# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-002976
**Filing Date:** 2026-1
**Character Count:** 107502
**Document Hash:** baf18b52cb65e3b2946fb0a8c35bd01d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002976.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0000894189-26-002976

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**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:** 26577569

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Vident International Equity Strategy ETF<sup>TM</sup>** | **Vident International Equity Strategy ETF<sup>TM</sup>** | **Vident International Equity Strategy ETF<sup>TM</sup>** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.2%** | **Shares** | **Value**  |
| **Australia - 3.9%** | **Australia - 3.9%** | |
| AGL Energy, Ltd. | 184096 | $1134860 |
| BlueScope Steel Ltd. | 99489 | 1583488 |
| Perseus Mining Ltd. | 789591 | 2925639 |
| Qantas Airways Ltd. | 247242 | 1618165 |
| QBE Insurance Group Ltd. | 119329 | 1506422 |
| Ramelius Resources Ltd. | 1056834 | 2536634 |
| Regis Resources Ltd. | 384749 | 1862104 |
| Super Retail Group Ltd. | 65742 | 699732 |
| Yancoal Australia Ltd. | 406258 | 1449342 |
|  |  | 15316386 |
| **Austria - 0.6%** | **Austria - 0.6%** |  |
| OMV AG | 24263 | 1342594 |
| voestalpine AG | 28073 | 1210678 |
|  |  | 2553272 |
| **Belgium - 0.2%** | **Belgium - 0.2%** |  |
| Ageas SA/NV | 6219 | 425109 |
| Proximus SADP | 50735 | 436599 |
|  |  | 861708 |
| **Brazil - 4.3%** | **Brazil - 4.3%** |  |
| Ambev SA | 687980 | 1789737 |
| Cia de Saneamento de Minas Gerais Copasa MG | 288104 | 2206396 |
| Lojas Renner SA | 604558 | 1795616 |
| Magazine Luiza SA | 1398784 | 2688560 |
| MBRF Global Foods Co. SA | 431829 | 1571110 |
| Telefonica Brasil SA | 324080 | 2139830 |
| TIM SA | 505914 | 2374667 |
| Vibra Energia SA | 504278 | 2352833 |
|  |  | 16918749 |
| **Canada - 4.8%** | **Canada - 4.8%** |  |
| Air Canada <sup>(a)</sup> | 110305 | 1504968 |
| Empire Co. Ltd. | 43875 | 1619288 |
| Finning International, Inc. | 39693 | 2128653 |
| iA Financial Corp., Inc. | 16194 | 1917422 |
| Kinross Gold Corp. | 70576 | 1993675 |
| Magna International, Inc. | 41643 | 2042943 |
| OceanaGold Corp. | 127965 | 3301819 |
| Parex Resources, Inc. | 46476 | 616769 |
| Power Corp. of Canada | 43916 | 2241400 |
| Tamarack Valley Energy Ltd. | 264213 | 1480222 |
|  |  | 18847159 |
| **Chile - 1.0%** | **Chile - 1.0%** |  |
| Cencosud SA | 597588 | 1875323 |
| Latam Airlines Group SA <sup>(a)</sup> | 86095461 | 2078029 |
|  |  | 3953352 |
| **China - 0.8%** | **China - 0.8%** |  |
| China Resources Pharmaceutical Group Ltd. <sup>(b)</sup> | 2484500 | 1528560 |
| Country Garden Services Holdings Co. Ltd. | 1958000 | 1604506 |
|  |  | 3133066 |
| **Denmark - 5.8%** | **Denmark - 5.8%** |  |
| AP Moller - Maersk AS - Class B | 841 | 1682523 |
| Bavarian Nordic AS <sup>(a)</sup> | 47711 | 1369685 |
| Carlsberg AS - Class B | 13320 | 1654987 |
| D/S Norden AS | 41617 | 1638684 |
| Danske Bank AS | 13782 | 633901 |
| Genmab AS <sup>(a)</sup> | 7684 | 2434570 |
| H Lundbeck AS | 243493 | 1680671 |
| ISS AS | 60193 | 1990377 |
| Jyske Bank AS | 17786 | 2204077 |
| NKT AS <sup>(a)</sup> | 19621 | 2359825 |
| ROCKWOOL AS | 39868 | 1347105 |
| Tryg AS | 72386 | 1794043 |
| Vestas Wind Systems AS | 92467 | 2200501 |
|  |  | 22990949 |
| **Finland - 1.0%** | **Finland - 1.0%** |  |
| Fortum Oyj | 48580 | 997636 |
| Nokia Oyj | 386687 | 2352451 |
| Outokumpu Oyj | 120639 | 566471 |
|  |  | 3916558 |
| **France - 1.0%** | **France - 1.0%** |  |
| Bouygues SA | 39862 | 1990186 |
| Orange SA | 116729 | 1922318 |
| Societe Generale SA | 2425 | 168691 |
|  |  | 4081195 |
| **Germany - 4.2%** | **Germany - 4.2%** |  |
| Allianz SE | 390 | 168508 |
| Aurubis AG | 5628 | 778564 |
| Bayer AG | 52589 | 1860566 |
| Continental AG | 20063 | 1502758 |
| Deutsche Lufthansa AG | 199782 | 1917458 |
| Freenet AG | 18892 | 625304 |
| Fresenius Medical Care AG | 23830 | 1140807 |
| Fresenius SE & Co. KGaA | 36800 | 2021382 |
| HelloFresh SE <sup>(a)</sup> | 67493 | 484857 |
| K+S AG | 63307 | 861815 |
| RWE AG | 40410 | 2051312 |
| Schaeffler AG | 25211 | 194863 |
| Suedzucker AG | 14156 | 159605 |
| Talanx AG | 7860 | 1021656 |
| thyssenkrupp AG | 144402 | 1576983 |
|  |  | 16366438 |
| **Hong Kong - 6.4%** | **Hong Kong - 6.4%** |  |
| BOC Hong Kong Holdings Ltd. | 382000 | 1837973 |
| Cathay Pacific Airways Ltd. | 1121000 | 1736444 |
| China Taiping Insurance Holdings Co. Ltd. | 792000 | 1766985 |
| Geely Automobile Holdings Ltd. | 730000 | 1588343 |
| Johnson Electric Holdings Ltd. | 555000 | 2134286 |
| Kingboard Holdings, Ltd. | 487000 | 1628838 |
| Kunlun Energy Co. Ltd. | 1786000 | 1704426 |
| Orient Overseas International Ltd. | 97000 | 1574805 |
| Pacific Basin Shipping, Ltd. | 6049605 | 2020265 |
| Sino Biopharmaceutical Ltd. | 66155 | 59905 |
| TCL Electronics Holdings Ltd. | 1407000 | 1846940 |
| United Laboratories International Holdings Ltd. | 886000 | 1453224 |
| VSTECS Holdings Ltd. | 1590000 | 1697095 |
| WH Group Ltd. <sup>(b)</sup> | 1745000 | 1824432 |
| Yue Yuen Industrial Holdings Ltd. | 1091500 | 2306203 |
|  |  | 25180164 |
| **Indonesia - 3.0%** | **Indonesia - 3.0%** |  |
| Alamtri Resources Indonesia Tbk PT | 15043600 | 1634879 |
| Aneka Tambang Tbk | 9750600 | 1703647 |
| Astra International Tbk PT | 5749400 | 2261097 |
| Bank Negara Indonesia Persero Tbk PT | 6878600 | 1759402 |
| Bank Rakyat Indonesia Persero Tbk PT | 1305000 | 288346 |
| Telkom Indonesia Persero Tbk PT | 10125600 | 2133945 |
| United Tractors Tbk PT | 1197700 | 2013546 |
|  |  | 11794862 |
| **Ireland - 3.2%** | **Ireland - 3.2%** |  |
| AerCap Holdings NV | 15846 | 2123364 |
| Alkermes PLC <sup>(a)</sup> | 68624 | 2029898 |
| Aptiv PLC <sup>(a)</sup> | 25700 | 1993035 |
| DCC PLC | 19290 | 1276424 |
| Jazz Pharmaceuticals PLC <sup>(a)</sup> | 15288 | 2698791 |
| Perrigo Co. PLC | 41484 | 553811 |
| TE Connectivity PLC | 8465 | 1914360 |
|  |  | 12589683 |
| **Israel - 2.0%** | **Israel - 2.0%** |  |
| Bank Leumi Le-Israel BM | 94099 | 1968344 |
| El Al Israel Airlines <sup>(a)</sup> | 448459 | 1924368 |
| ICL Group Ltd. | 82281 | 459951 |
| Inmode Ltd. <sup>(a)</sup> | 29663 | 422698 |
| Israel Discount Bank Ltd. - Class A | 109352 | 1142022 |
| Plus500 Ltd. | 9869 | 415044 |
| ZIM Integrated Shipping Services Ltd. | 80004 | 1632882 |
|  |  | 7965309 |
| **Italy - 0.5%** | **Italy - 0.5%** |  |
| Iveco Group NV | 77459 | 1665306 |
| Telecom Italia SpA/Milano <sup>(a)</sup> | 285318 | 160530 |
|  |  | 1825836 |
| **Japan - 6.0%** | **Japan - 6.0%** |  |
| Aisin Corp. | 132800 | 2365806 |
| Alps Alpine Co. Ltd. | 165900 | 2155477 |
| Brother Industries Ltd. | 103700 | 2076658 |
| Japan Airlines Co. Ltd. | 89700 | 1674438 |
| JTEKT Corp. | 88400 | 961608 |
| Kioxia Holdings Corp. <sup>(a)</sup> | 108400 | 6533870 |
| Sankyo Co. Ltd. | 95800 | 1658774 |
| SBI Holdings, Inc. | 88800 | 1871031 |
| Seibu Holdings, Inc. | 64500 | 2004233 |
| Toyo Tire Corp. | 82800 | 2278393 |
|  |  | 23580288 |
| **Malaysia - 4.0%** | **Malaysia - 4.0%** |  |
| AMMB Holdings Bhd | 1464500 | 2108596 |
| IHH Healthcare Bhd | 1128100 | 2254835 |
| KPJ Healthcare Bhd | 2906400 | 1821555 |
| Malayan Banking Bhd | 785800 | 1884399 |
| MISC Bhd | 833700 | 1515085 |
| Public Bank Bhd | 1764100 | 1856947 |
| RHB Bank Bhd | 1194100 | 2008226 |
| Telekom Malaysia Bhd | 1110900 | 1994647 |
| YTL Corp. Bhd | 265420 | 136805 |
|  |  | 15581095 |
| **Mexico - 1.7%** | **Mexico - 1.7%** |  |
| Cemex SAB de CV | 2105388 | 2265847 |
| Gentera SAB de CV | 729472 | 1723805 |
| Industrias Penoles SAB de CV <sup>(a)</sup> | 60160 | 2569116 |
|  |  | 6558768 |
| **Netherlands - 1.7%** | **Netherlands - 1.7%** |  |
| Koninklijke Ahold Delhaize NV | 44200 | 1828714 |
| NN Group NV | 26121 | 1894065 |
| Signify NV <sup>(b)</sup> | 44592 | 1052621 |
| Stellantis NV | 184059 | 1963715 |
|  |  | 6739115 |
| **Norway - 4.9%** | **Norway - 4.9%** |  |
| Aker BP ASA | 70647 | 1720695 |
| DNB Bank ASA | 69424 | 1857046 |
| DNO ASA | 1251045 | 1795089 |
| Equinor ASA | 67880 | 1564696 |
| Gjensidige Forsikring ASA | 33911 | 949685 |
| Hoegh Autoliners ASA | 167117 | 1472462 |
| Leroy Seafood Group ASA | 168325 | 782334 |
| Norsk Hydro ASA | 285230 | 2041548 |
| Norwegian Air Shuttle ASA | 1072005 | 1833955 |
| Orkla ASA | 167736 | 1796389 |
| Storebrand ASA | 121641 | 1893348 |
| Yara International ASA | 46745 | 1708030 |
|  |  | 19415277 |
| **Peru - 0.5%** | **Peru - 0.5%** |  |
| Credicorp Ltd. | 7541 | 1939621 |
| **Poland - 1.4%** | **Poland - 1.4%** |  |
| Alior Bank SA | 10124 | 287297 |
| Bank Polska Kasa Opieki SA | 32845 | 1801522 |
| ORLEN SA | 78539 | 2025603 |
| PGE Polska Grupa Energetyczna SA <sup>(a)</sup> | 538629 | 1457739 |
|  |  | 5572161 |
| **Portugal - 0.5%** | **Portugal - 0.5%** |  |
| Banco Comercial Portugues SA | 2232740 | 2128418 |
| **Russia - 0.0% <sup>(c)</sup>** | **Russia - 0.0% <sup>(c)</sup>** |  |
| Severstal PAO - GDR <sup>(a)(d)</sup> | 24074 | 0 |
| **Singapore - 6.9%** | **Singapore - 6.9%** |  |
| ComfortDelGro Corp. Ltd. | 1321300 | 1469075 |
| DBS Group Holdings Ltd. | 45040 | 1884853 |
| Genting Singapore, Ltd. | 3057700 | 1794272 |
| Hafnia Ltd. | 314839 | 1896680 |
| Jardine Cycle & Carriage Ltd. | 27500 | 724897 |
| Mobvista, Inc. <sup>(a)(b)</sup> | 1713000 | 3227717 |
| Oversea-Chinese Banking Corp. Ltd. | 120000 | 1714087 |
| SATS Ltd. | 370900 | 973679 |
| Sembcorp Industries Ltd. | 296700 | 1404294 |
| Singapore Airlines Ltd. | 299900 | 1502800 |
| Singapore Exchange Ltd. | 144500 | 1881072 |
| Singapore Telecommunications Ltd. | 559900 | 2044803 |
| United Overseas Bank Ltd. | 37019 | 971243 |
| UOL Group Ltd. | 332800 | 2163592 |
| Venture Corp. Ltd. | 85400 | 985118 |
| Wilmar International Ltd. | 454900 | 1137996 |
| Yangzijiang Financial Holding Ltd. | 1617900 | 587124 |
| Yangzijiang Maritime Development Pte Ltd. <sup>(a)</sup> | 1617900 | 849455 |
|  |  | 27212757 |
| **South Africa - 2.2%** | **South Africa - 2.2%** |  |
| Exxaro Resources, Ltd. | 195384 | 1984013 |
| Harmony Gold Mining Co. Ltd. | 23342 | 455188 |
| Old Mutual, Ltd. | 2540142 | 2057029 |
| Tiger Brands Ltd. | 107119 | 2247263 |
| Vodacom Group Ltd. | 232235 | 1819372 |
|  |  | 8562865 |
| **South Korea - 6.9%** | **South Korea - 6.9%** |  |
| DB Insurance Co. Ltd. | 19090 | 1616092 |
| Hankook Tire & Technology Co. Ltd. | 53131 | 2221845 |
| Hanwha Corporation | 26225 | 1415881 |
| HD Hyundai Co. Ltd. | 12291 | 1642254 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 7016 | 1955979 |
| Hyundai Mobis Co. Ltd. | 8151 | 1715387 |
| Kia Corp. | 23215 | 1801130 |
| Korea Gas Corp. | 54919 | 1549749 |
| KT Corp. | 44293 | 1517946 |
| LG Uplus Corp. | 171397 | 1755169 |
| NongShim Co. Ltd. | 6405 | 1946782 |
| Samsung C&T Corp. | 649 | 99293 |
| Samsung E&A Co. Ltd. | 98428 | 1710016 |
| Samsung Electronics Co. Ltd. | 35268 | 2410114 |
| Samsung Fire & Marine Insurance Co. Ltd. | 2155 | 705560 |
| Samsung SDS Co. Ltd. | 15571 | 1784050 |
| SK Telecom Co. Ltd. | 38128 | 1387038 |
|  |  | 27234285 |
| **Spain - 1.2%** | **Spain - 1.2%** |  |
| Banco Bilbao Vizcaya Argentaria SA | 89337 | 1924821 |
| Banco Santander SA | 201631 | 2162889 |
| CaixaBank SA | 27675 | 308849 |
| Mapfre SA | 61276 | 283602 |
| Repsol SA | 13500 | 250366 |
|  |  | 4930527 |
| **Sweden - 1.8%** | **Sweden - 1.8%** |  |
| Embracer Group AB <sup>(a)</sup> | 163307 | 1586710 |
| Sinch AB <sup>(a)(b)</sup> | 136261 | 415353 |
| SSAB AB - Class B | 295202 | 2071977 |
| Volvo Car AB <sup>(a)</sup> | 863798 | 2887646 |
|  |  | 6961686 |
| **Switzerland - 5.0%** | **Switzerland - 5.0%** |  |
| Adecco Group AG | 53462 | 1495431 |
| Avolta AG | 19213 | 1055704 |
| Chubb Ltd. | 6665 | 1974040 |
| Coca-Cola HBC AG | 27787 | 1394652 |
| Garrett Motion, Inc. | 135384 | 2237898 |
| Helvetia Holding AG | 4320 | 1121225 |
| Holcim AG | 22290 | 2088117 |
| Novartis AG | 15400 | 2003851 |
| Sandoz Group AG | 3644 | 257410 |
| STMicroelectronics NV | 11990 | 275350 |
| Swatch Group AG | 1933 | 390356 |
| Swiss Re AG | 9714 | 1712456 |
| Swisscom AG | 87 | 62464 |
| Swissquote Group Holding SA | 2671 | 1650601 |
| Zurich Insurance Group AG | 2568 | 1846005 |
|  |  | 19565560 |
| **Taiwan - 6.8%** | **Taiwan - 6.8%** |  |
| Arcadyan Technology Corp. | 237000 | 1381902 |
| Compal Electronics, Inc. | 1336000 | 1249374 |
| Evergreen Marine Corp. Taiwan Ltd. | 263000 | 1504174 |
| Foxconn Technology Co. Ltd. | 636000 | 1321243 |
| L&K Engineering Co. Ltd. | 153000 | 2220535 |
| Minth Group Ltd. | 518000 | 2264786 |
| Powertech Technology, Inc. | 314000 | 1570750 |
| Primax Electronics Ltd. | 497000 | 1303269 |
| Sigurd Microelectronics Corp. | 658000 | 2107026 |
| Simplo Technology Co. Ltd. | 115822 | 1265794 |
| Taiwan Surface Mounting Technology Corp. | 499000 | 1629680 |
| Tripod Technology Corp. | 194000 | 1891477 |
| United Microelectronics Corp. | 1203000 | 1755533 |
| Wan Hai Lines Ltd. | 571000 | 1466388 |
| WT Microelectronics Co. Ltd. | 387000 | 1763295 |
| Zhen Ding Technology Holding Ltd. | 451000 | 2090824 |
|  |  | 26786050 |
| **Thailand - 1.5%** | **Thailand - 1.5%** |  |
| Kasikornbank PCL - NVDR | 316000 | 1830533 |
| Krung Thai Bank PCL - NVDR | 1204000 | 1028420 |
| PTT Exploration & Production PCL - NVDR | 494800 | 1636782 |
| TMBThanachart Bank PCL - NVDR | 25797200 | 1546470 |
|  |  | 6042205 |
| **United Kingdom - 2.5%** | **United Kingdom - 2.5%** |  |
| Centrica PLC | 398954 | 906569 |
| easyJet PLC | 172774 | 1143250 |
| J Sainsbury PLC | 436580 | 1863818 |
| JET2 PLC | 2237 | 41674 |
| Kingfisher PLC | 469431 | 1900812 |
| Tesco PLC | 311945 | 1861205 |
| Vodafone Group PLC | 1576484 | 1963921 |
|  |  | 9681249 |
| **TOTAL COMMON STOCKS** (Cost $308,545,868) | **TOTAL COMMON STOCKS** (Cost $308,545,868) | 386786613 |
| **PREFERRED STOCKS - 0.8%** | **Shares** | **Value**  |
| **Brazil - 0.6%** | **Brazil - 0.6%** |  |
|  Banco Bradesco SA | 239480 | 884738 |
|  Cia Energetica de Minas Gerais | 783299 | 1681472 |
|  |  | 2566210 |
| **Chile - 0.2%** | **Chile - 0.2%** |  |
|  Embotelladora Andina SA | 182483 | 827066 |
| **TOTAL PREFERRED STOCKS** (Cost $2,236,552) | **TOTAL PREFERRED STOCKS** (Cost $2,236,552) | 3393276 |
| **TOTAL INVESTMENTS - 99.0% (**Cost $310,782,420**)** | **TOTAL INVESTMENTS - 99.0% (**Cost $310,782,420**)** | 390179889 |
| Other Assets in Excess of Liabilities - 1.0% | Other Assets in Excess of Liabilities - 1.0% | 3775686 |
| **TOTAL NET ASSETS - 100.0%** |  | $393955575 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| GDR - Global Depositary Receipt |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of November 30, 2025, the value of these securities total $8,048,683 or 2.0% of the Fund's net assets.

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

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or
 0.0% of net assets as of November 30, 2025.

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
Vident International Equity Strategy ETF<sup>TM</sup> (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 November 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 | $386786613 | $– | $0 | $386786613 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stocks | 3393276 | – | – | 3393276 |
| Total Investments | $390179889 | $– | $0 | $390179889 |
| 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. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

## 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:** Vident International Equity Strategy ETF

- **b. EDGAR series identifier (if any):** S000042078

- **c. LEI of Series:** 5493004M2YRI1LYU4Y95

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $394237366.71

**Total Liabilities:** $281901.32

**Net Assets:** $393955465.39

**Cash Not Reported:** $118284.41

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000130685 | 3.19%                | 2.96%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $233018.47               | $10665557.53                               |
| Month 2  | $2523237.61              | $7694118.68                                |
| Month 3  | $4358.55                 | $2879185.09                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Bank Polska Kasa Opieki SA             | Bank Polska Kasa Opieki SA                          | CUSIP: N/A<br>LEI: 5493000LKS7B3UTF7H35       | Long             | EC               | CORP              | PL        |     32845 | NS      | $1801521.83   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Bavarian Nordic A/S                    | Bavarian Nordic A/S                                 | CUSIP: N/A<br>LEI: 2138006JCDVYIN6INP51       | Long             | EC               | CORP              | DK        |     47711 | NS      | $1369684.91   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank Leumi Le-Israel BM                | Bank Leumi Le-Israel BM                             | CUSIP: N/A<br>LEI: 7JDSZWRGUQY2DSTWCR57       | Long             | EC               | CORP              | IL        |     94099 | NS      | $1968344.36   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Bank Rakyat Indonesia Persero          | Bank Rakyat Indonesia Persero Tbk PT                | CUSIP: N/A<br>LEI: 254900HB6S4B12GBNP64       | Long             | EC               | CORP              | ID        |   1305000 | NS      | $288345.84    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Latam Airlines Group SA                | Latam Airlines Group SA                             | CUSIP: N/A<br>LEI: 549300HX3UUDPEFTG707       | Long             | EC               | CORP              | CL        |  86095461 | NS      | $2078028.87   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Leroy Seafood Group ASA                | Leroy Seafood Group ASA                             | CUSIP: N/A<br>LEI: 5967007LIEEXZXJ2JK50       | Long             | EC               | CORP              | NO        |    168325 | NS      | $782334.07    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Storebrand ASA                         | Storebrand ASA                                      | CUSIP: N/A<br>LEI: 5967007LIEEXZX7NA051       | Long             | EC               | CORP              | NO        |    121641 | NS      | $1893348.11   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Suedzucker AG                          | Suedzucker AG                                       | CUSIP: N/A<br>LEI: 529900S8QNB101D40S72       | Long             | EC               | CORP              | DE        |     14156 | NS      | $159605.34    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| STMicroelectronics NV                  | STMicroelectronics NV                               | CUSIP: N83574108<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | CH        |     11990 | NS      | $275350.05    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Kunlun Energy Co Ltd                   | Kunlun Energy Co Ltd                                | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | HK        |   1786000 | NS      | $1704426.12   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Krung Thai Bank PCL                    | Krung Thai Bank PCL                                 | CUSIP: N/A<br>LEI: 54930007ZQMYCRFQGE36       | Long             | EC               | CORP              | TH        |   1204000 | NS      | $1028420.56   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| L&K Engineering Co Ltd                 | L&K Engineering Co Ltd                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    153000 | NS      | $2220535.29   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| KPJ Healthcare Bhd                     | KPJ Healthcare Bhd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   2906400 | NS      | $1821554.99   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| KT Corp                                | KT Corp                                             | CUSIP: N/A<br>LEI: 9884005ACF8449EANY26       | Long             | EC               | CORP              | KR        |     44293 | NS      | $1517945.94   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Stellantis NV                          | Stellantis NV                                       | CUSIP: N/A<br>LEI: 549300LKT9PW7ZIBDF31       | Long             | EC               | CORP              | NL        |    184059 | NS      | $1963714.68   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Zurich Insurance Group AG              | Zurich Insurance Group AG                           | CUSIP: N/A<br>LEI: 529900QVNRBND50TXP03       | Long             | EC               | CORP              | CH        |      2568 | NS      | $1846004.86   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| WT Microelectronics Co Ltd             | WT Microelectronics Co Ltd                          | CUSIP: N/A<br>LEI: 549300B9CGCS0W06W129       | Long             | EC               | CORP              | TW        |    387000 | NS      | $1763294.57   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| YTL Corp Bhd                           | YTL Corp Bhd                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |    265420 | NS      | $136804.50    | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| VSTECS Holdings Ltd                    | VSTECS Holdings Ltd                                 | CUSIP: G9400C111<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   1590000 | NS      | $1697094.64   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| YUE YUEN IND                           | Yue Yuen Industrial Holdings Ltd                    | CUSIP: N/A<br>LEI: 254900YUFIBANZ1XU687       | Long             | EC               | CORP              | HK        |   1091500 | NS      | $2306203.12   | 0.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Wan Hai Lines Ltd                      | Wan Hai Lines Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    571000 | NS      | $1466388.40   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Yara International ASA                 | Yara International ASA                              | CUSIP: N/A<br>LEI: 213800WKOUWXWFJ5Z514       | Long             | EC               | CORP              | NO        |     46745 | NS      | $1708029.50   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Wilmar International Ltd               | Wilmar International Ltd                            | CUSIP: N/A<br>LEI: 549300H2EAI4YRLWBB20       | Long             | EC               | CORP              | SG        |    454900 | NS      | $1137996.37   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Zhen Ding Technology Holding L         | Zhen Ding Technology Holding Ltd                    | CUSIP: N/A<br>LEI: 549300H7R4K33675UP38       | Long             | EC               | CORP              | TW        |    451000 | NS      | $2090823.64   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Yancoal Australia Ltd                  | Yancoal Australia Ltd                               | CUSIP: N/A<br>LEI: 3003003IC6G39HKQAD13       | Long             | EC               | CORP              | AU        |    406258 | NS      | $1449341.92   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| WH Group Ltd                           | WH Group Ltd                                        | CUSIP: N/A<br>LEI: 254900A4AYEDRWYSE928       | Long             | EC               | CORP              | HK        |   1745000 | NS      | $1824432.29   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Yangzijiang Financial Holding          | Yangzijiang Financial Holding Ltd                   | CUSIP: N/A<br>LEI: 984500E58A4F80AFB647       | Long             | EC               | CORP              | SG        |   1617900 | NS      | $587123.50    | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Volvo Car AB                           | Volvo Car AB                                        | CUSIP: N/A<br>LEI: 5299000EAMGGBEYP7J33       | Long             | EC               | CORP              | SE        |    863798 | NS      | $2887645.55   | 0.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Yangzijiang Maritime Developme         | Yangzijiang Maritime Development Pte Ltd            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |   1617900 | NS      | $849455.28    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIM Integrated Shipping Servic         | ZIM Integrated Shipping Services Ltd                | CUSIP: N/A<br>LEI: 21380089EIJRELKAIL21       | Long             | EC               | CORP              | IL        |     80004 | NS      | $1632881.64   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Bayer AG                               | Bayer AG                                            | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |     52589 | NS      | $1860566.42   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| BBVA                                   | Banco Bilbao Vizcaya Argentaria SA                  | CUSIP: N/A<br>LEI: K8MS7FD7N5Z2WQ51AZ71       | Long             | EC               | CORP              | ES        |     89337 | NS      | $1924821.16   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| BlueScope Steel Ltd                    | BlueScope Steel Ltd                                 | CUSIP: N/A<br>LEI: 529900H6UQI16XACWC95       | Long             | EC               | CORP              | AU        |     99489 | NS      | $1583488.34   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| BNI Tbk PT                             | Bank Negara Indonesia Persero Tbk PT                | CUSIP: N/A<br>LEI: 549300HZ8J3MLVXQ8F85       | Long             | EC               | CORP              | ID        |   6878600 | NS      | $1759401.74   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Adecco Group AG                        | Adecco Group AG                                     | CUSIP: N/A<br>LEI: NI14Y5UMU60O7JE9P611       | Long             | EC               | CORP              | CH        |     53462 | NS      | $1495431.25   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| RWE AG                                 | RWE AG                                              | CUSIP: N/A<br>LEI: 529900GB7KCA94ACC940       | Long             | EC               | CORP              | DE        |     40410 | NS      | $2051311.89   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Santander SA                     | Banco Santander SA                                  | CUSIP: N/A<br>LEI: 5493006QMFDDMYWIAM13       | Long             | EC               | CORP              | ES        |    201631 | NS      | $2162889.46   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| BOC Hong Kong Holdings Ltd             | BOC Hong Kong Holdings Ltd                          | CUSIP: N/A<br>LEI: 254900JB98W77JDJMW15       | Long             | EC               | CORP              | HK        |    382000 | NS      | $1837972.67   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung E&A Co Ltd                     | Samsung E&A Co Ltd                                  | CUSIP: N/A<br>LEI: 988400HDAY5KIVHGZ188       | Long             | EC               | CORP              | KR        |     98428 | NS      | $1710016.25   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung Electronics Co Ltd             | Samsung Electronics Co Ltd                          | CUSIP: N/A<br>LEI: 9884007ER46L6N7EI764       | Long             | EC               | CORP              | KR        |     35268 | NS      | $2410113.90   | 0.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Bradesco SA                      | Banco Bradesco SA                                   | CUSIP: P1808G117<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |    239480 | NS      | $884738.58    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| Avolta AG                              | Avolta AG                                           | CUSIP: N/A<br>LEI: 549300X53WDBVW7TIF57       | Long             | EC               | CORP              | CH        |     19213 | NS      | $1055704.04   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung C&T Corp                       | Samsung C&T Corp                                    | CUSIP: N/A<br>LEI: 988400GFRE4IDFPE9E64       | Long             | EC               | CORP              | KR        |       649 | NS      | $99292.83     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Banco Comercial Portugues SA           | Banco Comercial Portugues SA                        | CUSIP: N/A<br>LEI: JU1U6S0DG9YLT7N8ZV32       | Long             | EC               | CORP              | PT        |   2232740 | NS      | $2128417.98   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Swisscom AG                            | Swisscom AG                                         | CUSIP: N/A<br>LEI: 5493005SL9HHOXS3B739       | Long             | EC               | CORP              | CH        |        87 | NS      | $62464.04     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| TCL Electronics Holdings Ltd           | TCL Electronics Holdings Ltd                        | CUSIP: N/A<br>LEI: 5299000Y9D001SNNTJ48       | Long             | EC               | CORP              | HK        |   1407000 | NS      | $1846940.51   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Taiwan Surface Mounting Techno         | Taiwan Surface Mounting Technology Corp             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    499000 | NS      | $1629679.78   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Swatch Group AG/The                    | Swatch Group AG/The                                 | CUSIP: N/A<br>LEI: 529900NTES2LEON1JZ55       | Long             | EC               | CORP              | CH        |      1933 | NS      | $390355.50    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Telecom Italia SpA/Milano              | Telecom Italia SpA/Milano                           | CUSIP: N/A<br>LEI: 549300W384M3RI3VXU42       | Long             | EC               | CORP              | IT        |    285318 | NS      | $160529.87    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Super Retail Group Ltd                 | Super Retail Group Ltd                              | CUSIP: N/A<br>LEI: 9845001C5140A8CK7D81       | Long             | EC               | CORP              | AU        |     65742 | NS      | $699731.56    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Swissquote Group Holding SA            | Swissquote Group Holding SA                         | CUSIP: N/A<br>LEI: 549300O3WME82RDPEN66       | Long             | EC               | CORP              | CH        |      2671 | NS      | $1650601.16   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Swiss Re AG                            | Swiss Re AG                                         | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |      9714 | NS      | $1712456.19   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Telefonica Brasil SA                   | Telefonica Brasil SA                                | CUSIP: N/A<br>LEI: 529900MTGG2HSDBIWG79       | Long             | EC               | CORP              | BR        |    324080 | NS      | $2139830.51   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Talanx AG                              | Talanx AG                                           | CUSIP: N/A<br>LEI: 5299006ZIILJ6VJVSJ32       | Long             | EC               | CORP              | DE        |      7860 | NS      | $1021655.87   | 0.26%             |  |  |  | No            | 1                  | On Loan: No      |
| Tamarack Valley Energy Ltd             | Tamarack Valley Energy Ltd                          | CUSIP: 87505Y409<br>LEI: 549300TLKPX8BE14MH06 | Long             | EC               | CORP              | CA        |    264213 | NS      | $1480222.04   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                    | TE Connectivity PLC                                 | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |      8465 | NS      | $1914359.75   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Bouygues SA                            | Bouygues SA                                         | CUSIP: N/A<br>LEI: 969500MOCLNQFNZN0D63       | Long             | EC               | CORP              | FR        |     39862 | NS      | $1990185.50   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Carlsberg AS                           | Carlsberg AS                                        | CUSIP: N/A<br>LEI: 5299001O0WJQYB5GYZ19       | Long             | EC               | CORP              | DK        |     13320 | NS      | $1654987.49   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Brother Industries Ltd                 | Brother Industries Ltd                              | CUSIP: 114813108<br>LEI: 549300O5FACQ67KI6R92 | Long             | EC               | CORP              | JP        |    103700 | NS      | $2076658.12   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| CaixaBank SA                           | CaixaBank SA                                        | CUSIP: N/A<br>LEI: 7CUNS533WID6K7DGFI87       | Long             | EC               | CORP              | ES        |     27675 | NS      | $308848.97    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Industrias Penoles SAB de CV           | Industrias Penoles SAB de CV                        | CUSIP: P55409141<br>LEI: 549300WA2HB7776CB324 | Long             | EC               | CORP              | MX        |     60160 | NS      | $2569116.16   | 0.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingfisher PLC                         | Kingfisher PLC                                      | CUSIP: N/A<br>LEI: 213800KBMEV7I92FY281       | Long             | EC               | CORP              | GB        |    469431 | NS      | $1900812.40   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Jardine Cycle & Carriage Ltd           | Jardine Cycle & Carriage Ltd                        | CUSIP: N/A<br>LEI: 254900WEP6OCEXFWML09       | Long             | EC               | CORP              | SG        |     27500 | NS      | $724896.73    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Kasikornbank PCL                       | Kasikornbank PCL                                    | CUSIP: N/A<br>LEI: 5493004COSQ54937AW41       | Long             | EC               | CORP              | TH        |    316000 | NS      | $1830532.69   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Israel Discount Bank Ltd               | Israel Discount Bank Ltd                            | CUSIP: 465074201<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |    109352 | NS      | $1142022.36   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Kia Corp                               | Kia Corp                                            | CUSIP: N/A<br>LEI: 988400V8MJK9N7OI5X76       | Long             | EC               | CORP              | KR        |     23215 | NS      | $1801129.77   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingboard Holdings Ltd                 | Kingboard Holdings Ltd                              | CUSIP: N/A<br>LEI: 529900G89MY26MMSDR76       | Long             | EC               | CORP              | HK        |    487000 | NS      | $1628837.85   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| JTEKT Corp                             | JTEKT Corp                                          | CUSIP: N/A<br>LEI: 353800SK6NPOZVCBOI04       | Long             | EC               | CORP              | JP        |     88400 | NS      | $961608.46    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| J Sainsbury PLC                        | J Sainsbury PLC                                     | CUSIP: N/A<br>LEI: 213800VGZAAJIKJ9Y484       | Long             | EC               | CORP              | GB        |    436580 | NS      | $1863818.05   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Jyske Bank A/S                         | Jyske Bank A/S                                      | CUSIP: N/A<br>LEI: 3M5E1GQGKL17HI6CPN30       | Long             | EC               | CORP              | DK        |     17786 | NS      | $2204076.61   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Kinross Gold Corp                      | Kinross Gold Corp                                   | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |     70576 | NS      | $1993675.18   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| JET2 PLC                               | JET2 PLC                                            | CUSIP: N/A<br>LEI: I72RQ3PNLDPW8R7JIJ56       | Long             | EC               | CORP              | GB        |      2237 | NS      | $41674.02     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| K+S AG                                 | K+S AG                                              | CUSIP: N/A<br>LEI: 529900YURAYD4IJX2J91       | Long             | EC               | CORP              | DE        |     63307 | NS      | $861814.53    | 0.22%             |  |  |  | No            | 1                  | On Loan: No      |
| IHH Healthcare Bhd                     | IHH Healthcare Bhd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MY        |   1128100 | NS      | $2254835.09   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Airlines Co Ltd                  | Japan Airlines Co Ltd                               | CUSIP: N/A<br>LEI: 3538002MH5L1QZZ93477       | Long             | EC               | CORP              | JP        |     89700 | NS      | $1674438.32   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Koninklijke Ahold Delhaize NV          | Koninklijke Ahold Delhaize NV                       | CUSIP: N/A<br>LEI: 724500C9GNBV20UYRX36       | Long             | EC               | CORP              | NL        |     44200 | NS      | $1828714.34   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| ISS A/S                                | ISS A/S                                             | CUSIP: N/A<br>LEI: 213800LEZA58SZNCBN19       | Long             | EC               | CORP              | DK        |     60193 | NS      | $1990376.88   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Iveco Group NV                         | Iveco Group NV                                      | CUSIP: N/A<br>LEI: 549300ZWF2ZJDD9EOR96       | Long             | EC               | CORP              | IT        |     77459 | NS      | $1665306.47   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Kioxia Holdings Corp                   | Kioxia Holdings Corp                                | CUSIP: N/A<br>LEI: 35380080RTKRARNH4R73       | Long             | EC               | CORP              | JP        |    108400 | NS      | $6533869.91   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson Electric Holdings Ltd          | Johnson Electric Holdings Ltd                       | CUSIP: N/A<br>LEI: 529900EDYRQ6K25JEC80       | Long             | EC               | CORP              | HK        |    555000 | NS      | $2134286.37   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Jazz Pharmaceuticals PLC               | Jazz Pharmaceuticals PLC                            | CUSIP: N/A<br>LEI: 635400GAUMJCLEZRRV50       | Long             | EC               | CORP              | IE        |     15288 | NS      | $2698790.64   | 0.69%             |  |  |  | No            | 1                  | On Loan: No      |
| ICL Group Ltd                          | ICL Group Ltd                                       | CUSIP: N/A<br>LEI: 529900FQVQD88SHIGM04       | Long             | EC               | CORP              | IL        |     82281 | NS      | $459950.79    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Inmode Ltd                             | Inmode Ltd                                          | CUSIP: N/A<br>LEI: 984500DD95A35E9BD358       | Long             | EC               | CORP              | IL        |     29663 | NS      | $422697.75    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Cemex SAB de CV                        | Cemex SAB de CV                                     | CUSIP: P2253T133<br>LEI: 549300RIG2CXWN6IV731 | Long             | EC               | CORP              | MX        |   2105388 | NS      | $2265847.21   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| OMV AG                                 | OMV AG                                              | CUSIP: N/A<br>LEI: 549300V62YJ9HTLRI486       | Long             | EC               | CORP              | AT        |     24263 | NS      | $1342594.34   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Outokumpu Oyj                          | Outokumpu Oyj                                       | CUSIP: N/A<br>LEI: 5493009YRUJJDCFF0R80       | Long             | EC               | CORP              | FI        |    120639 | NS      | $566470.99    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| Orange SA                              | Orange SA                                           | CUSIP: N/A<br>LEI: 969500MCOONR8990S771       | Long             | EC               | CORP              | FR        |    116729 | NS      | $1922317.98   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| ORLEN SA                               | ORLEN SA                                            | CUSIP: N/A<br>LEI: 259400VVMM70CQREJT74       | Long             | EC               | CORP              | PL        |     78539 | NS      | $2025603.64   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung Fire & Marine Insuranc         | Samsung Fire & Marine Insurance Co Ltd              | CUSIP: N/A<br>LEI: 988400JMBDK47EW0Z936       | Long             | EC               | CORP              | KR        |      2155 | NS      | $705560.47    | 0.18%             |  |  |  | No            | 1                  | On Loan: No      |
| Cathay Pacific Airways Ltd             | Cathay Pacific Airways Ltd                          | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |   1121000 | NS      | $1736444.20   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| SATS Ltd                               | SATS Ltd                                            | CUSIP: N/A<br>LEI: 529900SEP1R0K8049D51       | Long             | EC               | CORP              | SG        |    370900 | NS      | $973678.72    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| CHINA TAIPING                          | China Taiping Insurance Holdings Co Ltd             | CUSIP: N/A<br>LEI: 529900C2G37NOIADYW07       | Long             | EC               | CORP              | HK        |    792000 | NS      | $1766985.20   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| SBI Holdings Inc                       | SBI Holdings Inc                                    | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |     88800 | NS      | $1871031.08   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Simplo Technology Co Ltd               | Simplo Technology Co Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    115822 | NS      | $1265794.04   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| OOIL                                   | Orient Overseas International Ltd                   | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |     97000 | NS      | $1574804.77   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Sigurd Microelectronics Corp           | Sigurd Microelectronics Corp                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    658000 | NS      | $2107025.65   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Sankyo Co Ltd                          | Sankyo Co Ltd                                       | CUSIP: N/A<br>LEI: 3538009H2R9ZBZAOAK48       | Long             | EC               | CORP              | JP        |     95800 | NS      | $1658773.47   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Novartis AG                            | Novartis AG                                         | CUSIP: N/A<br>LEI: 5493007HIVTX6SY6XD66       | Long             | EC               | CORP              | CH        |     15400 | NS      | $2003850.80   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Norwegian Air Shuttle ASA              | Norwegian Air Shuttle ASA                           | CUSIP: N/A<br>LEI: 549300IEUH2FEM2Y6B51       | Long             | EC               | CORP              | NO        |   1072005 | NS      | $1833955.00   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Cencosud SA                            | Cencosud SA                                         | CUSIP: N/A<br>LEI: 549300NLTGCFV7482429       | Long             | EC               | CORP              | CL        |    597588 | NS      | $1875323.26   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Centrica PLC                           | Centrica PLC                                        | CUSIP: N/A<br>LEI: E26EDV109X6EEPBKVH76       | Long             | EC               | CORP              | GB        |    398954 | NS      | $906569.47    | 0.23%             |  |  |  | No            | 1                  | On Loan: No      |
| Sembcorp Industries Ltd                | Sembcorp Industries Ltd                             | CUSIP: N/A<br>LEI: 254900J0FF14U6TPQM96       | Long             | EC               | CORP              | SG        |    296700 | NS      | $1404293.71   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Oversea-Chinese Banking Corp L         | Oversea-Chinese Banking Corp Ltd                    | CUSIP: N/A<br>LEI: 5493007O3QFXCPOGWK22       | Long             | EC               | CORP              | SG        |    120000 | NS      | $1714087.17   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Severstal PAO                          | Severstal PAO                                       | CUSIP: 818150302<br>LEI: 213800OKDPTV6K4ONO53 | Long             | EC               | CORP              | RU        |     24074 | NS      | $0.00         | 0.00%             |  |  |  | No            | 3                  | On Loan: No      |
| Orkla ASA                              | Orkla ASA                                           | CUSIP: N/A<br>LEI: 549300PZS8G8RG6RVZ52       | Long             | EC               | CORP              | NO        |    167736 | NS      | $1796389.46   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| CG SERVICES                            | Country Garden Services Holdings Co Ltd             | CUSIP: N/A<br>LEI: 549300P2JRKENZSEBB42       | Long             | EC               | CORP              | CN        |   1958000 | NS      | $1604505.75   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Old Mutual Ltd                         | Old Mutual Ltd                                      | CUSIP: N/A<br>LEI: 213800MON84ZWWPQCN47       | Long             | EC               | CORP              | ZA        |   2540142 | NS      | $2057029.31   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Seibu Holdings Inc                     | Seibu Holdings Inc                                  | CUSIP: N/A<br>LEI: 353800JY9TYV9WTCN620       | Long             | EC               | CORP              | JP        |     64500 | NS      | $2004232.62   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Sandoz Group AG                        | Sandoz Group AG                                     | CUSIP: N/A<br>LEI: 5493000JWK6XWFEUD320       | Long             | EC               | CORP              | CH        |      3644 | NS      | $257410.40    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| OceanaGold Corp                        | OceanaGold Corp                                     | CUSIP: 675222400<br>LEI: 549300CBMSE8I9N3E232 | Long             | EC               | CORP              | CA        |    127965 | NS      | $3301819.20   | 0.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Samsung SDS Co Ltd                     | Samsung SDS Co Ltd                                  | CUSIP: N/A<br>LEI: 988400G19T2TB4CAWX91       | Long             | EC               | CORP              | KR        |     15571 | NS      | $1784050.25   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Schaeffler AG                          | Schaeffler AG                                       | CUSIP: N/A<br>LEI: 549300Q7E782X7GC1P43       | Long             | EC               | CORP              | DE        |     25211 | NS      | $194862.54    | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| CHINARES PHARMA                        | China Resources Pharmaceutical Group Ltd            | CUSIP: N/A<br>LEI: 3003004H1KDKMJ8JD874       | Long             | EC               | CORP              | CN        |   2484500 | NS      | $1528559.78   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Signify NV                             | Signify NV                                          | CUSIP: N/A<br>LEI: 549300072P3J1X8NZO35       | Long             | EC               | CORP              | NL        |     44592 | NS      | $1052620.85   | 0.27%             |  |  |  | No            | 1                  | On Loan: No      |
| Chubb Ltd                              | Chubb Ltd                                           | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |      6665 | NS      | $1974039.70   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| voestalpine AG                         | voestalpine AG                                      | CUSIP: N/A<br>LEI: 529900ZAXBMQDIWPNB72       | Long             | EC               | CORP              | AT        |     28073 | NS      | $1210677.85   | 0.31%             |  |  |  | No            | 1                  | On Loan: No      |
| Nokia Oyj                              | Nokia Oyj                                           | CUSIP: N/A<br>LEI: 549300A0JPRWG1KI7U06       | Long             | EC               | CORP              | FI        |    386687 | NS      | $2352451.38   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Societe Generale SA                    | Societe Generale SA                                 | CUSIP: N/A<br>LEI: O2RNE8IBXP4R0TD8PU41       | Long             | EC               | CORP              | FR        |      2425 | NS      | $168691.25    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| SK Telecom Co Ltd                      | SK Telecom Co Ltd                                   | CUSIP: N/A<br>LEI: 9884003WEA1PHW006037       | Long             | EC               | CORP              | KR        |     38128 | NS      | $1387038.38   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Exchange Ltd                 | Singapore Exchange Ltd                              | CUSIP: N/A<br>LEI: 549300IQ650PPXM76X03       | Long             | EC               | CORP              | SG        |    144500 | NS      | $1881071.69   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Malayan Banking Bhd                    | Malayan Banking Bhd                                 | CUSIP: N/A<br>LEI: 5493004OT3TOY404V310       | Long             | EC               | CORP              | MY        |    785800 | NS      | $1884398.79   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| MISC Bhd                               | MISC Bhd                                            | CUSIP: N/A<br>LEI: 9845002055U77FF6B972       | Long             | EC               | CORP              | MY        |    833700 | NS      | $1515084.57   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| NongShim Co Ltd                        | NongShim Co Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |      6405 | NS      | $1946782.04   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Airlines Ltd                 | Singapore Airlines Ltd                              | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |    299900 | NS      | $1502799.68   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| NKT A/S                                | NKT A/S                                             | CUSIP: N/A<br>LEI: 529900197LKWCEQ0NL18       | Long             | EC               | CORP              | DK        |     19621 | NS      | $2359825.03   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Sino Biopharmaceutical Ltd             | Sino Biopharmaceutical Ltd                          | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               | CORP              | HK        |     66155 | NS      | $59904.54     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SingTel                                | Singapore Telecommunications Ltd                    | CUSIP: Y79985209<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |    559900 | NS      | $2044803.30   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Minth Group Ltd                        | Minth Group Ltd                                     | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |    518000 | NS      | $2264786.27   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Norsk Hydro ASA                        | Norsk Hydro ASA                                     | CUSIP: N/A<br>LEI: 549300N1SDN71ZZ8BO45       | Long             | EC               | CORP              | NO        |    285230 | NS      | $2041547.74   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| SSAB AB                                | SSAB AB                                             | CUSIP: N/A<br>LEI: 529900329VS14ZIML164       | Long             | EC               | CORP              | SE        |    295202 | NS      | $2071977.35   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Mapfre SA                              | Mapfre SA                                           | CUSIP: N/A<br>LEI: 95980020140005693107       | Long             | EC               | CORP              | ES        |     61276 | NS      | $283602.22    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Vodacom Group Ltd                      | Vodacom Group Ltd                                   | CUSIP: N/A<br>LEI: 37890012A8DC24B8D663       | Long             | EC               | CORP              | ZA        |    232235 | NS      | $1819371.90   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Vodafone Group PLC                     | Vodafone Group PLC                                  | CUSIP: N/A<br>LEI: 213800TB53ELEUKM7Q61       | Long             | EC               | CORP              | GB        |   1576484 | NS      | $1963920.73   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Mobvista Inc                           | Mobvista Inc                                        | CUSIP: N/A<br>LEI: 655600AW50D7VN363G24       | Long             | EC               | CORP              | SG        |   1713000 | NS      | $3227716.55   | 0.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Sinch AB                               | Sinch AB                                            | CUSIP: N/A<br>LEI: 549300UXY7QM6IDCGI12       | Long             | EC               | CORP              | SE        |    136261 | NS      | $415352.80    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Vestas Wind Systems A/S                | Vestas Wind Systems A/S                             | CUSIP: N/A<br>LEI: 549300DYMC8BGZZC8844       | Long             | EC               | CORP              | DK        |     92467 | NS      | $2200500.51   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| NN Group NV                            | NN Group NV                                         | CUSIP: N/A<br>LEI: 724500OHYNDT9OY6Q215       | Long             | EC               | CORP              | NL        |     26121 | NS      | $1894065.04   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Vibra Energia SA                       | Vibra Energia SA                                    | CUSIP: N/A<br>LEI: 549300U7VLJ3SYVNY689       | Long             | EC               | CORP              | BR        |    504278 | NS      | $2352832.67   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| MBRF Global Foods Company SA           | MBRF Global Foods Company SA                        | CUSIP: N/A<br>LEI: 391200219USWMOBN3F92       | Long             | EC               | CORP              | BR        |    431829 | NS      | $1571110.15   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| DCC PLC                                | DCC PLC                                             | CUSIP: N/A<br>LEI: 213800UPS1QEE4TD3T45       | Long             | EC               | CORP              | IE        |     19290 | NS      | $1276423.84   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Embotelladora Andina SA                | Embotelladora Andina SA                             | CUSIP: N/A<br>LEI: 254900NNPKP1J9XTSA53       | Long             | EP               | CORP              | CL        |    182483 | NS      | $827066.10    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Empire Co Ltd                          | Empire Co Ltd                                       | CUSIP: 291843407<br>LEI: 549300TX0ZUSTEF7C719 | Long             | EC               | CORP              | CA        |     43875 | NS      | $1619288.22   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Finning International Inc              | Finning International Inc                           | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |     39693 | NS      | $2128652.98   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Danske Bank A/S                        | Danske Bank A/S                                     | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |     13782 | NS      | $633901.33    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Lufthansa AG                  | Deutsche Lufthansa AG                               | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | EC               | CORP              | DE        |    199782 | NS      | $1917458.32   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Fortum Oyj                             | Fortum Oyj                                          | CUSIP: N/A<br>LEI: 635400IUIZZIUJSAMF76       | Long             | EC               | CORP              | FI        |     48580 | NS      | $997636.07    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| thyssenkrupp AG                        | thyssenkrupp AG                                     | CUSIP: N/A<br>LEI: 549300UDG16DOYUPR330       | Long             | EC               | CORP              | DE        |    144402 | NS      | $1576982.59   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| DB Insurance Co Ltd                    | DB Insurance Co Ltd                                 | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |     19090 | NS      | $1616091.52   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| DBS Group Holdings Ltd                 | DBS Group Holdings Ltd                              | CUSIP: N/A<br>LEI: 5493007FKT78NKPM5V55       | Long             | EC               | CORP              | SG        |     45040 | NS      | $1884853.49   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| United Tractors Tbk PT                 | United Tractors Tbk PT                              | CUSIP: N/A<br>LEI: 529900N9ELYOWQV4FW14       | Long             | EC               | CORP              | ID        |   1197700 | NS      | $2013545.48   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Evergreen Marine Corp Taiwan L         | Evergreen Marine Corp Taiwan Ltd                    | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               | CORP              | TW        |    263000 | NS      | $1504173.97   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| TMBThanachart Bank PCL                 | TMBThanachart Bank PCL                              | CUSIP: N/A<br>LEI: 549300WKGLXEV3DB7I54       | Long             | EC               | CORP              | TH        |  25797200 | NS      | $1546469.82   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxaro Resources Ltd                   | Exxaro Resources Ltd                                | CUSIP: S26949107<br>LEI: 378900BC3D9BFF4E4A37 | Long             | EC               | CORP              | ZA        |    195384 | NS      | $1984013.15   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| El Al Israel Airlines                  | El Al Israel Airlines                               | CUSIP: N/A<br>LEI: 549300TW18OUVFDCDP95       | Long             | EC               | CORP              | IL        |    448459 | NS      | $1924367.93   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Telekom Malaysia Bhd                   | Telekom Malaysia Bhd                                | CUSIP: N/A<br>LEI: 254900SNFPTSDGGVEK77       | Long             | EC               | CORP              | MY        |   1110900 | NS      | $1994646.82   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| United Microelectronics Corp           | United Microelectronics Corp                        | CUSIP: N/A<br>LEI: 391200YJCAGH9LF96P73       | Long             | EC               | CORP              | TW        |   1203000 | NS      | $1755532.90   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| United Overseas Bank Ltd               | United Overseas Bank Ltd                            | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |     37019 | NS      | $971243.19    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| UOL Group Ltd                          | UOL Group Ltd                                       | CUSIP: N/A<br>LEI: 254900O9PRCWTMR86R25       | Long             | EC               | CORP              | SG        |    332800 | NS      | $2163591.86   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Venture Corp Ltd                       | Venture Corp Ltd                                    | CUSIP: N/A<br>LEI: 254900B1NLZC3J1MAE72       | Long             | EC               | CORP              | SG        |     85400 | NS      | $985118.33    | 0.25%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinor ASA                            | Equinor ASA                                         | CUSIP: N/A<br>LEI: OW6OFBNCKXC4US5C7523       | Long             | EC               | CORP              | NO        |     67880 | NS      | $1564695.62   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Tiger Brands Ltd                       | Tiger Brands Ltd                                    | CUSIP: N/A<br>LEI: 529900C57HAFZAHHBC90       | Long             | EC               | CORP              | ZA        |    107119 | NS      | $2247263.12   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| DNO ASA                                | DNO ASA                                             | CUSIP: N/A<br>LEI: 5967007LIEEXZXH3K072       | Long             | EC               | CORP              | NO        |   1251045 | NS      | $1795089.49   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| UNITED LAB                             | United Laboratories International Holdings Ltd/The  | CUSIP: N/A<br>LEI: 2549007JL3XIH77JXN70       | Long             | EC               | CORP              | HK        |    886000 | NS      | $1453223.90   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| easyJet PLC                            | easyJet PLC                                         | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    172774 | NS      | $1143249.62   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Telkom Indonesia Persero Tbk P         | Telkom Indonesia Persero Tbk PT                     | CUSIP: N/A<br>LEI: 529900M5SQZAOKV1PC81       | Long             | EC               | CORP              | ID        |  10125600 | NS      | $2133945.12   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Tesco PLC                              | Tesco PLC                                           | CUSIP: N/A<br>LEI: 2138002P5RNKC5W2JZ46       | Long             | EC               | CORP              | GB        |    311945 | NS      | $1861204.60   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| TIM SA/Brazil                          | TIM SA/Brazil                                       | CUSIP: N/A<br>LEI: 529900QI0CH1DN5ZCS77       | Long             | EC               | CORP              | BR        |    505914 | NS      | $2374667.45   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| DNB Bank ASA                           | DNB Bank ASA                                        | CUSIP: N/A<br>LEI: 549300GKFG0RYRRQ1414       | Long             | EC               | CORP              | NO        |     69424 | NS      | $1857046.00   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Embracer Group AB                      | Embracer Group AB                                   | CUSIP: N/A<br>LEI: 549300RFXXKT652HB549       | Long             | EC               | CORP              | SE        |    163307 | NS      | $1586710.15   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Power Corp of Canada                   | Power Corp of Canada                                | CUSIP: 739239101<br>LEI: 549300BE2CB8T87IJV50 | Long             | EC               | CORP              | CA        |     43916 | NS      | $2241399.81   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| AP Moller - Maersk A/S                 | AP Moller - Maersk A/S                              | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       841 | NS      | $1682522.73   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Allianz SE                             | Allianz SE                                          | CUSIP: N/A<br>LEI: 529900K9B0N5BT694847       | Long             | EC               | CORP              | DE        |       390 | NS      | $168508.46    | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Aurubis AG                             | Aurubis AG                                          | CUSIP: N/A<br>LEI: 5299005SHIN9ZK7GW242       | Long             | EC               | CORP              | DE        |      5628 | NS      | $778564.17    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Repsol SA                              | Repsol SA                                           | CUSIP: N/A<br>LEI: BSYCX13Y0NOTV14V9N85       | Long             | EC               | CORP              | ES        |     13500 | NS      | $250365.57    | 0.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Aisin Corp                             | Aisin Corp                                          | CUSIP: N/A<br>LEI: 3538004IOK08PDY6I723       | Long             | EC               | CORP              | JP        |    132800 | NS      | $2365805.83   | 0.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Alps Alpine Co Ltd                     | Alps Alpine Co Ltd                                  | CUSIP: N/A<br>LEI: 529900PWNU4ASLY9VI90       | Long             | EC               | CORP              | JP        |    165900 | NS      | $2155477.41   | 0.55%             |  |  |  | No            | 1                  | On Loan: No      |
| AMMB Holdings Bhd                      | AMMB Holdings Bhd                                   | CUSIP: N/A<br>LEI: 254900R0GQB7U67SCH62       | Long             | EC               | CORP              | MY        |   1464500 | NS      | $2108596.49   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Aneka Tambang Tbk                      | Aneka Tambang Tbk                                   | CUSIP: N/A<br>LEI: 529900LRE2NALSSHMB80       | Long             | EC               | CORP              | ID        |   9750600 | NS      | $1703647.31   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| RHB Bank Bhd                           | RHB Bank Bhd                                        | CUSIP: N/A<br>LEI: 549300ZHRPSV7QIUJT80       | Long             | EC               | CORP              | MY        |   1194100 | NS      | $2008226.26   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Regis Resources Ltd                    | Regis Resources Ltd                                 | CUSIP: N/A<br>LEI: 213800XH9YUXBLYBD749       | Long             | EC               | CORP              | AU        |    384749 | NS      | $1862103.81   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Ramelius Resources Ltd                 | Ramelius Resources Ltd                              | CUSIP: N/A<br>LEI: 254900E44AIGW7KKNR98       | Long             | EC               | CORP              | AU        |   1056834 | NS      | $2536634.47   | 0.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Powertech Technology Inc               | Powertech Technology Inc                            | CUSIP: N/A<br>LEI: 254900O6KNZXH2RI9Q14       | Long             | EC               | CORP              | TW        |    314000 | NS      | $1570750.36   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Qantas Airways Ltd                     | Qantas Airways Ltd                                  | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |    247242 | NS      | $1618165.05   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| QBE Insurance Group Ltd                | QBE Insurance Group Ltd                             | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |    119329 | NS      | $1506422.39   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Proximus SADP                          | Proximus SADP                                       | CUSIP: N/A<br>LEI: 549300CWRXC5EP004533       | Long             | EC               | CORP              | BE        |     50735 | NS      | $436599.15    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Public Bank Bhd                        | Public Bank Bhd                                     | CUSIP: N/A<br>LEI: 549300L2RSQCVMOHGM20       | Long             | EC               | CORP              | MY        |   1764100 | NS      | $1856947.37   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Pacific Basin Shipping Ltd             | Pacific Basin Shipping Ltd                          | CUSIP: N/A<br>LEI: 254900LNPK737X4Y3V26       | Long             | EC               | CORP              | HK        |   6049605 | NS      | $2020264.72   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Perseus Mining Ltd                     | Perseus Mining Ltd                                  | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |    789591 | NS      | $2925638.52   | 0.74%             |  |  |  | No            | 1                  | On Loan: No      |
| PTT Exploration & Production P         | PTT Exploration & Production PCL                    | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |    494800 | NS      | $1636782.11   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Aker BP ASA                            | Aker BP ASA                                         | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |     70647 | NS      | $1720695.00   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Arcadyan Technology Corp               | Arcadyan Technology Corp                            | CUSIP: N/A<br>LEI: 254900R5W61G3GO1Q067       | Long             | EC               | CORP              | TW        |    237000 | NS      | $1381902.18   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Alamtri Resources Indonesia Tb         | Alamtri Resources Indonesia Tbk PT                  | CUSIP: N/A<br>LEI: 529900P2WAH7XA87OI24       | Long             | EC               | CORP              | ID        |  15043600 | NS      | $1634879.38   | 0.41%             |  |  |  | No            | 1                  | On Loan: No      |
| PGE Polska Grupa Energetyczna          | PGE Polska Grupa Energetyczna SA                    | CUSIP: N/A<br>LEI: 259400MP9VXR0E69MJ89       | Long             | EC               | CORP              | PL        |    538629 | NS      | $1457738.75   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Parex Resources Inc                    | Parex Resources Inc                                 | CUSIP: 69946Q104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |     46476 | NS      | $616768.41    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Primax Electronics Ltd                 | Primax Electronics Ltd                              | CUSIP: N/A<br>LEI: 254900JO4CQFFG7AIQ15       | Long             | EC               | CORP              | TW        |    497000 | NS      | $1303269.08   | 0.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Astra International Tbk PT             | Astra International Tbk PT                          | CUSIP: N/A<br>LEI: 529900L49TRJOMG4DK47       | Long             | EC               | CORP              | ID        |   5749400 | NS      | $2261096.97   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Ageas SA/NV                            | Ageas SA/NV                                         | CUSIP: N/A<br>LEI: 5493005DJBML6LY3RV36       | Long             | EC               | CORP              | BE        |      6219 | NS      | $425108.63    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Alior Bank SA                          | Alior Bank SA                                       | CUSIP: N/A<br>LEI: 259400QHDOZWMJ103294       | Long             | EC               | CORP              | PL        |     10124 | NS      | $287297.26    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Plus500 Ltd                            | Plus500 Ltd                                         | CUSIP: N/A<br>LEI: 549300X8NGW9C5OJZU13       | Long             | EC               | CORP              | IL        |      9869 | NS      | $415044.07    | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Ambev SA                               | Ambev SA                                            | CUSIP: N/A<br>LEI: 549300TH5Q6VRP8OT012       | Long             | EC               | CORP              | BR        |    687980 | NS      | $1789736.86   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| ROCKWOOL A/S                           | ROCKWOOL A/S                                        | CUSIP: N/A<br>LEI: 213800QRC7LNX935OZ09       | Long             | EC               | CORP              | DK        |     39868 | NS      | $1347105.37   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Canada                             | Air Canada                                          | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |    110305 | NS      | $1504968.33   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| AGL Energy Ltd                         | AGL Energy Ltd                                      | CUSIP: N/A<br>LEI: 549300QAZ8A74DEDXO80       | Long             | EC               | CORP              | AU        |    184096 | NS      | $1134859.86   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Alkermes PLC                           | Alkermes PLC                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     68624 | NS      | $2029897.92   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Aptiv PLC                              | Aptiv PLC                                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     25700 | NS      | $1993035.00   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Perrigo Co PLC                         | Perrigo Co PLC                                      | CUSIP: N/A<br>LEI: 549300IFOQS6R1QLY196       | Long             | EC               | CORP              | IE        |     41484 | NS      | $553811.40    | 0.14%             |  |  |  | No            | 1                  | On Loan: No      |
| AerCap Holdings NV                     | AerCap Holdings NV                                  | CUSIP: N/A<br>LEI: 549300SZYINBBLJQU475       | Long             | EC               | CORP              | IE        |     15846 | NS      | $2123364.00   | 0.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Magna International Inc                | Magna International Inc                             | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     41643 | NS      | $2042943.06   | 0.52%             |  |  |  | No            | 1                  | On Loan: No      |
| LG Uplus Corp                          | LG Uplus Corp                                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |    171397 | NS      | $1755168.68   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| Lojas Renner SA                        | Lojas Renner SA                                     | CUSIP: N/A<br>LEI: 52990032N7OAAM138D78       | Long             | EC               | CORP              | BR        |    604558 | NS      | $1795616.01   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Magazine Luiza SA                      | Magazine Luiza SA                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |   1398784 | NS      | $2688559.60   | 0.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Continental AG                         | Continental AG                                      | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |     20063 | NS      | $1502757.49   | 0.38%             |  |  |  | No            | 1                  | On Loan: No      |
| Korea Gas Corp                         | Korea Gas Corp                                      | CUSIP: N/A<br>LEI: 988400TFZILHBD5M3R71       | Long             | EC               | CORP              | KR        |     54919 | NS      | $1549749.09   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Compal Electronics Inc                 | Compal Electronics Inc                              | CUSIP: N/A<br>LEI: 529900ZPKWFDL21LW166       | Long             | EC               | CORP              | TW        |   1336000 | NS      | $1249373.90   | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| Harmony Gold Mining Co Ltd             | Harmony Gold Mining Co Ltd                          | CUSIP: N/A<br>LEI: 378900986D05F0C29811       | Long             | EC               | CORP              | ZA        |     23342 | NS      | $455187.74    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| HD Korea Shipbuilding & Offsho         | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: N/A<br>LEI: 988400DPTJ9KH5R6W540       | Long             | EC               | CORP              | KR        |      7016 | NS      | $1955978.65   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Hyundai Mobis Co Ltd                   | Hyundai Mobis Co Ltd                                | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |      8151 | NS      | $1715387.41   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Hanwha Corp                            | Hanwha Corp                                         | CUSIP: N/A<br>LEI: 988400JE9FIHQS7TX614       | Long             | EC               | CORP              | KR        |     26225 | NS      | $1415880.73   | 0.36%             |  |  |  | No            | 1                  | On Loan: No      |
| ComfortDelGro Corp Ltd                 | ComfortDelGro Corp Ltd                              | CUSIP: N/A<br>LEI: 2549005O5PVA2JCH6Q33       | Long             | EC               | CORP              | SG        |   1321300 | NS      | $1469074.62   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| Holcim AG                              | Holcim AG                                           | CUSIP: N/A<br>LEI: 529900EHPFPYHV6IQO98       | Long             | EC               | CORP              | CH        |     22290 | NS      | $2088117.32   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| COPASA                                 | Cia de Saneamento de Minas Gerais Copasa MG         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BR        |    288104 | NS      | $2206396.11   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| D/S Norden A/S                         | D/S Norden A/S                                      | CUSIP: N/A<br>LEI: 529900RGXD3CBR3BRU63       | Long             | EC               | CORP              | DK        |     41617 | NS      | $1638683.52   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Cia Energetica de Minas Gerais         | Cia Energetica de Minas Gerais                      | CUSIP: N/A<br>LEI: 254900W703PXLDSEM056       | Long             | EP               | CORP              | BR        |    783299 | NS      | $1681471.69   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Hankook Tire & Technology Co L         | Hankook Tire & Technology Co Ltd                    | CUSIP: N/A<br>LEI: 9884001BIEVM09M7AH02       | Long             | EC               | CORP              | KR        |     53131 | NS      | $2221845.10   | 0.56%             |  |  |  | No            | 1                  | On Loan: No      |
| Coca-Cola HBC AG                       | Coca-Cola HBC AG                                    | CUSIP: N/A<br>LEI: 549300EFP3TNG7JGVE49       | Long             | EC               | CORP              | CH        |     27787 | NS      | $1394651.74   | 0.35%             |  |  |  | No            | 1                  | On Loan: No      |
| HD Hyundai Co Ltd                      | HD Hyundai Co Ltd                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | KR        |     12291 | NS      | $1642254.45   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| iA Financial Corp Inc                  | iA Financial Corp Inc                               | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |     16194 | NS      | $1917421.64   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Helvetia Holding AG                    | Helvetia Holding AG                                 | CUSIP: N/A<br>LEI: 529900SUJBXTORH0LT80       | Long             | EC               | CORP              | CH        |      4320 | NS      | $1121225.48   | 0.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Hoegh Autoliners ASA                   | Hoegh Autoliners ASA                                | CUSIP: N/A<br>LEI: 549300D7GNMPKTA4HD46       | Long             | EC               | CORP              | NO        |    167117 | NS      | $1472462.00   | 0.37%             |  |  |  | No            | 1                  | On Loan: No      |
| HelloFresh SE                          | HelloFresh SE                                       | CUSIP: N/A<br>LEI: 391200ZAF4V6XD2M9G57       | Long             | EC               | CORP              | DE        |     67493 | NS      | $484856.75    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Credicorp Ltd                          | Credicorp Ltd                                       | CUSIP: N/A<br>LEI: 529900UYAEYQCQ2BKB17       | Long             | EC               | CORP              | PE        |      7541 | NS      | $1939620.61   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Garrett Motion Inc                     | Garrett Motion Inc                                  | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |    135384 | NS      | $2237897.52   | 0.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Fresenius SE & Co KGaA                 | Fresenius SE & Co KGaA                              | CUSIP: N/A<br>LEI: XDFJ0CYCOO1FXRFTQS51       | Long             | EC               | CORP              | DE        |     36800 | NS      | $2021381.98   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Genmab A/S                             | Genmab A/S                                          | CUSIP: N/A<br>LEI: 529900MTJPDPE4MHJ122       | Long             | EC               | CORP              | DK        |      7684 | NS      | $2434570.12   | 0.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Fresenius Medical Care AG              | Fresenius Medical Care AG                           | CUSIP: N/A<br>LEI: 549300CP8NY40UP89Q40       | Long             | EC               | CORP              | DE        |     23830 | NS      | $1140806.70   | 0.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Tripod Technology Corp                 | Tripod Technology Corp                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    194000 | NS      | $1891476.82   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Geely Automobile Holdings Ltd          | Geely Automobile Holdings Ltd                       | CUSIP: N/A<br>LEI: 549300YS3T1KVQ2SNI84       | Long             | EC               | CORP              | HK        |    730000 | NS      | $1588342.58   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Foxconn Technology Co Ltd              | Foxconn Technology Co Ltd                           | CUSIP: N/A<br>LEI: 3003003OO8QC88ZHCE44       | Long             | EC               | CORP              | TW        |    636000 | NS      | $1321242.63   | 0.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Toyo Tire Corp                         | Toyo Tire Corp                                      | CUSIP: N/A<br>LEI: 529900Y41RD7VQM9RF75       | Long             | EC               | CORP              | JP        |     82800 | NS      | $2278392.82   | 0.58%             |  |  |  | No            | 1                  | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account              | CUSIP: 8AMMF0A84<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1627423 | NS      | $1627423.37   | 0.41%             |  |  |  | No            | N/A                | On Loan: No      |
| Freenet AG                             | Freenet AG                                          | CUSIP: N/A<br>LEI: 5299003GLDODCVP8DO20       | Long             | EC               | CORP              | DE        |     18892 | NS      | $625304.46    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Gjensidige Forsikring ASA              | Gjensidige Forsikring ASA                           | CUSIP: N/A<br>LEI: 5967007LIEEXZX6FAO47       | Long             | EC               | CORP              | NO        |     33911 | NS      | $949685.06    | 0.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Genting Singapore Ltd                  | Genting Singapore Ltd                               | CUSIP: N/A<br>LEI: 254900Y2N3AK93K1O866       | Long             | EC               | CORP              | SG        |   3057700 | NS      | $1794272.48   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Gentera SAB de CV                      | Gentera SAB de CV                                   | CUSIP: N/A<br>LEI: 4469000001ECOWXFNE33       | Long             | EC               | CORP              | MX        |    729472 | NS      | $1723804.82   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| H Lundbeck A/S                         | H Lundbeck A/S                                      | CUSIP: N/A<br>LEI: 5493006R4KC2OI5D3470       | Long             | EC               | CORP              | DK        |    243493 | NS      | $1680671.13   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Hafnia Ltd                             | Hafnia Ltd                                          | CUSIP: N/A<br>LEI: 5493001KCFT0SCGJ2647       | Long             | EC               | CORP              | SG        |    314839 | NS      | $1896680.50   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Tryg A/S                               | Tryg A/S                                            | CUSIP: N/A<br>LEI: 213800ZRS8AC4LSTCE39       | Long             | EC               | CORP              | DK        |     72386 | NS      | $1794043.51   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer