NPORT-P
    false
    
      
      
        
          0001540305
          XXXXXXXX
        
      
      
      
      
        S000071901
        C000227517
      
      
      
    
  
  
    
      ETF Series Solutions
      811-22668
      0001540305
      5493008BB0X0GYS3UI50
      615 E Michigan Street
      Milwaukee
      
      53202
      414-765-6076
      Defiance Next Gen Altered Experience ETF
      S000071901
      54930094FVJKPH2KSQ36
      2021-12-31
      2021-09-30
      N
    
    
      10410772.560000000000
      5876.510000000000
      10404896.050000000000
      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
      
        
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        ATAI Life Sciences NV
        391200Z8UWPJSNBNCA11
        ATAI Life Sciences NV
        N0731H103
        
          
          
        
        32538.000000000000
        NS
        USD
        481237.020000000000
        4.6251016607
        Long
        EC
        CORP
        DE
        N
        1
        
          N
          N
          N
        
      
      
        cbdMD Inc
        N/A
        cbdMD Inc
        12482W101
        
          
          
        
        216216.000000000000
        NS
        USD
        449729.280000000000
        4.3222851804
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Compass Pathways Plc
        213800N7CUZIC6QSTZ31
        Compass Pathways Plc
        20451W101
        
          
          
        
        16786.000000000000
        NS
        USD
        501397.820000000000
        4.8188642884
        Long
        EC
        CORP
        GB
        N
        1
        
          N
          N
          N
        
      
      
        Corbus Pharmaceuticals Holding
        529900MX6XCNZC7MM155
        Corbus Pharmaceuticals Holdings Inc
        21833P103
        
          
          
        
        434874.000000000000
        NS
        USD
        443571.480000000000
        4.2631034262
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Cybin Inc
        549300NTYWN4CVYSCN32
        Cybin Inc
        23256X100
        
          
          
        
        211618.000000000000
        NS
        USD
        463443.420000000000
        4.4540898609
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        First American Government Obli
        549300R5MYM6VZF1RM44
        First American Government Obligations Fund
        31846V336
        
          
          
        
        12707.800000000000
        NS
        USD
        12707.800000000000
        0.1221328876
        Long
        STIV
        RF
        US
        N
        1
        
          N
          N
          N
        
      
      
        Forian Inc
        N/A
        Forian Inc
        34630N106
        
          
          
        
        48114.000000000000
        NS
        USD
        496536.480000000000
        4.7721426299
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Mind Medicine MindMed Inc
        549300QY8KN1O6RPFJ13
        Mind Medicine MindMed Inc
        60255C109
        
          
          
        
        196020.000000000000
        NS
        USD
        456726.600000000000
        4.3895354437
        Long
        EC
        CORP
        US
        
        N
        1
        
          N
          N
          N
        
      
      
        Neptune Wellness Solutions Inc
        5493000MC5RJH74XZ687
        Neptune Wellness Solutions Inc
        64079L105
        
          
          
        
        779944.000000000000
        NS
        USD
        471554.140000000000
        4.5320408559
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Seelos Therapeutics Inc
        5493009HV8O6R1WGZ132
        Seelos Therapeutics Inc
        81577F109
        
          
          
        
        259160.000000000000
        NS
        USD
        624575.600000000000
        6.0027086960
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Skylight Health Group Inc
        N/A
        Skylight Health Group Inc
        83086L205
        
          
          
        
        136224.000000000000
        NS
        USD
        332386.560000000000
        3.1945207180
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Zynerba Pharmaceuticals Inc
        549300JLJ5VQU2CN6016
        Zynerba Pharmaceuticals Inc
        98986X109
        
          
          
        
        125224.000000000000
        NS
        USD
        530949.760000000000
        5.1028838486
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        Tetra Bio-Pharma Inc
        5299000CYH3P8XC2UO53
        Tetra Bio-Pharma Inc
        88166Y100
        
          
          
        
        1997000.000000000000
        NS
        
        386205.940000000000
        3.7117712483
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Aleafia Health Inc
        5299007KDVG85TV1GX09
        Aleafia Health Inc
        01444Q104
        
          
          
        
        1707420.000000000000
        NS
        
        384113.900000000000
        3.6916649446
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Cronos Group Inc
        549300CWB04E8UOTWX71
        Cronos Group Inc
        22717L101
        
          
          
        
        85756.000000000000
        NS
        
        484000.000000000000
        4.6516562748
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Charlottes Web Holdings Inc
        5493008O89WUQELR8M88
        Charlottes Web Holdings Inc
        16106R109
        
          
          
        
        233838.000000000000
        NS
        
        461455.580000000000
        4.4349850088
        Long
        EC
        CORP
        US
        N
        1
        
          N
          N
          N
        
      
      
        PharmaCielo Ltd
        N/A
        PharmaCielo Ltd
        71716K101
        
          
          
        
        532312.000000000000
        NS
        
        558846.710000000000
        5.3709975315
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Cardiol Therapeutics Inc
        549300EXSOITGMUJOK20
        Cardiol Therapeutics Inc
        14161Y200
        
          
          
        
        136422.000000000000
        NS
        
        562120.880000000000
        5.4024651212
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Aurora Cannabis Inc
        549300F6VHCLKCUWDT34
        Aurora Cannabis Inc
        05156X884
        
          
          
        
        75328.000000000000
        NS
        
        521471.810000000000
        5.0117925974
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Numinus Wellness Inc
        894500HQ7NI16XOI3241
        Numinus Wellness Inc
        67054W103
        
          
          
        
        763380.000000000000
        NS
        
        463987.530000000000
        4.4593192260
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Mydecine Innovations Group Inc
        254900C6LWGCB35YSK30
        Mydecine Innovations Group Inc
        62849F101
        
          
          
        
        1033500.000000000000
        NS
        
        273294.000000000000
        2.6265903925
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        Field Trip Health Ltd
        N/A
        Field Trip Health Ltd
        31656R102
        
          
          
        
        107778.000000000000
        NS
        
        490886.100000000000
        4.7178376184
        Long
        EC
        CORP
        CA
        N
        1
        
          N
          N
          N
        
      
      
        GH Research PLC
        875500HKJS7QQG6EWH62
        GH Research PLC
        G3855L106
        
          
          
        
        25366.000000000000
        NS
        USD
        559573.960000000000
        5.3779870295
        Long
        EC
        CORP
        IE
        N
        1
        
          N
          N
          N
        
      
    
    
      2021-11-24
      ETF Series Solutions
      /s/ Kristen Weitzel
      ETF Series Solutions
      Treasurer
    
  
  XXXX





Defiance Next Gen Altered Experience ETF
     
Schedule of Investments
     
September 30, 2021 (Unaudited)
     
Shares
 
Security Description
 
Value
 
   
COMMON STOCKS - 99.9%
     
   
Consumer Staples - 4.5%
     
 
779,944
 
Neptune Wellness Solutions, Inc. (a)
 
$
471,554
 
     
Health Care - 95.4% (b)
       
 
1,707,420
 
Aleafia Health, Inc. (a)
   
384,114
 
 
32,538
 
ATAI Life Sciences NV (a)
   
481,237
 
 
75,328
 
Aurora Cannabis, Inc. (a)
   
521,472
 
 
136,422
 
Cardiol Therapeutics, Inc. - Class A (a)
   
562,121
 
 
216,216
 
cbdMD, Inc. (a)
   
449,729
 
 
233,838
 
Charlottes Web Holdings, Inc. (a)
   
461,456
 
 
16,786
 
Compass Pathways plc - ADR (a)
   
501,398
 
 
434,874
 
Corbus Pharmaceuticals Holdings, Inc. (a)
   
443,571
 
 
85,756
 
Cronos Group, Inc. (a)
   
484,000
 
 
211,618
 
Cybin, Inc. (a)
   
463,443
 
 
107,778
 
Field Trip Health, Ltd. (a)
   
490,886
 
 
48,114
 
Forian, Inc. (a)
   
496,536
 
 
25,366
 
GH Research plc (a)
   
559,574
 
 
196,020
 
Mind Medicine MindMed, Inc. (a)
   
456,727
 
 
1,033,500
 
Mydecine Innovations Group, Inc. (a)
   
273,294
 
 
763,380
 
Numinus Wellness, Inc. (a)
   
463,987
 
 
532,312
 
PharmaCielo, Ltd. (a)
   
558,847
 
 
259,160
 
Seelos Therapeutics, Inc. (a)
   
624,576
 
 
136,224
 
Skylight Health Group, Inc. (a)
   
332,386
 
 
1,997,000
 
Tetra Bio-Pharma, Inc. (a)
   
386,206
 
 
125,224
 
Zynerba Pharmaceuticals, Inc. (a)
   
530,950
 
           
9,926,510
 
     
TOTAL COMMON STOCKS (Cost $12,070,391)
   
10,398,064
 
               
     
SHORT-TERM INVESTMENTS - 0.1%
       
 
12,708
 
First American Government Obligations Fund - Class X, 0.03% (c)
   
12,708
 
     
TOTAL SHORT-TERM INVESTMENTS (Cost $12,708)
   
12,708
 
               
     
TOTAL INVESTMENTS - 100.0% (Cost $12,083,099)
   
10,410,772
 
     
Liabilities in Excess of Other Assets - (0.0)% (d)
   
(5,876
)
     
NET ASSETS - 100.0%
 
$
10,404,896
 

 
Percentages are stated as a percent of net assets.
   
 
 ADR
 
American Depositary Receipt.
   
 
(a)
 
Non-income producing security.
   
 
(b)
 
To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
 
(c)
 
Rate shown is the annualized seven-day yield as of September 30, 2021.
 
 
(d)
 
Represents less than 0.05% 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. Bancorp Fund Services, LLC.



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:

Assets^
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
10,398,064
   
$
-
   
$
-
   
$
10,398,064
 
Short-Term Investments
   
12,708
     
-
     
-
     
12,708
 
Total Investments in Securities
 
$
10,410,772
   
$
-
   
$
-
   
$
10,410,772
 
                   
^See Schedule of Investments for breakout of investments by sector classification.
                 
For the period ended September 30, 2021, the Fund did not recognize any transfers to or from Level 3.