# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-010502
**Filing Date:** 2025-9
**Character Count:** 30674
**Document Hash:** dc8f203086e2a00abbc4cffb5f7b0b05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010502.hdr.sgml**: 20250930

**ACCESSION NUMBER**: 0000894189-25-010502

**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:** 251361523

**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 Deferred Income ETF (Series ID: S000088186)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000254244 | Aptus Deferred Income ETF | DEFR            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income 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)** |
| **PURCHASED OPTIONS - 91.6% <sup>(a)(b)(c)(d)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - 59.9%** | **Call Options - 59.9%** |  | $**–** |
| Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $245.00 | $8757655 | 155 | $4966463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $250.00 | 43166764 | 764 | 24098539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $450.00 | 11978212 | 212 | 2455683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $250.00 | 22826404 | 404 | 12851240 |
| iShares 7-10 Year Treasury Bond ETF | iShares 7-10 Year Treasury Bond ETF | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $93.67 | 45855680 | 4832 | 582014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90 | 13703560 | 1444 | 239704 |
| **Total Call Options** |  |  | 45193643 |
| **Put Options - 31.7%** | **Put Options - 31.7%** |  | $**–** |
| Invesco QQQ Trust Series 1 | Invesco QQQ Trust Series 1 | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $550.00 | 11978212 | 212 | 58162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $745.00 | 8757655 | 155 | 2770303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $750.00 | 43166764 | 764 | 14036231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $750.00 | 22826404 | 404 | 7071212 |
| **Total Put Options** |  |  | 23935908 |
| **TOTAL PURCHASED OPTIONS** (Cost $68,898,747) | **TOTAL PURCHASED OPTIONS** (Cost $68,898,747) | **TOTAL PURCHASED OPTIONS** (Cost $68,898,747) | 69129551 |
| **U.S. TREASURY BILLS - 7.9%** | **U.S. TREASURY BILLS - 7.9%** | **Par** | **Value** |
| **U.S. Treasury Bills - 7.9%** | **U.S. Treasury Bills - 7.9%** |  |  |
| 4.28%, 11/12/2025 <sup>(e)(f)</sup> | 4.28%, 11/12/2025 <sup>(e)(f)</sup> | 6000000 | 5927356 |
| **TOTAL U.S. TREASURY BILLS** (Cost $5,927,556) | **TOTAL U.S. TREASURY BILLS** (Cost $5,927,556) | **TOTAL U.S. TREASURY BILLS** (Cost $5,927,556) | 5927356 |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** | **Shares** | **Value** |
| **Money Market Funds - 0.1%** | **Money Market Funds - 0.1%** |  |  |
| First American Treasury Obligations Fund - Class X, 4.22% <sup>(g)</sup> | First American Treasury Obligations Fund - Class X, 4.22% <sup>(g)</sup> | 100387 | 100387 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $100,387) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $100,387) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $100,387) | 100387 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $74,926,690**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $74,926,690**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $74,926,690**)** | 75157294 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 320121 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $75477415 |
| 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) Non-income producing security.

(b) FLexible EXchange Option.

(c) Exchange-traded.

(d) 100 shares per contract.

(e) The rate shown is the annualized effective yield as of July 31, 2025.

(f) All or a portion of security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of July 31, 2025 is $3,951,560.

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income 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 - (0.9)% <sup>(a)(b)(c)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Call Options - (0.5)%** | **Call Options - (0.5)%** | **Call Options - (0.5)%** | **Call Options - (0.5)%** |
| Invesco QQQ Trust Series 1  |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $550.00 | $(11978212) | (212) | $(396071) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $745.00 | (8757655) | (155) | (175) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $750.00 | (43166764) | (764) | (848) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $750.00 | (22826404) | (404) | (1616) |
| **Total Call Options** |  |  | (398710) |
| **Put Options - (0.4)%**  | **Put Options - (0.4)%**  | **Put Options - (0.4)%**  | **Put Options - (0.4)%**  |
| Invesco QQQ Trust Series 1 |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $245.00 | (8757655) | (155) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $250.00 | (43166764) | (764) | (1108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $450.00 | (11978212) | (212) | (1506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $250.00 | (22826404) | (404) | (8080) |
| iShares 7-10 Year Treasury Bond ETF |  | – | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 08/14/2025; Exercise Price: $93.67 | (45855680) | (4832) | (55133) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration: 11/21/2025; Exercise Price: $94.90 | (13703560) | (1444) | (183388) |
| **Total Put Options** |  |  | (249438) |
| **TOTAL WRITTEN OPTIONS** (Premiums received $894,605) |  |  | $(648148) |
| 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) FLexible EXchange Option.

(b) Exchange-traded.

(c) 100 shares per contract.

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** | **Aptus Deferred Income ETF** |
| **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** | **Schedule of Total Return Swap Contracts** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **Reference Entity** | **Counterparty** | **Pay/ Receive Reference Entity** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Notional Amount** | **Value/ Unrealized Appreciation (Depreciation)** | **Value/ Unrealized Appreciation (Depreciation)** |
| RCXTSOA7 <sup>(a)</sup> | Goldman Sachs | Receive | EFFR | Termination | 05/14/2030 | $| 37543950 | $| 507954 |
| **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | **Net Unrealized Appreciation (Depreciation)** | $ | 507954 |
| There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. | There are no upfront payments or receipts associated with total return swaps in the Fund as of July 31, 2025. |
| EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. | EFFR - Effective Federal Funds Rate was 4.33% as of July 31, 2025. |
| <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. | <sup>(a)</sup> The Systematic Swap Series ("RCXTSOA7" or the "Index") is a rules-based strategy that follows a systematic trading strategy that will add or subtract risk based on proprietary signals. The index generally is made up of S&P Index options. As of July 31, 2025, the components of the Index are provided below. |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: | The underlying components of the index as of July 31, 2025 are shown below: |  |
| **Description** | **Expiration Date** | **Number of Contracts Purchased/(Sold)** | **Notional Amount** | **Concentration % of Exposure** |
| **Option Contracts:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/01/2025 | (142.24) | (265) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6235 Index | 08/01/2025 | (81.08) | (188) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/01/2025 | (112.69) | (294) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6265 Index | 08/01/2025 | (173.69) | (815) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6275 Index | 08/01/2025 | (1234.67) | (7301) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6215 Index | 08/04/2025 | (80.79) | (355) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6235 Index | 08/04/2025 | (112.70) | (682) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/04/2025 | (494.77) | (3230) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6280 Index | 08/04/2025 | (141.68) | (1736) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6210 Index | 08/05/2025 | (174.50) | (1206) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6220 Index | 08/05/2025 | (80.80) | (634) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/05/2025 | (113.03) | (949) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6230 Index | 08/05/2025 | (140.66) | (1257) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6195 Index | 08/06/2025 | (113.23) | (883) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6210 Index | 08/06/2025 | (81.03) | (745) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6225 Index | 08/06/2025 | (141.66) | (1545) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6180 Index | 08/07/2025 | (81.17) | (707) | 0.00% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/07/2025 | (141.87) | (2714) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6280 Index | 08/08/2025 | (141.22) | (3735) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/11/2025 | (140.93) | (3637) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6270 Index | 08/12/2025 | (141.31) | (4536) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6240 Index | 08/13/2025 | (141.18) | (4020) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6260 Index | 08/14/2025 | (141.63) | (4994) | -0.01% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6295 Index | 08/15/2025 | (141.33) | (6571) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6300 Index | 08/18/2025 | (140.82) | (7193) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6310 Index | 08/19/2025 | (140.87) | (7910) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6310 Index | 08/20/2025 | (140.79) | (8236) | -0.02% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/21/2025 | (140.75) | (11059) | -0.03% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/22/2025 | (139.97) | (11410) | -0.03% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6390 Index | 08/25/2025 | (139.92) | (13528) | -0.04% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6390 Index | 08/26/2025 | (139.52) | (13749) | -0.04% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6370 Index | 08/27/2025 | (139.57) | (12771) | -0.04% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6360 Index | 08/28/2025 | (139.88) | (12783) | -0.04% |
| &nbsp;&nbsp;&nbsp; S&P 500 Weekly P6340 Index | 08/29/2025 | (140.05) | (11933) | -0.03% |
| **Total Options Contracts** |  |  | (163571) | -0.44% |
| **Cash** |  |  |  |  |
| Cash |  |  | 37707521 | 100.44% |
| **Total Underlying Positions** |  |  | $37543950 | 100.00% |

---

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Aptus Deferred Income 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;Purchased Options | $– | $69129551 | $– | $69129551 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 5927356 | – | 5927356 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 100387 | – | – | 100387 |
| Total Investments | $100387 | $75056907 | $– | $75157294 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Return Swaps\* | $– | $507954 | $– | $507954 |
| Total Other Financial Instruments | $– | $507954 | $– | $507954 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Written Options | $– | $(648148) | $– | $(648148) |
| Total Investments | $– | $(648148) | $– | $(648148) |
| \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. | \* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025. |
| Refer to the Schedule of Investments, Schedule of Written Options, and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments, Schedule of Written Options, and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments, Schedule of Written Options, and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments, Schedule of Written Options, and Schedule of Total Return Swap Contracts for further disaggregation of investment categories. | Refer to the Schedule of Investments, Schedule of Written Options, and Schedule of Total Return Swap Contracts 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 Deferred Income ETF

- **b. EDGAR series identifier (if any):** S000088186

- **c. LEI of Series:** 529900VOKH3NTV98WT93

**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:** $53585577.58

**Total Liabilities:** $490278.94

**Net Assets:** $53095298.64

**Cash Not Reported:** $53111.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254244 | 0.77%                | 1.78%                | -0.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $200.03                                    |
| Month 2  | $0.00                    | $-79.21                                    |
| Month 3  | $0.00                    | $-282.97                                   |

**Designated Index Information**

- **Index Name:** 80% U.S. Agg 20% SP 500

- **Index Identifier:** 2KMDXITSMG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | IEF 08/14/2025 93.67 C                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      4832 | NC      | $582014.40    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |    100387 | NS      | $100386.56    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | IEF 08/14/2025 93.67 P                   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |     -4832 | NC      | $-55133.12    | -0.10%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 245 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       155 | NC      | $4966463.50   | 9.35%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 250 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       764 | NC      | $24098538.76  | 45.39%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 450 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       212 | NC      | $2455682.92   | 4.63%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 245 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -155 | NC      | $-223.20      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 250 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -764 | NC      | $-1107.80     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 450 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -212 | NC      | $-1505.20     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 550 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -212 | NC      | $-396071.12   | -0.75%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 745 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -155 | NC      | $-175.15      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 750 C                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |      -764 | NC      | $-848.04      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 550 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       212 | NC      | $58162.20     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 745 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       155 | NC      | $2770302.60   | 5.22%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | QQQ 08/14/2025 750 P                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       764 | NC      | $14036230.92  | 26.44%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill              | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3951570.92   | 7.44%             | 2025-11-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                            | RCXTSOA7 TRS 051430                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $510648.93    | 0.96%             |  |  |  | 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