# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-26-009881
**Filing Date:** 2026-3
**Character Count:** 30202
**Document Hash:** 1d4481047506555093fb64346dad7462
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-009881.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000894189-26-009881

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**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:** 26815154

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

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

## Series and Classes Contracts Data

### AAM S&P 500 High Dividend Value ETF (Series ID: S000059242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000194426 | AAM S&P 500 High Dividend Value ETF | SPDV            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **AAM S&P 500 High Dividend Value ETF** | **AAM S&P 500 High Dividend Value ETF** | **AAM S&P 500 High Dividend Value ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** | **January 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 100.1%** | **Shares** | **Value**  |
| **Communication Services - 9.9%** | **Communication Services - 9.9%** | |
| AT&T, Inc. | 64977 | $1703047 |
| Comcast Corp. - Class A | 52864 | 1572704 |
| Match Group, Inc. | 49240 | 1533826 |
| Omnicom Group, Inc. | 19432 | 1497041 |
| Verizon Communications, Inc. | 38913 | 1732407 |
|  |  | 8039025 |
| **Consumer Discretionary - 9.3%** | **Consumer Discretionary - 9.3%** |  |
| Best Buy Company, Inc. | 22942 | 1493524 |
| Darden Restaurants, Inc. | 7375 | 1470206 |
| Ford Motor Co. | 110930 | 1539709 |
| Hasbro, Inc. | 17372 | 1551493 |
| Lowe's Cos., Inc. | 5511 | 1471768 |
|  |  | 7526700 |
| **Consumer Staples - 9.6%** | **Consumer Staples - 9.6%** |  |
| Altria Group, Inc. | 25000 | 1549750 |
| Archer-Daniels-Midland Co. | 22566 | 1518917 |
| Conagra Brands, Inc. | 88288 | 1634211 |
| Kraft Heinz Co. <sup>(a)</sup> | 68167 | 1618285 |
| Molson Coors Beverage Co. - Class B | 30279 | 1454603 |
|  |  | 7775766 |
| **Energy - 9.8%** | **Energy - 9.8%** |  |
| APA Corp. <sup>(a)</sup> | 57535 | 1519499 |
| Coterra Energy, Inc. | 57052 | 1645950 |
| Devon Energy Corp. | 40449 | 1626454 |
| EOG Resources, Inc. | 14132 | 1584621 |
| ONEOK, Inc. | 20139 | 1594808 |
|  |  | 7971332 |
| **Financials - 9.5%** | **Financials - 9.5%** |  |
| KeyCorp | 70415 | 1515331 |
| Principal Financial Group, Inc. | 16764 | 1587886 |
| Prudential Financial, Inc. | 13951 | 1550096 |
| Regions Financial Corp. | 53297 | 1518964 |
| US Bancorp | 27528 | 1544596 |
|  |  | 7716873 |
| **Health Care - 9.3%** | **Health Care - 9.3%** |  |
| Amgen, Inc. | 4446 | 1519998 |
| Bristol-Myers Squibb Co. | 28018 | 1542391 |
| CVS Health Corp. | 18738 | 1396356 |
| Pfizer, Inc. | 58979 | 1559405 |
| Viatris, Inc. | 117008 | 1531635 |
|  |  | 7549785 |
| **Industrials - 9.3%** | **Industrials - 9.3%** |  |
| FedEx Corp. | 4975 | 1603194 |
| Paychex, Inc. | 14252 | 1469809 |
| Snap-on, Inc. | 4109 | 1504346 |
| Stanley Black & Decker, Inc. <sup>(a)</sup> | 18279 | 1437826 |
| United Parcel Service, Inc. - Class B | 14076 | 1495152 |
|  |  | 7510327 |
| **Information Technology - 9.1%** | **Information Technology - 9.1%** |  |
| Accenture PLC - Class A | 5445 | 1435520 |
| HP, Inc. | 78185 | 1519916 |
| NetApp, Inc. | 15728 | 1515393 |
| QUALCOMM, Inc. | 9766 | 1480428 |
| Skyworks Solutions, Inc. <sup>(a)</sup> | 26075 | 1453942 |
|  |  | 7405199 |
| **Materials - 9.4%** | **Materials - 9.4%** |  |
| Amcor PLC <sup>(a)</sup> | 36014 | 1593620 |
| Avery Dennison Corp. | 8225 | 1525820 |
| CF Industries Holdings, Inc. | 16623 | 1549762 |
| LyondellBasell Industries NV - Class A | 29482 | 1444618 |
| Smurfit WestRock PLC | 36434 | 1516747 |
|  |  | 7630567 |
| **Real Estate - 9.2%** | **Real Estate - 9.2%** |  |
| Alexandria Real Estate Equities, Inc. | 26124 | 1427415 |
| BXP, Inc. | 23161 | 1497822 |
| Healthpeak Properties, Inc. | 85232 | 1469400 |
| Host Hotels & Resorts, Inc. | 81743 | 1514698 |
| Kimco Realty Corp. | 73007 | 1538987 |
|  |  | 7448322 |
| **Utilities - 5.7%** | **Utilities - 5.7%** |  |
| NextEra Energy, Inc. | 18207 | 1600395 |
| NRG Energy, Inc. | 10134 | 1546753 |
| Vistra Corp. | 9543 | 1511134 |
|  |  | 4658282 |
| **TOTAL COMMON STOCKS** (Cost $80,415,561) | **TOTAL COMMON STOCKS** (Cost $80,415,561) | 81232178 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 10.6%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.77% <sup>(b)</sup> | 8552846 | 8552846 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,552,846) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $8,552,846) | 8552846 |
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| Invesco Government & Agency Portfolio - Institutional Class, 3.61% <sup>(b)</sup> | 181106 | 181106 |
| **TOTAL MONEY MARKET FUNDS** (Cost $181,106) | **TOTAL MONEY MARKET FUNDS** (Cost $181,106) | 181106 |
| **TOTAL INVESTMENTS - 110.9% (**Cost $89,149,513**)** | **TOTAL INVESTMENTS - 110.9% (**Cost $89,149,513**)** | 89966130 |
| Liabilities in Excess of Other Assets - (10.9)% | Liabilities in Excess of Other Assets - (10.9)% | (8827263) |
| **TOTAL NET ASSETS - 100.0%** |  | $81138867 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| PLC - Public Limited Company |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) All or a portion of this security is on loan as of January 31, 2026. The fair value of these securities was $8,440,157.

(b) The rate shown represents the 7-day annualized yield as of January 31, 2026.

------

#### Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
AAM S&P 500 High Dividend Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of January 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $81232178 | $– | $– | $81232178 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 8552846 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 181106 | – | – | 181106 |
| Total Investments | $81413284 | $– | $– | $89966130 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of
 $8,552,846 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** AAM S&P 500 High Dividend Value ETF

- **b. EDGAR series identifier (if any):** S000059242

- **c. LEI of Series:** 549300YVPLLF13BE7X64

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $144679969.34

**Total Liabilities:** $36167460.76

**Net Assets:** $108512508.58

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194426 | 1.92%                | 0.47%                | 5.71%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-482119.33              | $1662043.56                                |
| Month 2  | $-236950.25              | $262545.31                                 |
| Month 3  | $-25560.66               | $4275831.52                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CVS Health Corp                           | CVS Health Corp                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     32686 | NS      | $2435760.72   | 2.24%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                         | EOG Resources Inc                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     16056 | NS      | $1800359.28   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      8083 | NS      | $2604746.75   | 2.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Fifth Third Bancorp                       | Fifth Third Bancorp                       | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     44761 | NS      | $2247897.42   | 2.07%             |  |  |  | No            | 1                  | On Loan: —       |
| Omnicom Group Inc                         | Omnicom Group Inc                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     24788 | NS      | $1909667.52   | 1.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Pfizer Inc                                | Pfizer Inc                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     75405 | NS      | $1993708.20   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Financial Group Inc             | Principal Financial Group Inc             | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     23793 | NS      | $2253672.96   | 2.08%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc                              | QUALCOMM Inc                              | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     12103 | NS      | $1834693.77   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |     12108 | NS      | $1848044.04   | 1.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmont Corp                              | Newmont Corp                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     31199 | NS      | $3505207.65   | 3.23%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     26550 | NS      | $2333745.00   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Regions Financial Corp                    | Regions Financial Corp                    | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     72678 | NS      | $2071323.00   | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| SLB Ltd                                   | SLB Ltd                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     54235 | NS      | $2623889.30   | 2.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |     11574 | NS      | $2214221.94   | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions Inc                    | Skyworks Solutions Inc                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     26418 | NS      | $1473067.68   | 1.36%             |  |  |  | No            | 1                  | On Loan: —       |
| Snap-on Inc                               | Snap-on Inc                               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      5797 | NS      | $2122339.67   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Co/The                           | Southern Co/The                           | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     20115 | NS      | $1796470.65   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     26293 | NS      | $2068207.38   | 1.91%             |  |  |  | No            | 1                  | On Loan: —       |
| Target Corp                               | Target Corp                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     18067 | NS      | $1905526.49   | 1.76%             |  |  |  | No            | 1                  | On Loan: No      |
| US Bancorp                                | US Bancorp                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     41502 | NS      | $2328677.22   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service Inc                 | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     18651 | NS      | $1981109.22   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                        | Valero Energy Corp                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |     13679 | NS      | $2481780.97   | 2.29%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     44369 | NS      | $1975307.88   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Viatris Inc                               | Viatris Inc                               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    205293 | NS      | $2687285.37   | 2.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                               | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      9743 | NS      | $1542804.05   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| WEC Energy Group Inc                      | WEC Energy Group Inc                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     17459 | NS      | $1932187.53   | 1.78%             |  |  |  | No            | 1                  | On Loan: —       |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc       | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     23300 | NS      | $1273112.00   | 1.17%             |  |  |  | No            | 1                  | On Loan: No      |
| AT&T Inc                                  | AT&T Inc                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     68444 | NS      | $1793917.24   | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     32048 | NS      | $1986655.52   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     99465 | NS      | $2626870.65   | 2.42%             |  |  |  | No            | 1                  | On Loan: —       |
| Amcor PLC                                 | Amcor PLC                                 | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | CH        |     39160 | NS      | $1732830.00   | 1.60%             |  |  |  | No            | 1                  | On Loan: —       |
| Best Buy Co Inc                           | Best Buy Co Inc                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     28420 | NS      | $1850142.00   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                   | BXP Inc                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     27015 | NS      | $1747060.05   | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     39046 | NS      | $2149482.30   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings Inc                | CF Industries Holdings Inc                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     20447 | NS      | $1906273.81   | 1.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     27980 | NS      | $2191393.60   | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                              | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     57161 | NS      | $1700539.75   | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Conagra Brands Inc                        | Conagra Brands Inc                        | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     99019 | NS      | $1832841.69   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Ford Motor Co                             | Ford Motor Co                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    169720 | NS      | $2355713.60   | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     74388 | NS      | $1446102.72   | 1.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Halliburton Co                            | Halliburton Co                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     85603 | NS      | $2869412.56   | 2.64%             |  |  |  | No            | 1                  | On Loan: No      |
| Hasbro Inc                                | Hasbro Inc                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     25465 | NS      | $2274279.15   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |    101277 | NS      | $1746015.48   | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    116306 | NS      | $2155150.18   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Kraft Heinz Co/The                        | Kraft Heinz Co/The                        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     66404 | NS      | $1576430.96   | 1.45%             |  |  |  | No            | 1                  | On Loan: —       |
| Lockheed Martin Corp                      | Lockheed Martin Corp                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      4538 | NS      | $2878090.36   | 2.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Lowe's Cos Inc                            | Lowe's Cos Inc                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      8466 | NS      | $2260929.96   | 2.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Merck & Co Inc                            | Merck & Co Inc                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     22828 | NS      | $2517243.56   | 2.32%             |  |  |  | No            | 1                  | On Loan: —       |
| Molson Coors Beverage Co                  | Molson Coors Beverage Co                  | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     37578 | NS      | $1805247.12   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| NetApp Inc                                | NetApp Inc                                | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     18246 | NS      | $1758002.10   | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    181106 | NS      | $181105.64    | 0.17%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   8552846 | NS      | $8552846.00   | 7.88%             |  |  |  | No            | N/A                | On Loan: No      |
| Invesco Ltd                               | Invesco Ltd                               | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     89168 | NS      | $2433394.72   | 2.24%             |  |  |  | No            | 1                  | On Loan: No      |
| LyondellBasell Industries NV              | LyondellBasell Industries NV              | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     31498 | NS      | $1543402.00   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-03-25

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer