# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-012549
**Filing Date:** 2023-2
**Character Count:** 21783
**Document Hash:** 831ace71efa48894c4af0c563019c534
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-012549.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-012549

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 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:** 23679683

**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

### Defiance Hotel, Airline, and Cruise ETF (Series ID: S000072009)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000227685 | Defiance Hotel, Airline, and Cruise ETF | CRUZ            |

## 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:** Defiance Hotel, Airline, and Cruise ETF

- **b. EDGAR series identifier (if any):** S000072009

- **c. LEI of Series:** 549300USRO7L8TO8SJ51

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $49605460.22

**Total Liabilities:** $82143.04

**Net Assets:** $49523317.18

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000227685 | 16.80%               | 6.69%                | -8.37%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-167223.24              | $5490974.88                                |
| Month 2  | $56118.70                | $2451288.59                                |
| Month 3  | $-193891.38              | $-4132102.94                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Accor SA                       | Accor SA                                     | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |     34420 | NS      | $857754.08    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| ANA Holdings Inc               | ANA Holdings Inc                             | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | EC               | CORP              | JP        |     32800 | NS      | $696047.60    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Resorttrust Inc                | Resorttrust Inc                              | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11       | Long             | EC               | CORP              | JP        |     18500 | NS      | $329353.14    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Pacific Airways Ltd     | Cathay Pacific Airways Ltd                   | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |    184000 | NS      | $200857.15    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Eva Airways Corp               | Eva Airways Corp                             | CUSIP: N/A<br>LEI: 254900S1P4XOXV67GC07       | Long             | EC               | CORP              | TW        |    556000 | NS      | $509228.74    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| China Airlines Ltd             | China Airlines Ltd                           | CUSIP: N/A<br>LEI: 25490032B2A0G6D0JP27       | Long             | EC               | CORP              | TW        |    653000 | NS      | $403670.02    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Korean Air Lines Co Ltd        | Korean Air Lines Co Ltd                      | CUSIP: N/A<br>LEI: 988400C2UFBF4B660C58       | Long             | EC               | CORP              | KR        |     37477 | NS      | $680187.54    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd             | Qantas Airways Ltd                           | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    186665 | NS      | $760787.09    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Shangri-La Asia Ltd            | Shangri-La Asia Ltd                          | CUSIP: N/A<br>LEI: 529900FVJ8C1OTM8OL03       | Long             | EC               | CORP              | HK        |    472000 | NS      | $387036.43    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Airlines Ltd         | Singapore Airlines Ltd                       | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |    224200 | NS      | $924415.45    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc      | Park Hotels & Resorts Inc                    | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |     30447 | NS      | $358970.13    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust                      | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |     18649 | NS      | $249710.11    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust              | RLJ Lodging Trust                            | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23424 | NS      | $248060.16    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryanair Holdings PLC           | Ryanair Holdings PLC                         | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |     21265 | NS      | $1589771.40   | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc             | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      7116 | NS      | $581946.48    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust       | Service Properties Trust                     | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |     27430 | NS      | $199964.70    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                    | SkyWest Inc                                  | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |      9362 | NS      | $154566.62    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Southwest Airlines Co          | Southwest Airlines Co                        | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     68709 | NS      | $2313432.03   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Airlines Inc            | Spirit Airlines Inc                          | CUSIP: 848577102<br>LEI: 549300DCAFIXFNFR3304 | Long             | EC               | CORP              | US        |     19406 | NS      | $378028.88    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors Inc                 | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |     31447 | NS      | $303778.02    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc   | United Airlines Holdings Inc                 | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     46750 | NS      | $1762475.00   | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc                 | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     12590 | NS      | $897792.90    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Invincible Investment Corp     | Invincible Investment Corp                   | CUSIP: N/A<br>LEI: 353800JY6M2692VAV685       | Long             | EC               | CORP              | JP        |      1094 | NS      | $422858.01    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Minor International PCL        | Minor International PCL                      | CUSIP: N/A<br>LEI: 254900T4WB2UF9XPX041       | Long             | EC               | CORP              | TH        |    713200 | NS      | $664088.35    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Air China Ltd                  | Air China Ltd                                | CUSIP: N/A<br>LEI: 213800I9TWC9K22N4502       | Long             | EC               | CORP              | CN        |    444000 | NS      | $395364.48    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Hotel REIT Investment Co | Japan Hotel REIT Investment Corp             | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |       754 | NS      | $442873.92    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitbread PLC                  | Whitbread PLC                                | CUSIP: N/A<br>LEI: 21380099VMZKRMN3EX36       | Long             | EC               | CORP              | GB        |     32950 | NS      | $1018639.03   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Air | International Consolidated Airlines Group SA | CUSIP: E67674106<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | GB        |    489904 | NS      | $727021.11    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| easyJet PLC                    | easyJet PLC                                  | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |     86423 | NS      | $337450.15    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Airlines Co Ltd          | Japan Airlines Co Ltd                        | CUSIP: N/A<br>LEI: 3538002MH5L1QZZ93477       | Long             | EC               | CORP              | JP        |     30200 | NS      | $616840.35    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanjin Kal Corp                | Hanjin Kal Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      6513 | NS      | $192891.93    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Wizz Air Holdings Plc          | Wizz Air Holdings Plc                        | CUSIP: N/A<br>LEI: 213800COXGZCORLJZA85       | Long             | EC               | CORP              | CH        |     11933 | NS      | $273377.26    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Canada                     | Air Canada                                   | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |     37786 | NS      | $540736.22    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |    116907 | NS      | $1430941.68   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                             | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |      3577 | NS      | $297499.09    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Caribbean Cruises Ltd    | Royal Caribbean Cruises Ltd                  | CUSIP: N/A<br>LEI: K2NEH8QNVW44JIWK7Z55       | Long             | EC               | CORP              | US        |     53653 | NS      | $2652067.79   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc           | Alaska Air Group Inc                         | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |     20896 | NS      | $897274.24    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Co            | Allegiant Travel Co                          | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |      3050 | NS      | $207369.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc    | American Airlines Group Inc                  | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97717 | NS      | $1242960.24   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc     | Apple Hospitality REIT Inc                   | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |     30535 | NS      | $481842.30    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Azul SA                        | Azul SA                                      | CUSIP: 05501U106<br>LEI: 549300Z0MWZ57Q9RR205 | Long             | EP               | CORP              | BR        |     28963 | NS      | $176963.93    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |    333500 | NS      | $2688010.00   | 5.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In | Choice Hotels International Inc              | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |      5202 | NS      | $585953.28    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Controladora Vuela Cia de Avia | Controladora Vuela Cia de Aviacion SAB de CV | CUSIP: 21240E105<br>LEI: 549300G8NLCMP9Z44X52 | Long             | EC               | CORP              | MX        |     23068 | NS      | $192848.48    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                          | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     98574 | NS      | $3239141.64   | 6.54%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co                   | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |     25627 | NS      | $209885.13    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund   | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |    393690 | NS      | $393689.57    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc                | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |     30994 | NS      | $3916401.84   | 7.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts Inc                    | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     78789 | NS      | $1264563.45   | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd              | H World Group Ltd                            | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |     35352 | NS      | $1499631.84   | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp                            | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |      5745 | NS      | $519635.25    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC            | CUSIP: 45857P806<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |     26533 | NS      | $1547935.22   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| JetBlue Airways Corp           | JetBlue Airways Corp                         | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |     59364 | NS      | $384678.72    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Air France-KLM                 | Air France-KLM                               | CUSIP: N/A<br>LEI: 969500AQW31GYO8JZD66       | Long             | EC               | CORP              | FR        |    282718 | NS      | $371429.64    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Lufthansa AG          | Deutsche Lufthansa AG                        | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | EC               | CORP              | DE        |    116186 | NS      | $962853.70    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD                | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     26469 | NS      | $3940969.41   | 7.96%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-16

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer