10/07/2024 | Press release | Distributed by Public on 10/07/2024 11:42
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22668
ETF Series Solutions
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Kristina R. Nelson
ETF Series Solutions
615 East Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
414-516-1645
Registrant's telephone number, including area code
Date of fiscal year end: July 31
Date of reporting period: July 31, 2024
Item 1. Reports to Stockholders.
(a) |
US Vegan Climate ETF
|
||
VEGN(Principal U.S. Listing Exchange: CBOE)
|
||
Annual Shareholder Report | July 31, 2024
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
US Vegan Climate ETF
|
$67
|
0.60%
|
Top Contributors
|
|
↑
|
NVIDIA Corporation
|
↑
|
Broadcom, Inc.
|
↑
|
Alphabet, Inc. (including Class A)
|
↑
|
Advanced Micro Devices, Inc.
|
↑
|
Apple, Inc.
|
Top Detractors
|
|
↓
|
Intel Corporation
|
↓
|
Tesla, Inc.
|
↓
|
United Parcel Service, Inc.
|
↓
|
Adobe, Inc
|
↓
|
Gingko Bioworks Holdings, Inc
|
US Vegan Climate ETF | PAGE 1 | TSR_AR_26922A297 |
1 Year
|
Since Inception
(09/09/2019) |
|
US Vegan Climate ETF NAV
|
22.90
|
15.67
|
US Vegan Climate ETF Market
|
22.94
|
15.66
|
S&P 500 TR
|
22.15
|
15.30
|
Beyond Investing US Vegan Climate GTR Index
|
23.67
|
16.46
|
* | 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
|
$101,048,576
|
Number of Holdings
|
254
|
Net Advisory Fee
|
$514,948
|
Portfolio Turnover
|
18%
|
30-Day SEC Yield
|
0.62%
|
30-Day SEC Yield Unsubsidized
|
0.62%
|
Top 10 Issuers
|
(%)
|
NVIDIA Corporation
|
5.3%
|
Apple, Inc.
|
5.0%
|
Broadcom, Inc.
|
4.4%
|
Tesla, Inc.
|
4.3%
|
Alphabet, Inc.
|
4.1%
|
UnitedHealth Group, Inc.
|
3.7%
|
Visa, Inc.
|
3.1%
|
Mastercard, Inc.
|
3.0%
|
Adobe, Inc.
|
2.4%
|
Oracle Corporation
|
2.2%
|
Top Sectors
|
(%)
|
Technology
|
46.4%
|
Financial
|
18.1%
|
Communications
|
13.6%
|
Consumer, Non-cyclical
|
9.3%
|
Consumer, Cyclical
|
6.8%
|
Industrial
|
5.2%
|
Energy
|
0.2%
|
Utilities
|
0.1%
|
Cash & Other
|
0.3%
|
US Vegan Climate ETF | PAGE 2 | TSR_AR_26922A297 |
US Vegan Climate ETF | PAGE 3 | TSR_AR_26922A297 |
(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 7/31/2024 | FYE 7/31/2023 | |
(a) Audit Fees | $15,500 | $15,000 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $3,500 | $3,500 |
(d) All Other Fees | $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 7/31/2024 | FYE 7/31/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 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 7/31/2024 | FYE 7/31/2023 |
Registrant | N/A | N/A |
Registrant's Investment Adviser | 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) |
Page
|
|||
Schedule of Investments
|
1
|
||
Statement of Assets and Liabilities
|
4
|
||
Statement of Operations
|
5
|
||
Statements of Changes in Net Assets
|
6
|
||
Financial Highlights
|
7
|
||
Notes to Financial Statements
|
8
|
||
Report of Independent Registered Public Accounting Firm
|
13
|
||
Approval of Advisory Agreement & Board Considerations
|
14
|
||
Approval of Sub-Advisory Agreement & Board Considerations
|
17
|
||
Additional Information
|
19
|
||
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - 99.7%
|
||||||
Communications - 13.6%
|
||||||
Airbnb, Inc. - Class A(a)
|
2,023
|
$ 282,330
|
||||
Alphabet, Inc. - Class A
|
12,207
|
2,093,989
|
||||
Alphabet, Inc. - Class C
|
12,093
|
2,093,903
|
||||
Arista Networks, Inc.(a)
|
1,113
|
385,710
|
||||
AT&T, Inc.
|
33,234
|
639,754
|
||||
Booking Holdings, Inc.
|
156
|
579,542
|
||||
CDW Corporation
|
622
|
135,664
|
||||
Charter Communications, Inc. -
Class A(a)
|
443
|
168,216
|
||||
Cisco Systems, Inc.
|
41,987
|
2,034,270
|
||||
Comcast Corporation - Class A
|
18,243
|
752,889
|
||||
DoorDash, Inc. - Class A(a)
|
1,449
|
160,433
|
||||
eBay, Inc.
|
2,403
|
133,631
|
||||
Expedia Group, Inc.(a)
|
605
|
77,240
|
||||
FactSet Research Systems, Inc.
|
176
|
72,704
|
||||
Gen Digital, Inc.
|
2,862
|
74,383
|
||||
GoDaddy, Inc. - Class A(a)
|
623
|
90,615
|
||||
Interpublic Group of Companies,
Inc.
|
1,755
|
56,458
|
||||
Okta, Inc.(a)
|
741
|
69,610
|
||||
Omnicom Group, Inc.
|
912
|
89,412
|
||||
Palo Alto Networks, Inc.(a)
|
1,486
|
482,549
|
||||
Pinterest, Inc. - Class A(a)
|
2,756
|
88,054
|
||||
Robinhood Markets, Inc. - Class A(a)
|
2,307
|
47,455
|
||||
T-Mobile US, Inc.
|
2,399
|
437,290
|
||||
Trade Desk, Inc. - Class A(a)
|
2,050
|
184,254
|
||||
Uber Technologies, Inc.(a)
|
9,317
|
600,667
|
||||
VeriSign, Inc.(a)
|
404
|
75,552
|
||||
Verizon Communications, Inc.
|
43,829
|
1,775,951
|
||||
13,682,525
|
||||||
Consumer, Cyclical - 6.8%
|
||||||
AutoNation, Inc.(a)
|
123
|
23,459
|
||||
CarMax, Inc.(a)
|
729
|
61,557
|
||||
Copart, Inc.(a)
|
3,967
|
207,593
|
||||
Cummins, Inc.
|
658
|
192,004
|
||||
D.R. Horton, Inc.
|
1,386
|
249,383
|
||||
Fastenal Company
|
2,656
|
187,912
|
||||
Genuine Parts Company
|
634
|
93,268
|
||||
Lennar Corporation - Class A
|
1,119
|
197,985
|
||||
Lithia Motors, Inc.
|
125
|
34,541
|
||||
Live Nation Entertainment, Inc.(a)
|
681
|
65,505
|
||||
LKQ Corporation
|
1,176
|
48,804
|
||||
National Vision Holdings, Inc.(a)
|
1,564
|
22,615
|
||||
NVR, Inc.(a)
|
14
|
120,505
|
||||
O'Reilly Automotive, Inc.(a)
|
274
|
308,617
|
||||
PACCAR, Inc.
|
2,403
|
237,080
|
||||
Planet Fitness, Inc. - Class A(a)
|
403
|
29,701
|
||||
Pool Corporation
|
177
|
66,205
|
||||
PulteGroup, Inc.
|
979
|
129,228
|
||||
Rivian Automotive, Inc. - Class A(a)
|
3,174
|
52,085
|
||||
Tesla, Inc.(a)
|
18,631
|
4,323,696
|
||||
Shares
|
Value
|
|||||
Watsco, Inc.
|
156
|
$ 76,360
|
||||
W.W. Grainger, Inc.
|
184
|
179,733
|
||||
6,907,836
|
||||||
Consumer, Non-cyclical - 9.3%
|
||||||
Automatic Data Processing, Inc.
|
1,909
|
501,342
|
||||
Avis Budget Group, Inc.
|
137
|
13,838
|
||||
Beyond Meat, Inc.(a)
|
2,801
|
17,590
|
||||
Block, Inc.(a)
|
2,566
|
158,784
|
||||
Celsius Holdings, Inc.(a)
|
701
|
32,828
|
||||
Centene Corporation(a)
|
2,480
|
190,762
|
||||
Cigna Group
|
1,310
|
456,758
|
||||
Elevance Health, Inc.
|
1,078
|
573,528
|
||||
elf Beauty, Inc.(a)
|
251
|
43,318
|
||||
Equifax, Inc.
|
572
|
159,800
|
||||
Ginkgo Bioworks Holdings, Inc.(a)
|
56,269
|
21,382
|
||||
Global Payments, Inc.
|
1,191
|
121,053
|
||||
H&R Block, Inc.
|
640
|
37,082
|
||||
HCA Healthcare, Inc.
|
899
|
326,382
|
||||
Hertz Global Holdings, Inc.(a)
|
6,341
|
25,871
|
||||
Humana, Inc.
|
559
|
202,140
|
||||
Ingredion, Inc.
|
303
|
37,684
|
||||
IQVIA Holdings, Inc.(a)
|
825
|
203,140
|
||||
McKesson Corporation
|
610
|
376,382
|
||||
Molina Healthcare, Inc.(a)
|
269
|
91,802
|
||||
Moody's Corporation
|
732
|
334,143
|
||||
Natera, Inc.(a)
|
509
|
52,117
|
||||
Omnicell, Inc.(a)
|
1,015
|
29,648
|
||||
PayPal Holdings, Inc.(a)
|
4,887
|
321,467
|
||||
Robert Half, Inc.
|
477
|
30,619
|
||||
S&P Global, Inc.
|
1,487
|
720,794
|
||||
TransUnion
|
902
|
81,415
|
||||
United Rentals, Inc.
|
311
|
235,458
|
||||
UnitedHealth Group, Inc.
|
6,476
|
3,731,212
|
||||
Verisk Analytics, Inc.
|
663
|
173,540
|
||||
Waters Corporation(a)
|
274
|
92,141
|
||||
9,394,020
|
||||||
Energy - 0.2%
|
||||||
Enphase Energy, Inc.(a)
|
610
|
70,217
|
||||
First Solar, Inc.(a)
|
470
|
101,515
|
||||
Plug Power, Inc.(a)
|
3,735
|
9,225
|
||||
Sunrun, Inc.(a)
|
1,818
|
31,870
|
||||
212,827
|
||||||
Financial - 18.1%
|
||||||
Aflac, Inc.
|
2,407
|
229,580
|
||||
Allstate Corporation
|
1,219
|
208,595
|
||||
American Express Company
|
2,670
|
675,617
|
||||
American International Group, Inc.
|
3,128
|
247,831
|
||||
American Tower Corporation
|
2,168
|
477,827
|
||||
Ameriprise Financial, Inc.
|
464
|
199,552
|
||||
Aon plc - Class A
|
911
|
299,273
|
||||
Arch Capital Group, Ltd.(a)
|
1,671
|
160,048
|
||||
Arthur J. Gallagher & Company
|
997
|
282,640
|
||||
1
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - (Continued)
|
||||||
Financial - (Continued)
|
||||||
AvalonBay Communities, Inc.
|
658
|
$ 134,837
|
||||
Bank of New York Mellon
Corporation
|
3,506
|
228,135
|
||||
Brown & Brown, Inc.
|
1,113
|
110,666
|
||||
Capital One Financial Corporation
|
1,754
|
265,556
|
||||
Cboe Global Markets, Inc.
|
487
|
89,369
|
||||
CBRE Group, Inc. - Class A(a)
|
1,414
|
159,372
|
||||
Chubb, Ltd.
|
1,878
|
517,689
|
||||
Cincinnati Financial Corporation
|
715
|
93,393
|
||||
Citizens Financial Group, Inc.
|
2,122
|
90,546
|
||||
CME Group, Inc.
|
1,667
|
322,915
|
||||
CoStar Group, Inc.(a)
|
1,882
|
146,834
|
||||
Crown Castle, Inc.
|
2,010
|
221,261
|
||||
Discover Financial Services
|
1,160
|
167,028
|
||||
Equinix, Inc.
|
438
|
346,125
|
||||
Equity Residential
|
1,590
|
110,712
|
||||
Essex Property Trust, Inc.
|
296
|
82,395
|
||||
Everest Group, Ltd.
|
153
|
60,109
|
||||
Extra Space Storage, Inc.
|
972
|
155,151
|
||||
Fifth Third Bancorp
|
3,168
|
134,133
|
||||
First Horizon Corporation
|
2,561
|
42,846
|
||||
Hartford Financial Services Group,
Inc.
|
1,376
|
152,626
|
||||
Huntington Bancshares, Inc.
|
6,736
|
100,703
|
||||
Intercontinental Exchange, Inc.
|
2,632
|
398,906
|
||||
Invitation Homes, Inc.
|
2,658
|
93,748
|
||||
Iron Mountain, Inc.
|
1,351
|
138,559
|
||||
KeyCorp
|
4,327
|
69,794
|
||||
Kimco Realty Corporation
|
3,055
|
66,385
|
||||
LPL Financial Holdings, Inc.
|
344
|
76,203
|
||||
M&T Bank Corporation
|
770
|
132,571
|
||||
Markel Group, Inc.(a)
|
59
|
96,692
|
||||
Marsh & McLennan Companies, Inc.
|
2,280
|
507,460
|
||||
Mastercard, Inc. - Class A
|
6,581
|
3,051,675
|
||||
MetLife, Inc.
|
2,812
|
216,102
|
||||
Mid-America Apartment Communities, Inc.
|
538
|
75,196
|
||||
Nasdaq, Inc.
|
1,583
|
107,137
|
||||
Progressive Corporation
|
2,714
|
581,122
|
||||
Prologis, Inc.
|
4,289
|
540,628
|
||||
Prudential Financial, Inc.
|
1,666
|
208,783
|
||||
Public Storage
|
733
|
216,909
|
||||
Raymond James Financial, Inc.
|
876
|
101,616
|
||||
Realty Income Corporation
|
3,996
|
229,490
|
||||
Regions Financial Corporation
|
4,264
|
95,386
|
||||
SBA Communications Corporation
|
496
|
108,892
|
||||
Simon Property Group, Inc.
|
1,499
|
230,007
|
||||
Sun Communities, Inc.
|
572
|
72,490
|
||||
Synchrony Financial
|
1,879
|
95,434
|
||||
Travelers Companies, Inc.
|
1,060
|
229,426
|
||||
Truist Financial Corporation
|
6,188
|
276,542
|
||||
Ventas, Inc.
|
1,865
|
101,531
|
||||
Shares
|
Value
|
|||||
Visa, Inc. - Class A
|
11,767
|
$ 3,126,139
|
||||
Welltower, Inc.
|
2,643
|
294,034
|
||||
Willis Towers Watson plc
|
475
|
134,083
|
||||
W.P. Carey, Inc.
|
1,011
|
58,446
|
||||
W.R. Berkley Corporation
|
1,405
|
77,458
|
||||
18,322,208
|
||||||
Industrial - 5.2%
|
||||||
Advanced Drainage Systems, Inc.
|
309
|
54,705
|
||||
Builders FirstSource, Inc.(a)
|
554
|
92,723
|
||||
Carrier Global Corporation
|
3,889
|
264,880
|
||||
Crown Holdings, Inc.
|
556
|
49,317
|
||||
Deere & Company
|
1,182
|
439,680
|
||||
Dover Corporation
|
635
|
117,005
|
||||
Eaton Corporation plc
|
1,848
|
563,252
|
||||
EMCOR Group, Inc.
|
216
|
81,095
|
||||
Energizer Holdings, Inc.
|
811
|
24,971
|
||||
Expeditors International of Washington, Inc.
|
664
|
82,880
|
||||
FedEx Corporation
|
1,050
|
317,362
|
||||
Graco, Inc.
|
774
|
65,829
|
||||
Graphic Packaging Holding
Company
|
1,413
|
42,531
|
||||
Hubbell, Inc.
|
249
|
98,517
|
||||
IDEX Corporation
|
351
|
73,176
|
||||
Jabil, Inc.
|
544
|
61,292
|
||||
Johnson Controls International plc
|
3,146
|
225,065
|
||||
Keysight Technologies, Inc.(a)
|
808
|
112,773
|
||||
Lennox International, Inc.
|
146
|
85,191
|
||||
Mettler-Toledo International, Inc.(a)
|
97
|
147,540
|
||||
Otis Worldwide Corporation
|
1,883
|
177,943
|
||||
Owens Corning
|
401
|
74,738
|
||||
Parker-Hannifin Corporation
|
594
|
333,329
|
||||
Rockwell Automation, Inc.
|
531
|
147,963
|
||||
Saia, Inc.(a)
|
123
|
51,396
|
||||
Silgan Holdings, Inc.
|
371
|
19,081
|
||||
Simpson Manufacturing Company,
Inc.
|
196
|
37,650
|
||||
Snap-on, Inc.
|
241
|
69,174
|
||||
Stanley Black & Decker, Inc.
|
707
|
74,673
|
||||
Toro Company
|
483
|
46,238
|
||||
Trane Technologies plc
|
1,052
|
351,663
|
||||
Trex Company, Inc.(a)
|
502
|
41,982
|
||||
Trimble, Inc.(a)
|
1,138
|
62,067
|
||||
United Parcel Service, Inc. - Class B
|
3,383
|
441,042
|
||||
Vertiv Holdings Company - Class A
|
1,601
|
125,999
|
||||
Westinghouse Air Brake Technologies Corporation
|
813
|
131,015
|
||||
XPO, Inc.(a)
|
529
|
60,777
|
||||
5,246,514
|
||||||
Technology - 46.4%(b)
|
||||||
Accenture plc - Class A
|
6,523
|
2,156,634
|
||||
Adobe, Inc.(a)
|
4,480
|
2,471,392
|
||||
Advanced Micro Devices, Inc.(a)
|
14,907
|
2,153,763
|
||||
2
|
TABLE OF CONTENTS
Shares
|
Value
|
|||||
COMMON STOCKS - (Continued)
|
||||||
Technology - (Continued)
|
||||||
Akamai Technologies, Inc.(a)
|
691
|
$67,911
|
||||
ANSYS, Inc.(a)
|
404
|
126,707
|
||||
Apple, Inc.
|
22,575
|
5,013,456
|
||||
Applied Materials, Inc.
|
8,654
|
1,836,379
|
||||
Atlassian Corporation - Class A(a)
|
729
|
128,720
|
||||
Autodesk, Inc.(a)
|
994
|
246,035
|
||||
Broadcom, Inc.
|
27,480
|
4,415,486
|
||||
Broadridge Financial Solutions, Inc.
|
542
|
115,988
|
||||
Cadence Design Systems, Inc.(a)
|
1,254
|
335,646
|
||||
Cloudflare, Inc. - Class A(a)
|
1,355
|
105,012
|
||||
Cognizant Technology Solutions Corporation - Class A
|
2,312
|
174,972
|
||||
Crowdstrike Holdings, Inc. -
Class A(a)
|
1,036
|
240,311
|
||||
Datadog, Inc. - Class A(a)
|
1,213
|
141,242
|
||||
Dell Technologies, Inc. - Class C
|
1,378
|
156,651
|
||||
Electronic Arts, Inc.
|
1,240
|
187,166
|
||||
Entegris, Inc.
|
697
|
82,448
|
||||
EPAM Systems, Inc.(a)
|
261
|
56,149
|
||||
Fair Isaac Corporation(a)
|
112
|
179,200
|
||||
Fidelity National Information Services, Inc.
|
2,672
|
205,290
|
||||
Fiserv, Inc.(a)
|
2,729
|
446,383
|
||||
Fortinet, Inc.(a)
|
2,849
|
165,356
|
||||
Gartner, Inc.(a)
|
350
|
175,416
|
||||
HubSpot, Inc.(a)
|
225
|
111,832
|
||||
Intel Corporation
|
19,647
|
603,949
|
||||
International Business Machines Corporation
|
9,406
|
1,807,269
|
||||
Intuit, Inc.
|
2,832
|
1,833,295
|
||||
Jack Henry & Associates, Inc.
|
337
|
57,789
|
||||
KLA Corporation
|
627
|
516,065
|
||||
Lam Research Corporation
|
608
|
560,114
|
||||
Manhattan Associates, Inc.(a)
|
284
|
72,528
|
||||
Marvell Technology, Inc.
|
4,008
|
268,456
|
||||
Microchip Technology, Inc.
|
2,462
|
218,576
|
||||
Micron Technology, Inc.
|
5,125
|
562,827
|
||||
MicroStrategy, Inc. - Class A(a)
|
68
|
109,782
|
||||
MongoDB, Inc.(a)
|
325
|
82,017
|
||||
Monolithic Power Systems, Inc.
|
219
|
189,017
|
||||
MSCI, Inc.
|
357
|
193,051
|
||||
NetApp, Inc.
|
956
|
121,393
|
||||
Nutanix, Inc. - Class A(a)
|
1,131
|
57,127
|
||||
NVIDIA Corporation
|
45,510
|
5,325,580
|
||||
ON Semiconductor Corporation(a)
|
1,979
|
154,857
|
||||
Oracle Corporation
|
16,236
|
2,264,110
|
||||
Paychex, Inc.
|
1,493
|
191,134
|
||||
PTC, Inc.(a)
|
548
|
97,462
|
||||
Pure Storage, Inc. - Class A(a)
|
1,425
|
85,400
|
||||
QUALCOMM, Inc.
|
11,015
|
1,993,164
|
||||
ROBLOX Corporation - Class A(a)
|
2,229
|
92,548
|
||||
Salesforce, Inc.
|
8,642
|
2,236,550
|
||||
Shares
|
Value
|
|||||
Seagate Technology Holdings plc
|
907
|
$92,668
|
||||
ServiceNow, Inc.(a)
|
2,123
|
1,728,950
|
||||
Skyworks Solutions, Inc.
|
744
|
84,533
|
||||
Snowflake, Inc. - Class A(a)
|
1,466
|
191,137
|
||||
SS&C Technologies Holdings, Inc.
|
1,002
|
73,096
|
||||
Super Micro Computer, Inc.(a)
|
232
|
162,783
|
||||
Synopsys, Inc.(a)
|
704
|
393,057
|
||||
Take-Two Interactive Software,
Inc.(a)
|
784
|
118,016
|
||||
Teradyne, Inc.
|
708
|
92,861
|
||||
Texas Instruments, Inc.
|
9,398
|
1,915,406
|
||||
Tyler Technologies, Inc.(a)
|
195
|
110,781
|
||||
Veeva Systems, Inc. - Class A(a)
|
685
|
131,472
|
||||
Western Digital Corporation(a)
|
1,513
|
101,447
|
||||
Workday, Inc. - Class A(a)
|
972
|
220,761
|
||||
Zebra Technologies Corporation - Class A(a)
|
237
|
83,232
|
||||
Zoom Video Communications, Inc. - Class A(a)
|
1,211
|
73,144
|
||||
Zscaler, Inc.(a)
|
416
|
74,610
|
||||
46,837,559
|
||||||
Utilities - 0.1%
|
||||||
American Water Works Company,
Inc.
|
904
|
128,693
|
||||
TOTAL COMMON STOCKS
(Cost $71,981,344)
|
100,732,182
|
|||||
SHORT-TERM INVESTMENTS - 0.3%
|
||||||
Money Market Funds - 0.3%
|
||||||
First American Government Obligations Fund - Class X, 5.23%(c)
|
292,222
|
292,222
|
||||
TOTAL SHORT-TERM INVESTMENTS
(Cost $292,222)
|
292,222
|
|||||
TOTAL INVESTMENTS - 100.0%
(Cost $72,273,566)
|
$101,024,404
|
|||||
Other Assets in Excess of
Liabilities - 0.0%(d)
|
24,172
|
|||||
TOTAL NET ASSETS - 100.0%
|
$101,048,576
|
|||||
(a)
|
Non-income producing security.
|
(b)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. See Note 7 in Notes to Financial Statements.
|
(c)
|
The rate shown represents the 7-day effective yield as of July 31, 2024.
|
(d)
|
Represents less than 0.05% of net assets.
|
3
|
TABLE OF CONTENTS
ASSETS:
|
|||
Investments in securities, at value
|
$101,024,404
|
||
Dividends and interest receivable
|
75,423
|
||
Total assets
|
101,099,827
|
||
LIABILITIES:
|
|||
Payable to adviser
|
51,251
|
||
Total liabilities
|
51,251
|
||
NET ASSETS
|
$101,048,576
|
||
NETASSETSCONSISTS OF:
|
|||
Paid-in capital
|
$76,404,173
|
||
Total distributable earnings
|
24,644,403
|
||
Total net assets
|
$101,048,576
|
||
Net assets
|
$101,048,576
|
||
Shares outstanding(a)
|
2,050,000
|
||
Net asset value per share
|
$49.29
|
||
COST:
|
|||
Investments in securities, at cost
|
$72,273,566
|
||
(a)
|
Unlimited shares authorized without par value.
|
4
|
TABLE OF CONTENTS
INVESTMENT INCOME:
|
|||
Dividend income
|
$1,046,747
|
||
Interest income
|
13,560
|
||
Total investment income
|
1,060,307
|
||
EXPENSES:
|
|||
Investment advisory fee
|
514,948
|
||
Total expenses
|
514,948
|
||
NET INVESTMENT INCOME
|
545,359
|
||
REALIZED AND UNREALIZED GAIN/(LOSS)
|
|||
Net realized gain from:
|
|||
Investments
|
(548,406)
|
||
In-kind redemptions
|
3,418,454
|
||
Net realized gain
|
2,870,048
|
||
Net change in unrealized appreciation on:
|
|||
Investments
|
15,077,100
|
||
Net change in unrealized appreciation
|
15,077,100
|
||
Net realized and unrealized gain
|
17,947,148
|
||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$18,492,507
|
||
5
|
TABLE OF CONTENTS
Year Ended July 31,
|
||||||
2024
|
2023
|
|||||
OPERATIONS:
|
||||||
Net investment income
|
$545,359
|
$527,889
|
||||
Net realized gain/(loss)
|
2,870,048
|
(767,330)
|
||||
Net change in unrealized appreciation
|
15,077,100
|
10,267,937
|
||||
Net increase in net assets from operations
|
18,492,507
|
10,028,496
|
||||
DISTRIBUTIONS TO SHAREHOLDERS:
|
||||||
Distributions to shareholders
|
(508,815)
|
(532,973)
|
||||
Total distributions to shareholders
|
(508,815)
|
(532,973)
|
||||
CAPITAL TRANSACTIONS:
|
||||||
Subscriptions
|
10,921,373
|
-
|
||||
Redemptions
|
(3,512,700)
|
(1,715,610)
|
||||
Net increase (decrease) in net assets from capital transactions
|
7,408,673
|
(1,715,610)
|
||||
NET INCREASE IN NET ASSETS
|
$25,392,365
|
$7,779,913
|
||||
NET ASSETS:
|
||||||
Beginning of the year
|
$75,656,211
|
$67,876,298
|
||||
End of the year
|
$101,048,576
|
$75,656,211
|
||||
SHARES TRANSACTIONS
|
||||||
Subscriptions
|
250,000
|
-
|
||||
Redemptions
|
(75,000)
|
(50,000)
|
||||
Total increase/(decrease) in shares outstanding
|
175,000
|
(50,000)
|
||||
6
|
TABLE OF CONTENTS
Year ended July 31,
|
Period ended
July 31, 2020(a)
|
||||||||||||||
2024
|
2023
|
2022
|
2021
|
||||||||||||
PER SHARE DATA:
|
|||||||||||||||
Net asset value, beginning of period
|
$40.35
|
$35.26
|
$40.24
|
$28.93
|
$25.00
|
||||||||||
INVESTMENT OPERATIONS:
|
|||||||||||||||
Net investment income(b)
|
0.28
|
0.28
|
0.22
|
0.20
|
0.27
|
||||||||||
Net realized and unrealized gain (loss) on investments(f)
|
8.92
|
5.09
|
(5.01)
|
11.31
|
3.87
|
||||||||||
Total from investment operations
|
9.20
|
5.37
|
(4.79)
|
11.51
|
4.14
|
||||||||||
LESS DISTRIBUTIONS FROM:
|
|||||||||||||||
From net investment income
|
(0.26)
|
(0.28)
|
(0.19)
|
(0.20)
|
(0.21)
|
||||||||||
Total distributions
|
(0.26)
|
(0.28)
|
(0.19)
|
(0.20)
|
(0.21)
|
||||||||||
Net asset value, end of period
|
$49.29
|
$40.35
|
$35.26
|
$40.24
|
$28.93
|
||||||||||
TOTAL RETURN(c)
|
22.90%
|
15.36%
|
−11.94%
|
39.89%
|
16.71%
|
||||||||||
SUPPLEMENTAL DATA AND RATIOS:
|
|||||||||||||||
Net assets, end of period (in thousands)
|
$101,049
|
$75,656
|
$67,876
|
$59,361
|
$22,424
|
||||||||||
Ratio of expenses to average net assets(d)
|
0.60%
|
0.60%
|
0.60%
|
0.60%
|
0.60%
|
||||||||||
Ratio of net investment income to average net assets(d)
|
0.64%
|
0.80%
|
0.56%
|
0.58%
|
1.16%
|
||||||||||
Portfolio turnover rate(c)(e)
|
18%
|
20%
|
17%
|
22%
|
18%
|
||||||||||
(a)
|
Inception date of the Fund was September 9, 2019.
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the year/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)
|
Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
7
|
TABLE OF CONTENTS
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.
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
|
Level 2 -
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
8
|
TABLE OF CONTENTS
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.
|
Assets^
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||
Common Stocks
|
$100,732,182
|
$ -
|
$ -
|
$100,732,182
|
||||||||
Short-Term Investments
|
292,222
|
-
|
-
|
292,222
|
||||||||
Total Investments in Securities
|
$101,024,404
|
$-
|
$-
|
$101,024,404
|
||||||||
^
|
See Schedule of Investments for breakout of investments by sector.
|
B.
|
Federal Income Taxes.The Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and applicable state and local tax returns.
|
C.
|
Security Transactions and Investment Income.Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income and expense are recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund's understanding of the applicable tax rules and regulations. Interest income and expense is recorded on an accrual basis.
|
9
|
TABLE OF CONTENTS
D.
|
Distributions to Shareholders.Distributions to shareholders from net investment income, if any, are declared and paid quarterly by the Fund. Distributions to shareholders of net realized gains on securities are declared and paid by the Fund on an annual basis. Distributions are recorded on the ex-dividend date.
|
E.
|
Use of Estimates.The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.
|
F.
|
Share Valuation.The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund's shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading. The offering and redemption price per share of the Fund is equal to the Fund's NAV per share.
|
G.
|
Reclassification of Capital Accounts.U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share.
|
Distributable Earnings
(Accumulated Losses)
|
Paid-In Capital
|
||
$(3,418,460)
|
$3,418,460
|
||
H.
|
Guarantees and Indemnifications.In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
|
I.
|
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.
|
10
|
TABLE OF CONTENTS
Tax cost of investments
|
$72,624,357
|
||
Gross tax unrealized appreciation
|
$31,917,621
|
||
Gross tax unrealized depreciation
|
(3,517,574)
|
||
Net tax unrealized appreciation (depreciation)
|
28,400,047
|
||
Undistributed ordinary income
|
105,216
|
||
Undistributed long-term capital gains
|
-
|
||
Other accumulated gain (loss)
|
(3,860,860)
|
||
Distributable earnings (accumulated deficit)
|
$24,644,403
|
||
Year Ended July 31
|
||||||
2024
|
2023
|
|||||
Ordinary Income
|
$508,815
|
$532,973
|
||||
11
|
TABLE OF CONTENTS
12
|
TABLE OF CONTENTS
13
|
TABLE OF CONTENTS
14
|
TABLE OF CONTENTS
15
|
TABLE OF CONTENTS
16
|
TABLE OF CONTENTS
17
|
TABLE OF CONTENTS
18
|
TABLE OF CONTENTS
1.
|
Federal Tax Information
|
2.
|
INFORMATION ABOUT PORTFOLIO HOLDINGS
|
3.
|
Information About Proxy Voting
|
4.
|
Frequency Distribution of Premiums and Discounts
|
19
|
(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.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Funds' Statement of Additional Information.
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. Filed herewith. |
(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. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. 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 | 10/7/2024 |
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 | 10/7/2024 |
By (Signature and Title)* | /s/ Kristen M. Weitzel | ||
Kristen M. Weitzel, Treasurer (principal financial officer) |
Date | 10/7/2024 |
* Print the name and title of each signing officer under his or her signature.