# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016158
**Filing Date:** 2025-11
**Character Count:** 22389
**Document Hash:** f4e2ceacededc8bbd470d6d9ed9b751a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016158.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016158

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**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:** 251530900

**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

### U.S. Global Technology and Aerospace & Defense ETF (Series ID: S000089411)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000255944 | U.S. Global Technology and Aerospace & Defense ETF | WAR             |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Global Technology and Aerospace & Defense ETF** | **U.S. Global Technology and Aerospace & Defense ETF** | **U.S. Global Technology and Aerospace & Defense ETF** | **U.S. Global Technology and Aerospace & Defense ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 94.1%** | **COMMON STOCKS - 94.1%** | **Shares** | **Value**  |
| **Australia - 3.1%** | **Australia - 3.1%** | **Australia - 3.1%** | |
| Austal Ltd. <sup>(a)</sup> | Austal Ltd. <sup>(a)</sup> | 54806 | $280692 |
| **China - 1.0%** | **China - 1.0%** | **China - 1.0%** |  |
| Lenovo Group Ltd. - ADR | Lenovo Group Ltd. - ADR | 3065 | 91337 |
| **Germany - 8.1%** | **Germany - 8.1%** | **Germany - 8.1%** |  |
| AIXTRON SE | AIXTRON SE | 20800 | 360199 |
| RENK Group AG | RENK Group AG | 3620 | 372349 |
|  |  |  | 732548 |
| **United Kingdom - 4.0%** | **United Kingdom - 4.0%** | **United Kingdom - 4.0%** |  |
| Softcat PLC | Softcat PLC | 17315 | 367468 |
| **United States - 77.9%<sup>(b)</sup>** | **United States - 77.9%<sup>(b)</sup>** | **United States - 77.9%<sup>(b)</sup>** |  |
| Analog Devices, Inc. | Analog Devices, Inc. | 1116 | 274201 |
| ASGN, Inc. <sup>(a)</sup> | ASGN, Inc. <sup>(a)</sup> | 7691 | 364169 |
| Astera Labs, Inc. <sup>(a)</sup> | Astera Labs, Inc. <sup>(a)</sup> | 3206 | 627735 |
| Brink's Company | Brink's Company | 784 | 91618 |
| Dell Technologies, Inc. - Class C | Dell Technologies, Inc. - Class C | 1361 | 192949 |
| DigitalBridge Group, Inc. | DigitalBridge Group, Inc. | 15461 | 180894 |
| Ducommun, Inc. <sup>(a)</sup> | Ducommun, Inc. <sup>(a)</sup> | 2900 | 278777 |
| Extreme Networks, Inc. <sup>(a)</sup> | Extreme Networks, Inc. <sup>(a)</sup> | 8929 | 184384 |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 1976 | 638623 |
| Gen Digital, Inc. | Gen Digital, Inc. | 9486 | 269308 |
| General Dynamics Corporation | General Dynamics Corporation | 1096 | 373736 |
| General Electric Company | General Electric Company | 900 | 270738 |
| Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | 1200 | 345492 |
| Jack Henry & Associates, Inc. | Jack Henry & Associates, Inc. | 602 | 89656 |
| Lam Research Corporation | Lam Research Corporation | 4800 | 642720 |
| Micron Technology, Inc. | Micron Technology, Inc. | 2223 | 371952 |
| Monolithic Power Systems, Inc. | Monolithic Power Systems, Inc. | 300 | 276192 |
| Moog, Inc. - Class A | Moog, Inc. - Class A | 2000 | 415340 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | Palo Alto Networks, Inc. <sup>(a)</sup> | 1339 | 272647 |
| Rapid7, Inc. <sup>(a)</sup> | Rapid7, Inc. <sup>(a)</sup> | 32809 | 615169 |
| Super Micro Computer, Inc. <sup>(a)(c)</sup> | Super Micro Computer, Inc. <sup>(a)(c)</sup> | 3928 | 188308 |
| Western Digital Corporation | Western Digital Corporation | 779 | 93527 |
|  |  |  | 7058135 |
| **TOTAL COMMON STOCKS** (Cost $8,326,986) | **TOTAL COMMON STOCKS** (Cost $8,326,986) | **TOTAL COMMON STOCKS** (Cost $8,326,986) | 8530180 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.8%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.8%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | 77235 | 77235 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $77,235) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $77,235) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $77,235) | 77235 |
| **MONEY MARKET FUNDS - 0.2%** | **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | 17431 | 17431 |
| **TOTAL MONEY MARKET FUNDS** (Cost $17,431) | **TOTAL MONEY MARKET FUNDS** (Cost $17,431) | **TOTAL MONEY MARKET FUNDS** (Cost $17,431) | 17431 |
| **TOTAL INVESTMENTS - 95.1% (**Cost $8,421,652**)** | **TOTAL INVESTMENTS - 95.1% (**Cost $8,421,652**)** | **TOTAL INVESTMENTS - 95.1% (**Cost $8,421,652**)** | 8624846 |
| Other Assets in Excess of Liabilities - 4.9% | Other Assets in Excess of Liabilities - 4.9% | Other Assets in Excess of Liabilities - 4.9% | 440641 |
| **TOTAL NET ASSETS - 100.0%** | 0.0% |  | $9065487 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

ADR - American Depositary Receipt <br> LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions
 affecting such country or region.

(c) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $77,950.

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

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
U.S. Global Technology and Aerospace & Defense ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $8530180 | $– | $– | $8530180 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 77235 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 17431 | – | – | 17431 |
| Total Investments | $8547611 | $– | $– | $8624846 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $77,235 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** U.S. Global Technology and Aerospace & Defense ETF

- **b. EDGAR series identifier (if any):** S000089411

- **c. LEI of Series:** 529900KR4ICB16AG1Z21

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9219495.03

**Total Liabilities:** $81875.28

**Net Assets:** $9137619.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255944 | -2.14%               | -1.06%               | 11.33%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $621256.40               | $-776376.10                                |
| Month 2  | $3.15                    | $-84169.91                                 |
| Month 3  | $1.96                    | $929454.12                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Secunet Security Networks AG              | Secunet Security Networks AG               | CUSIP: N/A<br>LEI: 391200N3TQNVUCU8N039       | Long             | EC               | CORP              | DE        |      1250 | NS      | $279718.23    | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ST Engineering                            | Singapore Technologies Engineering Ltd     | CUSIP: N/A<br>LEI: 254900OEXGGWCR24DG90       | Long             | EC               | CORP              | SG        |     40406 | NS      | $269697.01    | 2.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Silicon Laboratories Inc                  | Silicon Laboratories Inc                   | CUSIP: 826919102<br>LEI: 4PRDF8Q9TDHRVZKZSZ47 | Long             | EC               | CORP              | US        |      2271 | NS      | $297796.23    | 3.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Smith & Wesson Brands Inc                 | Smith & Wesson Brands Inc                  | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |      9627 | NS      | $94633.41     | 1.04%             |  |  |  | No            | 1                  | On Loan: No      |
| AeroVironment Inc                         | AeroVironment Inc                          | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |      2443 | NS      | $769276.27    | 8.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Commvault Systems Inc                     | Commvault Systems Inc                      | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1488 | NS      | $280904.64    | 3.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Dell Technologies Inc                     | Dell Technologies Inc                      | CUSIP: 24703L202<br>LEI: 549300TJB5YBRUPOG437 | Long             | EC               | CORP              | US        |      1370 | NS      | $194224.90    | 2.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Extreme Networks Inc                      | Extreme Networks Inc                       | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |      8955 | NS      | $184920.75    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     17431 | NS      | $17431.10     | 0.19%             |  |  |  | No            | 1                  | On Loan: No      |
| Thales SA                                 | Thales SA                                  | CUSIP: N/A<br>LEI: 529900FNDVTQJOVVPZ19       | Long             | EC               | CORP              | FR        |       898 | NS      | $281076.37    | 3.08%             |  |  |  | No            | 1                  | On Loan: No      |
| KLA Corp                                  | KLA Corp                                   | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |       278 | NS      | $299850.80    | 3.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Kyndryl Holdings Inc                      | Kyndryl Holdings Inc                       | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     13506 | NS      | $405585.18    | 4.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Micron Technology Inc                     | Micron Technology Inc                      | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      4834 | NS      | $808824.88    | 8.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Austal Ltd                                | Austal Ltd                                 | CUSIP: N/A<br>LEI: 254900DJEFGICBICBU73       | Long             | EC               | CORP              | AU        |     87776 | NS      | $449549.54    | 4.92%             |  |  |  | No            | 1                  | On Loan: No      |
| NetApp Inc                                | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      1564 | NS      | $185271.44    | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| NetScout Systems Inc                      | NetScout Systems Inc                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     10276 | NS      | $265429.08    | 2.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Nutanix Inc                               | Nutanix Inc                                | CUSIP: 67059N108<br>LEI: 549300X7J6E8TKVIXW09 | Long             | EC               | CORP              | US        |      1110 | NS      | $82572.90     | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp                               | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3746 | NS      | $698928.68    | 7.65%             |  |  |  | No            | 1                  | On Loan: No      |
| OneSpan Inc                               | OneSpan Inc                                | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     33258 | NS      | $528469.62    | 5.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Onto Innovation Inc                       | Onto Innovation Inc                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      2417 | NS      | $312324.74    | 3.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Tokyo Electron Ltd                        | Tokyo Electron Ltd                         | CUSIP: N/A<br>LEI: 549300H5LSF8DP3RIJ34       | Long             | EC               | CORP              | JP        |      1793 | NS      | $319596.17    | 3.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Qualys Inc                                | Qualys Inc                                 | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |      2310 | NS      | $305682.30    | 3.35%             |  |  |  | No            | 1                  | On Loan: No      |
| RTX Corp                                  | RTX Corp                                   | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |      4074 | NS      | $681702.42    | 7.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Micro Computer Inc                  | Super Micro Computer Inc                   | CUSIP: 86800U302<br>LEI: 54930022CZO1N2UGVW07 | Long             | EC               | CORP              | US        |      1712 | NS      | $82073.28     | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |     77235 | NS      | $77235.00     | 0.85%             |  |  |  | No            | N/A                | On Loan: No      |
| Cohort PLC                                | Cohort PLC                                 | CUSIP: N/A<br>LEI: 213800WE61C73LZZNW11       | Long             | EC               | CORP              | GB        |     15904 | NS      | $306294.51    | 3.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Accenture PLC                             | Accenture PLC                              | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |       275 | NS      | $67815.00     | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| IHS Holding Ltd                           | IHS Holding Ltd                            | CUSIP: N/A<br>LEI: 213800CLGMKL63VKTD94       | Long             | EC               | CORP              | GB        |     14149 | NS      | $96496.18     | 1.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Seagate Technology Holdings PL            | Seagate Technology Holdings PLC            | CUSIP: N/A<br>LEI: 635400RUXIFEZSRU8X70       | Long             | EC               | CORP              | US        |      1151 | NS      | $271705.06    | 2.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Elbit Systems Ltd                         | Elbit Systems Ltd                          | CUSIP: N/A<br>LEI: 529900Q9CB1REUMZSS32       | Long             | EC               | CORP              | IL        |       583 | NS      | $297213.40    | 3.25%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer