X0404
  
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      LIVE
      
        
          0001540305
          XXXXXXXX
        
      
      
        false
        false
        false
      
      N-1A
    
    
      
        
          S000057712
          true
        
        
          S000062383
          true
        
        
          S000069643
          true
        
        
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          true
        
      
    
  
  
    
    
      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
          606 Bald Eagle Drive
          Suite 608
          Marco Island
          
          34145
          2122920959
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for OCIO, OPER and 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, MSTB, and MSTQ 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, RITA, CHNA, PSYK, and 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, NDJI, NTKI, and NSPI only.
        
        
          Revolution Capital Advisors, LLC
          2001 Market Street
          Suite 2500
          Philadelphia
          
          19103
          2154498141
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for VSL only.
        
        
          Defiance ETFs, LLC
          78 SW 7th Street
          9th Floor
          Miami
          
          33130
          8333339383
          The books and records required to be maintained by Section 31a of the Investment Company Act of 1940 for FIVG, QTUM, NFTZ, HDRO, PSY, CRUZ, and SPAK 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.
        
        
          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 and SMIG 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, GOAU and SEA 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.
        
        
          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, MSMR, and ACIO only.
        
        
          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.
        
        
          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 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, NDJI, NTKI, and NSPI 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.
        
        
          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
          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.
        
        
          McElhenny Sheffield Capital Management LLC
          4701 W. Lovers Lane
          Dallas
          
          75209
          2149229200
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for MSMR only.
        
        
          Inherent Wealth Fund LLC
          Four Embarcadero Center, Suite 1400
          San Francisco
          
          94111
          19339102700
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for IBET 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.
        
        
          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.
        
        
          Grayscale Advisors, LLC
          290 Harbor Drive
          4th Floor
          Stamford
          
          06902
          2126681427
          The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 for GFOF only.
        
      
      N
      N
      N
      N-1A
      56
      
        
        
        
        
        
        
      
      Y
      
        
          Leonard M. Rush
          000726159
          N
          
            
          
        
        
          David A. Massart
          002332208
          N
          
            
          
        
        
          Janet D. Olsen
          004312346
          N
          
            
          
        
        
          Michael A. Castino
          004710889
          Y
          
            
          
        
      
      
        
          Cynthia Andrae
          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
        
      
      N
      
        
          Cohen & Company Ltd.
          00925
          N/A
          
        
      
      N
      N
      N
      N
      N
      
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
      
    
    
      
        ClearShares OCIO ETF
        S000057712
        549300PGSA50ZWV95150
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
          Fund of Funds
        
        N
        N
        Y
        
          N
          N
        
        
          
            U.S. Bank, N.A.
            6BYL5QZYBDK8S7L73M02
            N
            
              
                
              
              N
            
          
        
        
          
        
        
          Revenue sharing split
          Cash collateral reinvestment fee
        
        30774862.030000000000
        172543.290000000000
        
          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
        
          
            ClearShares LLC
            801-72414
            000157531
            25490061GIAOJT3XBC72
            
            N
          
        
        
          
            Blueprint Investment Partners LLC
            801-108069
            000170196
            N/A
            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
        
          
            PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC
            008-68637
            000145876
            549300HXJLXCPDWAH070
            
            16297.000000000000
          
          
            JANE STREET EXECUTION SERVICES, LLC
            008-69254
            000167280
            549300HXJLXCPDWAH070
            
            1466.000000000000
          
          
            VIRTU FINANCIAL CAPITAL MARKETS LLC
            008-51262
            000045986
            5493006FX0HRYU3G2R47
            
            521.000000000000
          
        
        18284.000000000000
        0.000000000000
        N
        132039587.000000000000
        N
        N
        N
      
      
        ClearShares Ultra-Short Maturity ETF
        S000062383
        5493008EIECR7GCU8I31
        N
        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
        
          
            ClearShares LLC
            801-72414
            000157531
            25490061GIAOJT3XBC72
            
            N
          
        
        
          
            Piton Investment Management LP
            801-107227
            000282517
            549300P43OUCBA5N0D09
            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
        0.000000000000
        
          
            BNY MELLON CAPITAL MARKETS, LLC
            008-35255
            000017454
            VJW2DOOHGDT6PR0ZRO63
            
            11076890000.000000000000
          
        
        11076890000.000000000000
        N
        186486357.000000000000
        N
        N
        N
      
      
        ClearShares Piton Intermediate Fixed Income ETF
        S000069643
        549300UVXIVFWYPCFG20
        N
        1
        0
        0
        
          
        
        
          Exchange-Traded Fund
        
        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
        
          
            ClearShares LLC
            801-72414
            000157531
            25490061GIAOJT3XBC72
            
            N
          
        
        
          
            Piton Investment Management LP
            801-107227
            000282517
            549300P43OUCBA5N0D09
            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
        
          
            JANE STREET EXECUTION SERVICES, LLC
            008-69254
            000167280
            549300HXJLXCPDWAH070
            
            935.000000000000
          
          
            MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
            008-07221
            000007691
            8NAV47T0Y26Q87Y0QP81
            
            227.000000000000
          
        
        1162.000000000000
        
          
            MORGAN STANLEY & CO. LLC
            008-15869
            000008209
            9R7GPTSO7KV3UQJZQ078
            
            54363111.000000000000
          
          
            GOLDMAN SACHS & CO. LLC
            008-129
            000000361
            FOR8UP27PHTHYVLBNG30
            
            27629046.000000000000
          
          
            AMHERST PIERPONT SECURITIES LLC
            008-68282
            000150696
            549300LGG2RLWD21SU97
            
            21945986.000000000000
          
          
            DAIWA CAPITAL MARKETS AMERICA INC.
            008-12242
            000001576
            M67H5PRC0NQKM73ZAS82
            
            14350204.000000000000
          
          
            TD SECURITIES (USA) LLC
            008-36747
            000018476
            SUVUFHICNZMP2WKHG940
            
            10908012.000000000000
          
          
            J.P. MORGAN SECURITIES LLC
            008-35008
            000000079
            ZBUT11V806EZRVTWT807
            
            10263607.000000000000
          
          
            RAYMOND JAMES & ASSOCIATES INC.
            008-10999
            000000705
            U4ONQX15J3RO8XCKE979
            
            10107423.000000000000
          
          
            BARCLAYS CAPITAL INC.
            008-41342
            000019714
            AC28XWWI3WIBK2824319
            
            8470067.000000000000
          
          
            PERSHING LLC
            008-17574
            000007560
            ZI8Q1A8EI8LQFJNM0D94
            
            3274394.000000000000
          
          
            PIPER JAFFRAY INVESTMENT MANAGEMENT, LLC
            008-68637
            000145876
            N/A
            
            2785913.000000000000
          
        
        508797078.000000000000
        N
        82496130.000000000000
        N
        N
        N
      
      
        AI Powered International Equity ETF
        S000062057
        549300U9SU3PLK044T22
        N
        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
        
          
            EquBot Inc.
            801-110987
            000289216
            N/A
            
            N
          
        
        
          
            Toroso Investments, LLC
            801-76857
            000164201
            254900SIR1F8HDIXDL70
            N
            
            
          
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            N
            
            N
          
        
        
          
            Vident Investment Advisory, LLC
            801-80534
            000171004
            254900XSZB691Z1A6X78
            
            2021-05-17
          
        
        
          
            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))
          
          
            BNP Paribas Securities Services (BNP)
            549300WCGB70D06XZS54
            GB
            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)
          
          
            Euroclear Bank SA/NV
            549300OZ46BRLZ8Y6F65
            BE
            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)
          
          
            Skandinaviska Enskilda Banken AB (publ) (SEB)
            F3JS33DEI6XQ4ZBPTN86
            DK
            N
            Y
            Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)
          
        
        N
        N
        
          
            U.S. Bancorp Fund Services, LLC
            N1GZ7BBF3NP8GI976H15
            
            N
            N
          
        
        N
        
          
            BTIG, LLC
            008-65473
            000122225
            549300GTG9PL6WO3EC51
            
            27413.000000000000
          
          
            MISCHLER FINANCIAL GROUP, INC.
            008-48067
            000037818
            2549004IPXPSM9EJFC92
            
            11653.000000000000
          
          
            MIRAE ASSET SECURITIES (USA) INC.
            008-45034
            000030679
            25490087B4GFZLJZE912
            
            45.000000000000
          
          
            JANE STREET EXECUTION SERVICES, LLC
            008-69254
            000167280
            549300HXJLXCPDWAH070
            
            1.000000000000
          
          
            ROBERT W. BAIRD & CO. INCORPORATED
            008-00497
            000008158
            549300772UJAHRD6LO53
            
            235.000000000000
          
        
        39347.000000000000
        
          
            BTIG, LLC
            008-65473
            000122225
            549300GTG9PL6WO3EC51
            
            47701.000000000000
          
        
        47701.000000000000
        N
        9937839.000000000000
        N
        N
        N
      
    
    
      
        ClearShares OCIO ETF
        S000057712
        
          
        
        
          
          
        
        N
        50000.000000000000
        0.580280000000
        0.250107000000
        99.419620000000
        0.250107000000
        0.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        Y
      
      
        ClearShares Ultra-Short Maturity ETF
        S000062383
        
          
        
        
          
          
          
          
        
        N
        50000.000000000000
        100.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        100.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        N
      
      
        ClearShares Piton Intermediate Fixed Income ETF
        S000069643
        
          
        
        
          
          
          
        
        Y
        25000.000000000000
        100.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        100.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
        0.000000000000
        300.000000000000
        0.000000000000
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  

To the Shareholders of Al Powered International Equity ETF and 

Board of Trustees of ETF Series Solutions 

  

In planning and performing our audit of the financial statements of Al Powered International Equity ETF (the “Fund”), a series of ETF Series Solutions, as of and for the year ended May 31, 2022, 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 May 31, 2022.  

  

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. 

  

  

COHEN & COMPANY, LTD. 

Milwaukee, Wisconsin  

July 28, 2022 

  


  

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

  

To the Shareholders of ClearShares ETFs and 

Board of Trustees of ETF Series Solutions 

  

In planning and performing our audit of the financial statements of ClearShares OCIO ETF, ClearShares Ultra-Short Maturity ETF, and ClearShares Piton Intermediate Fixed Income ETF (the “Funds”), each a series of ETF Series Solutions, as of and for the year ended May 31, 2022, 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 May 31, 2022. 

  

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. 

  

  

COHEN & COMPANY, LTD. 

Milwaukee, Wisconsin 

July 28, 2022