# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-26-003372
**Filing Date:** 2026-3
**Character Count:** 125485
**Document Hash:** bf30f8fbcf6203af3a3efc3d13f4de34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003372.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001133228-26-003372

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 26735862

**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

### LHA Market State Tactical Beta ETF (Series ID: S000069542)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000221894 | LHA Market State Tactical Beta ETF | MSTB            |

### LHA Market State Tactical Q ETF (Series ID: S000075031)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000233733 | LHA Market State Tactical Q ETF | MSTQ            |

### LHA Risk-Managed Income ETF (Series ID: S000080534)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000243011 | LHA Risk-Managed Income ETF | RMIF            |

?xml version='1.0' encoding='ASCII'? 2025-10-03194519_LHAMarketStateTacticalBetaETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson ETF Series Solutions 615 East Michigan Street <u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img315281_202412301847904.jpg) | **LHA Market State** **™** **Tactical Beta ETF**  | ![image](img36353_e20250220180634.jpg) |
| ![image](img315281_202412301847904.jpg) | MSTB (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img36353_e20250220180634.jpg) |
| ![image](img315281_202412301847904.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36353_e20250220180634.jpg) |

---

This annual shareholder report contains important information about the LHA Market State™ Tactical Beta ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.lhafunds.com/mstb. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| LHA Market State™ Tactical Beta ETF | $141 | 1.29% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The key factors materially affecting the Fund's performance during the 2025 reporting period were (i) the sharp drawdown of the S&P 500 following the "Liberation Day" trade policy announcements of approximately -12% between April 2-8 and (ii) the subsequent "Bull Market" rally recovery of nearly 40% from April 9 to the end of the year.

As a hedged equity strategy of the S&P 500, the Fund successfully hedged nearly all of the Liberation Day market reversal, holding losses in the Fund to -1.11% with the S&P 500 down -12.12% over the same week (this represents a 9% downside capture ratio of the S&P 500 for the reversal period). The hedge was based primarily on the Fund's rotation into long VIX and VIX option exposure, pressing into a rising VIX which increased from 21.51 on April 2 to 57.52 on April 8 as the market bottomed.

The subsequent Bull Market rally saw the S&P 500 increase 38.65% from April 9 to the end of 2025 while the Fund returned 25.13% over the same period (this represents a 65% upside capture ratio of the S&P 500 for the Bull Market Period). The Fund's lower return in the Bull Market is an expected by-product of the strategic need to maintain insurance protection during volatile periods, even in a bull market, where volatility signals may indicate pre-crisis sentiment (typically VIX above 30) in the equity markets.

Asymmetric upside/down capture ratios of the Fund's performance relative to the hedged S&P 500 index (where upside capture is greater than downside capture) demonstrates how the Fund seeks to achieve its long-term objective of exceeding the performance of the market with lower drawdowns than the market while allowing efficient upside capture of the market. For the 2025 reporting period, the Fund's overall performance was 18.26% compared to the S&P 500's performance of 17.88%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6333img003.jpg)

LHA Market State™Tactical Beta ETF PAGE 1 TSR-AR-26922B105

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(09/29/2020)** |
| **LHA Market State** **™** **Tactical Beta ETF NAV**  | 18.26 | 9.25 | 10.70 |
| **S&P 500 TR**  | 17.88 | 14.42 | 16.37 |

---

Visit https://www.lhafunds.com/mstb for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $178411721 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $1730456 |
| **Portfolio Turnover** | 2% |
| **30-Day SEC Yield** | 0.56% |
| **30-Day SEC Yield Unsubsidized** | 0.56% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Exchange Traded Funds  | 81.0% |
|  Money Market Funds  | 9.1% |
|  U.S. Treasury Bills  | 9.1% |
|  Futures Contracts  | 0.0% |
|  Cash & Other  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  SPDR S&P 500 ETF Trust  | 81.0% |
|  United States Treasury Bill  | 9.0% |
|  First American Government Obligations Fund  | 4.6% |
|  First American Treasury Obligations Fund  | 4.6% |
|  S&P 500 Index  | 0.0% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.lhafunds.com/mstb.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Little Harbor Advisors, LLC documents not be householded, please contact Little Harbor Advisors, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Little Harbor Advisors, LLC or your financial intermediary.

LHA Market State™Tactical Beta ETF PAGE 2 TSR-AR-26922B105

------

---

| | | |
|:---|:---|:---|
| ![image](img315284_202412301850964.jpg) | **LHA Market State** **™** **Tactical Q ETF**  | ![image](img36353_e20250220180634.jpg) |
| ![image](img315284_202412301850964.jpg) | MSTQ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img36353_e20250220180634.jpg) |
| ![image](img315284_202412301850964.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36353_e20250220180634.jpg) |

---

This annual shareholder report contains important information about the LHA Market State™ Tactical Q ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.lhafunds.com/mstq. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| LHA Market State™ Tactical Q ETF | $156 | 1.42% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The key factors materially affecting the Fund's performance during the 2025 reporting period were (i) the sharp drawdown of the Nasdaq-100 following the "Liberation Day" trade policy announcements of approximately -13% between April 2-8 and (ii) the subsequent "Bull Market" rally recovery of nearly 48% from April 9 to the end of the year.

As a hedged equity strategy of the Nasdaq-100, the Fund successfully hedged nearly all of the Liberation Day market reversal, holding losses in the Fund to -1.51% with the Nasdaq-100 down -12.71% over the same week (this represents a 12% downside capture ratio of the Nasdaq-100 for the reversal period). The hedge was based primarily on the Fund's rotation into long VIX and VIX option exposure, pressing into a rising VIX which increased from 21.51 on April 2 to 57.52 on April 8 as the market bottomed.

The subsequent Bull Market rally saw the Nasdaq-100 increase 48.48% from April 9 to the end of 2025 while the Fund returned 32.35% over the same period (this represents a 67% upside capture ratio of the S&P 500 for the Bull Market Period). The Fund's lower return in the Bull Market is an expected by-product of the strategic need to maintain insurance protection during periods, even in a bull market, where volatility signals may indicate pre-crisis sentiment (typically VIX above 30) in the equity markets.

Asymmetric upside/down capture ratios of the Fund's performance (where upside capture is greater than downside capture) demonstrates how the Fund seeks to achieve its long-term objective of exceeding the performance of the market with lower drawdowns than the market while allowing efficient upside capture of the market. For the 2025 reporting period, the Fund's overall performance was 20.20% compared to the Nasdaq-100's performance of 21.02%.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6334img003.jpg)

LHA Market State™Tactical Q ETF PAGE 1 TSR-AR-26922B733

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/14/2022)** |
| **LHA Market State** **™** **Tactical Q ETF NAV**  | 20.20 | 13.87 |
| **NASDAQ Composite Total Return Index**  | 21.14 | 18.43 |
| **NASDAQ 100 Total Return Index**  | 21.02 | 19.94 |

---

Visit https://www.lhafunds.com/mstq for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29248734 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $301271 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 1.25% |
| **30-Day SEC Yield Unsubsidized** | 1.25% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Exchange Traded Funds  | 62.2% |
|  U.S. Treasury Bills  | 38.3% |
|  Money Market Funds  | 1.2% |
|  Futures Contracts  | 0.3% |
|  Cash & Other  | -2.0% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Invesco QQQ Trust Series 1  | 62.2% |
|  United States Treasury Bill  | 38.3% |
|  First American Treasury Obligations Fund  | 0.6% |
|  First American Government Obligations Fund  | 0.6% |
|  Nasdaq 100 Index  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.lhafunds.com/mstq.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Little Harbor Advisors, LLC documents not be householded, please contact Little Harbor Advisors, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Little Harbor Advisors, LLC or your financial intermediary.

LHA Market State™Tactical Q ETF PAGE 2 TSR-AR-26922B733

------

---

| | | |
|:---|:---|:---|
| ![image](img315282_202412301848670.jpg) | **LHA Risk-Managed Income ETF**  | ![image](img36353_e20250220180634.jpg) |
| ![image](img315282_202412301848670.jpg) | RMIF (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img36353_e20250220180634.jpg) |
| ![image](img315282_202412301848670.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img36353_e20250220180634.jpg) |

---

This annual shareholder report contains important information about the LHA Risk-Managed Income ETF for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at https://www.lhafunds.com/rmif. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| LHA Risk-Managed Income ETF | $112 | 1.10% |

---

\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The key factors materially affecting the Fund's performance during the 2025 reporting period were (i) the Liberation Day tariff announcements which created a spike in bond market volatility and a sell-off in US government bonds from April 2 to April 8 over concerns about tariff inflation and the US fiscal outlook and (ii) the subsequent Stabilization Rally driven by a shift to trade policy optimism and the FED's dovish stance (despite ongoing inflation concerns) from April 9 through the end of 2025.

The Bloomberg Aggregate Bond Index (AGG) achieved a 7.30% total return in 2025, with just under half coming from bond market price appreciation during the Stabilization Rally. The AGG has high interest-rate sensitivity (as measured by its approximately 5-6 year duration) and benefitted from the FED's rate cuts, which drove interest rates lower and bond prices higher across the yield curve.

The Fund focused on its objective of price risk management while reaching for yield throughout the reporting period. The Fund reacted to the Liberation Day yield spikes by rotating from a zero to a 60% cash position, mitigating potential losses from its low duration/higher credit risk exposure going into Liberation Day. As the Stabilization Rally took shape, the Fund maintained a defensive posture against rate volatility by resuming a relatively low duration exposure (approximately 1-2 year) with 60% high yield and 40% floating rate bonds going into the second half of the third quarter.

The result is that the Fund achieved a 2025 dividend yield of 5.70% (TTM Yield) compared to the AGG's approximate TTM yield of 3.9%. By maintaining low duration risk over the reporting period, the Fund kept annualized standard deviation at a low 2.06% (in line with its long term volatility risk profile) but - with overall performance of 4.34% - did not participate in the price appreciation headwinds compared to longer duration bonds in the AGG.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6335img003.jpg)

LHA Risk-Managed Income ETF PAGE 1 TSR-AR-26922B543

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/08/2023)** |
| **LHA Risk-Managed Income ETF NAV**  | 4.34 | 6.07 |
| **Bloomberg US Aggregate Bond Index**  | 7.30 | 4.57 |

---

Visit https://www.lhafunds.com/rmif for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31107035 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $379652 |
| **Portfolio Turnover** | 75% |
| **Average Credit Quality** | B+ |
| **Effective Duration** | 1.88 years |
| **30-Day SEC Yield** | 5.90% |
| **30-Day SEC Yield Unsubsidized** | 5.90% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Security Type** | **(% of Net** **Assets)** |
|  Exchange Traded Funds  | 100.2% |
|  Money Market Funds  | 0.7% |
|  Cash & Other  | -0.9% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  State Street SPDR Portfolio High Yield Bond ETF  | 16.9% |
|  iShares Broad USD High Yield Corporate Bond ETF  | 16.8% |
|  State Street Blackstone Senior Loan ETF  | 16.8% |
|  First Trust Senior Loan ETF  | 16.7% |
|  State Street SPDR Bloomberg Short Term High Yield Bond ETF  | 16.7% |
|  iShares iBoxx $ High Yield Corporate Bond ETF  | 16.3% |
|  First American Government Obligations Fund  | 0.3% |
|  First American Treasury Obligations Fund  | 0.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.lhafunds.com/rmif.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Little Harbor Advisors, LLC documents not be householded, please contact Little Harbor Advisors, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Little Harbor Advisors, LLC or your financial intermediary.

LHA Risk-Managed Income ETF PAGE 2 TSR-AR-26922B543

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees has determined that the registrant currently does not have an audit committee financial expert (ACFE) serving on its audit committee due to the recent death of the Trustee who had most recently served as the registrant's ACFE. The Board is developing a plan to address the ACFE role.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $47000 | $47000 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $10500 | $10500 |
| (d) All Other Fees | N/A | N/A |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) N/A.

 

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 12/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: David A. Massart, Janet D. Olsen, and Michael A. Castino.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](lh_logo.jpg)

**LHA Market State<sup>TM</sup> Tactical Beta ETF (Ticker: MSTB)** 

**LHA Market State<sup>TM</sup> Tactical Q ETF (Ticker: MSTQ)** 

**LHA Risk-Managed Income ETF (Ticker: RMIF)** 

Annual Financial Statements and Additional Information

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [LHA Market State<sup>TM</sup> Tactical Beta ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [LHA Market State<sup>TM</sup> Tactical Q ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [LHA Risk-Managed Income ETF](#soi3) | [5](#soi3) |
| [Statements of Assets and Liabilities](#sal) | [6](#sal) |
| [Statements of Operations](#sop) | [7](#sop) |
| [Statements of Changes in Net Assets](#scna) | [8](#scna) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [LHA Market State<sup>TM</sup> Tactical Beta ETF](#fihi1) | [10](#fihi1) |
| &nbsp;&nbsp;&nbsp; [LHA Market State<sup>TM</sup> Tactical Q ETF](#fihi2) | [11](#fihi2) |
| &nbsp;&nbsp;&nbsp; [LHA Risk-Managed Income ETF](#fihi3) | [12](#fihi3) |
| [Notes to Financial Statements](#notes) | [13](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [22](#report) |
| [Federal Tax Information](#fed) | [23](#fed) |
| [Additional Information](#add) | [24](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL BETA ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 81.0%** | **EXCHANGE TRADED FUNDS - 81.0%** |  |
| **Domestic Equity - 81.0%**<br>|  |  |
| SPDR S&P 500 ETF Trust<sup>(a)(b)</sup> | 211902 | $144500212  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $103,697,958)** |  | 144500212  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 9.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(c)</sup> | 8136614 | 8136614  |
|  First American Treasury Obligations Fund - Class X, 3.68%<sup>(c)</sup> | 8136613 | 8136613  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $16,273,227)** |  | 16273227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **U.S. TREASURY BILLS - 9.1%**<br>|  |  |
| 4.06%, 01/22/2026<sup>(b)(d)</sup> | $10311000 | 10290646  |
| 3.63%, 10/29/2026<sup>(b)(d)</sup> | 6000000 | 5831650  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $16,111,878)** |  | 16122296  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.2%**<br>**(Cost $136,083,063)** |  | $176895735  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.8%<sup>(e)</sup> |  | 1515986  |
| **TOTAL NET ASSETS - 100.0%** |  | $178411721 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of December 31, 2025 is $149,926,990 or 84.0% of net assets.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(d)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(e)</sup> Includes cash of $1,794,613 that is pledged as collateral for futures contracts. 

The accompanying notes are an integral part of these financial statements.

1<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL BETA ETF** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| S&P 500 Index | &nbsp;&nbsp;&nbsp; 127 | 03/20/2026 | $43767375 | &nbsp;&nbsp;&nbsp;&nbsp; $82611  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $82611 |

---

The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL Q ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 62.2%** | **EXCHANGE TRADED FUNDS - 62.2%** |  |
| **Domestic Equity - 62.2%**<br>|  |  |
| Invesco QQQ Trust Series 1<sup>(a)(b)</sup> | 29614 | $18192176  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $13,416,239)** |  | 18192176 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 38.3%**<br>|  |  |
| 4.04%, 01/22/2026<sup>(b)(c)</sup> | $5445000 | 5434251  |
| 4.00%, 05/14/2026<sup>(c)</sup> | 4216000 | 4162150  |
| 3.62%, 10/29/2026<sup>(b)(c)</sup> | 1644000 | 1597872  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $11,184,512)** |  | 11194273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.2%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(d)</sup> | 179372 | 179372  |
|  First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 179372 | 179372  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $358,744)** |  | 358744  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.7%** <br>**(Cost $24,959,495)** |  | $29745193  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (1.7)%<sup>(e)</sup> |  | (496459)  |
| **TOTAL NET ASSETS - 100.0%** |  | $29248734 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> All or a portion of security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of December 31, 2025 is $19,839,808 or 67.8% of net assets.

<sup>(c)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

<sup>(e)</sup> Includes cash of $68,657 that is pledged as collateral for futures contracts. 

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL Q ETF** 

**SCHEDULE OF FUTURES CONTRACTS** 

**December 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** <br>**Purchased** | **Expiration** <br>**Date** | **Notional** <br>**Value** | **Value/Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Nasdaq 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 33 | 03/20/2026 | $16801455 | &nbsp;&nbsp;&nbsp;&nbsp; $74811  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $74811 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA RISK-MANAGED INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 100.2%** | **EXCHANGE TRADED FUNDS - 100.2%** |  |
| **Fixed Income - 100.2%**<br>|  |  |
| First Trust Senior Loan ETF | 113261 | $5196415  |
|  iShares Broad USD High Yield Corporate Bond ETF | 140128 | 5240086  |
|  iShares iBoxx $High Yield Corporate Bond ETF | 63000 | 5079690  |
| State Street Blackstone Senior Loan ETF | 126286 | 5211823  |
|  State Street SPDR Bloomberg Short Term High Yield Bond ETF | 204760 | 5184523  |
|  State Street SPDR Portfolio High Yield Bond ETF | 222386 | 5263877  |
|  |  | 31176414  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $31,000,606)** |  | 31176414  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.7%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 3.67%<sup>(a)</sup> | 108446 | 108446  |
|  First American Treasury Obligations Fund - Class X, 3.68%<sup>(a)</sup> | 108445 | 108445  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $216,891)** |  | 216891  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $31,217,497)** |  | $31393305  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of Other <br>Assets - (0.9)% |  | (286270)  |
| **TOTAL NET ASSETS - 100.0%** |  | $31107035 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> SHARES** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LHA Market** <br>**State<sup>TM</sup> Tactical** <br>**Beta ETF** | **LHA Market** <br>**State<sup>TM</sup> Tactical** <br>**Q ETF** | **LHA Risk-**<br>**Managed Income** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $176895735 | $29745193 | &nbsp;&nbsp; $31393305  |
| Segregated cash | 1794613 | 68657 | &nbsp;&nbsp; —  |
| Dividends receivable | 473602 | 13648 | &nbsp;&nbsp; 329  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 179163950 | 29827498 | &nbsp;&nbsp; 31393634  |
| **LIABILITIES:**<br>|  |  |  |
| Variation margin payable  | 328612  | 144210  | &nbsp;&nbsp; — |
| Due to broker for futures | 242321 | 151892 | &nbsp;&nbsp; —  |
| Payable to Adviser | 167037 | 30692 | &nbsp;&nbsp; 29241  |
| Broker interest payable | 14259 | 5342 | &nbsp;&nbsp; —  |
| Payable for investments purchased |  | 246628 | &nbsp;&nbsp; —  |
| Payable to custodian |  |  | &nbsp;&nbsp; 257358  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 752229 | 578764 | &nbsp;&nbsp; 286599  |
| **NET ASSETS** | $178411721 | $29248734 | &nbsp;&nbsp; $31107035  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $171437891 | $26240744 | &nbsp;&nbsp; $31503474  |
| Total distributable earnings/(accumulated losses) | 6973830 | 3007990 | &nbsp;&nbsp; (396439)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $178411721 | $29248734 | &nbsp;&nbsp; $31107035  |
| Net assets | $178411721 | $29248734 | &nbsp;&nbsp; $31107035  |
| Shares issued and outstanding<sup>(a)</sup> | 4475000 | 850000 | &nbsp;&nbsp; 1255000  |
| Net asset value per share | $39.87 | $34.41 | &nbsp;&nbsp; $24.79  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $136083063 | $24959495 | &nbsp;&nbsp; $31217497 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> SHARES** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **LHA Market** <br>**State<sup>TM</sup> Tactical** <br>**Beta ETF**  | **LHA Market** <br>**State<sup>TM</sup> Tactical** <br>**Q ETF**  | **LHA Risk-** <br>**Managed Income** <br>**ETF**  |
| **INVESTMENT INCOME:** <br>|  |  |  |
| Dividend income | $2215067 | &nbsp;&nbsp; $286823 | &nbsp;&nbsp; $2287740  |
| Interest income | 463020 | &nbsp;&nbsp; 348694 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2678087 | &nbsp;&nbsp; 635517 | &nbsp;&nbsp; 2287740  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | 1730456 | &nbsp;&nbsp; 301271 | &nbsp;&nbsp; 379652  |
| &nbsp;&nbsp;&nbsp; Broker interest expense | 298624 | &nbsp;&nbsp; 88675 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2029080 | &nbsp;&nbsp; 389946 | &nbsp;&nbsp; 379652  |
| **NET INVESTMENT INCOME** | 649007 | &nbsp;&nbsp; 245571 | &nbsp;&nbsp; 1908088  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 3038378 | &nbsp;&nbsp; 322522 | &nbsp;&nbsp; (326835)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 3790209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34314  |
| &nbsp;&nbsp;&nbsp; Written options expired or closed | 270718 | &nbsp;&nbsp; 153704 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 1825648 | &nbsp;&nbsp; 1107445 | &nbsp;&nbsp; —  |
| Net realized gain (loss) | 8924953 | &nbsp;&nbsp; 1583671 | &nbsp;&nbsp; (292521)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 15329311 | &nbsp;&nbsp; 2640448 | &nbsp;&nbsp; (173808)  |
| &nbsp;&nbsp;&nbsp; Future contracts | 849453 | &nbsp;&nbsp; 594151 | &nbsp;&nbsp; —  |
| Net change in unrealized appreciation (depreciation) | 16178764 | &nbsp;&nbsp; 3234599 | &nbsp;&nbsp; (173808)  |
| **Net realized and unrealized gain (loss)** | 25103717 | &nbsp;&nbsp; 4818270 | &nbsp;&nbsp; (466329)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $25752724 | &nbsp;&nbsp; $5063841 | &nbsp;&nbsp; $1441759 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> SHARES** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LHA Market State<sup>TM</sup>** <br>**Tactical Beta ETF** | **LHA Market State<sup>TM</sup>** <br>**Tactical Beta ETF** | **LHA Market State<sup>TM</sup>** <br>**Tactical Q ETF**  | **LHA Market State<sup>TM</sup>** <br>**Tactical Q ETF**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025**  | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $649007 | $732987 | $245571 | $251526  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 8924953 | 711656 | 1583671 | 1898803  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 16178764 | 20214210 | 3234599 | 499422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 25752724 | 21658853 | 5063841 | 2649751  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (732987) | (1354754) | (4097317) | (877635)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (769) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (732987) | (1354754) | (4098086) | (877635)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 34148110 | 19292663 | 6485037 | 12186065  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (26318788) | (14548898) | (1837220) | (2346583)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) | 5927 | 4149 | 900 | 2779  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 7835249 | 4747914 | 4648717 | 9842261  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 32854986 | 25052013 | 5614472 | 11614377  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 145556735 | 120504722 | 23634262 | 12019885  |
| &nbsp;&nbsp;&nbsp; End of the year | $178411721 | $145556735 | $29248734 | $23634262  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 900000 | 575000 | 175000 | 375000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (725000) | (450000) | (50000) | (75000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 175000 | 125000 | 125000 | 300000 |

---

The accompanying notes are an integral part of these financial statements.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> SHARES** 

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **LHA Risk-Managed Income ETF**  | **LHA Risk-Managed Income ETF**  |
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $1908088 | $2191986  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (292521) | 9123  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (173808) | 32470  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 1441759 | 2233579  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (1908299) | (2191775)  |
| &nbsp;&nbsp;&nbsp; Return of capital  | (10900)  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (1919199) | (2191775)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 374135 | 4426184  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (4614018) | (630480)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (4239883) | 3795704  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (4717323) | 3837508  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 35824358 | 31986850  |
| &nbsp;&nbsp;&nbsp; End of the year | $31107035 | $35824358  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 15000 | 175000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (185000) | (25000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (170000) | 150000 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL BETA ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $33.85 | $28.86 | $24.77 | $32.21 | $26.92  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.15 | 0.18 | 0.26 | 0.02 | (0.08)  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 6.03 | 5.13 | 3.88 | (7.13) | 6.07  |
| **Total from investment operations** | 6.18 | 5.31 | 4.14 | (7.11) | 5.99  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.16) | (0.32) | (0.05) |  | —  |
| Net realized gains |  |  |  | (0.33) | (0.71)  |
| **Total distributions** | (0.16) | (0.32) | (0.05) | (0.33) | (0.71)  |
| ETF transaction fees per share | 0.00<sup>(c)</sup> | 0.00<sup>(c)</sup> | 0.00<sup>(c</sup><sup>)</sup> | 0.00<sup>(c)</sup> | 0.01  |
| **Net asset value, end of year** | $39.87 | $33.85 | $28.86 | $24.77 | $32.21  |
| TOTAL RETURN | 18.26% | 18.37% | 16.73% | -22.09% | 22.25%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(d)</sup>**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $178412 | $145557 | $120505 | $169075 | $342181  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 1.29% | 1.32% | 1.41% | 1.18% | 1.13%  |
|  Ratio of net investment income (loss) to average net assets | 0.41% | 0.55% | 0.98% | 0.08% | (0.27)%  |
| Portfolio turnover rate<sup>(e)</sup> | 2% | —% | —% | —% | 132% |

---

<sup>(a)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(f)</sup> Includes broker interest expense of 0.19%, 0.22%, 0.31%, 0.08%, and 0.03%, respectively. 

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA MARKET STATE<sup>TM</sup> TACTICAL Q ETF** 

**FINANCIAL HIGHLIGHTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**December 31,** <br>**2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $32.60 | $28.28 | $19.96 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.32 | 0.48 | 0.43 | &nbsp;&nbsp; (0.03)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.31 | 5.04 | 8.11 | &nbsp;&nbsp; (5.01)  |
| **Total from investment operations** | 6.63 | 5.52 | 8.54 | &nbsp;&nbsp; (5.04)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.29) | (0.35) | (0.22) | &nbsp;&nbsp; —  |
| Net realized gains | (4.53) | (0.86) |  | &nbsp;&nbsp; —  |
| Return of capital  | (0.00)<sup>(d)</sup>  | —  | —  | &nbsp;&nbsp; — |
| **Total distributions** | (4.82) | (1.21) | (0.22) | &nbsp;&nbsp; —  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.01 | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $34.41 | $32.60 | $28.28 | &nbsp;&nbsp; $19.96  |
| TOTAL RETURN<sup>(e)</sup> | 20.20% | 19.54% | 42.82% | &nbsp;&nbsp; -20.17%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $29249 | $23634 | $12020 | &nbsp;&nbsp; $3493  |
| Ratio of expenses to average net assets<sup>(g)(i)</sup> | 1.42% | 1.46% | 1.48% | &nbsp;&nbsp; 1.38%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | 0.90% | 1.49% | 1.72% | &nbsp;&nbsp; (0.16)%  |
| Portfolio turnover rate<sup>(e)(h)</sup> | —% | —% | 40% | &nbsp;&nbsp; 138% |

---

<sup>(a)</sup> Inception date of the Fund was March 14, 2022.

<sup>(b)</sup> Net investment income (loss) per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(i)</sup> Includes broker interest expense of 0.32%, 0.36%, 0.38%, and 0.28% respectively. 

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Risk-Managed Income ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
|  | **2025** | **2024**  | **Period Ended** <br>**December 31,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $25.09 | &nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 1.39 | 1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.97  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (0.33) | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| **Total from investment operations** | 1.06 | 1.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.02  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (0.92)  |
| Return of capital | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (0.93)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $24.79 | &nbsp;&nbsp; $25.14 | &nbsp;&nbsp; $25.09  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp; 4.34% | &nbsp;&nbsp; 7.04% | &nbsp;&nbsp; 4.14%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $31107 | &nbsp;&nbsp; $35824 | &nbsp;&nbsp; $31987  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 5.56% | &nbsp;&nbsp; 6.70% | &nbsp;&nbsp; 6.88%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 75% | &nbsp;&nbsp; —% | &nbsp;&nbsp; 44% |

---

<sup>(a)</sup> Inception date of the Fund was June 8, 2023.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025** 

**NOTE 1 – ORGANIZATION** 

LHA Market State<sup>TM</sup> Tactical Beta ETF, LHA Market State<sup>TM</sup> Tactical Q ETF, and LHA Risk-Managed Income ETF are diversified series (individually each a "Fund" or collectively the "Funds") of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). LHA Market State<sup>TM</sup> Tactical Beta is an actively-managed ETF and seeks long-term out-performance relative to the large-capitalization U.S. equity market by investing long or short in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500<sup>®</sup> Index based on statistical analysis that seeks to estimate the direction of the S&P 500<sup>®</sup> Index. LHA Market State<sup>TM</sup> Tactical Q ETF is an actively-managed ETF that seeks long-term out-performance relative to the large-capitalization U.S. growth equity market by investing in equity instruments linked directly or indirectly to the performance of U.S.-listed, large capitalization, growth-oriented companies. LHA Risk-Managed Income ETF is an actively-managed "fund of funds" that seeks current income and capital preservation.

---

| | |
|:---|:---|
| **Fund** | **Date of Commencement**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | September 29, 2020  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | March 14, 2022  |
| LHA Risk-Managed Income ETF | June 8, 2023 |

---

The end of the reporting period for the Funds is December 31, 2025. The current fiscal period is the period from January 1, 2025 through December 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange-traded funds that are traded on a
 national securities exchange, except those listed on the Nasdaq Global Market<sup>TM</sup>, Nasdaq Global Select Market<sup>TM</sup>,
 and the Nasdaq Capital Market Exchange<sup>TM</sup> (collectively, "Nasdaq") are valued at the last reported sale price on
 the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price
 ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent
 quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price
 in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted
 closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current
 exchange rate, which approximates fair value.

Futures contracts will be valued at the settlement price from the exchange on which they are traded.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options will be priced at intrinsic value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of their shares to differ significantly from NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**LHA Market State<sup>TM</sup> Tactical Beta ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $144500212 | $— | $—  | $144500212  |
| Money Market Funds | 16273227 |  |  | 16273227  |
| U.S. Treasury Bills  |  | 16122296 |  | 16122296  |
| Total Investments  | $160773439 | $16122296 | $— | $176895735 |

---

<sup>^</sup> See Schedule of Investments for further disaggregation of investment categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Futures Contracts | $82611 | $—  | $—  | $82611 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Other financial instruments are derivative instruments
 not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation (depreciation)
 on the instrument.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

**LHA Market State<sup>TM</sup> Tactical Q ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $18192176 | $—  | $—  | $18192176  |
| Money Market Funds  | 358744 |  |  | 358744  |
| U.S. Treasury Bills  |  | 11194273 |  | 11194273  |
| Total Investments  | $18550920 | $11194273 | $— | $29745193 |

---

<sup>^</sup> See Schedule of Investments for further disaggregation of investment categories.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Futures Contracts | $74811 | $—  | $—  | $74811 |

---

<sup>(a)</sup> Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation (depreciation) on the instrument.

**LHA Risk-Managed Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets^** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Exchange Traded Funds | $31176414 | $—  | $—  | $31176414  |
| Money Market Funds | 216891 |  |  | 216891  |
| Total Investments  | $31393305 | $— | $— | $31393305 |

---

<sup>^</sup> See Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local
 tax returns.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds' uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized from sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at fair value of the security received. Interest income is recorded
 on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized using the effective yield method.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities are declared and
 paid at least on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from
 those estimates.

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;F. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Funds, plus cash and other
 assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to
 the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is
 closed for trading. The offering and redemption price per share of each Fund is equal to each Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. These differences are primarily
 due to differing book and tax treatments for in-kind transactions. For the fiscal year ended December 31, 2025, the following table
 shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Losses)** | **Paid-In** <br>**Capital**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $(3790209)  | $3790209  |
| LHA Market State<sup>TM</sup> Tactical Q ETF |  | —  |
| LHA Risk-Managed Income ETF | (35340)  | 35340 |

---

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Segment Reporting.* Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and
 assessed by the Chief Operating & Risk Officer and the Chief Executive Officer, who collectively serve as the chief operating decision
 makers, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTE 3 – ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS** 

**Futures Contracts. LHA Market State<sup>TM</sup> Tactical Beta ETF and LHA Market State<sup>TM</sup> Tactical Q ETF may invest in futures contracts to hedge or manage risks associated with the Fund's investments in securities or to gain exposure to certain asset classes or markets. Each Fund may purchase or sell futures contracts only if the Fund's liabilities for the futures position are "covered" by an offsetting position in a futures contract or by the Fund segregating liquid assets equal to the Fund's liabilities on the futures contract. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin," are made or received by the Funds on an as needed basis. The Funds record an unrealized gain or loss by marking each futures contract to market. A realized gain or loss is recorded when the contract is closed. Should market conditions move unexpectedly, the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying assets. Futures contracts may have off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Schedules of Futures Contracts.** 

Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position. In the event of adverse price movements, the Funds may be required to make cash payments to maintain the required margin. In such situations, if a Fund had

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

insufficient cash, it might have to sell portfolio securities to meet margin requirements at a time when it would be disadvantageous to do so. In addition, the Fund might be required to take delivery of the underlying instruments of futures contracts it holds. The inability to close positions in futures could also have an adverse impact on the Funds' ability to hedge or manage risks effectively. Cash collateral held by the Funds is presented on the Statements of Assets and Liabilities under segregated cash at broker for futures and options, if any. Securities held as collateral are noted on the Schedule of Investments.

**Options Contracts. LHA Market State<sup>TM</sup> Tactical Beta ETF and LHA Market State<sup>TM</sup> Tactical Q ETF may also purchase put or call options (or options spreads) on the VIX Index, the S&P 500, Nasdaq 100 or ETFs that seek exposure to short-term VIX Index futures contracts.** 

Purchasing a call option gives the buyer the right to purchase shares of the reference asset at a specified price ("strike price") until a specified date ("expiration date") (American-style options) or at the expiration date (European-style options). The buyer of the call option pays an amount (premium) for buying the option. In the event the reference asset appreciates above the strike price, the buyer can exercise the option and receive the reference asset (for American-style options) or receive the difference between the value of the reference asset and the strike price (for European-style options) (which gain is offset by the premium initially paid), and in the event the reference asset declines in value, the call option may end up worthless and the Funds' loss is limited to the amount of premium it paid. The Funds' investments in call options and put options on the S&P 500, Nasdaq 100 or the VIX Index are generally expected to be European-style options.

Purchasing a put option gives the buyer the right to sell shares of a reference asset at a strike price until the expiration date (American-style options) or at the expiration date (European-style options). The buyer of the put option pays an amount (premium) for buying the option. In the event the reference asset declines in value below the strike price and a Fund exercises its put option, the Fund will be entitled to deliver the reference asset (for American-style options) or receive the difference between the strike price and the value of the reference asset (for European-style options) (which gain is offset by the premium originally paid by the Fund), and in the event the reference asset closes above the strike price as of the expiration date, the put option may end up worthless and the Fund's loss is limited to the amount of premium it paid.

A call spread entails the purchase of a call option and the sale of a call option on the same reference asset with the same expiration date but a higher strike price. A put spread entails the purchase of a put option and the sale of a put option on the same reference asset with the same expiration date but a lower strike price. The premium received from the sale of the call or put options is generally expected to offset the cost to the Fund of the purchased options in exchange for limiting the maximum return from such options.

LHA Market State<sup>TM</sup> Tactical Beta ETF may also write (sell) call options on its S&P 500 positions; provided, however, that when the Fund writes (sells) a call option it will always own the corresponding amount of exposure to the S&P 500 and, therefore, the Fund's position will be "covered". LHA Market State<sup>TM</sup> Tactical Q ETF may also write (sell) call options on its long growth equity positions; provided, however, that when the Fund writes (sells) a call option it will always own the corresponding amount of exposure to long growth equities and, therefore, the Fund's options position will be "covered". A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

A written (sold) put option gives the seller the obligation to buy shares of the underlying asset at a specified price ("strike price") at a specified date ("expiration date"). The writer (seller) of the put option receives an amount (premium) for writing (selling) the option. In the event the underlying asset depreciates below the strike price as of the expiration date, the writer (seller) of the put option pays the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset appreciates in value, the put option may end up worthless and the writer (seller) of the call option retains the premium.

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the options written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as a writer of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

For financial statement purposes, cash held at or due to the broker for futures and options is included in the Statements of Assets and Liabilities as deposits at broker for futures and options or payable to broker for futures and options. Broker interest paid by the Funds, if any, is included as broker interest expense in the Statements of Operations. As collateral for written options, the Funds maintain segregated assets consisting of cash, cash equivalents, or liquid securities (e.g. Permissible Assets). Segregated cash, if any, is included as segregated cash at broker for futures and options in the Statements of Assets and Liabilities. The Advisor may earmark or instruct the Funds' custodian to segregate Permissible Assets in an amount at least equal to the market value, calculated on a daily basis, of the written options. Alternatively, a written call option contract can be "covered" through (a) ownership of the underlying instruments or (b) ownership of an option on such instruments at an exercise price equal to or lower than the exercise price of the short option, and a written put option contract can be "covered" (a) through ownership of a put option with an exercise price at least equal to the Funds' delivery or purchase obligation or (b) through selling short the underlying instrument at a price at least equal to the Funds' purchase obligation.

The effect of derivative instruments on the Statements of Assets and Liabilities as of the end of the current fiscal period was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Derivatives Not**<br>**Accounted For as** <br>**Hedging** <br>**Instruments**  | **Statement of** <br>**Assets and** <br>**Liabilities Location** | **Value**  |
| **Fund**  | **Derivatives Not**<br>**Accounted For as** <br>**Hedging** <br>**Instruments**  | **Asset Derivatives** | **Value**  |
|  LHA Market State<sup>TM</sup> Tactical Beta ETF | Equity Contracts – Futures\* | Unrealized appreciation on open futures contracts\*\* | 82611  |
|  LHA Market State<sup>TM</sup> Tactical Q ETF | Equity Contracts – Futures\* | Unrealized appreciation on open futures contracts\*\* | 74811 |

---

<sup>\*</sup> Includes cumulative appreciation/depreciation as reported on the Schedule of Futures Contracts.

---

| | |
|:---|:---|
| <sup>\*\*</sup><br>| Included in total distributable earnings on the Statement of Assets and Liabilities.  |

---

The effect of derivative instruments on the Statements of Operations for the current fiscal period was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Derivatives Not** <br>**Accounted For as** <br>**Hedging Instruments** | **Net Realized** <br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | Equity Contracts - Futures | $1825648 | &nbsp;&nbsp; $849453  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | Equity Contracts - Purchased Options | 2,382,599\* | &nbsp;&nbsp; —  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | Equity Contracts - Written Options | 270718 | &nbsp;&nbsp; —  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | Equity Contracts - Futures | 1107445 | &nbsp;&nbsp; 594151  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | Equity Contracts - Purchased Options | 322,522\* | &nbsp;&nbsp; —  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | Equity Contracts - Written Options | 153704 | &nbsp;&nbsp; — |

---

<sup>\*</sup> Included in net realized gain (loss) on investments as reported on the Statements of Operations

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The average monthly values of outstanding purchased and written options during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchased** <br>**Options** | **Written** <br>**Options\***  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $112277 | $—  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 35308 |  |

---

<sup>\*</sup> The amounts of realized gains and losses for written options during the period disclosed above and within the statement of operations serve as indicators of volume of activity during the period. Written options were not held at period end.

The average monthly notional amount of short and long futures during the current fiscal period were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long** <br>**Futures** | **Short** <br>**Futures**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $28810949 | $—  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 13561792 |  |

---

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Little Harbor Advisors, LLC ("the Adviser"), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with each Fund's respective sub-adviser, if any: transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Grimes & Company Wealth Management, LLC (doing business as Grimes & Company) serves as the sub-adviser for LHA Risk-Managed Income ETF.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For the services it provides to the Funds, the Funds each pay the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 1.10% of each Fund's average daily net assets. The Adviser is responsible for paying the sub-adviser.

U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board and monitors the activities of the Funds' Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 5 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $2867830 | $2879919  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 246628 | —  |
| LHA Risk-Managed Income ETF | 23175613 | 22952108 |

---

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

During the current fiscal period, there were no purchases or sales of long-term U.S. Government securities by the Funds. LHA Market State<sup>TM</sup> Tactical Beta ETF and LHA Market State<sup>TM</sup> Tactical Q ETF held U.S. Treasury Bills during the current fiscal period which are considered short-term securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases** | **In-Kind** <br>**Sales**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $15868895 | $13065604  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 3374663 | —  |
| LHA Risk-Managed Income ETF | 372754 | 4431730 |

---

**NOTE 6 – INCOME TAX INFORMATION** 

The components of distributable earnings/(accumulated losses) and cost basis of investments for federal income tax purposes as of December 31, 2025 in the Funds, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **LHA Market** <br>**State<sup>TM</sup> Tactical** <br>**Beta ETF** | **LHA Market** <br>**State<sup>TM</sup>** <br>**Tactical Q ETF** | **LHA Risk-**<br>**Managed** <br>**Income ETF**  |
| Tax cost of investments | $136083063 | $25023916 | $31217625  |
| Gross tax unrealized appreciation | $40812672 | $4786604 | $210172  |
| Gross tax unrealized depreciation |  | (65327) | (34492)  |
| Net tax unrealized appreciation (depreciation) | 40812672 | 4721277 | 175680  |
| Undistributed ordinary income | 649007 |  | —  |
| Undistributed long-term gain |  |  | —  |
| Other accumulated gain (loss) | (34487849)\* | (1713287)\*\* | (572119)  |
| Distributable earnings (accumulated losses) | $6973830 | $3007990 | $(396439) |

---

\* Includes straddle loss deferral of $11,303,419

\*\* Includes straddle loss deferral of $828,073 

The difference between book and tax-basis cost is attributable to wash sales.

At December 31, 2025, the LHA Market State<sup>TM</sup> Tactical Q ETF deferred, on a tax basis, $885,214 of post-October capital losses and no late-year ordinary losses. The LHA Market State<sup>TM</sup> Tactical Beta ETF and LHA Risk-Managed Income ETF deferred no post-October capital losses or late-year ordinary losses.

As of December 31, 2025, the Funds had the following capital loss carryforwards with no expiration:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $6698454 | $16485976  |
| LHA Market State<sup>TM</sup> Tactical Q ETF |  | —  |
| LHA Risk-Managed Income ETF | 324480 | 247639 |

---

During the year ended December 31, 2025, the Funds utilized the following capital loss carryforward that was available as of December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $4582821  | $5830900  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | —  |  |
| LHA Risk-Managed Income ETF |  |  |

---

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2025 and December 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
|  | **Ordinary** <br>**Income** | **Return of** <br>**Capital** | **Long-Term** <br>**Capital Gain** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain**  |
| LHA Market State<sup>TM</sup> Tactical Beta ETF | $732987 | $— | $— | $1354754 | &nbsp;&nbsp; $—  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 1845021 | 769 | 2252296 | 435015 | &nbsp;&nbsp; 442620  |
| LHA Risk-Managed Income ETF | 1908299 | 10900 |  | 2191775 | &nbsp;&nbsp; — |

---

**NOTE 7 – SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the creation or redemption of Creation Units. The standard fixed creation and redemption transaction fee for the Funds are $300 payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

**NOTE 8 – PRINCIPAL RISKS** 

**Investment Company Risk. The risks of investing in investment companies, such as the Underlying ETFs, typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Funds become a shareholder of that investment company and bear their proportionate share of the fees and expenses of the other investment company. The Funds may be subject to statutory limits with respect to the amount they can invest in other ETFs, which may adversely affect the Funds' ability to achieve their investment objective. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF's shares may trade above or below their NAV; (ii) an active trading market for an ETF's shares may not develop or be maintained; and (iii) trading of an ETF's shares may be halted for a number of reasons.** 

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of LHA Market State Shares and

Board of Trustees of ETF Series Solutions

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and futures contracts (as applicable), of LHA Market State Shares, comprising the funds listed below (the "Funds"), each a series of ETF Series Solutions, as of December 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of** <br>**Operations**  | **Statements of** <br>**Changes in Net Assets** | **Financial Highlights**  |
| LHA Market State Tactical Beta ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, 2025, 2024, 2023, 2022, and 2021  |
| LHA Market State Tactical Q ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, 2025, 2024, 2023, and the period from March 14, 2022 (commencement of operations) to December 31, 2022  |
| LHA Risk-Managed Income ETF | For the year ended <br>December 31, 2025 | For the years ended <br>December 31, 2025 <br>and 2024 | For the years ended December 31, 2025, 2024, and the period from June 8, 2023 (commencement of operations) to December 31, 2023 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Little Harbor Advisors LLC's investment companies since 2018.

![](14590_sig.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 26, 2026

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**Federal tax information (Unaudited)** 

For the fiscal period ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| LHA Market State<sup>TM</sup> Tactical Beta ETF | 100.00%  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 4.54%  |
| LHA Risk-Managed Income ETF | 0.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividend received deduction for the period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
| LHA Market State<sup>TM</sup> Tactical Beta ETF | 100.00%  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 0.00%  |
| LHA Risk-Managed Income ETF | 0.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| LHA Market State<sup>TM</sup> Tactical Beta ETF | 0.00%  |
| LHA Market State<sup>TM</sup> Tactical Q ETF | 86.59%  |
| LHA Risk-Managed Income ETF | 0.00% |

---

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**LHA Market State<sup>TM</sup> Shares** 

**ADDITIONAL INFORMATION (Unaudited)** 

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** 

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS** 

All fund expenses, including Trustee compensation, is paid by the Investment Adviser pursuant to the Investments Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not applicable.

24<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal
 financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under
 the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
 that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](lhe-efp22316_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](lhe-efp22316_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](lhe-efp22316_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>3/9/2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>3/9/2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>3/9/2026</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH**

**ETF Series Solutions**

**Code of Ethics**

**For Principal Executive Officer & Principal Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Introduction/Covered Persons** 

ETF Series Solutions (the "Trust") has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley") and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the "Covered Persons").

The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust's Chief Compliance Officer (the "Chief Compliance Officer") the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust's Code of Ethics for access persons (the "Investment Company Code of Ethics"), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Covered Persons may also be subject to the Investment Company Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;II. Code of Ethics Requirements

This Code of Ethics requires each Covered Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;III. Conflicts of Interest

A conflict of interest occurs when a Covered Person's private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust's own fund shares) because of their status as "affiliated persons" of the Trust. The Trust's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person's employment, such as compensation or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;IV. Accurate, Complete, Timely and Understandable Information

The Covered Persons are responsible for ensuring that Trust's shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.

The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust's books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust's disclosure controls and procedures and the Trust's internal controls and procedures for financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;V. Waivers

The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.

"Waiver" shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an "implicit waiver" from this Code of Ethics.

If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund's website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust's next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund's website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund's website and website's address.

&nbsp;&nbsp;&nbsp;&nbsp;VI. Amendments

This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund's website within five business days following the amendment, maintain such notice on the website for at least 12

months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust's next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund's website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;VII. Violations

If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation.

If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.

&nbsp;&nbsp;&nbsp;&nbsp;VIII. Disclosure

The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust's annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund's website, provided that the Fund has first disclosed the website's address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund's website for as long as the Trust remains subject to the SEC's rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.

&nbsp;&nbsp;&nbsp;&nbsp;IX. Acknowledgement

Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;X. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;XI. Internal Use

The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.

**Adopted: March 27, 2012**

**Amended: April 21, 2022**

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/9/2026 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) |
|  |  | ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer),<br> ETF Series Solutions | Kristina R. Nelson<br> President (principal executive officer),<br> ETF Series Solutions | Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |
| Dated: | 3/9/2026 |  |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.