# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-016159
**Filing Date:** 2025-11
**Character Count:** 21535
**Document Hash:** 9c080c9486984e716ef09dff82697946
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-016159.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-016159

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251530899

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

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

## Series and Classes Contracts Data

### U.S. Global Sea to Sky Cargo ETF (Series ID: S000072692)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000229127 | U.S. Global Sea to Sky Cargo ETF | SEA             |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **U.S. Global Sea to Sky Cargo ETF** | **U.S. Global Sea to Sky Cargo ETF** | **U.S. Global Sea to Sky Cargo ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.6%** | **Shares** | **Value**  |
| **Australia - 3.0%** | **Australia - 3.0%** | |
| Brambles, Ltd. | 16689 | $273869 |
| **Bermuda - 3.9%** | **Bermuda - 3.9%** |  |
| Teekay Corporation Ltd. | 44216 | 361687 |
| **China - 12.8%** | **China - 12.8%** |  |
| COSCO SHIPPING Energy Transportation Company, Ltd. - H-Shares | 173165 | 200714 |
| COSCO SHIPPING Holdings Company, Ltd. - H-Shares | 263765 | 410462 |
| J&T Global Express Ltd. <sup>(a)</sup> | 226113 | 284169 |
| ZTO Express Cayman, Inc. - ADR | 14764 | 283469 |
|  |  | 1178814 |
| **Denmark - 6.8%** | **Denmark - 6.8%** |  |
| AP Moller - Maersk AS - Class B | 182 | 356812 |
| DSV AS | 1368 | 272070 |
|  |  | 628882 |
| **Germany - 3.1%** | **Germany - 3.1%** |  |
| Deutsche Post AG | 6291 | 280224 |
| **Hong Kong - 14.0%** | **Hong Kong - 14.0%** |  |
| Orient Overseas International, Ltd. | 28160 | 457033 |
| SITC International Holdings Company, Ltd. | 122256 | 470678 |
| TS Lines Ltd. | 325255 | 357356 |
|  |  | 1285067 |
| **Israel - 5.2%** | **Israel - 5.2%** |  |
| ZIM Integrated Shipping Services, Ltd. <sup>(b)</sup> | 35525 | 481364 |
| **Japan - 4.9%** | **Japan - 4.9%** |  |
| Nippon Express Holdings, Inc. | 12171 | 276612 |
| Nippon Yusen KK | 5061 | 172858 |
|  |  | 449470 |
| **Monaco - 2.0%** | **Monaco - 2.0%** |  |
| Scorpio Tankers, Inc. | 3347 | 187599 |
| **Norway - 6.7%** | **Norway - 6.7%** |  |
| Hoegh Autoliners ASA | 41613 | 446171 |
| MPC Container Ships ASA | 100619 | 166160 |
|  |  | 612331 |
| **Singapore - 2.0%** | **Singapore - 2.0%** |  |
| Hafnia, Ltd. <sup>(b)</sup> | 31161 | 186654 |
| **South Korea - 3.5%** | **South Korea - 3.5%** |  |
| HMM Company, Ltd. | 22774 | 325447 |
| **Spain - 3.1%** | **Spain - 3.1%** |  |
| Logista Integral SA | 8319 | 282265 |
| **Switzerland - 3.7%** | **Switzerland - 3.7%** |  |
| Kuehne + Nagel International AG | 1828 | 340203 |
| **Taiwan - 12.5%** | **Taiwan - 12.5%** |  |
| Evergreen Marine Corporation Taiwan, Ltd. | 77793 | 456885 |
| Wan Hai Lines, Ltd. | 140772 | 343177 |
| Yang Ming Marine Transport Corporation | 200437 | 348552 |
|  |  | 1148614 |
| **United Kingdom - 2.0%** | **United Kingdom - 2.0%** |  |
| Global Ship Lease, Inc. - Class A | 5906 | 181314 |
| **United States - 9.4%** | **United States - 9.4%** |  |
| Expeditors International of Washington, Inc. | 2344 | 287351 |
| FedEx Corporation | 1248 | 294291 |
| United Parcel Service, Inc. - Class B | 3372 | 281663 |
|  |  | 863305 |
| **TOTAL COMMON STOCKS** (Cost $8,890,184) | **TOTAL COMMON STOCKS** (Cost $8,890,184) | 9067109 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.9%** | **Units** | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(c)</sup> | 639972 | 639972 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $639,972) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $639,972) | 639972 |
| **MONEY MARKET FUNDS - 1.1%** | **Shares** | **Value**  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(c)</sup> | 98299 | 98299 |
| **TOTAL MONEY MARKET FUNDS** (Cost $98,299) | **TOTAL MONEY MARKET FUNDS** (Cost $98,299) | 98299 |
| **TOTAL INVESTMENTS - 106.6% (**Cost $9,628,455**)** | **TOTAL INVESTMENTS - 106.6% (**Cost $9,628,455**)** | 9805380 |
| Liabilities in Excess of Other Assets - (6.6)% | Liabilities in Excess of Other Assets - (6.6)% | (604233) |
| **TOTAL NET ASSETS - 100.0%** |  | $9201147 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

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

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $617,817.

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $9067109 | $– | $– | $9067109 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 639972 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 98299 | – | – | 98299 |
| Total Investments | $9165408 | $– | $– | $9805380 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $639,972 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** U.S. Global Sea to Sky Cargo ETF

- **b. EDGAR series identifier (if any):** S000072692

- **c. LEI of Series:** 54930042C14KZNH0Z454

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9898049.47

**Total Liabilities:** $696949.30

**Net Assets:** $9201100.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000229127 | 1.60%                | 1.76%                | -1.99%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $364.03                  | $75690.28                                  |
| Month 2  | $-736.21                 | $60644.96                                  |
| Month 3  | $-23149.85               | $-255019.78                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Expeditors International of Wa            | Expeditors International of Washington Inc  | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |      2344 | NS      | $287350.96    | 3.12%             |  |  |  | No            | 1                  | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                  | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      1248 | NS      | $294290.88    | 3.20%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund  | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |     98299 | NS      | $98298.83     | 1.07%             |  |  |  | No            | 1                  | On Loan: No      |
| AP Moller - Maersk A/S                    | AP Moller - Maersk A/S                      | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |       182 | NS      | $356812.23    | 3.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Evergreen Marine Corp Taiwan L            | Evergreen Marine Corp Taiwan Ltd            | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               | CORP              | TW        |     77793 | NS      | $456885.20    | 4.97%             |  |  |  | No            | 1                  | On Loan: No      |
| HMM Co Ltd                                | HMM Co Ltd                                  | CUSIP: N/A<br>LEI: 988400M8Q35QDZ4XXW80       | Long             | EC               | CORP              | KR        |     22774 | NS      | $325447.20    | 3.54%             |  |  |  | No            | 1                  | On Loan: No      |
| Nippon Yusen KK                           | Nippon Yusen KK                             | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |      5061 | NS      | $172858.04    | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| OOIL                                      | Orient Overseas International Ltd           | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |     28160 | NS      | $457033.01    | 4.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Wan Hai Lines Ltd                         | Wan Hai Lines Ltd                           | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |    140772 | NS      | $343177.36    | 3.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Yang Ming Marine Transport Cor            | Yang Ming Marine Transport Corp             | CUSIP: N/A<br>LEI: 254900WG2ACWNVSP6E13       | Long             | EC               | CORP              | TW        |    200437 | NS      | $348551.78    | 3.79%             |  |  |  | No            | 1                  | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service Inc                   | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |      3372 | NS      | $281663.16    | 3.06%             |  |  |  | No            | 1                  | On Loan: No      |
| ZTO Express Cayman Inc                    | ZTO Express Cayman Inc                      | CUSIP: 98980A105<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |     14764 | NS      | $283468.80    | 3.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |    639972 | NS      | $639972.00    | 6.96%             |  |  |  | No            | N/A                | On Loan: No      |
| Kuehne + Nagel International A            | Kuehne + Nagel International AG             | CUSIP: N/A<br>LEI: 529900Q0YED3805QXQ66       | Long             | EC               | CORP              | CH        |      1828 | NS      | $340202.50    | 3.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Brambles Ltd                              | Brambles Ltd                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |     16689 | NS      | $273868.96    | 2.98%             |  |  |  | No            | 1                  | On Loan: No      |
| SITC International Holdings Co            | SITC International Holdings Co Ltd          | CUSIP: N/A<br>LEI: 529900JUV4MOM9CE3V12       | Long             | EC               | CORP              | HK        |    122256 | NS      | $470677.63    | 5.12%             |  |  |  | No            | 1                  | On Loan: No      |
| MPC Container Ships ASA                   | MPC Container Ships ASA                     | CUSIP: N/A<br>LEI: 213800MXS7CXYJ2Q1805       | Long             | EC               | CORP              | NO        |    100619 | NS      | $166159.91    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| NIPPON EXPRESS HOLDINGS INC               | NIPPON EXPRESS HOLDINGS INC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |     12171 | NS      | $276611.77    | 3.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Hoegh Autoliners ASA                      | Hoegh Autoliners ASA                        | CUSIP: N/A<br>LEI: 549300D7GNMPKTA4HD46       | Long             | EC               | CORP              | NO        |     41613 | NS      | $446171.52    | 4.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Logista Integral SA                       | Logista Integral SA                         | CUSIP: N/A<br>LEI: 9598000ANNAL42UJ7X28       | Long             | EC               | CORP              | ES        |      8319 | NS      | $282264.87    | 3.07%             |  |  |  | No            | 1                  | On Loan: No      |
| J&T Global Express Ltd                    | J&T Global Express Ltd                      | CUSIP: N/A<br>LEI: 2549009MQXHGQY558V11       | Long             | EC               | CORP              | CN        |    226113 | NS      | $284168.51    | 3.09%             |  |  |  | No            | 1                  | On Loan: No      |
| TS Lines Ltd                              | TS Lines Ltd                                | CUSIP: N/A<br>LEI: 8368006B8C0EXQ2JDM96       | Long             | EC               | CORP              | HK        |    325255 | NS      | $357356.48    | 3.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Teekay Corp Ltd                           | Teekay Corp Ltd                             | CUSIP: N/A<br>LEI: YHKQM2RIPKZYOZ6RVZ46       | Long             | EC               | CORP              | BM        |     44216 | NS      | $361686.88    | 3.93%             |  |  |  | No            | 1                  | On Loan: No      |
| ZIM Integrated Shipping Servic            | ZIM Integrated Shipping Services Ltd        | CUSIP: N/A<br>LEI: 21380089EIJRELKAIL21       | Long             | EC               | CORP              | IL        |     35525 | NS      | $481363.75    | 5.23%             |  |  |  | No            | 1                  | On Loan: —       |
| Global Ship Lease Inc                     | Global Ship Lease Inc                       | CUSIP: N/A<br>LEI: 254900GLZ0J5N8UZM071       | Long             | EC               | CORP              | GB        |      5906 | NS      | $181314.20    | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Hafnia Ltd                                | Hafnia Ltd                                  | CUSIP: N/A<br>LEI: 5493001KCFT0SCGJ2647       | Long             | EC               | CORP              | SG        |     31161 | NS      | $186654.39    | 2.03%             |  |  |  | No            | 1                  | On Loan: —       |
| Scorpio Tankers Inc                       | Scorpio Tankers Inc                         | CUSIP: N/A<br>LEI: 549300NVJUH16NXG8K87       | Long             | EC               | CORP              | MC        |      3347 | NS      | $187599.35    | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Post AG                          | Deutsche Post AG                            | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      6291 | NS      | $280223.70    | 3.05%             |  |  |  | No            | 1                  | On Loan: No      |
| COSCO SHIP ENGY                           | COSCO SHIPPING Energy Transportation Co Ltd | CUSIP: N/A<br>LEI: 529900IGB8FVHRCR1W95       | Long             | EC               | CORP              | CN        |    173165 | NS      | $200714.26    | 2.18%             |  |  |  | No            | 1                  | On Loan: No      |
| COSCO SHIPPING Holdings Co Ltd            | COSCO SHIPPING Holdings Co Ltd              | CUSIP: N/A<br>LEI: 3003009XI0QGYYA29S17       | Long             | EC               | CORP              | CN        |    263765 | NS      | $410461.92    | 4.46%             |  |  |  | No            | 1                  | On Loan: No      |
| DSV A/S                                   | DSV A/S                                     | CUSIP: N/A<br>LEI: 529900X41C0BSLK67H70       | Long             | EC               | CORP              | DK        |      1368 | NS      | $272070.21    | 2.96%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer