2026-03-26196951_PointBridgeAmericaFirstETF_TF


	Point Bridge America First ETF
	MAGA (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc. )
	Annual Shareholder Report \| June 30, 2026

This annual shareholder report contains important information about the Point Bridge America First ETF for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.pointbridgecapital.com/etf/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Point Bridge America First ETF	$77	0.72%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

During the reporting period, U.S. equity markets advanced amid generally resilient economic conditions, although performance varied meaningfully across sectors. The Fund’s significant exposure to industrials, financials, and energy contributed positively to performance as these sectors benefited from favorable market and policy-related developments. Conversely, the Fund’s limited exposure to information technology detracted from relative performance during periods when technology and artificial intelligence-related stocks led the broader market.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	5 Year	Since Inception (09/06/2017)
Point Bridge America First ETF NAV	13.30	10.49	11.29
S&P 500 TR	22.32	13.41	15.31
Point Bridge America First Index/GOP Stock Tracker TR Index	14.16	11.33	12.13

Visit https://www.pointbridgecapital.com/etf/for more recent performance information.

*	*The Fund’s past performance is not a good predictor of the Fund’s future performance.* *The returns do not reflect the deduction of* *taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

HOW HAS THE FUND CHANGED?

Material Fund Changes:

At a Special Meeting of shareholders held on July 17, 2026, shareholders approved the reorganization of the Fund into the Truth Social America First ETF (“Acquiring Fund”), a series of Yorkville America Investment Trust (formerly, Truth Social Funds). The reorganization was completed on July 27, 2026, and shareholders received shares of the Acquiring Fund in exchange for their Fund shares.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.pointbridgecapital.com/etf/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Point Bridge Capital, LLC documents not be householded, please contact Point Bridge Capital, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Point Bridge Capital, LLC or your financial intermediary.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

The registrant’s Board of Trustees has determined that the registrant currently does not have an audit committee financial expert (ACFE) serving on its audit committee due to the recent death of the Trustee who had most recently served as the registrant’s ACFE. The Board is developing a plan to address the ACFE role.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refers to (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments; (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired; and (iv) review of U.S. federal excise distribution calculations. There were no “other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: David A. Massart, Janet D. Olsen, and Michael A. Castino.

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

Point Bridge America First ETF (Ticker: MAGA)

Annual Financial Statements and Additional Information

June 30, 2026

TABLE OF CONTENTS


			Page
Schedule of Investments			1
Statement of Assets and Liabilities			4
Statement of Operations			5
Statements of Changes in Net Assets			6
Financial Highlights			7
Notes to Financial Statements			8
Report of Independent Registered Public Accounting Firm			13
Federal Tax Information			14
Additional Information			15

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

SCHEDULE OF INVESTMENTS

June 30, 2026


	Shares	Value
COMMON STOCKS - 99.7%
Aerospace/Defense - 4.5%
General Dynamics Corp.	583	$206,522
HEICO Corp.	750	267,143
HEICO Corp. - Class A	962	248,109
Howmet Aerospace, Inc.	842	226,380
L3Harris Technologies, Inc.	642	186,559
Rocket Lab Corp.^(a)	2,557	259,919
		1,394,632
Agriculture - 1.3%
Altria Group, Inc.	2,703	194,481
Archer-Daniels-Midland Co.	2,689	205,439
		399,920
Airlines - 1.8%
Delta Air Lines, Inc.	2,921	273,581
Southwest Airlines Co.	5,197	267,230
		540,811
Auto Manufacturers - 1.4%
PACCAR, Inc.	1,735	208,408
Tesla, Inc.^(a)	515	216,609
		425,017
Banks - 5.6%
Bank of America Corp.	3,784	215,612
First Citizens BancShares, Inc. - Class A	101	210,160
Goldman Sachs Group, Inc.	219	221,490
Huntington Bancshares, Inc.	12,113	214,763
KeyCorp	9,212	212,337
PNC Financial Services Group, Inc.	913	224,799
Regions Financial Corp.	7,146	215,809
Truist Financial Corp.	3,956	197,088
		1,712,058
Beverages - 1.5%
Keurig Dr Pepper, Inc.	6,925	226,655
Monster Beverage Corp.^(a)	2,612	251,066
		477,721
Biotechnology - 2.8%
Amgen, Inc.	610	220,893
Corteva, Inc.	2,492	211,047
Illumina, Inc.^(a)	1,483	260,756
Insmed, Inc.^(a)	1,511	161,103
		853,799
Building Materials - 3.2%
Carlisle Cos., Inc.	565	204,954
CRH PLC	1,744	186,608
Martin Marietta Materials, Inc.	327	188,581
Trane Technologies PLC	415	203,831
Vulcan Materials Co.	678	200,017
		983,991
Chemicals - 2.3%
Dow, Inc.	5,000	136,800
Ecolab, Inc.	776	216,201


	Shares	Value
LyondellBasell Industries NV - Class A	2,687	$141,470
Sherwin-Williams Co.	633	217,955
		712,426
Commercial Services - 2.5%
Cintas Corp.	1,187	201,885
Equifax, Inc.	1,158	183,798
Rollins, Inc.	3,677	153,478
United Rentals, Inc.	213	241,305
		780,466
Distribution/Wholesale - 1.9%
Copart, Inc.^(a)	6,054	170,662
Fastenal Co.	4,486	215,463
Watsco, Inc.	471	196,280
		582,405
Diversified Financial Services - 4.5%
Charles Schwab Corp.	2,200	202,994
Interactive Brokers Group, Inc. - Class A	2,504	217,948
Intercontinental Exchange, Inc.	1,301	160,166
LPL Financial Holdings, Inc.	632	178,022
Rocket Cos., Inc. - Class A^(a)	13,759	216,704
Synchrony Financial	2,659	202,217
T Rowe Price Group, Inc.	1,947	221,355
		1,399,406
Electric - 8.5%
Alliant Energy Corp.	2,721	207,585
Ameren Corp.	1,774	200,533
American Electric Power Co., Inc.	1,472	201,384
CenterPoint Energy, Inc.	4,647	204,654
Constellation Energy Corp.	655	162,682
Dominion Energy, Inc.	3,151	215,182
Duke Energy Corp.	1,567	198,351
Entergy Corp.	1,731	198,822
Evergy, Inc.	2,439	210,803
FirstEnergy Corp.	4,294	204,137
PPL Corp.	5,358	194,763
Southern Co.	2,083	199,364
Vistra Corp.	1,298	205,902
		2,604,162
Electronics - 1.3%
Garmin Ltd.	831	197,396
Hubbell, Inc.	397	207,710
		405,106
Engineering & Construction - 1.2%
EMCOR Group, Inc.	223	185,063
MasTec, Inc.^(a)	482	200,541
		385,604
Food - 1.9%
Kroger Co.	2,973	165,091
Sysco Corp.	2,720	227,337
Tyson Foods, Inc. - Class A	3,163	181,082
		573,510

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

SCHEDULE OF INVESTMENTS

June 30, 2026(Continued)


	Shares	Value
COMMON STOCKS - (Continued)
Forest Products & Paper - 0.8%
International Paper Co.	6,342	$241,630
Gas - 1.2%
Atmos Energy Corp.	1,069	184,157
NiSource, Inc.	4,190	199,234
		383,391
Healthcare-Products - 2.1%
Abbott Laboratories	2,251	204,256
Cooper Cos., Inc.^(a)	3,230	231,623
Zimmer Biomet Holdings, Inc.	2,429	209,113
		644,992
Healthcare-Services - 0.6%
HCA Healthcare, Inc.	465	181,299
Home Builders - 2.8%
DR Horton, Inc.	1,344	218,911
Lennar Corp. - Class A	2,277	206,046
Lennar Corp. - Class B	2,333	206,960
NVR, Inc.^(a)	32	218,029
		849,946
Household Products/Wares - 0.7%
Kimberly-Clark Corp.	2,062	226,346
Insurance - 3.6%
Berkshire Hathaway, Inc. - Class B^(a)	426	213,166
Cincinnati Financial Corp.	1,244	230,314
Markel Group, Inc.^(a)	113	220,690
Principal Financial Group, Inc.	1,993	214,806
Travelers Cos., Inc.	662	218,539
		1,097,515
Internet - 0.9%
Robinhood Markets, Inc. - Class A^(a)	2,734	274,166
Iron/Steel - 2.0%
Nucor Corp.	892	198,693
Reliance, Inc.	551	205,854
Steel Dynamics, Inc.	879	201,695
		606,242
Machinery-Construction & Mining - 0.8%
Caterpillar, Inc.	227	241,732
Machinery-Diversified - 1.4%
Deere & Co.	349	221,381
Westinghouse Air Brake Technologies Corp.	761	205,166
		426,547
Miscellaneous Manufacturing - 0.9%
Axon Enterprise, Inc.^(a)	500	280,305
Oil & Gas - 7.7%
Chevron Corp.	1,057	175,208
ConocoPhillips	1,636	170,079


	Shares	Value
Devon Energy Corp.	7,970	$329,320
Diamondback Energy, Inc.	971	170,682
EOG Resources, Inc.	1,450	188,109
EQT Corp.	3,435	182,639
Expand Energy Corp.	2,012	183,474
Exxon Mobil Corp.	1,319	180,334
Marathon Petroleum Corp.	819	209,394
Occidental Petroleum Corp.	3,432	166,692
Phillips 66	1,144	193,393
Valero Energy Corp.	816	212,519
		2,361,843
Packaging & Containers - 1.5%
Amcor PLC	5,336	231,315
Packaging Corp. of America	924	220,171
		451,486
Pharmaceuticals - 1.5%
Bristol-Myers Squibb Co.	3,461	199,423
Eli Lilly & Co.	209	250,681
		450,104
Pipelines - 3.2%
Cheniere Energy, Inc.	746	178,302
Kinder Morgan, Inc.	6,193	197,990
ONEOK, Inc.	2,230	193,876
Targa Resources Corp.	793	212,635
Williams Cos., Inc.	2,667	198,265
		981,068
Private Equity - 0.6%
Blackstone, Inc.	1,594	187,566
Real Estate - 1.1%
CBRE Group, Inc. - Class A^(a)	1,420	191,260
CoStar Group, Inc.^(a)	5,801	164,284
		355,544
REITS - 5.7%
Digital Realty Trust, Inc.	1,004	180,298
Extra Space Storage, Inc.	1,419	206,181
Invitation Homes, Inc.	7,061	213,313
Prologis, Inc.	1,425	193,045
Public Storage	669	212,949
SBA Communications Corp.	922	162,696
VICI Properties, Inc.	7,049	187,151
Welltower, Inc.	929	210,855
Weyerhaeuser Co.	8,397	201,024
		1,767,512
Retail - 7.2%
AutoZone, Inc.^(a)	56	178,973
Casey’s General Stores, Inc.	240	190,750
Dollar General Corp.	1,760	202,593
Dollar Tree, Inc.^(a)	2,127	257,261
Ferguson Enterprises, Inc.	763	181,083
Genuine Parts Co.	1,918	226,286
Home Depot, Inc.	621	219,014

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

SCHEDULE OF INVESTMENTS

June 30, 2026(Continued)


	Shares	Value
COMMON STOCKS - (Continued)
Retail - (Continued)
O’Reilly Automotive, Inc.^(a)	2,084	$191,915
Tractor Supply Co.	5,954	188,206
Walmart, Inc.	1,531	173,401
Yum! Brands, Inc.	1,273	203,502
		2,212,984
Software - 1.2%
Fidelity National Information Services, Inc.	4,328	168,273
Roper Technologies, Inc.	562	190,175
		358,448
Telecommunications - 0.6%
Motorola Solutions, Inc.	463	192,279
Transportation - 4.7%
CSX Corp.	4,468	212,364
FedEx Corp.	512	160,323
Fedex Freight Holding Co., Inc.^(a)	256	38,656
JB Hunt Transport Services, Inc.	810	234,438
Old Dominion Freight Line, Inc.	979	212,051
Union Pacific Corp.	757	205,904
United Parcel Service, Inc. - Class B	1,873	201,348
XPO, Inc.^(a)	935	191,946
		1,457,030
Water - 0.7%
American Water Works Co., Inc.	1,582	208,160
TOTAL COMMON STOCKS (Cost $26,081,145)		30,669,169
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.3%
First American Government Obligations Fund - Class X, 3.57%^(b)	102,366	102,366
TOTAL MONEY MARKET FUNDS (Cost $102,366)		102,366
TOTAL INVESTMENTS - 100.0% (Cost $26,183,511)		$30,771,535
Other Assets in Excess of Liabilities - 0.0%^(c)		10,889
TOTAL NET ASSETS - 100.0%		$30,782,424

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(a)	Non-income producing security.

(b)	The rate shown represents the 7-day annualized yield as of June 30, 2026.

(c)	Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

STATEMENT OF ASSETS AND LIABILITIES

June 30, 2026


ASSETS:
Investments, at value			$30,771,535
Dividends receivable			28,830
Total assets			30,800,365
LIABILITIES:
Payable to Adviser			17,941
Total liabilities			17,941
NET ASSETS			$ 30,782,424
Net Assets Consist of:
Paid-in capital			$30,036,538
Total distributable earnings (accumulated deficit)			745,886
Total net assets			$ 30,782,424
Net assets			$30,782,424
Shares issued and outstanding (unlimited shares authorized without par value)			550,000
Net asset value per share			$55.97
Cost:
Investments, at cost			$26,183,511

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Point Bridge America First ETF

Statement of Operations

For the Year Ended June 30, 2026


INVESTMENT INCOME:
Dividend income			$623,951
Less: issuance fees			(8)
Total investment income			623,943
EXPENSES:
Investment advisory fee			224,678
Total expenses			224,678
NET INVESTMENT INCOME (LOSS)			399,265
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments			(594,336)
In-kind redemptions			2,611,673
Net realized gain (loss)			2,017,337
Net change in unrealized appreciation (depreciation) on:
Investments			1,440,192
Net change in unrealized appreciation (depreciation)			1,440,192
Net realized and unrealized gain (loss)			3,457,529
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS			$ 3,856,794

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

STATEMENTS OF CHANGES IN NET ASSETS


	Year Ended June 30,
	2026	2025
OPERATIONS:
Net investment income (loss)	$399,265	$401,859
Net realized gain (loss)	2,017,337	2,844,663
Net change in unrealized appreciation (depreciation)	1,440,192	(38,668)
Net increase (decrease) in net assets from operations	3,856,794	3,207,854
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(474,962)	(308,120)
Total distributions to shareholders	(474,962)	(308,120)
CAPITAL TRANSACTIONS:
Shares sold	3,907,417	18,416,978
Shares redeemed	(7,872,133)	(11,017,035)
Net increase (decrease) in net assets from capital transactions	(3,964,716)	7,399,943
NET INCREASE (DECREASE) IN NET ASSETS	(582,884)	10,299,677
NET ASSETS:
Beginning of the year	31,365,308	21,065,631
End of the year	$ 30,782,424	$31,365,308
SHARES TRANSACTIONS
Shares sold	75,000	375,000
Shares redeemed	(150,000)	(225,000)
Total increase (decrease) in shares outstanding	(75,000)	150,000

The accompanying notes are an integral part of these financial statements.

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POINT BRIDGE AMERICA FIRST ETF

FINANCIAL HIGHLIGHTS


	Year Ended June 30,
	2026	2025	2024	2023	2022
PER SHARE DATA:
Net asset value, beginning of year	$50.18	$44.35	$39.09	$35.82	$36.22
INVESTMENT OPERATIONS:
Net investment income (loss)^(a)	0.68	0.72	0.69	0.60	0.52
Net realized and unrealized gain (loss) on investments^(b)	5.94	5.67	5.24	3.18	(0.65)
Total from investment operations	6.62	6.39	5.93	3.78	(0.13)
LESS DISTRIBUTIONS FROM:
Net investment income	(0.83)	(0.56)	(0.67)	(0.51)	(0.27)
Total distributions	(0.83)	(0.56)	(0.67)	(0.51)	(0.27)
Net asset value, end of year	$55.97	$50.18	$44.35	$39.09	$35.82
Total return	13.30%	14.49%	15.30%	10.57%	−0.41%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of year (in thousands)	$30,782	$31,365	$21,066	$18,567	$15,223
Ratio of expenses to average net assets	0.72%	0.72%	0.72%	0.72%	0.72%
Ratio of net investment income (loss) to average net assets	1.28%	1.50%	1.66%	1.59%	1.36%
Portfolio turnover rate^(c)	18%	40%	26%	36%	47%

(a)	Net investment income per share has been calculated based on average shares outstanding during the years.

(b)	Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.

(c)	Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

POINT BRIDGE AMERICA FIRST ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

NOTE 1 – ORGANIZATION

Point Bridge America First ETF (the “Fund”) is a diversified series of ETF Series Solutions (“ESS” or the “Trust”), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objective of the Fund is to seek to track the performance, before fees and expenses, of the Point Bridge America First Index (the “Index”). The Fund commenced operations on September 6, 2017.

The end of the reporting period for the Fund is June 30, 2026. The current fiscal period is the period from July 1, 2025 through June 30, 2026.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services - Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market^®, Nasdaq Global Select Market^®, and the Nasdaq Capital Market^® (collectively, “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value (“NAV”) per share.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuations 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.

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POINT BRIDGE AMERICA FIRST ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2026(Continued)

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 the end of the current fiscal period:


	Level 1	Level 2	Level 3	Total
Investments:
Common Stocks	$30,669,169	$—	$—	$30,669,169
Money Market Funds	102,366	—	—	102,366
Total Investments	$30,771,535	$—	$—	$30,771,535

Refer to the Schedule of Investments for further disaggregation of investment categories.

During the current fiscal period, the Fund did not recognize any transfers to or from Level 3.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and applicable state and local tax returns.

The Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statement of Operations. During the current fiscal period, the Fund did not incur any interest or penalties.

C.	Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized from investment transactions are determined on a specific identification basis.

Dividend income and expense is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at fair value of the security received.

Withholding taxes on foreign dividends, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income and expense is recorded on an accrual basis.

Distributions received from the Fund’s investments in real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Fund must use

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POINT BRIDGE AMERICA FIRST ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2026(Continued)

estimates in reporting the character of its income and distributions received during the current calendar year for financial statement purposes. The actual character of distributions to a Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by a Fund’s shareholders may represent a return of capital.

D.	Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities are declared and paid by the Fund on at least an annual basis. Distributions are recorded on the ex-dividend date.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.

Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund. The Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The offering and redemption price per share of the Fund is equal to the Fund’s NAV per share.

Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are primarily due to differing book and tax treatments for redemptions in-kind. During the fiscal year ended June 30, 2026, the following table shows the reclassifications made:


Distributable Earnings (Accumulated Losses)			Paid-In Capital
$(2,452,407)			$2,452,407

Segment Reporting. The Fund operates as a single segment entity. The Fund’s income, expenses, assets, and performance are regularly monitored and assessed by Hal Lambert and Ryan Marhoefer, who collectively serve as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

K.	Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

There were no other events or transactions that occurred during the period subsequent to the end of the current fiscal period, that materially impacted the amounts or disclosures in the Fund’s financial statements.

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POINT BRIDGE AMERICA FIRST ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2026(Continued)

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Point Bridge Capital, LLC (the “Adviser”), serves as the investment adviser and index provider to the Fund. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Fund, and the Adviser, the Adviser provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging, in consultation with Vident Advisory, LLC, doing business as Vident Asset Management, (the “Sub-Adviser”), transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Fund, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Fund, the Fund pays the Adviser 0.72% at an annual rate based on the Fund’s average daily net assets. The Adviser is paid monthly, and the Adviser is responsible for paying the Sub-Adviser.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”), acts as the Fund’s Administrator and, in that capacity, performs various administrative and accounting services for the Fund. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Fund’s Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent to the Fund. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

NOTE 4 – PURCHASES AND SALES OF SECURITIES

During the current fiscal period, purchases and sales of securities by the Fund, excluding short-term securities and in-kind transactions, were $5,719,252 and $5,758,688, respectively.

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were $3,893,005 and $7,880,553, respectively.

NOTE 5 – INCOME TAX INFORMATION

The components of distributable earnings (accumulated losses) and cost basis of investments for federal income tax purposes as of June 30, 2026, were as follows:


Tax cost of investments			$26,814,728
Gross tax unrealized appreciation			$6,162,533
Gross tax unrealized depreciation			(2,205,726)
Net tax unrealized appreciation (depreciation)			3,956,807
Undistributed ordinary income			158,926
Undistributed long-term capital gain (loss)			—
Other accumulated gain (loss)			(3,369,847)
Distributable earnings (accumulated deficit).			$745,886

The difference between the cost basis for financial statements and federal income tax purposes is primarily attributable to wash sales.

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POINT BRIDGE AMERICA FIRST ETF

NOTES TO FINANCIAL STATEMENTS

June 30, 2026(Continued)

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund’s taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended June 30, 2026 the Fund did not elect to defer any Post-October losses or late-year ordinary losses.

As of June 30, 2026, the Fund had a short-term capital loss carryforward of $948,540 and a long-term capital loss carryforward of $2,421,307. These amounts do not have an expiration date.

The tax character of distributions paid by the Fund during the fiscal years ended June 30, 2026 and June 30, 2025 was $474,962 and $308,120, respectively, of ordinary income.

NOTE 6 – SHARE TRANSACTIONS

Shares of the Fund are listed and traded on the Cboe BZX Exchange, Inc (“Cboe”). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Shares of the Fund may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the creation or redemption of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Fund for the transaction costs associated with the cash transactions fees. Variable fees received by the Fund, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Fund have equal rights and privileges.

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Point Bridge America First ETF

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Point Bridge America First ETF and

Board of Trustees of ETF Series Solutions

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Point Bridge America First ETF (the “Fund”), a series of ETF Series Solutions, as of June 30, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2026, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2026, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2017.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

August 27, 2026

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Point Bridge America First ETF

FEDERAL Tax Information (Unaudited)

For the fiscal year ended June 30, 2026, certain dividends paid by the Fund may be subject to a maximum tax rate of 23.8%, as provided for the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percent of dividends declared from ordinary income designated as qualified dividend income was 100.00%.

For the corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deducted for the fiscal year ended June 30, 2026 was 100.00%.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) was 0.00%.

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Point Bridge America First ETF (MAGA)

ADDITIONAL INFORMATION (Unaudited)

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants during the period covered by this report.

Proxy Disclosure

At a Special Meeting of shareholders held on July 17, 2026, shareholders voted on the reorganization of the Fund into the Truth Social America First ETF (“Acquiring Fund”), a series of Yorkville America Investment Trust (formerly, Truth Social Funds). The proposal was approved by shareholders with 82.22% of votes cast in favor, 7.44% against, and 10.34% abstaining. The reorganization was completed on July 27, 2026, and shareholders received shares of the Acquiring Fund in exchange for their Fund shares.

Remuneration Paid to Directors, Officers, and Others

All fund expenses, including Trustee compensation, are paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.

Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts

Not applicable.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not Applicable.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(5) Change in the registrant’s independent public accountant. Not applicable to open-end investment companies and ETFs.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Net Assets	$30,782,424
Number of Holdings	151
Net Advisory Fee	$224,678
Portfolio Turnover	18%
30-Day SEC Yield	1.24%
30-Day SEC Yield Unsubsidized	1.24%


Top Sectors	(% of Net Assets)
Financial	21.1	%
Industrial	19.5	%
Consumer, Cyclical	15.1	%
Consumer, Non-cyclical	14.9	%
Energy	10.9	%
Utilities	10.4	%
Basic Materials	5.1	%
Communications	1.5	%
Technology	1.2	%
Cash & Other	0.3	%

	FYE 6/30/2026	FYE 6/30/2025
(a) Audit Fees	$ 16,000	$ 15,500
(b) Audit-Related Fees	N/A	N/A
(c) Tax Fees	$ 3,500	$ 3,500
(d) All Other Fees	N/A	N/A

Non-Audit Related Fees	FYE 6/30/2026	FYE 6/30/2025
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A


Top 10 Issuers	(% of Net Assets)
HEICO Corp.	1.7	%
Lennar Corp.	1.3	%
Devon Energy Corp.	1.1	%
Axon Enterprise, Inc.	0.9	%
Robinhood Markets, Inc.	0.9	%
Delta Air Lines, Inc.	0.9	%
Southwest Airlines Co.	0.9	%
Illumina, Inc.	0.8	%
Rocket Lab Corp.	0.8	%
Dollar Tree, Inc.	0.8	%

	FYE 6/30/2026	FYE 6/30/2025
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

	By (Signature and Title)*	/s/ Kristen M. Weitzel
		Kristen M. Weitzel, President (principal executive officer)

	By (Signature and Title)*	/s/ Kyle L. Kroken
		Kyle L. Kroken, Treasurer (principal financial officer)