# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010501
**Filing Date:** 2025-9
**Character Count:** 61677
**Document Hash:** 5c83748cd9b6a8a4ed7918621ee3c1bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010501.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010501

**CONFORMED SUBMISSION TYPE**: NPORT-P/A

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250930

**DATE AS OF CHANGE**: 20250930

**PERIOD START**: 20260430

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251361521

**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

### Aptus Collared Investment Opportunity ETF (Series ID: S000065985)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000213139 | Aptus Collared Investment Opportunity ETF | ACIO            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.9%** | **COMMON STOCKS - 98.9%** | **Shares** | **Value**  |
| **Basic Materials - 1.7%** | **Basic Materials - 1.7%** | **Basic Materials - 1.7%** | |
| Linde PLC <sup>(a)</sup> | Linde PLC <sup>(a)</sup> | 41231 | $18976980 |
| Newmont Corporation <sup>(a)(b)</sup> | Newmont Corporation <sup>(a)(b)</sup> | 133431 | 8286065 |
| Sherwin-Williams Company <sup>(a)</sup> | Sherwin-Williams Company <sup>(a)</sup> | 21786 | 7208552 |
|  |  |  | 34471597 |
| **Communications - 14.8%** | **Communications - 14.8%** | **Communications - 14.8%** |  |
| Alphabet, Inc. - Class C <sup>(a)</sup> | Alphabet, Inc. - Class C <sup>(a)</sup> | 391250 | 75456475 |
| Amazon.com, Inc. <sup>(a)(c)</sup> | Amazon.com, Inc. <sup>(a)(c)</sup> | 355356 | 83192393 |
| Comcast Corporation - Class A <sup>(a)</sup> | Comcast Corporation - Class A <sup>(a)</sup> | 176004 | 5848613 |
| Meta Platforms, Inc. - Class A <sup>(a)(b)</sup> | Meta Platforms, Inc. - Class A <sup>(a)(b)</sup> | 81692 | 63183861 |
| Motorola Solutions, Inc. <sup>(a)</sup> | Motorola Solutions, Inc. <sup>(a)</sup> | 28583 | 12547365 |
| Netflix, Inc. <sup>(a)(b)(c)</sup> | Netflix, Inc. <sup>(a)(b)(c)</sup> | 29051 | 33681729 |
| T-Mobile US, Inc. <sup>(a)</sup> | T-Mobile US, Inc. <sup>(a)</sup> | 70055 | 16701813 |
| Uber Technologies, Inc. <sup>(a)(c)</sup> | Uber Technologies, Inc. <sup>(a)(c)</sup> | 83380 | 7316595 |
|  |  |  | 297928844 |
| **Consumer, Cyclical - 8.2%** | **Consumer, Cyclical - 8.2%** | **Consumer, Cyclical - 8.2%** |  |
| Costco Wholesale Corporation <sup>(a)</sup> | Costco Wholesale Corporation <sup>(a)</sup> | 16696 | 15688229 |
| Lowe's Companies, Inc. | Lowe's Companies, Inc. | 88268 | 19734077 |
| Marriott International, Inc. - Class A <sup>(a)</sup> | Marriott International, Inc. - Class A <sup>(a)</sup> | 76473 | 20175872 |
| McDonald's Corporation <sup>(a)</sup> | McDonald's Corporation <sup>(a)</sup> | 65867 | 19764711 |
| PulteGroup, Inc. <sup>(a)</sup> | PulteGroup, Inc. <sup>(a)</sup> | 121902 | 13765174 |
| Tesla, Inc. <sup>(a)(c)</sup> | Tesla, Inc. <sup>(a)(c)</sup> | 106308 | 32771567 |
| TJX Companies, Inc. <sup>(a)</sup> | TJX Companies, Inc. <sup>(a)</sup> | 141387 | 17606923 |
| Walmart, Inc. <sup>(a)(b)</sup> | Walmart, Inc. <sup>(a)(b)</sup> | 268923 | 26349075 |
|  |  |  | 165855628 |
| **Consumer, Non-cyclical - 12.7%** | **Consumer, Non-cyclical - 12.7%** | **Consumer, Non-cyclical - 12.7%** |  |
| Abbott Laboratories <sup>(a)</sup> | Abbott Laboratories <sup>(a)</sup> | 105791 | 13349766 |
| AbbVie, Inc. <sup>(a)</sup> | AbbVie, Inc. <sup>(a)</sup> | 73988 | 13985212 |
| Altria Group, Inc. <sup>(a)(b)</sup> | Altria Group, Inc. <sup>(a)(b)</sup> | 212913 | 13187831 |
| Amgen, Inc. <sup>(a)</sup> | Amgen, Inc. <sup>(a)</sup> | 23706 | 6995641 |
| Automatic Data Processing, Inc. <sup>(a)</sup> | Automatic Data Processing, Inc. <sup>(a)</sup> | 19852 | 6144194 |
| Cintas Corporation <sup>(a)(b)</sup> | Cintas Corporation <sup>(a)(b)</sup> | 85308 | 18985295 |
| Elevance Health, Inc. <sup>(a)</sup> | Elevance Health, Inc. <sup>(a)</sup> | 23311 | 6598878 |
| Eli Lilly & Company <sup>(a)</sup> | Eli Lilly & Company <sup>(a)</sup> | 29325 | 21702553 |
| Intuitive Surgical, Inc. <sup>(a)(c)</sup> | Intuitive Surgical, Inc. <sup>(a)(c)</sup> | 37452 | 18017783 |
| Johnson & Johnson <sup>(a)(b)</sup> | Johnson & Johnson <sup>(a)(b)</sup> | 62155 | 10239415 |
| Merck & Company, Inc. | Merck & Company, Inc. | 145699 | 11382006 |
| Mondelez International, Inc. - Class A | Mondelez International, Inc. - Class A | 161406 | 10441354 |
| PepsiCo, Inc. | PepsiCo, Inc. | 139902 | 19295284 |
| Procter & Gamble Company <sup>(a)</sup> | Procter & Gamble Company <sup>(a)</sup> | 127784 | 19227658 |
| Stryker Corporation <sup>(a)</sup> | Stryker Corporation <sup>(a)</sup> | 91411 | 35899842 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | 38337 | 17929448 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | 35193 | 8782765 |
| Vertex Pharmaceuticals, Inc. <sup>(c)</sup> | Vertex Pharmaceuticals, Inc. <sup>(c)</sup> | 8755 | 3999897 |
|  |  |  | 256164822 |
| **Energy - 3.1%** | **Energy - 3.1%** | **Energy - 3.1%** |  |
| Devon Energy Corporation | Devon Energy Corporation | 312120 | 10368626 |
| Diamondback Energy, Inc. <sup>(a)(b)</sup> | Diamondback Energy, Inc. <sup>(a)(b)</sup> | 90953 | 13521073 |
| Exxon Mobil Corporation <sup>(a)</sup> | Exxon Mobil Corporation <sup>(a)</sup> | 305491 | 34105015 |
| Schlumberger NV <sup>(a)</sup> | Schlumberger NV <sup>(a)</sup> | 112210 | 3792698 |
|  |  |  | 61787412 |
| **Financial - 15.1%** | **Financial - 15.1%** | **Financial - 15.1%** |  |
| American Express Company | American Express Company | 26077 | 7805107 |
| American Tower Corporation <sup>(a)</sup> | American Tower Corporation <sup>(a)</sup> | 63822 | 13299867 |
| Berkshire Hathaway, Inc. - Class B <sup>(a)(c)</sup> | Berkshire Hathaway, Inc. - Class B <sup>(a)(c)</sup> | 70012 | 33037263 |
| Blackrock, Inc. <sup>(a)(b)</sup> | Blackrock, Inc. <sup>(a)(b)</sup> | 23322 | 25794365 |
| Citigroup, Inc. <sup>(a)(b)</sup> | Citigroup, Inc. <sup>(a)(b)</sup> | 174064 | 16309797 |
| Digital Realty Trust, Inc. <sup>(a)</sup> | Digital Realty Trust, Inc. <sup>(a)</sup> | 73914 | 13041386 |
| Intercontinental Exchange, Inc. <sup>(a)</sup> | Intercontinental Exchange, Inc. <sup>(a)</sup> | 87515 | 16175397 |
| JPMorgan Chase & Company <sup>(a)(b)</sup> | JPMorgan Chase & Company <sup>(a)(b)</sup> | 124670 | 36932241 |
| Marsh & McLennan Companies, Inc. <sup>(a)</sup> | Marsh & McLennan Companies, Inc. <sup>(a)</sup> | 77851 | 15507919 |
| Morgan Stanley <sup>(a)(b)</sup> | Morgan Stanley <sup>(a)(b)</sup> | 168570 | 24014482 |
| PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. | 102545 | 19511237 |
| Progressive Corporation <sup>(a)</sup> | Progressive Corporation <sup>(a)</sup> | 125965 | 30488569 |
| Public Storage <sup>(a)</sup> | Public Storage <sup>(a)</sup> | 27642 | 7516965 |
| Visa, Inc. - Class A <sup>(a)</sup> | Visa, Inc. - Class A <sup>(a)</sup> | 114280 | 39480312 |
| Welltower, Inc. <sup>(a)</sup> | Welltower, Inc. <sup>(a)</sup> | 37922 | 6259784 |
|  |  |  | 305174691 |
| **Industrial - 6.8%** | **Industrial - 6.8%** | **Industrial - 6.8%** |  |
| Carrier Global Corporation <sup>(a)</sup> | Carrier Global Corporation <sup>(a)</sup> | 88495 | 6072527 |
| Caterpillar, Inc. <sup>(b)</sup> | Caterpillar, Inc. <sup>(b)</sup> | 58999 | 25842742 |
| CSX Corporation <sup>(a)</sup> | CSX Corporation <sup>(a)</sup> | 457431 | 16257098 |
| Deere & Company <sup>(a)</sup> | Deere & Company <sup>(a)</sup> | 27607 | 14476282 |
| Eaton Corporation PLC <sup>(a)(b)</sup> | Eaton Corporation PLC <sup>(a)(b)</sup> | 33094 | 12731924 |
| General Electric Company <sup>(a)(b)</sup> | General Electric Company <sup>(a)(b)</sup> | 50757 | 13759207 |
| Honeywell International, Inc. <sup>(a)</sup> | Honeywell International, Inc. <sup>(a)</sup> | 79428 | 17660816 |
| Northrop Grumman Corporation <sup>(a)(b)</sup> | Northrop Grumman Corporation <sup>(a)(b)</sup> | 38721 | 22326916 |
| RTX Corporation <sup>(b)</sup> | RTX Corporation <sup>(b)</sup> | 51675 | 8142430 |
|  |  |  | 137269942 |
| **Technology - 34.1%<sup>(d)</sup>** | **Technology - 34.1%<sup>(d)</sup>** | **Technology - 34.1%<sup>(d)</sup>** |  |
| Advanced Micro Devices, Inc. <sup>(b)(c)</sup> | Advanced Micro Devices, Inc. <sup>(b)(c)</sup> | 62296 | 10983408 |
| Analog Devices, Inc. <sup>(a)</sup> | Analog Devices, Inc. <sup>(a)</sup> | 77902 | 17499126 |
| Apple, Inc. <sup>(a)</sup> | Apple, Inc. <sup>(a)</sup> | 557444 | 115708651 |
| Broadcom, Inc. <sup>(a)(b)</sup> | Broadcom, Inc. <sup>(a)(b)</sup> | 175208 | 51458590 |
| Broadridge Financial Solutions, Inc. <sup>(a)(b)</sup> | Broadridge Financial Solutions, Inc. <sup>(a)(b)</sup> | 35694 | 8834622 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)(b)(c)</sup> | Crowdstrike Holdings, Inc. - Class A <sup>(a)(b)(c)</sup> | 37246 | 16930914 |
| Fiserv, Inc. <sup>(a)(c)</sup> | Fiserv, Inc. <sup>(a)(c)</sup> | 67473 | 9374699 |
| International Business Machines Corporation <sup>(a)</sup> | International Business Machines Corporation <sup>(a)</sup> | 35870 | 9080490 |
| Intuit, Inc. <sup>(a)(b)</sup> | Intuit, Inc. <sup>(a)(b)</sup> | 29975 | 23534272 |
| Lam Research Corporation | Lam Research Corporation | 229866 | 21800491 |
| Microsoft Corporation <sup>(a)(b)</sup> | Microsoft Corporation <sup>(a)(b)</sup> | 277620 | 148110270 |
| NVIDIA Corporation <sup>(a)(b)</sup> | NVIDIA Corporation <sup>(a)(b)</sup> | 909811 | 161828083 |
| Oracle Corporation <sup>(a)(b)</sup> | Oracle Corporation <sup>(a)(b)</sup> | 63254 | 16051968 |
| Palantir Technologies, Inc. - Class A <sup>(b)(c)</sup> | Palantir Technologies, Inc. - Class A <sup>(b)(c)</sup> | 78724 | 12465945 |
| QUALCOMM, Inc. <sup>(a)</sup> | QUALCOMM, Inc. <sup>(a)</sup> | 42651 | 6259461 |
| Salesforce, Inc. | Salesforce, Inc. | 27138 | 7010559 |
| ServiceNow, Inc. <sup>(a)(c)</sup> | ServiceNow, Inc. <sup>(a)(c)</sup> | 33068 | 31187092 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | 36718 | 6648161 |
| Tyler Technologies, Inc. <sup>(a)(c)</sup> | Tyler Technologies, Inc. <sup>(a)(c)</sup> | 19351 | 11311821 |
|  |  |  | 686078623 |
| **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** |  |
| Duke Energy Corporation <sup>(a)</sup> | Duke Energy Corporation <sup>(a)</sup> | 131408 | 15984469 |
| NextEra Energy, Inc. <sup>(a)</sup> | NextEra Energy, Inc. <sup>(a)</sup> | 107133 | 7612871 |
| Southern Company <sup>(a)(b)</sup> | Southern Company <sup>(a)(b)</sup> | 253065 | 23909581 |
|  |  |  | 47506921 |
| **TOTAL COMMON STOCKS** (Cost $1,508,949,474) | **TOTAL COMMON STOCKS** (Cost $1,508,949,474) | **TOTAL COMMON STOCKS** (Cost $1,508,949,474) | 1992238480 |
| **PURCHASED OPTIONS - 1.3% <sup>(c)(e)(f)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 0.2%** | **Call Options - 0.2%** |  | $**–** |
|  S&P 500 Index, Expiration: 11/21/2025; Exercise Price: $7,000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1901817000 | 3000 | 4140000 |
| **Put Options - 1.1%** | **Put Options - 1.1%** |  | $**–** |
|  S&P 500 Index, Expiration: 10/17/2025; Exercise Price: $6,000.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965210900 | 3100 | 22103000 |
| **TOTAL PURCHASED OPTIONS** (Cost $27,146,937) | **TOTAL PURCHASED OPTIONS** (Cost $27,146,937) | **TOTAL PURCHASED OPTIONS** (Cost $27,146,937) | 26243000 |
| **SHORT-TERM INVESTMENTS - 0.8%** | **SHORT-TERM INVESTMENTS - 0.8%** |  | **Value**  |
| **Money Market Funds - 0.8%** | **Money Market Funds - 0.8%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(g)</sup> | First American Treasury Obligations Fund - Class X, 4.22% <sup>(g)</sup> | 16058022 | 16058022 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,058,022) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,058,022) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $16,058,022) | 16058022 |
| **TOTAL INVESTMENTS - 101.0% (**Cost $1,552,154,433**)** | **TOTAL INVESTMENTS - 101.0% (**Cost $1,552,154,433**)** | **TOTAL INVESTMENTS - 101.0% (**Cost $1,552,154,433**)** | 2034539502 |
| Liabilities in Excess of Other Assets - (1.0)% <sup>(h)</sup> | Liabilities in Excess of Other Assets - (1.0)% <sup>(h)</sup> | Liabilities in Excess of Other Assets - (1.0)% <sup>(h)</sup> | (20432360) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $2014107142 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

(a) All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of July 31, 2025 is $1,652,553,772.

(b) Held in connection with written option contracts. See Schedule of Written Options for further information.

(c) Non-income producing security.

(d) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(e) Exchange-traded.

(f) 100 shares per contract.

(g) The rate shown represents the 7-day annualized effective yield as of July 31, 2025.

(h) Includes cash of $241,831 that is pledged as collateral for written options.

---

| | | | |
|:---|:---|:---|:---|
| **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** | **Aptus Collared Investment Opportunity ETF** |
| **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** | **Schedule of Written Options** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **WRITTEN OPTIONS - (1.2)% <sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.8)%**  | **Call Options - (0.8)%**  | **Call Options - (0.8)%**  | **Call Options - (0.8)%**  |
| Advanced Micro Devices, Inc., Expiration: 08/01/2025; Exercise Price: $180.00 | $(10578600) | (600) | $(45000) |
| Altria Group, Inc., Expiration: 08/29/2025; Exercise Price: $62.00 | (3097000) | (500) | (64000) |
| Blackrock, Inc., Expiration: 08/15/2025; Exercise Price: $1,200.00 | (22120200) | (200) | (12500) |
| Broadcom, Inc., Expiration: 08/01/2025; Exercise Price: $280.00 | (7342500) | (250) | (355000) |
| Broadridge Financial Solutions, Inc., Expiration: 08/15/2025; Exercise Price: $240.00 | (2598855) | (105) | (109725) |
| Caterpillar, Inc., Expiration: 08/08/2025; Exercise Price: $390.00 | (19710900) | (450) | (2192625) |
| Cintas Corporation, Expiration: 08/15/2025; Exercise Price: $230.00 | (4451000) | (200) | (18000) |
| Citigroup, Inc., Expiration: 08/15/2025; Exercise Price: $95.00 | (3279500) | (350) | (41125) |
| Crowdstrike Holdings, Inc. – Class A, Expiration: 08/15/2025; Exercise Price: $500.00 | (4091130) | (90) | (18315) |
| Diamondback Energy, Inc., Expiration: 08/01/2025; Exercise Price: $155.00 | (6689700) | (450) | (19125) |
| Eaton Corporation PLC, Expiration: 08/01/2025; Exercise Price: $350.00 | (11541600) | (300) | (1056000) |
| General Electric Company, Expiration: 08/15/2025; Exercise Price: $250.00 | (8132400) | (300) | (679500) |
| Intuit, Inc., Expiration: 08/15/2025; Exercise Price: $820.00 | (5888475) | (75) | (26250) |
| Johnson & Johnson, Expiration: 08/15/2025; Exercise Price: $165.00 | (4942200) | (300) | (69450) |
| JPMorgan Chase & Company, Expiration: 08/15/2025; Exercise Price: $280.00 | (17774400) | (600) | (1065000) |
| Meta Platforms, Inc. – Class A, Expiration: 08/01/2025; Exercise Price: $790.00 | (20882880) | (270) | (30780) |
| Microsoft Corporation, Expiration: 08/01/2025; Exercise Price: $475.00 | (64020000) | (1200) | (7089000) |
| Morgan Stanley, Expiration: 08/29/2025; Exercise Price: $150.00 | (11396800) | (800) | (94800) |
| Netflix, Inc., Expiration: 08/15/2025; Exercise Price: $1,250.00 | (10434600) | (90) | (26100) |
| Newmont Corporation, Expiration: 08/15/2025; Exercise Price: $55.00 | (5278500) | (850) | (631125) |
| Northrop Grumman Corporation, Expiration: 09/19/2025; Exercise Price: $610.00 | (5766100) | (100) | (42000) |
| NVIDIA Corporation, Expiration: 08/15/2025; Exercise Price: $170.00 | (5336100) | (300) | (317250) |
| Oracle Corporation, Expiration: 08/01/2025; Exercise Price: $230.00 | (10150800) | (400) | (936000) |
| Palantir Technologies, Inc. – Class A, Expiration: 08/01/2025; Exercise Price: $165.00 | (7917500) | (500) | (7500) |
| RTX Corporation, Expiration: 08/15/2025; Exercise Price: $160.00 | (3151400) | (200) | (26300) |
| S&P 500 Index, Expiration: 11/21/2025; Exercise Price: $7,200.00 | (1901817000) | (3000) | (1200000) |
| Southern Company, Expiration: 08/01/2025; Exercise Price: $90.00 | (5668800) | (600) | (288000) |
| Walmart, Inc., Expiration: 08/15/2025; Exercise Price: $97.50 | (1959600) | (200) | (39900) |
| **Total Call Options** |  |  | (16500370) |
| **Put Options - (0.4)%** | **Put Options - (0.4)%** | **Put Options - (0.4)%** | **Put Options - (0.4)%** |
| S&P 500 Index, Expiration: 10/17/2025; Exercise Price: $5,400.00  | (1965210900) | (3100) | (7672500) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $21,172,825) |  |  | $(24172870) |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |

---

(a) Exchange-traded.

(b) 100 shares per contract.

------

#### <br>

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Aptus Collared Investment Opportunity ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1992238480 | $– | $– | $1992238480 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | – | 26243000 | – | 26243000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 16058022 | – | – | 16058022 |
| Total Investments | $2008296502 | $26243000 | $– | $2034539502 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(24172870) | $– | $(24172870) |
| Total Investments | $– | $(24172870) | $– | $(24172870) |
| Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. | Refer to the Schedule of Investments and Schedule of Written Options for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** Aptus Collared Investment Opportunity ETF

- **b. EDGAR series identifier (if any):** S000065985

- **c. LEI of Series:** 549300IQORRO47RTKY62

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $2034732976.80

**Total Liabilities:** $22552246.32

**Net Assets:** $2012180730.48

**Cash Not Reported:** $2020135.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000213139 | 4.52%                | 2.99%                | 0.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6517180.62             | $105038354.44                              |
| Month 2  | $236806.92               | $83513161.03                               |
| Month 3  | $8100152.43              | $25168560.06                               |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### Schedule of Portfolio Investments

| Name                           | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deere & Co                     | Deere & Co                               | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |     27579 | NS      | $14461600.23  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Devon Energy Corp              | Devon Energy Corp                        | CUSIP: 25179M103<br>LEI: 54930042348RKR3ZPN35 | Long             | EC               | CORP              | US        |    311798 | NS      | $10357929.56  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Diamondback Energy Inc         | Diamondback Energy Inc                   | CUSIP: 25278X109<br>LEI: 549300R22LSX6OHWEN64 | Long             | EC               | CORP              | US        |     90859 | NS      | $13507098.94  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc       | Digital Realty Trust Inc                 | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     73838 | NS      | $13027976.72  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp               | Duke Energy Corp                         | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |    131272 | NS      | $15967926.08  | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                           | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Long             | EC               | CORP              | IE        |     33060 | NS      | $12718843.20  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Broadcom Inc                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -250 | NC      | $-355000.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Broadridge Financial Solutions Inc       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -105 | NC      | $-109725.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Citigroup Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -350 | NC      | $-41125.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Caterpillar Inc                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -450 | NC      | $-2192625.00  | -0.11%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Crowdstrike Holdings Inc                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -90 | NC      | $-18315.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Cintas Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-18000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CSX Corp                       | CSX Corp                                 | CUSIP: 126408103<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | EC               | CORP              | US        |    552650 | NS      | $19641181.00  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp                             | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |    175822 | NS      | $5842565.06   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                    | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     16680 | NS      | $15673195.20  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                 | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |     37208 | NS      | $16913640.56  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Eaton Corp PLC                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-1056000.00  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Diamondback Energy Inc                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -450 | NC      | $-19125.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | General Electric Co                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-679500.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Honeywell International Inc              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -350 | NC      | $-9625.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Johnson & Johnson                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-69450.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | JPMorgan Chase & Co                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-1065000.00  | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Meta Platforms Inc                       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -270 | NC      | $-30780.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Morgan Stanley                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -800 | NC      | $-94800.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Microsoft Corp                           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -1200 | NC      | $-7089000.00  | -0.35%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Newmont Corp                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -850 | NC      | $-631125.00   | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Netflix Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       -90 | NC      | $-26100.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | NVIDIA Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -300 | NC      | $-317250.00   | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |    105683 | NS      | $13336137.77  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     73912 | NS      | $13970846.24  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc               | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     62232 | NS      | $10972123.92  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                             | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |    393404 | NS      | $75871895.44  | 3.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                         | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |    212693 | NS      | $13174204.42  | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                           | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |    354988 | NS      | $83106240.68  | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co                      | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |     26051 | NS      | $7797324.81   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp                      | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     63756 | NS      | $13286112.84  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     23682 | NS      | $6988558.20   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |     77822 | NS      | $17481155.86  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    556868 | NS      | $115589090.76 | 5.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing Inc            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     19832 | NS      | $6138004.00   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc                   | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |     69940 | NS      | $33003287.20  | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock Inc                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |     23298 | NS      | $25767820.98  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc       | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |     35658 | NS      | $8825711.58   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                             | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |    175028 | NS      | $51405723.60  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                            | CUSIP: N/A<br>LEI: 5493000EWHDSR3MZWH98       | Long             | EC               | CORP              | IE        |     31365 | NS      | $8377591.50   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Carrier Global Corp            | Carrier Global Corp                      | CUSIP: 14448C104<br>LEI: 549300JE3W6CWY2NAN77 | Long             | EC               | CORP              | US        |     88405 | NS      | $6066351.10   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |     58939 | NS      | $25816460.78  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                              | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85220 | NS      | $18965711.00  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                            | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |    173884 | NS      | $16292930.80  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     81608 | NS      | $63118891.52  | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos Inc                           | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     88178 | NS      | $19713955.46  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                 | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     77771 | NS      | $15491983.20  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD            | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |     76395 | NS      | $20155292.85  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |     65799 | NS      | $19744305.93  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |    145549 | NS      | $11370287.88  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |    277334 | NS      | $147957689.00 | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Mondelez International Inc     | Mondelez International Inc               | CUSIP: 609207105<br>LEI: 549300DV9GIB88LZ5P30 | Long             | EC               | CORP              | US        |    161240 | NS      | $10430615.60  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                           | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |    168396 | NS      | $23989694.16  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc         | Motorola Solutions Inc                   | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |     28555 | NS      | $12535073.90  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Advanced Micro Devices Inc               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-45000.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Blackrock Inc                            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-12500.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Schlumberger NV                | Schlumberger NV                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |    112094 | NS      | $3788777.20   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                           | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |     33034 | NS      | $31155026.08  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                  | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |     21764 | NS      | $7201272.32   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co/The                | Southern Co/The                          | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |    252803 | NS      | $23884827.44  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                             | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Long             | EC               | CORP              | US        |     91317 | NS      | $35862925.41  | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TJX Cos Inc/The                | TJX Cos Inc/The                          | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |    141241 | NS      | $17588741.73  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                          | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     69983 | NS      | $16684647.03  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |    106198 | NS      | $32737657.46  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments Inc                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     36680 | NS      | $6641280.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc             | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     38299 | NS      | $17911676.32  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc         | Tyler Technologies Inc                   | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |     19331 | NS      | $11300129.36  | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                    | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     83294 | NS      | $7309048.50   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     35157 | NS      | $8773780.92   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc               | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      8747 | NS      | $3996241.89   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                 | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |    114162 | NS      | $39439546.14  | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                              | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |    268645 | NS      | $26321837.10  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                  | Welltower Inc                            | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |     37884 | NS      | $6253511.88   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Oracle Corp                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -400 | NC      | $-936000.00   | -0.05%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Palantir Technologies Inc                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -500 | NC      | $-7500.00     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | RTX Corp                                 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-26300.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     23287 | NS      | $6592083.96   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                         | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |    305175 | NS      | $34069737.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |  16057539 | NS      | $16057539.04  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                               | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     67405 | NS      | $9365250.70   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co            | General Electric Co                      | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |     50705 | NS      | $13745111.40  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International Inc              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     79346 | NS      | $17642583.10  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc            | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     87425 | NS      | $16158762.75  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |     35834 | NS      | $9071377.10   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                     | Intuit Inc                               | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |     29945 | NS      | $23510717.85  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |     37414 | NS      | $17999501.26  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |    124542 | NS      | $36894322.08  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                        | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     62091 | NS      | $10228871.34  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                        | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |    229628 | NS      | $21777919.52  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                           | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |     29295 | NS      | $21680350.65  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                      | Linde PLC                                | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Long             | EC               | CORP              | US        |     41189 | NS      | $18957649.14  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | Southern Co/The                          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -600 | NC      | $-288000.00   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 09/19/25 P5400                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-3555000.00  | -0.18%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 09/19/25 P6000                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $13305000.00  | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                              | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |     29021 | NS      | $33646947.40  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                   | Newmont Corp                             | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |    133293 | NS      | $8277495.30   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy Inc                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |    107023 | NS      | $7605054.38   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrop Grumman Corp          | Northrop Grumman Corp                    | CUSIP: 666807102<br>LEI: RIMU48P07456QXSO0R61 | Long             | EC               | CORP              | US        |     38681 | NS      | $22303851.41  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    908869 | NS      | $161660529.03 | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                    | Oracle Corp                              | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     63190 | NS      | $16035726.30  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |    102439 | NS      | $19491068.53  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     78644 | NS      | $12453277.40  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |    139758 | NS      | $19275423.36  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co/The                  | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |    127652 | NS      | $19207796.44  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                     | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |    125835 | NS      | $30457103.40  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                 | Public Storage                           | CUSIP: 74460D109<br>LEI: 254900GLQZAD4N7N5Q19 | Long             | EC               | CORP              | US        |     27614 | NS      | $7509351.16   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                           | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    121776 | NS      | $13750945.92  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc                   | QUALCOMM Inc                             | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     42607 | NS      | $6253003.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp                       | RTX Corp                                 | CUSIP: 75513E101<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | EC               | CORP              | US        |     51623 | NS      | $8134236.11   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | SPX US 11/21/25 C7000                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3000 | NC      | $4140000.00   | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPX US 11/21/25 C7200                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3000 | NC      | $-1200000.00  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 09/30/25 P4300                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -3200 | NC      | $-1280000.00  | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | SPXW US 09/30/25 P5000                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      3200 | NC      | $2896000.00   | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | Walmart Inc                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -200 | NC      | $-39900.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer