UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22668

ETF Series Solutions
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Kristina R. Nelson

ETF Series Solutions

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

(414)-765-6076

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: February 28, 2021

Item 1. Reports to Stockholders.

(a)

Semi-Annual Report

February 28, 2021

Loncar Cancer Immunotherapy ETF

Ticker: CNCR

Loncar China BioPharma ETF

Ticker: CHNA

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Funds’ reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.

You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.

Loncar ETFs

TABLE OF CONTENTS

	Page
Letters to Shareholders	1
Portfolio Allocations	5
Schedules of Investments	6
Statements of Assets and Liabilities	11
Statements of Operations	12
Statements of Changes in Net Assets	13
Financial Highlights	15
Notes to Financial Statements	17
Expense Examples	27
Review of Liquidity Risk Management Program	29
Approval of Advisory Agreement and Board Consideration	30
Federal Tax Information	34
Information About Portfolio Holdings	34
Information About Proxy Voting	34
Information About the Funds’ Trustees	35
Frequency Distribution of Premiums and Discounts	35

Loncar Cancer Immunotherapy ETF

Letter to Shareholders

(Unaudited)

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Loncar Cancer Immunotherapy ETF (“CNCR” or the “Fund”). The following information pertains to the current fiscal period of September 1, 2020 through February 28, 2021 (the “current fiscal period”). The Fund seeks to track the total return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index (the “Index”). The Index tracks the performance of a basket of companies that develop therapies to treat cancer by harnessing the body’s own immune system. It contains both leading large pharmaceutical companies and growth-oriented biotechnology companies.

The Fund had positive performance during the current fiscal period. The market price for CNCR increased 18.20% and the NAV 18.64%, while the S&P 500^® Index, a broad market index, gained 9.74% over the same period. The Fund’s Index returned positive 19.07%.

For the current fiscal period, the largest positive contributor to return was Fate Therapeutics, Inc. (FATE), adding 5.35% to the return of the Fund, gaining 146.48%, with an average weighting of 4.18%. The second largest contributor to return was Moderna, Inc. (MRNA), adding 3.64% to the return of the Fund, gaining 111.17% with an average weighting of 2.45%. The third largest contributor to return was BioNTech SE (BNTX), adding 3.11%) to the return of the Fund, gaining 78.01% with an average weighting of 4.18%.

For the current fiscal period, the largest negative contributor to return was Bluebird Bio, Inc. (BLUE), detracting 1.81% from the return of the Fund, declining 47.55% with an average weighting of 2.77%. The security contributing second-most negatively was Adaptimmune Therapeutics plc (ADAP), detracting 1.38% from the return of the Fund, and declining 50.00% with an average weighting of 1.18%. The third largest negative contributor to return was Compugen, Ltd. (CGEN), detracting 1.33% from the return of the Fund, and declining 30.19% with an average weight of 2.00%.

The Fund began trading on October 14, 2015, with 1,500,000 outstanding shares as of February 28, 2021.

We appreciate your investment in CNCR.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC

1

Loncar Cancer Immunotherapy ETF

Letter to Shareholders

(Unaudited) (Continued)

Must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Shares of an ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund will invest in immunotherapy companies which are highly dependent on the development, procurement and marketing of drugs and the protection and exploitation of intellectual property rights. A company’s valuation can also be greatly affected if one of its products is proven or alleged to be unsafe, ineffective or unprofitable. The costs associated with developing new drugs can be significant, and the results are unpredictable. The process for obtaining regulatory approval by the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals with be obtained and maintained. The Fund may invest in foreign securities, which involve political, economic, currency risk, greater volatility, and differences in accounting methods. The Fund is non-diversified meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. The Fund invests in smaller companies, which may have more limited liquidity and greater volatility compared to larger companies. The Fund is not actively managed and may be affected by a general decline in market segments related to the Index. The Fund invests in securities included in, or representative of securities included in, the Index, regardless of their investment merits. The performance of the Fund may diverge from that of the Index and may experience tracking error to a greater extent than a fund that seeks to replicate an index.

Standard & Poor’s 500^® Index (S&P 500^® Index) – An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. Quotes for the Index can be found under the symbol “SPX” on the Bloomberg Professional service and other financial data providers.

The Loncar Cancer Immunotherapy Index is an index of 25 securities that have a strategic focus on the area of cancer immunotherapy or harnessing the immune system to fight cancer. Quotes for the Index can be found under the symbol “LCINDX” on the Bloomberg Professional service and other financial data providers.

One may not directly invest in an index.

Past performance is not a guarantee of future results.

Fund holdings are subject to change and are not a recommendation to buy or sell any security. For a complete listing of the Fund’s holdings please view the schedule of investments in this report. The Loncar Cancer Immunotherapy ETF is distributed by Quasar Distributors, LLC. Loncar Investments is the index provider of the Fund. INDXX, LLC helps Loncar with risk management and index construction.

2

Loncar China BioPharma ETF

Letter to Shareholders

(Unaudited)

Dear Shareholders,

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Loncar China BioPharma ETF (“CHNA” or the “Fund”). The following information pertains to the current fiscal period of September 1, 2020 through February 28th, 2021 (the “current fiscal period”). The Fund seeks to track the total return performance, before fees and expenses, of the Loncar China BioPharma Index (the “Index”). The Index tracks the performance of a basket of companies that are leading China’s biotech revolution. With a focus on innovators, the Index contains globally listed companies that have a strategic role in growing China’s drug industry.

The Fund had positive performance during the current fiscal period ending on February 28, 2021. The market price for CHNA increased 20.77% and the NAV increased 18.30%, while the Nasdaq Biotechnology Index, a broad market index, 15.82% over the same period. The Fund’s Index returned positive 18.72%.

For the current fiscal period, the largest positive contributor to return was Sihuan Pharmaceutical Holdings Group, Ltd. (460 HK), adding 2.33% to the return of the Fund, 165.07%, with an average weighting of 1.78%. The second largest contributor to return was Zai Lab, Ltd. ADR (ZLAB US), adding 2.33% to the return of the Fund, gaining 85.86% with an average weighting of 2.76%. The third largest contributor to return was WuXi Biologics (Cayman), Inc. (2269 HK), adding 2.31% to the return of the Fund, gaining 41.48% with an average weighting of 3.95%.

For the current fiscal period, the largest negative contributor to return was CSPC Pharmaceutical Group, Ltd. (1093 HK), detracting 0.86% from the return of the Fund, declining 24.52% with an average weighting of 2.46%. The security contributing second-most negatively was Shanghai Henlius Biotech, Inc. (2696 HK), detracting 0.64% from the return of the Fund, and declining 31.16% with an average weighting of 1.51%. The third largest negative contributor to return was Viva Biotech Holdings (1873 HK), detracting 0.53% from the return of the Fund, and declining 26.83% with an average weight of 1.64%.

The Fund began trading on August 15, 2018, with 400,000 outstanding shares as of February 28, 2021.

We appreciate your investment in CHNA.

Sincerely,

J. Garrett Stevens
Chief Executive Officer
Exchange Traded Concepts, LLC

3

Loncar China BioPharma ETF

Letter to Shareholders

(Unaudited) (Continued)

Must be preceded or accompanied by a prospectus.

Investing involves risk, including the possible loss of principal. Shares of an ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. To the extent the Fund invests a significant portion of its assets in the securities of companies of a single country or region, such as China, it is more likely to be impacted by events or conditions affecting that country or region. A significant portion of the Fund’s assets will be invested in the biotechnology and pharmaceutical industries, which expose the Fund to the risks of the following sector. Companies in the health care sector are subject to extensive government regulation. The costs associated with developing new drugs can be significant, and the results are unpredictable. Newly developed drugs may be susceptible to product obsolescence due to intense competition from new products and less costly generic products. The process for obtaining regulatory approval by the U.S. Food and Drug Administration or other governmental regulatory authorities is long and costly and there can be no assurance that the necessary approvals will be obtained or maintained. The values of many companies in the health care sector may be significantly affected by such things as the expiration of patents or the loss of, or the inability to enforce, intellectual property rights. The Fund may invest in foreign securities, which involve political, economic, currency risk, greater volatility, and differences in accounting methods. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the investments. The Fund invests in smaller companies, which may have more limited liquidity and greater volatility compared to larger companies. The Fund is considered non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. The Fund is not actively managed and the Fund’s sub-adviser would not sell shares of an equity security due to current or projected underperformance of a security, industry or sector, unless that security is removed from the Index or the selling of shares of that security is otherwise required upon a reconstitution of the Index in accordance with the Index methodology. The biopharmaceutical industry in China is strictly regulated and changes in such regulations, including banning or limiting certain products, may have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies. The laws and regulations applicable to the process of administrative approval of medicine and its production in China require entities producing biopharma products to comply strictly with certain standards and specifications promulgated by the government.

The Nasdaq Biotechnology Index -An index designed to track the performance of a set of securities listed on The Nasdaq Stock Market” (Nasdaq^®) that are classified as either biotechnology or pharmaceutical companies and is a modified market capitalization weighted index. Quotes for the Index can be found under the symbol “XNBI” on the Bloomberg Professional service and other financial data providers.

The Loncar China BioPharma Index -an index that tracks the performance of a basket of companies that are leading China’s biotech revolution. With a focus on innovators, the Index contains globally listed companies that have a strategic role in growing China’s drug industry. Quotes for the Index can be found under the symbol “LCHINA” on the Bloomberg Professional service and other financial data providers.

One may not directly invest in an index.

Past performance is not a guarantee of future results.

Fund holdings are subject to change and are not a recommendation to buy or sell any security. For a complete listing of the Fund’s holdings please view the schedule of investments in this report. The Loncar China BioPharma ETF is distributed by Quasar Distributors, LLC. Loncar Investments is the index provider of the Fund. INDXX, LLC helps Loncar with risk management and index construction.

4

Loncar Cancer Immunotherapy ETF

Portfolio Allocation

As of February 28, 2021 (Unaudited)

Industry Group	Percentage of Net Assets
Biotechnology ♦	85.0%
Pharmaceuticals	14.9
Short-Term Investments	0.1
Liabilities in Excess of Other Assets	(0.0)
Total	100.0%

Loncar China BioPharma ETF

Portfolio Allocation

As of February 28, 2021 (Unaudited)

Industry Group	Percentage of Net Assets
Biotechnology ♦	58.4%
Pharmaceuticals	24.7
Biotechnology Services	8.1
Diagnostics	3.6
Pharmaceutical Manufacturing	3.5
Pharmaceutical Distribution	1.7
Short-Term Investments	0.1
Liabilities in Excess of Other Assets	(0.1)
Total	100.0%

♦	To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. See Note 7 in the Notes to Financial Statements.
+	Represents less than 0.05% of net assets.

5

Loncar Cancer Immunotherapy ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Security Description	Value
		COMMON STOCKS — 99.9%
		Biotechnology — 85.0% (a)
	59,564	Allogene Therapeutics, Inc. (b)	$	2,067,466
	14,571	ALX Oncology Holdings, Inc. (b)		1,169,906
	55,144	Arcus Biosciences, Inc. (b)		1,944,377
	30,304	AstraZeneca plc - ADR		1,466,108
	67,756	Atara Biotherapeutics, Inc. (b)		1,136,946
	7,166	BeiGene, Ltd. - ADR (b)		2,293,120
	12,564	BioNTech SE - ADR (b)		1,369,853
	38,333	Bluebird Bio, Inc. (b)		1,192,156
	27,134	Bristol-Myers Squibb Company		1,664,128
	16,820	Fate Therapeutics, Inc. (b)		1,509,090
	42,053	Genmab A/S - ADR (b)		1,424,335
	26,950	Gilead Sciences, Inc.		1,654,730
	44,089	I-Mab - ADR (b)		2,609,628
	17,124	IGM Biosciences, Inc. (b)		1,497,151
	57,838	Legend Biotech Corporation - ADR (b)		1,572,037
	71,987	MacroGenics, Inc. (b)		1,800,395
	19,682	Merck & Company, Inc.		1,429,307
	97,229	Nektar Therapeutics (b)		2,206,126
	22,800	Nkarta, Inc. (b)		1,111,728
	3,410	Regeneron Pharmaceuticals, Inc. (b)		1,536,444
	37,762	Replimune Group, Inc. (b)		1,307,698
	34,170	Scholar Rock Holding Corporation (b)		1,848,597
	131,089	Trillium Therapeutics, Inc. (b)		1,487,860
	38,092	Xencor, Inc. (b)		1,876,793
	31,439	Y-mAbs Therapeutics, Inc. (b)		1,105,710
				40,281,689
		Pharmaceutical — 14.9%
	5,754	Argenx SE - ADR (b)		1,902,733
	10,589	CRISPR Therapeutics AG (b)		1,330,931
	33,008	Iovance Biotherapeutics, Inc. (b)		1,231,198
	58,814	MorphoSys AG - ADR (b)		1,461,528
	31,168	Zymeworks, Inc. (b)		1,131,710
				7,058,100
		TOTAL COMMON STOCKS (Cost $39,700,346)		47,339,789

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

6

Loncar Cancer Immunotherapy ETF

Schedule of Investments
February 28, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		SHORT-TERM INVESTMENTS — 0.1%
	41,011	First American Government Obligations Fund - Class X, 0.03% (c)	$	41,011
		TOTAL SHORT-TERM INVESTMENTS (Cost $41,011)		41,011
		TOTAL INVESTMENTS (Cost $39,741,357) — 100.0%		47,380,800
		Liabilities in Excess of Other Assets — 0.0% (d)		(1,771	)
		NET ASSETS — 100.0%	$	47,379,029

Percentages are stated as a percent of net assets.
(a)	To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. See Note 7 in the Notes to Financial Statements.
ADR	American Depositary Receipt.
(b)	Non-income producing security.
(c)	Rate shown is the annualized seven-day yield as of February 28, 2021.
(d)	Represents less than 0.05% of net assets.

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

7

Loncar China BioPharma ETF

Schedule of Investments

February 28, 2021 (Unaudited)

Shares		Security Description	Value
		COMMON STOCKS — 100.0%
		Biotechnology — 58.4% (a)
	252,500	3SBio, Inc. (b)	$	251,284
	35,000	Akeso, Inc. (b)		229,653
	145,000	Alphamab Oncology (b)		243,743
	109,000	Antengene Corporation, Ltd. (b)		238,027
	42,900	Ascentage Pharma Group International (b)		188,858
	1,036	BeiGene, Ltd. - ADR (b)		331,520
	9,800	CanSino Biologics, Inc. - H Shares (b)		466,164
	54,829	CASI Pharmaceuticals, Inc. (b)		134,880
	2,402,000	CK Life Sciences Int’l Holdings, Inc.		269,388
	181,500	CStone Pharmaceuticals (b)		234,907
	22,000	Everest Medicines, Ltd. (b)		228,300
	166,000	Genscript Biotech Corporation (b)		286,320
	9,455	Gracell Biotechnologies, Inc. - ADR (b)		214,912
	174,000	HBM Holdings, Ltd. (b)		198,733
	275,500	Hua Medicine (b)		175,443
	7,868	Hutchison China MediTech, Ltd. - ADR (b)		226,126
	4,258	I-Mab - ADR (b)		252,031
	127,000	Immunotech Biopharm, Ltd. (b)		261,945
	114,000	InnoCare Pharma, Ltd. (b)		277,162
	30,000	Innovent Biologics, Inc. (b)		308,997
	89,100	Jacobio Pharmaceuticals Group Company, Ltd. (b)		229,718
	99,000	JHBP CY Holdings, Ltd. (b)		241,969
	50,000	JW Cayman Therapeutics Company, Ltd. (b)		252,019
	110,500	Kintor Pharmaceutical, Ltd. (b)		240,448
	276,500	Lee’s Pharmaceutical Holdings, Ltd.		206,377
	9,651	Legend Biotech Corporation - ADR (b)		262,314
	82,500	Ocumension Therapeutics (b)		261,623
	18,000	Remegen Company, Ltd. - H Shares (b)		261,739
	31,400	Shanghai Haohai Biological Technology Company, Ltd. - H Shares		234,366
	51,600	Shanghai Henlius Biotech, Inc. - H Shares (b)		252,767
	33,000	Shanghai Junshi Biosciences Company, Ltd. - H Shares (b)		338,195
	384,500	Sino Biopharmaceutical, Ltd.		427,754
	265,000	Viva Biotech Holdings		229,221
	2,177	Zai Lab, Ltd. - ADR (b)		321,151
				8,778,054

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

8

Loncar China BioPharma ETF

Schedule of Investments
February 28, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.0% (Continued)
		Biotechnology Services — 8.1%
	15,700	Hangzhou Tigermed Consulting Company, Ltd. - H Shares (b)	$	307,226
	17,900	Pharmaron Beijing Company, Ltd. - H Shares		305,973
	14,048	WuXi AppTec Company, Ltd. - H Shares		292,827
	25,000	Wuxi Biologics Cayman, Inc. (b)		309,545
				1,215,571
		Diagnostics — 3.6%
	8,447	Burning Rock Biotech, Ltd. - ADR (b)		304,008
	9,634	Genetron Holdings, Ltd. - ADR (b)		236,900
				540,908
		Pharmaceutical Distribution — 1.7%
	109,100	Sinopharm Group Company, Ltd. - H Shares		255,404
		Pharmaceutical Manufacturing — 3.5%
	479,000	SSY Group, Ltd.		255,019
	239,400	YiChang HEC ChangJiang Pharmaceutical Company, Ltd. - H Shares		279,601
				534,620
		Pharmaceuticals — 24.7%
	322,000	China Grand Pharmaceutical and Healthcare Holdings, Ltd.		257,356
	158,000	China Medical System Holdings, Ltd.		246,857
	478,500	China Resources Pharmaceutical Group, Ltd.		305,333
	342,880	CSPC Pharmaceutical Group, Ltd.		358,025
	105,000	Guangzhou Baiyunshan Pharmaceutical Holdings Company, Ltd. - H Shares		268,545
	67,500	Hansoh Pharmaceutical Group Company, Ltd. - H Shares (b)		343,706
	68,570	Livzon Pharmaceutical Group, Inc. - H Shares		251,922
	321,500	Luye Pharma Group, Ltd.		217,170
	78,000	Shanghai Fosun Pharmaceutical Group Company, Ltd. - H Shares		368,012
	150,500	Shanghai Pharmaceutical Holdings Company, Ltd. - H Shares		275,882
	170,000	Shenzhen Hepalink Pharmaceutical Group Company, Ltd. - H Shares (b)		280,946
	890,000	Sihuan Pharmaceutical Holdings Group, Ltd.		274,204

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

9

Loncar China BioPharma ETF

Schedule of Investments

February 28, 2021 (Unaudited) (Continued)

Shares		Security Description	Value
		COMMON STOCKS — 100.0% (Continued)
		Pharmaceuticals — 24.7% (Continued)
	250,000	Simcere Pharmaceutical Group, Ltd. (b)	$	261,043
				3,709,001
		TOTAL COMMON STOCKS (Cost $13,742,989)		15,033,558
		SHORT-TERM INVESTMENTS — 0.1%
	14,186	First American Government Obligations Fund - Class X, 0.03% (c)		14,186
		TOTAL SHORT-TERM INVESTMENTS (Cost $14,186)		14,186
		TOTAL INVESTMENTS (Cost $13,757,175) — 100.1%		15,047,744
		Liabilities in Excess of Other Assets — (0.1)%		(9,200	)
		NET ASSETS — 100.0%	$	15,038,544

Percentages are stated as a percent of net assets.
(a)	To the extent that the Fund invests more heavily in particular industry groups of the economy, its performance will be especially sensitive to developments that significantly affect those industry groups or strategies. See Note 7 in the Notes to Financial Statements.
(b)	Non-income producing security.
ADR	American Depositary Receipt.
(c)	Rate shown is the annualized seven-day yield as of February 28, 2021.

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

10

Loncar ETFs

Statements of Assets and Liabilities

February 28, 2021 (Unaudited)

	Loncar Cancer Immunotherapy ETF			Loncar China BioPharma ETF
ASSETS
Investments in securities, at value* (Note 2)	$	47,380,800		$	15,047,744
Dividends and interest receivable		28,790			1
Total assets		47,409,590			15,047,745
LIABILITIES
Management fees payable		30,561			9,201
Total liabilities		30,561			9,201
NET ASSETS	$	47,379,029		$	15,038,544
Net assets consist of:
Paid-in capital	$	59,782,107		$	12,645,077
Total distributable earnings (accumulated deficit)		(12,403,078	)		2,393,467
Net assets	$	47,379,029		$	15,038,544
Net asset value:
Net assets	$	47,379,029		$	15,038,544
Shares outstanding^		1,500,000			400,000
Net asset value, offering and redemption price per share	$	31.59		$	37.60
* Identified Cost:
Investment in securities	$	39,741,357		$	13,757,175

^ No par value, unlimited number of shares authorized.

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

11

Loncar ETFs

Statements of Operations

For the Six-Months Ended February 28, 2021 (Unaudited)

	Loncar Cancer Immunotherapy ETF			Loncar China BioPharma ETF
INCOME
Dividends +	$	91,945		$	15,004
Interest		5			4
Total investment income		91,950			15,008
EXPENSES
Management fees		177,718			48,515
Total expenses		177,718			48,515
Net investment income (loss)		(85,768	)		(33,507	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY
Net realized gain (loss) on:
Investments		4,616,266			1,820,731
Foreign currency transactions		—			(629	)
Change in unrealized appreciation (depreciation) on:
Investments		2,756,475			335,960
Foreign currency translation		—			(61	)
Net realized and unrealized gain (loss) on investments		7,372,741			2,156,001
Net increase (decrease) in net assets resulting from operations	$	7,286,973		$	2,122,494

+ Net of foreign withholding taxes of $ 0 and $239, respectively.

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

12

Loncar Cancer Immunotherapy ETF

Statements of Changes in Net Assets

	Six-Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
OPERATIONS
Net investment income (loss)	$	(85,768	)	$	(118,294	)
Net realized gain (loss) on investments		4,616,266			4,358,754
Change in unrealized appreciation (depreciation) on investments		2,756,475			6,676,917
Net increase (decrease) in net assets resulting from operations		7,286,973			10,917,377
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(432,179	)		—
Total distributions to shareholders		(432,179	)		—
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		1,655,205			17,116,005
Payments for shares redeemed		(1,423,625	)		(21,935,295	)
Net increase (decrease) in net assets derived from capital share transactions (a)		231,580			(4,819,290	)
Net increase (decrease) in net assets	$	7,086,374		$	6,098,087
NET ASSETS
Beginning of period/year	$	40,292,655		$	34,194,568
End of period/year	$	47,379,029		$	40,292,655

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		50,000			700,000
Shares redeemed		(50,000	)		(950,000	)
Net increase (decrease)		—			(250,000	)

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

13

Loncar China BioPharma ETF

Statements of Changes in Net Assets

	Six-Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
OPERATIONS
Net investment income (loss)	$	(33,507	)	$	40,850
Net realized gain (loss) on investments and foreign currency transactions		1,820,102			2,235,144
Change in unrealized appreciation (depreciation) on investments and foreign currency translation		335,899			949,270
Net increase (decrease) in net assets resulting from operations		2,122,494			3,225,264
DISTRIBUTIONS TO SHAREHOLDERS
Net distributions to shareholders		(57,982	)		(17,106	)
Total distributions to shareholders		(57,982	)		(17,106	)
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold		4,935,190			10,248,468
Payments for shares redeemed		(3,936,610	)		(8,359,280	)
Transaction fees (Note 6)		1,252			1,428
Net increase (decrease) in net assets derived from capital share transactions (a)		999,832			1,890,616
Net increase (decrease) in net assets	$	3,064,344		$	5,098,774
NET ASSETS
Beginning of period/year	$	11,974,200		$	6,875,426
End of period/year	$	15,038,544		$	11,974,200

(a) Summary of capital share transactions is as follows:

	Shares			Shares
Shares sold		125,000			375,000
Shares redeemed		(100,000	)		(300,000	)
Net increase (decrease)		25,000			75,000

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

14

Loncar Cancer Immunotherapy ETF

Financial Highlights

For a capital share outstanding throughout each period/year

	Six-Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Period Ended August 31, 2016(1)
Net asset value, beginning of period/year	$	26.86		$	19.54		$	25.73		$	25.69		$	24.08		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income (loss) (2)		(0.06	)		(0.07	)		(0.05	)		(0.09	)		(0.06	)		0.00	(3)
Net realized and unrealized gain (loss) on investments (7)		5.08			7.39			(6.14	)		0.48			1.67			(0.81	)
Total from investment operations		5.02			7.32			(6.19	)		0.39			1.61			(0.81	)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from:
Net investment income		(0.29	)		—			—			(0.35	)		—			(0.11	)
Total distributions		(0.29	)		—			—			(0.35	)		—			(0.11	)
Net asset value, end of period/year (000’s)	$	31.59		$	26.86		$	19.54		$	25.73		$	25.69		$	24.08
Total return		18.64	%(4)		37.47	%		-24.05	%		1.63	%		6.65	%		-3.32	%(4)
SUPPLEMENTAL DATA
Net assets at end of period/year	$	47,379		$	40,293		$	34,195		$	59,172		$	41,097		$	21,675
RATIOS TO AVERAGE NET ASSETS
Expenses to average net assets		0.79	%(5)		0.79	%		0.79	%		0.79	%		0.79	%		0.79	%(5)
Net investment income (loss) to average net assets		(0.38	)%(5)		(0.32	)%		(0.26	)%		(0.34	)%		(0.25	)%		(0.02	)%(5)
Portfolio turnover rate (6)		35	%(4)		53	%		58	%		78	%		34	%		46	%(4)

(1)	Commencement of operations on October 13, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Excludes the impact of in-kind transactions
(7)	Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

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

15

Loncar China BioPharma ETF

Financial Highlights

For a capital share outstanding throughout each period/year

	Six-Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Period Ended August 31, 2018(1)
Net asset value, beginning of period/year	$	31.93		$	22.92		$	25.00		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net investment income (loss) (2)		(0.09	)		0.10			0.14			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency (7)		5.91			8.95			(2.23	)		0.01
Total from investment operations		5.82			9.05			(2.09	)		—
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from:
Net investment income		(0.15	)		(0.04	)		—			—
Total distributions		(0.15	)		(0.04	)		—			—
CAPITAL SHARE TRANSACTIONS
Transaction fees (See Note 6)		—	(3)		—	(3)		0.01			—
Net asset value, end of period/year	$	37.60		$	31.93		$	22.92		$	25.00
Total return		18.30	%(4)		39.56	%		-8.33	%		0.01	%(4)
SUPPLEMENTAL DATA
Net assets at end of period/year (000’s)	$	15,039		$	11,974		$	6,875		$	2,500
RATIOS TO AVERAGE NET ASSETS
Expenses to average net assets		0.79	%(5)		0.79	%		0.79	%		0.79	%(5)
Net investment income (loss) to average net assets		(0.55	)%(5)		0.40	%		0.64	%		(0.78	)%(5)
Portfolio turnover rate (6)		23	%(4)		54	%		35	%		0	%(4)

(1)	Commencement of operations on August 14, 2018.
(2)	Calculated based on average shares outstanding during the period.
(3)	Less than $0.005.
(4)	Not annualized.
(5)	Annualized.
(6)	Excludes the impact of in-kind transactions
(7)	Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

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

16

Loncar ETFs

Notes to Financial Statements

February 28, 2021 (Unaudited)

NOTE 1 – ORGANIZATION

Loncar Cancer Immunotherapy ETF and Loncar China BioPharma ETF (individually each a “Fund” or collectively the “Funds”) are non-diversified series of ETF Series Solutions (“ESS” and 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”). The Loncar Cancer Immunotherapy ETF investment objective is to track the return performance, before fees and expenses, of the Loncar Cancer Immunotherapy Index (“Index”). The Loncar China Biopharma ETF investment objective is to track the performance, before fees and expenses, of the Loncar China BioPharma Index. The Loncar Cancer Immunotherapy ETF and Loncar China BioPharma ETF commenced operations on October 13, 2015 and August 14, 2018, respectively.

The end of the reporting period for the Funds is February 28, 2021, and the period covered by these Notes to Financial Statements is the fiscal period from September 1, 2020 through February 28, 2021 (the “current fiscal period”).

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The Funds are each an investment company 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”).

A. 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^® exchanges (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

17

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

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 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 valuations 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.

18

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

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:

Loncar Cancer Immunotherapy ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	47,339,789	$	—	$	—	$	47,339,789
Short-Term Investments		41,011		—		—		41,011
Total Investments in Securities	$	47,380,800	$	—	$	—	$	47,380,800

Loncar China BioPharma ETF

Assets^	Level 1		Level 2		Level 3		Total
Common Stocks	$	15,033,558	$	—	$	—	$	15,033,558
Short-Term Investments		14,186		—		—		14,186
Total Investments in Securities	$	15,047,744	$	—	$	—	$	15,047,744

^ See Schedule of Investments to see breakdown of securities by industry group.

As of the end of the current fiscal period, the Funds did not recognize any transfers to or from Level 3.

B. Federal Income Taxes. The Funds’ 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 their net taxable 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.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each 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

19

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

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 tax positions as income tax expenses in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

C. Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments at fiscal period end, resulting from changes in exchange rates.

D. Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Withholdings taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis.

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

F. 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

20

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

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.

G. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for 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.

H. 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.

I. 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.

The permanent differences are primarily due to differing book and tax treatments for in-kind transactions, if any. During the fiscal year ended August 31, 2020, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)	Paid-In Capital
Loncar Cancer Immunotherapy ETF	$(7,709,213)	$7,709,213
Loncar China BioPharma ETF	$(2,767,276)	$2,767,276

During the fiscal year ended August 31, 2020, the Funds realized the following net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from distributable earnings (accumulated deficit) to paid-in capital.

Loncar Cancer Immunotherapy ETF	$	7,709,213
Loncar China BioPharma ETF		2,767,276

21

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

J. 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 current fiscal period, that materially impacted the amounts or disclosures in each Fund’s financial statements.

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Exchange Traded Concepts, 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 Vident Investment Advisory, LLC (the “Sub-Adviser”) transfer agency, custody, fund administration, and accounting, and other non-distribution related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, 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, distribution (12b-1) fees and expenses. For services provided to the Funds, each Fund pays the Adviser 0.79% at an annual rate based on each Fund’s average daily net assets.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, LLC (“Fund Services” or “Administrator”) 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 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.

A Trustee and all officers of the Trust are affiliated with the Administrator, and Custodian.

22

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

NOTE 4 – 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:

	Purchases		Sales
Loncar Cancer Immunotherapy ETF	$	15,459,900	$	16,020,480
Loncar China BioPharma ETF	$	3,627,663	$	2,859,363

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

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

	Purchases		Sales
Loncar Cancer Immunotherapy ETF	$	1,653,759	$	1,423,541
Loncar China BioPharma ETF	$	4,084,251	$	3,917,332

NOTE 5 – INCOME TAX INFORMATION

The amount and 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 deficit) and tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes as of August 31, 2020 were as follows:

	Loncar Cancer Immunotherapy ETF			Loncar China BioPharma ETF
Tax cost of investments	$	37,254,793		$	11,477,915
Gross tax unrealized appreciation	$	10,554,016		$	2,031,187
Gross tax unrealized depreciation		(7,500,607	)		(1,537,179	)
Net tax unrealized appreciation (depreciation)		3,053,409			494,008
Undistributed ordinary income		111,314			57,982
Undistributed long-term capital gains		—			—
Other accumulated gain (loss)		(22,422,595	)		(223,035	)
Distributable earnings (accumulated deficit)	$	(19,257,872	)	$	328,955

The difference between the cost basis for financial statement and federal income tax purposes was primarily due to the tax deferral of losses from wash sales and tax treatment of passive foreign investment companies.

23

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (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 Funds’ taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended August 31, 2020, the Funds did not elect to defer any late-year ordinary losses or post October losses.

At August 31, 2020, the Funds had the following capital loss carryforwards with no expiration:

	Short-Term		Long-Term
Loncar Cancer Immunotherapy ETF	$	13,170,561	$	9,252,034
Loncar China BioPharma ETF	$	211,016	$	12,019

The tax character of distributions paid by the Funds during the fiscal year ended August 31, 2020 was as follows:

	Ordinary Income		Capital Gains
Loncar Cancer Immunotherapy ETF	$	—	$	—
Loncar China BioPharma ETF	$	17,106	$	—

The tax character of distributions paid by the Funds during the fiscal period ended August 31, 2019 was as follows:

	Ordinary Income		Capital Gains
Loncar Cancer Immunotherapy ETF	$	—	$	—
Loncar China BioPharma ETF	$	—	$	—

NOTE 6 – SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the Nasdaq Stock Market LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally only in blocks of 50,000 shares for the Loncar Cancer Immunotherapy ETF and 25,000 shares for Loncar China BioPharma ETF, 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. Creation Units 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

24

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. 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 purchase or sale of Creation Units. The standard fixed transaction fee for Loncar Cancer Immunotherapy ETF is $150 and the Loncar China BioPharma ETF fee is $750, both 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% of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in Capital Share 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.

NOTE 7 – PRINCIPAL RISKS

Industry Risk. To the extent that the Funds invest more heavily in particular industry groups of the economy, their performance will be especially sensitive to developments that significantly affect those industry groups or strategies.

Covid-19 Risk. The recent global outbreak of COVID-19 has disrupted economic markets and the prolonged economic impact is uncertain. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Funds’ investments.

Loncar Cancer Immunotherapy ETF:

Immunotherapy Companies Risk. Immunotherapy Companies are highly dependent on the development, procurement and marketing of drugs and the protection and exploitation of intellectual property rights. A company’s valuation can also be greatly affected if one of its products is proven or alleged to be unsafe, ineffective, or unprofitable. The stock prices of Immunotherapy Companies have been and will likely continue to be very volatile.

25

Loncar ETFs

NOTES TO FINANCIAL STATEMENTS
February 28, 2021 (Unaudited) (Continued)

Loncar China BioPharma ETF:

China Biopharma Risk. The biopharmaceutical industry in China is strictly regulated and changes in such regulations, including banning or limiting certain products, may have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies. The laws and regulations applicable to the process of administrative approval of medicine and its production in China require entities producing biopharma products to comply strictly with certain standards and specifications promulgated by the government. In the event that a product is discovered to be not compliant with the government’s standards and specifications, the health department may revoke its approval of such product, or otherwise limit the use of such product. Additionally, the process of conducting research and various tests on new products before obtaining a new medicine certificate from the National Medical Products Administration (“NMPA”) and subsequent procedures may take several years, and the price of certain biopharma products may be regulated in China. Changes in these laws and regulations, including banning or limiting certain products, could have a material adverse effect on the operations, revenues, and profitability of Biopharma Companies held by the Fund.

Currency Exchange Rate Risk. The Fund’s assets include investments denominated in non-U.S. currencies or in securities that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money.

26

Loncar ETFs

Expense Examples

For the Six-Months Ended February 28, 2021 (Unaudited)

As a shareholder of the Funds you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period as indicated below in the Expense Example Table.

Actual Expenses

The first line of the table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Loncar Cancer Immunotherapy ETF

	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021	Expenses Paid During the Period (1)
Actual	$1,000.00	$1,186.40	$4.28
Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.88	$3.96

⁽¹⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized period expense ratio, 0.79%, multiplied by the average account value during the period, multiplied by 181/365, to reflect the one-half year period.

27

Loncar ETFs

Expense Examples

For the Six-Months Ended February 28, 2021 (Unaudited) (Continued)

Loncar China BioPharma ETF

	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021	Expenses Paid During the Period (2)
Actual	$1,000.00	$1,183.00	$4.28
Hypothetical (5% annual return before expenses)	$1,000.00	$1,020.88	$3.96

⁽²⁾ The dollar amounts shown as expenses paid during the period are equal to the annualized period expense ratio, 0.79%, multiplied by the average account value during the period, multiplied by 181/365, to reflect the one-half year period.

28

Loncar ETFs

Review of Liquidity Risk Management Program

(Unaudited)

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (the “Series”), has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Series’ particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of such Series.

The investment adviser to the Series has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the Series.

At a recent meeting of the Board of Trustees of the Trust, the Trustees received a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended December 31, 2020. The report concluded that the Program is reasonably designed to assess and manage the Series’ liquidity risk and has operated adequately and effectively to manage such risk. The report reflected that there were no liquidity events that impacted the Series’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that no material changes have been made to the Program since its implementation.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Series’ exposure to liquidity risk and other principal risks to which an investment in the Series may be subject.

29

Loncar ETFs

Approval of Advisory Agreement and Board Consideration

(Unaudited)

Pursuant to Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), at a meeting held on October 7, 2020 (the “Meeting”), the Board of Trustees (the “Board”) of ETF Series Solutions (the “Trust”) considered the approval of the continuation of the Investment Advisory Agreement (the “Advisory Agreement”) Exchange Traded Concepts, LLC (the “Adviser”) and the Trust, on behalf of the Loncar Cancer Immunotherapy ETF and Loncar China BioPharma ETF (each, a “Fund”, and collectively, the “Funds”).

Prior to the Meeting, the Board, including the Trustees who are not parties to the Agreement or “interested persons” of any party thereto, as defined in the 1940 Act (the “Independent Trustees”), reviewed written materials from the Adviser (the “Materials”) regarding, among other things: (i) the nature, extent, and quality of the services provided by the Adviser; (ii) the historical performance of each Fund; (iii) the cost of the services provided and the profits realized by the Adviser from services rendered to the Funds; (iv) comparative fee and expense data for each Fund and other investment companies with similar investment objectives; (v) the extent to which the advisory fee for each Fund reflects economies of scale shared with the applicable Fund shareholders; and (vi) other factors the Board deemed to be relevant.

The Board also considered that the Adviser, along with other service providers of the Funds, presented written information to help the Board evaluate the Adviser’s fees and other aspects of the Agreement. Additionally, representatives from the Adviser provided an oral overview of each Fund’s strategy, the services provided to the Funds by the Adviser, and additional information about the Adviser’s personnel and operations. The Board then discussed the written materials and oral presentation that it had received and any other information that the Board received at the Meeting and deliberated on the approval of the Agreement in light of this information. In its deliberations, the Board did not identify any single piece of information discussed below that was all-important or controlling.

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 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 infrastructure and past reports from the Trust’s Chief Compliance Officer. The Board also considered its previous experience with the Adviser providing investment management services to the Funds and to other series of the Trust. The Board noted that it had previously received a copy of the Adviser’s registration form (“Form ADV”), as well as the response of the Adviser to a

30

Loncar ETFs

Approval of Advisory Agreement and Board Consideration
(Unaudited) (Continued)

detailed series of questions which included, among other things, information about the background and experience of the firm’s key personnel, and the services provided by the Adviser.

The Board also considered other services currently provided by the Adviser to the Funds, such as monitoring adherence to each Fund’s investment restrictions, oversight of the sub-adviser, monitoring compliance with various policies and procedures and with applicable securities regulations, and monitoring the extent to which each Fund achieved its investment objective as a passively-managed fund. The Board further considered the oral information provided by the Adviser with respect to the impact of the COVID-19 pandemic on the Adviser’s operations.

Historical Performance. The Board noted that it had received information regarding each Fund’s performance for various time periods in the Materials and primarily considered each Fund’s performance for periods ended June 30, 2020, unless otherwise indicated below. Because each Fund is designed to track the performance of an index, the Board considered the extent to which each Fund tracked its index before fees and expenses.

Loncar Cancer Immunotherapy ETF: The Board noted that, for the one-year, three-year, and since inception periods, the Fund’s performance was generally in line with that of its underlying index before fees and expenses. The Board further noted that the Fund significantly outperformed the S&P 500 Index for the one-year period, but the Fund’s returns trailed the S&P 500 Index for the three-year and since inception periods. The Board further noted that, for the one-year period, the Fund had significantly outperformed the median for funds in the universe of index-based Health ETFs as reported by Morningstar (the “Category Peer Group”), but had trailed the median for the Category Peer Group for the three-year period.

The Board also considered the Fund’s performance relative to its most direct competitors that invest in companies which focus on biotech and pharmaceutical drugs and therapies, as identified by the Adviser (the “Selected Peer Group”). The Board noted that the Fund’s returns were in the range of returns for the Selected Peer Group for the one-year period, but lower than the Selected Peer Group for the three-year period.

Loncar China BioPharma ETF: The Board noted that, for the one-year and since inception periods, the Fund slightly underperformed its underlying index, before fees and expenses, which was generally explained by the increased costs associated with transactions in foreign securities that affect the Fund’s returns, but not those of its underlying index. The Board further noted that, for the one-year and since inception periods, the Fund outperformed the Nasdaq Biotech Index. The Board also considered

31

Loncar ETFs

Approval of Advisory Agreement and Board Consideration
(Unaudited) (Continued)

that, for the one-year period, the Fund had significantly outperformed the median for index-based funds in the universe of Health ETFs and China Region ETFs as reported by Morningstar (the “Category Peer Group”).

The Board also considered the Fund’s performance relative to its most direct competitors that invest in China-based biotech and healthcare companies, as identified by the Adviser (the “Selected Peer Group”). The Board noted that the Fund’s returns were significantly less than those of the Selected Peer Group. However, the Board further noted that the Fund had just two years of operating history, which was a relatively short period of time over which to evaluate the Fund’s performance and draw meaningful conclusions.

Cost of Services Provided and Economies of Scale. The Board reviewed the expense ratio for each of the Funds and compared each Fund’s expense ratio to its respective Category Peer Group and Selected Peer Group as follows:

Loncar Cancer Immunotherapy ETF: The Board noted that the expense ratio for the Fund was higher than the median of its Category Peer Group, but within the range of expense ratios for the Category Peer Group. The Board further noted that the Fund’s expense ratio was within the range of expense ratios for its Selected Peer Group. The Board also noted that, because the Category Peer Group included a number of significantly larger, low-cost, passively-managed ETFs, the Category Peer Group may not allow for an apt comparison by which to judge the Fund’s expense ratio.

Loncar China BioPharma ETF: The Board noted that the expense ratio for the Fund was higher than the median of its Category Peer Group, but within the range of expense ratios for the Category Peer Group. The Board further noted that the Fund’s expense ratio was within the range of expense ratios for its Selected Peer Group. The Board also noted that, because the Category Peer Group included a number of significantly larger, low-cost, passively-managed ETFs, the Category Peer Group may not allow for an apt comparison by which to judge the Fund’s expense ratio.

The Board took into consideration that the advisory fee for each Fund was a “unified fee,” meaning the Fund paid no expenses other than the advisory fee and, if applicable, certain other costs such as interest, brokerage, acquired fund fees and expenses, 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 continued to be responsible for compensating the Trust’s other service providers and paying each Fund’s other expenses out of its own fee and resources. The Board also evaluated the compensation and benefits received by the Adviser from its relationship with the Funds, taking into account analyses of the Adviser’s profitability with respect to each Fund.

32

Loncar ETFs

Approval of Advisory Agreement and Board Consideration
(Unaudited) (Continued)

The Board expressed the view that it currently appeared that the Adviser might realize economies of scale in managing the Funds as assets grow in size. The Board further determined that, based on the amount and structure of each Fund’s unitary fee, such economies of scale would be shared with the applicable Fund shareholders, although the Board intends to monitor fees as each Fund grows in size and assess whether fee breakpoints may be warranted.

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 a majority of the Independent Trustees, determined that the Advisory Agreement, including the compensation payable under the agreement, was fair and reasonable to each Fund. The Board, including a majority of the Independent Trustees, therefore determined that the approval of the continuation of the Advisory Agreement was in the best interests of each Fund and its respective shareholders.

33

Loncar ETFs

Federal Tax Information

(Unaudited)

For the fiscal year ended August 31, 2020, 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:

Loncar Cancer Immunotherapy ETF	0.00%
Loncar China BioPharma ETF	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2020 was as follows.

Loncar Cancer Immunotherapy ETF	0.00%
Loncar China BioPharma 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 were as follows:

Loncar Cancer Immunotherapy ETF	0.00%
Loncar China BioPharma ETF	0.00%

Information About Portfolio Holdings
(Unaudited)

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the SEC on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004 or by accessing the Funds’ website at www.loncarfunds.com. Furthermore, you may obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov. The Funds’ portfolio holdings are posted on its website at www.loncarfunds.com daily.

Information About Proxy Voting
(Unaudited)

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge, upon request, by calling toll-free at (800) 617-0004, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at www.loncarfunds.com.

Information regarding how the Funds voted proxies relating to portfolio securities during the period ending June 30 is available by calling toll-free at (800) 617-0004 or by accessing the SEC’s website at www.sec.gov.

34

Loncar ETFs

Information About the Funds’ Trustees
(Unaudited)

The SAI includes additional information about the Trustees and is available without charge, upon request, by calling (800) 617-0004 or by accessing the SEC’s website at www.sec.gov or by accessing the Funds’ website at www.loncarfunds.com.

Frequency Distribution of Premiums and Discounts
(Unaudited)

Information regarding how often shares of each Fund trade on an exchange at a price above (i.e., at premium) or below (i.e., at a discount) the NAV of each Fund is available, without charge, on the Funds’ website at www.loncarfunds.com.

35

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

Adviser

Exchange Traded Concepts, LLC
10900 Hefner Pointe Drive, Suite 207
Oklahoma City, Oklahoma 73120

Sub-Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, Georgia 30009

Index Provider

Loncar Investments, LLC
P.O. Box 15072
Lenexa, Kansas 66285

Distributor

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

Custodian

U.S. Bank National Association
1555 North Rivercenter Drive, Suite 302
Milwaukee, Wisconsin 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, Wisconsin 53202

Legal Counsel

Morgan, Lewis, & Bockius, LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

Loncar Cancer Immunotherapy ETF

Symbol – CNCR
CUSIP – 26922A826

Loncar China BioPharma ETF

Symbol – CHNA
CUSIP – 26922A370

(b) Not applicable

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annul reports.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a) The Registrant’s President (principal executive officer) and Treasurer (principal financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) 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.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

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.

(Registrant)	ETF Series Solutions
By (Signature and Title)*	/s/ Kristina R. Nelson
	Kristina R. Nelson, President (principal executive officer)
Date	5/6/2021

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.

By (Signature and Title)*	/s/ Kristina R. Nelson
	Kristina R. Nelson, President (principal executive officer)
Date	5/6/2021
By (Signature and Title)*	/s/ Kristen M. Weitzel
	Kristen M. Weitzel, Treasurer (principal financial officer)
Date	5/6/2021

* Print the name and title of each signing officer under his or her signature.