# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-011898
**Filing Date:** 2025-11
**Character Count:** 60848
**Document Hash:** 9f2fabc4de809dd20028cd66a42cc4dd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-011898.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001133228-25-011898

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251465767

**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. Diversified Real Estate ETF (Series ID: S000061208)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000198249 | U.S. Diversified Real Estate ETF | PPTY            |

?xml version='1.0' encoding='ASCII'? 2025-07-30199502_USDiversifiedRealEstateETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>February 28</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img172230_202410091935701.jpg) | **U.S. Diversified Real Estate ETF**  | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | PPTY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img123059_202409061328326.jpg) |
| ![image](img172230_202410091935701.jpg) | Semi-Annual Shareholder Report \| August 31, 2025  | ![image](img123059_202409061328326.jpg) |

---

This semi-annual shareholder report contains important information about the U.S. Diversified Real Estate ETF for the period of March 1, 2025 to August 31, 2025. You can find additional information about the Fund at https://videntam.com/etf/us-diversified-real-estate-etf/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| U.S. Diversified Real Estate ETF | $26 | 0.53% |

---

\* Annualized

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37363941 |
| **Number of Holdings** | 90 |
| **Net Advisory Fee** | $116399 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | 3.66% |
| **30-Day SEC Yield Unsubsidized** | 3.66% |

---

Visit https://videntam.com/etf/us-diversified-real-estate-etf/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net** **Assets)** |
|  Prologis, Inc.  | 4.1% |
|  Four Corners Property Trust, Inc.  | 3.8% |
|  Equinix, Inc.  | 3.8% |
|  AvalonBay Communities, Inc.  | 3.7% |
|  Kilroy Realty Corporation  | 3.3% |
|  Digital Realty Trust, Inc.  | 3.3% |
|  Equity Residential  | 2.8% |
|  Welltower, Inc.  | 2.8% |
|  Terreno Realty Corporation  | 2.7% |
|  Alexandria Real Estate Equities, Inc.  | 2.7% |

---

**Industry Breakdown (% of Net Assets)**

![image](ts5380img003.jpg)

U.S. Diversified Real Estate ETF PAGE 1 TSR-SAR-26922A511

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://videntam.com/etf/us-diversified-real-estate-etf/.

ALPS Distributors, Inc. is the distributor of the Fund. ALPS is not affiliated with Vident Asset Management.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Vident Asset Management documents not be householded, please contact Vident Asset Management at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Vident Asset Management or your financial intermediary.

U.S. Diversified Real Estate ETF PAGE 2 TSR-SAR-26922A511

15.615.215.114.810.27.15.35.13.87.8 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](vident_logo.jpg)

**U.S. Diversified Real Estate ETF (Ticker: PPTY)** 

Semi-Annual Financial Statements and Additional Information

August 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [3](#sal) |
| [Statement of Operations](#sop) | [4](#sop) |
| [Statements of Changes in Net Assets](#scna) | [5](#scna) |
| [Financial Highlights](#fihi) | [6](#fihi) |
| [Notes to Financial Statements](#note) | [7](#note) |
| [Federal Tax Information](#tax) | [13](#tax) |
| [Additional Information](#add) | [14](#add) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%** <br>|  |  |
| **Asset Management & Custody Banks - 0.5%**  | **Asset Management & Custody Banks - 0.5%**  | **Asset Management & Custody Banks - 0.5%**  |
| DigitalBridge Group, Inc. | 15795 | $180221  |
| **Data Center REITs - 7.1%** <br>|  |  |
| Digital Realty Trust, Inc. | 7296 | 1223102  |
| Equinix, Inc. | 1801 | 1415928  |
|  |  | 2639030  |
| **Diversified REITs - 2.8%** <br>|  |  |
| Alexander & Baldwin, Inc. | 3899 | 75406  |
| American Assets Trust, Inc. | 8352 | 174557  |
| Armada Hoffler Properties, Inc. | 5203 | 37878  |
| Broadstone Net Lease, Inc. | 2624 | 48780  |
| Essential Properties Realty Trust, Inc. | 1187 | 37177  |
| WP Carey, Inc. | 10160 | 681736  |
|  |  | 1055534  |
| **Health Care Facilities - 0.3%** <br>|  |  |
| National HealthCare Corporation | 1102 | 125055  |
| **Health Care REITs - 10.2%** <br>|  |  |
| Alexandria Real Estate Equities, Inc. | 12302 | 1014177  |
| American Healthcare REIT, Inc. | 4130 | 176723  |
| CareTrust REIT, Inc. | 4564 | 157047  |
| Healthcare Realty Trust, Inc. | 2308 | 40113  |
| Healthpeak Properties, Inc. | 9470 | 169892  |
| LTC Properties, Inc. | 3278 | 119647  |
| National Health Investors, Inc. | 1827 | 143036  |
| Omega Healthcare Investors, Inc. | 5531 | 235455  |
| Sabra Health Care REIT, Inc. | 7975 | 152402  |
| Sila Realty Trust, Inc. | 4422 | 110285  |
| Ventas, Inc. | 6408 | 436256  |
| Welltower, Inc. | 6264 | 1054106  |
|  |  | 3809139  |
| **Hotel & Resort REITs - 2.2%** <br>|  |  |
| Apple Hospitality REIT, Inc. | 10654 | 139141  |
| DiamondRock Hospitality Company | 12786 | 109448  |
| Host Hotels & Resorts, Inc. | 13248 | 227998  |
| Ryman Hospitality Properties, Inc. | 1709 | 168832  |
| Sunstone Hotel Investors, Inc. | 13279 | 125885  |
| Xenia Hotels & Resorts, Inc. | 2760 | 38999  |
|  |  | 810303  |
| **Hotels, Resorts & Cruise Lines - 5.1%** <br>|  |  |
| Choice Hotels International, Inc. | 1185 | 141702  |
| Hilton Worldwide Holdings, Inc. | 2385 | 658403  |
| Hyatt Hotels Corporation - Class A | 1517 | 218873  |
| Marriott International, Inc. - Class A | 2697 | 722419  |
| Wyndham Hotels & Resorts, Inc. | 1810 | 156764  |
|  |  | 1898161  |
| **Industrial REITs - 14.8%** <br>|  |  |
| Americold Realty Trust, Inc. | 2228 | 32172  |
| EastGroup Properties, Inc. | 4198 | 711813  |
| First Industrial Realty Trust, Inc. | 10393 | 546672  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Innovative Industrial Properties, Inc. | 12503 | $708420  |
| LXP Industrial Trust | 5049 | 45845  |
| Prologis, Inc. | 13501 | 1536144  |
| Rexford Industrial Realty, Inc. | 978 | 40499  |
| STAG Industrial, Inc. | 24269 | 894312  |
| Terreno Realty Corporation | 17784 | 1027382  |
|  |  | 5543259  |
| **Multi-Family Residential REITs - 15.6%** <br>|  |  |
|  Apartment Investment and Management Company - Class A | 4201 | 32894  |
| AvalonBay Communities, Inc. | 6986 | 1368208  |
| Camden Property Trust | 4919 | 550830  |
| Centerspace | 641 | 38139  |
| Elme Communities | 2309 | 39438  |
| Equity Residential | 15944 | 1054217  |
| Essex Property Trust, Inc. | 2589 | 699574  |
| Independence Realty Trust, Inc. | 34936 | 632691  |
| Mid-America Apartment Communities, Inc. | 4526 | 659981  |
| UDR, Inc. | 18549 | 733984  |
|  |  | 5809956  |
| **Office REITs - 15.2%** <br>|  |  |
| BXP, Inc. | 11107 | 805369  |
| COPT Defense Properties | 23495 | 676186  |
| Cousins Properties, Inc. | 23476 | 692307  |
| Douglas Emmett, Inc. | 10226 | 165764  |
| Easterly Government Properties, Inc. | 6459 | 147847  |
| Empire State Realty Trust, Inc. - Class A | 42420 | 324513  |
| Highwoods Properties, Inc. | 30161 | 950976  |
| JBG SMITH Properties | 4110 | 88118  |
| Kilroy Realty Corporation | 29587 | 1230523  |
| Paramount Group, Inc.<sup>(a)</sup> | 5794 | 41717  |
| SL Green Realty Corporation | 619 | 35215  |
| Vornado Realty Trust | 13770 | 523673  |
|  |  | 5682208  |
| **Other Specialized REITs - 3.8%** <br>|  |  |
| Four Corners Property Trust, Inc. | 55328 | 1432442  |
| **Retail REITs - 15.1%** <br>|  |  |
| Acadia Realty Trust | 23874 | 477719  |
| Agree Realty Corporation | 3711 | 269938  |
| Alexander's, Inc. | 141 | 32478  |
| Brixmor Property Group, Inc. | 12812 | 358608  |
| Federal Realty Investment Trust | 5913 | 594552  |
| Getty Realty Corporation | 10385 | 296907  |
| InvenTrust Properties Corporation | 5742 | 170939  |
| Kimco Realty Corporation | 21241 | 477710  |
| Kite Realty Group Trust | 13185 | 300882  |
| NETSTREIT Corporation | 8624 | 157733  |
| NNN REIT, Inc. | 860 | 36903  |
| Phillips Edison & Company, Inc. | 8151 | 286834  |
| Realty Income Corporation | 4200 | 246792  |
| Regency Centers Corporation | 7934 | 575215  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Schedule of Investments** 

**August 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Retail REITs - (Continued)** <br>|  |  |
| Simon Property Group, Inc. | 5519 | $997062  |
| Tanger, Inc. | 9344 | 319378  |
| Urban Edge Properties | 1853 | 38338  |
|  |  | 5637988  |
| **Self-Storage REITs - 1.9%** <br>|  |  |
| CubeSmart | 3250 | 132990  |
| Extra Space Storage, Inc. | 1749 | 251121  |
| Public Storage | 1156 | 340546  |
|  |  | 724657  |
| **Single-Family Residential REITs - 5.3%** <br>|  |  |
| American Homes 4 Rent - Class A | 24349 | 872181  |
| Equity LifeStyle Properties, Inc. | 4471 | 269557  |
| Invitation Homes, Inc. | 10804 | 338057  |
| Sun Communities, Inc. | 3066 | 388983  |
| UMH Properties, Inc. | 6188 | 97090  |
|  |  | 1965868  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $35,950,762)** |  | 37313821  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $35,950,762)** |  | $37313821 |
| Other Assets in Excess of Liabilities - 0.1% |  | 50120  |
| **TOTAL NET ASSETS - 100.0%** |  | $37363941 |

---

Percentages are stated as a percent of net assets.

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.

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Statement of Assets and Liabilities** 

**August 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:** <br>|  |
| Investments, at value | $37313821  |
| Dividends receivable | 34891  |
| Cash - interest bearing deposit account | 31391  |
| Interest receivable | 52  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 37380155  |
| **LIABILITIES:** <br>|  |
| Payable to adviser | 16214  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 16214  |
| **NET ASSETS** | $37363941  |
| **NET ASSETS CONSISTS OF:** <br>|  |
| Paid-in capital | $47048290  |
| Total accumulated losses | (9684349)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $37363941  |
| Net assets | $37363941  |
| Shares issued and outstanding<sup>(a)</sup> | 1200000  |
| Net asset value per share | $31.14  |
| **COST:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $35950762 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Statement of Operations** 

**For the Period Ended August 31, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** <br>|  |
| Dividend income | $1000063  |
| Interest income | 1762  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1001825  |
| **EXPENSES:** <br>|  |
| Investment advisory fee | 116399  |
| &nbsp;&nbsp;&nbsp; Total expenses | 116399  |
| **NET INVESTMENT INCOME** | 885426  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (2054427)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 862894  |
| Net realized gain (loss) | (1191533)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | (3062530)  |
| Net change in unrealized appreciation (depreciation) | (3062530)  |
| **Net realized and unrealized gain (loss)** | (4254063)  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3368637) |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**August 31, 2025** <br>(Unaudited) | **Year Ended** <br>**February 28, 2025**  |
| **OPERATIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $885426 | $3008833  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1191533) | 19210163  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (3062530) | (3008905)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (3368637) | 19210091  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (838673) | (3008833)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (772692)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (838673) | (3781525)  |
| **CAPITAL TRANSACTIONS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 7720465  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (21253335) | (85877875)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (21253335) | (78157410)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (25460645) | (62728844)  |
| **NET ASSETS:** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 62824586 | 125553430  |
| &nbsp;&nbsp;&nbsp; End of the period | $37363941 | $62824586  |
| **SHARES TRANSACTIONS** <br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  | 250000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (700000) | (2600000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (700000) | (2350000) |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**August 31,** <br>**2025** <br>(Unaudited)  | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024**  | **Year Ended February 28,**  | **Year Ended February 28,**  | **Year Ended February 28,**  |
|  | **Period Ended** <br>**August 31,** <br>**2025** <br>(Unaudited)  | **Year Ended** <br>**February 28,** <br>**2025** | **Year Ended** <br>**February 29,** <br>**2024**  | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:** <br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $33.07 | &nbsp;&nbsp;&nbsp; $29.54 | &nbsp;&nbsp; $29.32 | $36.02 | $30.41 | $30.19  |
| **INVESTMENT OPERATIONS:** <br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 0.77 | 0.76 | 0.52 | 0.52  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | 0.68 | (6.26) | 6.22 | 0.70  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (1.32) | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | 1.45 | (5.50) | 6.74 | 1.22  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.77) | (0.76) | (0.52) | (0.52)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.46) | (0.44) | (0.61) | (0.48)  |
| Total distributions | &nbsp;&nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (1.23) | (1.20) | (1.13) | (1.00)  |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp; $31.14 | &nbsp;&nbsp;&nbsp; $33.07 | &nbsp;&nbsp; $29.54 | $29.32 | $36.02 | $30.41  |
| TOTAL RETURN<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; -3.88% | &nbsp;&nbsp;&nbsp; 15.66% | &nbsp;&nbsp; 5.22% | -15.37% | 22.23% | 4.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $37364 | &nbsp;&nbsp;&nbsp; $62825 | &nbsp;&nbsp; $125553 | $120196 | $147694 | $121626  |
| Ratio of expenses to average net assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.53% | 0.53% | 0.53% | 0.53%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.52% | 0.49% | 0.49% | 0.49%  |
|  Ratio of net investment income (loss) to average net assets<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp; 2.74% | &nbsp;&nbsp; 2.72% | 2.42% | 1.45% | 1.92%  |
| Portfolio turnover rate<sup>(c)(e)</sup> | &nbsp;&nbsp;&nbsp; 8% | &nbsp;&nbsp;&nbsp; 22% | &nbsp;&nbsp; 28% | 30% | 29% | 42% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

U.S. Diversified Real Estate ETF (the "Fund") is a diversified series of ETF Series Solutions ("ESS") or (the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Fund is to track the performance, before fees and expenses, of the USREX – U.S. Diversified Real Estate Index (the "Index"). The Fund commenced operations on March 26, 2018.

The end of the reporting period for the Fund is August 31, 2025. The current fiscal period is the period from March 1, 2025 through August 31, 2025.

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded on a national
 securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup>, and
 Nasdaq Capital Market<sup>®</sup> Exchange (collectively "Nasdaq") are valued at the last reported sale price on the
 exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price
 ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent
 quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price
 in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted
 closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current
 exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Deposit accounts are valued at acquisition cost, which approximates fair value.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund's Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

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

---

| | |
|:---|:---|
| Level 2 –<br>| 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.  |

---

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 3 –<br>| 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 would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of the end of the current fiscal period:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **<u>Investments:</u>**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $37313821 | $— | $— | $37313821  |
| **Total Investments** | $37313821 | $— | $— | $37313821 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Cash and Cash Equivalents.* Cash and cash equivalents include cash and overnight investments in interest bearing demand deposits with a financial
 institution. Amounts swept overnight are available on the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Federal Income Taxes.* The Fund's policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all net investment income and net capital gains to shareholders.
 Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and applicable state and local tax returns.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statement of Operations. During the current fiscal period, the Fund did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized from sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at fair value of the security received. Interest income is recorded
 on an accrual basis.

Distributions received from the Fund's investments in real estate investment trusts ("REIT") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Fund must use estimates in reporting the character of its income and distributions received during the current calendar year

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)(Continued)** 

for financial statement purposes. The actual character of distributions to a Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund's shareholders may represent a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income for the Fund are declared and paid by the Fund on a quarterly
 basis and distributions from net realized gains on securities are normally declared and paid on an annual basis. Distributions are recorded
 on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements,
 as well as the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets,
 minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest
 cent. The Fund's shares will not be priced on the days on which the New York Stock Exchange, Inc. ("NYSE") is closed
 for trading. The offering and redemption price per share for the Fund is equal to the Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Fund enters into contracts with service providers that contain general
 indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. These timing differences are
 primarily due to differing book and tax treatments for in-kind transactions. During the fiscal year ended February 28, 2025, the
 following table shows the reclassifications made:

---

| | |
|:---|:---|
| **Distributable Earnings**<br>**(Accumulated Deficit)** | **Paid-In Capital**  |
| $(19795031) | $19795031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncement.* Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable
 Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund.
 The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed
 by the Adviser's Enterprise Risk Committee, who serves as the chief operating decision maker, using the information presented in
 the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Fund's financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Vident Advisory, LLC, doing business as Vident Asset Management, (the "Adviser"), serves as the investment adviser and index provider to the Fund. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund except for the fee paid to the Adviser pursuant to this Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability,

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)(Continued)** 

extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, "Excluded Expenses"). For services provided to the Fund, the Fund pays the Adviser a unified management fee, calculated daily and paid monthly, at an annual rate of 0.53% based on the Fund's average daily net assets. From February 1, 2020 through June 30, 2023, the Adviser contractually waived 0.04% of its adviser fee. Fees waived under this waiver agreement are not subject to recoupment by the Adviser.

U.S. Bancorp Fund Services, LLC ("Fund Services" or "Administrator"), doing business as U.S. Bank Global Fund Services, acts as the Fund's Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund's Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's Custodian.

ALPS Distributors, Inc. (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Fund, excluding short-term securities and in-kind transactions, were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales**  |
| $3472692 | $3512517 |

---

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

---

| | |
|:---|:---|
| **In-Kind Purchases** | **In-Kind Sales**  |
| $— | $21118948 |

---

There were no purchases or sales of U.S. Government securities in the Fund during the period.

**NOTE 5 – INCOME TAX INFORMATION** 

The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings (accumulated losses) and cost basis of investments for federal income tax purposes as of February 28, 2025, were as follows:

---

| | |
|:---|:---|
| Tax cost of investments | $58972526  |
| Gross tax unrealized appreciation | $9055827  |
| Gross tax unrealized depreciation | (5301692)  |
| Net tax unrealized appreciation/(depreciation) | 3754135  |
| Undistributed ordinary income | —  |
| Undistributed long-term capital gain | —  |
| Other accumulated gain/(loss) | (9231174)  |
| Distributable earnings/(accumulated losses) | $(5477039) |

---

The difference between book and tax-basis cost is attributable to wash sales.

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)(Continued)** 

occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended February 28, 2025, the Fund did not elect to defer any post-October capital losses or any late-year ordinary losses.

At February 28, 2025, the Fund had the following capital loss carryforwards:

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Expires**  |
| $3323414 | $5907759 | Indefinite |

---

The tax character of distributions paid by the Fund during the year ended February 28, 2025, were as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Return of Capital**  |
| $3008833 | &nbsp;&nbsp;&nbsp;&nbsp; $772692 |

---

The tax character of distributions paid by the Fund during the year ended February 29, 2024, were as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Return of Capital**  |
| $3228566 | &nbsp;&nbsp;&nbsp; $1949801 |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of the Fund are listed and traded on New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units of the Fund may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which have no front end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the creation or redemption of Creation Units. The standard fixed creation and redemption transaction fee for the Fund is $300 payable to the Custodian. The fixed transaction fee may be waived on transaction orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transaction fees. Variable fees received by the Fund, if any, are displayed in the Capital Transactions section of the Statement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.

**NOTE 7 – PRINCIPAL RISKS** 

Concentration Risk. The Fund's investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated, and the Index is expected to be concentrated in real estate-related industries. Accordingly, the value of shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**Notes to Financial Statements** 

**AUGUST 31, 2025 (Unaudited)(Continued)** 

Real Estate Investment Risk. The Fund is expected to invest substantially all of its assets in real estate-related companies. Investments in real estate companies involve unique risks. Real estate companies, including REITs, may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities.

The risks of investing in real estate companies include certain risks associated with the direct ownership of real estate and the real estate industry in general. Securities in the real estate sector are subject to the risk that the value of their underlying real estate may go down. Many factors may affect real estate values, including the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate, and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. Real estate companies are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. Because the Fund invests primarily in real estate companies, its performance will be especially sensitive to developments that significantly affect real estate companies.

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under section 2(a)(9) of the 1940 Act. As of the end of the reporting period, Blue Trust, Inc. as a beneficial shareholder, owned greater than 25% of the outstanding shares of the Fund.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**FEDERAL TAX INFORMATION (Unaudited)** 

**QUALIFIED DIVIDEND INCOME** 

For the fiscal year ended February 28, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 2.68%.

**DIVIDENDS RECEIVED DEDUCTION** 

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended February 28, 2025, was 1.92%.

**SHORT TERM CAPITAL GAIN** 

For the fiscal year ended February 28, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Fund was 0.00%.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**U.S. Diversified Real Estate ETF** 

**ADDITIONAL INFORMATION (Unaudited)** 

**Changes in and Disagreements with Accountants** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosure** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Remuneration Paid to Directors, Officers, and Others** 

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

14<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of
 a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under
 the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are
 effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported
 and made known to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [*A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](vam-efp18473_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](vam-efp18473_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>11/10/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>11/10/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>11/10/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/10/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson<br> President (principal executive officer)<br> ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 11/10/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel<br> Treasurer (principal financial officer)<br> ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson<br> President (principal executive officer),<br> ETF Series Solutions<br>| Kristen M. Weitzel<br> Treasurer (principal financial officer),<br> ETF Series Solutions |

---

Dated: <u>11/10/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.