ETF Series Solutions

05/07/2026 | Press release | Distributed by Public on 05/07/2026 14:04

Semi-Annual Report by Investment Company (Form N-CSRS)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22668

ETF Series Solutions
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

414-516-1645

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: February 28, 2026

Item 1. Reports to Stockholders.

(a)
Acquirers Small and Micro Deep Value ETF
Formerly Acquirers Deep Value ETF and Roundhill Acquirers Deep Value ETF
DEEP (Principal U.S. Listing Exchange: NYSE)
Semi-Annual Shareholder Report |  February 28, 2026
This semi-annual shareholder report contains important information about the Acquirers Small and Micro Deep Value ETF for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at https://acquirersdeep.com/. You can also request this information by contacting us at 1-800-617-0004.
WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (based on a hypothetical $10,000 investment)
Fund Name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment*
Acquirers Small and Micro Deep Value ETF
$41
0.80%
* Annualized
KEY FUND STATISTICS (as of February 28, 2026)
Net Assets
$26,737,482
Number of Holdings
102
Net Advisory Fee
$104,130
Portfolio Turnover
40%
WHAT DID THE FUND INVEST IN? (as of February 28, 2026)
Top Holdings
(% of Net Assets)
International Seaways, Inc.
1.5%
TORM PLC - Class A
1.4%
Ardmore Shipping Corp.
1.4%
VAALCO Energy, Inc.
1.4%
ZIM Integrated Shipping Services Ltd.
1.4%
Star Bulk Carriers Corp.
1.3%
Teekay Tankers Ltd.
1.3%
Teekay Corp. Ltd.
1.3%
Herbalife Ltd.
1.3%
Daktronics, Inc.
1.3%
Sector Breakdown (% of Net Assets)
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://acquirersdeep.com/.
HOUSEHOLDING
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Acquirers Small and Micro Deep Value ETF PAGE 1 TSR-SAR-26922A701
(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.
(b) Not Applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

(a)

 
Acquirers Small and Micro Deep Value ETF (Ticker: DEEP)
Semi-Annual Financial Statements and Additional Information
February 28, 2026 (Unaudited)
TABLE OF CONTENTS
 
 
 
 
 
 
Page
Schedule of Investments
 
 
1
Statement of Assets and Liabilities
 
 
3
Statement of Operations
 
 
4
Statements of Changes in Net Assets
 
 
5
Financial Highlights
 
 
6
Notes to Financial Statements
 
 
7
Federal Tax Information
 
 
12
Additional Information
 
 
13
Approval of Advisory Agreement & Board Considerations
 
 
14
 
 
 
 

TABLE OF CONTENTS

Acquirers Small and Micro Deep Value ETF
Schedule of Investments
February 28, 2026 (Unaudited)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - 99.3%
 
 
 
 
Communication Services - 6.3%
 
 
 
 
AMC Networks, Inc. - Class A(a)
 
 
26,210
 
 
$214,136
Gambling.com Group Ltd.(a)
 
 
48,195
 
 
210,130
IDT Corp. - Class B
 
 
4,915
 
 
250,419
IHS Holding Ltd.(a)
 
 
34,047
 
 
272,376
Perion Network Ltd.(a)
 
 
25,466
 
 
217,734
Playtika Holding Corp.
 
 
60,622
 
 
187,322
Shutterstock, Inc.
 
 
13,558
 
 
227,775
Thryv Holdings, Inc.(a)
 
 
41,469
 
 
96,208
 
 
 
 
1,676,100
Consumer Discretionary - 25.1%(b)
 
 
 
 
Build-A-Bear Workshop, Inc.
 
 
4,628
 
 
225,198
Carter's, Inc.
 
 
7,886
 
 
264,575
Century Communities, Inc.
 
 
4,228
 
 
284,248
Cricut, Inc. - Class A
 
 
49,969
 
 
214,867
Ethan Allen Interiors, Inc.
 
 
10,671
 
 
243,085
G-III Apparel Group Ltd.
 
 
8,301
 
 
253,928
Helen of Troy Ltd.(a)
 
 
12,363
 
 
218,083
Hovnanian Enterprises, Inc. - Class A(a)
 
 
2,499
 
 
313,924
J Jill, Inc.
 
 
16,909
 
 
292,018
JAKKS Pacific, Inc.
 
 
14,849
 
 
324,599
Legacy Housing Corp.(a)
 
 
12,752
 
 
279,524
Malibu Boats, Inc. - Class A(a)
 
 
8,492
 
 
246,778
MasterCraft Boat Holdings, Inc.(a)
 
 
12,720
 
 
276,088
Nathan's Famous, Inc.
 
 
2,569
 
 
258,390
Papa John's International, Inc.
 
 
6,176
 
 
193,618
Perdoceo Education Corp.
 
 
8,531
 
 
284,509
Sally Beauty Holdings, Inc.(a)
 
 
16,574
 
 
266,344
Shoe Carnival, Inc.
 
 
13,449
 
 
271,535
Smith & Wesson Brands, Inc.
 
 
24,051
 
 
286,207
Sturm Ruger & Co., Inc.
 
 
7,805
 
 
292,219
Target Hospitality Corp.(a)
 
 
30,696
 
 
239,122
United Parks & Resorts, Inc.(a)
 
 
7,301
 
 
254,002
Upbound Group, Inc.
 
 
14,423
 
 
309,373
Winnebago Industries, Inc.
 
 
5,749
 
 
229,328
WW International, Inc.(a)
 
 
8,945
 
 
190,171
XPEL, Inc.(a)
 
 
4,927
 
 
209,989
 
 
 
 
6,721,722
Consumer Staples - 7.4%
 
 
 
 
Herbalife Ltd.(a)
 
 
17,923
 
 
349,857
John B Sanfilippo & Son, Inc.
 
 
3,383
 
 
279,469
MGP Ingredients, Inc.
 
 
10,599
 
 
201,381
Nu Skin Enterprises, Inc. - Class A
 
 
24,739
 
 
209,787
Oil-Dri Corp. of America
 
 
4,995
 
 
338,861
Olaplex Holdings, Inc.(a)
 
 
198,495
 
 
319,577
USANA Health Sciences, Inc.(a)
 
 
12,707
 
 
273,455
 
 
 
 
1,972,387
Energy - 12.8%
 
 
 
 
Amplify Energy Corp.(a)
 
 
53,030
 
 
304,392
Ardmore Shipping Corp.
 
 
23,047
 
 
377,510
Geopark Ltd.
 
 
35,217
 
 
292,653
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
International Seaways, Inc.
 
 
5,178
 
 
$391,094
Riley Exploration Permian, Inc.
 
 
9,925
 
 
286,237
SM Energy Co.
 
 
13,428
 
 
310,590
Teekay Corp. Ltd.
 
 
27,160
 
 
351,722
Teekay Tankers Ltd.
 
 
4,599
 
 
359,964
TORM PLC - Class A
 
 
12,740
 
 
383,856
VAALCO Energy, Inc.
 
 
72,993
 
 
375,914
 
 
 
 
3,433,932
Financials - 6.7%
 
 
 
 
Acadian Asset Management, Inc.
 
 
5,264
 
 
283,519
Diamond Hill Investment Group, Inc.
 
 
1,477
 
 
253,852
Donnelley Financial Solutions, Inc.(a)
 
 
5,505
 
 
273,929
International General Insurance Holdings Ltd.
 
 
9,958
 
 
250,942
PROG Holdings, Inc.
 
 
8,364
 
 
294,497
Regional Management Corp.
 
 
6,293
 
 
200,243
World Acceptance Corp.(a)
 
 
1,730
 
 
233,342
 
 
 
 
1,790,324
Health Care - 9.3%
 
 
 
 
AMN Healthcare Services, Inc.(a)
 
 
15,762
 
 
307,044
Amphastar Pharmaceuticals, Inc.(a)
 
 
9,418
 
 
190,526
Cross Country Healthcare, Inc.(a)
 
 
31,426
 
 
273,406
Embecta Corp.
 
 
21,190
 
 
217,409
Inmode Ltd.(a)
 
 
17,413
 
 
239,429
Innoviva, Inc.(a)
 
 
12,527
 
 
287,620
Ironwood Pharmaceuticals, Inc.(a)
 
 
76,554
 
 
261,815
National Research Corp.
 
 
13,453
 
 
180,405
Organon & Co.
 
 
36,683
 
 
267,419
SIGA Technologies, Inc.
 
 
39,888
 
 
258,075
 
 
 
 
2,483,148
Industrials - 19.2%
 
 
 
 
Atkore International Group, Inc.
 
 
3,907
 
 
252,822
BlueLinx Holdings, Inc.(a)
 
 
4,055
 
 
267,306
Danaos Corp.
 
 
2,707
 
 
319,291
Forrester Research, Inc.(a)
 
 
33,886
 
 
202,638
Franklin Covey Co.(a)
 
 
14,823
 
 
192,995
Genco Shipping & Trading Ltd.
 
 
13,729
 
 
330,182
Global Industrial Co.
 
 
8,544
 
 
281,781
Global Ship Lease, Inc. - Class A
 
 
7,387
 
 
303,458
Hudson Technologies, Inc.(a)
 
 
35,366
 
 
251,452
Insteel Industries, Inc.
 
 
7,891
 
 
294,176
Janus International Group, Inc.(a)
 
 
37,310
 
 
259,678
Karat Packaging, Inc.
 
 
11,032
 
 
271,939
Kforce, Inc.
 
 
8,208
 
 
221,780
Omega Flex, Inc.
 
 
8,838
 
 
317,549
RCM Technologies, Inc.(a)
 
 
12,072
 
 
228,282
Resources Connection, Inc.
 
 
48,052
 
 
180,676
Star Bulk Carriers Corp.
 
 
13,699
 
 
360,147
Tecnoglass, Inc.
 
 
4,943
 
 
225,203
ZIM Integrated Shipping Services Ltd.
 
 
13,003
 
 
374,876
 
 
 
 
5,136,231
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
1
 

TABLE OF CONTENTS

Acquirers Small and Micro Deep Value ETF
Schedule of Investments
February 28, 2026 (Unaudited)(Continued)
 
 
 
 
 
 
 
 
 
Shares
 
 
Value
COMMON STOCKS - (Continued)
Information Technology - 7.7%
 
 
 
 
AudioCodes, Ltd.
 
 
27,548
 
 
$196,693
Consensus Cloud Solutions, Inc.(a)
 
 
10,823
 
 
325,556
CPI Card Group, Inc.(a)
 
 
15,802
 
 
193,811
Daktronics, Inc.(a)
 
 
13,195
 
 
340,167
Hackett Group, Inc.
 
 
12,621
 
 
172,403
Ituran Location and Control Ltd.
 
 
5,857
 
 
281,136
NVE Corp.
 
 
3,704
 
 
254,983
Photronics, Inc.(a)
 
 
7,578
 
 
283,645
 
 
 
 
2,048,394
Materials - 3.8%
 
 
 
 
Alpha Metallurgical Resources, Inc.(a)
 
 
1,193
 
 
194,041
Ferroglobe PLC
 
 
53,941
 
 
275,638
Olin Corp.
 
 
12,315
 
 
312,432
Sylvamo Corp.
 
 
5,013
 
 
232,102
 
 
 
 
1,014,213
Real Estate - 1.0%
 
 
 
 
RMR Group, Inc. - Class A
 
 
16,574
 
 
271,482
TOTAL COMMON STOCKS
(Cost $26,904,588)
 
 
 
 
26,547,933
CONTINGENT VALUE RIGHTS - 0.0%(c)
Materials - 0.0%(c)
 
 
 
 
Resolute Forest Products, Inc.(a)(d)
 
 
17,062
 
 
171
TOTAL CONTINGENT VALUE RIGHTS
(Cost $46,067)
 
 
 
 
171
SHORT-TERM INVESTMENTS
 
 
 
 
MONEY MARKET FUNDS - 0.6%
 
 
 
 
First American Treasury Obligations Fund - Class X, 3.60%(e)
 
 
170,854
 
 
170,854
TOTAL MONEY MARKET FUNDS
(Cost $170,854)
 
 
 
 
170,854
TOTAL INVESTMENTS - 99.9%
(Cost $27,121,509)
 
 
 
 
$26,718,958
Other Assets in Excess of
Liabilities - 0.1%
 
 
 
 
18,524
TOTAL NET ASSETS - 100.0%
 
 
 
 
$26,737,482
 
 
 
 
 
 
 
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
(a)
Non-income producing security.
(b)
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.
(c)
Represents less than 0.05% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $171 or 0.0% of net assets as of February 28, 2026.
(e)
The rate shown represents the 7-day annualized yield as of February 28, 2026.
The accompanying notes are an integral part of these financial statements.
 
2
 

TABLE OF CONTENTS

ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
STATEMENT OF ASSETS AND LIABILITIES
February 28, 2026 (Unaudited)
 
 
 
 
ASSETS:
 
 
Investments, at value
 
 
$26,718,958
Dividends receivable
 
 
34,981
Total assets
 
 
26,753,939
LIABILITIES:
 
 
Payable to Adviser
 
 
16,457
Total liabilities
 
 
16,457
NET ASSETS
 
 
$26,737,482
Net Assets Consists of:
 
 
Paid-in capital
 
 
$84,120,218
Total accumulated losses
 
 
(57,382,736)
Total net assets
 
 
$26,737,482
Net assets
 
 
$26,737,482
Shares issued and outstanding(a)
 
 
700,000
Net asset value per share
 
 
$38.20
Cost:
 
 
Investments, at cost
 
 
$27,121,509
 
 
 
 
(a)
Unlimited shares authorized without par value.
The accompanying notes are an integral part of these financial statements.
 
3
 

TABLE OF CONTENTS

ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
Statement of Operations
For the Period Ended February 28, 2026 (Unaudited)
 
 
 
 
INVESTMENT INCOME:
 
 
Dividend income
 
 
$305,618
Less: dividend withholding taxes
 
 
(4,699 )
Total investment income
 
 
300,919
EXPENSES:
 
 
Investment advisory fee
 
 
104,130
Total expenses
 
 
104,130
Net investment income
 
 
196,789
REALIZED AND UNREALIZED GAIN (LOSS)
 
 
Net realized gain (loss) from:
 
 
Investments
 
 
819,478
In-kind redemptions
 
 
521,260
Net realized gain (loss)
 
 
1,340,738
Net change in unrealized appreciation (depreciation) on:
 
 
Investments
 
 
86,982
Net change in unrealized appreciation (depreciation)
 
 
86,982
Net realized and unrealized gain (loss)
 
 
1,427,720
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
 
 
$ 1,624,509
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
4
 

TABLE OF CONTENTS

Acquirers Small and Micro Deep Value ETF
STATEMENTS OF CHANGES IN NET ASSETS
 
 
 
 
 
 
 
 
 
Period Ended
February 28, 2026
(Unaudited)
 
 
Year Ended
August 31, 2025
OPERATIONS:
 
 
 
 
Net investment income (loss)
 
 
$196,789
 
 
$516,110
Net realized gain (loss)
 
 
1,340,738
 
 
1,132,867
Net change in unrealized appreciation (depreciation)
 
 
86,982
 
 
(1,569,986)
Net increase (decrease) in net assets from operations
 
 
1,624,509
 
 
78,991
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
From earnings
 
 
(255,284)
 
 
(615,107)
Total distributions to shareholders
 
 
(255,284)
 
 
(615,107)
CAPITAL TRANSACTIONS:
 
 
 
 
Shares sold
 
 
1,850,000
 
 
3,266,960
Shares redeemed
 
 
(5,457,025)
 
 
(6,434,865)
ETF transaction fees (See Note 6)
 
 
-
 
 
4
Net increase (decrease) in net assets from capital transactions
 
 
(3,607,025)
 
 
(3,167,901)
Net increase (decrease) in net assets
 
 
(2,237,800)
 
 
(3,704,017)
NET ASSETS:
 
 
 
 
Beginning of the period
 
 
28,975,282
 
 
32,679,299
End of the period
 
 
$ 26,737,482
 
 
$28,975,282
SHARES TRANSACTIONS
 
 
 
 
Shares sold
 
 
50,000
 
 
100,000
Shares redeemed
 
 
(150,000)
 
 
(200,000)
Total increase (decrease) in shares outstanding
 
 
(100,000)
 
 
(100,000)
 
 
 
 
 
 
 
The accompanying notes are an integral part of these financial statements.
 
5
 

TABLE OF CONTENTS

Acquirers Small and Micro Deep Value ETF
Financial Highlights
 
 
 
 
 
 
 
 
 
Period Ended
February 28, 2026
(Unaudited)
 
 
Year Ended August 31,
 
 
2025
 
 
2024
 
 
2023
 
 
2022
 
 
2021
PER SHARE DATA:
 
 
 
 
 
 
 
 
 
 
 
 
Net asset value, beginning of period
 
 
$36.22
 
 
$36.31
 
 
$34.00
 
 
$31.35
 
 
$35.52
 
 
$23.25
INVESTMENT OPERATIONS:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income(a)
 
 
0.27
 
 
0.63
 
 
0.55
 
 
0.56
 
 
0.40
 
 
0.48
Net realized and unrealized gain (loss) on investments(b)
 
 
2.07
 
 
0.02
 
 
2.32
 
 
2.59
 
 
(4.13)
 
 
12.18
Total from investment operations
 
 
2.34
 
 
0.65
 
 
2.87
 
 
3.15
 
 
(3.73)
 
 
12.66
LESS DISTRIBUTIONS FROM:
 
 
 
 
 
 
 
 
 
 
 
 
Net investment income
 
 
(0.36)
 
 
(0.74)
 
 
(0.56)
 
 
(0.50)
 
 
(0.44)
 
 
(0.39)
Total distributions
 
 
(0.36)
 
 
(0.74)
 
 
(0.56)
 
 
(0.50)
 
 
(0.44)
 
 
(0.39)
ETF transaction fees per share
 
 
-
 
 
0.00(c)
 
 
0.00(c)
 
 
-
 
 
-
 
 
-
Net asset value, end of period
 
 
$38.20
 
 
$36.22
 
 
$36.31
 
 
$34.00
 
 
$31.35
 
 
$35.52
TOTAL RETURN(d)
 
 
6.52%
 
 
1.98%
 
 
8.48%
 
 
10.18%
 
 
−10.61%
 
 
54.67%
SUPPLEMENTAL DATA AND RATIOS:
 
 
 
 
 
 
 
 
 
 
Net assets, end of period
(in thousands)
 
 
$26,737
 
 
$28,975
 
 
$32,679
 
 
$40,805
 
 
$43,894
 
 
$47,956
Ratio of expenses to average net assets(e)
 
 
0.80%
 
 
0.80%
 
 
0.80%
 
 
0.80%
 
 
0.80%
 
 
0.80%
Ratio of excise tax expenses to average net assets(e)
 
 
-%
 
 
0.00%(g)
 
 
-%
 
 
-%
 
 
-%
 
 
-%
Ratio of net investment income (loss) to average net assets(e)
 
 
1.51%
 
 
1.86%
 
 
1.60%
 
 
1.75%
 
 
1.19%
 
 
1.53%
Portfolio turnover rate(d)(f)
 
 
40%
 
 
140%
 
 
118%
 
 
126%
 
 
119%
 
 
148%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a)
Net investment income per share has been calculated based on average shares outstanding during the periods.
(b)
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.
(c)
Amount represents less than $0.005 per share.
(d)
Not annualized for periods less than one year.
(e)
Annualized for periods less than one year.
(f)
Portfolio turnover rate excludes in-kind transactions.
(g)
Amount represents less than 0.005%.
The accompanying notes are an integral part of these financial statements.
 
6
 

TABLE OF CONTENTS

ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
NOTES TO FINANCIAL STATEMENTS
February 28, 2026 (Unaudited)
NOTE 1 - ORGANIZATION
Acquirers Small and Micro Deep Value ETF (the "Fund"), formerly Acquirers Deep Value ETF and Roundhill Acquirers Deep Value ETF, is a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Fund is to seek investment results that, before expenses and fees, track the Acquirers Deep Value Index (the "Index"). The Fund commenced operations on September 22, 2014.
The end of the reporting period for the Fund is February 28, 2026. The current fiscal period is the period from September 1, 2025 through February 28, 2026.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services - Investment Companies.
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").
A.
Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks, closed-end funds and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market®, and the Nasdaq Capital Market® exchanges (collectively, "Nasdaq") are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.
Investments in mutual funds, including money market funds are valued at their net asset value ("NAV") per share.
Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund's Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:
Level 1 -
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 -
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.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
NOTES TO FINANCIAL STATEMENTS
February 28, 2026 (Unaudited)(Continued)
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.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Fund's investments as of the end of the current fiscal period:
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
 
 
Level 1
 
 
Level 2
 
 
Level 3
 
 
Total
Common Stocks
 
 
$26,547,933
 
 
$-
 
 
$-
 
 
$26,547,933
Contingent Value Rights
 
 
-
 
 
-
 
 
171
 
 
171
Money Market Funds
 
 
170,854
 
 
-
 
 
-
 
 
170,854
Total Investments in Securities
 
 
$26,718,787
 
 
$-
 
 
$171
 
 
$26,718,958
 
 
 
 
 
 
 
 
 
 
 
 
 
Refer to Schedule of Investments for further disaggregation of investment categories.
During the current fiscal period, the Fund did not recognize any transfers to or from Level 3.
Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.
B.
Federal Income Taxes. The Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all net taxable investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and applicable state and local income and excise tax returns.
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by the tax authorities. Management has analyzed the Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. During the current fiscal period, the Fund did not incur any interest or penalties.
C.
Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
NOTES TO FINANCIAL STATEMENTS
February 28, 2026 (Unaudited)(Continued)
D.
Distributions to Shareholders. Distributions to shareholders from net investment income are declared and paid by the Fund on a quarterly basis and distributions from net realized gains on securities are declared and paid by the Fund on, at least, an annual basis. Distributions are recorded on the ex-dividend date.
E.
Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.
F.
Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund's shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading. The offering and redemption price per share of the Fund is equal to the Fund's NAV per share.
G.
Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
H.
Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.
The permanent differences primarily relate to redemptions in-kind. During the fiscal period ended August 31, 2025, the following table shows the reclassifications made:
 
 
 
 
Distributable Earnings
(Accumulated Losses)
 
 
Paid-In
Capital
$(129,273)
 
 
$129,273
 
 
 
 
I.
Segment Reporting. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Co-Chief Executive Officers of the Adviser who collectively serve as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
J.
Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period, that materially impacted the amounts or disclosures in the Fund's financial statements.
NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Exchange Traded Concepts, LLC (the "Adviser"), serves as the investment adviser to the Fund. Pursuant to an Investment Advisory Agreement ("Advisory Agreement") between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For the services it provides to the Fund, the Fund pays the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.80% of the Fund's average daily net assets.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
NOTES TO FINANCIAL STATEMENTS
February 28, 2026 (Unaudited)(Continued)
Acquirers Funds, LLC (the "Sponsor"), the Index Provider for the Fund, has entered into a licensing and expense reimbursement agreement with the Adviser, pursuant to which the Sponsor agrees to license the use of the Index to the Adviser for the Fund. The Sponsor also provides marketing support for the Fund, including, but not limited to, distributing the Fund's materials and providing the Fund with access to and the use of the Sponsor's other marketing capabilities, including communications through print and electronic media discussing the Index. The Sponsor is a registered investment adviser that provides advisory services to ETFs, but does not act as an investment adviser or otherwise provide investment advice to the Fund.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or "Administrator"), acts as the Fund's Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board and monitors the activities of the Fund's Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Fund. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Fund's Custodian.
All officers of the Trust are affiliated with the Administrator and Custodian.
NOTE 4 - PURCHASES AND SALES OF SECURITIES
During the current fiscal period, purchases and sales of securities by the Fund, excluding short-term securities and in-kind transactions, were $12,203,635 and $15,779,895, respectively.
During the current fiscal period, there were no purchases or sales of U.S. Government securities.
During the current fiscal period, in-kind transactions associated with creations and redemptions were $1,839,042 and $3,901,292, respectively.
NOTE 5 - INCOME TAX INFORMATION
The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.
The components of distributable earnings (accumulated losses) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at August 31, 2025 were as follows:
 
 
 
 
Tax cost of investments
 
 
$29,697,440
Gross tax unrealized appreciation
 
 
3,304,240
Gross tax unrealized depreciation
 
 
(4,060,343)
Net tax unrealized appreciation (depreciation)
 
 
(756,103)
Undistributed ordinary income
 
 
100,399
Undistributed long-term capital gains
 
 
-
Other accumulated gain (loss)
 
 
(58,096,257)
Distributable earnings (accumulated deficit)
 
 
$(58,751,961)
 
 
 
 
The difference between the cost basis for financial statement and federal income tax purposes is due primarily to timing differences in recognizing wash sales.
A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2025, the Fund did not elect to defer any post-October capital losses or late-year ordinary losses.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
NOTES TO FINANCIAL STATEMENTS
February 28, 2026 (Unaudited)(Continued)
As of August 31, 2025, the Fund had a short-term capital loss carryforward of $41,347,455 and a long-term capital loss carryforward of $16,748,802. These amounts do not have an expiration date. During the current fiscal year, the Fund utilized $539,430 of short-term capital loss carryforward and $398,358 of long-term capital loss carryforward that was available as of August 31, 2024.
The tax character of distributions paid by the Fund during the years ended August 31, 2025 and August 31, 2024 were as follows:
 
 
 
 
 
 
Year Ended August 31,
 
 
2025
 
 
2024
Ordinary Income
 
 
$615,107
 
 
$600,186
 
 
 
 
 
 
 
NOTE 6 - SHARE TRANSACTIONS
Shares of the Fund are listed and traded on New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Fund currently offers one class of shares, which has no front end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund's Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with cash transactions. Variable fees received by the Fund, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.
NOTE 7 - RISKS
Sector Risk. 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.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
FEDERAL TAX INFORMATION (Unaudited)
For the fiscal year ended August 31, 2025, certain dividends paid by the Fund may be subject to a maximum rate of 23.8%, as provided for by the Jobs and Growth Tax relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00%.
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividend received deduction for the fiscal year ended August 31, 2025 was 94.69%.
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for the Fund was 0.00%.
 
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TABLE OF CONTENTS

ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
ADDITIONAL INFORMATION (Unaudited)
Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the period covered by this report.
Proxy Disclosure
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others
All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)
Acquirers Small and Micro Deep Value ETF (DEEP)
(formerly, Acquirers Deep Value ETF)
Pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), at a meeting held on October 8-9, 2025 (the "Meeting"), the Board of Trustees (the "Board") of ETF Series Solutions (the "Trust") approved the continuance of the Investment Advisory Agreement (the "Advisory Agreement") between Exchange Traded Concepts, LLC (the "Adviser") and the Trust, on behalf of Roundhill Acquirers Deep Value ETF (the "Fund").
Prior to the Meeting, the Board, including the Trustees who are not parties to the Advisory Agreement or "interested persons" of any party thereto, as defined in the 1940 Act (the "Independent Trustees"), reviewed written materials (the "Materials"), including information from the Adviser regarding, among other things: (i) the nature, extent, and quality of the services provided to the Fund by the Adviser; (ii) the historical performance of the Fund relative to its underlying index and benchmark; (iii) the cost of the services provided and the profits realized by the Adviser or its affiliates from services rendered to the Fund; (iv) comparative performance, fee, and expense data for the Fund and other investment companies with similar investment objectives, including a report prepared by Barrington Partners, an independent third party, that compares the Fund's investment performance, fees and expenses to relevant market benchmarks and peer groups (the "Barrington Report"); (v) the extent to which any economies of scale realized by the Adviser in connection with its services to the Fund are shared with Fund shareholders; (vi) any other financial benefits to the Adviser and its affiliates resulting from services rendered to the Fund; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference approximately ten days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Adviser to address at the Meeting and/or through revised or supplemental Materials.
The Board also considered that the Adviser, along with other Fund service providers, had provided written and oral updates on the firm over the course of the year with respect to its role as investment adviser to the Fund as well as other series of the Trust. The Board considered that information alongside the Materials in its consideration of whether the Advisory Agreement should be continued. Additionally, Adviser representatives provided an oral overview of the Fund's strategy, the services provided to the Fund by the Adviser, and additional information about the Adviser's personnel and business operations. The Board then discussed the Materials and the Adviser's oral presentation, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated, in light of this information, on the approval of the continuation of the Advisory Agreement.
Approval of the Continuation of the Advisory Agreement with the Adviser
Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser had provided and would continue to provide investment management services to the Fund. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser's compliance program and past reports from the Trust's Chief Compliance Officer ("CCO") regarding the CCO's review of the Adviser's compliance program. The Board also considered its previous experience with the Adviser providing investment management services to the Fund as well as other series of the Trust. The Board noted that it had received a copy of the Adviser's registration form and financial statements, as well as the Adviser's response to a detailed series of questions that included, among other things, information about the Adviser's decision-making process, the background and experience of the firm's key personnel, and the firm's compliance policies, marketing practices, and brokerage information.
The Board also considered other services provided by the Adviser to the Fund, including the day-to-day management of the Fund's portfolio, monitoring the extent to which the Fund achieves its investment objective as an index-based fund, monitoring the Fund's adherence to its investment restrictions, and monitoring the Fund's compliance with Fund policies and procedures and applicable securities regulations. Additionally, the Board considered that the Adviser does not serve as the index provider to the Fund; rather, the Fund tracks an index created and owned by Acquirers Funds LLC.
Historical Performance. The Trustees next considered the Fund's performance. The Board observed that additional information regarding the Fund's past investment performance, for periods ended June 30, 2025, had been included in the Materials, including the Barrington Report, which compared the performance results of the Fund with the returns of a group of ETFs selected by Barrington Partners as most comparable (the "Peer Group") as well as with
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)
funds in the Fund's Morningstar category - U.S. Fund Small Value (the "Category Peer Group"). The Board considered that the funds included in the Peer Group were all index-based, small cap value ETFs with similar investment strategies. Additionally, at the Board's request, the Adviser identified the funds the Adviser considered to be the Fund's most direct competitors (the "Selected Peer Group") and provided the Selected Peer Group's performance results. The funds included by the Adviser in the Selected Peer Group include an index-based ETF and an actively managed ETF that each employ deep value investing strategies similar to those of the Fund; however, the Board noted that the Fund provides exposure to smaller cap companies.
In considering the Fund's performance, the Board noted that the Fund changed its name and principal investment strategy, effective March 10, 2025, to reflect changes to the methodology of its underlying index, which had been revised to screen for undervalued, fundamentally strong stocks of small-cap and micro-cap companies. As a result, the Fund's performance for each period ended June 30, 2025, reflects the Fund's performance with respect to its prior strategy for all but the last three and a half months of each period. With this in mind, the Board noted that, for the one-year, three-year, five-year, and since inception periods ended June 30, 2025, the Fund's performance on a gross of fees basis (i.e., excluding the effect of fees and expenses on Fund performance) was generally consistent with the performance of its underlying index, indicating that the Fund tracked its underlying index closely and in an appropriate manner. The Board also noted that the Fund significantly underperformed its broad-based benchmark, the S&P 500 Index, over the same periods. The Board considered, however, that the Fund's investors seek investment exposure to undervalued small- and micro-cap equities, as offered by the Fund, not broad exposure to the large-cap U.S. equity market, as provided by the S&P 500 Index.
The Board then considered that, for the one-, three-, five-, and ten-year periods ended June 30, 2025, the Fund underperformed the median return of its Peer Group and Category Peer Group. In addition, the Board noted that the Fund underperformed each of the funds in its Selected Peer Group for the one-, three-, and five-year periods ended June 30, 2025. The Board took into consideration that each peer group include ETFs that invest in companies with larger caps than those companies in which the Fund invests.
Cost of Services Provided and Economies of Scale. The Board then reviewed the Fund's fees and expenses. The Board took into consideration that the Adviser had charged, and would continue to charge, a "unified fee," meaning the Fund pays no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses, extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser had been and would continue to be responsible for compensating the Trust's other service providers and paying the Fund's other expenses out of the Adviser's own fee and resources.
The Board noted that the Fund's net expense ratio was equal to its unified fee. The Board compared the Fund's net expense ratio to those of its Peer Group and Category Peer Group as shown in the Barrington Report, as well as its Selected Peer Group. The Board noted that the Fund's net expense ratio was the highest net expense ratio of all the funds in its Peer Group, but lower than the median net expense ratio of the Category Peer Group. In addition, the Board noted that the Fund's net expense ratio was higher than the net expense ratios of the two ETFs in its Selected Peer Group.
The Board then considered the Adviser's financial resources and information regarding the Adviser's ability to support its management of the Fund and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board's review. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Fund, taking into account an analysis of the Adviser's profitability with respect to the Fund at various actual and projected Fund asset levels.
The Board also considered the Fund's expenses and advisory fee structure in light of its potential economies of scale. The Board noted that the Fund's unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board concluded, however, that the Fund's unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at its current asset level. The Board also noted its intention to monitor fees as the Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of the Fund.
 
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ACQUIRERS SMALL AND MICRO DEEP VALUE ETF
APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS (Unaudited)(Continued)
Conclusion.No single factor was determinative of the Board's decision to approve the continuation of the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of the Fund and its shareholders.
 
16
 
(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

See Item 7(a).

Item 9. Proxy Disclosure for Open-End Investment Companies.

See Item 7(a).

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a).

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7(a).

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

(a) The Registrant's President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.
(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not Applicable.

(b) Not Applicable.

Item 19. Exhibits.

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

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

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).

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

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

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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

(Registrant) ETF Series Solutions
By (Signature and Title)* /s/ Kristina R. Nelson
Kristina R. Nelson, President (principal executive officer)
Date 5/7/2026

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

By (Signature and Title)* /s/ Kristina R. Nelson
Kristina R. Nelson, President (principal executive officer)
Date 5/7/2026
By (Signature and Title)* /s/ Kristen M. Weitzel
Kristen M. Weitzel, Treasurer (principal financial officer)
Date 5/7/2026
* Print the name and title of each signing officer under his or her signature.
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