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          XXXXXXXX
        
      
      
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          S000066987
          true
        
        
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          true
        
        
          S000063481
          true
        
        
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      ETF Series Solutions
      811-22668
      0001540305
      5493008BB0X0GYS3UI50
      c/o U.S. Bancorp Fund Services LLC
      615 East Michigan Street
      Milwaukee
      53202
      US-WI
      US
      4147656076
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          U.S. Bancorp Fund Services LLC
          615 East Michigan Street
          Milwaukee
          
          53202
          8336121912
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940
        
        
          U.S. Bank National Association
          1555 N. Rivercenter Drive
          Suite 302
          Milwaukee
          
          53212
          8336121912
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940
        
        
          Quasar Distributors, LLC
          111 E Kilbourn Ave
          Suite 2200
          Milwaukee
          
          53202
          8883629248
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.
        
        
          ClearShares LLC
          420 Lexington Avenue
          Suite 428
          New York
          
          10170
          2123590266
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO, OPER & PIFI only.
        
        
          EquBot Inc.
          450 Townsend Street
          San Francisco
          
          94107
          6504515497
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for AIIQ only.
        
        
          Vident Investment Advisory, LLC
          1125 Sanctuary Parkway
          Suite 515
          Alpharetta
          
          30009
          4044871961
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.
        
        
          Vident Advisory, LLC
          1125 Sanctuary Parkway
          Suite 515
          Alpharetta
          
          30009
          4045274220
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for PPTY, VIDI, VUSE and VBND only.
        
        
          Little Harbor Advisors, LLC
          30 Doaks Lane
          Marblehead
          
          01945
          7816393000
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSVX and MSTB only.
        
        
          Exchange Traded Concepts, LLC
          10900 Hefner Pointe Drive
          Suite 400
          Oklahoma City
          
          73120
          4057788377
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for ALFA, BNE, DEEP, CNCR, CHNA & NETL only.
        
        
          AlphaMark Advisors, LLC
          810 Wright's Summit Pkwy
          Suite 100
          Fort Wright
          
          41011
          8599571803
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for SMCP only.
        
        
          Penserra Capital Management LLC
          4 Orinda Way
          Suite 100-A
          Orinda
          
          94563
          8004568850
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.
        
        
          Nationwide Fund Advisors
          One Nationwide Plaza
          Columbus
          
          43215
          8776696877
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for NUSI, MXDU, RBUS, and RBIN only.
        
        
          U.S. Global Investors, Inc.
          7900 Callaghan Road
          San Antonio
          
          78229
          2103081294
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for JETS and GOAU only.
        
        
          Acquirers Funds, LLC
          609 Deep Valley Drive
          Suite 200
          Rolling Hills
          
          90274
          6465358629
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for ZIG only.
        
        
          Point Bridge Capital, LLC
          300 Throckmorton Street
          Suite 1550
          Fort Worth
          
          76102
          8175294600
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MAGA only.
        
        
          Foreside Fund Services, LLC
          Three Canal Plaza
          Portland
          
          04101
          8662516920
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 Act for certain Series within the Registrant.
        
        
          Premise Capital, LLC
          300 East 5th Avenue
          Suite 265
          Naperville
          
          60563
          6305969911
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for TCTL ETF only.
        
        
          Change Finance, PBC
          705 Grand View Drive
          Alexandria
          
          22305
          3033390524
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for CHGX ETF only.
        
        
          Distillate Capital Partners LLC
          53 West Jackson Blvd
          Suite 530
          Chicago
          
          60604
          8006170004
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for DSTL and DSTX only.
        
        
          Hoya Capital Real Estate LLC
          137 Rowayton Avenue
          Suite 430
          Rowayton
          
          06853
          8334692227
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for HOMZ and RIET ETF only.
        
        
          Beyond Investing LLC
          14391 Spring Hill Drive
          Suite 301
          Spring Hill
          
          34609
          8443299300
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for VEGN only.
        
        
          Harvest Volatility Management, LLC
          420 Lexington Avenue
          Suite 2620
          New York
          
          10170
          2126827822
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for NUSI only.
        
        
          ALPS Distributors, Inc
          1290 Broadway
          Suite 1000
          Denver
          
          80203
          3036232577
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for PPTY, VIDI, VUSE and VBND only.
        
        
          Revolution Capital Advisors, LLC
          2001 Market Street
          Suite 2500
          Philadelpha
          
          19103
          2154498141
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for VSL only.
        
        
          Toroso Investments, LLC
          898 N Broadway St.
          Suite 2
          Massapequa
          
          11758
          8449867676
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for AIIQ and ZIG only.
        
        
          Rosenblatt Global Advisors
          3726 Castro Valley Boulevard
          Castro Valley
          
          94546
          5103172380
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for VSL only.
        
        
          Bahl & Gaynor, Inc.
          255 East Fifth Street
          Suite 2700
          Cincinnati
          
          45202
          5132876100
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for SMIG only.
        
        
          Piton Investment Management, L.P.
          420 Lexington Avenue
          Suite 428
          New York
          
          10170
          6465182800
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OPER and PIFI only.
        
        
          Blueprint Investment Partners LLC
          1250 Revolution Mill Drive
          Suite 150
          Greensboro
          
          27405
          8002457339
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO only.
        
        
          Defiance ETFs, LLC
          311 W 43rd Street
          12th Floor
          New York
          
          10036
          8333339383
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for FIVG, QTUM, IBBJ, HDRO, PSY, CRUZ, BIGY and SPAK only.
        
        
          Advisors Asset Management, Inc.
          18925 Base Camp Road
          Suite 203
          Monument
          
          80132
          7194889956
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for SPDV, EEMD, DMDV, PFLD & SMIG only.
        
        
          Aptus Capital Advisors, LLC
          265 Young Street
          Fairhope
          
          36532
          2515177198
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OSCV, ADME, DRSK, IDME, and ACIO only.
        
      
      N
      N
      N
      N-1A
      51
      
        
        
        
        
      
      Y
      
        
          Michael A. Castino
          004710889
          Y
          
            
          
        
        
          Janet D. Olsen
          004312346
          N
          
            
          
        
        
          David A. Massart
          002332208
          N
          
            
          
        
        
          Leonard M. Rush
          000726159
          N
          
            
          
        
      
      
        
          Cynthia Andrae
          N/A
          c/o U.S. Bancorp Fund Services LLC
          615 E. Michigan Street
          Milwaukee
          
          53202
          XXXXXX
          N
          
            
          
        
        
          Elizabeth B. Scalf
          N/A
          c/o U.S. Bancorp Fund Services LLC
          615 E. Michigan Street
          Milwaukee
          
          53202
          XXXXXX
          N
          
            
          
        
      
      
        
        
        
        
        
        
        
        
      
      N
      N
      N
      
      N
      
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Quasar Distributors, LLC
          8-52323
          000103848
          N/A
          
          N
        
        
          Foreside Funds Distributors LLC
          8-32480
          000031334
          N/A
          
          N
        
        
          ALPS Distributors, Inc
          8-34626
          000016853
          N/A
          
          N
        
      
      Y
      
        
          Cohen & Company, Ltd.
          00925
          N/A
          
        
      
      N
      N
      N
      N
      N
      N
      
        
        
        
        
        
        
        
        
      
    
    
      
        Blue Horizon BNE ETF
        S000070106
        549300ZBTFHAAK3GY981
        Y
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          
            N
            Y
            -0.944584000000
            -2.074522000000
            2.716494000000
            2.716354000000
          
        
        Y
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        Y
        Y
        N
        N
        
          
            EXCHANGE TRADED CONCEPTS, LLC
            801-70485
            000151197
            549300BB5DRIKK8VVV91
            
            
              2020-12-08
            
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        Y
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        Y
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Euroclear Bank SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Citibank N.A. Brazil Branch
            E57ODZWZ7FF32TWEFA76
            BR
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Skandinaviska Enskilda Banken AB (publ) (SEB)
            F3JS33DEI6XQ4ZBPTN86
            SE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        Y
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        Y
        
          
            BTIG LLC
            008-65473
            000122225
            549300GTG9PL6WO3EC51
            
            5356.000000000000
          
        
        5356.000000000000
        0.000000000000
        N
        6925676.000000000000
        N
        N
        N
      
      
        AAM Low Duration Preferred and Income Securities ETF
        S000066987
        5493002CPVU78CYSG396
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          
            N
            N
            0.142739000000
            -0.352384000000
            0.170190000000
            0.170186000000
          
        
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        N
        N
        N
        N
        
          
            Advisors Asset Management, Inc.
            801-51509
            000046727
            N/A
            
            N
          
        
        
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            N
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            RBC CAPITAL MARKETS, LLC
            008-45411
            000031194
            549300LCO2FLSSVFFR64
            
            48812.000000000000
          
        
        48812.000000000000
        0.000000000000
        N
        32752683.000000000000
        N
        N
        N
      
      
        AAM S&P 500 High Dividend Value ETF
        S000059242
        549300YVPLLF13BE7X64
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          
            N
            N
            -0.233842000000
            -0.657551000000
            0.076875000000
            0.076972000000
          
        
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        N
        N
        N
        N
        
          
            Advisors Asset Management, Inc.
            801-51509
            000046727
            N/A
            
            N
          
        
        
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            N
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            RBC CAPITAL MARKETS, LLC
            008-45411
            000031194
            549300LCO2FLSSVFFR64
            
            12486.000000000000
          
          
            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
            008-07221
            000007691
            8NAV47T0Y26Q87Y0QP81
            
            8.000000000000
          
        
        12494.000000000000
        0.000000000000
        N
        35618254.000000000000
        N
        N
        N
      
      
        AAM S&P Developed Markets High Dividend Value ETF
        S000063481
        549300DOO2E1E1WIK263
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          
            N
            N
            -0.122276000000
            -0.651870000000
            1.456325000000
            1.456328000000
          
        
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        N
        N
        N
        N
        
          
            Advisors Asset Management, Inc.
            801-51509
            000046727
            N/A
            
            N
          
        
        
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            N
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Royal Bank of Canada
            ES7IP3U3RHIGC71XBU11
            CA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Skandinaviska Enskilda Banken AB (publ) (SEB)
            F3JS33DEI6XQ4ZBPTN86
            SE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Euroclear Bank SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            HongKong and Shanghai Banking Corporation Limited
            2HI3YI5320L3RW6NJ957
            HK
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            IE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
            008-07221
            000007691
            8NAV47T0Y26Q87Y0QP81
            
            2072.000000000000
          
          
            BNY MELLON CAPITAL MARKETS LLC
            008-35255
            000017454
            VJW2DOOHGDT6PR0ZRO63
            
            135.000000000000
          
          
            UBS ASSET MANAGEMENT (US) INC.
            008-21901
            000000583
            N/A
            
            83.000000000000
          
          
            J.P. MORGAN SECURITIES LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            9.000000000000
          
          
            BNP PARIBAS SECURITIES CORP
            008-40490
            000024962
            7VHWWWW4UJS7NUM3PT30
            
            1.000000000000
          
        
        2299.000000000000
        
          
            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
            008-7221
            000007691
            8NAV47T0Y26Q87Y0QP81
            
            10996.000000000000
          
        
        10996.000000000000
        N
        2386469.000000000000
        N
        N
        N
      
      
        AAM S&P Emerging Markets High Dividend Value ETF
        S000059243
        549300IM8MY1KBGBML97
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          
            N
            N
            -1.350971000000
            -2.001194000000
            1.630608000000
            1.630602000000
          
        
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        N
        N
        N
        N
        
          
            Advisors Asset Management, Inc.
            801-51509
            000046727
            N/A
            
            N
          
        
        
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            N
            
            N
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        N
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            The Bank of New York Mellon
            HPFHU0OQ28E4N0NFVK49
            
            N
            Y
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
          
            Citibank N.A. Brazil Branch
            E57ODZWZ7FF32TWEFA76
            BR
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Banco de Chile as agent for Citibank N.A. New York
            8B4EZFY8IHJC44TT2K84
            CL
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Cititrust Colombia S.A. Sociedad Fiduciaria
            549300242J3IJCOSGI49
            CO
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Euroclear Bank SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            IE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Banco Nacional de Mexico S.A. (Banamex)
            2SFFM4FUIE05S37WFU55
            MX
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            Citibank del Peru S.A
            MYTK5NHHP1G8TVFGT193
            PE
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            HSBC Saudi Arabia as agent for The Hongkong and Shanghai Banking Corporation Limited
            558600MV09XWUB38H245
            SA
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            HongKong and Shanghai Banking Corporation Limited
            2HI3YI5320L3RW6NJ957
            HK
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            GB
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
            008-07221
            000007691
            8NAV47T0Y26Q87Y0QP81
            
            8391.000000000000
          
          
            J.P. MORGAN SECURITIES LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            3064.000000000000
          
          
            CREDIT AGRICOLE SECURITIES (USA) INC
            008-13753
            000000190
            549300WO2DKF0Q3YMV43
            
            1646.000000000000
          
          
            CLSA AMERICAS, LLC
            008-69166
            000165533
            213800M2DXATWY7JMS07
            
            830.000000000000
          
          
            XP SECURITIES, LLC
            008-68817
            000156691
            549300HDFLS7P433PO89
            
            819.000000000000
          
          
            HSBC SECURITIES (USA) INC.
            008-41562
            000019585
            CYYGQCGNHMHPSMRL3R97
            
            730.000000000000
          
          
            MISCHLER FINANCIAL GROUP, INC.
            008-48067
            000037818
            2549004IPXPSM9EJFC92
            
            390.000000000000
          
          
            CREDIT SUISSE SECURITIES (USA) LLC
            008-00422
            000000816
            1V8Y6QCX6YMJ2OELII46
            
            284.000000000000
          
          
            BNY MELLON CAPITAL MARKETS LLC
            008-35255
            000017454
            VJW2DOOHGDT6PR0ZRO63
            
            227.000000000000
          
          
            LARRAINVIAL SECURITIES US LLC
            008-68452
            000152424
            254900M1RCZVBFJ7BS17
            CL
            254.000000000000
          
        
        16764.000000000000
        0.000000000000
        N
        6427441.000000000000
        N
        N
        N
      
      
        AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
        S000072560
        5493004CC8IJTW3EOJ91
        Y
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
        
        N
        N
        Y
        N
        N/A
        N/A
        N/A
        
          Rule 12d1-1 (17 CFR 270.12d1-1)
          Rule 32a-4 (17 CFR 270.32a-4)
          Rule 6c-11 (17 CFR 270.6c-11)
        
        N
        N
        N
        N
        
          
            Advisors Asset Management, Inc.
            801-51509
            000046727
            N/A
            
            
              2021-08-25
            
          
        
        
          
            Bahl & Gaynor, Inc.
            801-36951
            000106139
            N/A
            N
            
            
          
        
        
          
            U.S. Bancorp Fund Services, LLC
            85-11357
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        Y
        
          
            Intercontinental Exchange Inc.
            5493000F4ZO33MV32P92
            
            N
          
        
        Y
        
          
            U.S. Bank National Association
            6BYL5QZYBDK8S7L73M02
            
            N
            N
            Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
          
        
        Y
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        Y
        
          
            GOLDMAN SACHS & CO. LLC
            008-129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            364.000000000000
          
          
            RBC CAPITAL MARKETS, LLC
            008-45411
            000031194
            549300LCO2FLSSVFFR64
            
            187.000000000000
          
        
        551.000000000000
        0.000000000000
        N
        5344978.000000000000
        N
        N
        N
      
    
    
      
        Blue Horizon BNE ETF
        S000070106
        
          
        
        
          
          
          
          
        
        Y
        25000.000000000000
        6.037200000000
        5.101743608000
        93.962800000000
        5.101743608000
        23.167400000000
        10.788240120000
        76.832600000000
        10.788240120000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        N
      
      
        AAM Low Duration Preferred and Income Securities ETF
        S000066987
        
          
        
        
          
          
          
          
        
        N
        25000.000000000000
        5.630000000000
        0.039600000000
        94.370000000000
        0.039600000000
        1.230000000000
        0.025200000000
        98.770000000000
        0.025200000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        Y
      
      
        AAM S&P 500 High Dividend Value ETF
        S000059242
        
          
        
        
          
          
          
          
        
        N
        25000.000000000000
        0.350000000000
        0.001800000000
        99.650000000000
        0.001800000000
        1.470000000000
        0.029400000000
        98.530000000000
        0.029400000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        Y
      
      
        AAM S&P Developed Markets High Dividend Value ETF
        S000063481
        
          
        
        
          
        
        Y
        25000.000000000000
        -0.050000000000
        0.000000000000
        100.050000000000
        0.000000000000
        0.930000000000
        0.000000000000
        99.070000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        0.000000000000
        500.000000000000
        0.000000000000
        Y
      
      
        AAM S&P Emerging Markets High Dividend Value ETF
        S000059243
        
          
        
        
          
          
          
        
        Y
        25000.000000000000
        0.890000000000
        0.011800000000
        99.110000000000
        0.011800000000
        4.350000000000
        0.050100000000
        95.650000000000
        0.050100000000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        0.000000000000
        1000.000000000000
        0.000000000000
        Y
      
      
        AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF
        S000072560
        
          
        
        
          
          
        
        N
        10000.000000000000
        0.700000000000
        0.004600000000
        99.300000000000
        0.004600000000
        36.140000000000
        0.130600000000
        63.860000000000
        0.130600000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        0.000000000000
        250.000000000000
        0.000000000000
        Y
      
    
    
      true
    
    
  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders of AAM ETFs and  

Board of Trustees of ETF Series Solutions 

In planning and performing our audit of the financial statements of AAM S&P 500 High Dividend Value ETF, AAM S&P Emerging Markets High Dividend Value ETF, AAM S&P Developed Markets High Dividend Value ETF, AAM Low Duration Preferred and Income Securities ETF, and AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (the “Funds”), each a series of ETF Series Solutions as of and for the year or period ended October 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion. 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2021.  

This report is intended solely for the information and use of management and the Board of Trustees of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

/s/ COHEN & COMPANY, LTD. 

COHEN & COMPANY, LTD. 

Milwaukee, Wisconsin 

December 30, 2021 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders of Blue Horizon BNE ETF and  

Board of Trustees of ETF Series Solutions 

In planning and performing our audit of the financial statements of Blue Horizon BNE ETF (the “Fund”), a series of ETF Series Solutions, as of and for the period ended October 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting.  Accordingly, we express no such opinion. 

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.  A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP).  A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.  

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis. 

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB.  However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2021.  

This report is intended solely for the information and use of management and the Board of Trustees of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 

/s/ COHEN & COMPANY, LTD. 

COHEN & COMPANY, LTD. 

Milwaukee, Wisconsin 

December 30, 2021