NPORT-P
    false
    
      
      
        
          0001540305
          XXXXXXXX
        
      
      
      
      
        S000067502
        C000217044
      
      
      
    
  
  
    
      ETF Series Solutions
      811-22668
      0001540305
      5493008BB0X0GYS3UI50
      615 E Michigan Street
      Milwaukee
      
      53202
      414-765-6076
      LHA Market State Alpha Seeker ETF
      S000067502
      549300QIQQMARMWBC485
      2021-12-31
      2021-09-30
      N
    
    
      30246349.350000000000
      1939875.410000000000
      28306473.940000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      N
      
        
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        First American Treasury Obliga
        N/A
        First American Treasury Obligations Fund
        31846V328
        
          
          
        
        11350413.760000000000
        NS
        USD
        11350413.760000000000
        40.0982961850
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        11350413.750000000000
        NS
        USD
        11350413.750000000000
        40.0982961497
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ProShares Ultra VIX Short-Term
        549300EWSOHHPOVKHV20
        ProShares Ultra VIX Short-Term Futures ETF
        74347Y839
        
          
          
        
        39000.000000000000
        NS
        USD
        957450.000000000000
        3.3824417765
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TREASURY BILL
        254900HROIFWPRGM1V77
        United States Treasury Bill
        912796G45
        
          
        
        5843000.000000000000
        PA
        USD
        5841606.620000000000
        20.6369985622
        Long
        DBT
        UST
        US
        N
        
        2
        
          2022-04-21
          Fixed
          .000000000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        S&P500 EMINI FUT  Dec21
        N/A
        
          
        
        -32.000000000000
        NC
        USD
        106321.600000000000
        0.3756087750
        N/A
        DE
        
        US
        N
        
        1
        
          
            
              Chicago Mercantile Exchange
              SNZ2OJLFK8MNNCLQOF39
            
            Short
            
              
                S&P 500 Index
                ES_Index
              
            
            2021-12-17
            -6982721.600000000000
            USD
            106321.600000000000
          
        
        
          N
          N
          N
        
      
      
        N/A
        N/A
        CBOE S&P PUT OPT  9/21 4350
        N/A
        
          
          
        
        10.000000000000
        NC
        USD
        38900.000000000000
        0.1374243930
        N/A
        DE
        
        US
        N
        
        2
        
          
            
              Cboe Options Exchange
              N/A
            
            Put
            Purchased
            
              
                S&P 500 INDEX
                US78378X1072
              
            
            100.000000000000
            4350.000000000000
            USD
            2021-09-30
            XXXX
            22685.000000000000
          
        
        
          N
          N
          N
        
      
    
    
      2021-11-24
      ETF Series Solutions
      /s/ Kristen Weitzel
      ETF Series Solutions
      Treasurer
    
  
  XXXX

LHA Market State® Alpha Seeker ETF
  
Schedule of Investments
  
September 30, 2021 (Unaudited)
  
                   
Shares
  
Security Description
      
  
  
Value
  
    
INVESTMENT COMPANIES - 3.4%
              
 
39,000
  
ProShares Ultra VIX Short-Term Futures ETF (a)
           
$
957,450
  
      
TOTAL INVESTMENT COMPANIES (Cost $946,007)
                
           
Effective
            
Par
       
Yield
  
Maturity
        
      
SHORT-TERM INVESTMENTS - 102.9%
                
      
U. S. Treasury Bills - 20.6%
                
 
5,843,000
  
United States Treasury Bill (b) (c)
    
0.04
%
4/21/2022
    
5,841,606
  
Shares
  
Money Market Funds - 82.3%
                  
 
11,662,454
  
First American Government Obligations Fund, Class X, 0.03% (d)
              
11,662,454
  
 
11,662,454
  
First American Treasury Obligations Fund, Class X, 0.01% (d)
              
11,662,454
  
                     
23,324,908
  
      
TOTAL SHORT-TERM INVESTMENTS (Cost $29,167,088)
              
29,166,514
  
      
TOTAL INVESTMENTS - 106.3% (Cost $30,113,095)
              
30,123,964
  
      
LIABILITIES IN EXCESS OF OTHER ASSETS - (6.3)%
              
(1,796,171
)
      
NET ASSETS - 100.0%
             
$
28,327,793
  
                         
   
Percentages are stated as a percentage of net assets.
                  
   
 (a)
Non-income producing security.
                  
   
 (b)
All or a portion of this security is held as collateral for written options and futures. At September 30, 2021, the total value of these securities amounted to $5,841,364 or 20.6% of net assets.
                  
   
 (c)
Zero coupon bond.
                  
   
 (d)
Annualized seven-day yield as of September 30, 2021.
                  

 
SCHEDULE OF OPEN FUTURES CONTRACTS
September 30, 2021 (Unaudited)
 
          
                 
Number of Short
Contracts
  
Description
Expiration Month
  
Notional Value
    
Value & Unrealized
Appreciation (Depreciation)
 
(32)

S&P 500 E-Mini Future  (a)
December 2021
  
$
(6,876,400
)
  
$
106,322
                       
(a)
  
Exchange Traded.
                

 
Summary of Fair Value Disclosure at September 30, 2021 (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 September 30, 2021:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets^
                        
Investment Companies
  
$
-
    
$
-
    
$
-
    
$
-
  
Short-Term Investments
    
23,324,908
      
5,841,606
      
-
      
29,166,514
  
Total Investments in Securities
  
$
23,324,908
    
$
5,841,606
    
$
-
    
$
29,166,514
  
^ See Schedule of Investments for further disaggregation of investment categories.
          
                                 
Other Financial Instruments (a)
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Futures Contracts
  
$
106,322
    
$
-
    
$
-
    
$
106,322
  
                                 
(a) Other Financial Instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts which are reflected at the unrealized appreciation on the instrument.
  
                                 
For the period ended September 30, 2021, the Fund did not recognize any transfers to or from Level 3.