# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-015947
**Filing Date:** 2025-11
**Character Count:** 33074
**Document Hash:** 9e2883ccd0ef4a7847d077aca37508df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015947.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000894189-25-015947

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251529101

**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

### Defiance Connective Technologies ETF (Series ID: S000064804)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000209826 | Defiance Connective Technologies ETF | SIXG            |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Defiance Connective Technologies ETF** | **Defiance Connective Technologies ETF** | **Defiance Connective Technologies ETF** | **Defiance Connective Technologies ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.8%** | **COMMON STOCKS - 99.8%** | **Shares** | **Value**  |
| **Communication Services - 9.8%** | **Communication Services - 9.8%** | **Communication Services - 9.8%** | |
| AST SpaceMobile, Inc. <sup>(a)(b)</sup> | AST SpaceMobile, Inc. <sup>(a)(b)</sup> | 278294 | $13658670 |
| AT&T, Inc. | AT&T, Inc. | 326591 | 9222930 |
| Globalstar, Inc. <sup>(a)</sup> | Globalstar, Inc. <sup>(a)</sup> | 321947 | 11715651 |
| Iridium Communications, Inc. <sup>(b)</sup> | Iridium Communications, Inc. <sup>(b)</sup> | 555944 | 9706782 |
| T-Mobile US, Inc. | T-Mobile US, Inc. | 39672 | 9496683 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | 219279 | 9637312 |
|  |  |  | 63438028 |
| **Industrials - 1.6%** | **Industrials - 1.6%** | **Industrials - 1.6%** |  |
| CSG Systems International, Inc. | CSG Systems International, Inc. | 158081 | 10177255 |
| **Information Technology - 84.0%<sup>(c)</sup>** | **Information Technology - 84.0%<sup>(c)</sup>** | **Information Technology - 84.0%<sup>(c)</sup>** |  |
| A10 Networks, Inc. | A10 Networks, Inc. | 572072 | 10383107 |
| Akamai Technologies, Inc. <sup>(a)</sup> | Akamai Technologies, Inc. <sup>(a)</sup> | 136422 | 10335331 |
| Amdocs, Ltd. <sup>(b)</sup> | Amdocs, Ltd. <sup>(b)</sup> | 123431 | 10127514 |
| Apple, Inc. | Apple, Inc. | 140165 | 35690214 |
| Arista Networks, Inc. <sup>(a)</sup> | Arista Networks, Inc. <sup>(a)</sup> | 125142 | 18234441 |
| ARM Holdings PLC - ADR <sup>(a)(b)</sup> | ARM Holdings PLC - ADR <sup>(a)(b)</sup> | 73435 | 10390318 |
| Broadcom, Inc. | Broadcom, Inc. | 86014 | 28376879 |
| Calix, Inc. <sup>(a)</sup> | Calix, Inc. <sup>(a)</sup> | 160066 | 9823250 |
| Celestica, Inc. <sup>(a)</sup> | Celestica, Inc. <sup>(a)</sup> | 45813 | 11287407 |
| CEVA, Inc. <sup>(a)</sup> | CEVA, Inc. <sup>(a)</sup> | 432044 | 11410282 |
| Ciena Corporation <sup>(a)</sup> | Ciena Corporation <sup>(a)</sup> | 82107 | 11960527 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | 358606 | 24535823 |
| CommScope Holding Company, Inc. <sup>(a)</sup> | CommScope Holding Company, Inc. <sup>(a)</sup> | 620615 | 9607120 |
| Credo Technology Group Holding, Ltd. <sup>(a)(b)</sup> | Credo Technology Group Holding, Ltd. <sup>(a)(b)</sup> | 69862 | 10172606 |
| Datadog, Inc. - Class A <sup>(a)</sup> | Datadog, Inc. - Class A <sup>(a)</sup> | 89281 | 12713614 |
| DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | DigitalOcean Holdings, Inc. <sup>(a)(b)</sup> | 293132 | 10013389 |
| Dynatrace, Inc. <sup>(a)</sup> | Dynatrace, Inc. <sup>(a)</sup> | 222505 | 10780367 |
| Extreme Networks, Inc. <sup>(a)</sup> | Extreme Networks, Inc. <sup>(a)</sup> | 449366 | 9279408 |
| F5, Inc. <sup>(a)</sup> | F5, Inc. <sup>(a)</sup> | 32655 | 10553769 |
| Gilat Satellite Networks, Ltd. <sup>(a)</sup> | Gilat Satellite Networks, Ltd. <sup>(a)</sup> | 1058848 | 13786201 |
| InterDigital, Inc. <sup>(b)</sup> | InterDigital, Inc. <sup>(b)</sup> | 34433 | 11887305 |
| Keysight Technologies, Inc. <sup>(a)</sup> | Keysight Technologies, Inc. <sup>(a)</sup> | 65751 | 11501165 |
| Kingsoft Cloud Holdings, Ltd. - ADR <sup>(a)(b)</sup> | Kingsoft Cloud Holdings, Ltd. - ADR <sup>(a)(b)</sup> | 631442 | 9421115 |
| Kyndryl Holdings, Inc. <sup>(a)</sup> | Kyndryl Holdings, Inc. <sup>(a)</sup> | 315439 | 9472633 |
| MACOM Technology Solutions Holdings, Inc. <sup>(a)(b)</sup> | MACOM Technology Solutions Holdings, Inc. <sup>(a)(b)</sup> | 78092 | 9721673 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | 188387 | 15837695 |
| MaxLinear, Inc. <sup>(a)</sup> | MaxLinear, Inc. <sup>(a)</sup> | 631242 | 10150371 |
| N-able, Inc. <sup>(a)</sup> | N-able, Inc. <sup>(a)</sup> | 1212419 | 9456868 |
| NetApp, Inc. | NetApp, Inc. | 88698 | 10507165 |
| NetScout Systems, Inc. <sup>(a)</sup> | NetScout Systems, Inc. <sup>(a)</sup> | 398387 | 10290336 |
| Nokia Oyj - ADR <sup>(b)</sup> | Nokia Oyj - ADR <sup>(b)</sup> | 2509108 | 12068809 |
| NVIDIA Corporation | NVIDIA Corporation | 179261 | 33446517 |
| Oracle Corporation | Oracle Corporation | 96818 | 27229094 |
| Qorvo, Inc. <sup>(a)</sup> | Qorvo, Inc. <sup>(a)</sup> | 115077 | 10481213 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | 119796 | 19929263 |
| Radware, Ltd. <sup>(a)</sup> | Radware, Ltd. <sup>(a)</sup> | 387226 | 10257617 |
| Skyworks Solutions, Inc. | Skyworks Solutions, Inc. | 140524 | 10817538 |
| Telefonaktiebolaget LM Ericsson - ADR <sup>(b)</sup> | Telefonaktiebolaget LM Ericsson - ADR <sup>(b)</sup> | 1437038 | 11884304 |
| Viasat, Inc. <sup>(a)</sup> | Viasat, Inc. <sup>(a)</sup> | 345581 | 10125523 |
| Viavi Solutions, Inc. <sup>(a)</sup> | Viavi Solutions, Inc. <sup>(a)</sup> | 840026 | 10659930 |
|  |  |  | 544607701 |
| **Real Estate - 4.4%** | **Real Estate - 4.4%** | **Real Estate - 4.4%** |  |
| American Tower Corporation | American Tower Corporation | 49217 | 9465414 |
| Digital Realty Trust, Inc. | Digital Realty Trust, Inc. | 54842 | 9481085 |
| Equinix, Inc. | Equinix, Inc. | 12217 | 9568843 |
|  |  |  | 28515342 |
| **TOTAL COMMON STOCKS** (Cost $507,338,760) | **TOTAL COMMON STOCKS** (Cost $507,338,760) | **TOTAL COMMON STOCKS** (Cost $507,338,760) | 646738326 |
| **SHORT-TERM INVESTMENTS - 10.4%** | **SHORT-TERM INVESTMENTS - 10.4%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending – 10.2%** | **Investments Purchased with Proceeds from Securities Lending – 10.2%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | Mount Vernon Liquid Assets Portfolio, LLC, 4.27% <sup>(d)</sup> | 66351693 | 66351693 |
| **Money Market Funds – 0.2%** | **Money Market Funds – 0.2%** | **<u>Shares</u>** |  |
| First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | First American Government Obligations Fund - Class X, 4.05% <sup>(d)</sup> | 1108565 | 1108565 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $67,460,258) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $67,460,258) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $67,460,258) | 67460258 |
| **TOTAL INVESTMENTS - 110.2% (**Cost $574,799,018**)** | **TOTAL INVESTMENTS - 110.2% (**Cost $574,799,018**)** | **TOTAL INVESTMENTS - 110.2% (**Cost $574,799,018**)** | 714198584 |
| Liabilities in Excess of Other Assets - (10.2)% | Liabilities in Excess of Other Assets - (10.2)% | Liabilities in Excess of Other Assets - (10.2)% | (66184821) |
| **TOTAL NET ASSETS - 100.0%** | 0.0% | 0.0% | $648013763 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| 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. | 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. | 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. | 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. |

---

ADR - American Depositary Receipt <br> LLC - Limited Liability Company <br> PLC - Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $64,633,183.

(c) To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
 industries or sectors.

(d) The rate shown represents the 7-day annualized yield as of September 30, 2025.

------

#### <br>

#### Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
Defiance Connective Technologies ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $646738326 | $– | $– | $646738326 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 66351693 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1108565 | – | – | 1108565 |
| Total Investments | $647846891 | $– | $– | $714198584 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair
 value amount of $66,351,693 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ETF Series Solutions

- **b. Investment Company Act file number:** 811-22668

- **c. CIK number of Registrant:** 0001540305

- **d. LEI of Registrant:** 5493008BB0X0GYS3UI50

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 E Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1645

**Item A.2. Information about the Series.**

- **a. Name of Series:** Defiance Connective Technologies ETF

- **b. EDGAR series identifier (if any):** S000064804

- **c. LEI of Series:** 549300K3LKK0EYI2HU78

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $714549879.77

**Total Liabilities:** $66543381.25

**Net Assets:** $648006498.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000209826 | 2.80%                | 5.96%                | 7.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2708255.15              | $14832918.66                               |
| Month 2  | $34103307.84             | $2935618.43                                |
| Month 3  | $65933947.64             | $-20406154.31                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                      | Title                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| NetScout Systems Inc                      | NetScout Systems Inc                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |    399264 | NS      | $10312989.12  | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Nokia Oyj                                 | Nokia Oyj                                  | CUSIP: 654902204<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |   2514637 | NS      | $12095403.97  | 1.87%             |  |  |  | No            | 1                  | On Loan: —       |
| NVIDIA Corp                               | NVIDIA Corp                                | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    179655 | NS      | $33520029.90  | 5.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Oracle Corp                               | Oracle Corp                                | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     97030 | NS      | $27288717.20  | 4.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Qorvo Inc                                 | Qorvo Inc                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |    115331 | NS      | $10504347.48  | 1.62%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc                              | QUALCOMM Inc                               | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |    120062 | NS      | $19973514.32  | 3.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions Inc                    | Skyworks Solutions Inc                     | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |    140833 | NS      | $10841324.34  | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| T-Mobile US Inc                           | T-Mobile US Inc                            | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     39759 | NS      | $9517509.42   | 1.47%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                 | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |    219763 | NS      | $9658583.85   | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Viasat Inc                                | Viasat Inc                                 | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |    346342 | NS      | $10147820.60  | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Viavi Solutions Inc                       | Viavi Solutions Inc                        | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    841879 | NS      | $10683444.51  | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Radware Ltd                               | Radware Ltd                                | CUSIP: N/A<br>LEI: 254900LYRZOTBQ99ZG59       | Long             | EC               | CORP              | IL        |    388080 | NS      | $10280239.20  | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| A10 Networks Inc                          | A10 Networks Inc                           | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |    573334 | NS      | $10406012.10  | 1.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Akamai Technologies Inc                   | Akamai Technologies Inc                    | CUSIP: 00971T101<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | EC               | CORP              | US        |    136721 | NS      | $10357982.96  | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| American Tower Corp                       | American Tower Corp                        | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |     49326 | NS      | $9486376.32   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Inc                                 | Apple Inc                                  | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |    140475 | NS      | $35769149.25  | 5.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Arista Networks Inc                       | Arista Networks Inc                        | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |    125419 | NS      | $18274802.49  | 2.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Amdocs Ltd                                | Amdocs Ltd                                 | CUSIP: N/A<br>LEI: 549300HQV672RJ7RQV66       | Long             | EC               | CORP              | US        |    123702 | NS      | $10149749.10  | 1.57%             |  |  |  | No            | 1                  | On Loan: —       |
| AT&T Inc                                  | AT&T Inc                                   | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |    327312 | NS      | $9243290.88   | 1.43%             |  |  |  | No            | 1                  | On Loan: No      |
| AST SpaceMobile Inc                       | AST SpaceMobile Inc                        | CUSIP: 00217D100<br>LEI: 254900MBSC9P2UCI6623 | Long             | EC               | CORP              | US        |    278907 | NS      | $13688755.56  | 2.11%             |  |  |  | No            | 1                  | On Loan: —       |
| ARM Holdings PLC                          | ARM Holdings PLC                           | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |     73597 | NS      | $10413239.53  | 1.61%             |  |  |  | No            | 1                  | On Loan: —       |
| Broadcom Inc                              | Broadcom Inc                               | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     86203 | NS      | $28439231.73  | 4.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Calix Inc                                 | Calix Inc                                  | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |    160419 | NS      | $9844914.03   | 1.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Celestica Inc                             | Celestica Inc                              | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |     45914 | NS      | $11312291.32  | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| CEVA Inc                                  | CEVA Inc                                   | CUSIP: 157210105<br>LEI: 529900G9T7CVU2J2VU73 | Long             | EC               | CORP              | US        |    432996 | NS      | $11435424.36  | 1.76%             |  |  |  | No            | 1                  | On Loan: No      |
| Ciena Corp                                | Ciena Corp                                 | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     82287 | NS      | $11986747.29  | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| CSG Systems International Inc             | CSG Systems International Inc              | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |    158430 | NS      | $10199723.40  | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                          | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |    359395 | NS      | $24589805.90  | 3.79%             |  |  |  | No            | 1                  | On Loan: No      |
| CommScope Holding Co Inc                  | CommScope Holding Co Inc                   | CUSIP: 20337X109<br>LEI: 254900AW4CEPCQWSRI58 | Long             | EC               | CORP              | US        |    621984 | NS      | $9628312.32   | 1.49%             |  |  |  | No            | 1                  | On Loan: No      |
| Datadog Inc                               | Datadog Inc                                | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     89477 | NS      | $12741524.80  | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Digital Realty Trust Inc                  | Digital Realty Trust Inc                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     54964 | NS      | $9502176.32   | 1.47%             |  |  |  | No            | 1                  | On Loan: No      |
| DigitalOcean Holdings Inc                 | DigitalOcean Holdings Inc                  | CUSIP: 25402D102<br>LEI: 549300EPISPY3RE3DL21 | Long             | EC               | CORP              | US        |    293776 | NS      | $10035388.16  | 1.55%             |  |  |  | No            | 1                  | On Loan: —       |
| Dynatrace Inc                             | Dynatrace Inc                              | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |    222994 | NS      | $10804059.30  | 1.67%             |  |  |  | No            | 1                  | On Loan: No      |
| Equinix Inc                               | Equinix Inc                                | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     12243 | NS      | $9589207.32   | 1.48%             |  |  |  | No            | 1                  | On Loan: No      |
| Ericsson                                  | Telefonaktiebolaget LM Ericsson            | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |   1440205 | NS      | $11910495.35  | 1.84%             |  |  |  | No            | 1                  | On Loan: —       |
| Extreme Networks Inc                      | Extreme Networks Inc                       | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |    450355 | NS      | $9299830.75   | 1.44%             |  |  |  | No            | 1                  | On Loan: No      |
| F5 Inc                                    | F5 Inc                                     | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     32727 | NS      | $10577039.13  | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| First American Government Obli            | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |   1108565 | NS      | $1108565.40   | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Globalstar Inc                            | Globalstar Inc                             | CUSIP: 378973507<br>LEI: 549300NEX8I0MSOW0R64 | Long             | EC               | CORP              | US        |    322656 | NS      | $11741451.84  | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| InterDigital Inc                          | InterDigital Inc                           | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34510 | NS      | $11913887.30  | 1.84%             |  |  |  | No            | 1                  | On Loan: —       |
| Iridium Communications Inc                | Iridium Communications Inc                 | CUSIP: 46269C102<br>LEI: 549300U620NVQ4J1CT96 | Long             | EC               | CORP              | US        |    557170 | NS      | $9728188.20   | 1.50%             |  |  |  | No            | 1                  | On Loan: —       |
| Keysight Technologies Inc                 | Keysight Technologies Inc                  | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |     65896 | NS      | $11526528.32  | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Kingsoft Cloud Holdings Ltd               | Kingsoft Cloud Holdings Ltd                | CUSIP: 49639K101<br>LEI: 875500HZE0VKCD0Z8K15 | Long             | EC               | CORP              | CN        |    632835 | NS      | $9441898.20   | 1.46%             |  |  |  | No            | 1                  | On Loan: —       |
| Credo Technology Group Holding            | Credo Technology Group Holding Ltd         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     70016 | NS      | $10195029.76  | 1.57%             |  |  |  | No            | 1                  | On Loan: —       |
| Gilat Satellite Networks Ltd              | Gilat Satellite Networks Ltd               | CUSIP: N/A<br>LEI: 529900RVHDCYJ5YWHP12       | Long             | EC               | CORP              | IL        |    942455 | NS      | $12270764.10  | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Kyndryl Holdings Inc                      | Kyndryl Holdings Inc                       | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |    316135 | NS      | $9493534.05   | 1.47%             |  |  |  | No            | 1                  | On Loan: No      |
| MACOM Technology Solutions Hol            | MACOM Technology Solutions Holdings Inc    | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     78264 | NS      | $9743085.36   | 1.50%             |  |  |  | No            | 1                  | On Loan: —       |
| Marvell Technology Inc                    | Marvell Technology Inc                     | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    188802 | NS      | $15872584.14  | 2.45%             |  |  |  | No            | 1                  | On Loan: No      |
| MaxLinear Inc                             | MaxLinear Inc                              | CUSIP: 57776J100<br>LEI: 549300EMOI0SM2IY4F64 | Long             | EC               | CORP              | US        |    632633 | NS      | $10172738.64  | 1.57%             |  |  |  | No            | 1                  | On Loan: No      |
| N-able Inc/US                             | N-able Inc/US                              | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1215093 | NS      | $9477725.40   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| NetApp Inc                                | NetApp Inc                                 | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     88894 | NS      | $10530383.24  | 1.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |  66351693 | NS      | $66351693.00  | 10.24%            |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer