05/09/2025 | Press release | Distributed by Public on 05/09/2025 10:30
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, 2025
Item 1. Reports to Stockholders.
(a) |
Acquirers Small and Micro Deep Value ETF
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Formerly Acquirers Deep Value ETF and Roundhill Acquirers Deep Value ETF
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DEEP(Principal U.S. Listing Exchange: NYSE)
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Semi-Annual Shareholder Report | February 28, 2025
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment*
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Acquirers Small and Micro Deep Value ETF
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$38
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0.81%
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* | Annualized |
Net Assets
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$27,633,961
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Number of Holdings
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102
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Portfolio Turnover
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75%
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Top 10 Securities
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(% of net assets)
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Ituran Location and Control, Ltd.
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1.5%
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Ryerson Holding Corporation
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1.3%
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Herbalife, Ltd.
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1.3%
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IBEX Holdings, Ltd.
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1.3%
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World Acceptance Corporation
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1.3%
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Nu Skin Enterprises, Inc. - Class A
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1.2%
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Pagseguro Digital, Ltd. - Class A
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1.2%
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W&T Offshore, Inc.
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1.2%
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Merchants Bancorp
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1.2%
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Sturm Ruger & Company, Inc.
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1.2%
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Acquirers Small and Micro Deep Value ETF | PAGE 1 | TSR-SAR-26922A701 |
Acquirers Small and Micro Deep Value ETF | PAGE 2 | 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) |
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Page
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Schedule of Investments
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1
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Statement of Assets and Liabilities
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5
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Statement of Operations
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6
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Statements of Changes in Net Assets
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7
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Financial Highlights
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8
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Notes to Financial Statements
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9
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Approval of Advisory Agreement & Board Considerations
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15
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Federal Tax Information
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17
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Additional Information
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18
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TABLE OF CONTENTS
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Shares
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Value
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COMMON STOCKS - 99.7%
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Communication Services - 1.9%
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AMC Networks, Inc. - Class A(a)
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30,841
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$225,139
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IDT Corporation - Class B
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6,016
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292,137
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517,276
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Consumer Discretionary - 18.5%
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A-Mark Precious Metals, Inc.
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11,216
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304,851
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Cricut, Inc. - Class A
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49,055
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264,897
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Destination XL Group, Inc.(a)
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130,265
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298,307
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Ethan Allen Interiors, Inc.
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10,218
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291,213
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Haverty Furniture Companies, Inc.
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13,349
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304,758
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Hovnanian Enterprises, Inc. - Class A(a)
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2,135
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217,151
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Legacy Housing Corporation(a)
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11,706
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289,021
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Malibu Boats, Inc. - Class A(a)
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7,662
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255,758
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MasterCraft Boat Holdings, Inc.(a)
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15,661
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275,320
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Movado Group, Inc.
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14,682
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283,509
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Perdoceo Education Corporation
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11,053
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282,957
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Smith & Wesson Brands, Inc.
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28,628
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310,900
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Standard Motor Products, Inc.
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9,421
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268,781
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Sturm Ruger & Company, Inc.
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8,277
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326,610
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Target Hospitality Corporation(a)
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30,406
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170,578
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Upbound Group, Inc.
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9,628
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248,595
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Winmark Corporation
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725
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243,662
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Winnebago Industries, Inc.
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5,713
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230,862
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XPEL, Inc.(a)
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7,010
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234,344
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5,102,074
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Consumer Staples - 6.2%
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Herbalife, Ltd.(a)
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44,213
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366,968
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Ingles Markets, Inc. - Class A
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4,369
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268,431
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John B Sanfilippo & Son, Inc.
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3,384
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239,147
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Medifast, Inc.(a)
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17,106
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245,642
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Nu Skin Enterprises, Inc. - Class A
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43,519
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344,671
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USANA Health Sciences, Inc.(a)
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8,578
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253,823
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1,718,682
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Energy - 17.8%
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Amplify Energy Corporation(a)
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50,414
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244,508
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Ardmore Shipping Corporation
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25,561
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231,583
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BW LPG, Ltd.(b)
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28,301
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320,933
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CVR Energy, Inc.
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16,061
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295,844
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Dorchester Minerals LP
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9,004
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273,812
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Dorian LPG, Ltd.
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12,593
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256,393
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FutureFuel Corporation
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56,532
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255,525
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Geopark, Ltd.
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31,614
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256,073
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Gran Tierra Energy, Inc.(a)
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44,213
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203,380
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Kosmos Energy, Ltd.(a)
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93,765
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263,480
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Natural Resource Partners LP
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2,749
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289,662
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1
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TABLE OF CONTENTS
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Shares
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Value
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COMMON STOCKS - (Continued)
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Energy - (Continued)
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Par Pacific Holdings, Inc.(a)
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19,169
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$275,458
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SandRidge Energy, Inc.
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27,570
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322,569
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Scorpio Tankers, Inc.
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6,091
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242,726
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Teekay Corporation, Ltd.
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45,770
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299,336
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Teekay Tankers, Ltd.
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7,712
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291,051
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TORM PLC - Class A
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16,059
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282,478
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W&T Offshore, Inc.
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197,384
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329,631
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4,934,442
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Financials - 17.3%
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Atlanticus Holdings Corporation(a)
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5,021
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275,803
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Bank of NT Butterfield & Son, Ltd.
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7,950
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308,460
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Brightsphere Investment Group, Inc.
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10,723
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264,429
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Diamond Hill Investment Group, Inc.
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1,913
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279,566
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Donnelley Financial Solutions, Inc.(a)
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4,715
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233,723
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Heritage Insurance Holdings, Inc.(a)
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24,473
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287,558
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International General Insurance Holdings, Ltd.
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12,038
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314,071
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LendingClub Corporation(a)
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17,320
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221,523
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Merchants Bancorp
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8,033
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327,104
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Open Lending Corporation(a)
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48,686
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237,588
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Pagseguro Digital, Ltd. - Class A(a)
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45,455
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334,549
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Peapack-Gladstone Financial Corporation
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8,812
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285,156
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Preferred Bank
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3,365
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298,644
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PROG Holdings, Inc.
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6,868
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194,845
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South Plains Financial, Inc.
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8,114
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285,937
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Veritex Holdings, Inc.
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10,432
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274,779
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World Acceptance Corporation(a)
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2,650
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357,326
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4,781,061
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Health Care - 9.3%
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AMN Healthcare Services, Inc.(a)
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12,610
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319,285
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Cross Country Healthcare, Inc.(a)
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16,151
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277,151
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Inmode, Ltd.(a)
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16,839
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315,226
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Innoviva, Inc.(a)
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16,215
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290,573
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Ironwood Pharmaceuticals, Inc.(a)
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65,278
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105,098
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National Research Corporation
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16,421
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239,582
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OraSure Technologies, Inc.(a)
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79,469
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276,552
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Semler Scientific, Inc.(a)
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4,657
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199,878
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SIGA Technologies, Inc.
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49,179
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269,993
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Utah Medical Products, Inc.
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4,690
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279,571
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2,572,909
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Industrials - 14.1%
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BlueLinx Holdings, Inc.(a)
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2,709
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215,013
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Danaos Corporation
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3,773
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296,633
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Ennis, Inc.
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13,990
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296,588
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Euroseas, Ltd.
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8,453
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299,236
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2
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TABLE OF CONTENTS
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Shares
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Value
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COMMON STOCKS - (Continued)
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Industrials - (Continued)
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Global Industrial Company
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11,465
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$268,854
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Hudson Technologies, Inc.(a)
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54,682
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314,968
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IBEX Holdings, Ltd.(a)
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14,264
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361,022
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Insteel Industries, Inc.
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10,090
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283,933
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Karat Packaging, Inc.
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9,625
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287,884
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Kforce, Inc.
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5,154
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258,319
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Lindsay Corporation
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2,339
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309,029
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Omega Flex, Inc.
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6,776
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241,293
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Resources Connection, Inc.
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35,363
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257,443
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Wabash National Corporation
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16,723
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195,826
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3,886,041
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Information Technology - 7.6%
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CPI Card Group, Inc.(a)
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8,830
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295,452
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Hackett Group, Inc.
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9,358
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284,296
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Ituran Location and Control, Ltd.
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9,687
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405,691
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NVE Corporation
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3,732
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|
|
256,911
|
Photronics, Inc.(a)
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12,033
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|
250,768
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SolarEdge Technologies, Inc.(a)
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19,085
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|
314,712
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Vishay Intertechnology, Inc.
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16,810
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288,123
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|
|
|
|
2,095,953
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Materials - 4.3%
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CVR Partners LP
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3,919
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|
|
304,859
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Myers Industries, Inc.
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24,778
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271,567
|
Ramaco Resources, Inc.
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27,544
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|
|
246,243
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Ryerson Holding Corporation
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14,809
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372,891
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|
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1,195,560
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Real Estate - 2.7%
|
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Forestar Group, Inc.(a)
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11,181
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246,541
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RE/MAX Holdings, Inc. - Class A(a)
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26,178
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|
|
232,461
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SITE Centers Corporation
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|
18,741
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|
|
262,561
|
|
|
|
|
741,563
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TOTAL COMMON STOCKS
(Cost $31,898,853)
|
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|
|
|
27,545,561
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CONTINGENT VALUE RIGHTS - 0.0%(c)
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Materials - 0.0%(c)
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Resolute Forest Products, Inc.(a)(d)
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17,062
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|
|
171
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TOTAL CONTINGENT VALUE RIGHTS
(Cost $46,068)
|
|
|
|
|
171
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3
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TABLE OF CONTENTS
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|
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Shares
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Value
|
|
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SHORT-TERM INVESTMENTS - 0.3%
|
|
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|
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Money Market Funds - 0.3%
|
|
|
|
|
|
|
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First American Treasury Obligations Fund - Class X, 4.28%(e)
|
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84,543
|
|
|
$84,543
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|
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TOTAL SHORT-TERM INVESTMENTS
(Cost $84,543)
|
|
|
|
|
84,543
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|
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TOTAL INVESTMENTS - 100.0%
(Cost $32,029,464)
|
|
|
|
|
27,630,275
|
|
|||
Other Assets in Excess of Liabilities - 0.0%(f)
|
|
|
|
|
3,686
|
|
|||
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$27,633,961
|
|
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|
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|
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(a)
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Non-income producing security.
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(b)
|
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of February 28, 2025, the value of these securities total $320,933 or 1.2% of the Fund's net assets.
|
(c)
|
Represents less than 0.05% of net assets.
|
(d)
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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, 2025.
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(e)
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The rate shown represents the 7-day annualized effective yield as of February 28, 2025.
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(f)
|
Represents less than 0.05% of net assets.
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4
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|
TABLE OF CONTENTS
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ASSETS:
|
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|
Investments, at value
|
|
|
$27,630,275
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Dividends receivable
|
|
|
21,322
|
Interest receivable
|
|
|
198
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Total assets
|
|
|
27,651,795
|
LIABILITIES:
|
|
|
|
Payable to adviser
|
|
|
17,834
|
Total liabilities
|
|
|
17,834
|
NET ASSETS
|
|
|
$27,633,961
|
Net Assets Consists of:
|
|
|
|
Paid-in capital
|
|
|
$88,939,166
|
Total distributable earnings (accumulated losses)
|
|
|
(61,305,205 )
|
Total net assets
|
|
|
$27,633,961
|
Net assets
|
|
|
$27,633,961
|
Shares issued and outstanding(a)
|
|
|
850,000
|
Net asset value per share
|
|
|
$32.51
|
Cost:
|
|
|
|
Investments, at cost
|
|
|
$32,029,464
|
|
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(a)
|
Unlimited shares authorized without par value.
|
|
5
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|
TABLE OF CONTENTS
|
|
|
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INVESTMENT INCOME:
|
|
|
|
Dividend income
|
|
|
$298,773
|
Less: Dividend withholding taxes
|
|
|
(2,081)
|
Interest income
|
|
|
4,584
|
Total investment income
|
|
|
301,276
|
EXPENSES:
|
|
|
|
Investment advisory fee
|
|
|
120,149
|
Excise tax expense
|
|
|
1,002
|
Total expenses
|
|
|
121,151
|
NET INVESTMENT INCOME (Loss)
|
|
|
180,125
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
Net realized gain (loss) from:
|
|
|
|
Investments
|
|
|
2,222,904
|
In-kind redemptions
|
|
|
252,534
|
Net realized gain (loss)
|
|
|
2,475,438
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
Investments
|
|
|
(5,479,642)
|
Net change in unrealized appreciation (depreciation)
|
|
|
(5,479,642)
|
Net realized and unrealized gain (loss)
|
|
|
(3,004,204)
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$ (2,824,079)
|
|
|
|
|
|
6
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Period Ended
February 28, 2025
(Unaudited)
|
|
|
Year Ended
August 31, 2024
|
|
OPERATIONS:
|
|
|
|
|
||
Net investment income (loss)
|
|
|
$180,125
|
|
|
$578,109
|
Net realized gain (loss)
|
|
|
2,475,438
|
|
|
3,989,815
|
Net change in unrealized appreciation (depreciation)
|
|
|
(5,479,642)
|
|
|
(1,578,731)
|
Net increase (decrease) in net assets from operations
|
|
|
(2,824,079)
|
|
|
2,989,193
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
Distributions to shareholders
|
|
|
(394,554)
|
|
|
(600,186)
|
Total distributions to shareholders
|
|
|
(394,554)
|
|
|
(600,186)
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
Redemptions
|
|
|
(1,826,705)
|
|
|
(10,515,035)
|
ETF transaction fees (See Note 6)
|
|
|
-
|
|
|
9
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(1,826,705)
|
|
|
(10,515,026)
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
(5,045,338)
|
|
|
(8,126,019)
|
NET ASSETS:
|
|
|
|
|
||
Beginning of the period
|
|
|
32,679,299
|
|
|
40,805,318
|
End of the period
|
|
|
$ 27,633,961
|
|
|
$32,679,299
|
SHARES TRANSACTIONS
|
|
|
|
|
||
Redemptions
|
|
|
(50,000)
|
|
|
(300,000)
|
Total increase (decrease) in shares outstanding
|
|
|
(50,000)
|
|
|
(300,000)
|
|
|
|
|
|
|
|
|
7
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
||||||||||||
|
|
Period Ended
February 28,
2025
(Unaudited)
|
|
|
Year Ended August 31,
|
|||||||||||||
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|
2021
|
|
|
2020
|
||||
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, beginning of period
|
|
|
$36.31
|
|
|
$34.00
|
|
|
$31.35
|
|
|
$35.52
|
|
|
$23.25
|
|
|
$28.70
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income(a)
|
|
|
0.21
|
|
|
0.55
|
|
|
0.56
|
|
|
0.40
|
|
|
0.48
|
|
|
1.12
|
Net realized and unrealized gain (loss) on investments(g)
|
|
|
(3.55)
|
|
|
2.32
|
|
|
2.59
|
|
|
(4.13)
|
|
|
12.18
|
|
|
(4.84)
|
Total from investment operations
|
|
|
(3.34)
|
|
|
2.87
|
|
|
3.15
|
|
|
(3.73)
|
|
|
12.66
|
|
|
(3.72)
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income
|
|
|
(0.46)
|
|
|
(0.56)
|
|
|
(0.50)
|
|
|
(0.44)
|
|
|
(0.39)
|
|
|
(1.73)
|
Total distributions
|
|
|
(0.46)
|
|
|
(0.56)
|
|
|
(0.50)
|
|
|
(0.44)
|
|
|
(0.39)
|
|
|
(1.73)
|
ETF transaction fees per share
|
|
|
-
|
|
|
0.00(b)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Net asset value, end of period
|
|
|
$32.51
|
|
|
$36.31
|
|
|
$34.00
|
|
|
$31.35
|
|
|
$35.52
|
|
|
$23.25
|
Total return(d)
|
|
|
−9.25%
|
|
|
8.48%
|
|
|
10.18%
|
|
|
−10.61%
|
|
|
54.67%
|
|
|
−12.95%
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net assets, end of period (in thousands)
|
|
|
$27,634
|
|
|
$32,679
|
|
|
$40,805
|
|
|
$43,894
|
|
|
$47,956
|
|
|
$22,088
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before expense reimbursement/ recoupment(e)
|
|
|
0.81%(h)
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.80%
|
After expense reimbursement/ recoupment(e)
|
|
|
0.81%(h)
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.80%
|
|
|
0.27%(f)
|
Ratio of net investment income (loss) to average net assets(e)
|
|
|
1.20%
|
|
|
1.60%
|
|
|
1.75%
|
|
|
1.19%
|
|
|
1.53%
|
|
|
3.67%(f)
|
Portfolio turnover rate(c)(d)
|
|
|
75%
|
|
|
118%
|
|
|
126%
|
|
|
119%
|
|
|
148%
|
|
|
143%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Net investment income per share has been calculated based on average shares outstanding during the year.
|
(b)
|
Amount represents less than $0.005 per share.
|
(c)
|
Portfolio turnover rate excludes in-kind transactions.
|
(d)
|
Not annualized for periods less than one year.
|
(e)
|
Annualized for periods less than one year.
|
(f)
|
Effective January 1, 2020 through June 22, 2020, the Adviser contractually agreed to waive 21 basis points (0.21%) of its management fees for the Fund. The Adviser voluntarily waived an additional 33 basis points (0.33%) of its management fee during the period September 1, 2019 through June 22, 2020.
|
(g)
|
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 year.
|
(h)
|
Includes excise tax expense of 0.01%.
|
|
8
|
|
TABLE OF CONTENTS
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.
|
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.
|
|
9
|
|
TABLE OF CONTENTS
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
Common Stocks
|
|
|
$27,545,561
|
|
|
$-
|
|
|
$-
|
|
|
$27,545,561
|
Contingent Value Rights
|
|
|
-
|
|
|
-
|
|
|
171
|
|
|
171
|
Money Market Funds
|
|
|
84,543
|
|
|
-
|
|
|
-
|
|
|
84.543
|
Total Investments in Securities
|
|
|
$27,630,104
|
|
|
$-
|
|
|
$171
|
|
|
$27,630,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 tax returns.
|
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.
|
|
10
|
|
TABLE OF CONTENTS
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.
|
|
|
|
|
Distributable Earnings
(Accumulated Losses)
|
|
|
Paid-In Capital
|
$(1,263,381)
|
|
|
$1,263,381
|
|
|
|
|
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.
|
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.
|
|
11
|
|
TABLE OF CONTENTS
|
12
|
|
TABLE OF CONTENTS
|
|
|
|
Tax cost of investments
|
|
|
$31,886,330
|
Gross tax unrealized appreciation
|
|
|
4,735,268
|
Gross tax unrealized depreciation
|
|
|
(3,992,534)
|
Net tax unrealized appreciation (depreciation)
|
|
|
742,734
|
Undistributed ordinary income
|
|
|
201,851
|
Undistributed long-term capital gains
|
|
|
-
|
Other accumulated gain (loss)
|
|
|
(59,031,157)
|
Distributable earnings (accumulated deficit)
|
|
|
$(58,086,572)
|
|
|
|
|
|
|
|
|
|||
|
|
Year Ended August 31,
|
||||
|
|
2024
|
|
|
2023
|
|
Ordinary Income
|
|
|
$600,186
|
|
|
$621,945
|
|
|
|
|
|
|
|
|
13
|
|
TABLE OF CONTENTS
|
14
|
|
TABLE OF CONTENTS
|
15
|
|
TABLE OF CONTENTS
|
16
|
|
TABLE OF CONTENTS
|
17
|
|
TABLE OF CONTENTS
|
18
|
|
(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 | 5/8/2025 |
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 | 5/8/2025 |
By (Signature and Title)* | /s/ Kristen M. Weitzel | ||
Kristen M. Weitzel, Treasurer (principal financial officer) |
Date | 5/8/2025 |
* Print the name and title of each signing officer under his or her signature.