# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001193125-26-247858
**Filing Date:** 2026-5
**Character Count:** 23553
**Document Hash:** 956fcca5d64e46b40e552b492067eb07
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247858.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247858

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042905

**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

### Bahl & Gaynor Small/Mid Cap Income Growth ETF (Series ID: S000072560)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000228893 | Bahl & Gaynor Small/Mid Cap Income Growth ETF | SMIG            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Bahl & Gaynor Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor Small/Mid Cap Income Growth ETF** | **Bahl & Gaynor Small/Mid Cap Income Growth ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 99.8%** | **Shares**  | **Value**  |
| **Consumer Discretionary - 8.5%** | **Consumer Discretionary - 8.5%** | |
| Gildan Activewear, Inc. | 953854 | $53081975 |
| Penske Automotive Group, Inc. | 96128 | 14373058 |
| Texas Roadhouse, Inc. | 202785 | 33487915 |
| Tractor Supply Co. | 106889 | 4842072 |
|  |  | 105785020 |
| **Consumer Staples - 2.8%** | **Consumer Staples - 2.8%** |  |
| Interparfums, Inc. | 275865 | 25059577 |
| Marzetti Co. | 71661 | 9912866 |
|  |  | 34972443 |
| **Energy - 12.8%** | **Energy - 12.8%** |  |
| DT Midstream, Inc. | 399210 | 53761611 |
| Plains GP Holdings LP - Class A | 738336 | 17926798 |
| Targa Resources Corp. | 347662 | 87169293 |
|  |  | 158857702 |
| **Financials - 21.4%** | **Financials - 21.4%** |  |
| American Financial Group, Inc. | 215625 | 27537469 |
| Cboe Global Markets, Inc. | 91284 | 25657194 |
| Evercore, Inc. - Class A | 138914 | 41467218 |
| First Financial Bancorp | 909771 | 25364415 |
| Hartford Insurance Group, Inc. | 410690 | 55537609 |
| Reinsurance Group of America, Inc. | 182927 | 37346376 |
| Victory Capital Holdings, Inc. - Class A | 812174 | 53181154 |
|  |  | 266091435 |
| **Health Care - 3.4%** | **Health Care - 3.4%** |  |
| US Physical Therapy, Inc. | 557162 | 41764864 |
| **Industrials - 19.6%** | **Industrials - 19.6%** |  |
| Allegion PLC | 124350 | 18066812 |
| Broadridge Financial Solutions, Inc. | 130147 | 21146285 |
| Hubbell, Inc. | 106845 | 52433115 |
| Oshkosh Corp. | 41703 | 6139099 |
| RB Global, Inc. | 308757 | 29594358 |
| Ryder System, Inc. | 129938 | 26599608 |
| Snap-on, Inc. | 163056 | 59225200 |
| Watsco, Inc. | 83255 | 30287336 |
|  |  | 243491813 |
| **Information Technology - 3.3%** | **Information Technology - 3.3%** |  |
| Amdocs Ltd. | 333342 | 21753899 |
| NetApp, Inc. | 78587 | 8046523 |
| Silicon Motion Technology Corp. - ADR | 93591 | 10509333 |
|  |  | 40309755 |
| **Materials - 7.0%** | **Materials - 7.0%** |  |
| Avery Dennison Corp. | 118807 | 20515593 |
| Packaging Corp. of America | 193472 | 41058628 |
| RPM International, Inc. | 252641 | 25112515 |
|  |  | 86686736 |
| **Real Estate - 9.6%** | **Real Estate - 9.6%** |  |
| Agree Realty Corp. | 442617 | 33364470 |
| American Healthcare REIT, Inc. | 728359 | 34349410 |
| Equity LifeStyle Properties, Inc. | 530338 | 33103698 |
| Terreno Realty Corp. | 305171 | 18743603 |
|  |  | 119561181 |
| **Utilities - 11.4%** | **Utilities - 11.4%** |  |
| Alliant Energy Corp. | 558737 | 40094967 |
| Atmos Energy Corp. | 169448 | 31300435 |
| CMS Energy Corp. | 322675 | 25033126 |
| NiSource, Inc. | 967297 | 45134078 |
|  |  | 141562606 |
| **TOTAL COMMON STOCKS** (Cost $1,163,499,552) | **TOTAL COMMON STOCKS** (Cost $1,163,499,552) | 1239083555 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 0.1%** | **Par**  | **Value**  |
| 3.60%, 06/25/2026 <sup>(a)</sup> | $244000 | 241936 |
| 3.56%, 07/02/2026 <sup>(a)</sup> | 550000 | 544940 |
| **TOTAL U.S. TREASURY BILLS** (Cost $786,982) | **TOTAL U.S. TREASURY BILLS** (Cost $786,982) | 786876 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $1,164,286,534**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $1,164,286,534**)** | 1239870431 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 1718192 |
| **TOTAL NET ASSETS - 100.0%** |  | $1241588623 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

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

---

(a) The rate shown is the annualized yield as of March 31, 2026.

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
Bahl & Gaynor Small/Mid Cap Income Growth 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 March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $1239083555 | $– | $– | $1239083555 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 786876 | – | 786876 |
| Total Investments | $1239083555 | $786876 | $– | $1239870431 |
| 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. |

---

## 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:** Bahl & Gaynor Small/Mid Cap Income Growth ETF

- **b. EDGAR series identifier (if any):** S000072560

- **c. LEI of Series:** 5493004CC8IJTW3EOJ91

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1242258684.39

**Total Liabilities:** $670017.52

**Net Assets:** $1241588666.87

**Cash Not Reported:** $540585.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228893 | 4.58%                | 4.20%                | -5.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7848094.77              | $44044237.79                               |
| Month 2  | $4005533.88              | $44678773.52                               |
| Month 3  | $-24284724.70            | $-55455736.74                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alliant Energy Corp            | Alliant Energy Corp                | CUSIP: 018802108<br>LEI: 5493009ML300G373MZ12 | Long             | EC               | CORP              | US        |    558737 | NS      | $40094967.12  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp              | Atmos Energy Corp                  | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |    169448 | NS      | $31300434.56  | 2.52%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc               | DT Midstream Inc                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    399210 | NS      | $53761610.70  | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc    | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    530338 | NS      | $33103697.96  | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The   | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |    410690 | NS      | $55537608.70  | 4.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                   | NiSource Inc                       | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |    967297 | NS      | $45134078.02  | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Packaging Corp of America      | Packaging Corp of America          | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |    193472 | NS      | $41058627.84  | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp            | Terreno Realty Corp                | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    305171 | NS      | $18743602.82  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Cboe Global Markets Inc        | Cboe Global Markets Inc            | CUSIP: 12503M108<br>LEI: 529900RLNSGA90UPEH54 | Long             | EC               | CORP              | US        |     91284 | NS      | $25657193.88  | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| RPM International Inc          | RPM International Inc              | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |    252641 | NS      | $25112515.40  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                  | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |    106889 | NS      | $4842071.70   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill        | CUSIP: 912797TE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    244000 | PA      | $241936.08    | 0.02%             | 2026-06-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Gildan Activewear Inc          | Gildan Activewear Inc              | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |    953854 | NS      | $53081975.10  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc                     | NetApp Inc                         | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     78587 | NS      | $8046522.93   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc        | US Physical Therapy Inc            | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |    557162 | NS      | $41764863.52  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| American Financial Group Inc/O | American Financial Group Inc/OH    | CUSIP: 025932104<br>LEI: 549300AFOM7IVKIU1G39 | Long             | EC               | CORP              | US        |    215625 | NS      | $27537468.75  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |    202785 | NS      | $33487914.90  | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The           | Marzetti Company/The               | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |     71661 | NS      | $9912866.13   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                      | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | US        |    308757 | NS      | $29594358.45  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |    347662 | NS      | $87169293.26  | 7.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadridge Financial Solutions | Broadridge Financial Solutions Inc | CUSIP: 11133T103<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | EC               | CORP              | US        |    130147 | NS      | $21146284.56  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| CMS Energy Corp                | CMS Energy Corp                    | CUSIP: 125896100<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EC               | CORP              | US        |    322675 | NS      | $25033126.50  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                       | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |    138914 | NS      | $41467218.14  | 3.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp        | First Financial Bancorp            | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |    909771 | NS      | $25364415.48  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc   | American Healthcare REIT Inc       | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               | CORP              | US        |    728359 | NS      | $34349410.44  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Inc                    | Hubbell Inc                        | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |    106845 | NS      | $52433115.30  | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Oshkosh Corp                   | Oshkosh Corp                       | CUSIP: 688239201<br>LEI: 549300FEKNPCFSA2B506 | Long             | EC               | CORP              | US        |     41703 | NS      | $6139098.63   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc        | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |     96128 | NS      | $14373058.56  | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Snap-on Inc                    | Snap-on Inc                        | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |    163056 | NS      | $59225200.32  | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp              | Agree Realty Corp                  | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    442617 | NS      | $33364469.46  | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Avery Dennison Corp            | Avery Dennison Corp                | CUSIP: 053611109<br>LEI: 549300PW7VPFCYKLIV37 | Long             | EC               | CORP              | US        |    118807 | NS      | $20515592.76  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Interparfums Inc               | Interparfums Inc                   | CUSIP: 458334109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    275865 | NS      | $25059576.60  | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP          | Plains GP Holdings LP              | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |    738336 | NS      | $17926798.08  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc   | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |    182927 | NS      | $37346376.32  | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc               | Ryder System Inc                   | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |    129938 | NS      | $26599607.98  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp | Silicon Motion Technology Corp     | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | TW        |     93591 | NS      | $10509333.39  | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Victory Capital Holdings Inc   | Victory Capital Holdings Inc       | CUSIP: 92645B103<br>LEI: 549300BN5LH2CIPPHS71 | Long             | EC               | CORP              | US        |    812174 | NS      | $53181153.52  | 4.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                     | Watsco Inc                         | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Long             | EC               | CORP              | US        |     83255 | NS      | $30287336.45  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                       | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Long             | EC               | CORP              | IE        |    124350 | NS      | $18066811.50  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Amdocs Ltd                     | Amdocs Ltd                         | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |    333342 | NS      | $21753898.92  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer