ETF Series Solutions (HOMZ) NPORT-P Hoya Capital High Dividend Yield ETF (Nov 2024 report)

Hoya Capital High Dividend Yield ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 89.6%	Shares		Value
Dividend Champions - 15.7%
Apple Hospitality REIT, Inc.		86,286	$	1,390,067
BXP, Inc.		20,927		1,715,805
Crown Castle, Inc.		12,745		1,354,156
Equity Residential		18,956		1,453,167
Extra Space Storage, Inc.		8,709		1,488,891
Gaming and Leisure Properties, Inc.		28,015		1,445,854
Healthpeak Properties, Inc.		65,463		1,439,531
Realty Income Corporation		23,926		1,385,076
Simon Property Group, Inc.		8,273		1,518,923
WP Carey, Inc.		21,847		1,246,590
				14,438,060
Large-Cap REITs - 15.2%
AGNC Investment Corporation		129,788		1,253,752
Annaly Capital Management, Inc.		64,089		1,277,294
Blackstone Mortgage Trust, Inc. - Class A		57,714		1,109,263
Healthcare Realty Trust, Inc.		79,899		1,463,750
Kilroy Realty Corporation		38,424		1,595,749
National Storage Affiliates Trust		34,842		1,571,374
Omega Healthcare Investors, Inc.		39,590		1,607,750
Rithm Capital Corporation		113,372		1,275,435
Starwood Property Trust, Inc.		65,890		1,342,179
VICI Properties, Inc.		44,188		1,440,971
				13,937,517
Mid-Cap REITs – 29.3%(a)
Alexander's, Inc.		4,649		1,039,563
Arbor Realty Trust, Inc.		74,815		1,097,536
BrightSpire Capital, Inc.		164,002		1,039,773
Broadstone Net Lease, Inc.		66,259		1,160,195
Claros Mortgage Trust, Inc.		137,620		934,440
Easterly Government Properties, Inc.		85,748		1,056,415
Ellington Financial, Inc.		83,294		1,029,514
EPR Properties		24,632		1,117,554
Franklin BSP Realty Trust, Inc.		79,119		1,034,877
Global Net Lease, Inc.		134,558		997,075
Highwoods Properties, Inc.		39,188		1,272,042
Innovative Industrial Properties, Inc.		9,006		981,834
Ladder Capital Corporation		90,750		1,076,295
LTC Properties, Inc.		29,085		1,122,390
Medical Properties Trust, Inc.		198,573		871,735
MFA Financial, Inc.		93,559		1,039,440
NNN REIT, Inc.		30,157		1,326,305
Outfront Media, Inc.		70,009		1,344,873
PennyMac Mortgage Investment Trust		73,577		999,911
Ready Capital Corporation		119,811		883,007
Sabra Health Care REIT, Inc.		69,253		1,297,109
Service Properties Trust		179,536		499,110
Two Harbors Investment Corporation		79,461		933,667
Uniti Group, Inc.		308,892		1,825,552
				26,890,551
Small-Cap REITs - 29.4%(a)
Advanced Flower Capital, Inc.		80,047		778,857
Ares Commercial Real Estate Corporation		152,785		1,103,108
Armada Hoffler Properties, Inc.		88,315		975,881
ARMOUR Residential REIT, Inc.		52,703		997,141
Brandywine Realty Trust		216,573		1,212,809
Cherry Hill Mortgage Investment Corporation		271,867		753,071
Chimera Investment Corporation		85,385		1,267,113
City Office REIT, Inc.		209,766		1,216,643
Clipper Realty, Inc.		261,322		1,322,289
Community Healthcare Trust, Inc.		44,142		834,284
CTO Realty Growth, Inc.		57,241		1,168,289
Dynex Capital, Inc.		81,905		1,027,908
Gladstone Commercial Corporation		70,585		1,243,002
Global Medical REIT, Inc.		112,352		998,809
Granite Point Mortgage Trust, Inc.		325,966		1,157,179
Invesco Mortgage Capital, Inc.		109,399		913,482
KKR Real Estate Finance Trust, Inc.		104,702		1,217,684
Nexpoint Real Estate Finance, Inc.		71,519		1,270,893
One Liberty Properties, Inc.		43,300		1,302,031
Orchid Island Capital, Inc.		116,662		908,797
Orion Office REIT, Inc.		283,497		1,199,192
Postal Realty Trust, Inc. - Class A		74,945		1,061,971
Sachem Capital Corporation		326,982		516,631
Sunrise Realty Trust, Inc.		25,957		403,112
TPG RE Finance Trust, Inc.		119,286		1,089,081
Universal Health Realty Income Trust		26,690		1,126,051
				27,065,308
TOTAL COMMON STOCKS (Cost $82,007,821)				82,331,436
PREFERRED STOCKS - 9.6%	Shares		Value
Preferreds Issued by U.S. REITs - 9.6%
AGNC Investment Corporation		–	$	–
Series C, 10.03% (3 mo. Term SOFR + 5.37%), Perpetual		10,647		272,457
Series D, 9.25% (3 mo. Term SOFR + 4.59%), Perpetual		11,059		281,562
Annaly Capital Management, Inc.		–	$	–
Series F, 9.75% (3 mo. Term SOFR + 5.25%), Perpetual		10,693		275,986
Series G, 8.93% (3 mo. Term SOFR + 4.43%), Perpetual		10,752		273,638
Arbor Realty Trust, Inc. Series D, 6.38%, Perpetual		15,301		293,779
ARMOUR Residential REIT, Inc. Series C, 7.00%, Perpetual		13,280		300,128
Chimera Investment Corporation		–	$	–
Series B, 10.66% (3 mo. Term SOFR + 6.05%), Perpetual		11,114		280,406
Series C, 7.75% to 9/30/2025 then 3 mo. LIBOR US + 4.74%, Perpetual  (b)		12,416		292,769
Series D, 10.20% (3 mo. Term SOFR + 5.60%), Perpetual		11,159		281,207
DiamondRock Hospitality Company 8.25%, Perpetual		10,621		278,907
Global Net Lease, Inc.		–	$	–
Series A, 7.25%, Perpetual		13,596		315,427
Series B, 6.88%, Perpetual		14,176		313,998
Series D, 7.50%, Perpetual		13,245		314,834
Granite Point Mortgage Trust, Inc., Series A, 7.00% to 01/15/2027 then SOFR + 5.83%, Perpetual		17,175		311,383
Hudson Pacific Properties, Inc. Series C, 4.75%, Perpetual		19,726		280,701
Invesco Mortgage Capital, Inc., Series C, 7.50% to 09/27/2027 then 3 mo. LIBOR US + 5.29%, Perpetual  (b)		12,031		301,858
KKR Real Estate Finance Trust, Inc. Series A, 6.50%, Perpetual		14,508		298,139
MFA Financial, Inc. Series B, 7.50%, Perpetual		13,260		307,102
New York Mortgage Trust, Inc.		–	$	–
Series D, 8.00% to 10/15/2027 then 3 mo. LIBOR US + 5.70%, Perpetual  (b)		13,226		304,198
Series E, 7.88% to 1/15/2025 then 3 mo. LIBOR US + 6.43%, Perpetual  (b)		11,541		290,141
PennyMac Mortgage Investment Trust		–	$	–
Series B, 8.00%, Perpetual		11,561		285,904
Series C, 6.75%, Perpetual		14,153		284,900
Rithm Capital Corporation, Series D, 7.00% to 11/15/2026 then 5 yr. CMT Rate + 6.22%, Perpetual		12,017		287,327
RLJ Lodging Trust Series A, 1.95%, Perpetual		11,204		283,797
SL Green Realty Corporation Series I, 6.50%, Perpetual		12,329		300,088
Summit Hotel Properties, Inc. Series E, 6.25%, Perpetual		13,093		271,942
Two Harbors Investment Corporation		–	$	–
Series B, 7.63% to 7/27/2027 then 3 mo. LIBOR US + 5.35%, Perpetual  (b)		12,110		283,374
Series C, 7.25% to 1/27/2025 then 3 mo. LIBOR US + 5.01%, Perpetual  (b)		11,571		288,696
Vornado Realty Trust		–	$	–
Series M, 5.25%, Perpetual		18,155		327,335
Series N, 5.25%, Perpetual		17,996		324,828
TOTAL PREFERRED STOCKS (Cost $7,916,590)				8,806,811
SHORT-TERM INVESTMENTS - 0.7%			Value
Money Market Funds - 0.7%	Shares
First American Government Obligations Fund - Class X, 4.56% (c)		603,044		603,044
TOTAL SHORT-TERM INVESTMENTS (Cost $603,044)				603,044
TOTAL INVESTMENTS - 99.9% (Cost $90,527,455)				91,741,291
Other Assets in Excess of Liabilities - 0.1%				121,487
TOTAL NET ASSETS - 100.0%			$	91,862,778
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Fund’s security classifications are defined by the Fund’s Adviser.

CMT - Constant Maturity Treasury

LIBOR - London Interbank Offered Rate

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

(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)	Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

Hoya Capital High Dividend Yield ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	82,331,436	$	–	$	–	$	82,331,436
Preferred Stocks		8,806,811		–		–		8,806,811
Money Market Funds		603,044		–		–		603,044
Total Investments	$	91,741,291	$	–	$	–	$	91,741,291
Refer to the Schedule of Investments for further disaggregation of investment categories.