# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001145549-23-004628
**Filing Date:** 2023-1
**Character Count:** 46700
**Document Hash:** 51016a2eaa8e61d60614e21c61c1ea6c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004628.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001145549-23-004628

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 23567330

**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

### Roundhill Acquirers Deep Value ETF (Series ID: S000046243)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000144551 | Roundhill Acquirers Deep Value ETF | DEEP            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Roundhill Acquirers Deep Value ETF** | **Roundhill Acquirers Deep Value ETF** | |
| Schedule of Investments | Schedule of Investments |  |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |  |
| **Shares** | **Security Description** | **Value** |
|  | **COMMON STOCKS - 99.6%** |  |
|  | **Consumer Discretionary - 31.7% (a)** |  |
| 5553 | America's Car-Mart, Inc. (b) | $404036 |
| 32947 | Big 5 Sporting Goods Corporation | 408872 |
| 11466 | Buckle, Inc. | 503931 |
| 13588 | Camping World Holdings, Inc. - Class A | 374078 |
| 10611 | Children's Place, Inc. (b) | 376690 |
| 16920 | Ethan Allen Interiors, Inc. | 481374 |
| 59858 | Garrett Motion, Inc. (b) | 423795 |
| 23635 | G-III Apparel Group, Ltd. (b) | 511225 |
| 16761 | Green Brick Partners, Inc. (b) | 405281 |
| 14416 | Haverty Furniture Companies, Inc. | 454536 |
| 6555 | Hibbett, Inc. | 436956 |
| 15444 | La-Z-Boy, Inc. | 420540 |
| 9806 | M/I Homes, Inc. (b) | 443035 |
| 7267 | Malibu Boats, Inc. - Class A (b) | 419379 |
| 12664 | MarineMax, Inc. (b) | 418292 |
| 17888 | MasterCraft Boat Holdings, Inc. (b) | 460079 |
| 12880 | Movado Group, Inc. | 414607 |
| 8118 | Patrick Industries, Inc. | 454040 |
| 36027 | Perdoceo Education Corporation (b) | 516987 |
| 18261 | PetMed Express, Inc. | 361568 |
| 15963 | Rent-A-Center, Inc. | 384549 |
| 27417 | Sally Beauty Holdings, Inc. (b) | 322424 |
| 9538 | Sleep Number Corporation (b) | 278987 |
| 33994 | Smith & Wesson Brands, Inc. | 400109 |
| 7445 | Sturm Ruger & Company, Inc. | 408954 |
| 52519 | Tilly's, Inc. - Class A | 498931 |
| 23825 | Tri Pointe Homes, Inc. (b) | 439333 |
| 48734 | Tupperware Brands Corporation (b) | 225638 |
| 14235 | Vista Outdoor, Inc. (b) | 398153 |
| 1753 | Winmark Corporation | 420720 |
| 6741 | Winnebago Industries, Inc. | 394955 |
| 16546 | Zumiez, Inc. (b) | 384695 |
|  |  | 13246749 |
|  | **Consumer Staples - 4.0%** |  |
| 4627 | Ingles Markets, Inc. - Class A | 467790 |
| 44258 | Nature's Sunshine Products, Inc. (b) | 393896 |
| 6485 | USANA Health Sciences, Inc. (b) | 356934 |
| 41229 | Vector Group, Ltd. | 457642 |
|  |  | 1676262 |
|  | **Energy - 2.7%** |  |
| 5653 | Laredo Petroleum, Inc. (b) | 360831 |
| 8546 | Natural Resource Partners LP - MLP | 360129 |
| 82657 | VAALCO Energy, Inc. | 428163 |
|  |  | 1149123 |
|  | **Financials - 13.4%** |  |
| 12798 | Atlanticus Holdings Corporation (b) | 368582 |
| 9129 | Community Trust Bancorp, Inc. | 437370 |
| 9911 | Cowen, Inc. - Class A | 383159 |
| 9843 | Donnelley Financial Solutions, Inc. (b) | 375806 |
| 11674 | First Community Bankshares, Inc. | 431354 |
| 10386 | Flagstar Bancorp, Inc. | 389891 |
| 14136 | Heritage Financial Corporation | 465074 |
| 14487 | Hilltop Holdings, Inc. | 431713 |
| 9007 | International Bancshares Corporation | 474489 |
| 14228 | OFG Bancorp - ADR | 412185 |
| 5576 | PJT Partners, Inc. - Class A | 429408 |
| 4467 | Safety Insurance Group, Inc. | 409803 |
| 21903 | Waterstone Financial, Inc. | 366875 |
| 3398 | World Acceptance Corporation (b) | 240952 |
|  |  | 5616661 |
|  | **Health Care - 7.4%** |  |
| 13015 | Cross Country Healthcare, Inc. (b) | 465677 |
| 16720 | Emergent BioSolutions, Inc. (b) | 205656 |
| 30673 | Innoviva, Inc. (b) | 402737 |
| 35993 | Ironwood Pharmaceuticals, Inc. (b) | 435875 |
| 11934 | Meridian Bioscience, Inc. (b) | 381888 |
| 9607 | National Research Corporation | 372175 |
| 32613 | SIGA Technologies, Inc. | 299387 |
| 40664 | Zynex, Inc. | 557910 |
|  |  | 3121305 |
|  | **Industrials - 19.8%** |  |
| 5379 | ArcBest Corporation | 445220 |
| 11682 | Argan, Inc. | 443332 |
| 4849 | Atkore International Group, Inc. (b) | 592305 |
| 4807 | Barrett Business Services, Inc. | 472672 |
| 5926 | BlueLinx Holdings, Inc. (b) | 411265 |
| 6514 | Boise Cascade Company | 482297 |
| 21649 | Deluxe Corporation | 418692 |
| 19210 | Ennis, Inc. | 446248 |
| 13143 | Global Industrial Company | 323449 |
| 72733 | GrafTech International, Ltd. | 392758 |
| 14459 | Heidrick & Struggles International, Inc. | 429432 |
| 13857 | Insteel Industries, Inc. | 408643 |
| 6470 | Kforce, Inc. | 382183 |
| 6461 | Mueller Industries, Inc. | 444323 |
| 5819 | National Presto Industries, Inc. | 402209 |
| 19594 | Quanex Building Products Corporation | 465749 |
| 20249 | Resources Connection, Inc. | 390806 |
| 126388 | Safe Bulkers, Inc. - ADR | 360206 |
| 13302 | Titan Machinery, Inc. (b) | 585687 |
|  |  | 8297476 |
|  | **Information Technology - 8.4%** |  |
| 10787 | Cass Information Systems, Inc. | 469019 |
| 9046 | CTS Corporation | 384455 |
| 20659 | Hackett Group, Inc. | 477223 |
| 65055 | Immersion Corporation (b) | 472299 |
| 16652 | Ituran Location and Control, Ltd. - ADR | 389157 |
| 10280 | Methode Electronics, Inc. | 469590 |
| 8438 | PC Connection, Inc. (b) | 468731 |
| 21872 | SMART Global Holdings, Inc. - ADR (b) | 369856 |
|  |  | 3500330 |
|  | **Materials - 11.3%** |  |
| 11356 | AdvanSix, Inc. | 467413 |
| 59951 | FutureFuel Corporation | 529967 |
| 222823 | Gold Resource Corporation | 363201 |
| 10074 | Hawkins, Inc. | 419078 |
| 32641 | Kronos Worldwide, Inc. | 300624 |
| 15395 | Olympic Steel, Inc. | 540211 |
| 13822 | Ryerson Holding Corporation | 407611 |
| 12424 | Schnitzer Steel Industries, Inc. - Class A | 426516 |
| 25512 | TimkenSteel Corporation (b) | 477074 |
| 13942 | Valhi, Inc. | 310349 |
| 13758 | Warrior Met Coal, Inc. | 506570 |
|  |  | 4748614 |
|  | **Real Estate - 0.9%** |  |
| 10347 | Marcus & Millichap, Inc. | 385322 |
|  | TOTAL COMMON STOCKS (Cost $42,435,853) | 41741842 |
|  | **SHORT-TERM INVESTMENTS - 0.3%** |  |
| 144236 | First American Treasury Obligations Fund, Class X, 3.74% (c) | 144236 |
|  | TOTAL SHORT-TERM INVESTMENTS (Cost $144,236) | 144236 |
|  | TOTAL INVESTMENTS - 99.9% (Cost $42,580,089) | 41886078 |
|  | Other Assets in Excess of Liabilities - 0.1% | 59578 |
|  | NET ASSETS - 100.0% | $41945656 |
|  | Percentages are stated as a percent of net assets. |  |
| MLP | Master Limited partnership. |  |
| (a) | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. | To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. |
| (b) | Non-income producing security. |  |
| (c) | Rate shown is the annualized seven-day yield as of November 30, 2022. | Rate shown is the annualized seven-day yield as of November 30, 2022. |
|  | 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 the Fund's Administrator, U.S. Bancorp Fund Services, LLC. | 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 the Fund's Administrator, U.S. Bancorp Fund Services, LLC. |

---

------

<br> **Summary of Fair Value Disclosure at November 30, 2022 (Unaudited)**<br>The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:<br>Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.<br> 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.<br> 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 would be based on the best information available.<br>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.<br>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.<br>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.<br>The following is a summary of the inputs used to value the Fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assets^</u> | <u>Level 1</u> | <u>Level 2</u> | <u>Level 3</u> | <u>Total</u> |
| Common Stocks | $41741842 | $- | $- | $41741842 |
| Short-Term Investments | 144236 | - | - | 144236 |
| Total Investments in Securities | $41886078 | $- | $- | $41886078 |
| ^ See Schedule of Investments for breakout of investments by sector classification. | ^ See Schedule of Investments for breakout of investments by sector classification. | ^ See Schedule of Investments for breakout of investments by sector classification. | ^ See Schedule of Investments for breakout of investments by sector classification. |  |
| For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. | For the period ended November 30, 2022, the Fund did not recognize any transfers to or from Level 3. |

---

## 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:** Roundhill Acquirers Deep Value ETF

- **b. EDGAR series identifier (if any):** S000046243

- **c. LEI of Series:** 549300F4XPMKEHF8KP37

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $41972364.23

**Total Liabilities:** $26708.24

**Net Assets:** $41945655.99

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000144551 | -11.45%              | 11.29%               | 4.45%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-589293.87              | $-4361315.25                               |
| Month 2  | $60115.36                | $4092793.48                                |
| Month 3  | $0.00                    | $1674896.99                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Deluxe Corp                    | Deluxe Corp                              | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |     21649 | NS      | $418691.66    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions  | Donnelley Financial Solutions Inc        | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |      9843 | NS      | $375805.74    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Emergent BioSolutions Inc      | Emergent BioSolutions Inc                | CUSIP: 29089Q105<br>LEI: 549300YW6TUOX8BE5103 | Long             | EC               | CORP              | US        |     16720 | NS      | $205656.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                      | Ennis Inc                                | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19210 | NS      | $446248.30    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Ethan Allen Interiors Inc      | Ethan Allen Interiors Inc                | CUSIP: 297602104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16920 | NS      | $481374.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund | CUSIP: 31846V328<br>LEI: N/A                  | Long             | STIV             | RF                | US        |    144236 | NS      | $144236.11    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| First Community Bankshares Inc | First Community Bankshares Inc           | CUSIP: 31983A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11674 | NS      | $431354.30    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Flagstar Bancorp Inc           | Flagstar Bancorp Inc                     | CUSIP: 337930705<br>LEI: 549300Q22V2Y3J4R2715 | Long             | EC               | CORP              | US        |     10386 | NS      | $389890.44    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| FutureFuel Corp                | FutureFuel Corp                          | CUSIP: 36116M106<br>LEI: 529900WYQZSMWFXLA845 | Long             | EC               | CORP              | US        |     59951 | NS      | $529966.84    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| G-III Apparel Group Ltd        | G-III Apparel Group Ltd                  | CUSIP: 36237H101<br>LEI: 529900O5KABM3R3SFM87 | Long             | EC               | CORP              | US        |     23635 | NS      | $511225.05    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc             | Garrett Motion Inc                       | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |     59858 | NS      | $423794.64    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co           | Global Industrial Co                     | CUSIP: 37892E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13143 | NS      | $323449.23    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Resource Corp             | Gold Resource Corp                       | CUSIP: 38068T105<br>LEI: 5299006MQBYLDAOI2D32 | Long             | EC               | CORP              | US        |    222823 | NS      | $363201.49    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| GrafTech International Ltd     | GrafTech International Ltd               | CUSIP: 384313508<br>LEI: 549300GY32W00XP57351 | Long             | EC               | CORP              | US        |     72733 | NS      | $392758.20    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc       | Green Brick Partners Inc                 | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |     16761 | NS      | $405280.98    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The          | Hackett Group Inc/The                    | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |     20659 | NS      | $477222.90    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc      | Haverty Furniture Cos Inc                | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |     14416 | NS      | $454536.48    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawkins Inc                    | Hawkins Inc                              | CUSIP: 420261109<br>LEI: 549300VL3IJ23OWX1Y34 | Long             | EC               | CORP              | US        |     10074 | NS      | $419078.40    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidrick & Struggles Internati | Heidrick & Struggles International Inc   | CUSIP: 422819102<br>LEI: 5493006284N2J367VB57 | Long             | EC               | CORP              | US        |     14459 | NS      | $429432.30    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Financial Corp/WA     | Heritage Financial Corp/WA               | CUSIP: 42722X106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14136 | NS      | $465074.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hibbett Inc                    | Hibbett Inc                              | CUSIP: 428567101<br>LEI: 529900RD6P643J1CZM55 | Long             | EC               | CORP              | US        |      6555 | NS      | $436956.30    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings Inc                     | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |     14487 | NS      | $431712.60    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                 | Immersion Corp                           | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     65055 | NS      | $472299.30    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingles Markets Inc             | Ingles Markets Inc                       | CUSIP: 457030104<br>LEI: 549300XH5RYBMYP8TF26 | Long             | EC               | CORP              | US        |      4627 | NS      | $467789.70    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc         | Insteel Industries Inc                   | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |     13857 | NS      | $408642.93    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                   | Innoviva Inc                             | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     30673 | NS      | $402736.49    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp  | International Bancshares Corp            | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |      9007 | NS      | $474488.76    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ironwood Pharmaceuticals Inc   | Ironwood Pharmaceuticals Inc             | CUSIP: 46333X108<br>LEI: 549300PC8MR6QHH6P296 | Long             | EC               | CORP              | US        |     35993 | NS      | $435875.23    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Kforce Inc                     | Kforce Inc                               | CUSIP: 493732101<br>LEI: 5493003RDQQDVXY2SK46 | Long             | EC               | CORP              | US        |      6470 | NS      | $382182.90    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Kronos Worldwide Inc           | Kronos Worldwide Inc                     | CUSIP: 50105F105<br>LEI: 549300OBZ34C65APL277 | Long             | EC               | CORP              | US        |     32641 | NS      | $300623.61    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                   | La-Z-Boy Inc                             | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     15444 | NS      | $420540.12    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Laredo Petroleum Inc           | Laredo Petroleum Inc                     | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      5653 | NS      | $360830.99    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| M/I Homes Inc                  | M/I Homes Inc                            | CUSIP: 55305B101<br>LEI: 5299005M71FH9CCSFB69 | Long             | EC               | CORP              | US        |      9806 | NS      | $443035.08    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Malibu Boats Inc               | Malibu Boats Inc                         | CUSIP: 56117J100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7267 | NS      | $419378.57    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc         | Marcus & Millichap Inc                   | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     10347 | NS      | $385322.28    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| MarineMax Inc                  | MarineMax Inc                            | CUSIP: 567908108<br>LEI: 254900TIXTN8WY3FNN63 | Long             | EC               | CORP              | US        |     12664 | NS      | $418291.92    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCraft Boat Holdings Inc  | MasterCraft Boat Holdings Inc            | CUSIP: 57637H103<br>LEI: 549300IXWX41555YJ117 | Long             | EC               | CORP              | US        |     17888 | NS      | $460079.36    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Bioscience Inc        | Meridian Bioscience Inc                  | CUSIP: 589584101<br>LEI: 549300ELSRZEFFFRX195 | Long             | EC               | CORP              | US        |     11934 | NS      | $381888.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Methode Electronics Inc        | Methode Electronics Inc                  | CUSIP: 591520200<br>LEI: 529900VM413LGLUS3F07 | Long             | EC               | CORP              | US        |     10280 | NS      | $469590.40    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Movado Group Inc               | Movado Group Inc                         | CUSIP: 624580106<br>LEI: 549300WCGCGPWGHVXM59 | Long             | EC               | CORP              | US        |     12880 | NS      | $414607.20    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc         | Mueller Industries Inc                   | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      6461 | NS      | $444322.97    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| National Presto Industries Inc | National Presto Industries Inc           | CUSIP: 637215104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5819 | NS      | $402209.28    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| National Research Corp         | National Research Corp                   | CUSIP: 637372202<br>LEI: 549300FQIORB6GZCYT15 | Long             | EC               | CORP              | US        |      9607 | NS      | $372175.18    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Resource Partners LP   | Natural Resource Partners LP             | CUSIP: 63900P608<br>LEI: 529900EECJ7CSX1S1S58 | Long             | EC               | CORP              | US        |      8546 | NS      | $360128.44    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc | Nature's Sunshine Products Inc           | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44258 | NS      | $393896.20    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix Inc                             | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |     11356 | NS      | $467412.96    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| America's Car-Mart Inc/TX      | America's Car-Mart Inc/TX                | CUSIP: 03062T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5553 | NS      | $404036.28    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| ArcBest Corp                   | ArcBest Corp                             | CUSIP: 03937C105<br>LEI: 5493006S3KBNE8ZS3J23 | Long             | EC               | CORP              | US        |      5379 | NS      | $445219.83    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Argan Inc                      | Argan Inc                                | CUSIP: 04010E109<br>LEI: 529900E4KZWBV9KGBS83 | Long             | EC               | CORP              | US        |     11682 | NS      | $443331.90    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                     | Atkore Inc                               | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      4849 | NS      | $592305.35    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanticus Holdings Corp       | Atlanticus Holdings Corp                 | CUSIP: 04914Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12798 | NS      | $368582.40    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc  | Barrett Business Services Inc            | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |      4807 | NS      | $472672.31    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Big 5 Sporting Goods Corp      | Big 5 Sporting Goods Corp                | CUSIP: 08915P101<br>LEI: 529900BFAM7VKQMKUC49 | Long             | EC               | CORP              | US        |     32947 | NS      | $408872.27    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc          | BlueLinx Holdings Inc                    | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5926 | NS      | $411264.40    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co               | Boise Cascade Co                         | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      6514 | NS      | $482296.56    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Buckle Inc/The                 | Buckle Inc/The                           | CUSIP: 118440106<br>LEI: 5299007IU0461T3GDL34 | Long             | EC               | CORP              | US        |     11466 | NS      | $503930.70    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                 | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      9046 | NS      | $384455.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc     | Camping World Holdings Inc               | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |     13588 | NS      | $374077.64    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc   | Cass Information Systems Inc             | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |     10787 | NS      | $469018.76    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Children's Place Inc/The       | Children's Place Inc/The                 | CUSIP: 168905107<br>LEI: 549300BGVK2OO5O7TC19 | Long             | EC               | CORP              | US        |     10611 | NS      | $376690.50    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc    | Community Trust Bancorp Inc              | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9129 | NS      | $437370.39    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cowen Inc                      | Cowen Inc                                | CUSIP: 223622606<br>LEI: 5493008QI0EFC5WBED75 | Long             | EC               | CORP              | US        |      9911 | NS      | $383159.26    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Cross Country Healthcare Inc   | Cross Country Healthcare Inc             | CUSIP: 227483104<br>LEI: 54930037L0NBIPZ5S663 | Long             | EC               | CORP              | US        |     13015 | NS      | $465676.70    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| OFG Bancorp                    | OFG Bancorp                              | CUSIP: 67103X102<br>LEI: 549300Q4QEXJ37LEXQ06 | Long             | EC               | CORP              | PR        |     14228 | NS      | $412185.16    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc              | Olympic Steel Inc                        | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |     15395 | NS      | $540210.55    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc              | PC Connection Inc                        | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      8438 | NS      | $468730.90    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc               | PJT Partners Inc                         | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      5576 | NS      | $429407.76    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc         | Patrick Industries Inc                   | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |      8118 | NS      | $454039.74    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                  | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     36027 | NS      | $516987.45    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| PetMed Express Inc             | PetMed Express Inc                       | CUSIP: 716382106<br>LEI: 529900PGHW5ASJ1AZL48 | Long             | EC               | CORP              | US        |     18261 | NS      | $361567.80    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanex Building Products Corp  | Quanex Building Products Corp            | CUSIP: 747619104<br>LEI: 5493000TL30VL5WOAW87 | Long             | EC               | CORP              | US        |     19594 | NS      | $465749.38    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rent-A-Center Inc/TX           | Rent-A-Center Inc/TX                     | CUSIP: 76009N100<br>LEI: 529900QUHE15UQNCCJ63 | Long             | EC               | CORP              | US        |     15963 | NS      | $384548.67    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Resources Connection Inc       | Resources Connection Inc                 | CUSIP: 76122Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20249 | NS      | $390805.70    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp           | Ryerson Holding Corp                     | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |     13822 | NS      | $407610.78    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Safety Insurance Group Inc     | Safety Insurance Group Inc               | CUSIP: 78648T100<br>LEI: 254900LDCFLA3J746840 | Long             | EC               | CORP              | US        |      4467 | NS      | $409802.58    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc      | Sally Beauty Holdings Inc                | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     27417 | NS      | $322423.92    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Schnitzer Steel Industries Inc | Schnitzer Steel Industries Inc           | CUSIP: 806882106<br>LEI: 549300F62TK8VRDSM285 | Long             | EC               | CORP              | US        |     12424 | NS      | $426515.92    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc          | SIGA Technologies Inc                    | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32613 | NS      | $299387.34    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sleep Number Corp              | Sleep Number Corp                        | CUSIP: 83125X103<br>LEI: 529900W0TZQLBT2DSS66 | Long             | EC               | CORP              | US        |      9538 | NS      | $278986.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith & Wesson Brands Inc      | Smith & Wesson Brands Inc                | CUSIP: 831754106<br>LEI: 5493004PFHUPOR1PWN79 | Long             | EC               | CORP              | US        |     33994 | NS      | $400109.38    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sturm Ruger & Co Inc           | Sturm Ruger & Co Inc                     | CUSIP: 864159108<br>LEI: 529900DV1BWFJSHFO847 | Long             | EC               | CORP              | US        |      7445 | NS      | $408953.85    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc           | Tri Pointe Homes Inc                     | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23825 | NS      | $439333.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tilly's Inc                    | Tilly's Inc                              | CUSIP: 886885102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     52519 | NS      | $498930.50    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TimkenSteel Corp               | TimkenSteel Corp                         | CUSIP: 887399103<br>LEI: 549300QZTZWHDE9HJL14 | Long             | EC               | CORP              | US        |     25512 | NS      | $477074.40    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Machinery Inc            | Titan Machinery Inc                      | CUSIP: 88830R101<br>LEI: 549300835ZM8G0BT5C94 | Long             | EC               | CORP              | US        |     13302 | NS      | $585687.06    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Tupperware Brands Corp         | Tupperware Brands Corp                   | CUSIP: 899896104<br>LEI: G8NWFN4YP7CR6FOP4886 | Long             | EC               | CORP              | US        |     48734 | NS      | $225638.42    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| USANA Health Sciences Inc      | USANA Health Sciences Inc                | CUSIP: 90328M107<br>LEI: 549300YTURXE814MAH96 | Long             | EC               | CORP              | US        |      6485 | NS      | $356934.40    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc              | VAALCO Energy Inc                        | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |     82657 | NS      | $428163.26    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Valhi Inc                      | Valhi Inc                                | CUSIP: 918905209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13942 | NS      | $310348.92    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd               | Vector Group Ltd                         | CUSIP: 92240M108<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |     41229 | NS      | $457641.90    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vista Outdoor Inc              | Vista Outdoor Inc                        | CUSIP: 928377100<br>LEI: 549300QI2D33ESTJLN81 | Long             | EC               | CORP              | US        |     14235 | NS      | $398152.95    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc           | Warrior Met Coal Inc                     | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     13758 | NS      | $506569.56    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Waterstone Financial Inc       | Waterstone Financial Inc                 | CUSIP: 94188P101<br>LEI: 5493002KM21XRC2DCQ02 | Long             | EC               | CORP              | US        |     21903 | NS      | $366875.25    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Winmark Corp                   | Winmark Corp                             | CUSIP: 974250102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1753 | NS      | $420720.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Winnebago Industries Inc       | Winnebago Industries Inc                 | CUSIP: 974637100<br>LEI: 549300B7OYKYJLTE3G11 | Long             | EC               | CORP              | US        |      6741 | NS      | $394955.19    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| World Acceptance Corp          | World Acceptance Corp                    | CUSIP: 981419104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3398 | NS      | $240952.18    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Zumiez Inc                     | Zumiez Inc                               | CUSIP: 989817101<br>LEI: 549300J0PDF58P6HZD25 | Long             | EC               | CORP              | US        |     16546 | NS      | $384694.50    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Zynex Inc                      | Zynex Inc                                | CUSIP: 98986M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40664 | NS      | $557910.08    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SMART Global Holdings Inc      | SMART Global Holdings Inc                | CUSIP: N/A<br>LEI: 529900RDGHQY8XKXPN14       | Long             | EC               | CORP              | US        |     21872 | NS      | $369855.52    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Lt | Ituran Location and Control Ltd          | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |     16652 | NS      | $389157.24    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Safe Bulkers Inc               | Safe Bulkers Inc                         | CUSIP: N/A<br>LEI: 549300V6ZM2HJJYQQO85       | Long             | EC               | CORP              | MC        |    126388 | NS      | $360205.80    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer