ETF Series Solutions (HOMZ) NPORT-P Roundhill Acquirers Deep Value ETF (Nov 2024 report)

Roundhill Acquirers Deep Value ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 98.9%	Shares		Value
Communication Services - 1.1%
AMC Networks, Inc. - Class A (a)		37,558	$	353,796
Consumer Discretionary - 26.2%(b)
Buckle, Inc.		6,957		362,390
Build-A-Bear Workshop, Inc.		9,344		354,979
Cricut, Inc. - Class A		46,783		242,804
Destination XL Group, Inc. (a)		111,260		268,137
Ethan Allen Interiors, Inc.		9,602		295,069
G-III Apparel Group, Ltd. (a)		9,692		287,174
Haverty Furniture Companies, Inc.		11,097		262,000
Helen of Troy, Ltd. (a)		5,124		375,743
Hovnanian Enterprises, Inc. - Class A (a)		1,423		279,776
Johnson Outdoors, Inc. - Class A - Class A		8,199		275,978
Legacy Housing Corporation (a)		10,915		285,646
Leslie's, Inc. (a)		105,422		242,471
Malibu Boats, Inc. - Class A (a)		7,726		334,922
MarineMax, Inc. (a)		8,571		294,157
MasterCraft Boat Holdings, Inc. (a)		16,839		356,987
Movado Group, Inc.		15,496		315,344
ODP Corporation (a)		10,675		274,134
Perdoceo Education Corporation		13,753		377,520
Sally Beauty Holdings, Inc. (a)		22,867		318,537
Smith & Wesson Brands, Inc.		22,849		310,289
Standard Motor Products, Inc.		8,975		295,098
Sturm Ruger & Company, Inc.		7,316		278,666
Target Hospitality Corporation (a)		31,913		263,920
Upbound Group, Inc.		10,080		346,651
Winmark Corporation		798		328,716
Winnebago Industries, Inc.		5,207		304,818
XPEL, Inc. (a)		7,146		310,851
				8,242,777
Consumer Staples - 7.1%
Herbalife, Ltd. (a)		43,154		335,307
Ingles Markets, Inc. - Class A		4,182		309,050
John B Sanfilippo & Son, Inc.		3,201		276,406
Medifast, Inc. (a)		16,432		323,217
Nature's Sunshine Products, Inc. (a)		22,546		366,147
Nu Skin Enterprises, Inc. - Class A		43,304		316,119
USANA Health Sciences, Inc. (a)		7,920		305,158
				2,231,404
Energy - 14.7%
Amplify Energy Corporation (a)		46,218		310,123
Ardmore Shipping Corporation		17,474		195,010
BW LPG, Ltd. (c)		21,791		267,376
DHT Holdings, Inc.		28,304		266,624
Dorchester Minerals LP		9,936		340,904
Dorian LPG, Ltd.		8,805		215,458
Evolution Petroleum Corporation		55,935		327,779
FutureFuel Corporation		54,931		286,190
Geopark, Ltd.		40,687		394,664
Gran Tierra Energy, Inc. (a)		48,412		333,075
Natural Resource Partners LP		3,232		353,872
Par Pacific Holdings, Inc. (a)		16,344		284,876
SandRidge Energy, Inc.		24,936		292,499
Teekay Corporation, Ltd. (a)		34,545		254,942
Teekay Tankers, Ltd.		5,464		219,926
W&T Offshore, Inc.		146,745		284,685
				4,628,003
Financials - 13.1%
Bank of Marin Bancorp		14,755		373,006
Berkshire Hills Bancorp, Inc.		11,117		338,846
Brightsphere Investment Group, Inc.		11,961		372,944
Diamond Hill Investment Group, Inc.		1,899		314,000
Donnelley Financial Solutions, Inc. (a)		4,563		274,921
Heritage Commerce Corporation		30,180		320,512
International General Insurance Holdings, Ltd.		15,990		414,861
Open Lending Corporation (a)		50,533		322,400
Peapack-Gladstone Financial Corporation		10,919		394,613
Preferred Bank/Los Angeles CA		3,777		356,284
Veritex Holdings, Inc.		11,696		355,675
World Acceptance Corporation (a)		2,477		299,519
				4,137,581
Health Care - 9.2%
AMN Healthcare Services, Inc. (a)		6,708		174,609
Cross Country Healthcare, Inc. (a)		21,041		226,401
Inmode, Ltd. (a)		17,550		342,752
Innoviva, Inc. (a)		15,792		299,890
Ironwood Pharmaceuticals, Inc. (a)		71,099		250,269
National Research Corporation		14,128		277,756
Semler Scientific, Inc. (a)		13,104		747,190
SIGA Technologies, Inc.		36,266		264,016
Utah Medical Products, Inc.		4,611		300,868
				2,883,751
Industrials - 13.9%
BlueLinx Holdings, Inc. (a)		2,836		356,485
Danaos Corporation		3,787		300,612
Global Industrial Company		9,200		259,900
Heidrick & Struggles International, Inc.		8,024		370,228
Hudson Technologies, Inc. (a)		37,329		221,734
Insteel Industries, Inc.		9,884		291,380
Kforce, Inc.		4,896		293,711
Omega Flex, Inc.		6,028		297,904
Preformed Line Products Company		2,541		345,627
Quanex Building Products Corporation		10,841		322,628
RCM Technologies, Inc. (a)		15,524		355,189
Resources Connection, Inc.		30,757		259,589
TTEC Holdings, Inc.		74,933		388,153
Wabash National Corporation		15,775		312,818
				4,375,958
Information Technology - 5.0%
Clearfield, Inc. (a)		7,697		235,528
Hackett Group, Inc.		11,750		368,245
Ituran Location and Control, Ltd.		11,543		348,137
NVE Corporation		3,962		306,184
Photronics, Inc. (a)		13,064		325,424
				1,583,518
Materials - 6.7%
Arch Resources, Inc.		2,383		409,685
CVR Partners LP		4,371		356,674
Myers Industries, Inc.		21,515		249,574
Ramaco Resources, Inc.		30,150		384,413
Ryerson Holding Corporation		15,480		397,836
Westlake Chemical Partners LP		13,704		325,744
				2,123,926
Real Estate - 1.9%
RE/MAX Holdings, Inc. - Class A (a)		24,856		327,105
RMR Group, Inc. - Class A		12,234		271,595
				598,700
TOTAL COMMON STOCKS (Cost $31,831,897)				31,159,414
CONTINGENT VALUE RIGHTS - 0.0%(d)	Shares		Value
Materials - 0.0%(d)
Resolute Forest Products (a)(e)		17,062		171
TOTAL CONTINGENT VALUE RIGHTS (Cost $46,067)				171
SHORT-TERM INVESTMENTS - 1.0%			Value
Money Market Funds - 1.0%	Shares
First American Treasury Obligations Fund - Class X, 4.55% (f)		299,424		299,424
TOTAL SHORT-TERM INVESTMENTS (Cost $299,424)				299,424
TOTAL INVESTMENTS - 99.9% (Cost $32,177,388)				31,459,009
Other Assets in Excess of Liabilities - 0.1%				27,678
TOTAL NET ASSETS - 100.0%			$	31,486,687
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)	Non-income producing security.
(b)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2024, the value of these securities total $267,376 or 0.8% of the Fund’s net assets.
(d)	Represents less than 0.05% of net assets.
(e)	Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $171 or 0.0% of net assets as of November 30, 2024.
(f)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

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

The Fund utilizes various methods to measure the fair value of its investments on a recurring basis. Accounting principles generally accepted in the United States of America ("U.S. GAAP") establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 -	Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 -	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 -	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	31,159,414	$	–	$	–	$	31,159,414
Contingent Value Rights		–		–		171		171
Money Market Funds		299,424		–		–		299,424
Total Investments	$	31,458,838	$	–	$	171	$	31,459,009
Refer to the Schedule of Investments for further disaggregation of investment categories.