ETF Series Solutions
04/11/2025 | Press release | Distributed by Public on 04/11/2025 12:38
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: July 31
Date of reporting period: January 31, 2025
Item 1. Reports to Stockholders.
| (a) |
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US Vegan Climate ETF
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VEGN(Principal U.S. Listing Exchange: CBOE)
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Semi-Annual Shareholder Report | January 31, 2025
|
This semi-annual shareholder reportcontains important information about the US Vegan Climate ETF for the period of August 1, 2024, to January 31, 2025. You can find additional information about the Fund at https://veganetf.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
|
|
US Vegan Climate ETF
|
$32
|
0.60%
|
HOW DID THE FUND PERFORM DURING THE PERIOD?
Outperformance during the last 6 months was driven by exclusion of animal-derived products, high carbon industries and other environmentally damaging companies. Avoidance of companies doing animal testing and producing energy from fossil fuels was a small detractor. By sector, VEGN's underweight to utilities, financials and consumer discretionary stocks detracted, whereas underweights to healthcare and energy were positive. VEGN's overweight to communications stocks was supportive to performance.
|
Top Contributors
|
|
|
↑
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Tesla, Inc.
|
|
↑
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Broadcom, Inc.
|
|
↑
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Visa, Inc. - Class A
|
|
↑
|
NVIDIA Corporation
|
|
↑
|
Alphabet, Inc. - Class A
|
|
Top Detractors
|
|
|
↓
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Adobe, Inc.
|
|
↓
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Advanced Micro Devices, Inc.
|
|
↓
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Applied Materials, Inc.
|
|
↓
|
Intel Corporation
|
|
↓
|
Elevance Health, Inc.
|
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
| US Vegan Climate ETF | PAGE 1 | TSR-SAR-26922A297 |
ANNUAL AVERAGE TOTAL RETURN (%)
|
1 Year
|
5 Year
|
Since Inception
(09/09/2019) |
|
|
US Vegan Climate ETF NAV
|
26.83
|
15.63
|
16.60
|
|
S&P 500 TR
|
26.38
|
15.17
|
15.83
|
|
Beyond Investing US Vegan Climate GTR Index
|
27.82
|
16.43
|
17.42
|
Visit https://veganetf.com/for more recent performance information.
| * | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
KEY FUND STATISTICS (as of January 31, 2025)
|
Net Assets
|
$111,766,817
|
|
Number of Holdings
|
258
|
|
Portfolio Turnover
|
3%
|
|
30-Day SEC Yield
|
0.49%
|
|
30-Day SEC Yield Unsubsidized
|
0.49%
|
Visit https://veganetf.com/for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of January 31, 2025)
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Broadcom, Inc.
|
5.9%
|
|
Tesla, Inc.
|
5.1%
|
|
Alphabet, Inc.
|
5.0%
|
|
Apple, Inc.
|
4.5%
|
|
Visa, Inc.
|
4.1%
|
|
Mastercard, Inc.
|
3.6%
|
|
NVIDIA Corporation
|
3.6%
|
|
UnitedHealth Group, Inc.
|
3.5%
|
|
Salesforce, Inc.
|
2.9%
|
|
Oracle Corporation
|
2.5%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Technology
|
44.6%
|
|
Financial
|
19.7%
|
|
Communications
|
13.7%
|
|
Consumer, Non-cyclical
|
8.6%
|
|
Consumer, Cyclical
|
7.7%
|
|
Industrial
|
5.1%
|
|
Energy
|
0.2%
|
|
Utilities
|
0.1%
|
|
Cash & Other
|
0.3%
|
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://veganetf.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 Beyond Investing, LLC documents not be householded, please contact Beyond Investing, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Beyond Investing, LLC or your financial intermediary.
| US Vegan Climate ETF | PAGE 2 | TSR-SAR-26922A297 |
| (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) |
US Vegan Climate ETF(Ticker: VEGN)
Semi-Annual Financial Statements and Additional Information
January 31, 2025 (Unaudited)
TABLE OF CONTENTS
TABLE OF CONTENTS
|
|
|
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|
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Page
|
|
|
Schedule of Investments
|
|
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1
|
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Statement of Assets and Liabilities
|
|
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4
|
|
Statement of Operations
|
|
|
5
|
|
Statements of Changes in Net Assets
|
|
|
6
|
|
Financial Highlights
|
|
|
7
|
|
Notes to Financial Statements
|
|
|
8
|
|
Federal Tax Information
|
|
|
13
|
|
Additional Information
|
|
|
14
|
|
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|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Schedule of Investments
January 31, 2025 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - 99.7%
|
||||||
|
Communications - 13.7%
|
|
|
|
|
||
|
Airbnb, Inc. - Class A(a)
|
|
|
1,953
|
|
|
$256,175
|
|
Alphabet, Inc. - Class A
|
|
|
27,461
|
|
|
5,602,593
|
|
Arista Networks, Inc.(a)
|
|
|
4,435
|
|
|
511,045
|
|
AT&T, Inc.
|
|
|
33,009
|
|
|
783,304
|
|
Booking Holdings, Inc.
|
|
|
152
|
|
|
720,109
|
|
CDW Corporation
|
|
|
613
|
|
|
122,073
|
|
Charter Communications, Inc. -
Class A(a)
|
|
|
434
|
|
|
149,943
|
|
Cisco Systems, Inc.
|
|
|
44,607
|
|
|
2,703,184
|
|
Comcast Corporation - Class A
|
|
|
17,614
|
|
|
592,887
|
|
DoorDash, Inc. - Class A(a)
|
|
|
1,489
|
|
|
281,168
|
|
eBay, Inc.
|
|
|
2,245
|
|
|
151,493
|
|
Expedia Group, Inc.(a)
|
|
|
571
|
|
|
97,612
|
|
FactSet Research Systems, Inc.
|
|
|
174
|
|
|
82,547
|
|
Gen Digital, Inc.
|
|
|
2,492
|
|
|
67,060
|
|
GoDaddy, Inc. - Class A(a)
|
|
|
616
|
|
|
130,992
|
|
Omnicom Group, Inc.
|
|
|
889
|
|
|
77,156
|
|
Palo Alto Networks, Inc.(a)
|
|
|
2,968
|
|
|
547,359
|
|
Pinterest, Inc. - Class A(a)
|
|
|
2,769
|
|
|
91,266
|
|
Robinhood Markets, Inc. - Class A(a)
|
|
|
2,329
|
|
|
120,992
|
|
T-Mobile US, Inc.
|
|
|
2,250
|
|
|
524,182
|
|
Trade Desk, Inc. - Class A(a)
|
|
|
2,048
|
|
|
243,057
|
|
Uber Technologies, Inc.(a)
|
|
|
9,328
|
|
|
623,577
|
|
VeriSign, Inc.(a)
|
|
|
386
|
|
|
82,990
|
|
Verizon Communications, Inc.
|
|
|
19,384
|
|
|
763,536
|
|
|
|
|
|
15,326,300
|
||
|
Consumer, Cyclical - 7.7%
|
|
|
|
|
||
|
AutoNation, Inc.(a)
|
|
|
118
|
|
|
22,249
|
|
CarMax, Inc.(a)
|
|
|
710
|
|
|
60,804
|
|
Copart, Inc.(a)
|
|
|
3,937
|
|
|
228,070
|
|
Cummins, Inc.
|
|
|
629
|
|
|
224,081
|
|
DR Horton, Inc.
|
|
|
1,326
|
|
|
188,159
|
|
Fastenal Company
|
|
|
2,633
|
|
|
192,841
|
|
Ferguson Enterprises, Inc.
|
|
|
872
|
|
|
157,937
|
|
Genuine Parts Company
|
|
|
626
|
|
|
72,773
|
|
Lennar Corporation - Class A
|
|
|
1,081
|
|
|
141,871
|
|
Lithia Motors, Inc.
|
|
|
121
|
|
|
45,508
|
|
Live Nation Entertainment, Inc.(a)
|
|
|
672
|
|
|
97,225
|
|
LKQ Corporation
|
|
|
1,149
|
|
|
42,961
|
|
Millrose Properties, Inc.(a)
|
|
|
541
|
|
|
5,978
|
|
National Vision Holdings, Inc.(a)
|
|
|
3,726
|
|
|
42,476
|
|
NVR, Inc.(a)
|
|
|
13
|
|
|
104,210
|
|
O'Reilly Automotive, Inc.(a)
|
|
|
267
|
|
|
345,610
|
|
PACCAR, Inc.
|
|
|
2,381
|
|
|
264,005
|
|
Planet Fitness, Inc. - Class A(a)
|
|
|
387
|
|
|
41,858
|
|
Pool Corporation
|
|
|
175
|
|
|
60,244
|
|
PulteGroup, Inc.
|
|
|
934
|
|
|
106,271
|
|
Rivian Automotive, Inc. - Class A(a)
|
|
|
3,299
|
|
|
41,436
|
|
Tesla, Inc.(a)
|
|
|
14,137
|
|
|
5,719,830
|
|
Toll Brothers, Inc.
|
|
|
461
|
|
|
62,608
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Watsco, Inc.
|
|
|
155
|
|
|
$74,182
|
|
WW Grainger, Inc.
|
|
|
203
|
|
|
215,722
|
|
|
|
|
|
8,558,909
|
||
|
Consumer, Non-cyclical - 8.6%
|
||||||
|
Automatic Data Processing, Inc.
|
|
|
1,876
|
|
|
568,447
|
|
Avis Budget Group, Inc.(a)
|
|
|
329
|
|
|
29,511
|
|
Beyond Meat, Inc.(a)
|
|
|
6,671
|
|
|
26,417
|
|
Block, Inc.(a)
|
|
|
2,543
|
|
|
230,955
|
|
Celsius Holdings, Inc.(a)
|
|
|
718
|
|
|
17,936
|
|
Centene Corporation(a)
|
|
|
2,415
|
|
|
154,632
|
|
Cigna Group
|
|
|
1,267
|
|
|
372,764
|
|
Elevance Health, Inc.
|
|
|
1,065
|
|
|
421,420
|
|
elf Beauty, Inc.(a)
|
|
|
248
|
|
|
24,778
|
|
Equifax, Inc.
|
|
|
565
|
|
|
155,251
|
|
Ginkgo Bioworks Holdings, Inc.(a)
|
|
|
3,351
|
|
|
44,769
|
|
Global Payments, Inc.
|
|
|
1,163
|
|
|
131,245
|
|
H&R Block, Inc.
|
|
|
633
|
|
|
35,011
|
|
HCA Healthcare, Inc.
|
|
|
858
|
|
|
283,063
|
|
Hertz Global Holdings, Inc.(a)
|
|
|
15,104
|
|
|
62,380
|
|
Humana, Inc.
|
|
|
553
|
|
|
162,156
|
|
IQVIA Holdings, Inc.(a)
|
|
|
818
|
|
|
164,712
|
|
McKesson Corporation
|
|
|
596
|
|
|
354,471
|
|
Molina Healthcare, Inc.(a)
|
|
|
266
|
|
|
82,569
|
|
Moody's Corporation
|
|
|
724
|
|
|
361,595
|
|
Natera, Inc.(a)
|
|
|
542
|
|
|
95,891
|
|
Omnicell, Inc.(a)
|
|
|
2,414
|
|
|
108,606
|
|
PayPal Holdings, Inc.(a)
|
|
|
4,702
|
|
|
416,503
|
|
Robert Half, Inc.
|
|
|
466
|
|
|
30,192
|
|
S&P Global, Inc.
|
|
|
1,439
|
|
|
750,309
|
|
TransUnion
|
|
|
891
|
|
|
88,432
|
|
United Rentals, Inc.
|
|
|
302
|
|
|
228,934
|
|
UnitedHealth Group, Inc.
|
|
|
7,253
|
|
|
3,934,680
|
|
Verisk Analytics, Inc.
|
|
|
652
|
|
|
187,411
|
|
Waters Corporation(a)
|
|
|
271
|
|
|
112,595
|
|
|
|
|
|
9,637,635
|
||
|
Energy - 0.2%
|
|
|
|
|
||
|
Enphase Energy, Inc.(a)
|
|
|
600
|
|
|
37,368
|
|
First Solar, Inc.(a)
|
|
|
465
|
|
|
77,897
|
|
Plug Power, Inc.(a)
|
|
|
8,894
|
|
|
16,543
|
|
Sunrun, Inc.(a)
|
|
|
4,329
|
|
|
39,177
|
|
|
|
|
|
170,985
|
||
|
Financial - 19.7%
|
|
|
|
|
||
|
Aflac, Inc.
|
|
|
2,326
|
|
|
249,766
|
|
Allstate Corporation
|
|
|
1,209
|
|
|
232,527
|
|
American Express Company
|
|
|
2,549
|
|
|
809,180
|
|
American International Group, Inc.
|
|
|
2,961
|
|
|
218,107
|
|
American Tower Corporation
|
|
|
2,148
|
|
|
397,273
|
|
Ameriprise Financial, Inc.
|
|
|
451
|
|
|
245,055
|
|
Aon PLC - Class A
|
|
|
900
|
|
|
333,738
|
|
Arch Capital Group, Ltd.
|
|
|
1,658
|
|
|
154,310
|
|
Arthur J Gallagher & Company
|
|
|
997
|
|
|
300,915
|
|
AvalonBay Communities, Inc.
|
|
|
650
|
|
|
143,982
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
1
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Schedule of Investments
January 31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Financial - (Continued)
|
||||||
|
Bank of New York Mellon Corporation
|
|
|
3,347
|
|
|
$287,608
|
|
Brown & Brown, Inc.
|
|
|
1,100
|
|
|
115,126
|
|
Capital One Financial Corporation
|
|
|
1,737
|
|
|
353,844
|
|
Cboe Global Markets, Inc.
|
|
|
478
|
|
|
97,670
|
|
CBRE Group, Inc. - Class A(a)
|
|
|
1,404
|
|
|
203,215
|
|
Chubb, Ltd.
|
|
|
1,854
|
|
|
504,066
|
|
Cincinnati Financial Corporation
|
|
|
707
|
|
|
96,894
|
|
Citizens Financial Group, Inc.
|
|
|
2,053
|
|
|
97,661
|
|
CME Group, Inc.
|
|
|
1,653
|
|
|
390,968
|
|
CoStar Group, Inc.(a)
|
|
|
1,872
|
|
|
143,395
|
|
Crown Castle, Inc.
|
|
|
1,993
|
|
|
177,935
|
|
Discover Financial Services
|
|
|
1,152
|
|
|
231,656
|
|
Equinix, Inc.
|
|
|
433
|
|
|
395,615
|
|
Equity Residential
|
|
|
1,572
|
|
|
111,030
|
|
Essex Property Trust, Inc.
|
|
|
293
|
|
|
83,379
|
|
Everest Group, Ltd.
|
|
|
151
|
|
|
52,474
|
|
Extra Space Storage, Inc.
|
|
|
964
|
|
|
148,456
|
|
Fidelity National Financial, Inc.
|
|
|
1,196
|
|
|
69,571
|
|
Fifth Third Bancorp
|
|
|
3,106
|
|
|
137,627
|
|
First Horizon Corporation
|
|
|
2,447
|
|
|
53,565
|
|
Hartford Financial Services Group,
Inc.
|
|
|
1,343
|
|
|
149,812
|
|
Healthpeak Properties, Inc.
|
|
|
3,208
|
|
|
66,277
|
|
Huntington Bancshares, Inc.
|
|
|
6,657
|
|
|
114,500
|
|
Interactive Brokers Group, Inc. -
Class A
|
|
|
475
|
|
|
103,284
|
|
Intercontinental Exchange, Inc.
|
|
|
2,615
|
|
|
417,955
|
|
Invitation Homes, Inc.
|
|
|
2,635
|
|
|
82,080
|
|
Iron Mountain, Inc.
|
|
|
1,338
|
|
|
135,901
|
|
KeyCorp
|
|
|
4,329
|
|
|
77,835
|
|
Kimco Realty Corporation
|
|
|
3,025
|
|
|
67,911
|
|
LPL Financial Holdings, Inc.
|
|
|
340
|
|
|
124,743
|
|
M&T Bank Corporation
|
|
|
766
|
|
|
154,150
|
|
Markel Group, Inc.(a)
|
|
|
58
|
|
|
106,069
|
|
Marsh & McLennan Companies, Inc.
|
|
|
2,257
|
|
|
489,498
|
|
Mastercard, Inc. - Class A
|
|
|
7,249
|
|
|
4,026,312
|
|
MetLife, Inc.
|
|
|
2,697
|
|
|
233,317
|
|
Mid-America Apartment Communities, Inc.
|
|
|
532
|
|
|
81,173
|
|
Nasdaq, Inc.
|
|
|
1,894
|
|
|
155,952
|
|
Progressive Corporation
|
|
|
2,689
|
|
|
662,677
|
|
Prologis, Inc.
|
|
|
4,253
|
|
|
507,170
|
|
Prudential Financial, Inc.
|
|
|
1,641
|
|
|
198,167
|
|
Public Storage
|
|
|
724
|
|
|
216,100
|
|
Raymond James Financial, Inc.
|
|
|
855
|
|
|
144,050
|
|
Realty Income Corporation
|
|
|
4,007
|
|
|
218,942
|
|
Regions Financial Corporation
|
|
|
4,186
|
|
|
103,143
|
|
SBA Communications Corporation
|
|
|
489
|
|
|
96,607
|
|
Simon Property Group, Inc.
|
|
|
1,485
|
|
|
258,182
|
|
Sun Communities, Inc.
|
|
|
567
|
|
|
71,726
|
|
Synchrony Financial
|
|
|
1,815
|
|
|
125,199
|
|
Tradeweb Markets, Inc. - Class A
|
|
|
535
|
|
|
67,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Travelers Companies, Inc.
|
|
|
1,040
|
|
|
$254,987
|
|
Truist Financial Corporation
|
|
|
6,150
|
|
|
292,863
|
|
Ventas, Inc.
|
|
|
1,901
|
|
|
114,858
|
|
Visa, Inc. - Class A
|
|
|
13,461
|
|
|
4,600,970
|
|
W R Berkley Corporation
|
|
|
1,381
|
|
|
81,244
|
|
Welltower, Inc.
|
|
|
2,847
|
|
|
388,559
|
|
Willis Towers Watson PLC
|
|
|
467
|
|
|
153,907
|
|
WP Carey, Inc.
|
|
|
999
|
|
|
55,854
|
|
|
|
|
|
22,036,474
|
||
|
Industrial - 5.1%
|
|
|
|
|
||
|
Advanced Drainage Systems, Inc.
|
|
|
305
|
|
|
36,878
|
|
Builders FirstSource, Inc.(a)
|
|
|
526
|
|
|
87,989
|
|
Carrier Global Corporation
|
|
|
3,878
|
|
|
253,544
|
|
Crown Holdings, Inc.
|
|
|
549
|
|
|
48,235
|
|
Deere & Company
|
|
|
1,150
|
|
|
548,044
|
|
Dover Corporation
|
|
|
628
|
|
|
127,911
|
|
Eaton Corporation PLC
|
|
|
1,823
|
|
|
595,100
|
|
EMCOR Group, Inc.
|
|
|
212
|
|
|
94,989
|
|
Energizer Holdings, Inc.
|
|
|
1,931
|
|
|
65,635
|
|
Expeditors International of Washington, Inc.
|
|
|
644
|
|
|
73,145
|
|
FedEx Corporation
|
|
|
1,032
|
|
|
273,346
|
|
Graco, Inc.
|
|
|
770
|
|
|
64,811
|
|
Graphic Packaging Holding Company
|
|
|
1,362
|
|
|
37,360
|
|
Hubbell, Inc.
|
|
|
246
|
|
|
104,060
|
|
IDEX Corporation
|
|
|
347
|
|
|
77,836
|
|
Jabil, Inc.
|
|
|
507
|
|
|
82,342
|
|
Johnson Controls International PLC
|
|
|
3,054
|
|
|
238,212
|
|
Keysight Technologies, Inc.(a)
|
|
|
795
|
|
|
141,788
|
|
Lennox International, Inc.
|
|
|
145
|
|
|
85,901
|
|
Mettler-Toledo International, Inc.(a)
|
|
|
96
|
|
|
130,986
|
|
Otis Worldwide Corporation
|
|
|
1,841
|
|
|
175,668
|
|
Owens Corning
|
|
|
397
|
|
|
73,266
|
|
Parker-Hannifin Corporation
|
|
|
587
|
|
|
415,038
|
|
Rockwell Automation, Inc.
|
|
|
521
|
|
|
145,062
|
|
Saia, Inc.(a)
|
|
|
122
|
|
|
58,573
|
|
Silgan Holdings, Inc.
|
|
|
366
|
|
|
20,137
|
|
Simpson Manufacturing Company,
Inc.
|
|
|
193
|
|
|
32,424
|
|
Smurfit WestRock PLC
|
|
|
2,343
|
|
|
124,390
|
|
Snap-on, Inc.
|
|
|
237
|
|
|
84,171
|
|
Stanley Black & Decker, Inc.
|
|
|
699
|
|
|
61,561
|
|
Toro Company
|
|
|
469
|
|
|
39,054
|
|
Trane Technologies PLC
|
|
|
1,036
|
|
|
375,809
|
|
Trex Company, Inc.(a)
|
|
|
496
|
|
|
36,124
|
|
Trimble, Inc.(a)
|
|
|
1,119
|
|
|
83,880
|
|
United Parcel Service, Inc. - Class B
|
|
|
3,372
|
|
|
385,184
|
|
Vertiv Holdings Company - Class A
|
|
|
1,568
|
|
|
183,487
|
|
Westinghouse Air Brake Technologies Corporation
|
|
|
798
|
|
|
165,920
|
|
XPO, Inc.(a)
|
|
|
523
|
|
|
69,909
|
|
|
|
|
|
5,697,769
|
||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
2
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Schedule of Investments
January 31, 2025 (Unaudited)(Continued)
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS - (Continued)
|
||||||
|
Technology - 44.6%(b)
|
|
|
|
|
||
|
Accenture PLC - Class A
|
|
|
7,022
|
|
|
$2,703,119
|
|
Adobe, Inc.(a)
|
|
|
4,939
|
|
|
2,160,566
|
|
Advanced Micro Devices, Inc.(a)
|
|
|
18,038
|
|
|
2,091,506
|
|
Akamai Technologies, Inc.(a)
|
|
|
683
|
|
|
68,232
|
|
ANSYS, Inc.(a)
|
|
|
400
|
|
|
140,200
|
|
Apple, Inc.
|
|
|
21,426
|
|
|
5,056,536
|
|
Applied Materials, Inc.
|
|
|
3,786
|
|
|
682,805
|
|
AppLovin Corporation - Class A(a)
|
|
|
1,033
|
|
|
381,786
|
|
Atlassian Corporation - Class A(a)
|
|
|
736
|
|
|
225,790
|
|
Autodesk, Inc.(a)
|
|
|
989
|
|
|
307,915
|
|
Broadcom, Inc.
|
|
|
29,582
|
|
|
6,545,609
|
|
Broadridge Financial Solutions, Inc.
|
|
|
534
|
|
|
127,209
|
|
Cadence Design Systems, Inc.(a)
|
|
|
1,256
|
|
|
373,811
|
|
Cloudflare, Inc. - Class A(a)
|
|
|
1,375
|
|
|
190,300
|
|
Cognizant Technology Solutions Corporation - Class A
|
|
|
2,279
|
|
|
188,268
|
|
Crowdstrike Holdings, Inc. -
Class A(a)
|
|
|
1,055
|
|
|
419,964
|
|
Datadog, Inc. - Class A(a)
|
|
|
1,388
|
|
|
198,081
|
|
Dell Technologies, Inc. - Class C
|
|
|
1,386
|
|
|
143,590
|
|
Electronic Arts, Inc.
|
|
|
1,101
|
|
|
135,324
|
|
Fair Isaac Corporation(a)
|
|
|
110
|
|
|
206,092
|
|
Fidelity National Information Services, Inc.
|
|
|
2,511
|
|
|
204,571
|
|
Fiserv, Inc.(a)
|
|
|
2,631
|
|
|
568,401
|
|
Fortinet, Inc.(a)
|
|
|
2,828
|
|
|
285,289
|
|
Gartner, Inc.(a)
|
|
|
343
|
|
|
186,191
|
|
Guidewire Software, Inc.(a)
|
|
|
361
|
|
|
76,268
|
|
HubSpot, Inc.(a)
|
|
|
223
|
|
|
173,835
|
|
Intel Corporation
|
|
|
19,687
|
|
|
382,518
|
|
International Business Machines Corporation
|
|
|
10,477
|
|
|
2,678,969
|
|
Intuit, Inc.
|
|
|
1,255
|
|
|
754,895
|
|
Jack Henry & Associates, Inc.
|
|
|
333
|
|
|
57,972
|
|
KLA Corporation
|
|
|
616
|
|
|
454,756
|
|
Lam Research Corporation
|
|
|
5,954
|
|
|
482,572
|
|
Manhattan Associates, Inc.(a)
|
|
|
279
|
|
|
58,197
|
|
Marvell Technology, Inc.
|
|
|
3,972
|
|
|
448,280
|
|
Microchip Technology, Inc.
|
|
|
2,418
|
|
|
131,297
|
|
Micron Technology, Inc.
|
|
|
5,092
|
|
|
464,594
|
|
MicroStrategy, Inc. - Class A(a)
|
|
|
840
|
|
|
281,224
|
|
MongoDB, Inc.(a)
|
|
|
329
|
|
|
89,922
|
|
Monolithic Power Systems, Inc.
|
|
|
216
|
|
|
137,672
|
|
MSCI, Inc.
|
|
|
350
|
|
|
208,869
|
|
NetApp, Inc.
|
|
|
939
|
|
|
114,652
|
|
Nutanix, Inc. - Class A(a)
|
|
|
1,149
|
|
|
79,011
|
|
NVIDIA Corporation
|
|
|
33,271
|
|
|
3,994,849
|
|
ON Semiconductor Corporation(a)
|
|
|
1,964
|
|
|
102,796
|
|
Oracle Corporation
|
|
|
16,327
|
|
|
2,776,570
|
|
Paychex, Inc.
|
|
|
1,479
|
|
|
218,404
|
|
PTC, Inc.(a)
|
|
|
546
|
|
|
105,640
|
|
Pure Storage, Inc. - Class A(a)
|
|
|
1,422
|
|
|
96,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
QUALCOMM, Inc.
|
|
|
12,622
|
|
|
$2,182,722
|
|
ROBLOX Corporation - Class A(a)
|
|
|
2,308
|
|
|
164,030
|
|
Salesforce, Inc.
|
|
|
9,473
|
|
|
3,236,924
|
|
Seagate Technology Holdings PLC
|
|
|
902
|
|
|
86,917
|
|
ServiceNow, Inc.(a)
|
|
|
2,323
|
|
|
2,365,697
|
|
Skyworks Solutions, Inc.
|
|
|
733
|
|
|
65,061
|
|
Snowflake, Inc. - Class A(a)
|
|
|
1,458
|
|
|
264,642
|
|
SS&C Technologies Holdings, Inc.
|
|
|
985
|
|
|
79,736
|
|
Super Micro Computer, Inc.(a)
|
|
|
2,300
|
|
|
65,596
|
|
Synopsys, Inc.(a)
|
|
|
704
|
|
|
369,938
|
|
Take-Two Interactive Software, Inc.(a)
|
|
|
752
|
|
|
139,503
|
|
Teradyne, Inc.
|
|
|
750
|
|
|
86,842
|
|
Texas Instruments, Inc.
|
|
|
10,192
|
|
|
1,881,545
|
|
Tyler Technologies, Inc.(a)
|
|
|
193
|
|
|
116,117
|
|
Veeva Systems, Inc. - Class A(a)
|
|
|
681
|
|
|
158,850
|
|
Western Digital Corporation(a)
|
|
|
1,577
|
|
|
102,710
|
|
Workday, Inc. - Class A(a)
|
|
|
973
|
|
|
254,984
|
|
Zebra Technologies Corporation - Class A(a)
|
|
|
235
|
|
|
92,106
|
|
Zoom Communications, Inc. -
Class A(a)
|
|
|
1,204
|
|
|
104,676
|
|
Zscaler, Inc.(a)
|
|
|
428
|
|
|
86,708
|
|
|
|
|
|
49,866,618
|
||
|
Utilities - 0.1%
|
|
|
|
|
||
|
American Water Works Co., Inc.
|
|
|
896
|
|
|
111,677
|
|
TOTAL COMMON STOCKS
(Cost $76,801,793)
|
|
|
|
|
111,406,367
|
|
|
SHORT-TERM INVESTMENTS - 0.3%
|
||||||
|
Money Market Funds - 0.3%
|
||||||
|
First American Government Obligations Fund - Class X, 4.32%(c)
|
|
|
348,492
|
|
|
348,492
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $348,492)
|
|
|
|
|
348,492
|
|
|
TOTAL INVESTMENTS - 100.0%
(Cost $77,150,285)
|
|
|
|
|
$111,754,859
|
|
|
Other Assets in Excess of
Liabilities - 0.0%(d)
|
|
|
|
|
11,958
|
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$111,766,817
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
|
(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)
|
The rate shown represents the 7-day annualized effective yield as of January 31, 2025.
|
|
(d)
|
Represents less than 0.05% of net assets.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
3
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Statement of Assets and Liabilities
January 31, 2025 (Unaudited)
|
|
|
|
|
|
ASSETS:
|
|
|
|
|
Investments, at value
|
|
|
$111,754,859
|
|
Dividends receivable
|
|
|
64,340
|
|
Dividend tax reclaims receivable
|
|
|
2,598
|
|
Interest receivable
|
|
|
1,156
|
|
Total assets
|
|
|
111,822,953
|
|
LIABILITIES:
|
|
|
|
|
Payable to adviser
|
|
|
56,136
|
|
Total liabilities
|
|
|
56,136
|
|
NET ASSETS
|
|
|
$111,766,817
|
|
Net Assets Consists of:
|
|
|
|
|
Paid-in capital
|
|
|
$74,811,099
|
|
Total distributable earnings
|
|
|
36,955,718
|
|
Total net assets
|
|
|
$111,766,817
|
|
Net assets
|
|
|
$111,766,817
|
|
Shares issued and outstanding(a)
|
|
|
2,025,000
|
|
Net asset value per share
|
|
|
$55.19
|
|
Cost:
|
|
|
|
|
Investments, at cost
|
|
|
$77,150,285
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
4
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Statement of Operations
For the Period Ended January 31, 2025 (Unaudited)
|
|
|
|
|
|
INVESTMENT INCOME:
|
|
|
|
|
Dividend income
|
|
|
$638,420
|
|
Interest income
|
|
|
7,468
|
|
Total investment income
|
|
|
645,888
|
|
EXPENSES:
|
|
|
|
|
Investment advisory fee
|
|
|
323,901
|
|
Total expenses
|
|
|
323,901
|
|
Net investment income
|
|
|
321,987
|
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
|
Investments
|
|
|
(334,923)
|
|
In-kind redemptions
|
|
|
6,839,655
|
|
Net realized gain
|
|
|
6,504,732
|
|
Net change in unrealized appreciation on:
|
|
|
|
|
Investments
|
|
|
5,853,736
|
|
Net change in unrealized appreciation
|
|
|
5,853,736
|
|
Net realized and unrealized gain
|
|
|
12,358,468
|
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$12,680,455
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
5
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Period Ended
January 31, 2025
(Unaudited)
|
|
|
Year Ended
July 31, 2024
|
|
|
OPERATIONS:
|
|
|
|
|
||
|
Net investment income
|
|
|
$321,987
|
|
|
$545,359
|
|
Net realized gain
|
|
|
6,504,732
|
|
|
2,870,048
|
|
Net change in unrealized appreciation
|
|
|
5,853,736
|
|
|
15,077,100
|
|
Net increase in net assets from operations
|
|
|
12,680,455
|
|
|
18,492,507
|
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
|
Distributions to shareholders
|
|
|
(369,139)
|
|
|
(508,815)
|
|
Total distributions to shareholders
|
|
|
(369,139)
|
|
|
(508,815)
|
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
|
Subscriptions
|
|
|
9,371,618
|
|
|
10,921,373
|
|
Redemptions
|
|
|
(10,964,693)
|
|
|
(3,512,700)
|
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(1,593,075)
|
|
|
7,408,673
|
|
Net increase in net assets
|
|
|
10,718,241
|
|
|
25,392,365
|
|
NET ASSETS:
|
|
|
|
|
||
|
Beginning of the period
|
|
|
101,048,576
|
|
|
75,656,211
|
|
End of the period
|
|
|
$111,766,817
|
|
|
$101,048,576
|
|
SHARES TRANSACTIONS
|
|
|
|
|
||
|
Subscriptions
|
|
|
175,000
|
|
|
250,000
|
|
Redemptions
|
|
|
(200,000)
|
|
|
(75,000)
|
|
Total increase (decrease) in shares outstanding
|
|
|
(25,000)
|
|
|
175,000
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
|
|
|
6
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Financial Highlights
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Period Ended
January 31,
2025
(Unaudited)
|
|
|
Year Ended July 31,
|
|
|
Period Ended
July 31, 2020(a)
|
||||||||||
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
||||||
|
PER SHARE DATA:
|
||||||||||||||||||
|
Net asset value, beginning of period
|
|
|
$49.29
|
|
|
$40.35
|
|
|
$35.26
|
|
|
$40.24
|
|
|
$28.93
|
|
|
$25.00
|
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income(b)
|
|
|
0.16
|
|
|
0.28
|
|
|
0.28
|
|
|
0.22
|
|
|
0.20
|
|
|
0.27
|
|
Net realized and unrealized gain (loss)
on investments(f)
|
|
|
5.92
|
|
|
8.92
|
|
|
5.09
|
|
|
(5.01)
|
|
|
11.31
|
|
|
3.87
|
|
Total from investment operations
|
|
|
6.08
|
|
|
9.20
|
|
|
5.37
|
|
|
(4.79)
|
|
|
11.51
|
|
|
4.14
|
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net investment income
|
|
|
(0.18)
|
|
|
(0.26)
|
|
|
(0.28)
|
|
|
(0.19)
|
|
|
(0.20)
|
|
|
(0.21)
|
|
Total distributions
|
|
|
(0.18)
|
|
|
(0.26)
|
|
|
(0.28)
|
|
|
(0.19)
|
|
|
(0.20)
|
|
|
(0.21)
|
|
Net asset value, end of period
|
|
|
$55.19
|
|
|
$49.29
|
|
|
$40.35
|
|
|
$35.26
|
|
|
$40.24
|
|
|
$28.93
|
|
Total return(c)
|
|
|
12.36%
|
|
|
22.90%
|
|
|
15.36%
|
|
|
−11.94%
|
|
|
39.89%
|
|
|
16.71%
|
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net assets, end of period
(in thousands)
|
|
|
$111,767
|
|
|
$101,049
|
|
|
$75,656
|
|
|
$67,876
|
|
|
$59,361
|
|
|
$22,424
|
|
Ratio of expenses to average
net assets(d)
|
|
|
0.60%
|
|
|
0.60%
|
|
|
0.60%
|
|
|
0.60%
|
|
|
0.60%
|
|
|
0.60%
|
|
Ratio of net investment income (loss)
to average net assets(d)
|
|
|
0.60%
|
|
|
0.64%
|
|
|
0.80%
|
|
|
0.56%
|
|
|
0.58%
|
|
|
1.16%
|
|
Portfolio turnover rate(c)(e)
|
|
|
3%
|
|
|
18%
|
|
|
20%
|
|
|
17%
|
|
|
22%
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Inception date of the Fund was September 9, 2019.
|
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the period.
|
|
(c)
|
Not annualized for periods less than one year
|
|
(d)
|
Annualized for periods less than one year.
|
|
(e)
|
Portfolio turnover rate excludes in-kind transactions.
|
|
(f)
|
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 years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
The accompanying notes are an integral part of these financial statements.
|
|
|
7
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Notes to Financial Statements
January 31, 2025
NOTE 1 - ORGANIZATION
US Vegan Climate ETF (the "Fund") is a diversified series of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Fund's shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of the Fund is to track the performance, before fees and expenses, of the Beyond Investing US Vegan Climate® Index (the "Index"). The Fund commenced operations on September 9, 2019.
The end of the reporting period for the Fund is January 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal period from August 1, 2024 through January 31, 2025 (the "current fiscal period").
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 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.
|
|
|
|
8
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Notes to Financial Statements
January 31, 2025(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
|
$111,400,389
|
|
|
$5,978
|
|
|
$-
|
|
|
$111,406,367
|
|
Short-Term Investments
|
|
|
348,492
|
|
|
-
|
|
|
-
|
|
|
348,492
|
|
Total Investments in Securities
|
|
|
$111,748,881
|
|
|
$5,978
|
|
|
$-
|
|
|
$111,754,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^
|
See Schedule of Investments for breakout of investments by sector.
|
During the current fiscal period, the Fund did not recognize any transfers to or from Level 3.
|
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 of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and applicable state and local tax returns.
|
The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained 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 expenses 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 and expense are 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 and expense is recorded on an accrual basis.
|
Distributions received from the Fund's investments in Real Estate Investment Trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until the end of each calendar year. As such, the Fund must use estimates in reporting the character of its income and distributions received during the current calendar year for
|
|
|
9
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Notes to Financial Statements
January 31, 2025(Continued)
financial statement purposes. The actual character of distributions to the Fund's shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund's shareholders may represent a return of capital.
|
D.
|
Distributions to Shareholders.Distributions to shareholders from net investment income, if any, are declared and paid quarterly by the Fund. Distributions to shareholders of net realized gains on securities are declared and paid by the Fund on 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 and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the 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.
|
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. For the fiscal year ended July 31, 2024, the following table shows the reclassifications made:
|
|
|
|
|
|
Distributable Earnings
(Accumulated Losses)
|
|
|
Paid-In Capital
|
|
$(3,418,460)
|
|
|
$3,418,460
|
|
|
|
|
|
|
H.
|
Guarantees and Indemnifications.In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
|
|
I.
|
New Accounting Pronouncement. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.
|
Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.
|
|
|
10
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Notes to Financial Statements
January 31, 2025(Continued)
|
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
Beyond Investing 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, in consultation with Penserra Capital Management, LLC (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and all 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, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, 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 0.60% of the Fund's average daily net assets. The Adviser is responsible for paying the Sub-Adviser. The Index that the Fund tracks was developed by Beyond Advisors IC, an affiliate of the adviser.
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 trustees; 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 $8,921,791 and $3,465,276, respectively.
During the current fiscal period, there were no purchases or sales of U.S. Government securities.
During the current fiscal period, there was $3,749,723 of in-kind transactions associated with creations and $10,890,509 associated with redemptions.
NOTE 5 - INCOME TAX INFORMATION
The components of distributable earnings (accumulated losses) and cost basis of investments for federal income tax purposes at July 31, 2024 were as follows:
|
|
|
|
|
|
Tax cost of investments
|
|
|
$72,624,357
|
|
Gross tax unrealized appreciation
|
|
|
31,917,621
|
|
Gross tax unrealized depreciation
|
|
|
(3,517,574)
|
|
Net tax unrealized appreciation (depreciation)
|
|
|
28,400,047
|
|
Undistributed ordinary income
|
|
|
105,216
|
|
Undistributed long-term capital gains
|
|
|
-
|
|
Other accumulated gain (loss)
|
|
|
(3,860,860)
|
|
Distributable earnings (accumulated deficit)
|
|
|
$24,644,403
|
|
|
|
|
|
|
|
|
11
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Notes to Financial Statements
January 31, 2025(Continued)
The differences between the cost basis for financial statement and federal income tax purposes are primarily due 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 July 31, 2024, the Fund did not elect to defer any post-October capital losses or late-year ordinary losses.
As of July 31, 2024, the Fund had $1,718,282 of short-term capital loss carryforward and $2,142,578 of long-term capital loss carryforward available for federal income tax purposes. These amounts do not have an expiration date.
The tax character of distributions paid by the Fund during the fiscal years ended July 31, 2024 and July 31, 2023, was as follows:
|
|
|
|
|
|||
|
|
|
Year Ended July 31,
|
||||
|
|
|
2024
|
|
|
2023
|
|
|
Ordinary Income
|
|
|
$508,815
|
|
|
$532,973
|
|
|
|
|
|
|
|
|
NOTE 6 - SHARE TRANSACTIONS
Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). 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 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 creation or redemption of Creation Units. The standard fixed transaction fee for the Fund is $500, 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, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Fund, if any, are displayed in the Capital 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. Shares of the Fund have equal rights and privileges.
NOTE 7 - RISKS
Concentration Risk.To the extent the Fund invests more heavily in particular industries, groups of industries, or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries, groups of industries, or sectors of the economy, and the value of shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries or sectors.
|
|
|
12
|
|
|
TABLE OF CONTENTS
US Vegan Climate ETF
Federal Tax INFORMATION (Unaudited)
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION
For the fiscal year ended July 31, 2024, certain dividends paid by the Fund may be subject to the 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 percentage of ordinary income distributions that qualified for the corporate dividend received deduction for the fiscal year ended July 31, 2024 was 100.00%.
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
US Vegan Climate ETF
Additional Information(Unaudited)
Changes in and Disagreements with Accountants
Not applicable.
Proxy Disclosure
There were no matters submitted to a vote of shareholders during the period covered by this report.
Remuneration Paid to Directors, Officers, and Others
All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.
Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
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| (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. | |
| (3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith. | |
| (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 | 4/11/2025 |
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 | 4/11/2025 |
| By (Signature and Title)* | /s/ Kristen M. Weitzel | ||
| Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date | 4/11/2025 |
* Print the name and title of each signing officer under his or her signature.