &nbsp;&nbsp;&nbsp; FWD Group Holdings Ltd., <br>7.64%, 07/02/2031 | 550000 | 616566  |
|  GLP Capital LP / GLP Financing II, Inc., 5.75%, 11/01/2037 | 565000 | 563418  |
|  HA Sustainable Infrastructure Capital, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2031 | 1200000 | 1246427  |
| &nbsp;&nbsp;&nbsp; 6.38%, 07/01/2034 | 1920000 | 1986537  |
|  Hiscox Ltd., 7.00% to 06/11/2035 then SOFR + 3.03%, 06/11/2036 | 4400000 | 4746965  |
| HPS Corporate Lending Fund<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 01/14/2028 | 950000 | 955457  |
| &nbsp;&nbsp;&nbsp; 6.75%, 01/30/2029 | 875000 | 907474  |
| &nbsp;&nbsp;&nbsp; 5.85%, 06/05/2030<sup>(d)</sup> | 1450000 | 1453985  |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc., <br>2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036 | 640000 | 565794  |
| MetLife, Inc., 10.75%, 08/01/2039 | 1000000 | 1324461  |
| Nanshan Life Pte Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.45%, 09/11/2034 | 1340000 | 1334216  |
| &nbsp;&nbsp;&nbsp; 5.88% to 03/17/2036 then 5 yr. CMT Rate + 1.85%, 03/17/2041 | 1000000 | 1005734  |
|  Pinnacle Bank, 5.96% to 01/15/2031 then 5 yr. CMT Rate + 2.30%, 01/15/2036 | 1630000 | 1657712  |
| Prudential Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.50% to 09/15/2027 then 3 mo. LIBOR USD + 2.38%, 09/15/2047<sup>(c)</sup> | 750000 | 739563  |
| &nbsp;&nbsp;&nbsp; 6.75% to 03/01/2033 then 5 yr. CMT Rate + 2.85%, 03/01/2053 | 500000 | 536953  |
| &nbsp;&nbsp;&nbsp; 6.50% to 03/15/2034 then 5 yr. CMT Rate + 2.40%, 03/15/2054 | 635000 | 669428  |
|  Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055 | 1380000 | 1429332  |

---

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

6<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Financials - (Continued)**  | **Financials - (Continued)**  | **Financials - (Continued)**  |
| Royal Bank of Canada<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084 | $5000000 | $4958040  |
| &nbsp;&nbsp;&nbsp; 6.50% to 11/24/2035 then 5 yr. CMT Rate + 2.46%, 11/24/2085 | 2075000 | 2074215  |
|  Synchrony Financial, 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036 | 750000 | 765470  |
|  Zions Bancorp NA, 6.82% to 11/19/2034 then SOFR + 2.83%, 11/19/2035 | 1400000 | 1491157  |
|  |  | 109421439  |
| **Health Care - 0.9%**<br>|  |  |
| Centene Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.63%, 12/15/2029 | 820000 | 800968  |
| &nbsp;&nbsp;&nbsp; 3.38%, 02/15/2030 | 1930000 | 1791546  |
| &nbsp;&nbsp;&nbsp; 2.50%, 03/01/2031 | 2200000 | 1910919  |
| Humana, Inc., 6.00%, 05/01/2055 | 150000 | 144675  |
|  |  | 4648108  |
| **Information Technology - 0.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc., <br>4.10%, 10/15/2041 | 810000 | 586536  |
| **Materials - 3.4%**<br>|  |  |
| Dow Chemical Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.40%, 05/15/2039 | 650000 | 836015  |
| &nbsp;&nbsp;&nbsp; 4.38%, 11/15/2042 | 880000 | 699584  |
| &nbsp;&nbsp;&nbsp; 5.55%, 11/30/2048 | 870000 | 762790  |
| &nbsp;&nbsp;&nbsp; 4.80%, 05/15/2049 | 975000 | 767422  |
| &nbsp;&nbsp;&nbsp; 6.90%, 05/15/2053 | 950000 | 976260  |
| &nbsp;&nbsp;&nbsp; 5.95%, 03/15/2055 | 1050000 | 953836  |
| &nbsp;&nbsp;&nbsp; Israel Chemicals Ltd., <br>6.38%, 05/31/2038<sup>(d)</sup> | 2500000 | 2613250  |
| LYB International Finance III LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.15%, 05/15/2035 | 1000000 | 1039793  |
| &nbsp;&nbsp;&nbsp; 5.88%, 01/15/2036 | 2440000 | 2476651  |
| &nbsp;&nbsp;&nbsp; 3.38%, 10/01/2040 | 2760000 | 2046159  |
| &nbsp;&nbsp;&nbsp; 4.20%, 10/15/2049 | 3500000 | 2545077  |
| &nbsp;&nbsp;&nbsp; 4.20%, 05/01/2050 | 1750000 | 1264132  |
| &nbsp;&nbsp;&nbsp; 3.63%, 04/01/2051 | 300000 | 196349  |
| &nbsp;&nbsp;&nbsp; 3.80%, 10/01/2060 | 135000 | 85604  |
|  |  | 17262922  |
| **Utilities - 9.1%**<br>|  |  |
|  Alliant Energy Corp., 5.75% to 04/01/2031 then 5 yr. CMT Rate + 2.08%, 04/01/2056 | 1035000 | 1031672  |
| American Electric Power Co., Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054 | 1050000 | 1133293  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; 5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056 | $660000 | $663370  |
| &nbsp;&nbsp;&nbsp; 6.05% (5 yr. CMT Rate + 1.94%), 03/15/2056 | 1360000 | 1365345  |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp., <br>6.50% to 06/01/2035 then 5 yr. CMT Rate + 1.96%, 06/01/2055 | 1240000 | 1296863  |
| Dominion Energy, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, 02/01/2055 | 2000000 | 2095322  |
| &nbsp;&nbsp;&nbsp; 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055 | 2000000 | 2077310  |
| &nbsp;&nbsp;&nbsp; 6.00% to 02/15/2031 then 5 yr. CMT Rate + 2.26%, 02/15/2056 | 2100000 | 2133128  |
| &nbsp;&nbsp;&nbsp; 6.20% to 02/15/2036 then 5 yr. CMT Rate + 2.01%, 02/15/2056 | 1550000 | 1578776  |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp., <br>6.45% to 09/01/2034 then 5 yr. CMT Rate + 2.59%, 09/01/2054 | 835000 | 880041  |
| Edison International<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95%, 11/15/2029 | 650000 | 699826  |
| &nbsp;&nbsp;&nbsp; 5.25%, 03/15/2032 | 800000 | 815377  |
| &nbsp;&nbsp;&nbsp; 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | 3610000 | 3753649  |
| Entergy Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | 1925000 | 2015564  |
| &nbsp;&nbsp;&nbsp; 5.88% to 06/15/2031 then 5 yr. CMT Rate + 2.18%, 06/15/2056 | 1025000 | 1030278  |
| &nbsp;&nbsp;&nbsp; 6.10% (5 yr. CMT Rate + 2.01%), 06/15/2056 | 1220000 | 1230625  |
| &nbsp;&nbsp;&nbsp; Evergy, Inc., <br>6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055 | 2250000 | 2326142  |
| &nbsp;&nbsp;&nbsp; Exelon Corp., <br>6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055 | 1390000 | 1455538  |
| NextEra Energy Capital Holdings, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.75% to 06/15/2034 then 5 yr. CMT Rate + 2.46%, 06/15/2054 | 560000 | 596430  |
| &nbsp;&nbsp;&nbsp; 6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054 | 3400000 | 3532865  |
| &nbsp;&nbsp;&nbsp; 4.80% to 12/01/2027 then 3 mo. LIBOR USD + 2.41%, 12/01/2077<sup>(c)</sup> | 2140000 | 2123957  |
| NiSource, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | 2850000 | 2981488  |

---

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

7<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Utilities - (Continued)**  | **Utilities - (Continued)**  | **Utilities - (Continued)**  |
| &nbsp;&nbsp;&nbsp; 6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055 | $1200000 | $1254019  |
| &nbsp;&nbsp;&nbsp; PacifiCorp, <br>7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055 | 3810000 | 3865001  |
| Sempra<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054 | 1780000 | 1821440  |
| &nbsp;&nbsp;&nbsp; 6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055 | 1680000 | 1715910  |
| &nbsp;&nbsp;&nbsp; 6.38% to 04/01/2031 then 5 yr. CMT Rate + 2.63%, 04/01/2056 | 765000 | 783431  |
|  |  | 46256660  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $198,344,914)** |  | 198757465  |
| **MORTGAGE-BACKED SECURITIES - 14.2%** | **MORTGAGE-BACKED SECURITIES - 14.2%** |  |
|  Federal Home Loan Mortgage Corp., 5.50%, 01/01/2055 | 1385041 | 1410934  |
|  Federal National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 03/15/2038<sup>(e)</sup> | 4300000 | 4518399  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/01/2040<sup>(e)</sup> | 1420000 | 1404754  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2041<sup>(e)</sup> | 250000 | 243082  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2041<sup>(e)</sup> | 650000 | 653055  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2041<sup>(e)</sup> | 7300000 | 7488898  |
| &nbsp;&nbsp;&nbsp; 4.00%, 04/01/2052 | 2124397 | 2073711  |
| &nbsp;&nbsp;&nbsp; 4.00%, 05/01/2052 | 2913896 | 2836138  |
| &nbsp;&nbsp;&nbsp; 4.00%, 06/01/2052 | 3049858 | 2969083  |
| &nbsp;&nbsp;&nbsp; 6.50%, 03/15/2053<sup>(e)</sup> | 5600000 | 5817225  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/25/2053<sup>(e)</sup> | 3600000 | 3657714  |
| &nbsp;&nbsp;&nbsp; 6.50%, 04/01/2054 | 2940943 | 3072122  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/01/2055 | 2760275 | 2775943  |
|  Government National Mortgage Association<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.00%, 03/15/2040<sup>(e)</sup> | 9825000 | 10022270  |
| &nbsp;&nbsp;&nbsp; 4.50%, 03/15/2041<sup>(e)</sup> | 1050000 | 1037699  |
| &nbsp;&nbsp;&nbsp; 5.00%, 03/15/2041<sup>(e)</sup> | 1170000 | 1174243  |
| &nbsp;&nbsp;&nbsp; 4.00%, 03/15/2042<sup>(e)</sup> | 200000 | 192450  |
| &nbsp;&nbsp;&nbsp; 5.50%, 10/20/2052<sup>(e)</sup> | 4120000 | 4174393  |
| &nbsp;&nbsp;&nbsp; 6.50%, 08/20/2053<sup>(e)</sup> | 3390000 | 3523536  |
| &nbsp;&nbsp;&nbsp; 7.00%, 09/20/2053<sup>(e)</sup> | 1530000 | 1580945  |
| &nbsp;&nbsp;&nbsp; 5.00%, 01/20/2055 | 3221450 | 3238776  |
| &nbsp;&nbsp;&nbsp; 6.00%, 06/20/2055 | 3163672 | 3230844  |
| &nbsp;&nbsp;&nbsp; 6.50%, 09/20/2055 | 2944238 | 3064479  |
| &nbsp;&nbsp;&nbsp; 4.50%, 12/20/2055 | 1993409 | 1971821  |
| &nbsp;&nbsp;&nbsp; **TOTAL MORTGAGE-BACKED SECURITIES** <br>**(Cost $71,891,994)** |  | 72132514  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. GOVERNMENT AGENCY ISSUES - 2.9%** | **U.S. GOVERNMENT AGENCY ISSUES - 2.9%** |  |
| Federal Home Loan Banks<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.13%, 01/15/2027 | $460000 | $462172  |
| &nbsp;&nbsp;&nbsp; 4.75%, 04/09/2027 | 825000 | 835921  |
| &nbsp;&nbsp;&nbsp; 5.50%, 07/15/2036 | 845000 | 946442  |
|  Federal Home Loan Mortgage Corp., 6.75%, 09/15/2029 | 700000 | 777671  |
| &nbsp;&nbsp;&nbsp; Federal National Mortgage Association, <br>5.63%, 07/15/2037 | 1045000 | 1173259  |
| Tennessee Valley Authority<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.38%, 08/01/2034 | 350000 | 361127  |
| &nbsp;&nbsp;&nbsp; 5.88%, 04/01/2036 | 820000 | 935715  |
| &nbsp;&nbsp;&nbsp; 6.15%, 01/15/2038 | 1285000 | 1533006  |
| &nbsp;&nbsp;&nbsp; 5.25%, 09/15/2039 | 1250000 | 1360869  |
| &nbsp;&nbsp;&nbsp; 3.50%, 12/15/2042 | 2185000 | 1905037  |
| &nbsp;&nbsp;&nbsp; 5.25%, 02/01/2055 | 1885000 | 1939158  |
| &nbsp;&nbsp;&nbsp; 5.38%, 04/01/2056 | 1965000 | 2069924  |
| &nbsp;&nbsp;&nbsp; 4.63%, 09/15/2060 | 670000 | 623206  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY ISSUES**<br>**(Cost $14,681,939)** |  | 14923507  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.2%** <br>**(Cost $493,182,305)** |  | $498003320  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 1.8%<sup>(f)</sup> |  | 8944314  |
| **TOTAL NET ASSETS - 100.0%** |  | $506947634 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate

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.

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

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of February 28, 2026.

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

<sup>(d)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $6,844,434 or 1.4% of the Fund's net assets.

<sup>(e)</sup> To-be-announced security.

<sup>(f)</sup> Includes cash of $1,710,000 that is pledged as collateral for To-be-announced securities. 

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

8<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.8%**<br>|  |  |
| **Communication Services - 8.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 49773 | $15517230  |
| Cargurus, Inc.<sup>(a)</sup> | 106796 | 3278637  |
| Fox Corp. - Class A | 45348 | 2554906  |
| Meta Platforms, Inc. - Class A | 19365 | 12552006  |
| Netflix, Inc.<sup>(a)</sup> | 62025 | 5969286  |
| New York Times Co. - Class A | 51012 | 4070248  |
| Pinterest, Inc. - Class A<sup>(a)</sup> | 87654 | 1501513  |
| Reddit, Inc. - Class A<sup>(a)</sup> | 27228 | 3970115  |
| T-Mobile US, Inc. | 21804 | 4733430  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 59585 | 1419315  |
|  |  | 55566686  |
| **Consumer Discretionary - 11.3%**<br>|  |  |
| Abercrombie & Fitch Co. - Class A<sup>(a)</sup> | 40727 | 3983101  |
| Amazon.com, Inc.<sup>(a)</sup> | 59358 | 12465180  |
| Booking Holdings, Inc. | 1521 | 6448051  |
| Covista, Inc.<sup>(a)</sup> | 31077 | 3045546  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 25591 | 3001057  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 13944 | 2460698  |
| eBay, Inc. | 45353 | 4120774  |
| Gentex Corp. | 130205 | 3046797  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 19735 | 3139246  |
| Home Depot, Inc. | 32199 | 12258803  |
| Royal Caribbean Cruises Ltd. | 15293 | 4755511  |
| TJX Cos., Inc. | 49032 | 7926513  |
| Winmark Corp. | 6888 | 3142581  |
| YETI Holdings, Inc.<sup>(a)</sup> | 32651 | 1427175  |
|  |  | 71221033  |
| **Consumer Staples - 6.5%**<br>|  |  |
| Altria Group, Inc. | 89385 | 6171140  |
| Cal-Maine Foods, Inc. | 17550 | 1528781  |
| Colgate-Palmolive Co. | 63092 | 6254941  |
| Costco Wholesale Corp. | 12400 | 12533796  |
| Monster Beverage Corp.<sup>(a)</sup> | 22764 | 1941769  |
| Walmart, Inc. | 97671 | 12497004  |
|  |  | 40927431  |
| **Energy - 2.5%**<br>|  |  |
| Exxon Mobil Corp. | 45659 | 6962998  |
| Oceaneering International, Inc.<sup>(a)</sup> | 66142 | 2348041  |
| TechnipFMC PLC | 47317 | 3137590  |
| Tidewater, Inc.<sup>(a)</sup> | 38758 | 3078160  |
|  |  | 15526789  |
| **Financials - 15.2%**<br>|  |  |
| Acadian Asset Management, Inc. | 72914 | 3927148  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 25035 | 12641423  |
| Cboe Global Markets, Inc. | 13202 | 3956903  |
| Dave, Inc.<sup>(a)</sup> | 4670 | 902571  |
| Erie Indemnity Co. - Class A | 12042 | 3244597  |
| Evercore, Inc. - Class A | 8168 | 2522605  |
| Federated Hermes, Inc. | 69831 | 3911234  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Jack Henry & Associates, Inc. | 19867 | $3227593  |
| JPMorgan Chase & Co. | 15096 | 4533329  |
| Mastercard, Inc. - Class A | 24860 | 12857841  |
| Moody's Corp. | 13678 | 6532476  |
| Morningstar, Inc. | 18994 | 3478561  |
| MSCI, Inc. | 1341 | 766824  |
| Pathward Financial, Inc. | 27625 | 2508074  |
| Piper Sandler Cos. | 8319 | 2458680  |
| Progressive Corp. | 23488 | 5018446  |
| SEI Investments Co. | 31846 | 2589717  |
| Sezzle, Inc.<sup>(a)</sup> | 63787 | 4653262  |
| Toast, Inc. - Class A<sup>(a)</sup> | 28137 | 768421  |
| Tradeweb Markets, Inc. - Class A | 21141 | 2605734  |
| Visa, Inc. - Class A | 40300 | 12901642  |
|  |  | 96007081  |
| **Health Care - 10.7%**<br>|  |  |
| AbbVie, Inc. | 67740 | 15721099  |
| Boston Scientific Corp.<sup>(a)</sup> | 27263 | 2095162  |
| Bristol-Myers Squibb Co. | 100485 | 6267249  |
| Eli Lilly & Co. | 14849 | 15621000  |
| Exelixis, Inc.<sup>(a)</sup> | 85705 | 3776162  |
| Gilead Sciences, Inc. | 41926 | 6244878  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 5964 | 3916738  |
| Johnson & Johnson | 50268 | 12488079  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 2436 | 1100487  |
| United Therapeutics Corp.<sup>(a)</sup> | 1311 | 660613  |
|  |  | 67891467  |
| **Industrials - 10.1%**<br>|  |  |
| A O Smith Corp. | 33153 | 2585934  |
| Armstrong World Industries, Inc. | 19093 | 3312636  |
| Blue Bird Corp.<sup>(a)</sup> | 53666 | 3127118  |
| Cintas Corp. | 24377 | 4902946  |
| EMCOR Group, Inc. | 3836 | 2779642  |
| Enerpac Tool Group Corp. | 39668 | 1618454  |
| Fastenal Co. | 68103 | 3135462  |
| Federal Signal Corp. | 26246 | 3055822  |
| Howmet Aerospace, Inc. | 29744 | 7808692  |
| IES Holdings, Inc.<sup>(a)</sup> | 6483 | 3211354  |
| Illinois Tool Works, Inc. | 21015 | 6107590  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 27663 | 2907381  |
| Parker-Hannifin Corp. | 4731 | 4774431  |
| Powell Industries, Inc. | 4538 | 2376097  |
| Uber Technologies, Inc.<sup>(a)</sup> | 67810 | 5114230  |
| Vertiv Holdings Co. - Class A | 14221 | 3624791  |
| Vicor Corp.<sup>(a)</sup> | 17371 | 3498519  |
|  |  | 63941099  |
| **Information Technology - 28.8%<sup>(b)</sup>**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 24257 | 6365279  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 11177 | 2237747  |
| Appfolio, Inc. - Class A<sup>(a)</sup> | 8936 | 1588463  |
| Apple, Inc. | 45486 | 12016492  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 9132 | 3970320  |

---

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

9<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Information Technology - (Continued)**  | **Information Technology - (Continued)**  | **Information Technology - (Continued)**  |
| Broadcom, Inc. | 47528 | $15187572  |
| Cirrus Logic, Inc.<sup>(a)</sup> | 21330 | 3010090  |
| Clear Secure, Inc. - Class A | 115587 | 5622152  |
| F5, Inc.<sup>(a)</sup> | 11378 | 3087534  |
| Fair Isaac Corp.<sup>(a)</sup> | 2522 | 3554406  |
| Fortinet, Inc.<sup>(a)</sup> | 41140 | 3251294  |
| HubSpot, Inc.<sup>(a)</sup> | 13288 | 3514809  |
| InterDigital, Inc. | 9170 | 3361080  |
| Intuit, Inc. | 21569 | 8822368  |
| KLA Corp. | 2391 | 3645199  |
| Lam Research Corp. | 31679 | 7409401  |
| LiveRamp Holdings, Inc.<sup>(a)</sup> | 57498 | 1562221  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 11141 | 1508826  |
| Micron Technology, Inc. | 18514 | 7634618  |
| Microsoft Corp. | 31824 | 12498558  |
| Napco Security Technologies, Inc. | 48843 | 2276572  |
| NVIDIA Corp. | 80246 | 14218789  |
| Oracle Corp. | 84722 | 12318579  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 27890 | 3826229  |
| Pegasystems, Inc. | 76895 | 3362618  |
| PTC, Inc.<sup>(a)</sup> | 20208 | 3164371  |
| Qualys, Inc.<sup>(a)</sup> | 17111 | 1582254  |
| Rambus, Inc.<sup>(a)</sup> | 15073 | 1502175  |
| Salesforce, Inc. | 33383 | 6502675  |
| Samsara, Inc. - Class A<sup>(a)</sup> | 57010 | 1647589  |
| Seagate Technology Holdings PLC | 19586 | 7987954  |
| Ubiquiti, Inc. | 1969 | 1510203  |
| UiPath, Inc. - Class A<sup>(a)</sup> | 383780 | 4117959  |
| Western Digital Corp. | 28652 | 8013965  |
|  |  | 181880361  |
| **Materials - 3.2%**<br>|  |  |
| Newmont Goldcorp Corp. | 62352 | 8105760  |
| Sherwin-Williams Co. | 16972 | 6153878  |
| Southern Copper Corp. | 23028 | 5027012  |
| United States Lime & Minerals, Inc. | 11102 | 1267404  |
|  |  | 20554054  |
| **Real Estate - 1.3%**<br>|  |  |
| American Tower Corp. | 3255 | 624504  |
| Jones Lang LaSalle, Inc.<sup>(a)</sup> | 9970 | 3146034  |
| St. Joe Co. | 39990 | 2886078  |
| Zillow Group, Inc. - Class C<sup>(a)</sup> | 33975 | 1515965  |
|  |  | 8172581  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Utilities - 1.4%**<br>|  |  |
| Constellation Energy Corp. | 24094 | $7948129  |
| Vistra Corp. | 3607 | 627221  |
|  |  | 8575350  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $559,015,941)** |  | 630263932  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $559,015,941)** |  | $630263932  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 1176079  |
| **TOTAL NET ASSETS - 100.0%** |  | $631440011 |

---

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

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.

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

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

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

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**Vident ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**February 28, 2026 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy** <br>**ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>** | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | &nbsp;&nbsp;&nbsp; $440502977 | $498003320 | &nbsp;&nbsp; $630263932  |
| Cash - interest bearing deposit account | &nbsp;&nbsp;&nbsp; 826683 | 47284692 | &nbsp;&nbsp; 936851  |
|  Cash and cash equivalents held as collateral for TBA commitments | &nbsp;&nbsp;&nbsp; — | 1710000 | &nbsp;&nbsp; —  |
| Dividend tax reclaims receivable | &nbsp;&nbsp;&nbsp; 1504124 |  | &nbsp;&nbsp; —  |
| Dividends receivable | &nbsp;&nbsp;&nbsp; 809980 |  | &nbsp;&nbsp; 312497  |
| Interest receivable | &nbsp;&nbsp;&nbsp; 1392 | 5597167 | &nbsp;&nbsp; 1737  |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp; — | 350863 | &nbsp;&nbsp; 276389977  |
| Receivable for fund shares sold | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 91065700  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp;&nbsp; 443645156 | 552946042 | &nbsp;&nbsp; 998970694  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | &nbsp;&nbsp;&nbsp; 202247 | 158093 | &nbsp;&nbsp; 238870  |
| Payable for investments purchased | &nbsp;&nbsp;&nbsp; — | 45840315 | &nbsp;&nbsp; 276125738  |
| Payable for capital shares redeemed | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; 91166075  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp; 202247 | 45998408 | &nbsp;&nbsp; 367530683  |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp; $443442909 | $506947634 | &nbsp;&nbsp; $631440011  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp; $415257021 | $554424256 | &nbsp;&nbsp; $557670097  |
| Total distributable earnings/(accumulated losses) | &nbsp;&nbsp;&nbsp; 28185888 | (47476622) | &nbsp;&nbsp; 73769914  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp;&nbsp; $443442909 | $506947634 | &nbsp;&nbsp; $631440011  |
| Net assets | &nbsp;&nbsp;&nbsp; $443442909 | $506947634 | &nbsp;&nbsp; $631440011  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11400000 | 11400000 | &nbsp;&nbsp; 9525000  |
| Net asset value per share | &nbsp;&nbsp;&nbsp; $38.90 | $44.47 | &nbsp;&nbsp; $66.29  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp;&nbsp; $344766983 | $493182305 | &nbsp;&nbsp; $559015941 |

---

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

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

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**VIDENT ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the Period Ended February 28, 2026 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy** <br>**ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>** | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $5672815 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3106960  |
| Less: issuance fees | &nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Less: dividend withholding taxes | &nbsp;&nbsp;&nbsp; (530271) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp;&nbsp; 13955 | &nbsp;&nbsp; 11078141 | &nbsp;&nbsp; 6934  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 5156378 | &nbsp;&nbsp; 11078141 | &nbsp;&nbsp; 3113894  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 1215634 | &nbsp;&nbsp; 988951 | &nbsp;&nbsp; 1590453  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 1215634 | &nbsp;&nbsp; 988951 | &nbsp;&nbsp; 1590453  |
| **Net investment income** | &nbsp;&nbsp;&nbsp; 3940744 | &nbsp;&nbsp; 10089190 | &nbsp;&nbsp; 1523441  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 52117816 | &nbsp;&nbsp; 2521964 | &nbsp;&nbsp; (12241671)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 5031541 | &nbsp;&nbsp; — | &nbsp;&nbsp; 47057628  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp; (112608) | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 57036749 | &nbsp;&nbsp; 2521964 | &nbsp;&nbsp; 34815957  |
| Net change in unrealized appreciation (depreciation) on: <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 37579224 | &nbsp;&nbsp; 5166639 | &nbsp;&nbsp; (17217788)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp;&nbsp; 15529 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 37594753 | &nbsp;&nbsp; 5166639 | &nbsp;&nbsp; (17217788)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 94631502 | &nbsp;&nbsp; 7688603 | &nbsp;&nbsp; 17598169  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $98572246 | &nbsp;&nbsp; $17777793 | &nbsp;&nbsp; $19121610 |

---

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

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**VIDENT ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Vident International** <br>**Equity Strategy ETF<sup>TM</sup>** | **Vident International** <br>**Equity Strategy ETF<sup>TM</sup>** | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>**  | **Vident U.S. Bond** <br>**Strategy ETF<sup>TM</sup>**  |
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025** | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $3940744 | $12633985 | $10089190 | $18985408  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 57036749 | 38310811 | 2521964 | 104732  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 37594753 | 34059455 | 5166639 | (6230516)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 98572246 | 85004251 | 17777793 | 12859624  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (11619628) | (16349982) | (9941792) | (19015676)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (11619628) | (16349982) | (9941792) | (19015676)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 5457070 | 30973210 | 30357270  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (27195430) | (41146620) |  | (8645760)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | 17504 | 28004 | 567 | 665  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (27177926) | (35661546) | 30973777 | 21712175  |
| **Net increase (decrease) in net assets** | 59774692 | 32992723 | 38809778 | 15556123  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 383668217 | 350675494 | 468137856 | 452581733  |
| &nbsp;&nbsp;&nbsp; End of the period | $443442909 | $383668217 | $506947634 | $468137856  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 200000 | 700000 | 700000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (800000) | (1500000) |  | (200000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (800000) | (1300000) | 700000 | 500000 |

---

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

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**VIDENT ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  | **Vident U.S. Equity** <br>**Strategy ETF<sup>TM</sup>**  |
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended** <br>**August 31, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1523441 | $3620526  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 34815957 | 66959179  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (17217788) | 20115116  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 19121610 | 90694821  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1787926) | (4009223)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1787926) | (4009223)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 94376347 | 156824748  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (111119634) | (183920453)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) |  | 3  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (16743287) | (27095702)  |
| **Net increase (decrease) in net assets** | 590397 | 59589896  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 630849614 | 571259718  |
| &nbsp;&nbsp;&nbsp; End of the period | $631440011 | $630849614  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1425000 | 2550000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1675000) | (2975000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (250000) | (425000) |

---

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $31.45 | $25.98 | $23.19 | $22.08 | $27.80 | $21.54  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 0.99 | 0.81 | 1.01 | 1.34 | 0.78  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.09 | 5.77 | 2.88 | 1.20 | (5.60) | 6.34  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | 6.76 | 3.69 | 2.21 | (4.26) | 7.12  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.97) | (1.29) | (0.90) | (1.10) | (1.46) | (0.86)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.97) | (1.29) | (0.90) | (1.10) | (1.46) | (0.86)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $38.90 | $31.45 | $25.98 | $23.19 | $22.08 | $27.80  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 27.38% | 27.06% | 16.20% | 10.31% | -15.77% | 33.22%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $443443 | $383668 | $350675 | $364041 | $340074 | $486453  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | 0.61% | 0.61% | 0.61% | 0.61% | 0.61%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | 0.61% | 0.61% | 0.61% | 0.60% | 0.59%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1.98% | 3.66% | 3.36% | 4.53% | 5.23% | 3.04%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 35% | 70% | 64% | 82% | 70% | 74% |

---

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

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

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

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

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

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

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $43.75 | $44.37 | $42.67 | $44.43 | $51.96 | $52.01  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | 1.83 | 1.89 | 1.60 | 0.85 | 0.80  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | (0.62) | 1.68 | (1.80) | (7.23) | (0.05)  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 1.21 | 3.57 | (0.20) | (6.38) | 0.75  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | (1.83) | (1.87) | (1.56) | (1.05) | (0.80)  |
| Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  | (0.10) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.90) | (1.83) | (1.87) | (1.56) | (1.15) | (0.80)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup>  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $44.47 | $43.75 | $44.37 | $42.67 | $44.43 | $51.96  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.74% | 2.82% | 8.61% | -0.45% | -12.41% | 1.46%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $506948 | $468138 | $452582 | $388256 | $377675 | $415673  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | 0.41% | 0.41% | 0.41% | 0.41% | 0.41%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | 0.41% | 0.41% | 0.41% | 0.40% | 0.39%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4.18% | 4.19% | 4.39% | 3.69% | 1.77% | 1.55%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 98% | 168% | 202% | 185% | 247% | 238% |

---

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

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

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

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

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

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

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

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

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**February 28, 2026** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $64.54 | $56.01 | $48.57 | $41.04 | $44.58 | $30.03  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | 0.36 | 0.52 | 0.67 | 0.62 | 0.46  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | 8.57 | 7.45 | 7.53 | (3.56) | 14.56  |
|  **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | 8.93 | 7.97 | 8.20 | (2.94) | 15.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.40) | (0.53) | (0.67) | (0.60) | (0.47)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.18) | (0.40) | (0.53) | (0.67) | (0.60) | (0.47)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp; — | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | —  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp; $66.29 | $64.54 | $56.01 | $48.57 | $41.04 | $44.58  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | 16.01% | 16.49% | 20.24% | -6.66% | 50.29%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp; $631440 | $630850 | $571260 | $539182 | $463768 | $427974  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.50% | 0.50% | 0.50% | 0.50% | 0.49% | 0.48%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | 0.61% | 1.02% | 1.54% | 1.42% | 1.19%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 29% | 64% | 65% | 167% | 63% | 65% |

---

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

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

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

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

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

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

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

17<br>

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Vident International Equity Strategy ETF<sup>TM</sup>, Vident U.S. Bond Strategy ETF<sup>TM</sup>, and Vident U.S. Equity Strategy ETF<sup>TM</sup> (individually each a "Fund" or collectively the "Funds") are a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objectives of the Vident International Equity Strategy ETF<sup>TM</sup> and the Vident U.S. Equity Strategy ETF<sup>TM</sup> is to seek to track the performance, before fees and expenses, of the Vident Core International Equity Index<sup>TM</sup> and Vident U.S. Quality Index<sup>TM</sup>, respectively. The Vident U.S. Bond Strategy ETF<sup>TM</sup> is actively-managed and seeks current income and long-term capital appreciation. Prior to May 9, 2025, the Vident U.S. Bond Strategy ETF<sup>TM</sup> sought to track the total return performance, before fees and expenses, of the Vident Core U.S. Bond Index<sup>TM</sup>. Vident International Equity Strategy ETF<sup>TM</sup> commenced operations on October 29, 2013; Vident U.S. Bond Strategy ETF<sup>TM</sup> commenced operations on October 15, 2014; and Vident U.S. Equity Strategy ETF<sup>TM</sup> commenced operations on January 21, 2014.

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

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

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

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

18<br>

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**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

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

---

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

---

---

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

---

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $436038069 | $— | $—  | $436038069  |
| Preferred Stocks | 4464908 |  |  | 4464908  |
| **Total Investments** | $440502977 | $— | $— | $440502977 |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| U.S. Treasury Securities | $—  | $212189834 | $—  | $212189834  |
| Corporate Bonds |  | 198757465 |  | 198757465  |
| Mortgage-Backed Securities |  | 72132514 |  | 72132514  |
| U.S. Government Agency Issues. |  | 14923507 |  | 14923507  |
| **Total Investments** | $— | $498003320 | $— | $498003320 |

---

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

19<br>

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $630263932 | $—  | $—  | $630263932  |
| **Total Investments** | $630263932 | $— | $— | $630263932 |

---

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

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

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

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

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

20<br>

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

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

---

| | | |
|:---|:---|:---|
|  | **Asset**  | **Asset**  |
|  | **Location** | **Value**  |
| TBA Commitments - Credit/interest rate risk | Investments, at value | $45488663 |

---

---

| | | |
|:---|:---|:---|
|  | **Liabilities**  | **Liabilities**  |
|  | **Location** | **Value**  |
| TBA Commitments - Credit/interest rate risk | Payable for investments purchased | $45840315 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Amount of Realized Gain**<br>(Loss) on TBA Commitments <br>**Recognized in Income** | **Amount of Realized Gain**<br>(Loss) on TBA Commitments <br>**Recognized in Income** | **Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**Recognized in Income**  | **Change in Unrealized** <br>**Appreciation (Depreciation)** <br>**Recognized in Income**  |
|  | **Investments in** <br>**Securities** |  | **Investments in** <br>**Securities**  |
| TBA Commitments | &nbsp;&nbsp; $337111 | TBA Commitments | &nbsp;&nbsp; $(24404) |

---

The average monthly value of TBA Commitments during the current fiscal period was $43,071,139.

**OFFSETTING ASSETS AND LIABILITIES** 

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

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

**OFFSETTING ASSETS AND LIABILITIES** 

**Liabilities** 

---

| | | | |
|:---|:---|:---|:---|
| **Description/Counterparty** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross** <br>**Amounts** <br>**Offset in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities** | **Net Amounts** <br>**Presented in the** <br>**Statement of** <br>**Assets and** <br>**Liabilities**  |
| TBA Commitments<br>|  |  |  |
| Banc of America Securities, LLC | $23900010 | $— | $23900010  |
| Goldman Sachs & Company, LLC | 7695574 |  | 7695574  |
| Wells Fargo Securities, LLC | 14244731 |  | 14244731  |
|  | $45840315 | $— | $45840315 |

---

21<br>

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities**  | **Gross Amounts not offset in the** <br>**Statement of Assets and Liabilities**  |
| <br>**Description/Counterparty** | **Financial**<br>**Instruments** | **Collateral** <br>**Pledged** | **Net**<br>**Amount**  |
| TBA Commitments<br>|  |  |  |
| Banc of America Securities, LLC | $(23900010) | $—  | $—  |
| Goldman Sachs & Company, LLC | (6785574) | (910000) | —  |
| Wells Fargo Securities, LLC | (13444731) | (800000) | —  |
|  | $(44130315) | $(1710000) | $— |

---

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

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

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

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

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

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

22<br>

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;K. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences
 are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended August 31, 2025 the following
 table shows the reclassifications made:

---

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

---

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

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

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

Vident Asset Management (the "Adviser") serves as the investment adviser to the Funds and index provider to the Vident International Equity Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup>. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to this Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"). For services provided to the Funds, Vident International Equity Strategy ETF<sup>TM</sup> pays the Adviser 0.61%, Vident U.S. Bond Strategy ETF<sup>TM</sup> pays the Adviser 0.41% and Vident U.S. Equity Strategy ETF<sup>TM</sup> pays the Adviser 0.50% at an annual rate based on each Fund's average daily net assets.

23<br>

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**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

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

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

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

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

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $139803691 | $153797604  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 428689017 | 435018190  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 185799040 | 186411500 |

---

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

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind**<br>**Sales**  |
| Vident International Equity Strategy ETF<sup>TM</sup> | $— | $19949952  |
| Vident U.S. Bond Strategy ETF<sup>TM</sup> | 27375411 | —  |
| Vident U.S. Equity Strategy ETF<sup>TM</sup> | 94251733 | 111001111 |

---

There were no purchases or sales of U.S. Government securities in Vident International Equity Strategy ETF<sup>TM</sup> or Vident U.S. Equity Strategy ETF<sup>TM</sup> during the current fiscal period. Included in the amounts for Vident U.S. Bond Strategy ETF<sup>TM</sup> there were $283,172,178 of purchases and $54,872,761 of sales of U.S. Government securities during the current fiscal period.

**NOTE 5 – INCOME TAX INFORMATION** 

The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

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

---

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

---

The differences between book and tax-basis cost are attributable to the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and wash sales. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Funds' taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2025, the Funds did not elect to defer any post- October capital losses or late-year ordinary losses.

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

25<br>

------

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

**NOTE 6 – SHARE TRANSACTIONS** 

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

The Funds each currently offer one class of shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. Vident International Equity Strategy ETF<sup>TM</sup> charges $5,000; Vident U.S. Bond Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup> each charge $500 for the standard fixed transaction fee, payable to the Custodian. The fixed transaction fee may be waived on transaction orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee payable to each Fund may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% in Vident International Equity Strategy ETF<sup>TM</sup> and Vident U.S. Equity Strategy ETF<sup>TM</sup> and up to a maximum of 3% in Vident U.S. Bond Strategy ETF<sup>TM</sup> as a percentage of the value of the Creation Units subject to the transaction.

Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions fees. Variable fees received by each Fund, if any, are displayed in the Capital Transactions sections of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges.

**NOTE 7 – RISKS** 

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

Geopolitical Risk (Vident International Equity Strategy ETF<sup>TM</sup> only). Some countries and regions in which the Fund invests have experienced security concerns, war or threats of war and aggression, terrorism, economic uncertainty, natural and environmental disasters and/or systemic market dislocations that have led, and in the future may lead, to increased short-term market volatility and may have adverse long-term effects on the U.S. and world economies and markets generally. Such geopolitical and other events may also disrupt securities markets and, during such market disruptions, the Fund's exposure to the other risks described herein will likely increase. Each of the foregoing may negatively impact the Fund's investments.

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

26<br>

------

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

**VIDENT ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)(Continued)** 

**NOTE 8 – BENEFICIAL OWNERSHIP** 

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

27<br>

------

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

**VIDENT ETFs** 

**TAX INFORMATION (Unaudited)** 

**QUALIFIED DIVIDEND INCOME** 

For the year ended August 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

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

---

**DIVIDENDS RECEIVED DEDUCTION** 

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

---

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

---

**SHORT-TERM CAPITAL GAIN** 

For the year ended August 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund were as follows:

---

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

---

**FOREIGN TAX CREDIT PASS THROUGH** 

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

---

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

---

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

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

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

28<br>

------

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

**VIDENT ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

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

**Proxy Disclosure** 

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

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

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

29<br>

------

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

**Vident ETFs** 

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

**Vident U.S. Bond Strategy ETF (VBND)** 

**Vident International Equity Strategy ETF (VIDI)** 

**Vident U.S. Equity Strategy ETF (VUSE)** 

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on October 8-9, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Vident Advisory, LLC d/b/a Vident Asset Management (the "Adviser") and the Trust, on behalf of Vident U.S. Bond Strategy ETF, Vident International Equity Strategy ETF, and Vident U.S. Equity Strategy ETF (each, a "Fund" and, collectively, the "Funds").

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

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

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

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

The Board also considered other services provided by the Adviser to the Funds, including monitoring the Funds' adherence to their investment restrictions and compliance with the Funds' policies and procedures and applicable securities regulations, as well as monitoring the extent to which each Fund achieves its investment objective as an index-based fund or, in the case of the Vident U.S. Bond Strategy ETF, as an actively managed fund. In particular, the Board considered that the Vident U.S. Bond Strategy ETF changed from an index-based fund to an actively managed fund effective May 9, 2025, which in turn changed the nature and extent of the investment advisory services provided

30<br>

------

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

**Vident ETFs** 

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

Historical Performance. The Trustees next considered each Fund's performance. The Board observed that additional information regarding each Fund's past investment performance, for periods ended June 30, 2025, had been included in the Materials, including the Barrington Report, which compared the performance results of each Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (each, a "Peer Group") as well as with funds in each Fund's Morningstar category – US Fund Intermediate Core-Plus Bond, US Fund Foreign Large Value, and US Fund Mid-Cap Value, respectively (each, a "Category Peer Group"). Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be each Fund's most direct competitors (each, a "Selected Peer Group") and provided the Selected Peer Group's performance results. The funds included by the Adviser in each Selected Peer Group include funds that, based on a combination of quantitative and qualitative considerations made by the Adviser, have similar investment strategies to the relevant Fund.

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

<u>Vident U.S. Bond Strategy ETF</u>: In considering the Fund's performance, the Board noted that the Fund changed from an index-based fund to an actively managed fund effective May 9, 2025. As a result, the Fund's performance for each period ended June 30, 2025, reflects the Fund's performance as an index-based fund for all but the last seven weeks of each period. With this in mind, the Board noted that the Fund performed in line with its underlying index prior to its changes in strategy but slightly underperformed its broad-based benchmark, the FTSE Broad Investment Grade Bond Index, over the one-year period ended June 30, 2025, despite outperforming the same benchmark over the three-year, five-year, and since inception periods. The FTSE Broad Investment Grade Bond Index tracks the performance of the U.S. Dollar-denominated bonds issued in the U.S. investment-grade bond market. In comparing the Fund's performance to that of the benchmark, the Board noted that the Fund provides more diversified exposure to the U.S. bond market, including exposure to non-investment grade bonds excluded from the benchmark.

The Board then noted that, for the one-year period ended June 30, 2025, the Fund slightly underperformed the median return of its Peer Group and Category Peer Group, but the Fund performed in line with the funds in its Peer Group and Category Peer Group over the three-, five-, and ten-year periods. The Board took into consideration that only a small percentage of the ETFs in the Peer Group are classified as intermediate core-plus bond ETFs; whereas, the Fund seeks to diversify its exposure to interest rate risks and credit risks across all core U.S. bond sectors based on sector valuations, historical relative valuations across sectors, sector default rates, and other quantitative factors. The Board also noted that the Fund underperformed all of the Funds in its Selected Peer Group over the one-year period but generally performed within the range of Selected Peer Group funds over the three-, five-, and ten-year periods. The Board considered that although the Fund tracked an index until May 9, 2025, the funds included in the Selected Peer Group were exclusively actively managed ETFs and each had a similar investment objective, investment universe, and number of holdings.

<u>Vident International Equity Strategy ETF</u>: The Board noted that the Fund outperformed its broad-based benchmark, the MSCI AC World Index ex-USA Net, over the one-year period ended June 30, 2025, but underperformed the same benchmark over the three-year, five-year, and since inception periods. The Board further noted that the Fund outperformed two additional benchmarks, the Morningstar Global Markets ex-US Large-Mid Cap Net Return Index and the Morningstar Global Markets ex-US Net Return Index, over the one-, three-, and five-year periods, but slightly underperformed those same benchmarks over the since inception period. When comparing the returns, the Board considered that the Morningstar Global Markets ex-US Large-Mid Cap Net Return Index measures the performance of large- and mid-cap stocks in developed and emerging markets outside of the United States and the Morningstar Global Markets ex-US Net Return Index measures the performance of large-, mid-, and small-cap stocks in developed and emerging markets outside of the United States; whereas, the Fund's underlying index has similar international equity exposure but also employs a multi-factor model to score and rank individual stocks, applies other screening criteria, and then selects and weights components based on investability factors.

31<br>

------

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

**Vident ETFs** 

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

The Board then noted that, for the one-year period ended June 30, 2025, the Fund slightly outperformed the median return of its Category Peer Group but slightly underperformed the median return of its Peer Group. The Board further noted that the Fund performed in line with the funds in its Peer Group and Category Peer Group over the three-, five-, and ten-year periods. The Board also noted that the Fund performed within the range of ETFs in its Selected Peer Group over the one-, three-, five- and ten-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as a mix of actively managed ETFs and ETFs with active-like index methodologies that each have a similar investment objective, investment universe, and number of holdings.

<u>Vident U.S. Equity Strategy ETF</u>: The Board noted that the Fund outperformed its broad-based benchmark, the S&P 500 Index, and an additional benchmark, the Morningstar U.S. Market Total Return Index, over the one- and five-year periods, but underperformed both benchmarks over the three-year and since inception periods. The S&P 500 Index provides an indication of the performance of U.S. large-cap companies, and the Morningstar U.S. Market Total Return Index measures the performance of U.S. securities and targets 97% market capitalization coverage of the investable universe. In comparing the Fund's performance to that of the benchmarks, the Board noted that the Fund's underlying index has similar U.S. equity exposure but also employs a multi-factor model to score and rank individual stocks based on certain quality and momentum factors, applies corporate governance screening criteria, and then selects and weights components based on these and other factors.

The Board then noted that, for the one-, three- and ten-year periods ended June 30, 2025, the Fund outperformed the median return of its Category Peer Group but underperformed the median return of its Peer Group. The Board further noted that the Fund outperformed the median return of its Peer Group and Category Peer Group over the five-year period. The Board also noted that the Fund outperformed nearly all of the funds in its Selected Peer Group over each of the one-, three-, five-, and ten-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as a mix of actively managed and index-based ETFs that each have a similar investment objective, investment universe, investment philosophy, quantitative approach to security selection, and number of holdings.

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

The Board noted that each Fund's net expense ratio was equal to its unified fee. The Board then compared each Fund's net expense ratio to that of its Peer Group and Category Peer Group, as shown in the Barrington Report, and its Selected Peer Group. The Board noted that each Fund's net expense ratio was higher than the median net expense ratio, but within the range, of the funds in its Peer Group and lower than the median net expense ratio of funds in its Category Peer Group. In addition, the Board noted that each Fund's net expense ratio was within the range of net expense ratios of funds in its Selected Peer Group.

The Board also considered the expense ratio of the Vident U.S. Bond Strategy ETF in light of its change from an index-based to actively managed strategy effective May 9, 2025, noting that the Fund's management fee remains fair and reasonable despite the change in investment objective and strategy.

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

The Board also considered each Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that each Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board concluded, however, that each Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at its current asset level. The Board also noted its intention to

32<br>

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

**Vident ETFs** 

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

monitor fees as a Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of a Fund.

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

33<br>

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

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

See Item 7(a).

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

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

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

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

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

Not applicable to open-end investment companies.

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

(a) Not Applicable.

(b) Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](vets-efp24049_ex99cert.htm)

 

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

 

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

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](vets-efp24049_ex99906cert.htm)

**SIGNATURES**

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

(Registrant) ETF Series Solutions

---

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

---

Date <u>5/6/2026</u>

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

---

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

---

Date <u>5/6/2026</u>

---

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

---

Date <u>5/6/2026</u>

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

## Ex-99.Cert

**EX.99.CERT**

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

I, Kristina R. Nelson, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/6/2026 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

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

I, Kristen M. Weitzel, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 5/6/2026 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

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

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

---

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

---

Dated: 5/6/2026

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