# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001193125-26-247551
**Filing Date:** 2026-5
**Character Count:** 30061
**Document Hash:** 8eaae0ac411ef0cf5a834a816c0f5840
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-247551.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-247551

**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:** 261042278

**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 Jets ETF (Series ID: S000048544)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000153068 | U.S. Global Jets ETF | JETS            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **U.S. Global Jets ETF** | **U.S. Global Jets ETF** | **U.S. Global Jets ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 99.1%** | **Shares**  | **Value**  |
| **Australia - 0.9%** | **Australia - 0.9%** | |
| Qantas Airways Ltd. | 1043795 | $6027794 |
| **Brazil - 1.0%** | **Brazil - 1.0%** |  |
| Embraer SA - ADR | 113029 | 6707141 |
| **Canada - 5.6%** | **Canada - 5.6%** |  |
| Air Canada <sup>(a)</sup> | 1839565 | 23961554 |
| Bombardier, Inc. - Class B <sup>(a)</sup> | 72043 | 12741010 |
|  |  | 36702564 |
| **Chile - 1.0%** | **Chile - 1.0%** |  |
| Latam Airlines Group SA - ADR <sup>(b)</sup> | 136140 | 6730761 |
| **China - 1.6%** | **China - 1.6%** |  |
| Air China Ltd. - Class H <sup>(a)</sup> | 4442153 | 2588971 |
| China Eastern Airlines Corp. Ltd. - Class H <sup>(a)</sup> | 5908909 | 2629966 |
| China Southern Airlines Co. Ltd. - Class H <sup>(a)</sup> | 5155090 | 2564002 |
| Tongcheng Travel Holdings Ltd. | 1253956 | 2878540 |
|  |  | 10661479 |
| **France - 1.4%** | **France - 1.4%** |  |
| Air France-KLM <sup>(a)</sup> | 281559 | 2785129 |
| Airbus SE | 32374 | 6017831 |
|  |  | 8802960 |
| **Germany - 0.5%** | **Germany - 0.5%** |  |
| Deutsche Lufthansa AG | 357363 | 2972380 |
| **Hong Kong - 0.4%** | **Hong Kong - 0.4%** |  |
| Cathay Pacific Airways Ltd. | 1928715 | 2759805 |
| **India - 0.8%** | **India - 0.8%** |  |
| MakeMyTrip Ltd. <sup>(a)(b)</sup> | 140706 | 5246927 |
| **Ireland - 0.9%** | **Ireland - 0.9%** |  |
| Ryanair Holdings PLC - ADR | 104201 | 6022818 |
| **Israel - 0.5%** | **Israel - 0.5%** |  |
| El Al Israel Airlines | 741283 | 3236910 |
| **Japan - 0.9%** | **Japan - 0.9%** |  |
| ANA Holdings, Inc. | 171123 | 3023401 |
| Japan Airlines Co. Ltd. | 190875 | 3078319 |
|  |  | 6101720 |
| **Mexico - 1.6%** | **Mexico - 1.6%** |  |
| Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 30150 | 3459110 |
| Grupo Aeroportuario del Pacifico SAB de CV - Class B | 141482 | 3484595 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR | 9988 | 3357266 |
|  |  | 10300971 |
| **Norway - 0.5%** | **Norway - 0.5%** |  |
| Norwegian Air Shuttle ASA | 2147918 | 3154364 |
| **Panama - 0.5%** | **Panama - 0.5%** |  |
| Copa Holdings SA - Class A | 28507 | 3238680 |
| **Singapore - 1.4%** | **Singapore - 1.4%** |  |
| Singapore Airlines Ltd. | 612481 | 3144104 |
| Trip.com Group Ltd. - ADR <sup>(b)</sup> | 123343 | 6141248 |
|  |  | 9285352 |
| **Spain - 1.5%** | **Spain - 1.5%** |  |
| Aena SME SA <sup>(c)</sup> | 217934 | 6428494 |
| Amadeus IT Group SA | 52541 | 2956327 |
|  |  | 9384821 |
| **Thailand - 0.5%** | **Thailand - 0.5%** |  |
| Airports of Thailand PCL | 2041703 | 3219180 |
| **Turkey - 1.5%** | **Turkey - 1.5%** |  |
| Pegasus Hava Tasimaciligi AS <sup>(a)</sup> | 789135 | 3116373 |
| Turk Hava Yollari AO | 965032 | 6389682 |
|  |  | 9506055 |
| **United Kingdom - 1.4%** | **United Kingdom - 1.4%** |  |
| easyJet PLC | 630256 | 2895514 |
| International Consolidated Airlines Group SA | 1329217 | 6154173 |
|  |  | 9049687 |
| **United States - 74.7% <sup>(d)</sup>** | **United States - 74.7% <sup>(d)</sup>** |  |
| Alaska Air Group, Inc. <sup>(a)(b)</sup> | 596572 | 21941918 |
| Allegiant Travel Co. <sup>(a)(b)</sup> | 299225 | 24249194 |
| American Airlines Group, Inc. <sup>(a)</sup> | 6435049 | 69112426 |
| Boeing Co. <sup>(a)</sup> | 62592 | 12457686 |
| Booking Holdings, Inc. | 3008 | 12664643 |
| Delta Air Lines, Inc. | 1171746 | 77897674 |
| Expedia Group, Inc. | 56029 | 12936536 |
| Frontier Group Holdings, Inc. <sup>(a)(b)</sup> | 6781412 | 23938385 |
| General Dynamics Corp. | 36097 | 12389212 |
| JetBlue Airways Corp. <sup>(a)</sup> | 5542536 | 24498009 |
| Sabre Corp. <sup>(a)(b)</sup> | 7534906 | 10925614 |
| SkyWest, Inc. <sup>(a)</sup> | 257593 | 23654765 |
| Southwest Airlines Co. | 1668355 | 62680097 |
| Textron, Inc. | 139954 | 12254372 |
| TripAdvisor, Inc. <sup>(a)(b)</sup> | 1372941 | 14635551 |
| United Airlines Holdings, Inc. <sup>(a)</sup> | 784599 | 72238030 |
|  |  | 488474112 |
| **TOTAL COMMON STOCKS** (Cost $766,476,019) | **TOTAL COMMON STOCKS** (Cost $766,476,019) | 647586481 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.2%** | **Units**  | **Value**  |
| Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(e)</sup> | 53441227 | 53441227 |
| **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $53,441,227) | **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $53,441,227) | 53441227 |
| **MONEY MARKET FUNDS - 0.7%** | **Shares**  | **Value**  |
| First American Government Obligations Fund - Class X, 3.58% <sup>(e)</sup> | 5028080 | 5028080 |
| **TOTAL MONEY MARKET FUNDS** (Cost $5,028,080) | **TOTAL MONEY MARKET FUNDS** (Cost $5,028,080) | 5028080 |
| **TOTAL INVESTMENTS - 108.0% (**Cost $824,945,326**)** | **TOTAL INVESTMENTS - 108.0% (**Cost $824,945,326**)** | 706055788 |
| Liabilities in Excess of Other Assets - (8.0)% | Liabilities in Excess of Other Assets - (8.0)% | (52376825) |
| **TOTAL NET ASSETS - 100.0%** |  | $653678963 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| LLC - Limited Liability Company |
| PCL - Public Company Limited |
| PLC - Public Limited Company |

---

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of March 31, 2026. The fair value of these securities was $53,787,238.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional
 investors. As of March 31, 2026, the value of these securities total $6,428,494 or 1.0% of the Fund's net assets.

(d) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country
 or region.

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

------

#### Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
U.S. Global Jets 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 | $647586481 | $– | $– | $647586481 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 53441227 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 5028080 | – | – | 5028080 |
| Total Investments | $652614561 | $– | $– | $706055788 |
| 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
 $53,441,227 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 Jets ETF

- **b. EDGAR series identifier (if any):** S000048544

- **c. LEI of Series:** 549300UL07KE1VGTTL75

**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:** $711429917.88

**Total Liabilities:** $57777648.88

**Net Assets:** $653652269.00

**Cash Not Reported:** $429808.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153068 | -0.27%               | 1.65%                | -13.52%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26041963.12             | $-30425783.20                              |
| Month 2  | $19696505.95             | $-9255251.38                               |
| Month 3  | $-10900154.28            | $-92241776.19                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Allegiant Travel Co                       | Allegiant Travel Co                            | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |    299225 | NS      | $24249194.00  | 3.71%             |  |  |  | No            | 1                  | On Loan: —       |
| American Airlines Group Inc               | American Airlines Group Inc                    | CUSIP: 02376R102<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | EC               | CORP              | US        |   6435049 | NS      | $69112426.26  | 10.57%            |  |  |  | No            | 1                  | On Loan: No      |
| Boeing Co/The                             | Boeing Co/The                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |     62592 | NS      | $12457685.76  | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Booking Holdings Inc                      | Booking Holdings Inc                           | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      3008 | NS      | $12664642.56  | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Delta Air Lines Inc                       | Delta Air Lines Inc                            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |   1171746 | NS      | $77897674.08  | 11.92%            |  |  |  | No            | 1                  | On Loan: No      |
| Embraer SA                                | Embraer SA                                     | CUSIP: 29082A107<br>LEI: 549300EM51WYXFHUY333 | Long             | EC               | CORP              | BR        |    113029 | NS      | $6707140.86   | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Expedia Group Inc                         | Expedia Group Inc                              | CUSIP: 30212P303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56029 | NS      | $12936535.81  | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund     | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   5028080 | NS      | $5028079.80   | 0.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Frontier Group Holdings Inc               | Frontier Group Holdings Inc                    | CUSIP: 35909R108<br>LEI: 549300DT3Y2BHO6G7T02 | Long             | EC               | CORP              | US        |   6781412 | NS      | $23938384.36  | 3.66%             |  |  |  | No            | 1                  | On Loan: —       |
| General Dynamics Corp                     | General Dynamics Corp                          | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |     36097 | NS      | $12389212.34  | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Grupo Aeroportuario del Centro            | Grupo Aeroportuario del Centro Norte SAB de CV | CUSIP: 400501102<br>LEI: 529900HUSBARAFSXJ605 | Long             | EC               | CORP              | MX        |     30150 | NS      | $3459109.50   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Grupo Aeroportuario del Surest            | Grupo Aeroportuario del Sureste SAB de CV      | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |      9988 | NS      | $3357266.44   | 0.51%             |  |  |  | No            | 1                  | On Loan: No      |
| Deutsche Lufthansa AG                     | Deutsche Lufthansa AG                          | CUSIP: N/A<br>LEI: 529900PH63HYJ86ASW55       | Long             | EC               | CORP              | DE        |    357363 | NS      | $2972379.85   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| China Southern Airlines Co Ltd            | China Southern Airlines Co Ltd                 | CUSIP: N/A<br>LEI: 529900AJQ1Q18ABYVX84       | Long             | EC               | CORP              | CN        |   5155090 | NS      | $2564001.81   | 0.39%             |  |  |  | No            | 1                  | On Loan: No      |
| ANA Holdings Inc                          | ANA Holdings Inc                               | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | EC               | CORP              | JP        |    171123 | NS      | $3023401.23   | 0.46%             |  |  |  | No            | 1                  | On Loan: No      |
| CHINA EAST AIR                            | China Eastern Airlines Corp Ltd                | CUSIP: N/A<br>LEI: 3003000KIOQE39Q7Y685       | Long             | EC               | CORP              | CN        |   5908909 | NS      | $2629966.38   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Cathay Pacific Airways Ltd                | Cathay Pacific Airways Ltd                     | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |   1928715 | NS      | $2759804.92   | 0.42%             |  |  |  | No            | 1                  | On Loan: No      |
| El Al Israel Airlines                     | El Al Israel Airlines                          | CUSIP: N/A<br>LEI: 549300TW18OUVFDCDP95       | Long             | EC               | CORP              | IL        |    741283 | NS      | $3236909.83   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Grupo Aeroportuario del Pacifi            | Grupo Aeroportuario del Pacifico SAB de CV     | CUSIP: P4959P100<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |    141482 | NS      | $3484595.17   | 0.53%             |  |  |  | No            | 1                  | On Loan: No      |
| Amadeus IT Group SA                       | Amadeus IT Group SA                            | CUSIP: N/A<br>LEI: 9598004A3FTY3TEHHN09       | Long             | EC               | CORP              | ES        |     52541 | NS      | $2956327.01   | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| easyJet PLC                               | easyJet PLC                                    | CUSIP: N/A<br>LEI: 2138001S47XKWIB7TH90       | Long             | EC               | CORP              | GB        |    630256 | NS      | $2895513.79   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Bombardier Inc                            | Bombardier Inc                                 | CUSIP: 097751861<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | EC               | CORP              | CA        |     72043 | NS      | $12741009.89  | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Copa Holdings SA                          | Copa Holdings SA                               | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |     28507 | NS      | $3238680.27   | 0.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Alaska Air Group Inc                      | Alaska Air Group Inc                           | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |    596572 | NS      | $21941918.16  | 3.36%             |  |  |  | No            | 1                  | On Loan: —       |
| Airbus SE                                 | Airbus SE                                      | CUSIP: N/A<br>LEI: MINO79WLOO247M1IL051       | Long             | EC               | CORP              | FR        |     32374 | NS      | $6017831.01   | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Airports of Thailand PCL                  | Airports of Thailand PCL                       | CUSIP: N/A<br>LEI: 5299006VS4CU6LW0TY22       | Long             | EC               | CORP              | TH        |   2041703 | NS      | $3219179.99   | 0.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Air France-KLM                            | Air France-KLM                                 | CUSIP: N/A<br>LEI: 969500AQW31GYO8JZD66       | Long             | EC               | CORP              | FR        |    281559 | NS      | $2785128.67   | 0.43%             |  |  |  | No            | 1                  | On Loan: No      |
| JetBlue Airways Corp                      | JetBlue Airways Corp                           | CUSIP: 477143101<br>LEI: 54930070J9H97ZO93T57 | Long             | EC               | CORP              | US        |   5542536 | NS      | $24498009.12  | 3.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Latam Airlines Group SA                   | Latam Airlines Group SA                        | CUSIP: 51817R205<br>LEI: 549300HX3UUDPEFTG707 | Long             | EC               | CORP              | CL        |    136140 | NS      | $6730761.60   | 1.03%             |  |  |  | No            | 1                  | On Loan: —       |
| Qantas Airways Ltd                        | Qantas Airways Ltd                             | CUSIP: N/A<br>LEI: YLXNW6TI6QSK1H8H0N82       | Long             | EC               | CORP              | AU        |   1043795 | NS      | $6027794.06   | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Singapore Airlines Ltd                    | Singapore Airlines Ltd                         | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |    612481 | NS      | $3144104.07   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Norwegian Air Shuttle ASA                 | Norwegian Air Shuttle ASA                      | CUSIP: N/A<br>LEI: 549300IEUH2FEM2Y6B51       | Long             | EC               | CORP              | NO        |   2147918 | NS      | $3154364.29   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Ryanair Holdings PLC                      | Ryanair Holdings PLC                           | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |    104201 | NS      | $6022817.80   | 0.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Sabre Corp                                | Sabre Corp                                     | CUSIP: 78573M104<br>LEI: 529900VKCYZW8GZ4WW58 | Long             | EC               | CORP              | US        |   7534906 | NS      | $10925613.70  | 1.67%             |  |  |  | No            | 1                  | On Loan: —       |
| SkyWest Inc                               | SkyWest Inc                                    | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |    257593 | NS      | $23654765.19  | 3.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Southwest Airlines Co                     | Southwest Airlines Co                          | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |   1668355 | NS      | $62680097.35  | 9.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Textron Inc                               | Textron Inc                                    | CUSIP: 883203101<br>LEI: 3PPKBHUG1HD6BO7RNR87 | Long             | EC               | CORP              | US        |    139954 | NS      | $12254372.24  | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Trip.com Group Ltd                        | Trip.com Group Ltd                             | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |    123343 | NS      | $6141247.97   | 0.94%             |  |  |  | No            | 1                  | On Loan: —       |
| TripAdvisor Inc                           | TripAdvisor Inc                                | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |   1372941 | NS      | $14635551.06  | 2.24%             |  |  |  | No            | 1                  | On Loan: —       |
| United Airlines Holdings Inc              | United Airlines Holdings Inc                   | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |    784599 | NS      | $72238029.93  | 11.05%            |  |  |  | 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        |  53441228 | NS      | $53441227.50  | 8.18%             |  |  |  | No            | N/A                | On Loan: No      |
| Turk Hava Yollari AO                      | Turk Hava Yollari AO                           | CUSIP: N/A<br>LEI: 789000EV8M3BL7ZPFB03       | Long             | EC               | CORP              | TR        |    965032 | NS      | $6389682.07   | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Air China Ltd                             | Air China Ltd                                  | CUSIP: N/A<br>LEI: 213800I9TWC9K22N4502       | Long             | EC               | CORP              | CN        |   4442153 | NS      | $2588970.98   | 0.40%             |  |  |  | No            | 1                  | On Loan: No      |
| International Consolidated Air            | International Consolidated Airlines Group SA   | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | GB        |   1329217 | NS      | $6154173.37   | 0.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Japan Airlines Co Ltd                     | Japan Airlines Co Ltd                          | CUSIP: N/A<br>LEI: 3538002MH5L1QZZ93477       | Long             | EC               | CORP              | JP        |    190875 | NS      | $3078318.66   | 0.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Pegasus Hava Tasimaciligi AS              | Pegasus Hava Tasimaciligi AS                   | CUSIP: N/A<br>LEI: 789000B1MW5PQ58A8T03       | Long             | EC               | CORP              | TR        |    789135 | NS      | $3116372.54   | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Tongcheng Travel Holdings Ltd             | Tongcheng Travel Holdings Ltd                  | CUSIP: G8918W106<br>LEI: 2549004WGGNOPL8NUL61 | Long             | EC               | CORP              | CN        |   1253956 | NS      | $2878540.02   | 0.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Air Canada                                | Air Canada                                     | CUSIP: 008911877<br>LEI: 4B4HI3CGXMBDC0G6BM51 | Long             | EC               | CORP              | CA        |   1839565 | NS      | $23961554.02  | 3.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Aena SME SA                               | Aena SME SA                                    | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |    217934 | NS      | $6428493.78   | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| MakeMyTrip Ltd                            | MakeMyTrip Ltd                                 | CUSIP: N/A<br>LEI: 529900DNT8HNJ7RYUO60       | Long             | EC               | CORP              | IN        |    140706 | NS      | $5246926.74   | 0.80%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

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

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer