2026-05-04194519_LHAMarketStateTacticalBetaETF_TF

Distributable

Earnings

(Accumulated

Losses)

Paid-In

Capital

LHA Market State^TM Tactical Beta ETF

$(3,790,209)

$3,790,209

LHA Market State^TM Tactical Q ETF

LHA Risk-Managed Income ETF


	LHA Market State™ Tactical Beta ETF
	MSTB (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
	Semi-Annual Shareholder Report \| June 30, 2026

This semi-annual shareholder report contains important information about the LHA Market State™ Tactical Beta ETF for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://www.lhafunds.com/mstb. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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*
LHA Market State™ Tactical Beta ETF	$64	1.25%

*	Annualized

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

The key factors materially affecting the Fund’s performance during reporting period of the first half of 2026 were (i) the drawdown of the S&P 500 following the start of the “Iran War” of -6% between February 28 and March 30 and (ii) the subsequent “Bull Market” rally recovery of over 17% from April 1 to June 30. As a hedged equity strategy of the S&P 500, the Fund successfully hedged about 15% of the intial Iran War market reversal, holding losses in the Fund to -5.99% with the S&P 500 down -7.05% over the same month (this represents a 85% downside capture ratio of the S&P 500 for the reversal period). The hedge was based primarily on the Fund’s rotation into long VIX and VIX option exposure; however, the hedge was somewhat muted becase the VIX peaked at a relatively low 29 at the outbreak of hostilities, but subsided during the month while remaining below 30 as the market bottomed at the end of March. Depsite the strong noises around geopolitical and energy shocks, the market did not panic and VIX was somewhat elevated but still relatively calm. The subsequent Bull Market off the market bottom saw the S&P 500 increase over 17% from March 30 to June 30 2026, with the Fund returning over 14% over the same period (this represents an 82% upside capture ratio of the S&P 500 for the Bull Market Period). The Fund’s lower return in the Bull Market is an expected by-product of the strategic need to maintain insurance protection during volatile periods, even in a bull market, where volatility signals may indicate pre-crisis sentiment (typically VIX well above 30) in the equity markets. Asymmetric upside/down capture ratios of the Fund’s performance relative to the hedged S&P 500 index (where upside capture is greater than downside capture) demonstrates how the Fund seeks to achieve its long-term objective of exceeding the performance of the market. For the current shorter reporting period, however, volatility indicated a potential pre-crises move which did not resolve into a crisis -- and the Fund’s overall NAV performance of 7.58% lagged the S&P 500’s performance of 10.21%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

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

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)


	LHA Market State™ Tactical Q ETF
	MSTQ (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
	Semi-Annual Shareholder Report \| June 30, 2026

This semi-annual shareholder report contains important information about the LHA Market State™ Tactical Q ETF for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://www.lhafunds.com/mstq. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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*
LHA Market State™ Tactical Q ETF	$71	1.32%

*	Annualized

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

The key factors materially affecting the Fund’s performance during reporting period of the first half of 2026 were (i) the drawdown of the Nasdaq-100 following the start of the “Iran War” of -8% between February 28 and March 30 and (ii) the subsequent “Bull Market” rally recovery of over 31% from April 1 to June 30. As a hedged equity strategy of the Nasdaq-100, the Fund successfully hedged about 23% of the intial Iran War market reversal, holding losses in the Fund to just under -6.50% with the Nasdaq-100 down -8.04% over the same month (this represents a 77% downside capture ratio of the Nasdaq-100 for the reversal period). The hedge was based primarily on the Fund’s rotation into long VIX and VIX option exposure; however, the hedge was somewhat muted becase the VIX peaked at a relatively low 29 at the outbreak of hostilities, but subsided during the month while remaining below 30 as the market bottomed at the end of March. Depsite the strong noises around geopolitical and energy shocks, the market did not panic and VIX was somewhat elevated but still relatively calm. The subsequent Bull Market off the market bottom saw the Nasdaq-100 increase over 31% from March 30 to June 30 2026, with the Fund returning over 25% over the same period (this represents an 80% upside capture ratio of the Nasdaq-100 for the Bull Market Period). The Fund’s lower return in the Bull Market is an expected by-product of the strategic need to maintain insurance protection during periods of elevated volatility, even in a bull market, where volatility signals may indicate pre-crisis sentiment (typically VIX well above 30) in the equity markets. Asymmetric upside/down capture ratios of the Fund’s performance relative to the hedged Nasdaq-100 index (where upside capture is greater than downside capture) demonstrates how the Fund seeks to achieve its long-term objective of exceeding the performance of the market. For the current shorter reporting period, however, volatility indicated a potential pre-crises move which was did not resolve into a crisis -- and the Fund’s NAV performance of 15.85% lagged the Nasdaq-100’s performance of 20.31%.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)


	LHA Risk-Managed Income ETF
	RMIF (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.)
	Semi-Annual Shareholder Report \| June 30, 2026

This semi-annual shareholder report contains important information about the LHA Risk-Managed Income ETF for the period of January 1, 2026, to June 30, 2026. You can find additional information about the Fund at https://www.lhafunds.com. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS? (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*
LHA Risk-Managed Income ETF	$54	1.10%

*	Annualized

HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?

During the first half of 2026, the bond market experienced significant volatility as sticky inflation and geopolitical conflicts in the Middle East drove a sharp repricing of interest rate expectations during the reporting period. The key factors materially affecting the Fund’s performance were (i) the outbreak of the Iran War, coupled with concerns about inflation, creating a spike in bond market volatility and sell-off from February 28 to March 30 and (ii) the subsequent Consolidation driven by fully-adjusted expectations of a hawkish FED kept yields higher and bond prices lower for the rest of the perioid through June 30. As a result, the benchmark Bloomberg Aggregate Bond Index (AGG) achieved a minimal 0.62% total gain in the reporting period due to its high interest-rate sensitivity (as measured by its approximately 5-6 year duration). The Fund focused on its objective of interest rate risk management while reaching for yield by rotating in and out of high-yield / low duration bond exposure based on its perception of credit risk throughout the reporting period. Although the Fund mitigated potential losses from rising interest rate sensitivity, the resulting -0.61% loss over the reporting period was due to high-yield credit risk correlated with the equity market. Despite price losses, the Fund achieved a June 2026 dividend yield of 5.41% (TTM Yield) compared to the AGG’s approximate TTM yield of 3.97%.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

ANNUAL AVERAGE TOTAL RETURN (%)


	1 Year	Since Inception (06/08/2023)
LHA Risk-Managed Income ETF NAV	2.37	4.85
Bloomberg US Aggregate Bond Index	3.79	4.03

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

LHA Market State^TM Tactical Beta ETF (Ticker: MSTB)

LHA Market State^TM Tactical Q ETF (Ticker: MSTQ)

LHA Risk-Managed Income ETF (Ticker: RMIF)

Semi-Annual Financial Statements and Additional Information

June 30, 2026 (Unaudited)

TABLE OF CONTENTS


			Page
Schedule of Investments
LHA Market State^TM Tactical Beta ETF			1
LHA Market State^TM Tactical Q ETF			3
LHA Risk-Managed Income ETF			5
Statements of Assets and Liabilities			6
Statements of Operations			7
Statements of Changes in Net Assets			8
Financial Highlights
LHA Market State^TM Tactical Beta ETF			10
LHA Market State^TM Tactical Q ETF			11
LHA Risk-Managed Income ETF			12
Notes to Financial Statements			13
Federal Tax Information			23
Additional Information			24
Approval of Advisory Agreements & Board Considerations			25

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL BETA ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (Unaudited)


	Shares	Value
EXCHANGE TRADED FUNDS - 82.4%
Domestic Equity - 82.4%
State Street SPDR S&P 500 ETF Trust^(a)(b)	216,634	$161,775,772
TOTAL EXCHANGE TRADED FUNDS (Cost $108,197,795)		161,775,772


	Par
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 9.3%
3.62%, 10/29/2026^(b)(c)	$6,136,000	6,059,198
3.42%, 01/21/2027^(b)(c)	12,552,000	12,291,191
TOTAL U.S. TREASURY BILLS (Cost $18,381,065)		18,350,389


	Shares
MONEY MARKET FUNDS - 6.9%
First American Government Obligations Fund - Class X, 3.57%^(d)	6,725,861	6,725,861
First American Treasury Obligations Fund - Class X, 3.58%^(d)	6,725,860	6,725,860
TOTAL MONEY MARKET FUNDS (Cost $13,451,721)		13,451,721
TOTAL INVESTMENTS - 98.6% (Cost $140,030,581)		$193,577,882
Other Assets in Excess of Liabilities - 1.4%^(e)		2,672,898
TOTAL NET ASSETS - 100.0%		$196,250,780

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

(a)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)	All or a portion of the security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of June 30, 2026 was $164,670,798.

(c)	The rate shown is the annualized yield as of June 30, 2026.

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

(e)	Includes cash of $2,541,407 that is pledged as collateral for futures contracts.

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

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL BETA ETF

SCHEDULE OF FUTURES CONTRACTS

June 30, 2026 (Unaudited)

Description

Contracts

Purchased

Expiration

Date

Notional

Value

Value/Unrealized

Appreciation

(Depreciation)

S&P 500 Index

117

09/18/2026

$44,157,263

$(258,010)

Net Unrealized Appreciation (Depreciation)

$(258,010)

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

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL Q ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (Unaudited)


	Shares	Value
EXCHANGE TRADED FUNDS - 64.0%
Domestic Equity - 64.0%
Invesco QQQ Trust Series 1^(a)(b)	33,790	$24,882,956
TOTAL EXCHANGE TRADED FUNDS (Cost $16,018,064)		24,882,956
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 23.7%
First American Government Obligations Fund - Class X, 3.57%^(c)	4,604,432	4,604,432
First American Treasury Obligations Fund - Class X, 3.58%^(c)	4,604,431	4,604,431
TOTAL MONEY MARKET FUNDS (Cost $9,208,863)		9,208,863


	Par
U.S. TREASURY BILLS - 12.3%
3.61%, 10/29/2026^(b)(d)	$1,883,000	1,859,431
3.42%, 01/21/2027^(b)(d)	3,000,000	2,937,666
TOTAL U.S. TREASURY BILLS (Cost $4,804,867)		4,797,097
TOTAL INVESTMENTS - 100.0% (Cost $30,031,794)		$38,888,916
Liabilities in Excess of Other Assets - (0.0)%^(e)(f)		(13,968)
TOTAL NET ASSETS - 100.0%		$38,874,948

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

(a)	Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

(b)	All or a portion of the security has been pledged as collateral for futures contracts. The fair value of assets committed as collateral as of June 30, 2026 was $21,069,847.

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

(d)	The rate shown is the annualized yield as of June 30, 2026.

(e)	Includes cash of $85,227 that is pledged as collateral for futures contracts.

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

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

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL Q ETF

SCHEDULE OF FUTURES CONTRACTS

June 30, 2026 (Unaudited)

Description

Contracts

Purchased

Expiration

Date

Notional

Value

Value/Unrealized

Appreciation

(Depreciation)

Nasdaq 100 Index

09/18/2026

$15,872,220

$(136,390)

Net Unrealized Appreciation (Depreciation)

$(136,390)

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

TABLE OF CONTENTS

LHA RISK-MANAGED INCOME ETF

SCHEDULE OF INVESTMENTS

June 30, 2026 (Unaudited)


	Shares	Value
EXCHANGE TRADED FUNDS - 66.7%
Fixed Income - 66.7%
iShares iBoxx USD High Yield Corporate Bond ETF	52,461	$4,195,306
State Street SPDR Bloomberg High Yield Bond ETF	43,543	4,196,239
State Street SPDR Bloomberg Short Term High Yield Bond ETF	170,530	4,268,366
Xtrackers USD High Yield Corporate Bond ETF	114,728	4,189,867
TOTAL EXCHANGE TRADED FUNDS (Cost $16,960,477)		16,849,778
SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 33.3%
First American Government Obligations Fund - Class X, 3.57%^(a)	4,205,718	4,205,718
First American Treasury Obligations Fund - Class X, 3.58%^(a)	4,205,717	4,205,717
TOTAL MONEY MARKET FUNDS (Cost $8,411,435)		8,411,435
TOTAL INVESTMENTS - 100.0% (Cost $25,371,912)		$25,261,213
Other Assets in Excess of Liabilities - 0.0%^(b)		1,973
TOTAL NET ASSETS - 100.0%		$25,263,186

Percentages are stated as a percent of net assets.

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

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

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

TABLE OF CONTENTS

LHA MARKET STATE^TM SHARES

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2026 (Unaudited)


	LHA Market State^TM Tactical Beta ETF	LHA Market State^TM Tactical Q ETF	LHA Risk- Managed Income ETF
ASSETS:
Investments, at value	$193,577,882	$38,888,916	$25,261,213
Segregated cash	2,541,407	85,227	—
Variation margin on futures contracts	187,682	205,599	—
Dividends receivable	453,023	55,119	24,975
Total assets	196,759,994	39,234,861	25,286,188
LIABILITIES:
Due to broker for futures	315,264	318,405	—
Payable to Adviser	176,048	34,738	23,002
Broker interest payable	17,902	6,770	—
Total liabilities	509,214	359,913	23,002
NET ASSETS	$196,250,780	$38,874,948	$25,263,186
Net Assets Consist of:
Paid-in capital	$175,628,740	$30,642,445	$26,329,830
Total distributable earnings/(accumulated losses)	20,622,040	8,232,503	(1,066,644)
Total net assets	$196,250,780	$38,874,948	$25,263,186
Net assets	$196,250,780	$38,874,948	$25,263,186
Shares issued and outstanding (unlimited shares authorized without par value)	4,575,000	975,000	1,045,000
Net asset value per share	$42.90	$39.87	$24.18
Cost:
Investments, at cost	$140,030,581	$30,031,794	$25,371,912

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

TABLE OF CONTENTS

LHA MARKET STATE^TM SHARES

STATEMENTS OF OPERATIONS

For the Period Ended June 30, 2026 (Unaudited)


	LHA Market State^TM Tactical Beta ETF	LHA Market State^TM Tactical Q ETF	LHA Risk- Managed Income ETF
INVESTMENT INCOME:
Dividend income	$1,064,666	$139,249	$647,696
Interest income	299,884	154,133	—
Total investment income	1,364,550	293,382	647,696
EXPENSES:
Investment advisory fee	1,006,859	190,117	149,366
Broker interest expense	141,739	38,078	—
Total expenses	1,148,598	228,195	149,366
Net investment income	215,952	65,187	498,330
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments	(1,995,705)	(363,547)	(402,674)
In-kind redemptions	1,166,176	—	19,092
Written options expired or closed	485,324	(65,806)	—
Securities sold short	—	—	(455)
Futures contracts	1,382,455	1,728,456	—
Net realized gain (loss)	1,038,250	1,299,103	(384,037)
Net change in unrealized appreciation (depreciation) on:
Investments	12,734,629	4,071,424	(286,507)
Future contracts	(340,621)	(211,201)	—
Net change in unrealized appreciation (depreciation)	12,394,008	3,860,223	(286,507)
Net realized and unrealized gain (loss)	13,432,258	5,159,326	(670,544)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$13,648,210	$5,224,513	$(172,214)

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

TABLE OF CONTENTS

LHA MARKET STATE^TMSHARES

STATEMENTS OF CHANGES IN NET ASSETS


	LHA Market State^TM Tactical Beta ETF		LHA Market State^TM Tactical Q ETF
	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31, 2025	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31, 2025
OPERATIONS:
Net investment income (loss)	$215,952	$649,007	$65,187	$245,571
Net realized gain (loss)	1,038,250	8,924,953	1,299,103	1,583,671
Net change in unrealized appreciation (depreciation)	12,394,008	16,178,764	3,860,223	3,234,599
Net increase (decrease) in net assets from operations	13,648,210	25,752,724	5,224,513	5,063,841
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	—	(732,987)	—	(4,097,317)
From return of capital	—	—	—	(769)
Total distributions to shareholders	—	(732,987)	—	(4,098,086)
CAPITAL TRANSACTIONS:
Shares sold	9,223,320	34,148,110	5,243,448	6,485,037
Shares redeemed	(5,033,155)	(26,318,788)	(842,127)	(1,837,220)
ETF transaction fees (See Note 7)	684	5,927	380	900
Net increase (decrease) in net assets from capital transactions	4,190,849	7,835,249	4,401,701	4,648,717
Net increase (decrease) in net assets	17,839,059	32,854,986	9,626,214	5,614,472
NET ASSETS:
Beginning of the period	178,411,721	145,556,735	29,248,734	23,634,262
End of the period	$196,250,780	$178,411,721	$38,874,948	$29,248,734
SHARES TRANSACTIONS
Shares sold	225,000	900,000	150,000	175,000
Shares redeemed	(125,000)	(725,000)	(25,000)	(50,000)
Total increase (decrease) in shares outstanding	100,000	175,000	125,000	125,000

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

TABLE OF CONTENTS

LHA MARKET STATE^TMSHARES

STATEMENTS OF CHANGES IN NET ASSETS(Continued)


	LHA Risk-Managed Income ETF
	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31, 2025
OPERATIONS:
Net investment income (loss)	$498,330	$1,908,088
Net realized gain (loss)	(384,037)	(292,521)
Net change in unrealized appreciation (depreciation)	(286,507)	(173,808)
Net increase (decrease) in net assets from operations	(172,214)	1,441,759
DISTRIBUTIONS TO SHAREHOLDERS:
From earnings	(497,991)	(1,908,299)
From return of capital	—	(10,900)
Total distributions to shareholders	(497,991)	(1,919,199)
CAPITAL TRANSACTIONS:
Shares sold	—	374,135
Shares redeemed	(5,173,644)	(4,614,018)
Net increase (decrease) in net assets from capital transactions	(5,173,644)	(4,239,883)
Net increase (decrease) in net assets	(5,843,849)	(4,717,323)
NET ASSETS:
Beginning of the period	31,107,035	35,824,358
End of the period	$25,263,186	$31,107,035
SHARES TRANSACTIONS
Shares sold	—	15,000
Shares redeemed	(210,000)	(185,000)
Total increase (decrease) in shares outstanding	(210,000)	(170,000)

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

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL BETA ETF

FINANCIAL HIGHLIGHTS


	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31,
	Period Ended June 30, 2026 (Unaudited)	2025	2024	2023	2022	2021
PER SHARE DATA:
Net asset value, beginning of period	$39.87	$33.85	$28.86	$24.77	$32.21	$26.92
INVESTMENT OPERATIONS:
Net investment income (loss)^(a)(b)	0.05	0.15	0.18	0.26	0.02	(0.08)
Net realized and unrealized gain (loss) on investments^(c)	2.98	6.03	5.13	3.88	(7.13)	6.07
Total from investment operations	3.03	6.18	5.31	4.14	(7.11)	5.99
LESS DISTRIBUTIONS FROM:
Net investment income	—	(0.16)	(0.32)	(0.05)	—	—
Net realized gains	—	—	—	—	(0.33)	(0.71)
Total distributions	—	(0.16)	(0.32)	(0.05)	(0.33)	(0.71)
ETF transaction fees per share	0.00^(d)	0.00^(d)	0.00^(d)	0.00^(d)	0.00^(d)	0.01
Net asset value, end of period	$42.90	$39.87	$33.85	$28.86	$24.77	$32.21
Total return^(e)	7.59%	18.26%	18.37%	16.73%	−22.09%	22.25%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$196,251	$178,412	$145,557	$120,505	$169,075	$342,181
Ratio of expenses to average net assets^(f)(g)	1.25%	1.29%	1.32%	1.41%	1.18%	1.13%
Ratio of broker interest expense to average net assets^(f)(g)	0.15%	0.19%	0.22%	0.31%	0.08%	0.03%
Ratio of expenses to average net assets excluding broker interest expense^(f)(g)	1.10%	1.10%	1.10%	1.10%	1.10%	1.10%
Ratio of net investment income (loss) to average net assets^(f)(g)	0.24%	0.41%	0.55%	0.98%	0.08%	(0.27)%
Portfolio turnover rate^(e)(h)	—%	2%	—%	—%	—%	132%

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

(b)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(c)	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 periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(d)	Amount represents less than $0.005 per share.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

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

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

TABLE OF CONTENTS

LHA MARKET STATE^TM TACTICAL Q ETF

FINANCIAL HIGHLIGHTS


	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31,			Period Ended December 31, 2022^(a)
	Period Ended June 30, 2026 (Unaudited)	2025	2024	2023	Period Ended December 31, 2022^(a)
PER SHARE DATA:
Net asset value, beginning of period	$34.41	$32.60	$28.28	$19.96	$25.00
INVESTMENT OPERATIONS:
Net investment income (loss)^(b)(c)	0.07	0.32	0.48	0.43	(0.03)
Net realized and unrealized gain (loss) on investments^(d)	5.39	6.31	5.04	8.11	(5.01)
Total from investment operations	5.46	6.63	5.52	8.54	(5.04)
LESS DISTRIBUTIONS FROM:
Net investment income	—	(0.29)	(0.35)	(0.22)	—
Net realized gains	—	(4.53)	(0.86)	—	—
Return of capital	—	(0.00)^(e)	—	—	—
Total distributions	—	(4.82)	(1.21)	(0.22)	—
ETF transaction fees per share	0.00^(e)	0.00^(e)	0.01	0.00^(e)	0.00^(e)
Net asset value, end of period	$39.87	$34.41	$32.60	$28.28	$19.96
Total return^(f)	15.87%	20.20%	19.54%	42.82%	−20.17%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$38,875	$29,249	$23,634	$12,020	$3,493
Ratio of expenses to average net assets^(g)(h)	1.32%	1.42%	1.46%	1.48%	1.38%
Ratio of broker interest expense to average net assets^(g)(h)	0.22%	0.32%	0.36%	0.38%	0.28%
Ratio of expenses to average net assets excluding broker interest expense^(g)(h)	1.10%	1.10%	1.10%	1.10%	1.10%
Ratio of net investment income (loss) to average net assets^(g)(h)	0.38%	0.90%	1.49%	1.72%	(0.16)%
Portfolio turnover rate^(f)(i)	2%	—%	—%	40%	138%

(a)	Inception date of the Fund was March 14, 2022.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(d)	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 periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e)	Amount represents less than $0.005 per share.

(f)	Not annualized for periods less than one year.

(g)	Annualized for periods less than one year.

(h)	Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

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

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

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LHA RISK-MANAGED INCOME ETF

FINANCIAL HIGHLIGHTS


	Period Ended June 30, 2026 (Unaudited)	Year Ended December 31,		Period Ended December 31, 2023^(a)
	Period Ended June 30, 2026 (Unaudited)	2025	2024	Period Ended December 31, 2023^(a)
PER SHARE DATA:
Net asset value, beginning of period	$24.79	$25.14	$25.09	$25.00
INVESTMENT OPERATIONS:
Net investment income (loss)^(b)(c)	0.45	1.39	1.69	0.97
Net realized and unrealized gain (loss) on investments^(d)	(0.60)	(0.33)	0.02	0.05
Total from investment operations	(0.15)	1.06	1.71	1.02
LESS DISTRIBUTIONS FROM:
Net investment income	(0.46)	(1.40)	(1.66)	(0.92)
Return of capital	—	(0.01)	—	(0.01)
Total distributions	(0.46)	(1.41)	(1.66)	(0.93)
Net asset value, end of period	$24.18	$24.79	$25.14	$25.09
Total return^(e)	−0.61%	4.34%	7.04%	4.14%
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$25,263	$31,107	$35,824	$31,987
Ratio of expenses to average net assets^(f)(g)	1.10%	1.10%	1.10%	1.10%
Ratio of net investment income (loss) to average net assets^(f)(g)	3.67%	5.56%	6.70%	6.88%
Portfolio turnover rate^(e)(h)	86%	75%	—%	44%

(a)	Inception date of the Fund was June 8, 2023.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.

(d)	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 periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

(e)	Not annualized for periods less than one year.

(f)	Annualized for periods less than one year.

(g)	Ratios do not include the expenses of the underlying investment companies in which the Fund invests.

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

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

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)

NOTE 1 – ORGANIZATION

LHA Market State^TM Tactical Beta ETF, LHA Market State^TM Tactical Q ETF, and LHA Risk-Managed Income ETF are diversified series (individually each a “Fund” or collectively the “Funds”) 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 Funds’ shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). LHA Market State^TM Tactical Beta ETF is an actively-managed ETF and seeks long-term out-performance relative to the large-capitalization U.S. equity market by investing long or short in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500^® Index based on statistical analysis that seeks to estimate the direction of the S&P 500^® Index. LHA Market State^TM Tactical Q ETF is an actively-managed ETF that seeks long-term out-performance relative to the large-capitalization U.S. growth equity market by investing in equity instruments linked directly or indirectly to the performance of U.S.-listed, large capitalization, growth-oriented companies. LHA Risk-Managed Income ETF is an actively-managed “fund of funds” that seeks current income and capital preservation.


Fund			Date of Commencement
LHA Market State^TM Tactical Beta ETF			September 29, 2020
LHA Market State^TM Tactical Q ETF			March 14, 2022
LHA Risk-Managed Income ETF			June 8, 2023

The end of the reporting period for the Funds is June 30, 2026. The current fiscal period is the period from January 1, 2026 through June 30, 2026.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies and accordingly follow 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 Funds. 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^TM, Nasdaq Global Select Market^TM, and the Nasdaq Capital Market Exchange^TM (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.

Futures contracts will be valued at the settlement price from the exchange on which they are traded.

Exchange traded options are valued at the composite mean price, which calculates the mean of the highest bid price and lowest asked price across the exchanges where the option is principally traded. On the last trading day prior to expiration, expiring options will be priced at intrinsic value.

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

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

Debt securities, including short-term debt instruments having a maturity of less than 60 days, are valued in accordance with prices provided by a pricing service. Pricing services may use various valuation methodologies such as the mean between the bid and asked prices, matrix pricing and other analytical pricing models as well as market transactions and dealer quotations.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds’ 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 Funds may cause the NAV of their shares to differ significantly from NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ 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 Funds’ investments as of the end of the current fiscal period:

LHA Market State^TM Tactical Beta ETF


Assets^	Level 1	Level 2	Level 3	Total
Exchange Traded Funds	$161,775,772	$—	$—	$161,775,772
U.S. Treasury Bills	—	18,350,389	—	18,350,389
Money Market Funds	13,451,721	—	—	13,451,721
Total Investments	$175,227,493	$18,350,389	$—	$193,577,882

^	See Schedule of Investments for further disaggregation of investment categories.

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)


Other Financial Instruments	Level 1	Level 2	Level 3	Total
Futures Contracts^(a)	$(258,010)	$—	$—	$(258,010)

(a)	The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of June 30, 2026.

LHA Market State^TM Tactical Q ETF


Assets^	Level 1	Level 2	Level 3	Total
Exchange Traded Funds	$24,882,956	$—	$—	$24,882,956
Money Market Funds	9,208,863	—	—	9,208,863
U.S. Treasury Bills	—	4,797,097	—	4,797,097
Total Investments	$34,091,819	$4,797,097	$—	$38,888,916

^	See Schedule of Investments for further disaggregation of investment categories.


Other Financial Instruments	Level 1	Level 2	Level 3	Total
Futures Contracts^(a)	$(136,390)	$—	$—	$(136,390)

(a)	The fair value of the Fund’s investment represents the unrealized appreciation (depreciation) as of June 30, 2026.

LHA Risk-Managed Income ETF


Assets^	Level 1	Level 2	Level 3	Total
Exchange Traded Funds	$16,849,778	$—	$—	$16,849,778
Money Market Funds	8,411,435	—	—	8,411,435
Total Investments	$25,261,213	$—	$—	$25,261,213

^ See Schedule of Investments for further disaggregation of investment categories.

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

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds’ 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 Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized from sales of securities are determined on a specific identification basis. Dividend income 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. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized using the effective yield method.

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

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

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 each Fund is calculated by dividing the sum of the value of the securities held by the Funds, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of each Fund, rounded to the nearest cent. The Funds’ 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 each Fund is equal to each Fund’s NAV per share.

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. These differences are primarily due to differing book and tax treatments for in-kind transactions. For the fiscal year ended December 31, 2025, the following table shows the reclassifications made:

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

Segment Reporting. Each Fund operates as a single segment entity. Each Fund’s income, expenses, assets, and performance are regularly monitored and assessed by the Chief Operating & Risk Officer and the Chief Executive Officer, who collectively serve as the chief operating decision makers, using the information presented in the financial statements and financial highlights.

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 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 Funds’ financial statements other than the following:

The Board of Trustees of ETF Series Solutions, upon a recommendation from Little Harbor Advisors, LLC, the investment adviser to the Funds, has determined to close and liquidate the LHA Risk-Managed Income ETF immediately after the close of business on July 27, 2026.

NOTE 3 – ADDITIONAL DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS

Futures Contracts. LHA Market State^TM Tactical Beta ETF and LHA Market State^TM Tactical Q ETF may invest in futures contracts to hedge or manage risks associated with the Fund’s investments in securities or to gain exposure to certain asset classes or markets. Each Fund may purchase or sell futures contracts only if the Fund’s liabilities for the futures position are “covered” by an offsetting position in a futures contract or by the Fund segregating liquid assets equal to the Fund’s liabilities on the futures contract. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made or received by the Funds on an as needed basis. The Funds record an unrealized gain or loss by marking each futures contract to market. A realized gain or loss is recorded when the contract is closed. Should market conditions move unexpectedly,

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

the Funds may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying assets. Futures contracts may have off-balance sheet risk. Off-balance sheet risk exists when the maximum potential loss on a particular financial instrument is greater than the value of such financial instrument, as reflected in the Schedules of Futures Contracts.

Positions in futures contracts may be closed out only on an exchange that provides a secondary market for such futures. However, there can be no assurance that a liquid secondary market will exist for any particular futures contract at any specific time. Thus, it may not be possible to close a futures position. In the event of adverse price movements, the Funds may be required to make cash payments to maintain the required margin. In such situations, if a Fund had insufficient cash, it might have to sell portfolio securities to meet margin requirements at a time when it would be disadvantageous to do so. In addition, the Fund might be required to take delivery of the underlying instruments of futures contracts it holds. The inability to close positions in futures could also have an adverse impact on the Funds’ ability to hedge or manage risks effectively. Cash collateral held by the Funds is presented on the Statements of Assets and Liabilities under segregated cash at broker for futures and options, if any. Securities held as collateral are noted on the Schedule of Investments.

Options Contracts. LHA Market State^TM Tactical Beta ETF and LHA Market State^TM Tactical Q ETF may also purchase put or call options (or options spreads) on the VIX Index, the S&P 500, Nasdaq 100 or ETFs that seek exposure to short-term VIX Index futures contracts.

Purchasing a call option gives the buyer the right to purchase shares of the reference asset at a specified price (“strike price”) until a specified date (“expiration date”) (American-style options) or at the expiration date (European-style options). The buyer of the call option pays an amount (premium) for buying the option. In the event the reference asset appreciates above the strike price, the buyer can exercise the option and receive the reference asset (for American-style options) or receive the difference between the value of the reference asset and the strike price (for European-style options) (which gain is offset by the premium initially paid), and in the event the reference asset declines in value, the call option may end up worthless and the Funds’ loss is limited to the amount of premium it paid. The Funds’ investments in call options and put options on the S&P 500, Nasdaq 100 or the VIX Index are generally expected to be European-style options.

Purchasing a put option gives the buyer the right to sell shares of a reference asset at a strike price until the expiration date (American-style options) or at the expiration date (European-style options). The buyer of the put option pays an amount (premium) for buying the option. In the event the reference asset declines in value below the strike price and a Fund exercises its put option, the Fund will be entitled to deliver the reference asset (for American-style options) or receive the difference between the strike price and the value of the reference asset (for European-style options) (which gain is offset by the premium originally paid by the Fund), and in the event the reference asset closes above the strike price as of the expiration date, the put option may end up worthless and the Fund’s loss is limited to the amount of premium it paid.

A call spread entails the purchase of a call option and the sale of a call option on the same reference asset with the same expiration date but a higher strike price. A put spread entails the purchase of a put option and the sale of a put option on the same reference asset with the same expiration date but a lower strike price. The premium received from the sale of the call or put options is generally expected to offset the cost to the Fund of the purchased options in exchange for limiting the maximum return from such options.

LHA Market State^TM Tactical Beta ETF may also write (sell) call options on its S&P 500 positions; provided, however, that when the Fund writes (sells) a call option it will always own the corresponding amount of exposure to the S&P 500 and, therefore, the Fund’s position will be “covered”. LHA Market State^TM Tactical Q ETF may also write (sell) call options on its long growth equity positions; provided, however, that when the Fund writes (sells) a call option it will always own the corresponding amount of exposure to long growth equities and, therefore, the Fund’s options position will be “covered”. A written (sold) call option gives the seller the obligation to sell shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the underlying asset appreciates above the strike price as of the expiration date, the writer (seller) of the call option will have to pay the difference between the

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset declines in value, the call option may end up worthless and the writer (seller) of the call option retains the premium.

A written (sold) put option gives the seller the obligation to buy shares of the underlying asset at a specified price (“strike price”) at a specified date (“expiration date”). The writer (seller) of the put option receives an amount (premium) for writing (selling) the option. In the event the underlying asset depreciates below the strike price as of the expiration date, the writer (seller) of the put option pays the difference between the value of the underlying asset and the strike price (which loss is offset by the premium initially received), and in the event the underlying asset appreciates in value, the put option may end up worthless and the writer (seller) of the call option retains the premium.

When the Funds write an option, an amount equal to the premium received by the Funds is recorded as a liability and is subsequently adjusted to the current fair value of the options written. Premiums received from writing options that expire unexercised are treated by the Funds on the expiration date as realized gains from options written. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Funds have realized a gain or loss. The Funds, as a writer of an option, bear the market risk of an unfavorable change in the price of the security underlying the written option.

For financial statement purposes, cash held at or due to the broker for futures and options is included in the Statements of Assets and Liabilities as deposits at broker for futures and options or payable to broker for futures and options. Broker interest paid by the Funds, if any, is included as broker interest expense in the Statements of Operations. As collateral for written options, the Funds maintain segregated assets consisting of cash, cash equivalents, or liquid securities (e.g. Permissible Assets). Segregated cash, if any, is included as segregated cash at broker for futures and options in the Statements of Assets and Liabilities. The Advisor may earmark or instruct the Funds’ custodian to segregate Permissible Assets in an amount at least equal to the market value, calculated on a daily basis, of the written options. Alternatively, a written call option contract can be “covered” through (a) ownership of the underlying instruments or (b) ownership of an option on such instruments at an exercise price equal to or lower than the exercise price of the short option, and a written put option contract can be “covered” (a) through ownership of a put option with an exercise price at least equal to the Funds’ delivery or purchase obligation or (b) through selling short the underlying instrument at a price at least equal to the Funds’ purchase obligation.

The effect of derivative instruments on the Statements of Assets and Liabilities as of the end of the current fiscal period was as follows:


Fund	Derivatives Not Accounted For as Hedging Instruments	Statement of Assets and Liabilities Location	Value
Fund	Derivatives Not Accounted For as Hedging Instruments	Liability Derivatives	Value
LHA Market State^TM Tactical Beta ETF	Equity Contracts - Futures*	Unrealized depreciation on open futures contracts**	$(258,010)
LHA Market State^TM Tactical Q ETF	Equity Contracts - Futures*	Unrealized depreciation on open futures contracts**	(136,390)

*	Includes cumulative appreciation/depreciation as reported on the Schedule of Futures Contracts.

**	Included in total distributable earnings on the Statement of Assets and Liabilities.

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

The effect of derivative instruments on the Statements of Operations for the current fiscal period was as follows:


Fund	Derivatives Not Accounted For as Hedging Instruments	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)
LHA Market State^TM Tactical Beta ETF	Equity Contracts - Futures	$1,382,455	$(340,621)
LHA Market State^TM Tactical Beta ETF	Equity Contracts - Purchased Options	(1,995,712)*	—
LHA Market State^TM Tactical Beta ETF	Equity Contracts - Written Options	485,324	—
LHA Market State^TM Tactical Q ETF	Equity Contracts - Futures	1,728,456	(211,201)
LHA Market State^TM Tactical Q ETF	Equity Contracts - Purchased Options	(356,504)*	—
LHA Market State^TM Tactical Q ETF	Equity Contracts - Written Options	(65,806)	—

*	Included in net realized gain (loss) on investments as reported on the Statement of Operations.

The average monthly values of outstanding purchased and written options during the current fiscal period were as follows:

*	The amounts of realized gains and losses for written options during the period disclosed above and within the statement of operations serve as indicators of volume of activity during the period. Written options were not held at period end.

The average monthly notional amount of short and long futures during the current fiscal period were as follows:

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Little Harbor Advisors, LLC (“the Adviser”), serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, 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 each Fund’s respective sub-adviser, if any: transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Grimes & Company Wealth Management, LLC (doing business as Grimes & Company) serves as the sub-adviser for LHA Risk-Managed Income ETF.

Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by 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, taxes, 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 the services it provides to the Funds, the Funds each pay the Adviser a unified management fee, which is calculated daily and paid monthly, at an annual rate of 1.10% of each Fund’s average daily net assets. The Adviser is responsible for paying the sub-adviser.

U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

supplied to the Board and monitors the activities of the Funds’ Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ Custodian.

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

NOTE 5 – PURCHASES AND SALES OF SECURITIES

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

During the current fiscal period, there were no purchases or sales of long-term U.S. Government securities by the Funds. LHA Market State^TM Tactical Beta ETF and LHA Market State^TM Tactical Q ETF held U.S. Treasury Bills during the current fiscal period which are considered short-term securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follows:

NOTE 6 – INCOME TAX INFORMATION

The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings/(accumulated losses) and cost basis of investments for federal income tax purposes as of December 31, 2025 in the Funds, were as follows:


	LHA Market State^TM Tactical Beta ETF	LHA Market State^TM Tactical Q ETF	LHA Risk- Managed Income ETF
Tax cost of investments	$136,083,063	$25,023,916	$31,217,625
Gross tax unrealized appreciation	$40,812,672	$4,786,604	$210,172
Gross tax unrealized depreciation	—	(65,327)	(34,492)
Net tax unrealized appreciation (depreciation)	40,812,672	4,721,277	175,680
Undistributed ordinary income	649,007	—	—
Undistributed long-term gain	—	—	—
Other accumulated gain (loss)	(34,487,849)*	(1,713,287)**	(572,119)
Distributable earnings (accumulated losses)	$6,973,830	$3,007,990	$(396,439)

*	Includes straddle loss deferral of $11,303,419.

**	Includes straddle loss deferral of $828,073.

The difference between book and tax-basis cost is attributable to wash sales.

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

At December 31, 2025, the LHA Market State^TM Tactical Q ETF deferred, on a tax basis, $885,214 of post-October capital losses and no late-year ordinary losses. The LHA Market State^TM Tactical Beta ETF and LHA Risk-Managed Income ETF deferred no post-October capital losses or late-year ordinary losses.

As of December 31, 2025, the Funds had the following capital loss carryforwards with no expiration:

During the year ended December 31, 2025, the Funds utilized the following capital loss carryforward that was available as of December 31, 2024:

The tax character of distributions paid by the Funds during the fiscal year ended December 31, 2025 and December 31, 2024, were as follows:


	Year Ended December 31, 2025			Year Ended December 31, 2024
	Ordinary Income	Return of Capital	Long-Term Capital Gain	Ordinary Income	Long-Term Capital Gain
LHA Market State^TM Tactical Beta ETF	$732,987	$—	$—	$1,354,754	$—
LHA Market State^TM Tactical Q ETF	1,845,021	769	2,252,296	435,015	442,620
LHA Risk-Managed Income ETF	1,908,299	10,900	—	2,191,775	—

NOTE 7 – SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). Market prices for the shares may be different from their NAV. The Funds issue and redeem 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 Funds. Shares of the Funds 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 Funds currently offer 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 creation and redemption transaction fee for the Funds is $300 payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ 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 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 received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

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LHA Market State^TM Shares

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

NOTE 8 – PRINCIPAL RISKS

Investment Company Risk. The risks of investing in investment companies, such as the Underlying ETFs, typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Funds become a shareholder of that investment company and bear their proportionate share of the fees and expenses of the other investment company. The Funds may be subject to statutory limits with respect to the amount they can invest in other ETFs, which may adversely affect the Funds’ ability to achieve their investment objective. Investments in ETFs are also subject to the following risks: (i) the market price of an ETF’s shares may trade above or below their NAV; (ii) an active trading market for an ETF’s shares may not develop or be maintained; and (iii) trading of an ETF’s shares may be halted for a number of reasons.

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LHA Market State^TM Shares

Federal tax information (Unaudited)

For the fiscal period ended December 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:


LHA Market State^TM Tactical Beta ETF			100.00%
LHA Market State^TM Tactical Q ETF			4.54%
LHA Risk-Managed Income ETF			0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividend received deduction for the period ended December 31, 2025 was as follows:


LHA Market State^TM Tactical Beta ETF			100.00%
LHA Market State^TM Tactical Q ETF			0.00%
LHA Risk-Managed Income ETF			0.00%

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:


LHA Market State^TM Tactical Beta ETF			0.00%
LHA Market State^TM Tactical Q ETF			86.59%
LHA Risk-Managed Income ETF			0.00%

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LHA MARKET STATE^TM SHARES

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

There were no matters submitted to a vote of shareholders during the period covered by this report.

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 Funds’ Statement of Additional Information.

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LHA MARKET STATE^TM SHARES

Approval of Advisory Agreements & Board Considerations (Unaudited)

LHA Market State Tactical Beta ETF (MSTB)

LHA Market State Tactical Q ETF (MSTQ)

LHA Risk-Managed Income ETF (RMIF)

APPROVAL OF ADVISORY AGREEMENT & BOARD CONSIDERATIONS

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on March 11-12, 2026 (the “Meeting”), the Board of Trustees (the “Board”) of ETF Series Solutions (the “Trust”) approved the continuance of (i) the investment advisory agreement (the “Advisory Agreement”) between Little Harbor Advisors, LLC (the “Adviser”) and the Trust, on behalf of the LHA Market State Tactical Beta ETF (“MSTB”), LHA Market State Tactical Q ETF (“MSTQ”), and LHA Risk-Managed Income ETF (“RMIF”) (each, a “Fund” and, collectively, the “Funds”), and (ii) the investment sub-advisory agreement among the Adviser, Grimes & Company, Inc. (the “Sub-Adviser” and together with the Adviser, the “Advisers”), and the Trust, on behalf of RMIF (the “Sub-Advisory Agreement” and, together with the Advisory Agreement, the “Agreements”).

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreements or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), reviewed written materials (the “Materials”), including information from the Advisers regarding, among other things: (i) the nature, extent, and quality of the services provided by the Advisers to each Fund; (ii) each Fund’s historical performance; (iii) the cost of the services provided and the profits realized by the Advisers or their affiliates from services rendered to each Fund; (iv) comparative performance, fee, and expense data for each Fund and other investment companies with similar investment objectives, including a report prepared by FUSE Research Network (“FUSE”), an independent third party, that compares each Fund’s investment performance, fees, and expenses to relevant market benchmarks and peer groups (the “FUSE Report”); (v) the extent to which any economies of scale realized by the Advisers in connection with their services to each Fund are shared with Fund shareholders; (vi) any other financial benefits to the Advisers and their affiliates resulting from services rendered to the Funds; and (vii) other factors the Board deemed to be relevant. The Board also met via videoconference nine days before the Meeting to discuss their initial thoughts regarding the Materials and communicate to Trust officers their follow up questions, if any, that they would like the Advisers to address at the Meeting and/or through revised or supplemental Materials.

The Board also considered that the Advisers, along with other service providers of the Funds, had provided written and oral updates on the firms over the course of the year with respect to their roles as investment advisers to the Funds, and the Board considered that information alongside the Materials in its consideration of whether the Agreements should be continued. Additionally, representatives from the Adviser provided an oral overview of each Fund’s strategy, the services provided to each Fund by the Advisers, and additional information about the Adviser’s personnel and business operations. The Board then discussed the Materials and the Adviser’s oral presentations, as well as any other relevant information received by the Board at the Meeting and at prior meetings, and deliberated on the approval of the continuation of the Agreements in light of this information.

Approval of the Continuation of the Advisory Agreement with the Adviser

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided under the Advisory Agreement, noting that the Adviser had provided and would continue to provide investment management services to the Funds. In considering the nature, extent, and quality of the services provided by the Adviser, the Board considered the quality of the Adviser’s compliance program and past reports from the Trust’s Chief Compliance Officer (“CCO”) regarding the CCO’s review of the Adviser’s compliance program. The Board also considered its previous experience with the Adviser providing investment management services to the Funds. The Board noted that it had received a copy of the Adviser’s registration form and financial statements, as well as the Adviser’s response to a detailed series of questions that included, among other things, information about the Adviser’s decision-making process, the background and experience of the firm’s key personnel, and the firm’s compliance policies, marketing practices, and brokerage information.

The Board also considered other services provided by the Adviser to the Funds, including oversight of RMIF’s sub-adviser, monitoring each Fund’s adherence to its investment restrictions and compliance with the Funds’ policies and procedures and applicable securities regulations, as well as monitoring the extent to which each Fund achieves its investment objective as an actively managed fund.

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LHA MARKET STATE^TM SHARES

Approval of Advisory Agreements & Board Considerations (Unaudited)(Continued)

Historical Performance. The Trustees next considered each Fund’s performance. The Board observed that additional information regarding each Fund’s past investment performance, for periods ended December 31, 2025, had been included in the Materials, including the FUSE Report, which compared the performance results of each Fund with the returns of two groups of the Fund’s peer funds: (1) a broader category group of actively managed equity hedged ETFs (each, a “Peer Universe”) and (2) a group of ETFs selected from the Peer Universe by FUSE as most comparable to such Fund (each, a “Peer Group”). Additionally, at the Board’s request, the Adviser identified the funds the Adviser considered to be each Fund’s most direct competitors (each, a “Selected Peer Group”) and provided the Selected Peer Group’s performance results. The funds included by the Adviser in each Selected Peer Group include funds that, based on a combination of quantitative and qualitative considerations made by the Adviser, have similar investment objectives and/or principal investment strategies as the relevant Fund.

MSTB: The Board noted that the Fund slightly outperformed its broad-based securities market benchmark, the S&P 500 Index, for the one-year period, and underperformed the same benchmark over the three-, five-year, and since inception periods. In comparing the Fund’s performance to that of its benchmark, the Board noted that the Fund seeks long-term out-performance relative to the large-cap U.S. equity market by investing in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500, including ETFs with long exposure to the S&P 500, U.S. Treasury securities, or instruments linked to the VIX Index, as well as options and futures contracts on the S&P 500 and the VIX Index.

The Board then noted that, for each of the one-, three-year, and since inception periods, the Fund outperformed the median return of its Peer Group, and performed in line with its Peer Group over the five-year period. The Board also noted that for each of the one-, three-, five-year, and since inception periods, the Fund outperformed the median return of its Peer Universe. The Board observed that the Peer Universe was comprised of actively managed equity hedged ETFs with reference exposures that generally correspond to the broad U.S. equity market and the Peer Group was comprised of a subset of those funds selected based on a composite review of their benchmarks, names, strategies, and overall alignment with the Adviser’s tactical approach and exposure to S&P 500. In addition, the Board noted that the Fund outperformed each of the funds in its Selected Peer Group over the one-, three-, and five-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as actively managed ETFs that mitigate risk and employ equity hedged strategies.

MSTQ: The Board noted that the Fund underperformed its broad-based securities market benchmark, the Nasdaq Composite Total Return Index, as well as the Nasdaq-100 Total Return Index, an additional benchmark index, for each of the one-, three-year, and since inception periods. The Nasdaq Composite tracks the performance of over 3,000 stocks while assuming all cash dividends are reinvested in the index, and the Nasdaq-100 provides an indication of the performance of the 100 largest, most actively traded, non-financial equity securities listed on the Nasdaq stock exchange. In comparing the Fund’s performance to that of the benchmarks, the Board noted that the Fund, unlike its benchmarks, seeks long-term out-performance relative to the large-cap U.S. growth equity market by investing in equity instruments linked directly or indirectly to the performance of U.S.-listed, large-cap, growth-oriented companies, including ETFs that provide long or short exposure to growth equities, U.S. Treasury securities, or instruments linked to the VIX Index, as well as options and futures contracts on equities or the VIX Index.

The Board then noted that, for the one-, three-year, and since inception period, the Fund outperformed the returns of all funds in its Peer Group and its Peer Universe. The Board observed that the Peer Universe was comprised of actively managed equity hedged ETFs with reference exposures that generally correspond to the broad U.S. equity market and the Peer Group was comprised of a subset of those funds selected based on a composite review of their benchmarks, names, strategies, and overall alignment with the Adviser’s tactical approach and exposure to S&P 500. In addition, the Board noted that the Fund outperformed the funds in its Selected Peer Group for the one- and three-year periods. The Board considered that the funds included in the Selected Peer Group were described by the Adviser as actively managed ETFs that mitigate risk and employ equity hedged strategies.

RMIF: The Board noted that the Fund underperformed its broad-based securities market benchmark, the Bloomberg US Aggregate Bond Total Return Index, over the one-year period but outperformed the same benchmark over its since inception period. The Bloomberg US Aggregate Bond Index provides an indication of the performance of the broader U.S. investment grade bond market. In comparing the Fund’s performance to that of the benchmark, the

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LHA MARKET STATE^TM SHARES

Approval of Advisory Agreements & Board Considerations (Unaudited)(Continued)

Board noted that the Fund, unlike its benchmark, pursues an actively managed “fund of funds” strategy and seeks exposure to a broad range of fixed income asset classes based on a proprietary analysis of certain price and volatility trend factors identified by the Sub-Adviser.

The Board then noted that the Fund underperformed the median return of its Peer Group and Peer Universe over the one-year period, underperformed the median return of its Peer Universe over the since inception period, and outperformed its Peer Group over the since inception period. The Board observed that the Peer Universe was comprised of actively managed multi-sector bond ETFs and other taxable bond ETFs with similar rules-based, tactical fixed income allocation approaches as RMIF and the Peer Group was comprised of a subset of those funds selected based on their degree of comparability to RMIF’s fund of funds structure and its use of risk management tactical allocation approaches. In addition, the Board noted that the Fund underperformed the funds in its Selected Peer Group for the one-year period. The Board considered that the funds included in the Selected Peer Group were a mix of actively managed and index-based bond ETFs that were not structured as fund of funds with tactical allocation strategies and the Selected Peers all had far more individual portfolio holdings and much larger assets under management than the Fund.

The Board also noted that RMIF commenced operations on June 8, 2023, less than three years prior to December 31, 2025, which was a relatively short period of time over which to evaluate the Fund’s performance and draw meaningful conclusions about its management.

Cost of Services Provided and Economies of Scale. The Board then reviewed each Fund’s fees and expenses. The Board took into consideration that the Adviser had charged, and would continue to charge, a “unified fee,” meaning each Fund pays no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses (“AFFE”), extraordinary expenses, and, to the extent it is implemented, fees pursuant to a Distribution and/or Shareholder Servicing (12b-1) Plan. The Board noted that the Adviser had been and would continue to be responsible for compensating the Trust’s other service providers and paying each Fund’s other expenses out of the Adviser’s own fee and resources.

The Board compared each Fund’s net expense ratio to its Peer Group and Peer Universe as shown in the FUSE Report, as well as its Selected Peer Group. The Board noted that each Fund’s net expense ratio, including AFFE, was the highest net expense ratio among the funds in its Peer Group, Peer Universe, and Selected Peer Group. The Board further considered the Funds’ net expense ratios, as compared to those of their peer funds, in light of the Funds’ complex investment strategies and relative performance.

The Board then considered the Adviser’s financial resources and information regarding the Adviser’s ability to support its management of the Funds and obligations under the unified fee arrangement, noting that the Adviser had provided its financial statements for the Board’s review. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account an analysis of the Adviser’s profitability with respect to each Fund at various actual and projected Fund asset levels.

The Board also considered each Fund’s expenses and advisory fee structure in light of its potential economies of scale. The Board noted that each Fund’s unitary fee structure did not contain any management fee breakpoint reductions as Fund assets grow. The Board concluded, however, that each Fund’s unitary fee structure reflects a sharing of economies of scale between the Adviser and the Fund at its current asset level. The Board also noted its intention to monitor fees as each Fund grows in size and assess whether advisory fee breakpoints may be warranted in the future should the Adviser realize economies of scale in its management of the Fund.

Conclusion. No single factor was determinative of the Board’s decision to approve the continuation of the Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the continuation of the Advisory Agreement was in the best interests of each Fund and its shareholders.

Approval of the Continuation of the Sub-Advisory Agreement with the Sub-Adviser

Nature, Extent, and Quality of Services Provided. The Trustees considered the scope of services provided to RMIF (the “Fund”) under the Sub-Advisory Agreement, noting that the Sub-Adviser had provided and would continue to provide investment management services to the Fund. In considering the nature, extent, and quality of the services

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LHA MARKET STATE^TM SHARES

Approval of Advisory Agreements & Board Considerations (Unaudited)(Continued)

provided by the Sub-Adviser, the Board considered the quality of the Sub-Adviser’s compliance program and past reports from the Trust’s CCO regarding the CCO’s review of the Sub-Adviser’s compliance program. The Board also considered its previous experience with the Sub-Adviser providing investment management services to the Fund. The Board noted that it had received a copy of the Sub-Adviser’s registration form and financial statements, as well as the Sub-Adviser’s response to a detailed series of questions that included, among other things, information about the Sub-Adviser’s decision-making process, the background and experience of the firm’s key personnel, and the firm’s compliance policies, marketing practices, and brokerage information.

The Board noted the responsibilities that the Sub-Adviser has as RMIF’s investment sub-adviser, including: responsibility for the general management of the day-to-day investment and reinvestment of Fund assets; determining the daily baskets of deposit securities and cash components; executing portfolio security trades for purchases and redemptions of the Fund’s shares; oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board; and implementation of Board directives as they relate to the Fund. The Board also considered the Sub-Adviser’s resources and capacity with respect to portfolio management, compliance, and operations given the number of funds and/or accounts for which it provides advisory or sub-advisory services.

Historical Performance. The Trustees next reviewed the Fund’s performance, noting that the Sub-Adviser’s portfolio managers actively manage the Fund’s investments. The Board considered the same performance information that it reviewed as part of its due diligence with respect to the Adviser’s performance. In particular, the Board considered the FUSE Report, which compared RMIF’s performance with the returns of its Peer Group and Peer Universe for the periods ended December 31, 2025, as well as other relevant information contained in the Materials, including a comparison of RMIF’s performance with the returns of its Selected Peer Group. The Board considered the Sub-Adviser’s performance in light of the historic Fund returns described in these reports.

Costs of Services Provided and Economies of Scale. The Board then reviewed the sub-advisory fees paid by the Adviser to the Sub-Adviser for its services to the Fund. The Board considered that the fees paid to the Sub-Adviser are paid by the Adviser and noted that the fee reflected an arm’s-length negotiation between the Adviser and the Sub-Adviser. The Board further determined that the fees reflected an appropriate allocation of the advisory fee paid to each firm given the work performed by each firm and noted that the Fund’s sub-advisory fee rate is lower than the fee rate charged in connection with the advisory services provided by the Sub-Adviser to other funds and separately managed accounts. The Board also evaluated the compensation and benefits received by the Sub-Adviser from its relationship with the Fund, taking into account an analysis of the Sub-Adviser’s profitability with respect to the Fund at various actual and projected Fund asset levels.

The Board expressed the view that it currently appeared that the Sub-Adviser might realize economies of scale in managing the Fund as assets grow in size, noting that the Fund’s sub-advisory fee rate did not include asset-level breakpoints. However, the Board considered that any benefits derived from such breakpoints, due to an increase in assets under management, would accrue to the Adviser, not Fund shareholders, as a result of the unitary management fee. Consequently, the Board determined that it would monitor advisory and sub-advisory fees as the Fund grows to determine whether economies of scale were being effectively shared with the Fund and its shareholders.

Conclusion. No single factor was determinative of the Board’s decision to approve the Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including the Independent Trustees, unanimously determined that the Sub-Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to the Fund. The Board, including the Independent Trustees, unanimously determined that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.

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.


	1 Year	5 Year	Since Inception (09/29/2020)
LHA Market State™ Tactical Beta ETF NAV	15.71	8.07	11.14
S&P 500 TR	22.32	13.41	16.82


Net Assets	$196,250,780
Number of Holdings	6
Portfolio Turnover	-%
30-Day SEC Yield	0.46%
30-Day SEC Yield Unsubsidized	0.46%


	1 Year	Since Inception (03/14/2022)
LHA Market State™ Tactical Q ETF NAV	25.80	16.09
NASDAQ Composite Total Return Index	29.48	19.52
NASDAQ 100 Total Return Index	34.38	22.62


Net Assets	$38,874,948
Number of Holdings	6
Portfolio Turnover	2%
30-Day SEC Yield	0.72%
30-Day SEC Yield Unsubsidized	0.72%


Net Assets	$25,263,186
Number of Holdings	6
Portfolio Turnover	86%
30-Day SEC Yield	4.48%
30-Day SEC Yield Unsubsidized	4.48%


Security Type	(% of Net Assets)
Exchange Traded Funds	82.4	%
U.S. Treasury Bills	9.3	%
Money Market Funds	6.9	%
Futures Contracts	-0.1	%
Cash & Other	1.5	%


Top 10 Holdings	(% of Net Assets)
State Street SPDR S&P 500 ETF Trust	82.4	%
United States Treasury Bill	9.3	%
First American Government Obligations Fund	3.5	%
First American Treasury Obligations Fund	3.4	%
S&P 500 Index	-0.1	%


Top 10 Holdings	(% of Net Assets)
Invesco QQQ Trust Series 1	64.0	%
United States Treasury Bill	12.3	%
First American Treasury Obligations Fund	11.9	%
First American Government Obligations Fund	11.8	%
Nasdaq 100 Index	-0.4	%

(a)	Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

	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)