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: December 31
Date of reporting period: December 31, 2024
Item 1. Reports to Stockholders.
| (a) |
 |
Bahl & Gaynor Dividend ETF
|
 |
|
BGDV (Principal U.S. Listing Exchange: NYSE)
|
||
|
Annual Shareholder Report | December 31, 2024
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Bahl & Gaynor Dividend ETF
|
$3
|
0.45%
|
|
Top Contributors
|
|
|
↑
|
From a sector perspective, Information Technology, Health Care, and Communication Services contributed positively to Fund performance versus the S&P 500 for the period since inception 12/11/2024 through 12/31/2024.
|
|
↑
|
Top position contributors included Broadcom (AVGO), Microsoft (MSFT), and Abbvie (ABBV) relative to the S&P 500 benchmark for the period since inception 12/11/2024 through 12/31/2024.
|
|
Top Detractors
|
|
|
↓
|
From a sector perspective, Industrials, Financials, and Energy contributed negatively to Fund performance versus the S&P 500 for the period since inception 12/11/2024 through 12/31/2024.
|
|
↓
|
Top position detractors included Cintas (CTAS), Apple (AAPL), and Carlisle (CSL) relative to the S&P 500 benchmark for the period since inception 12/11/2024 through 12/31/2024.
|
| Bahl & Gaynor Dividend ETF | PAGE 1 | TSR-AR-268961505 |
|
|
Since Inception
(12/11/2024) |
|
Bahl & Gaynor Dividend ETF NAV
|
-2.34
|
|
S&P 500 TR
|
-3.26
|
| * | 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. |
|
Net Assets
|
$658,364,656
|
|
Number of Holdings
|
69
|
|
Net Advisory Fee
|
$164,115
|
|
Portfolio Turnover
|
2%
|
|
30-Day SEC Yield
|
1.00%
|
|
30-Day SEC Yield Unsubsidized
|
1.00%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Broadcom, Inc.
|
8.3%
|
|
Eli Lilly & Company
|
5.3%
|
|
Cintas Corporation
|
3.7%
|
|
Broadridge Financial Solutions, Inc.
|
3.7%
|
|
Motorola Solutions, Inc.
|
3.5%
|
|
Marsh & McLennan Companies, Inc.
|
3.5%
|
|
AbbVie, Inc.
|
3.5%
|
|
TJX Companies, Inc.
|
3.0%
|
|
Home Depot, Inc.
|
2.9%
|
|
NextEra Energy, Inc.
|
2.8%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Information Technology
|
20.6%
|
|
Industrials
|
17.5%
|
|
Health Care
|
15.9%
|
|
Financials
|
14.6%
|
|
Consumer Discretionary
|
7.3%
|
|
Consumer Staples
|
7.2%
|
|
Energy
|
6.1%
|
|
Utilities
|
5.2%
|
|
Materials
|
2.9%
|
|
Cash & Other
|
2.7%
|
| Bahl & Gaynor Dividend ETF | PAGE 2 | TSR-AR-268961505 |
| Bahl & Gaynor Dividend ETF | PAGE 3 | TSR-AR-268961505 |
 |
Bahl & Gaynor Income Growth ETF
|
 |
|
BGIG (Principal U.S. Listing Exchange: NYSE)
|
||
|
Annual Shareholder Report | December 31, 2024
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Bahl & Gaynor Income Growth ETF
|
$49
|
0.45%
|
|
Top Contributors
|
|
|
↑
|
From a sector perspective, Health Care, Energy and Information Technology contributed positively to Fund performance versus the S&P 500 for the one-year period ended 12/31/2024.
|
|
↑
|
Top position contributors included Broadcom (AVGO), Williams Companies (WMB), and Microsoft (MSFT) relative to the S&P 500 benchmark for the one-year period ended 12/31/2024.
|
|
Top Detractors
|
|
|
↓
|
From a sector perspective, Consumer Staples, Consumer Discretionary and Communication Services contributed negatively to Fund performance versus the S&P 500 for the one-year period ended 12/31/2024.
|
|
↓
|
Top position detractors included Mondelez (MDLZ), Merck (MRK), and PepsiCo (PEP) relative to the S&P 500 benchmark for the one-year period ended 12/31/2024.
|
| Bahl & Gaynor Income Growth ETF | PAGE 1 | TSR-AR-26922B527 |
|
|
1 Year
|
Since Inception
(09/14/2023) |
|
Bahl & Gaynor Income Growth ETF NAV
|
16.87
|
15.69
|
|
S&P 500 TR
|
25.02
|
24.59
|
| * | 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. |
|
Net Assets
|
$166,132,204
|
|
Number of Holdings
|
54
|
|
Net Advisory Fee
|
$642,502
|
|
Portfolio Turnover
|
15%
|
|
30-Day SEC Yield
|
2.13%
|
|
30-Day SEC Yield Unsubsidized
|
2.13%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Broadcom, Inc.
|
8.5%
|
|
Eli Lilly & Company
|
4.7%
|
|
AbbVie, Inc.
|
4.1%
|
|
Williams Companies, Inc.
|
3.8%
|
|
Merck & Company, Inc.
|
3.6%
|
|
Procter & Gamble Company
|
3.5%
|
|
Mondelez International, Inc.
|
3.2%
|
|
Travelers Companies, Inc.
|
3.1%
|
|
PepsiCo, Inc.
|
3.1%
|
|
PNC Financial Services Group, Inc.
|
3.0%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Information Technology
|
19.6%
|
|
Health Care
|
14.1%
|
|
Financials
|
12.9%
|
|
Industrials
|
12.6%
|
|
Energy
|
11.2%
|
|
Consumer Staples
|
11.2%
|
|
Utilities
|
7.8%
|
|
Consumer Discretionary
|
5.7%
|
|
Real Estate
|
2.7%
|
|
Cash & Other
|
2.2%
|
| Bahl & Gaynor Income Growth ETF | PAGE 2 | TSR-AR-26922B527 |
| Bahl & Gaynor Income Growth ETF | PAGE 3 | TSR-AR-26922B527 |
 |
Bahl & Gaynor Small Cap Dividend ETF
|
 |
|
SCDV (Principal U.S. Listing Exchange: NYSE)
|
||
|
Annual Shareholder Report | December 31, 2024
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Bahl & Gaynor Small Cap Dividend ETF
|
$4
|
0.70%
|
|
Top Contributors
|
|
|
↑
|
From a sector perspective, Financials, Health Care and Communication Services contributed positively to Fund performance versus the Russell 2000 for the period since inception 12/11/2024 through 12/31/2024.
|
|
↑
|
Top position contributors included Victory Capital (VCTR), Chemed (CHE), and Curtiss-Wright (CW) relative to the Russell 2000 benchmark for the period since inception 12/11/2024 through 12/31/2024.
|
|
Top Detractors
|
|
|
↓
|
From a sector perspective, Industrials, Information Technology, and Consumer Staples contributed negatively to Fund performance versus the Russell 2000 for the period since inception 12/11/2024 through 12/31/2024.
|
|
↓
|
Top position detractors included AAON, Inc. (AAON), UFP Industries (UFPI), and Avient (AVNT) relative to the Russell 2000 benchmark for the period since inception 12/11/2024 through 12/31/2024.
|
| Bahl & Gaynor Small Cap Dividend ETF | PAGE 1 | TSR-AR-268961604 |
|
|
Since Inception
(12/11/2024) |
|
Bahl & Gaynor Small Cap Dividend ETF NAV
|
-6.88
|
|
S&P 500 TR
|
-3.26
|
|
Russell 2000 Total Return Index
|
-6.75
|
| * | 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. |
|
Net Assets
|
$95,479,221
|
|
Number of Holdings
|
55
|
|
Net Advisory Fee
|
$37,676
|
|
Portfolio Turnover
|
1%
|
|
30-Day SEC Yield
|
0.41%
|
|
30-Day SEC Yield Unsubsidized
|
0.41%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Ensign Group, Inc.
|
6.0%
|
|
Curtiss-Wright Corporation
|
5.8%
|
|
Victory Capital Holdings, Inc.
|
5.8%
|
|
Chemed Corporation
|
4.9%
|
|
Evercore, Inc.
|
4.8%
|
|
AAON, Inc.
|
4.7%
|
|
Tetra Tech, Inc.
|
4.7%
|
|
Federal Signal Corporation
|
4.4%
|
|
MSA Safety, Inc.
|
3.3%
|
|
Enpro, Inc.
|
3.3%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Industrials
|
32.9%
|
|
Health Care
|
18.5%
|
|
Financials
|
15.9%
|
|
Consumer Staples
|
7.7%
|
|
Materials
|
7.4%
|
|
Information Technology
|
5.7%
|
|
Consumer Discretionary
|
5.5%
|
|
Utilities
|
2.7%
|
|
Real Estate
|
2.4%
|
|
Cash & Other
|
1.3%
|
| Bahl & Gaynor Small Cap Dividend ETF | PAGE 2 | TSR-AR-268961604 |
| Bahl & Gaynor Small Cap Dividend ETF | PAGE 3 | TSR-AR-268961604 |
 |
Bahl & Gaynor Small/Mid Cap Income Growth ETF
|
 |
|
SMIG (Principal U.S. Listing Exchange: NYSE)
|
||
|
Annual Shareholder Report | December 31, 2024
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Bahl & Gaynor Small/Mid Cap Income Growth ETF
|
$60
|
0.60%
|
|
Top Contributors
|
|
|
↑
|
From a sector perspective, Health Care, Energy and Financials contributed positively to Fund performance versus the Russell 2500 for the two-month period ended 12/31/2024.
|
|
↑
|
Top position contributors included Victory Capital (VCTR), Targa Resources (TRGP), and Interparfums (IPAR) relative to the Russell 2500 benchmark for the two-month period ended 12/31/2024.
|
|
Top Detractors
|
|
|
↓
|
From a sector perspective, Industrials, Information Technology, and Consumer Discretionary contributed negatively to Fund performance versus the Russell 2500 for the two-month period ended 12/31/2024.
|
|
↓
|
Top position detractors included Avery Dennison (AVY), Avient (AVNT), and CBOE Global Markets (CBOE) relative to the Russell 2500 benchmark for the two-month period ended 12/31/2024.
|
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | PAGE 1 | TSR-AR-26922B832 |
|
|
1 Year
|
Since Inception
(08/25/2021) |
|
Bahl & Gaynor Small/Mid Cap Income Growth ETF NAV
|
17.56
|
6.47
|
|
S&P 500 TR
|
25.02
|
10.02
|
|
Russell 2500 Total Return
|
12.00
|
2.61
|
| * | 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. |
|
Net Assets
|
$743,053,722
|
|
Number of Holdings
|
47
|
|
Net Advisory Fee
|
$717,878
|
|
Portfolio Turnover
|
4%
|
|
30-Day SEC Yield
|
1.75%
|
|
30-Day SEC Yield Unsubsidized
|
1.75%
|
|
Top 10 Issuers
|
(% of Net Assets)
|
|
Victory Capital Holdings, Inc.
|
5.6%
|
|
Targa Resources Corporation
|
4.8%
|
|
Broadridge Financial Solutions, Inc.
|
4.4%
|
|
Snap-on, Inc.
|
4.2%
|
|
Hubbell, Inc.
|
4.2%
|
|
Packaging Corporation of America
|
4.1%
|
|
Hartford Financial Services Group, Inc.
|
3.8%
|
|
Booz Allen Hamilton Holding Corporation
|
3.7%
|
|
Evercore, Inc.
|
3.7%
|
|
Watsco, Inc.
|
3.6%
|
|
Top Sectors
|
(% of Net Assets)
|
|
Industrials
|
20.8%
|
|
Financials
|
19.8%
|
|
Materials
|
10.1%
|
|
Utilities
|
8.8%
|
|
Health Care
|
7.7%
|
|
Energy
|
7.7%
|
|
Consumer Discretionary
|
7.1%
|
|
Information Technology
|
6.5%
|
|
Consumer Staples
|
5.9%
|
|
Cash & Other
|
5.6%
|
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | PAGE 2 | TSR-AR-26922B832 |
| Bahl & Gaynor Small/Mid Cap Income Growth ETF | PAGE 3 | TSR-AR-26922B832 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Leonard Rush is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 12/31/2024 | FYE 10/31/2024 | FYE 12/31/2023 | |
| (a) Audit Fees | $ 53,500 | $ 14,500 | $14,500 |
| (b) Audit-Related Fees | $ 0 | $ 0 | $0 |
| (c) Tax Fees | $ 12,600 | $ 3,500 | $3,500 |
| (d) All Other Fees | $ 0 | $ 0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 12/31/2024 | FYE 10/31/2024 | FYE 12/31/2023 | |
| Audit-Related Fees | 0% | 0% | 0% |
| Tax Fees | 0% | 0% | 0% |
| All Other Fees | 0% | 0% | 0% |
(f) N/A.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 12/31/2024 | FYE 10/31/2024 | FYE 12/31/2023 |
| Registrant | N/A | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A | N/A |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Leonard M. Rush, David A. Massart, and Janet D. Olsen.
(b) Not applicable
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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Shares |
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Value |
|
COMMON
STOCKS - 99.7% |
|
|
|
|
||
|
Communication
Services - 1.6% |
|
|
|
|
||
|
Alphabet,
Inc. - Class C |
|
|
2,450 |
|
|
$466,578
|
|
Meta
Platforms, Inc. - Class A |
|
|
16,961 |
|
|
9,930,835
|
|
|
|
|
|
10,397,413
| ||
|
Consumer
Discretionary - 7.3% |
|
|
|
|
||
|
DR
Horton, Inc. |
|
|
22,021 |
|
|
3,078,976
|
|
Home
Depot, Inc. |
|
|
49,477 |
|
|
19,246,058
|
|
Starbucks
Corporation |
|
|
62,568 |
|
|
5,709,330
|
|
TJX
Companies, Inc. |
|
|
163,377 |
|
|
19,737,576
|
|
|
|
|
|
47,771,940
| ||
|
Consumer
Staples - 7.2% |
|
|
|
|
||
|
Hershey
Company |
|
|
14,614 |
|
|
2,474,881
|
|
Keurig
Dr Pepper, Inc. |
|
|
118,043 |
|
|
3,791,541
|
|
Mondelez
International, Inc. - Class A |
|
|
287,570 |
|
|
17,176,556
|
|
PepsiCo,
Inc. |
|
|
80,524 |
|
|
12,244,480
|
|
Procter
& Gamble Company |
|
|
68,114 |
|
|
11,419,312
|
|
|
|
|
|
47,106,770
| ||
|
Energy
- 6.1% |
|
|
|
|
||
|
Chevron
Corporation |
|
|
71,782 |
|
|
10,396,905
|
|
Phillips
66 |
|
|
33,120 |
|
|
3,773,361
|
|
Targa
Resources Corporation |
|
|
72,750 |
|
|
12,985,875
|
|
Williams
Companies, Inc. |
|
|
238,390 |
|
|
12,901,667
|
|
|
|
|
|
40,057,808
| ||
|
Financials
- 14.6% |
|
|
|
|
||
|
American
Financial Group, Inc. |
|
|
34,023 |
|
|
4,658,769
|
|
Apollo
Global Management, Inc. |
|
|
53,586 |
|
|
8,850,264
|
|
Bank
of America Corporation |
|
|
28,937 |
|
|
1,271,781
|
|
Blackrock,
Inc. |
|
|
375 |
|
|
384,416
|
|
Cboe
Global Markets, Inc. |
|
|
21,759 |
|
|
4,251,709
|
|
CME
Group, Inc. |
|
|
11,672 |
|
|
2,710,589
|
|
Evercore,
Inc. - Class A |
|
|
31,292 |
|
|
8,673,830
|
|
Hartford
Financial Services Group, Inc. |
|
|
113,401 |
|
|
12,406,069
|
|
JPMorgan
Chase & Company |
|
|
59,329 |
|
|
14,221,755
|
|
KKR
& Company, Inc. |
|
|
46,495 |
|
|
6,877,075
|
|
Marsh
& McLennan Companies, Inc. |
|
|
108,145 |
|
|
22,971,079
|
|
PNC
Financial Services Group, Inc. |
|
|
1,573 |
|
|
303,353
|
|
Travelers
Companies, Inc. |
|
|
36,097 |
|
|
8,695,406
|
|
|
|
|
|
96,276,095
| ||
|
Health
Care - 15.9% |
|
|
|
|
||
|
Abbott
Laboratories |
|
|
4,922 |
|
|
556,727
|
|
AbbVie,
Inc. |
|
|
128,912 |
|
|
22,907,662
|
|
Eli
Lilly & Company |
|
|
45,286 |
|
|
34,960,792
|
|
Merck
& Company, Inc. |
|
|
132,564 |
|
|
13,187,467
|
|
Stryker
Corporation |
|
|
37,511 |
|
|
13,505,836
|
|
UnitedHealth
Group, Inc. |
|
|
30,666 |
|
|
15,512,703
|
|
Zoetis,
Inc. |
|
|
26,551 |
|
|
4,325,954
|
|
|
|
|
|
104,957,141 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrials
- 17.5% |
|
|
|
|
||
|
Automatic
Data Processing, Inc. |
|
|
24,399 |
|
|
$7,142,319
|
|
Booz
Allen Hamilton Holding Corporation |
|
|
76,451 |
|
|
9,839,244
|
|
Broadridge
Financial Solutions, Inc. |
|
|
106,850 |
|
|
24,157,717
|
|
Carlisle
Companies, Inc. |
|
|
31,298 |
|
|
11,543,954
|
|
Cintas
Corporation |
|
|
133,479 |
|
|
24,386,613
|
|
Eaton
Corporation PLC |
|
|
2,162 |
|
|
717,503
|
|
Illinois
Tool Works, Inc. |
|
|
2,945 |
|
|
746,734
|
|
L3Harris
Technologies, Inc. |
|
|
22,759 |
|
|
4,785,763
|
|
Northrop
Grumman Corporation |
|
|
11,619 |
|
|
5,452,681
|
|
Otis
Worldwide Corporation |
|
|
66,818 |
|
|
6,188,015
|
|
Snap-on,
Inc. |
|
|
8,428 |
|
|
2,861,137
|
|
Union
Pacific Corporation |
|
|
26,469 |
|
|
6,035,991
|
|
Waste
Management, Inc. |
|
|
59,323 |
|
|
11,970,788
|
|
|
|
|
|
115,828,459 | ||
|
Information
Technology - 20.6% |
|
|
|
|
||
|
Accenture
PLC - Class A |
|
|
38,143 |
|
|
13,418,326
|
|
Analog
Devices, Inc. |
|
|
36,535 |
|
|
7,762,226
|
|
Apple,
Inc. |
|
|
3,103 |
|
|
777,053
|
|
Broadcom,
Inc. |
|
|
235,993 |
|
|
54,712,617
|
|
CDW
Corporation |
|
|
15,754 |
|
|
2,741,826
|
|
Dell
Technologies, Inc. - Class C |
|
|
73,224 |
|
|
8,438,334
|
|
KLA
Corporation |
|
|
4,626 |
|
|
2,914,935
|
|
Microsoft
Corporation |
|
|
4,493 |
|
|
1,893,800
|
|
Motorola
Solutions, Inc. |
|
|
49,861 |
|
|
23,047,250
|
|
Oracle
Corporation |
|
|
32,132 |
|
|
5,354,476
|
|
QUALCOMM,
Inc. |
|
|
35,425 |
|
|
5,441,989
|
|
Taiwan
Semiconductor Manufacturing Company, Ltd. - ADR |
|
|
41,800 |
|
|
8,255,082
|
|
Texas
Instruments, Inc. |
|
|
2,899 |
|
|
543,592
|
|
|
|
|
|
135,301,506
| ||
|
Materials
- 2.9% |
|
|
|
|
||
|
Air
Products and Chemicals, Inc. |
|
|
48,045 |
|
|
13,934,972
|
|
Avery
Dennison Corporation |
|
|
25,998 |
|
|
4,865,006
|
|
|
|
|
|
18,799,978
| ||
|
Real
Estate - 0.8% |
|
|
|
|
||
|
Prologis,
Inc. |
|
|
50,553 |
|
|
5,343,452
|
|
Utilities
- 5.2% |
|
|
|
|
||
|
CMS
Energy Corporation |
|
|
64,617 |
|
|
4,306,723
|
|
NextEra
Energy, Inc. |
|
|
254,634 |
|
|
18,254,711
|
|
Sempra |
|
|
132,636 |
|
|
11,634,830
|
|
|
|
|
|
34,196,264
| ||
|
TOTAL
COMMON STOCKS
(Cost
$424,557,759) |
|
|
|
|
656,036,826 | |
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
SHORT-TERM
INVESTMENTS - 0.4% |
|
|
|
|
||
|
U.S.
Treasury Bills - 0.4% |
|
|
|
|
||
|
4.24%,
03/27/2025(a) |
|
|
$2,530,000 |
|
|
$2,505,296
|
|
4.27%,
04/03/2025(a) |
|
|
190,000 |
|
|
187,973
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,692,981) |
|
|
|
|
2,693,269
| |
|
TOTAL
INVESTMENTS - 100.1%
(Cost
$427,250,740) |
|
|
|
|
$658,730,095
| |
|
Liabilities
in Excess of Other
Assets
- (0.1)% |
|
|
|
|
(365,439)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$658,364,656 | |
|
|
|
|
|
|
|
|
|
(a) |
Zero coupon bond,
the rate shown is the annualized yield as of December 31, 2024. |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.7% |
|
|
|
|
||
|
Consumer
Discretionary - 5.7% |
|
|
|
|
||
|
Home
Depot, Inc. |
|
|
11,986 |
|
|
$4,662,434
|
|
McDonald’s
Corporation |
|
|
16,767 |
|
|
4,860,586
|
|
|
|
|
|
9,523,020
| ||
|
Consumer
Staples - 11.2% |
|
|
|
|
||
|
Keurig
Dr Pepper, Inc. |
|
|
68,714 |
|
|
2,207,094
|
|
Mondelez
International, Inc. - Class A |
|
|
89,795 |
|
|
5,363,455
|
|
PepsiCo,
Inc. |
|
|
34,204 |
|
|
5,201,060
|
|
Procter
& Gamble Company |
|
|
34,688 |
|
|
5,815,443
|
|
|
|
|
|
18,587,052
| ||
|
Energy
- 11.2% |
|
|
|
|
||
|
Chevron
Corporation |
|
|
27,096 |
|
|
3,924,585
|
|
Exxon
Mobil Corporation |
|
|
18,852 |
|
|
2,027,910
|
|
Kinder
Morgan, Inc. |
|
|
66,168 |
|
|
1,813,003
|
|
ONEOK,
Inc. |
|
|
19,397 |
|
|
1,947,459
|
|
Phillips
66 |
|
|
23,214 |
|
|
2,644,771
|
|
Williams
Companies, Inc. |
|
|
117,021 |
|
|
6,333,176
|
|
|
|
|
|
18,690,904
| ||
|
Financials
- 12.9% |
|
|
|
|
||
|
CME
Group, Inc. |
|
|
10,839 |
|
|
2,517,141
|
|
JPMorgan
Chase & Company |
|
|
17,182 |
|
|
4,118,697
|
|
Marsh
& McLennan Companies, Inc. |
|
|
21,662 |
|
|
4,601,226
|
|
PNC
Financial Services Group, Inc. |
|
|
25,764 |
|
|
4,968,587
|
|
Travelers
Companies, Inc. |
|
|
21,685 |
|
|
5,223,700
|
|
|
|
|
|
21,429,351
| ||
|
Health
Care - 14.1% |
|
|
|
|
||
|
AbbVie,
Inc. |
|
|
38,576 |
|
|
6,854,955
|
|
Eli
Lilly & Company |
|
|
10,033 |
|
|
7,745,476
|
|
Johnson
& Johnson |
|
|
19,916 |
|
|
2,880,252
|
|
Merck
& Company, Inc. |
|
|
59,974 |
|
|
5,966,214
|
|
|
|
|
|
23,446,897
| ||
|
Industrials
- 12.6% |
|
|
|
|
||
|
Automatic
Data Processing, Inc. |
|
|
13,980 |
|
|
4,092,365
|
|
Eaton
Corporation PLC |
|
|
13,525 |
|
|
4,488,542
|
|
Fastenal
Company |
|
|
14,886 |
|
|
1,070,452
|
|
General
Dynamics Corporation |
|
|
4,857 |
|
|
1,279,771
|
|
Illinois
Tool Works, Inc. |
|
|
8,703 |
|
|
2,206,733
|
|
Lockheed
Martin Corporation |
|
|
6,091 |
|
|
2,959,860
|
|
Paychex,
Inc. |
|
|
19,680 |
|
|
2,759,530
|
|
RTX
Corporation |
|
|
11,162 |
|
|
1,291,667
|
|
United
Parcel Service, Inc. - Class B |
|
|
6,206 |
|
|
782,576
|
|
|
|
|
|
20,931,496
| ||
|
Information
Technology - 19.6% |
|
|
|
|
||
|
Broadcom,
Inc. |
|
|
61,266 |
|
|
14,203,909
|
|
Cisco
Systems, Inc. |
|
|
17,130 |
|
|
1,014,096
|
|
Corning,
Inc. |
|
|
54,157 |
|
|
2,573,541
|
|
Dell
Technologies, Inc. - Class C |
|
|
23,071 |
|
|
2,658,702
|
|
HP,
Inc. |
|
|
44,664 |
|
|
1,457,386
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Microsoft
Corporation |
|
|
11,746 |
|
|
$4,950,939
|
|
QUALCOMM,
Inc. |
|
|
12,116 |
|
|
1,861,260
|
|
Texas
Instruments, Inc. |
|
|
20,486 |
|
|
3,841,330
|
|
|
|
|
|
32,561,163
| ||
|
Materials
- 1.9% |
|
|
|
|
||
|
Air
Products and Chemicals, Inc. |
|
|
10,621 |
|
|
3,080,515
|
|
Real
Estate - 2.7% |
|
|
|
|
||
|
Prologis,
Inc. |
|
|
14,565 |
|
|
1,539,520
|
|
Realty
Income Corporation |
|
|
55,212 |
|
|
2,948,873
|
|
|
|
|
|
4,488,393
| ||
|
Utilities
- 7.8% |
|
|
|
|
||
|
NextEra
Energy, Inc. |
|
|
66,238 |
|
|
4,748,602
|
|
PPL
Corporation |
|
|
80,616 |
|
|
2,616,796
|
|
Sempra |
|
|
44,199 |
|
|
3,877,136
|
|
WEC
Energy Group, Inc. |
|
|
17,921 |
|
|
1,685,291
|
|
|
|
|
|
12,927,825
| ||
|
TOTAL
COMMON STOCKS
(Cost
$139,405,395) |
|
|
|
|
165,666,616
| |
|
|
|
Par |
|
|
||
|
SHORT-TERM
INVESTMENTS - 0.4% |
|
|
||||
|
U.S.
Treasury Bills - 0.4% |
|
|
|
|
||
|
4.35%,
02/13/2025(a) |
|
|
$6,000 |
|
|
5,970
|
|
4.36%,
02/20/2025(a) |
|
|
37,000 |
|
|
36,791
|
|
4.36%,
02/27/2025(a) |
|
|
36,000 |
|
|
35,764
|
|
4.34%,
03/06/2025(a) |
|
|
34,000 |
|
|
33,751
|
|
4.24%,
03/13/2025(a) |
|
|
232,000 |
|
|
230,117
|
|
4.20%,
03/18/2025(a) |
|
|
10,000 |
|
|
9,914
|
|
4.22%,
03/20/2025(a) |
|
|
52,000 |
|
|
51,538
|
|
4.20%,
03/27/2025(a) |
|
|
99,000 |
|
|
98,033
|
|
4.22%,
04/03/2025(a) |
|
|
72,000 |
|
|
71,232
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$573,030) |
|
|
|
|
573,110
| |
|
TOTAL
INVESTMENTS - 100.1%
(Cost
$139,978,425) |
|
|
|
|
$166,239,726
| |
|
Liabilities
in Excess of Other Assets - (0.1)% |
|
|
|
|
(107,522)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$166,132,204 | |
|
|
|
|
|
|
|
|
|
(a) |
Zero coupon bond,
the rate shown is the annualized yield as of December 31, 2024. |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 99.8% |
|
|
|
|
||
|
Consumer
Discretionary - 5.5% |
|
|
|
|
||
|
Gildan
Activewear, Inc. |
|
|
46,156 |
|
|
$2,171,639
|
|
Meritage
Homes Corporation |
|
|
5,742 |
|
|
883,234
|
|
Texas
Roadhouse, Inc. |
|
|
11,798 |
|
|
2,128,714
|
|
|
|
|
|
5,183,587
| ||
|
Consumer
Staples - 7.7% |
|
|
|
|
||
|
Interparfums,
Inc. |
|
|
19,020 |
|
|
2,501,321
|
|
Lancaster
Colony Corporation |
|
|
14,366 |
|
|
2,487,329
|
|
Utz
Brands, Inc. |
|
|
151,078 |
|
|
2,365,881
|
|
|
|
|
|
7,354,531
| ||
|
Energy
- 1.1% |
|
|
|
|
||
|
DT
Midstream, Inc. |
|
|
5,116 |
|
|
508,684
|
|
Targa
Resources Corporation |
|
|
86 |
|
|
15,351
|
|
World
Kinect Corporation |
|
|
19,007 |
|
|
522,882
|
|
|
|
|
|
1,046,917
| ||
|
Financials
- 15.9% |
|
|
|
|
||
|
American
Financial Group, Inc. |
|
|
7,330 |
|
|
1,003,697
|
|
Evercore,
Inc. - Class A |
|
|
16,435 |
|
|
4,555,618
|
|
First
Financial Bancorp |
|
|
660 |
|
|
17,741
|
|
Hartford
Financial Services Group, Inc. |
|
|
343 |
|
|
37,524
|
|
Home
BancShares, Inc. |
|
|
38,565 |
|
|
1,091,390
|
|
Kinsale
Capital Group, Inc. |
|
|
6,399 |
|
|
2,976,367
|
|
Victory
Capital Holdings, Inc. - Class A |
|
|
84,329 |
|
|
5,520,175
|
|
|
|
|
|
15,202,512
| ||
|
Health
Care - 18.5% |
|
|
|
|
||
|
Chemed
Corporation |
|
|
8,833 |
|
|
4,679,723
|
|
Ensign
Group, Inc. |
|
|
43,092 |
|
|
5,725,203
|
|
LeMaitre
Vascular, Inc. |
|
|
28,913 |
|
|
2,664,044
|
|
Perrigo
Company PLC |
|
|
62,681 |
|
|
1,611,529
|
|
US
Physical Therapy, Inc. |
|
|
33,155 |
|
|
2,941,180
|
|
|
|
|
|
17,621,679
| ||
|
Industrials
- 32.9%(a) |
|
|
|
|
||
|
AAON,
Inc. |
|
|
38,093 |
|
|
4,482,785
|
|
Booz
Allen Hamilton Holding Corporation |
|
|
319 |
|
|
41,055
|
|
Broadridge
Financial Solutions, Inc. |
|
|
157 |
|
|
35,496
|
|
BWX
Technologies, Inc. |
|
|
27,651 |
|
|
3,080,045
|
|
CSG
Systems International, Inc. |
|
|
596 |
|
|
30,462
|
|
Curtiss-Wright
Corporation |
|
|
15,683 |
|
|
5,565,427
|
|
Enpro,
Inc. |
|
|
18,392 |
|
|
3,171,700
|
|
Federal
Signal Corporation |
|
|
44,971 |
|
|
4,154,871
|
|
Hubbell,
Inc. |
|
|
248 |
|
|
103,885
|
|
Insperity,
Inc. |
|
|
14,926 |
|
|
1,156,914
|
|
MSA
Safety, Inc. |
|
|
19,278 |
|
|
3,195,714
|
|
Snap-on,
Inc. |
|
|
127 |
|
|
43,114
|
|
Tetra
Tech, Inc. |
|
|
111,991 |
|
|
4,461,721
|
|
UFP
Industries, Inc. |
|
|
17,392 |
|
|
1,959,209
|
|
Watsco,
Inc. |
|
|
73 |
|
|
34,594
|
|
|
|
|
|
31,516,992
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Information
Technology - 5.7% |
|
|
|
|
||
|
Avnet,
Inc. |
|
|
17,666 |
|
|
$924,285
|
|
Littelfuse,
Inc. |
|
|
6,700 |
|
|
1,578,854
|
|
NetApp,
Inc. |
|
|
223 |
|
|
25,886
|
|
Power
Integrations, Inc. |
|
|
22,561 |
|
|
1,392,014
|
|
Universal
Display Corporation |
|
|
10,118 |
|
|
1,479,252
|
|
|
|
|
|
5,400,291
| ||
|
Materials
- 7.4% |
|
|
|
|
||
|
AptarGroup,
Inc. |
|
|
12,797 |
|
|
2,010,409
|
|
Avery
Dennison Corporation |
|
|
105 |
|
|
19,649
|
|
Avient
Corporation |
|
|
29,494 |
|
|
1,205,125
|
|
Balchem
Corporation |
|
|
10,043 |
|
|
1,636,959
|
|
Innospec,
Inc. |
|
|
19,662 |
|
|
2,163,999
|
|
|
|
|
|
7,036,141
| ||
|
Real
Estate - 2.4% |
|
|
|
|
||
|
Agree
Realty Corporation |
|
|
501 |
|
|
35,295
|
|
Terreno
Realty Corporation |
|
|
38,947 |
|
|
2,303,326
|
|
|
|
|
|
2,338,621
| ||
|
Utilities
- 2.7% |
|
|
|
|
||
|
Alliant
Energy Corporation |
|
|
389 |
|
|
23,005
|
|
Chesapeake
Utilities Corporation |
|
|
21,132 |
|
|
2,564,368
|
|
NiSource,
Inc. |
|
|
793 |
|
|
29,151
|
|
|
|
|
|
2,616,524
| ||
|
TOTAL
COMMON STOCKS
(Cost
$63,238,853) |
|
|
|
|
95,317,795
| |
|
|
|
Par |
|
|
||
|
SHORT-TERM
INVESTMENTS - 0.2% |
|
|
||||
|
U.S.
Treasury Bills - 0.2% |
|
|
|
|
||
|
4.20%,
03/18/2025(b) |
|
|
$3,000 |
|
|
2,974
|
|
4.22%,
03/20/2025(b) |
|
|
152,000 |
|
|
150,648
|
|
4.27%,
03/27/2025(b) |
|
|
24,000 |
|
|
23,766
|
|
4.27%,
04/03/2025(b) |
|
|
23,000 |
|
|
22,755
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$200,115) |
|
|
|
|
200,143
| |
|
TOTAL
INVESTMENTS - 100.0%
(Cost
$63,438,968) |
|
|
|
|
$95,517,938
| |
|
Liabilities
in Excess of Other Assets - (0.0)%(c) |
|
|
|
|
(38,717)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$95,479,221 | |
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
(a) |
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. |
|
(b) |
Zero coupon bond,
the rate shown is the annualized yield as of December 31, 2024. |
|
(c) |
Represents less than
0.05% of net assets. |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
COMMON
STOCKS - 99.8% |
|
|
|
|
||
|
Consumer
Discretionary - 7.1% |
|
|
|
|
||
|
Gildan
Activewear, Inc. |
|
|
407,405 |
|
|
$19,168,405
|
|
Meritage
Homes Corporation |
|
|
38,436 |
|
|
5,912,226
|
|
Penske
Automotive Group, Inc. |
|
|
48,979 |
|
|
7,466,359
|
|
Texas
Roadhouse, Inc. |
|
|
93,344 |
|
|
16,842,058
|
|
Tractor
Supply Company |
|
|
65,975 |
|
|
3,500,633
|
|
|
|
|
|
52,889,681
| ||
|
Consumer
Staples - 5.9% |
|
|
|
|
||
|
Conagra
Brands, Inc. |
|
|
269,261 |
|
|
7,471,993
|
|
Inter
Parfums, Inc. |
|
|
172,843 |
|
|
22,730,583
|
|
Lancaster
Colony Corporation |
|
|
78,903 |
|
|
13,661,265
|
|
|
|
|
|
43,863,841
| ||
|
Energy
- 7.7% |
|
|
|
|
||
|
DT
Midstream, Inc. |
|
|
129,118 |
|
|
12,838,203
|
|
Plains
GP Holdings LP - Class A |
|
|
457,490 |
|
|
8,408,666
|
|
Targa
Resources Corporation |
|
|
200,655 |
|
|
35,816,917
|
|
|
|
|
|
57,063,786
| ||
|
Financials
- 19.8% |
|
|
|
|
||
|
American
Financial Group, Inc. |
|
|
134,282 |
|
|
18,387,234
|
|
Cboe
Global Markets, Inc. |
|
|
56,807 |
|
|
11,100,088
|
|
Evercore,
Inc. - Class A |
|
|
98,360 |
|
|
27,264,408
|
|
First
Financial Bancorp |
|
|
252,030 |
|
|
6,774,566
|
|
Hartford
Financial Services Group, Inc. |
|
|
257,494 |
|
|
28,169,844
|
|
Home
BancShares, Inc. |
|
|
472,266 |
|
|
13,365,128
|
|
Victory
Capital Holdings, Inc. - Class A |
|
|
639,519 |
|
|
41,862,914
|
|
|
|
|
|
146,924,182
| ||
|
Health
Care - 7.7% |
|
|
|
|
||
|
Perrigo
Company PLC |
|
|
900,230 |
|
|
23,144,913
|
|
Quest
Diagnostics, Inc. |
|
|
153,843 |
|
|
23,208,755
|
|
US
Physical Therapy, Inc. |
|
|
122,012 |
|
|
10,823,685
|
|
|
|
|
|
57,177,353
| ||
|
Industrials
- 20.8% |
|
|
|
|
||
|
Booz
Allen Hamilton Holding Corporation |
|
|
212,705 |
|
|
27,375,134
|
|
Broadridge
Financial Solutions, Inc. |
|
|
144,972 |
|
|
32,776,719
|
|
Hubbell,
Inc. |
|
|
74,481 |
|
|
31,199,346
|
|
Insperity,
Inc. |
|
|
63,541 |
|
|
4,925,063
|
|
Snap-on,
Inc. |
|
|
92,196 |
|
|
31,298,698
|
|
Watsco,
Inc. |
|
|
56,972 |
|
|
26,998,461
|
|
|
|
|
|
154,573,421
| ||
|
Information
Technology - 6.5% |
|
|
|
|
||
|
Amdocs,
Ltd. |
|
|
238,024 |
|
|
20,265,363
|
|
Avnet,
Inc. |
|
|
278,652 |
|
|
14,579,073
|
|
NetApp,
Inc. |
|
|
115,237 |
|
|
13,376,711
|
|
|
|
|
|
48,221,147
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value
|
|
Materials
- 10.1% |
|
|
|
|
||
|
Avery
Dennison Corporation |
|
|
112,775 |
|
|
$21,103,586
|
|
Avient
Corporation |
|
|
234,131 |
|
|
9,566,593
|
|
Packaging
Corporation of America |
|
|
136,033 |
|
|
30,625,109
|
|
RPM
International, Inc. |
|
|
113,897 |
|
|
14,016,165
|
|
|
|
|
|
75,311,453
| ||
|
Real
Estate - 5.4% |
|
|
|
|
||
|
Agree
Realty Corporation |
|
|
277,268 |
|
|
19,533,531
|
|
Equity
LifeStyle Properties, Inc. |
|
|
118,212 |
|
|
7,872,919
|
|
Terreno
Realty Corporation |
|
|
218,410 |
|
|
12,916,767
|
|
|
|
|
|
40,323,217
| ||
|
Utilities
- 8.8% |
|
|
|
|
||
|
Alliant
Energy Corporation |
|
|
243,354 |
|
|
14,391,956
|
|
Atmos
Energy Corporation |
|
|
106,353 |
|
|
14,811,782
|
|
CMS
Energy Corporation |
|
|
137,006 |
|
|
9,131,450
|
|
NiSource,
Inc. |
|
|
727,072 |
|
|
26,727,167
|
|
|
|
|
|
65,062,355
| ||
|
TOTALCOMMON
STOCKS
(Cost
$694,564,847) |
|
|
|
|
741,410,436
| |
|
|
|
Par |
|
|
||
|
SHORT-TERM
INVESTMENTS - 0.4% |
|
|
||||
|
U.S.
Treasury Bills - 0.4% |
|
|
|
|
||
|
4.38%,
02/27/2025(a) |
|
|
$333,000 |
|
|
330,820
|
|
4.34%,
03/06/2025(a) |
|
|
678,000 |
|
|
673,041
|
|
4.26%,
03/13/2025(a) |
|
|
676,000 |
|
|
670,513
|
|
4.23%,
03/20/2025(a) |
|
|
789,000 |
|
|
781,986
|
|
4.21%,
03/27/2025(a) |
|
|
182,000 |
|
|
180,223
|
|
4.22%,
04/03/2025(a) |
|
|
271,000 |
|
|
268,109
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,904,098) |
|
|
|
|
2,904,692 | |
|
TOTAL
INVESTMENTS - 100.2%
(Cost
$697,468,945) |
|
|
|
|
$744,315,128 | |
|
Liabilities
in Excess of Other
Assets
- (0.2)% |
|
|
|
|
(1,261,406) | |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$743,053,722 | |
|
|
|
|
|
|
|
|
|
(a) |
Zero coupon bond,
the rate shown is the annualized yield as of December 31, 2024. |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bahl &
Gaynor
Dividend
ETF |
|
|
Bahl &
Gaynor
Income Growth
ETF |
|
|
Bahl &
Gaynor
Small Cap
Dividend
ETF |
|
|
Bahl &
Gaynor
Small/Mid
Cap
Income Growth
ETF |
|
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Investments,
at value |
|
|
$658,730,095 |
|
|
$166,239,726 |
|
|
$95,517,938 |
|
|
$744,315,128
|
|
Cash |
|
|
13,328 |
|
|
597 |
|
|
4,304 |
|
|
580
|
|
Receivable
for investments sold |
|
|
42,625,265 |
|
|
— |
|
|
— |
|
|
—
|
|
Receivable
for fund shares sold |
|
|
39,576,842 |
|
|
— |
|
|
— |
|
|
871,449
|
|
Dividends
receivable |
|
|
485,596 |
|
|
295,237 |
|
|
53,583 |
|
|
904,393
|
|
Total
assets |
|
|
741,431,126 |
|
|
166,535,560 |
|
|
95,575,825 |
|
|
746,091,550 |
|
LIABILITIES: |
|
|
|
|
|
|
|
|
||||
|
Payable
for investments purchased |
|
|
43,230,276 |
|
|
— |
|
|
6,930 |
|
|
864,073
|
|
Payable
for capital shares redeemed |
|
|
39,030,560 |
|
|
— |
|
|
— |
|
|
—
|
|
Distributions
payable |
|
|
641,519 |
|
|
339,394 |
|
|
51,998 |
|
|
1,795,829
|
|
Payable
to adviser |
|
|
164,115 |
|
|
63,962 |
|
|
37,676 |
|
|
377,926
|
|
Total
liabilities |
|
|
83,066,470 |
|
|
403,356 |
|
|
96,604 |
|
|
3,037,828 |
|
NET
ASSETS |
|
|
$658,364,656 |
|
|
$166,132,204 |
|
|
$95,479,221 |
|
|
$743,053,722 |
|
Net
assets consists of: |
|
|
|
|
|
|
|
|
||||
|
Paid-in
capital |
|
|
$429,305,423 |
|
|
$144,090,780 |
|
|
$63,555,001 |
|
|
$721,009,715
|
|
Total
distributable earnings |
|
|
229,059,233 |
|
|
22,041,424 |
|
|
31,924,220 |
|
|
22,044,007
|
|
Total
net assets |
|
|
$658,364,656 |
|
|
$166,132,204 |
|
|
$95,479,221 |
|
|
$743,053,722 |
|
Net
assets |
|
|
$658,364,656 |
|
|
$166,132,204 |
|
|
$95,479,221 |
|
|
$743,053,722
|
|
Shares
issued and outstanding(a) |
|
|
26,990,000 |
|
|
5,660,000 |
|
|
4,100,000 |
|
|
25,580,000
|
|
Net
asset value per share |
|
|
$24.39 |
|
|
$29.35 |
|
|
$23.29 |
|
|
$29.05
|
|
Cost: |
|
|
|
|
|
|
|
|
||||
|
Investments,
at cost |
|
|
$427,250,740 |
|
|
$139,978,425 |
|
|
$63,438,968 |
|
|
$697,468,945 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
For the Period
Ended December 31, 2024 |
|
|
For the Year
Ended
October 31,
2024 | |||||||||
|
|
|
|
Bahl &
Gaynor
Dividend
ETF(a) |
|
|
Bahl &
Gaynor
Income Growth
ETF |
|
|
Bahl &
Gaynor
Small Cap
Dividend
ETF(a) |
|
|
Bahl &
Gaynor
Small/Mid
Cap
Income Growth
ETF(b) |
|
|
Bahl &
Gaynor
Small/Mid
Cap
Income Growth
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$853,822 |
|
|
$3,627,928 |
|
|
$89,474 |
|
|
$3,433,333 |
|
|
$11,436,217
|
|
Less:
Dividend withholding taxes |
|
|
— |
|
|
(2,475) |
|
|
—
|
|
|
(7,926) |
|
|
—
|
|
Interest
income |
|
|
1,694 |
|
|
18,558 |
|
|
172 |
|
|
14,485 |
|
|
62,266
|
|
Total
investment income |
|
|
855,516 |
|
|
3,644,011 |
|
|
89,646 |
|
|
3,439,892 |
|
|
11,498,483
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
164,115 |
|
|
642,502 |
|
|
37,676 |
|
|
717,878 |
|
|
2,745,885
|
|
Total
expenses |
|
|
164,115 |
|
|
642,502 |
|
|
37,676 |
|
|
717,878 |
|
|
2,745,885
|
|
Net
investment income |
|
|
691,401 |
|
|
3,001,509 |
|
|
51,970 |
|
|
2,722,014 |
|
|
8,752,598
|
|
REALIZED
AND UNREALIZED GAIN/(LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain from: |
| ||||||||||||||
|
Investments |
|
|
(2,470,004) |
|
|
(3,937,109) |
|
|
(154,720) |
|
|
(4,486,670) |
|
|
(12,380,954)
|
|
In-kind
redemptions |
|
|
53,417,373 |
|
|
26,716,838 |
|
|
2,684,139 |
|
|
26,819,622 |
|
|
39,965,783
|
|
Reimbursement
of trading losses by Adviser |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,156
|
|
Net
realized gain |
|
|
50,947,369 |
|
|
22,779,729 |
|
|
2,529,419 |
|
|
22,332,952 |
|
|
27,602,985
|
|
Net
change in unrealized appreciation/(depreciation) on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments |
|
|
(67,033,662) |
|
|
(4,933,823) |
|
|
(9,622,833) |
|
|
(36,034,463) |
|
|
96,334,594
|
|
Net
change in unrealized appreciation/(depreciation) |
|
|
(67,033,662) |
|
|
(4,933,823) |
|
|
(9,622,833) |
|
|
(36,034,463) |
|
|
96,334,594
|
|
Net
realized and unrealized gain/(loss) |
|
|
(16,086,293) |
|
|
17,845,906 |
|
|
(7,093,414) |
|
|
(13,701,511) |
|
|
123,937,579
|
|
NET
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$(15,394,892) |
|
|
$20,847,415 |
|
|
$(7,041,444) |
|
|
$(10,979,497) |
|
|
$132,690,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The Fund commenced
operations on December 11, 2024. The information presented is from December 11, 2024 to December 31, 2024. |
|
(b) |
The Fund changed
its fiscal year end from October 31st to
December 31st. The current period represents
activity from November 1, 2024 through December 31, 2024. |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Bahl &
Gaynor
Dividend
ETF |
|
|
Bahl &
Gaynor Income Growth ETF |
|
|
Bahl &
Gaynor
Small Cap
Dividend
ETF | |||
|
|
|
|
Period Ended
December 31,
2024(a) |
|
|
Year Ended
December 31,
2024 |
|
|
Period Ended
December 31,
2023(b) |
|
|
Period Ended
December 31,
2024(a)
|
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income |
|
|
$691,401 |
|
|
$3,001,509 |
|
|
$877,107 |
|
|
$51,970
|
|
Net
realized gain |
|
|
50,947,369 |
|
|
22,779,729 |
|
|
6,963,563 |
|
|
2,529,419
|
|
Net
change in unrealized appreciation/(depreciation) |
|
|
(67,033,662) |
|
|
(4,933,823) |
|
|
(4,008,956) |
|
|
(9,622,833)
|
|
Net
increase/(decrease) in net assets from operations |
|
|
(15,394,892) |
|
|
20,847,415 |
|
|
3,831,714 |
|
|
(7,041,444)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
||||||
|
Distributions
to shareholders |
|
|
(641,519) |
|
|
(3,014,394) |
|
|
(878,758) |
|
|
(51,998)
|
|
Total
distributions to shareholders |
|
|
(641,519) |
|
|
(3,014,394) |
|
|
(878,758) |
|
|
(51,998)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
78,885,313 |
|
|
100,680,946 |
|
|
22,346,144 |
|
|
5,153,560
|
|
Subscriptions
in connection with in-kind contribution (Note 8) |
|
|
673,542,154 |
|
|
— |
|
|
105,078,348 |
|
|
102,092,443
|
|
Redemptions |
|
|
(78,026,400) |
|
|
(66,514,490) |
|
|
(16,244,721) |
|
|
(4,673,340)
|
|
Net
increase in net assets from capital transactions |
|
|
674,401,067 |
|
|
34,166,456 |
|
|
111,179,771 |
|
|
102,572,663
|
|
Net
increase in net assets |
|
|
658,364,656 |
|
|
51,999,477 |
|
|
114,132,727 |
|
|
95,479,221
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the period |
|
|
— |
|
|
114,132,727 |
|
|
— |
|
|
—
|
|
End
of the period |
|
|
$658,364,656 |
|
|
$166,132,204 |
|
|
$114,132,727 |
|
|
$95,479,221
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
3,250,000 |
|
|
3,540,000 |
|
|
910,000 |
|
|
220,000
|
|
Subscriptions
in connection with in-kind contribution (Note 8) |
|
|
26,940,000 |
|
|
— |
|
|
4,200,000 |
|
|
4,080,000
|
|
Redemptions |
|
|
(3,200,000) |
|
|
(2,330,000) |
|
|
(660,000) |
|
|
(200,000)
|
|
Total
increase in shares outstanding |
|
|
26,990,000 |
|
|
1,210,000 |
|
|
4,450,000 |
|
|
4,100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 11, 2024. |
|
(b) |
Inception date of
the Fund was September 14, 2023. |
|
|
|
9 |
|
|
|
|
|
|
| ||||||
|
|
|
|
Bahl &
Gaynor Small/Mid Cap Income Growth ETF | ||||||
|
|
|
|
Period Ended
December 31,
2024(a)
|
|
|
Year Ended
October 31,
2024 |
|
|
Year Ended
October 31,
2023 |
|
OPERATIONS: |
|
|
|
|
|
|
|||
|
Net
investment income |
|
|
$2,722,014 |
|
|
$8,752,598 |
|
|
$4,899,007
|
|
Net
realized gain |
|
|
22,332,952 |
|
|
27,602,985 |
|
|
(5,103,330)
|
|
Net
change in unrealized appreciation/(depreciation) |
|
|
(36,034,463) |
|
|
96,334,594 |
|
|
(13,688,462)
|
|
Net
increase/(decrease) in net assets from operations |
|
|
(10,979,497) |
|
|
132,690,177 |
|
|
(13,892,785)
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|||
|
Distributions
to shareholders |
|
|
(2,730,829) |
|
|
(8,737,333) |
|
|
(4,918,536)
|
|
Total
distributions to shareholders |
|
|
(2,730,829) |
|
|
(8,737,333) |
|
|
(4,918,536)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|||
|
Subscriptions |
|
|
201,128,388 |
|
|
389,212,291 |
|
|
223,346,772
|
|
Redemptions |
|
|
(107,034,765) |
|
|
(158,281,159) |
|
|
(38,239,230)
|
|
Net
increase in net assets from capital transactions |
|
|
94,093,623 |
|
|
230,931,132 |
|
|
185,107,542
|
|
Net
increase in net assets |
|
|
80,383,297 |
|
|
354,883,976 |
|
|
166,296,221
|
|
NET
ASSETS: |
|
|
|
|
|
|
|||
|
Beginning
of the period |
|
|
662,670,425 |
|
|
307,786,449 |
|
|
141,490,228
|
|
End
of the period |
|
|
$743,053,722 |
|
|
$662,670,425 |
|
|
$307,786,449
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|||
|
Subscriptions |
|
|
6,520,000 |
|
|
14,400,000 |
|
|
9,500,000
|
|
Redemptions |
|
|
(3,500,000) |
|
|
(5,860,000) |
|
|
(1,630,000)
|
|
Total
increase in shares outstanding |
|
|
3,020,000 |
|
|
8,540,000 |
|
|
7,870,000 |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The Fund changed
its fiscal year end from October 31st to
December 31st. The current period represents
activity from November 1, 2024 through December 31, 2024. |
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Period Ended
December 31,
2024(a)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income(b) |
|
|
0.03
|
|
Net
realized and unrealized loss on investments(f) |
|
|
(0.62)
|
|
Total
from investment operations |
|
|
(0.59)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.02)
|
|
Total
distributions |
|
|
(0.02)
|
|
Net
asset value, end of period |
|
|
$24.39
|
|
Total
return(c) |
|
|
−2.34%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$658,365
|
|
Ratio
of expenses to average net assets(d) |
|
|
0.45%
|
|
Ratio
of net investment income to average net assets(d) |
|
|
1.90%
|
|
Portfolio
turnover rate(c)(e) |
|
|
2% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 11, 2024. |
|
(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
year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31,
2024 |
|
|
Period Ended
December 31,
2023(a)
|
|
PER
SHARE DATA: |
|
|
|
|
||
|
Net
asset value, beginning of period |
|
|
$25.65 |
|
|
$25.02
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
||
|
Net
investment income(b) |
|
|
0.60 |
|
|
0.20
|
|
Net
realized and unrealized gain on investments(f) |
|
|
3.69 |
|
|
0.63
|
|
Total
from investment operations |
|
|
4.29 |
|
|
0.83
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
||
|
Net
investment income |
|
|
(0.59) |
|
|
(0.20)
|
|
Total
distributions |
|
|
(0.59) |
|
|
(0.20)
|
|
Net
asset value, end of period |
|
|
$29.35 |
|
|
$25.65
|
|
Total
return(c) |
|
|
16.87% |
|
|
3.36%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
||
|
Net
assets, end of period (in thousands) |
|
|
$166,132 |
|
|
$114,133
|
|
Ratio
of expenses to average net assets(d) |
|
|
0.45% |
|
|
0.45%
|
|
Ratio
of net investment income to average net assets(d) |
|
|
2.10% |
|
|
2.82%
|
|
Portfolio
turnover rate(c)(e) |
|
|
15% |
|
|
4% |
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was September 14, 2023. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(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
year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
Period Ended
December 31,
2024(a)
|
|
PER
SHARE DATA: |
|
|
|
|
Net
asset value, beginning of period |
|
|
$25.02
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
Net
investment income(b) |
|
|
0.01
|
|
Net
realized and unrealized loss on investments(f) |
|
|
(1.73)
|
|
Total
from investment operations |
|
|
(1.72)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
Net
investment income |
|
|
(0.01)
|
|
Total
distributions |
|
|
(0.01)
|
|
Net
asset value, end of period |
|
|
$23.29
|
|
Total
return(c) |
|
|
−6.88%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
Net
assets, end of period (in thousands) |
|
|
$95,479
|
|
Ratio
of expenses to average net assets(d) |
|
|
0.70%
|
|
Ratio
of net investment income to average net assets(d) |
|
|
0.97%
|
|
Portfolio
turnover rate(c)(e) |
|
|
1% |
|
|
|
|
|
|
(a) |
Inception date of
the Fund was December 11, 2024. |
|
(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
year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Period Ended
December 31,
2024(a) |
|
|
Year Ended
October 31, |
|
|
Period Ended
October 31,
2021(b)
| ||||||
|
|
2024 |
|
|
2023 |
|
|
2022
|
| |||||||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period |
|
|
$29.37 |
|
|
$21.95 |
|
|
$23.01 |
|
|
$24.96 |
|
|
$25.10
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(c) |
|
|
0.12 |
|
|
0.51 |
|
|
0.49 |
|
|
0.48 |
|
|
0.08
|
|
Net
realized and unrealized gain (loss) on investments(h) |
|
|
(0.33) |
|
|
7.41 |
|
|
(1.08) |
|
|
(2.01) |
|
|
(0.15)
|
|
Total
from investment operations |
|
|
(0.21) |
|
|
7.92 |
|
|
(0.59) |
|
|
(1.53) |
|
|
(0.07)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.11) |
|
|
(0.50) |
|
|
(0.47) |
|
|
(0.42) |
|
|
(0.07)
|
|
Total
distributions |
|
|
(0.11) |
|
|
(0.50) |
|
|
(0.47) |
|
|
(0.42) |
|
|
(0.07)
|
|
Net
asset value, end of period |
|
|
$29.05 |
|
|
$29.37 |
|
|
$21.95 |
|
|
$23.01 |
|
|
$24.96
|
|
Total
return(d) |
|
|
−0.74% |
|
|
36.37%(f) |
|
|
−2.60% |
|
|
−6.16% |
|
|
−0.27%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|||||||
|
Net
assets, end of period (in thousands) |
|
|
$743,054 |
|
|
$662,670 |
|
|
$307,786 |
|
|
$141,490 |
|
|
$6,740
|
|
Ratio
of expenses to average net assets(e) |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60% |
|
|
0.60%
|
|
Ratio
of net investment income to average net assets(e) |
|
|
2.28% |
|
|
1.91% |
|
|
2.10% |
|
|
2.08% |
|
|
1.70%
|
|
Portfolio
turnover rate(d)(g) |
|
|
4% |
|
|
16% |
|
|
19% |
|
|
31% |
|
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The Fund changed
its fiscal year end from October 31st to
December 31st. The current period represents
activity from November 1, 2024 through December 31, 2024. |
|
(b) |
Inception date of
the Fund was August 25, 2021. |
|
(c) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
The Fund had trade
errors during the year resulting in a loss to the Fund of $18,156, which was subsequently reimbursed to the Fund by the Adviser. The total
return for the year would have been 36.36% before the reimbursement. |
|
(g) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(h) |
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
year, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the year.
|
|
|
|
14 |
|
|
|
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. |
|
|
|
15 |
|
|
|
Level 1 – |
Unadjusted quoted prices in active markets
for identical assets or liabilities that the Funds have the ability to access. |
|
Level 2 – |
Observable inputs other than quoted prices
included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted
prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk,
yield curves, default rates and similar data. |
|
Level 3 – |
Unobservable inputs for the asset or liability,
to the extent relevant observable inputs are not available; representing the Funds’ 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$656,036,826 |
|
|
$— |
|
|
$— |
|
|
$656,036,826
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
2,693,269 |
|
|
— |
|
|
2,693,269
|
|
Total
Investments |
|
|
$656,036,826 |
|
|
$2,693,269 |
|
|
$— |
|
|
$658,730,095 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$165,666,616 |
|
|
$— |
|
|
$— |
|
|
$165,666,616
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
573,110 |
|
|
— |
|
|
573,110
|
|
Total
Investments |
|
|
$165,666,616 |
|
|
$573,110 |
|
|
$— |
|
|
$166,239,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$95,317,795 |
|
|
$— |
|
|
$— |
|
|
$95,317,795
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
200,143 |
|
|
— |
|
|
200,143
|
|
Total
Investments |
|
|
$95,317,795 |
|
|
$200,143 |
|
|
$— |
|
|
$95,517,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$741,410,436 |
|
|
$— |
|
|
$— |
|
|
$741,410,436
|
|
U.S.
Treasury Bills |
|
|
— |
|
|
2,904,692 |
|
|
— |
|
|
2,904,692
|
|
Total
Investments |
|
|
$741,410,436 |
|
|
$2,904,692 |
|
|
$— |
|
|
$744,315,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B. |
Federal Income
Taxes. The Funds’ 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 their net investment income and net capital gains
to shareholders. Therefore, no federal income tax provision is required. The Funds plan 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 and foreign capital gains taxes, 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. Discounts and premiums on securities
purchased are accreted and amortized using the effective yield method. |
|
|
|
17 |
|
|
|
D. |
Distributions
to Shareholders. Distributions to shareholders from net investment income, if any, are declared and paid monthly by the Funds.
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 Funds are calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other
assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to
the nearest cent. The Funds’ 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 each Fund is equal to each Fund’s NAV per share. |
|
G. |
Guarantees
and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general
indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that
may be against a Fund that have not yet occurred. However, based on experience, the Funds expect 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 classifications have no effect on net assets or NAV per share and are primarily due to differing
book and tax treatments for in-kind transactions. For the fiscal period ended December 31, 2024, the following table shows the reclassifications
made: |
|
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. |
|
|
|
18 |
|
|
|
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 Funds’ Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
Bahl
& Gaynor Dividend ETF |
|
|
$11,896,976 |
|
|
$15,544,193
|
|
Bahl
& Gaynor Income Growth ETF |
|
|
$21,764,799 |
|
|
$27,848,021
|
|
Bahl
& Gaynor Small Cap Dividend ETF |
|
|
$498,044 |
|
|
$825,402
|
|
Bahl
& Gaynor Small/Mid Cap Income Growth ETF |
|
|
$29,881,621 |
|
|
$33,091,112 |
|
|
|
|
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bahl &
Gaynor
Dividend
ETF |
|
|
Bahl &
Gaynor
Income
Growth ETF |
|
|
Bahl &
Gaynor
Small Cap
Dividend
ETF |
|
|
Bahl &
Gaynor
Small/Mid
Cap
Income
Growth ETF
|
|
Tax
cost of investments |
|
|
$429,723,339 |
|
|
$142,964,267 |
|
|
$63,594,946 |
|
|
$708,473,262
|
|
Gross
tax unrealized appreciation |
|
|
235,951,532 |
|
|
29,788,333 |
|
|
34,650,717 |
|
|
68,878,868
|
|
Gross
tax unrealized depreciation |
|
|
(6,944,776) |
|
|
(6,512,874) |
|
|
(2,727,725) |
|
|
(33,037,002)
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
229,006,756 |
|
|
23,275,459 |
|
|
31,922,992 |
|
|
35,841,866
|
|
Undistributed
ordinary income |
|
|
49,882 |
|
|
3,627 |
|
|
— |
|
|
—
|
|
Undistributed
long-term gain |
|
|
2,595 |
|
|
— |
|
|
1,228 |
|
|
—
|
|
Other
accumulated gain (loss) |
|
|
— |
|
|
(1,237,662) |
|
|
— |
|
|
(13,797,859)
|
|
Distributable
earnings (accumulated losses) |
|
|
$229,059,233 |
|
|
$22,041,424 |
|
|
$31,924,220 |
|
|
$22,044,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income |
|
Bahl
& Gaynor Dividend ETF |
|
|
N/A
|
|
Bahl
& Gaynor Income Growth ETF |
|
|
$878,758
|
|
Bahl
& Gaynor Small Cap Dividend ETF |
|
|
N/A |
|
|
|
|
|
|
|
|
20 |
|
|
|
|
|
21 |
|
|
|
|
|
22 |
|
|
|
|
|
23 |
|
|
|
|
|
|
|
|
Bahl
& Gaynor Dividend ETF |
|
|
100.00% |
|
Bahl
& Gaynor Income Growth ETF |
|
|
100.00% |
|
Bahl
& Gaynor Small Cap Dividend ETF |
|
|
100.00% |
|
Bahl
& Gaynor Small/Mid Cap Income Growth ETF |
|
|
100.00% |
|
|
|
|
|
|
|
|
|
|
|
Bahl
& Gaynor Dividend ETF |
|
|
100.00% |
|
Bahl
& Gaynor Income Growth ETF |
|
|
100.00% |
|
Bahl
& Gaynor Small Cap Dividend ETF |
|
|
100.00% |
|
Bahl
& Gaynor Small/Mid Cap Income Growth ETF |
|
|
100.00% |
|
|
|
|
|
|
|
|
|
|
|
Bahl
& Gaynor Dividend ETF |
|
|
0.00% |
|
Bahl
& Gaynor Income Growth ETF |
|
|
0.00% |
|
Bahl
& Gaynor Small Cap Dividend ETF |
|
|
0.00% |
|
Bahl
& Gaynor Small/Mid Cap Income Growth ETF |
|
|
0.00% |
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
25 |
|
|
|
|
|
26 |
|
|
|
|
|
27 |
|
|
| (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.
(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.
(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 | 3/10/25 |
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 | 3/10/25 |
| By (Signature and Title)* | /s/ Kristen M. Weitzel | ||
| Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date | 3/10/25 |
* Print the name and title of each signing officer under his or her signature.
EX.99.CODE ETH
ETF Series Solutions
Code of Ethics
For Principal Executive Officer & Principal Financial Officer
| I. | Introduction/Covered Persons |
ETF Series Solutions (the “Trust”) has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) and the rules promulgated by the Securities and Exchange Commission (the “SEC”) thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the “Covered Persons”).
The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust’s Chief Compliance Officer (the “Chief Compliance Officer”) the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust’s Code of Ethics for access persons (the “Investment Company Code of Ethics”), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Covered Persons may also be subject to the Investment Company Code of Ethics.
| II. | Code of Ethics Requirements |
This Code of Ethics requires each Covered Person to:
1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;
3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;
4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and
5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.
| III. | Conflicts of Interest |
A conflict of interest occurs when a Covered Person’s private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.
Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the
Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust’s own fund shares) because of their status as “affiliated persons” of the Trust. The Trust’s and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.
Each Covered Person must:
• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and
• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.
There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:
• any ownership interest in, or any consulting or employment relationship with, any of the Trust’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and
• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person’s employment, such as compensation or equity ownership.
| IV. | Accurate, Complete, Timely and Understandable Information |
The Covered Persons are responsible for ensuring that Trust’s shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.
The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust’s books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust’s disclosure controls and procedures and the Trust’s internal controls and procedures for financial reporting.
| V. | Waivers |
The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.
“Waiver” shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an “implicit waiver” from this Code of Ethics.
If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund’s website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust’s next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund’s website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund’s website and website’s address.
| VI. | Amendments |
This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund’s website within five business days following the amendment, maintain such notice on the website for at least 12
months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust’s next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund’s website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.
| VII. | Violations |
If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation.
If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.
| VIII. | Disclosure |
The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust’s annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund’s website, provided that the Fund has first disclosed the website’s address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund’s website for as long as the Trust remains subject to the SEC’s rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.
| IX. | Acknowledgement |
Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.
| X. | Confidentiality |
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.
| XI. | Internal Use |
The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.
Adopted: March 27, 2012
Amended: April 21, 2022
EX.99.CERT
CERTIFICATIONS
I, Kristina R. Nelson, certify that:
| 1. | I have reviewed this report on Form N-CSR of ETF Series Solutions; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: | 3/10/25 | /s/ Kristina R. Nelson | |
| Kristina R. Nelson President (principal executive officer) ETF Series Solutions |
CERTIFICATIONS
I, Kristen M. Weitzel, certify that:
| 1. | I have reviewed this report on Form N-CSR of ETF Series Solutions; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
| 5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
| (a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
| (b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
| Date: | 3/10/25 | /s/ Kristen M. Weitzel | |
| Kristen M. Weitzel Treasurer (principal financial officer) ETF Series Solutions |
EX.99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of ETF Series Solutions for the year ended December 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel | |
| Kristina R. Nelson President (principal executive officer) ETF Series Solutions |
Kristen M. Weitzel Treasurer (principal financial officer) ETF Series Solutions |
| Dated: | 3/10/25 |
This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.