# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0000894189-25-020539
**Filing Date:** 2025-12
**Character Count:** 22710
**Document Hash:** b98fe938dde61a9687bef4cec9200f5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-020539.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0000894189-25-020539

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**PERIOD START**: 20251031

**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:** 251615091

**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

### AAM S&P 500 High Dividend Value ETF (Series ID: S000059242)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000194426 | AAM S&P 500 High Dividend Value ETF | SPDV            |

## 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:** AAM S&P 500 High Dividend Value ETF

- **b. EDGAR series identifier (if any):** S000059242

- **c. LEI of Series:** 549300YVPLLF13BE7X64

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

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $77106184.37

**Total Liabilities:** $3930955.18

**Net Assets:** $73175229.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000194426 | 6.15%                | 0.71%                | -1.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2922834.97              | $1187710.44                                |
| Month 2  | $0.00                    | $208558.35                                 |
| Month 3  | $0.00                    | $-1403400.60                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| US Bancorp                                | US Bancorp                                | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     28564 | NS      | $1333367.52   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| United Parcel Service Inc                 | United Parcel Service Inc                 | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     12831 | NS      | $1237165.02   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Valero Energy Corp                        | Valero Energy Corp                        | CUSIP: 91913Y100<br>LEI: 549300XTO5VR8SKV1V74 | Long             | EC               | CORP              | US        |      9375 | NS      | $1589625.00   | 2.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Communications Inc                | Verizon Communications Inc                | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     30537 | NS      | $1213540.38   | 1.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Viatris Inc                               | Viatris Inc                               | CUSIP: 92556V106<br>LEI: 254900ZZTSW7NL773X71 | Long             | EC               | CORP              | US        |    140717 | NS      | $1457828.12   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                               | Vistra Corp                               | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      6705 | NS      | $1262551.50   | 1.73%             |  |  |  | No            | 1                  | On Loan: No      |
| CVS Health Corp                           | CVS Health Corp                           | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     22394 | NS      | $1750091.10   | 2.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Cisco Systems Inc                         | Cisco Systems Inc                         | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     19264 | NS      | $1408391.04   | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corp                              | Comcast Corp                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     37204 | NS      | $1035573.34   | 1.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Conagra Brands Inc                        | Conagra Brands Inc                        | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |     68170 | NS      | $1171842.30   | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| EOG Resources Inc                         | EOG Resources Inc                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     11052 | NS      | $1169743.68   | 1.60%             |  |  |  | No            | 1                  | On Loan: No      |
| Eastman Chemical Co                       | Eastman Chemical Co                       | CUSIP: 277432100<br>LEI: FDPVHDGJ1IQZFK9KH630 | Long             | EC               | CORP              | US        |     17013 | NS      | $1012613.76   | 1.38%             |  |  |  | No            | 1                  | On Loan: No      |
| FedEx Corp                                | FedEx Corp                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |      5563 | NS      | $1412000.66   | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Fifth Third Bancorp                       | Fifth Third Bancorp                       | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |     30819 | NS      | $1282686.78   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Ford Motor Co                             | Ford Motor Co                             | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |    116796 | NS      | $1533531.48   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| HP Inc                                    | HP Inc                                    | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |     51213 | NS      | $1417063.71   | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Halliburton Co                            | Halliburton Co                            | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |     58684 | NS      | $1575078.56   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| Hasbro Inc                                | Hasbro Inc                                | CUSIP: 418056107<br>LEI: 549300NUB6D2R1ITYR45 | Long             | EC               | CORP              | US        |     17531 | NS      | $1337790.61   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Healthpeak Properties Inc                 | Healthpeak Properties Inc                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |     69724 | NS      | $1251545.80   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Host Hotels & Resorts Inc                 | Host Hotels & Resorts Inc                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |     80066 | NS      | $1282657.32   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Interpublic Group of Cos Inc/T            | Interpublic Group of Cos Inc/The          | CUSIP: 460690100<br>LEI: 5493008IUOJ5VWTRC333 | Long             | EC               | CORP              | US        |     50008 | NS      | $1283205.28   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Kraft Heinz Co/The                        | Kraft Heinz Co/The                        | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     45724 | NS      | $1130754.52   | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Government & Agency Po            | Invesco Government & Agency Portfolio     | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    371902 | NS      | $371901.62    | 0.51%             | 2031-12-31      | Fixed         | 0.06%                 | No            | 1                  | On Loan: No      |
| WEC Energy Group Inc                      | WEC Energy Group Inc                      | CUSIP: 92939U106<br>LEI: 549300IGLYTZUK3PVP70 | Long             | EC               | CORP              | US        |     12012 | NS      | $1342100.76   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Invesco Ltd                               | Invesco Ltd                               | CUSIP: N/A<br>LEI: ECPGFXU8A2SHKVVGJI15       | Long             | EC               | CORP              | US        |     61395 | NS      | $1455061.50   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| AT&T Inc                                  | AT&T Inc                                  | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |     47125 | NS      | $1166343.75   | 1.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Alexandria Real Estate Equitie            | Alexandria Real Estate Equities Inc       | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |     16035 | NS      | $933557.70    | 1.28%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group Inc                          | Altria Group Inc                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     22073 | NS      | $1244475.74   | 1.70%             |  |  |  | No            | 1                  | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     68171 | NS      | $1544073.15   | 2.11%             |  |  |  | No            | 1                  | On Loan: —       |
| Best Buy Co Inc                           | Best Buy Co Inc                           | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |     19553 | NS      | $1606083.42   | 2.19%             |  |  |  | No            | 1                  | On Loan: No      |
| BXP Inc                                   | BXP Inc                                   | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |     18600 | NS      | $1324134.00   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristol-Myers Squibb Co                   | Bristol-Myers Squibb Co                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     26884 | NS      | $1238545.88   | 1.69%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings Inc                | CF Industries Holdings Inc                | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |     14072 | NS      | $1172056.88   | 1.60%             |  |  |  | No            | 1                  | On Loan: —       |
| LKQ Corp                                  | LKQ Corp                                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     41466 | NS      | $1325253.36   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Lockheed Martin Corp                      | Lockheed Martin Corp                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |      3129 | NS      | $1539092.52   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Lowe's Cos Inc                            | Lowe's Cos Inc                            | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      5832 | NS      | $1388774.16   | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Merck & Co Inc                            | Merck & Co Inc                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     15642 | NS      | $1344899.16   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Molson Coors Beverage Co                  | Molson Coors Beverage Co                  | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     25865 | NS      | $1130817.80   | 1.55%             |  |  |  | No            | 1                  | On Loan: No      |
| NRG Energy Inc                            | NRG Energy Inc                            | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      8330 | NS      | $1431593.80   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| NetApp Inc                                | NetApp Inc                                | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |     12570 | NS      | $1480494.60   | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Newmont Corp                              | Newmont Corp                              | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     21387 | NS      | $1731705.39   | 2.37%             |  |  |  | No            | 1                  | On Loan: No      |
| NextEra Energy Inc                        | NextEra Energy Inc                        | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     18281 | NS      | $1488073.40   | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Omnicom Group Inc                         | Omnicom Group Inc                         | CUSIP: 681919106<br>LEI: HKUPACFHSSASQK8HLS17 | Long             | EC               | CORP              | US        |     17074 | NS      | $1280891.48   | 1.75%             |  |  |  | No            | 1                  | On Loan: —       |
| Pfizer Inc                                | Pfizer Inc                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     51912 | NS      | $1279630.80   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Financial Group Inc             | Principal Financial Group Inc             | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |     16385 | NS      | $1376995.40   | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| QUALCOMM Inc                              | QUALCOMM Inc                              | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |      8282 | NS      | $1498213.80   | 2.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Regions Financial Corp                    | Regions Financial Corp                    | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     50017 | NS      | $1210411.40   | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| SLB Ltd                                   | SLB Ltd                                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     37324 | NS      | $1345903.44   | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc                  | Simon Property Group Inc                  | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      7977 | NS      | $1402037.52   | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Skyworks Solutions Inc                    | Skyworks Solutions Inc                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |     18188 | NS      | $1413571.36   | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Snap-on Inc                               | Snap-on Inc                               | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |      3984 | NS      | $1336831.20   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Southern Co/The                           | Southern Co/The                           | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |     13850 | NS      | $1302454.00   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     18101 | NS      | $1225799.72   | 1.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Target Corp                               | Target Corp                               | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     12433 | NS      | $1152787.76   | 1.58%             |  |  |  | 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        |   3686967 | NS      | $3686967.00   | 5.04%             |  |  |  | No            | N/A                | On Loan: No      |
| Amcor PLC                                 | Amcor PLC                                 | CUSIP: N/A<br>LEI: 549300GSODGFCDQ3DI89       | Long             | EC               | CORP              | CH        |    134805 | NS      | $1064959.50   | 1.46%             |  |  |  | No            | 1                  | On Loan: No      |
| LyondellBasell Industries NV              | LyondellBasell Industries NV              | CUSIP: N/A<br>LEI: BN6WCCZ8OVP3ITUUVN49       | Long             | EC               | CORP              | US        |     21673 | NS      | $1006060.66   | 1.37%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-12-29

**Name of Applicant:** ETF Series Solutions

**Signature:** /s/ Kristen Weitzel

**Name of Signer:** ETF Series Solutions

**Title:** Treasurer