# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-020543
**Filing Date:** 2025-12
**Character Count:** 75282
**Document Hash:** 67cb167c24bffc22f40b6d8f6ab658b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-020543.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000894189-25-020543

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20251031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251615098

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

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

## Series and Classes Contracts Data

### AAM Transformers ETF (Series ID: S000076555)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000236534 | AAM Transformers ETF | TRFM            |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** AAM Transformers ETF

- **b. EDGAR series identifier (if any):** S000076555

- **c. LEI of Series:** 549300SAR48A6RXUJ642

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

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

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $119926766.96

**Total Liabilities:** $11822112.76

**Net Assets:** $108104654.20

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236534 | 2.18%                | 7.53%                | 5.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1814333.29                                |
| Month 2  | $6582420.09              | $101092.93                                 |
| Month 3  | $0.00                    | $5139423.12                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ASE Technology Holding Co Ltd             | ASE Technology Holding Co Ltd             | CUSIP: 00215W100<br>LEI: 300300GO8QHPMV87NZ73 | Long             | EC               | CORP              | TW        |     31791 | NS      | $508973.91    | 0.47%             |  |  |  | No            | 1                  | On Loan: —       |
| ARM Holdings PLC                          | ARM Holdings PLC                          | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      3174 | NS      | $539008.68    | 0.50%             |  |  |  | No            | 1                  | On Loan: —       |
| NIO Inc                                   | NIO Inc                                   | CUSIP: 62914V106<br>LEI: 549300JBU4TV5OCKJV96 | Long             | EC               | CORP              | CN        |     55988 | NS      | $405913.00    | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| Nutanix Inc                               | Nutanix Inc                               | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      5003 | NS      | $356413.72    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      5255 | NS      | $1064084.95   | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Astera Labs Inc                           | Astera Labs Inc                           | CUSIP: 04626A103<br>LEI: 529900LJL8TUEGF7HG20 | Long             | EC               | CORP              | US        |      2482 | NS      | $463339.76    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlas Copco AB                            | Atlas Copco AB                            | CUSIP: 049255706<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     26409 | NS      | $444463.47    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Atlassian Corp                            | Atlassian Corp                            | CUSIP: 049468101<br>LEI: 549300V7ZY5P02D2MY38 | Long             | EC               | CORP              | AU        |      2545 | NS      | $431173.90    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Autodesk Inc                              | Autodesk Inc                              | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |      1454 | NS      | $438148.36    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| ITT Inc                                   | ITT Inc                                   | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |      2045 | NS      | $378468.15    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Ingersoll Rand Inc                        | Ingersoll Rand Inc                        | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Long             | EC               | CORP              | US        |      5861 | NS      | $447370.13    | 0.41%             |  |  |  | No            | 1                  | On Loan: —       |
| Intuit Inc                                | Intuit Inc                                | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      1302 | NS      | $869150.10    | 0.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    146147 | NS      | $146147.15    | 0.14%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| ABB Ltd                                   | ABB Ltd                                   | CUSIP: 000375204<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |      6351 | NS      | $470990.16    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Acuity Inc                                | Acuity Inc                                | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1033 | NS      | $377096.65    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Advantest Corp                            | Advantest Corp                            | CUSIP: 00762U200<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      5658 | NS      | $848700.00    | 0.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Adyen NV                                  | Adyen NV                                  | CUSIP: 00783V104<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |     27059 | NS      | $464603.03    | 0.43%             |  |  |  | No            | 1                  | On Loan: —       |
| Advanced Micro Devices Inc                | Advanced Micro Devices Inc                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      5805 | NS      | $1486776.60   | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Energy Industries Inc            | Advanced Energy Industries Inc            | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |      2277 | NS      | $461616.21    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| AeroVironment Inc                         | AeroVironment Inc                         | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      1546 | NS      | $571880.86    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Affirm Holdings Inc                       | Affirm Holdings Inc                       | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5435 | NS      | $390667.80    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Airbus SE                                 | Airbus SE                                 | CUSIP: 009279100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | FR        |      8153 | NS      | $500594.20    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Alkami Technology Inc                     | Alkami Technology Inc                     | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |     13861 | NS      | $281239.69    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Allegro MicroSystems Inc                  | Allegro MicroSystems Inc                  | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11443 | NS      | $342374.56    | 0.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Alphabet Inc                              | Alphabet Inc                              | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3735 | NS      | $1050244.65   | 0.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Amazon.com Inc                            | Amazon.com Inc                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3775 | NS      | $921930.50    | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| American Electric Power Co Inc            | American Electric Power Co Inc            | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |      4394 | NS      | $528422.44    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| AMETEK Inc                                | AMETEK Inc                                | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      2534 | NS      | $512146.74    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Amphenol Corp                             | Amphenol Corp                             | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |      4301 | NS      | $599301.34    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Analog Devices Inc                        | Analog Devices Inc                        | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      1925 | NS      | $450700.25    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Appfolio Inc                              | Appfolio Inc                              | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |      1226 | NS      | $311931.18    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Chart Industries Inc                      | Chart Industries Inc                      | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      1756 | NS      | $350532.72    | 0.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Ciena Corp                                | Ciena Corp                                | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |      2986 | NS      | $567101.12    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Circle Internet Group Inc                 | Circle Internet Group Inc                 | CUSIP: 172573107<br>LEI: 254900HFVVR6NPMQVN93 | Long             | EC               | CORP              | US        |      4145 | NS      | $526332.10    | 0.49%             |  |  |  | No            | 1                  | On Loan: —       |
| Clearwater Analytics Holdings             | Clearwater Analytics Holdings Inc         | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16837 | NS      | $309969.17    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Cloudflare Inc                            | Cloudflare Inc                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Long             | EC               | CORP              | US        |      2214 | NS      | $560806.20    | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Coherent Corp                             | Coherent Corp                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      3574 | NS      | $471625.04    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Commvault Systems Inc                     | Commvault Systems Inc                     | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1951 | NS      | $271618.22    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Confluent Inc                             | Confluent Inc                             | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |     18084 | NS      | $422623.08    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellation Energy Corp                 | Constellation Energy Corp                 | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      1579 | NS      | $595283.00    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| CoreWeave Inc                             | CoreWeave Inc                             | CUSIP: 21873S108<br>LEI: 984500511DP2B6186053 | Long             | EC               | CORP              | US        |      5330 | NS      | $712674.30    | 0.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Inc                               | Corning Inc                               | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |      6666 | NS      | $593807.28    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Corpay Inc                                | Corpay Inc                                | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      1502 | NS      | $391045.70    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Coupang Inc                               | Coupang Inc                               | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     16419 | NS      | $524915.43    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Crowdstrike Holdings Inc                  | Crowdstrike Holdings Inc                  | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |      1134 | NS      | $615773.34    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Datadog Inc                               | Datadog Inc                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |      3489 | NS      | $568044.09    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                     | Dell Technologies Inc                     | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      3805 | NS      | $616448.05    | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| DoorDash Inc                              | DoorDash Inc                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      1926 | NS      | $489916.62    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Dynatrace Inc                             | Dynatrace Inc                             | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |      6993 | NS      | $353636.01    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Extreme Networks Inc                      | Extreme Networks Inc                      | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     16119 | NS      | $306583.38    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Meta Platforms Inc                        | Meta Platforms Inc                        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1169 | NS      | $757921.15    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Fair Isaac Corp                           | Fair Isaac Corp                           | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       313 | NS      | $519432.89    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| FANUC Corp                                | FANUC Corp                                | CUSIP: 307305102<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |     24049 | NS      | $398010.95    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| First Solar Inc                           | First Solar Inc                           | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |      2312 | NS      | $617165.28    | 0.57%             |  |  |  | No            | 1                  | On Loan: —       |
| Fortis Inc/Canada                         | Fortis Inc/Canada                         | CUSIP: 349553107<br>LEI: 549300MQYQ9Y065XPR71 | Long             | EC               | CORP              | CA        |      6763 | NS      | $339705.49    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortinet Inc                              | Fortinet Inc                              | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      6023 | NS      | $520567.89    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Marqeta Inc                               | Marqeta Inc                               | CUSIP: 57142B104<br>LEI: 254900UZARK0FMZGZE18 | Long             | EC               | CORP              | US        |     56866 | NS      | $257602.98    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Marvell Technology Inc                    | Marvell Technology Inc                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7495 | NS      | $702581.30    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Meituan                                   | Meituan                                   | CUSIP: 58533E103<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     16696 | NS      | $440273.52    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| MercadoLibre Inc                          | MercadoLibre Inc                          | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       181 | NS      | $421234.06    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Microsoft Corp                            | Microsoft Corp                            | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1775 | NS      | $919112.75    | 0.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Microchip Technology Inc                  | Microchip Technology Inc                  | CUSIP: 595017104<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EC               | CORP              | US        |      7203 | NS      | $449611.26    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Micron Technology Inc                     | Micron Technology Inc                     | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      3617 | NS      | $809376.09    | 0.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Mitsubishi Heavy Industries Lt            | Mitsubishi Heavy Industries Ltd           | CUSIP: 606793404<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     17994 | NS      | $545758.02    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Mobileye Global Inc                       | Mobileye Global Inc                       | CUSIP: 60741F104<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     22640 | NS      | $297716.00    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| MongoDB Inc                               | MongoDB Inc                               | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1461 | NS      | $525697.02    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Monolithic Power Systems Inc              | Monolithic Power Systems Inc              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       546 | NS      | $548730.00    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| MINISO Group Holding Ltd                  | MINISO Group Holding Ltd                  | CUSIP: 66981J102<br>LEI: 2549006PIKT2YKNBL092 | Long             | EC               | CORP              | CN        |     13576 | NS      | $289304.56    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| TXNM Energy Inc                           | TXNM Energy Inc                           | CUSIP: 69349H107<br>LEI: 5493003JOBJGLZSDDQ28 | Long             | EC               | CORP              | US        |      6149 | NS      | $349263.20    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| PTC Inc                                   | PTC Inc                                   | CUSIP: 69370C100<br>LEI: 54930050SSMU8SKDJ030 | Long             | EC               | CORP              | US        |      2218 | NS      | $440361.72    | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Prysmian SpA                              | Prysmian SpA                              | CUSIP: 74440L106<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |      7413 | NS      | $384141.66    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Pure Storage Inc                          | Pure Storage Inc                          | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |      5989 | NS      | $591114.30    | 0.55%             |  |  |  | No            | 1                  | On Loan: —       |
| RWE AG                                    | RWE AG                                    | CUSIP: 74975E303<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |     10682 | NS      | $528224.90    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      4675 | NS      | $480777.00    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| RBC Bearings Inc                          | RBC Bearings Inc                          | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       905 | NS      | $387819.65    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Reddit Inc                                | Reddit Inc                                | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      1976 | NS      | $412885.20    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Remitly Global Inc                        | Remitly Global Inc                        | CUSIP: 75960P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17943 | NS      | $287805.72    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Rheinmetall AG                            | Rheinmetall AG                            | CUSIP: 76206K107<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |      1080 | NS      | $424180.80    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Rivian Automotive Inc                     | Rivian Automotive Inc                     | CUSIP: 76954A103<br>LEI: 25490004LNKJ84MFYY24 | Long             | EC               | CORP              | US        |     24614 | NS      | $334011.98    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| ROBLOX Corp                               | ROBLOX Corp                               | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3720 | NS      | $423038.40    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Rocket Lab Corp                           | Rocket Lab Corp                           | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10357 | NS      | $652283.86    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Rockwell Automation Inc                   | Rockwell Automation Inc                   | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      1396 | NS      | $514230.56    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Rolls-Royce Holdings PLC                  | Rolls-Royce Holdings PLC                  | CUSIP: 775781206<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     29627 | NS      | $460699.85    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Rubrik Inc                                | Rubrik Inc                                | CUSIP: 781154109<br>LEI: 254900TRGK2WTBYMYU27 | Long             | EC               | CORP              | US        |      3844 | NS      | $289337.88    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| SailPoint Inc                             | SailPoint Inc                             | CUSIP: 78781J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15910 | NS      | $344928.80    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsara Inc                               | Samsara Inc                               | CUSIP: 79589L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11280 | NS      | $453117.60    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| SAP SE                                    | SAP SE                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1630 | NS      | $423816.30    | 0.39%             |  |  |  | No            | 1                  | On Loan: —       |
| Schneider Electric SE                     | Schneider Electric SE                     | CUSIP: 80687P106<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      8560 | NS      | $485352.00    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Sea Ltd                                   | Sea Ltd                                   | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      2290 | NS      | $357812.50    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |      5766 | NS      | $391280.76    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| SentinelOne Inc                           | SentinelOne Inc                           | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |     18675 | NS      | $333348.75    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Micro Computer Inc                  | Super Micro Computer Inc                  | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |     11749 | NS      | $610478.04    | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Symbotic Inc                              | Symbotic Inc                              | CUSIP: 87151X101<br>LEI: 529900UN9QT55OG9I235 | Long             | EC               | CORP              | US        |      9847 | NS      | $797114.65    | 0.74%             |  |  |  | No            | 1                  | On Loan: —       |
| Synopsys Inc                              | Synopsys Inc                              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       792 | NS      | $359425.44    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Inc                                 | Apple Inc                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3660 | NS      | $989554.20    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Applied Digital Corp                      | Applied Digital Corp                      | CUSIP: 038169207<br>LEI: 2549004NE2B6RYXINZ02 | Long             | EC               | CORP              | US        |     25177 | NS      | $872634.82    | 0.81%             |  |  |  | No            | 1                  | On Loan: —       |
| AppLovin Corp                             | AppLovin Corp                             | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      1789 | NS      | $1140183.37   | 1.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Arista Networks Inc                       | Arista Networks Inc                       | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      6142 | NS      | $968531.98    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| TSMC                                      | Taiwan Semiconductor Manufacturing Co Ltd | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      1801 | NS      | $541074.43    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Take-Two Interactive Software             | Take-Two Interactive Software Inc         | CUSIP: 874054109<br>LEI: BOMSTHHJK882EWYX3334 | Long             | EC               | CORP              | US        |      1979 | NS      | $507356.23    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| IDACORP Inc                               | IDACORP Inc                               | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |      2790 | NS      | $359965.80    | 0.33%             |  |  |  | No            | 1                  | On Loan: —       |
| Impinj Inc                                | Impinj Inc                                | CUSIP: 453204109<br>LEI: 549300M26VGKSMMWWN17 | Long             | EC               | CORP              | US        |      1834 | NS      | $370761.44    | 0.34%             |  |  |  | No            | 1                  | On Loan: —       |
| Talen Energy Corp                         | Talen Energy Corp                         | CUSIP: 87422Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       902 | NS      | $360601.56    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Tencent Holdings Ltd                      | Tencent Holdings Ltd                      | CUSIP: 88032Q109<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      5646 | NS      | $459415.02    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Infineon Technologies AG                  | Infineon Technologies AG                  | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     11768 | NS      | $466130.48    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| IBM                                       | International Business Machines Corp      | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      3534 | NS      | $1086386.94   | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTracker Inc                            | NEXTracker Inc                            | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4990 | NS      | $505087.80    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      6695 | NS      | $544973.00    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradyne Inc                              | Teradyne Inc                              | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |      2908 | NS      | $528558.08    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Tesla Inc                                 | Tesla Inc                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      2500 | NS      | $1141400.00   | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Nintendo Co Ltd                           | Nintendo Co Ltd                           | CUSIP: 654445303<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     19577 | NS      | $419730.88    | 0.39%             |  |  |  | No            | 1                  | On Loan: —       |
| SSE PLC                                   | SSE PLC                                   | CUSIP: 78467K107<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |     14755 | NS      | $375662.30    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| ServiceNow Inc                            | ServiceNow Inc                            | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       959 | NS      | $881589.52    | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| ServiceTitan Inc                          | ServiceTitan Inc                          | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3068 | NS      | $289496.48    | 0.27%             |  |  |  | No            | 1                  | On Loan: —       |
| Shift4 Payments Inc                       | Shift4 Payments Inc                       | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3992 | NS      | $275847.20    | 0.26%             |  |  |  | No            | 1                  | On Loan: —       |
| Shopify Inc                               | Shopify Inc                               | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      2988 | NS      | $519493.68    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Sunrun Inc                                | Sunrun Inc                                | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |     19234 | NS      | $399297.84    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Vnet Group Inc                            | Vnet Group Inc                            | CUSIP: 90138A103<br>LEI: 529900672GYJQ3T38I58 | Long             | EC               | CORP              | CN        |     42086 | NS      | $437694.40    | 0.40%             |  |  |  | No            | 1                  | On Loan: —       |
| Varonis Systems Inc                       | Varonis Systems Inc                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Long             | EC               | CORP              | US        |      6240 | NS      | $219835.20    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Visa Inc                                  | Visa Inc                                  | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      2556 | NS      | $870931.44    | 0.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                               | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      2527 | NS      | $475834.10    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Nebius Group NV                           | Nebius Group NV                           | CUSIP: N/A<br>LEI: 549300GGZHJ5Q1B18P93       | Long             | EC               | CORP              | NL        |      5084 | NS      | $665088.88    | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Texas Instruments Inc                     | Texas Instruments Inc                     | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |      4670 | NS      | $754018.20    | 0.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Thales SA                                 | Thales SA                                 | CUSIP: 883219206<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      8421 | NS      | $478986.48    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Toast Inc                                 | Toast Inc                                 | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Long             | EC               | CORP              | US        |     11514 | NS      | $416115.96    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Tokyo Electron Ltd                        | Tokyo Electron Ltd                        | CUSIP: 889110102<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      6408 | NS      | $705328.56    | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Trip.com Group Ltd                        | Trip.com Group Ltd                        | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |      6028 | NS      | $425878.20    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Uber Technologies Inc                     | Uber Technologies Inc                     | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      9642 | NS      | $930453.00    | 0.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Universal Display Corp                    | Universal Display Corp                    | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2404 | NS      | $354061.12    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  11778134 | NS      | $11778133.75  | 10.90%            |  |  |  | No            | N/A                | On Loan: No      |
| Ambarella Inc                             | Ambarella Inc                             | CUSIP: N/A<br>LEI: 254900XN7F4DG0CEKC02       | Long             | EC               | CORP              | US        |      4225 | NS      | $360096.75    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding            | Credo Technology Group Holding Ltd        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      3374 | NS      | $633029.88    | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Dlocal Ltd/Uruguay                        | Dlocal Ltd/Uruguay                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | UY        |     24803 | NS      | $363363.95    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: N/A<br>LEI: 5493004TETZ6IYF7CV44       | Long             | EC               | CORP              | TH        |       896 | NS      | $394750.72    | 0.37%             |  |  |  | No            | 1                  | On Loan: —       |
| Seagate Technology Holdings PL            | Seagate Technology Holdings PLC           | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      2525 | NS      | $646097.00    | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| CyberArk Software Ltd                     | CyberArk Software Ltd                     | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |       717 | NS      | $373399.26    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Monday.com Ltd                            | Monday.com Ltd                            | CUSIP: N/A<br>LEI: 984500MDAFVD86E3B328       | Long             | EC               | CORP              | IL        |      1791 | NS      | $367584.84    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| NuScale Power Corp                        | NuScale Power Corp                        | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10127 | NS      | $454398.49    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Onestream Inc                             | Onestream Inc                             | CUSIP: 68278B107<br>LEI: 254900CRBCHIYDC37W82 | Long             | EC               | CORP              | US        |     17697 | NS      | $334296.33    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp                               | Oracle Corp                               | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3768 | NS      | $989514.48    | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Ormat Technologies Inc                    | Ormat Technologies Inc                    | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |      3838 | NS      | $408248.06    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Palantir Technologies Inc                 | Palantir Technologies Inc                 | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      5728 | NS      | $1148292.16   | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Palo Alto Networks Inc                    | Palo Alto Networks Inc                    | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      2443 | NS      | $538046.32    | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Parker-Hannifin Corp                      | Parker-Hannifin Corp                      | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       621 | NS      | $479927.43    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Paymentus Holdings Inc                    | Paymentus Holdings Inc                    | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9486 | NS      | $271299.60    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| PDD Holdings Inc                          | PDD Holdings Inc                          | CUSIP: 722304102<br>LEI: 5493000573DS7005T657 | Long             | EC               | CORP              | IE        |      3518 | NS      | $474472.66    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Pinnacle West Capital Corp                | Pinnacle West Capital Corp                | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      3927 | NS      | $347618.04    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Pinterest Inc                             | Pinterest Inc                             | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12511 | NS      | $414114.10    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Porch Group Inc                           | Porch Group Inc                           | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |     19177 | NS      | $288613.85    | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Power Integrations Inc                    | Power Integrations Inc                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      7789 | NS      | $326281.21    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| nVent Electric PLC                        | nVent Electric PLC                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |      3583 | NS      | $409716.05    | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Nova Ltd                                  | Nova Ltd                                  | CUSIP: N/A<br>LEI: 529900B2DSWE5V3SC292       | Long             | EC               | CORP              | IL        |      1300 | NS      | $448032.00    | 0.41%             |  |  |  | No            | 1                  | On Loan: —       |
| Pagaya Technologies Ltd                   | Pagaya Technologies Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      9377 | NS      | $252147.53    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| AvePoint Inc                              | AvePoint Inc                              | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21495 | NS      | $302434.65    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Axon Enterprise Inc                       | Axon Enterprise Inc                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Long             | EC               | CORP              | US        |       654 | NS      | $478878.42    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| BAE Systems PLC                           | BAE Systems PLC                           | CUSIP: 05523R107<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |      4536 | NS      | $448655.76    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| BWX Technologies Inc                      | BWX Technologies Inc                      | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |      2137 | NS      | $456484.57    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| BYD Co Ltd                                | BYD Co Ltd                                | CUSIP: 05606L100<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     32736 | NS      | $423603.84    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Bilibili Inc                              | Bilibili Inc                              | CUSIP: 090040106<br>LEI: 5493008V60M52L3PIS45 | Long             | EC               | CORP              | CN        |     14848 | NS      | $449152.00    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |      6127 | NS      | $809744.32    | 0.75%             |  |  |  | No            | 1                  | On Loan: —       |
| Boeing Co/The                             | Boeing Co/The                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      3822 | NS      | $768298.44    | 0.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Broadcom Inc                              | Broadcom Inc                              | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2622 | NS      | $969169.86    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadence Design Systems Inc                | Cadence Design Systems Inc                | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1353 | NS      | $458247.57    | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      5767 | NS      | $394578.14    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Camtek Ltd/Israel                         | Camtek Ltd/Israel                         | CUSIP: N/A<br>LEI: 5493000H80W07HCKGS43       | Long             | EC               | CORP              | IL        |      4229 | NS      | $523634.78    | 0.48%             |  |  |  | No            | 1                  | On Loan: —       |
| ASML Holding NV                           | ASML Holding NV                           | CUSIP: N/A<br>LEI: 724500Y6DUVHQD6OXN27       | Long             | EC               | CORP              | NL        |       565 | NS      | $598464.95    | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingsoft Cloud Holdings Ltd               | Kingsoft Cloud Holdings Ltd               | CUSIP: 49639K101<br>LEI: 875500HZE0VKCD0Z8K15 | Long             | EC               | CORP              | CN        |     24083 | NS      | $303445.80    | 0.28%             |  |  |  | No            | 1                  | On Loan: —       |
| Klaviyo Inc                               | Klaviyo Inc                               | CUSIP: 49845K101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10866 | NS      | $282516.00    | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Kratos Defense & Security Solu            | Kratos Defense & Security Solutions Inc   | CUSIP: 50077B207<br>LEI: 5493000EKBN0UY1F3F88 | Long             | EC               | CORP              | US        |      5394 | NS      | $488696.40    | 0.45%             |  |  |  | No            | 1                  | On Loan: —       |
| Li Auto Inc                               | Li Auto Inc                               | CUSIP: 50202M102<br>LEI: 2549003R73Q70J5H4I65 | Long             | EC               | CORP              | CN        |     14076 | NS      | $293484.60    | 0.27%             |  |  |  | No            | 1                  | On Loan: —       |
| Lam Research Corp                         | Lam Research Corp                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |      4609 | NS      | $725733.14    | 0.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |      5290 | NS      | $385958.40    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Leonardo SpA                              | Leonardo SpA                              | CUSIP: 52660W101<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |     15924 | NS      | $466413.96    | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Life360 Inc                               | Life360 Inc                               | CUSIP: 532206109<br>LEI: 254900VO9VDOQBQAHF07 | Long             | EC               | CORP              | US        |      3743 | NS      | $369471.53    | 0.34%             |  |  |  | No            | 1                  | On Loan: —       |
| Lumentum Holdings Inc                     | Lumentum Holdings Inc                     | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |      2344 | NS      | $472456.64    | 0.44%             |  |  |  | No            | 1                  | On Loan: —       |
| JFrog Ltd                                 | JFrog Ltd                                 | CUSIP: N/A<br>LEI: 2549002N8E00AY49G567       | Long             | EC               | CORP              | US        |      6980 | NS      | $331410.40    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| GE Vernova Inc                            | GE Vernova Inc                            | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1509 | NS      | $882976.26    | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Generac Holdings Inc                      | Generac Holdings Inc                      | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1932 | NS      | $324614.64    | 0.30%             |  |  |  | No            | 1                  | On Loan: No      |
| General Electric Co                       | General Electric Co                       | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |      3143 | NS      | $971029.85    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Gitlab Inc                                | Gitlab Inc                                | CUSIP: 37637K108<br>LEI: 9845004Y40FACG81ED49 | Long             | EC               | CORP              | US        |      7648 | NS      | $372840.00    | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Graco Inc                                 | Graco Inc                                 | CUSIP: 384109104<br>LEI: 4T5VJ4S81BRT6Q7GGT78 | Long             | EC               | CORP              | US        |      4072 | NS      | $332967.44    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Guidewire Software Inc                    | Guidewire Software Inc                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      1819 | NS      | $424991.16    | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Hesai Group                               | Hesai Group                               | CUSIP: 428050108<br>LEI: 836800KOYHURQT1JZY11 | Long             | EC               | CORP              | CN        |     12566 | NS      | $298191.18    | 0.28%             |  |  |  | No            | 1                  | On Loan: —       |
| SMC Corp                                  | SMC Corp                                  | CUSIP: 78445W306<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |     22121 | NS      | $380259.99    | 0.35%             |  |  |  | No            | 1                  | On Loan: —       |
| Siemens Energy AG                         | Siemens Energy AG                         | CUSIP: 82621A104<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      4260 | NS      | $530497.80    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Silicon Laboratories Inc                  | Silicon Laboratories Inc                  | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      2580 | NS      | $338186.40    | 0.31%             |  |  |  | No            | 1                  | On Loan: —       |
| Silicon Motion Technology Corp            | Silicon Motion Technology Corp            | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | TW        |      4044 | NS      | $396756.84    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Hewlett Packard Enterprise Co             | Hewlett Packard Enterprise Co             | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     20176 | NS      | $492697.92    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Howmet Aerospace Inc                      | Howmet Aerospace Inc                      | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      2662 | NS      | $548238.90    | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| SiTime Corp                               | SiTime Corp                               | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1493 | NS      | $432432.52    | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Snap Inc                                  | Snap Inc                                  | CUSIP: 83304A106<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | EC               | CORP              | US        |     47842 | NS      | $373167.60    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Hubbell Inc                               | Hubbell Inc                               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1090 | NS      | $512300.00    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| HubSpot Inc                               | HubSpot Inc                               | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |       972 | NS      | $478146.24    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Iberdrola SA                              | Iberdrola SA                              | CUSIP: 450737101<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |      5938 | NS      | $481393.07    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Grab Holdings Ltd                         | Grab Holdings Ltd                         | CUSIP: N/A<br>LEI: 549300N4VQX83VPJF439       | Long             | EC               | CORP              | SG        |     64452 | NS      | $387356.52    | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Eletrobras SA                             | Centrais Eletricas Brasileiras SA         | CUSIP: 15234Q207<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |     39323 | NS      | $406993.05    | 0.38%             |  |  |  | No            | 1                  | On Loan: —       |
| Embraer SA                                | Embraer SA                                | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |      5459 | NS      | $351996.32    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Emera Inc                                 | Emera Inc                                 | CUSIP: 290876101<br>LEI: NQZVQT2P5IUF2PGA1Q48 | Long             | EC               | CORP              | CA        |      7116 | NS      | $338792.76    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Emerson Electric Co                       | Emerson Electric Co                       | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      3581 | NS      | $499800.17    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Entergy Corp                              | Entergy Corp                              | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      5413 | NS      | $520135.17    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Eos Energy Enterprises Inc                | Eos Energy Enterprises Inc                | CUSIP: 29415C101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48476 | NS      | $777070.28    | 0.72%             |  |  |  | No            | 1                  | On Loan: —       |
| MACOM Technology Solutions Hol            | MACOM Technology Solutions Holdings Inc   | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2696 | NS      | $399358.48    | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Eaton Corp PLC                            | Eaton Corp PLC                            | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |      1259 | NS      | $480384.04    | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Snowflake Inc                             | Snowflake Inc                             | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      2106 | NS      | $578897.28    | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| SoundHound AI Inc                         | SoundHound AI Inc                         | CUSIP: 836100107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24528 | NS      | $432183.36    | 0.40%             |  |  |  | No            | 1                  | On Loan: —       |
| Global-e Online Ltd                       | Global-e Online Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |      9300 | NS      | $338799.00    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Spirit AeroSystems Holdings In            | Spirit AeroSystems Holdings Inc           | CUSIP: 848574109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8565 | NS      | $314249.85    | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Xylem Inc/NY                              | Xylem Inc/NY                              | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      3377 | NS      | $509420.45    | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| XPeng Inc                                 | XPeng Inc                                 | CUSIP: 98422D105<br>LEI: 549300TZNMIREMWQU857 | Long             | EC               | CORP              | CN        |     16782 | NS      | $394209.18    | 0.36%             |  |  |  | No            | 1                  | On Loan: —       |
| Zeta Global Holdings Corp                 | Zeta Global Holdings Corp                 | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |     18506 | NS      | $332922.94    | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Zscaler Inc                               | Zscaler Inc                               | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      1729 | NS      | $572541.06    | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Woodward Inc                              | Woodward Inc                              | CUSIP: 980745103<br>LEI: YPYKXXTR8TFDH54ZMB45 | Long             | EC               | CORP              | US        |      1441 | NS      | $377700.51    | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Workday Inc                               | Workday Inc                               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |      2054 | NS      | $492795.68    | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Worthington Enterprises Inc               | Worthington Enterprises Inc               | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |      5373 | NS      | $301371.57    | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Xcel Energy Inc                           | Xcel Energy Inc                           | CUSIP: 98389B100<br>LEI: LGJNMI9GH8XIDG5RCM61 | Long             | EC               | CORP              | US        |      6532 | NS      | $530202.44    | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Xiaomi Corp                               | Xiaomi Corp                               | CUSIP: 98421U108<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |     12739 | NS      | $353634.64    | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer