UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22668
(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)
414-516-1645
Registrant’s telephone number, including area code
Date of fiscal year end: May 31
Date of reporting period:
Item 1. Reports to Stockholders.
| (a) |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares OCIO ETF
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
30-Day SEC Yield
|
1.64%
|
|
30-Day SEC Yield Unsubsidized
|
1.64%
|
|
Top 10 Issuers
|
(%)
|
|
Mount Vernon Liquid Assets Portfolio, LLC
|
|
|
Vanguard Growth ETF
|
|
|
Invesco QQQ Trust Series 1
|
|
|
Technology Select Sector SPDR Fund
|
|
|
Invesco S&P 500 Momentum ETF
|
|
|
SPDR Portfolio S&P 1500 Composite Stock Market ETF
|
|
|
Vanguard Total Stock Market ETF
|
|
|
iShares 3-7 Year Treasury Bond ETF
|
|
|
SPDR Bloomberg 1-3 Month T-Bill ETF
|
|
|
iShares Core S&P 500 ETF
|
|
|
Top Sectors
|
(%)
|
|
Domestic Equity
|
|
|
Fixed Income
|
|
|
Global Equity
|
|
|
Money Market Funds
|
|
|
Written Options
|
-
|
| * | Excludes securities lending collateral. |
| ClearShares OCIO ETF | PAGE 1 | TSR-SAR-26922A727 |
| ClearShares OCIO ETF | PAGE 2 | TSR-SAR-26922A727 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares Piton Intermediate Fixed Income ETF
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Average Credit Quality
|
AA S&P / Aa1 Moody
|
|
Effective Duration
|
3.64 Years
|
|
30-Day SEC Yield
|
3.96%
|
|
30-Day SEC Yield Unsubsidized
|
3.96%
|
|
Top 10 Issuers
|
(%)
|
|
United States Treasury Note/Bond
|
|
|
Federal Home Loan Banks
|
|
|
Resolution Funding Corporation
|
|
|
Tennessee Valley Authority
|
|
|
Federal Farm Credit Banks Funding Corporation
|
|
|
MetLife, Inc.
|
|
|
Goldman Sachs Group, Inc.
|
|
|
Anheuser-Busch InBev Worldwide, Inc.
|
|
|
Bank of New York Mellon Corporation
|
|
|
Cisco Systems, Inc.
|
|
| ClearShares Piton Intermediate Fixed Income ETF | PAGE 1 | TSR-SAR-26922A131 |
| ClearShares Piton Intermediate Fixed Income ETF | PAGE 2 | TSR-SAR-26922A131 |
 |
|
 |
|
|
||
|
Semi-Annual Shareholder Report |
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
ClearShares Ultra-Short Maturity ETF
|
$
|
|
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Portfolio Turnover
|
|
|
Effective Duration
|
4.18 Days
|
|
30-Day SEC Yield
|
4.62%
|
|
30-Day SEC Yield Unsubsidized
|
4.62%
|
|
Top Issuers
|
(%)
|
|
Cantor Fitzgerald & Co., 4.75%, 12/02/2024
|
|
|
Cantor Fitzgerald & Co., 4.75%, 12/06/2024
|
|
|
Marex Capital Markets Inc., 4.63%, 12/02/2024
|
|
|
Buckler Securities LLC, 4.64%, 12/02/2024
|
|
|
Clear Street LLC, 4.64%, 12/02/2024
|
|
|
First American Government Obligations Fund - Class X
|
|
| ClearShares Ultra-Short Maturity ETF | PAGE 1 | TSR-SAR-26922A453 |
| (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-annual reports.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not Applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
| (a) |
|
|
|
|
|
|
|
|
|
Page |
|
|
|
| |
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
EXCHANGE-TRADED
FUNDS - 99.8%(a) |
|
|
|
|
||
|
Domestic
Equity - 54.0% |
|
|
|
|
||
|
Invesco
QQQ Trust Series 1(b) |
|
|
17,237 |
|
|
$ 8,786,388
|
|
Invesco
S&P 500 Momentum ETF(c) |
|
|
81,188 |
|
|
7,861,434
|
|
iShares
Core S&P 500 ETF(b) |
|
|
10,753 |
|
|
6,506,318
|
|
Schwab
1000 Index ETF(c) |
|
|
159,662 |
|
|
4,665,324
|
|
SPDR
Portfolio S&P 1500 Composite Stock Market ETF(c) |
|
|
100,296 |
|
|
7,396,830
|
|
SPDR
S&P 500 ETF Trust(b) |
|
|
5,118 |
|
|
3,083,851
|
|
Technology
Select Sector SPDR Fund(b) |
|
|
34,700 |
|
|
8,110,431
|
|
Vanguard
Growth ETF(b) |
|
|
22,211 |
|
|
9,087,186
|
|
Vanguard
Information Technology ETF(b) |
|
|
9,578 |
|
|
5,959,911
|
|
Vanguard
S&P 500 ETF(b) |
|
|
11,026 |
|
|
6,102,340
|
|
Vanguard
Total Stock Market ETF(b) |
|
|
22,920 |
|
|
6,872,791
|
|
Vanguard
Value ETF(c) |
|
|
34,774 |
|
|
6,324,347
|
|
|
|
|
|
80,757,151
| ||
|
Fixed
Income - 25.0% |
|
|
|
|
||
|
ClearShares
Ultra-Short Maturity ETF(d) |
|
|
59,587 |
|
|
5,966,714
|
|
iShares
1-3 Year Treasury Bond ETF(c) |
|
|
46,600 |
|
|
3,836,112
|
|
iShares
3-7 Year Treasury Bond ETF(c) |
|
|
55,833 |
|
|
6,539,719
|
|
iShares
Core U.S. Aggregate Bond ETF |
|
|
33,185 |
|
|
3,291,952
|
|
iShares
Intermediate Government/Credit Bond ETF |
|
|
43,602 |
|
|
4,597,395
|
|
SPDR
Bloomberg 1-3 Month T-Bill ETF(c) |
|
|
71,000 |
|
|
6,516,380
|
|
Vanguard
Intermediate-Term Treasury ETF(c) |
|
|
33,185 |
|
|
1,958,911
|
|
Vanguard
Short-Term Corporate Bond ETF(c) |
|
|
23,530 |
|
|
1,850,634
|
|
Vanguard
Total Bond Market ETF |
|
|
39,343 |
|
|
2,895,645
|
|
|
|
|
|
37,453,462
| ||
|
Global
Equity - 20.8% |
|
|
|
|
||
|
Cambria
Emerging Shareholder Yield ETF |
|
|
40,132 |
|
|
1,313,520
|
|
Conductor
Global Equity Value ETF |
|
|
54,568 |
|
|
719,266
|
|
iShares
Core MSCI Total International Stock ETF |
|
|
20,637 |
|
|
1,426,842
|
|
iShares
Currency Hedged MSCI EAFE ETF |
|
|
133,094 |
|
|
4,683,578
|
|
iShares
MSCI EAFE ETF(b) |
|
|
61,600 |
|
|
4,864,552
|
|
iShares
MSCI Emerging Markets ex China ETF |
|
|
18,428 |
|
|
1,064,586
|
|
iShares
MSCI USA Min Vol Factor ETF |
|
|
60,786 |
|
|
5,747,316
|
|
Schwab
International Equity ETF(c) |
|
|
233,288 |
|
|
4,574,778
|
|
Vanguard
FTSE Developed Markets ETF(c) |
|
|
93,217 |
|
|
4,688,815
|
|
Vanguard
FTSE Emerging Markets ETF(b)(c) |
|
|
43,070 |
|
|
1,962,700
|
|
|
|
|
|
31,045,953
| ||
|
TOTAL
EXCHANGE-TRADED FUNDS
(Cost
$111,766,104) |
|
|
|
|
149,256,566
| |
|
|
|
Units |
|
|
||
|
SHORT-TERM
INVESTMENTS - 32.3% |
|
|
|
|
||
|
Investments
Purchased with Proceeds from Securities Lending - 31.9% |
|
|
|
|
||
|
Mount
Vernon Liquid Assets Portfolio, LLC, 5.50%(e)(f) |
|
|
47,701,980 |
|
|
47,701,980
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
SHORT-TERM
INVESTMENTS - (Continued) | ||||||
|
Money
Market Funds - 0.4% |
|
|
|
|
||
|
First
American Government Obligations Fund - Class X, 4.56%(e) |
|
|
544,690 |
|
|
$544,690
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$48,246,670) |
|
|
|
|
48,246,670
| |
|
TOTAL
INVESTMENTS - 132.1%
(Cost
$160,012,774) |
|
|
|
|
$197,503,236
| |
|
Liabilities
in Excess of Other Assets - (32.1)% |
|
|
|
|
(47,987,570)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$149,515,666 | |
|
|
|
|
|
|
|
|
|
(a) |
The risks of investing
in investment companies, such as the underlying ETFs, typically reflect the risks of the types of investments in which the investment
companies invest. |
|
(b) |
Held in connection
with written option contracts. See Schedule of Written Options for further information. |
|
(c) |
All or a portion
of this security is on loan as of November 30, 2024. The total market value of these securities was $46,864,433 which represented
31.3% of net assets. |
|
(d) |
Affiliated company
as defined by the Investment Company Act of 1940. |
|
(e) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
|
(f) |
Privately offered
liquidity fund. |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notional
Amount |
|
|
Contracts |
|
|
Value |
|
WRITTEN
OPTIONS - (0.2)% |
|
|
|
|
|
|
|||
|
Call
Options - (0.2)% |
|
|
|
|
|
|
|||
|
Invesco
QQQ Trust Series 1, Expiration: 12/20/2024; Exercise Price: $525.00(a)(b) |
|
|
$(8,767,528) |
|
|
(172) |
|
|
$(32,680)
|
iShares Core S&P 500 ETF, Expiration: 12/20/2024; Exercise Price: $620.00(a)(b)
|
|
(6,474,249) |
|
|
(107) |
|
|
(11,770)
| |
|
iShares
MSCI EAFE ETF, Expiration: 12/20/2024; Exercise Price: $81.00(a)(b) |
|
|
(4,864,552) |
|
|
(616) |
|
|
(28,336)
|
|
SPDR
S&P 500 ETF, Expiration: 12/20/2024; Exercise Price: $614.00(a)(b) |
|
|
(3,073,005) |
|
|
(51) |
|
|
(9,206)
|
|
Technology
Select Sector SPDR Fund, Expiration: 12/20/2024; Exercise Price: $245.00(a)(b) |
|
|
(8,110,431) |
|
|
(347) |
|
|
(26,719)
|
|
Vanguard
FTSE Emerging Markets ETF, Expiration: 12/20/2024; Exercise Price: $48.00(a)(b) |
|
|
(1,959,510) |
|
|
(430) |
|
|
(5,375)
|
|
Vanguard
Growth ETF, Expiration: 12/20/2024; Exercise Price: $420.00(a)(b) |
|
|
(9,082,686) |
|
|
(222) |
|
|
(37,185)
|
|
Vanguard
Information Technology ETF, Expiration: 12/20/2024; Exercise Price: $635.00(a)(b) |
|
|
(5,911,375) |
|
|
(95) |
|
|
(41,325)
|
|
Vanguard
S&P 500 ETF, Expiration: 12/20/2024; Exercise Price: $570.00(a)(b) |
|
|
(6,087,950) |
|
|
(110) |
|
|
(6,875)
|
|
Vanguard
Total Stock Market ETF, Expiration: 12/20/2024; Exercise Price: $305.00(a)(b) |
|
|
(6,866,794) |
|
|
(229) |
|
|
(30,915)
|
|
Total
Call Options |
|
|
|
|
|
|
(230,386)
| ||
|
TOTAL
WRITTEN OPTIONS (Premiums received $166,809) |
|
|
|
|
|
|
$(230,386) | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Exchange-traded. |
|
(b) |
100 shares per contract. |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
U.S.
TREASURY SECURITIES - 55.4% | ||||||
|
United
States Treasury Note/Bond |
|
|
|
|
||
|
2.63%,
04/15/2025 |
|
|
$1,525,000 |
|
|
$1,515,297
|
|
2.75%,
05/15/2025 |
|
|
1,835,000 |
|
|
1,821,476
|
|
3.50%,
09/15/2025 |
|
|
1,000,000 |
|
|
993,256
|
|
4.50%,
03/31/2026 |
|
|
1,000,000 |
|
|
1,002,656
|
|
4.88%,
04/30/2026 |
|
|
1,200,000 |
|
|
1,209,797
|
|
4.13%,
06/15/2026 |
|
|
5,000,000 |
|
|
4,990,918
|
|
4.50%,
07/15/2026 |
|
|
1,000,000 |
|
|
1,004,082
|
|
3.50%,
09/30/2026 |
|
|
1,125,000 |
|
|
1,111,113
|
|
2.25%,
02/15/2027 |
|
|
600,000 |
|
|
576,141
|
|
4.13%,
02/15/2027 |
|
|
1,650,000 |
|
|
1,648,421
|
|
2.75%,
04/30/2027 |
|
|
3,000,000 |
|
|
2,905,430
|
|
4.50%,
05/15/2027 |
|
|
2,200,000 |
|
|
2,217,961
|
|
4.38%,
07/15/2027 |
|
|
1,350,000 |
|
|
1,358,332
|
|
2.75%,
07/31/2027 |
|
|
2,026,000 |
|
|
1,955,604
|
|
3.38%,
09/15/2027 |
|
|
2,000,000 |
|
|
1,961,484
|
|
3.63%,
05/31/2028 |
|
|
1,500,000 |
|
|
1,476,211
|
|
4.13%,
07/31/2028 |
|
|
2,275,000 |
|
|
2,275,489
|
|
1.13%,
08/31/2028 |
|
|
1,150,000 |
|
|
1,031,451
|
|
3.75%,
12/31/2028 |
|
|
1,700,000 |
|
|
1,676,990
|
|
1.88%,
02/28/2029 |
|
|
1,967,000 |
|
|
1,797,730
|
|
4.13%,
10/31/2029 |
|
|
975,000 |
|
|
976,638
|
|
4.00%,
02/28/2030 |
|
|
2,060,000 |
|
|
2,049,700
|
|
3.50%,
04/30/2030 |
|
|
1,500,000 |
|
|
1,456,318
|
|
3.75%,
05/31/2030 |
|
|
2,500,000 |
|
|
2,455,762
|
|
4.13%,
03/31/2031 |
|
|
1,350,000 |
|
|
1,349,736
|
|
4.13%,
07/31/2031 |
|
|
2,000,000 |
|
|
1,999,297
|
|
1.38%,
11/15/2031 |
|
|
3,000,000 |
|
|
2,502,363
|
|
1.88%,
02/15/2032 |
|
|
2,775,000 |
|
|
2,385,091
|
|
3.50%,
02/15/2033 |
|
|
3,025,000 |
|
|
2,885,212
|
|
3.38%,
05/15/2033 |
|
|
2,500,000 |
|
|
2,358,203
|
|
4.00%,
02/15/2034 |
|
|
1,000,000 |
|
|
985,156
|
|
TOTAL
U.S. TREASURY SECURITIES
(Cost
$57,224,203) |
|
|
|
|
55,933,315
| |
|
CORPORATE
BONDS - 32.7% | ||||||
|
Communications
- 4.0% |
|
|
|
|
||
|
Alphabet,
Inc., 2.00%, 08/15/2026 |
|
|
1,000,000 |
|
|
962,287
|
|
Amazon.com,
Inc., 3.60%, 04/13/2032 |
|
|
1,000,000 |
|
|
940,518
|
|
Cisco
Systems, Inc., 5.05%, 02/26/2034 |
|
|
1,169,000 |
|
|
1,192,421
|
|
Verizon
Communications, Inc., 3.15%, 03/22/2030 |
|
|
1,000,000 |
|
|
925,737
|
|
|
|
|
|
4,020,963
| ||
|
Consumer,
Cyclical - 4.9% |
|
|
|
|
||
|
Costco
Wholesale Corporation, 1.38%, 06/20/2027 |
|
|
1,000,000 |
|
|
929,881
|
|
Home
Depot, Inc., 2.88%, 04/15/2027 |
|
|
1,000,000 |
|
|
968,695
|
|
McDonald’s
Corporation, 4.80%, 08/14/2028 |
|
|
1,000,000 |
|
|
1,008,829
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS - (Continued) | ||||||
|
Consumer,
Cyclical - (Continued) | ||||||
|
NIKE,
Inc., 2.75%, 03/27/2027 |
|
|
$1,000,000 |
|
|
$966,337
|
|
Target
Corporation, 3.38%, 04/15/2029 |
|
|
1,100,000 |
|
|
1,054,511
|
|
|
|
|
|
4,928,253
| ||
|
Consumer,
Non-cyclical - 6.2% |
|
|
|
|
||
|
Anheuser-Busch
InBev Worldwide, Inc., 5.00%, 06/15/2034 |
|
|
1,200,000 |
|
|
1,222,367
|
|
Bristol-Myers
Squibb Company, 3.25%, 02/27/2027 |
|
|
1,000,000 |
|
|
976,214
|
|
J
M Smucker Company, 3.50%, 03/15/2025 |
|
|
1,000,000 |
|
|
995,024
|
|
Pfizer,
Inc., 2.75%, 06/03/2026 |
|
|
1,000,000 |
|
|
975,604
|
|
Sysco
Corporation, 5.95%, 04/01/2030 |
|
|
1,000,000 |
|
|
1,052,755
|
|
Yale
University, Series 2020, 0.87%, 04/15/2025 |
|
|
1,000,000 |
|
|
984,780
|
|
|
|
|
|
6,206,744
| ||
|
Energy
- 1.9% |
|
|
|
|
||
|
Chevron
Corp., 2.24%, 05/11/2030 |
|
|
1,000,000 |
|
|
888,809
|
|
Exxon
Mobil Corp., 2.99%, 03/19/2025 |
|
|
1,000,000 |
|
|
995,255
|
|
|
|
|
|
1,884,064
| ||
|
Financial
- 11.2% |
|
|
|
|
||
|
American
Express Company, 4.05%, 05/03/2029 |
|
|
1,000,000 |
|
|
983,729
|
|
Bank
of America Corporation, Series MTN, 5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033 |
|
|
1,000,000 |
|
|
1,004,212
|
|
Bank
of New York Mellon Corporation, Series MTN, 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034 |
|
|
1,100,000 |
|
|
1,213,999
|
|
Berkshire
Hathaway, Inc., 3.13%, 03/15/2026 |
|
|
1,000,000 |
|
|
984,120
|
|
BlackRock,
Inc., 3.20%, 03/15/2027 |
|
|
1,000,000 |
|
|
975,262
|
|
Citigroup,
Inc., 4.60%, 03/09/2026 |
|
|
1,000,000 |
|
|
997,235
|
|
Goldman
Sachs Group, Inc., 3.80%, 03/15/2030 |
|
|
1,313,000 |
|
|
1,249,841
|
|
JPMorgan
Chase & Company, 4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033 |
|
|
1,075,000 |
|
|
1,074,512
|
|
MetLife,
Inc., 4.55%, 03/23/2030 |
|
|
1,400,000 |
|
|
1,401,177
|
|
Private
Export Funding Corporation, Series PP, 1.40%, 07/15/2028 |
|
|
685,000 |
|
|
618,640
|
|
US
Bancorp, Series MTN, 2.22% to 01/27/2027 then SOFR + 0.73%, 01/27/2028 |
|
|
880,000 |
|
|
834,150
|
|
|
|
|
|
11,336,877
| ||
|
Industrial
- 2.6% |
|
|
|
|
||
|
General
Dynamics Corporation, 1.15%, 06/01/2026 |
|
|
1,000,000 |
|
|
954,824
|
|
Honeywell
International, Inc., 1.75%, 09/01/2031 |
|
|
1,000,000 |
|
|
837,129
|
|
Waste
Management, Inc., 1.50%, 03/15/2031 |
|
|
1,000,000 |
|
|
830,156
|
|
|
|
|
|
2,622,109
| ||
|
Technology
- 0.9% |
|
|
|
|
||
|
Apple,
Inc., 3.35%, 08/08/2032 |
|
|
1,000,000 |
|
|
936,367
|
|
Utilities
- 1.0% |
|
|
|
|
||
|
Florida
Power & Light Company, 4.80%, 05/15/2033 |
|
|
1,000,000 |
|
|
999,176
|
|
TOTAL
CORPORATE BONDS
(Cost
$33,634,083) |
|
|
|
|
32,934,553 | |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
U.S.
GOVERNMENT AGENCY ISSUES - 10.0% |
|
|
|
|
||
|
Federal
Farm Credit Banks Funding Corporation, 4.50%, 08/14/2026 |
|
|
$1,400,000 |
|
|
$1,407,043
|
|
Federal
Home Loan Banks |
|
|
|
|
||
|
1.00%,
03/23/2026 |
|
|
1,696,500 |
|
|
1,624,736
|
|
0.90%,
02/26/2027 |
|
|
300,000 |
|
|
278,691
|
|
3.25%,
11/16/2028 |
|
|
3,000,000 |
|
|
2,916,418
|
|
Resolution
Funding Corporation, 0.00%, 01/15/2030(a) |
|
|
2,600,000 |
|
|
2,082,134
|
|
Tennessee
Valley Authority |
|
|
|
|
||
|
3.88%,
03/15/2028 |
|
|
250,000 |
|
|
247,684
|
|
Series A,
2.88%, 02/01/2027 |
|
|
1,565,000 |
|
|
1,523,332
|
|
TOTAL
U.S. GOVERNMENT AGENCY ISSUES
(Cost
$10,255,808) |
|
|
|
|
10,080,038
| |
|
MUNICIPAL
BONDS - 1.0% |
|
|
|
|
||
|
City
of Austin, TX Electric Utility Revenue, Class A, 2.68%, 11/15/2025 |
|
|
325,000 |
|
|
318,953
|
|
Massachusetts
School Building Authority, Class B, 1.75%, 08/15/2030 |
|
|
785,000 |
|
|
695,979
|
|
TOTAL
MUNICIPAL BONDS
(Cost
$1,056,047) |
|
|
|
|
1,014,932 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
SHORT-TERM
INVESTMENTS - 0.1% | ||||||
|
Money
Market Funds - 0.1% |
|
|
|
|
||
|
First
American Government Obligations Fund - Class X, 4.56%(b) |
|
|
144,797 |
|
|
144,797
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$144,797) |
|
|
|
|
144,797
| |
|
TOTAL
INVESTMENTS - 99.2%
(Cost
$102,314,938) |
|
|
|
|
$100,107,635
| |
|
Other
Assets in Excess of Liabilities - 0.8% |
|
|
|
|
795,073
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$100,902,708 | |
|
|
|
|
|
|
|
|
|
(a) |
Zero coupon bonds
make no periodic interest payments. |
|
(b) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value
|
|
REPURCHASE
AGREEMENTS - 99.9% | ||||||
|
Repurchase
Agreements - 99.9% |
|
|
|
|
||
|
Buckler
Securities LLC, 4.64%, dated 11/22/2024, matures 12/02/2024, repurchase price $10,012,889 (collateralized by various U.S. government treasury
notes, and mortgage-backed securities: total value $10,227,250) |
|
|
$10,000,000 |
|
|
$10,000,000
|
|
Cantor
Fitzgerald & Co., 4.75%, dated 11/22/2024, matures 12/02/2024, repurchase price $50,065,972 (collateralized by various U.S. government
mortgage-backed securities: total value $55,044,858) |
|
|
50,000,000 |
|
|
50,000,000
|
|
Cantor
Fitzgerald & Co., 4.75%, dated 11/22/2024, matures 12/06/2024, repurchase price $40,073,889 (collateralized by various U.S. government
mortgage-backed securities: total value $44,051,194) |
|
|
40,000,000 |
|
|
40,000,000
|
|
Clear
Street LLC, 4.64%, dated 11/22/2024, matures 12/02/2024, repurchase price $10,012,889 (collateralized by various U.S. government mortgage-backed
securities: total value $10,313,276) |
|
|
10,000,000 |
|
|
10,000,000
|
|
Marex
Capital Markets Inc., 4.63%, dated 11/29/2024, matures 12/02/2024, repurchase price $25,009,646 (collateralized by various U.S. government
mortgage-backed securities: total value $25,759,936) |
|
|
25,000,000 |
|
|
25,000,000
|
|
|
|
|
|
135,000,000 | ||
|
TOTAL
REPURCHASE AGREEMENTS
(Cost
$135,000,000) |
|
|
|
|
135,000,000 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
SHORT-TERM
INVESTMENTS – 0.0%(a) | ||||||
|
Money
Market Funds - 0.0%(a) | ||||||
|
First
American Government Obligations Fund - Class X, 4.56%(b) |
|
|
41,600 |
|
|
41,600
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$41,600) |
|
|
|
|
41,600 | |
|
TOTAL
INVESTMENTS - 99.9%
(Cost
$135,041,600) |
|
|
|
|
$135,041,600
| |
|
Other
Assets in Excess of Liabilities - 0.1% |
|
|
|
|
118,591
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$135,160,191 | |
|
|
|
|
|
|
|
|
|
(a) |
Represents less than
0.05% of net assets. |
|
(b) |
The rate shown represents
the 7-day annualized effective yield as of November 30, 2024. |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
ClearShares
Piton Intermediate
Fixed Income
ETF |
|
|
ClearShares
Ultra-Short
Maturity
ETF |
|
ASSETS:
|
|
|
|
|
|
|
|||
|
Investments
in unaffiliated securities, at value |
|
|
$191,536,522 |
|
|
$100,107,635 |
|
|
$135,041,600
|
|
Investments
in affiliated securities, at value |
|
|
5,966,714 |
|
|
— |
|
|
|
|
Securities
lending income receivable |
|
|
8,141 |
|
|
— |
|
|
—
|
|
Interest
receivable |
|
|
2,381 |
|
|
832,143 |
|
|
140,377
|
|
Total
assets |
|
|
197,513,758 |
|
|
100,939,778 |
|
|
135,181,977
|
|
LIABILITIES: |
|
|
|
|
|
|
|||
|
Written
option contracts, at value |
|
|
230,386 |
|
|
— |
|
|
—
|
|
Payable
upon return of securities loaned (See Note 4) |
|
|
47,701,980 |
|
|
— |
|
|
—
|
|
Payable
to adviser, net of waiver |
|
|
65,726 |
|
|
37,070 |
|
|
21,786
|
|
Total
liabilities |
|
|
47,998,092 |
|
|
37,070 |
|
|
21,786
|
|
NET
ASSETS |
|
|
$149,515,666 |
|
|
$100,902,708 |
|
|
$135,160,191
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|||
|
Paid-in
capital |
|
|
$113,232,396 |
|
|
$108,981,225 |
|
|
$134,950,695
|
|
Total
distributable earnings/(accumulated losses) |
|
|
36,283,270 |
|
|
(8,078,517) |
|
|
209,496
|
|
Total
net assets |
|
|
$149,515,666 |
|
|
$100,902,708 |
|
|
$135,160,191
|
|
Net
assets |
|
|
$149,515,666 |
|
|
$100,902,708 |
|
|
$135,160,191
|
|
Shares
issued and outstanding |
|
|
4,300,000 |
|
|
1,075,000 |
|
|
1,350,000
|
|
Net
asset value per share |
|
|
$34.77 |
|
|
$93.86 |
|
|
$100.12
|
|
Cost: |
|
|
|
|
|
|
|||
|
Investments
in unaffiliated securities, at cost |
|
|
$154,044,525 |
|
|
$102,314,938 |
|
|
$135,041,600
|
|
Investments
in affiliated securities, at cost |
|
|
$5,968,249 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
|
|
||||
|
Proceeds: |
|
|
|
|
|
|
|||
|
Written
options premium |
|
|
$166,809 |
|
|
$— |
|
|
$—
|
|
|
|
|
|
|
|
||||
|
Loaned
Securities: |
|
|
|
|
|
|
|||
|
at
value (included in investments) |
|
|
$46,864,433 |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
ClearShares
Piton Intermediate
Fixed Income
ETF |
|
|
ClearShares
Ultra-Short
Maturity
ETF |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|||
|
Dividend
income - unaffiliated securities |
|
|
$1,346,941 |
|
|
$— |
|
|
$—
|
|
Dividend
income - affiliated securities |
|
|
151,435 |
|
|
— |
|
|
—
|
|
Interest
income |
|
|
16,942 |
|
|
1,722,015 |
|
|
3,773,494
|
|
Securities
lending income, net (See Note 4) |
|
|
73,451 |
|
|
— |
|
|
—
|
|
Total
investment income |
|
|
1,588,769 |
|
|
1,722,015 |
|
|
3,773,494
|
|
EXPENSES: |
|
|
|
|
|
|
|||
|
Investment
advisory fee |
|
|
395,885 |
|
|
224,012 |
|
|
141,443
|
|
Total
expenses |
|
|
395,885 |
|
|
224,012 |
|
|
141,443
|
|
Less
advisory fee waived (See Note 3) |
|
|
(5,971) |
|
|
— |
|
|
—
|
|
Net
expenses |
|
|
389,914 |
|
|
224,012 |
|
|
141,443
|
|
Net
investment income |
|
|
1,198,855 |
|
|
1,498,003 |
|
|
3,632,051
|
|
REALIZED
AND UNREALIZED GAIN |
|
|
|
|
|
|
|||
|
Net
realized loss from: |
|
|
|
|
|
|
|||
|
Investments
- unaffiliates |
|
|
(637,296) |
|
|
(487,727) |
|
|
—
|
|
In-kind
redemptions - affiliated securities |
|
|
114 |
|
|
— |
|
|
—
|
|
In-kind
redemptions - unaffiliated securities |
|
|
396,905 |
|
|
— |
|
|
—
|
|
Written
option contracts expired or closed |
|
|
119,860 |
|
|
— |
|
|
—
|
|
Net
realized loss |
|
|
(120,417) |
|
|
(487,727) |
|
|
—
|
|
Net
change in unrealized appreciation on: |
|
|
|
|
|
|
|||
|
Investments
- unaffiliated securities |
|
|
11,283,592 |
|
|
2,496,387 |
|
|
—
|
|
Investments
- affiliated securities |
|
|
709 |
|
|
— |
|
|
—
|
|
Written
option contracts |
|
|
(63,576) |
|
|
— |
|
|
—
|
|
Net
change in unrealized appreciation |
|
|
11,220,725 |
|
|
2,496,387 |
|
|
—
|
|
Net
realized and unrealized gain |
|
|
11,100,308 |
|
|
2,008,660 |
|
|
—
|
|
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$12,299,163 |
|
|
$3,506,663 |
|
|
$3,632,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
ClearShares
OCIO ETF |
|
|
ClearShares
Piton Intermediate
Fixed Income
ETF | ||||||
|
|
|
|
Period Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
|
|
Period Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income |
|
|
$1,198,855 |
|
|
$3,072,537 |
|
|
$1,498,003 |
|
|
$2,536,095
|
|
Net
realized loss |
|
|
(120,417) |
|
|
(151,844) |
|
|
(487,727) |
|
|
(4,796,458)
|
|
Net
change in unrealized appreciation |
|
|
11,220,725 |
|
|
14,109,119 |
|
|
2,496,387 |
|
|
3,785,902
|
|
Net
increase in net assets from operations |
|
|
12,299,163 |
|
|
17,029,812 |
|
|
3,506,663 |
|
|
1,525,539
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
Distributions
to shareholders |
|
|
(956,175) |
|
|
(3,036,818) |
|
|
(942,862) |
|
|
(2,451,890)
|
|
Total
distributions to shareholders |
|
|
(956,175) |
|
|
(3,036,818) |
|
|
(942,862) |
|
|
(2,451,890)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
4,950,920 |
|
|
1,540,855 |
|
|
2,390,370 |
|
|
2,292,098
|
|
Redemptions |
|
|
(1,694,465) |
|
|
(6,078,430) |
|
|
— |
|
|
(38,911,125)
|
|
ETF
transaction fees (See Note 10) |
|
|
— |
|
|
— |
|
|
718 |
|
|
12,360
|
|
Net
increase (decrease) in net assets from
capital
transactions |
|
|
3,256,455 |
|
|
(4,537,575) |
|
|
2,391,088 |
|
|
(36,606,667)
|
|
Net
increase (decrease) in net assets |
|
|
14,599,443 |
|
|
9,455,419 |
|
|
4,954,889 |
|
|
(37,533,018)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the period |
|
|
134,916,223 |
|
|
125,460,804 |
|
|
95,947,819 |
|
|
133,480,837
|
|
End
of the period |
|
|
$149,515,666 |
|
|
$134,916,223 |
|
|
$100,902,708 |
|
|
$95,947,819
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Subscriptions |
|
|
150,000 |
|
|
50,000 |
|
|
25,000 |
|
|
25,000
|
|
Redemptions |
|
|
(50,000) |
|
|
(200,000) |
|
|
— |
|
|
(425,000)
|
|
Total
increase/(decrease) in shares
outstanding |
|
|
100,000 |
|
|
(150,000) |
|
|
25,000 |
|
|
(400,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
| |||
|
|
|
|
ClearShares
Ultra-Short Maturity ETF | |||
|
|
|
|
Period Ended
November 30,
2024
(Unaudited) |
|
|
Year Ended
May 31,
2024 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment income |
|
|
$3,632,051 |
|
|
$10,301,594
|
|
Net
change in unrealized appreciation |
|
|
— |
|
|
1,999
|
|
Net
increase in net assets from operations |
|
|
3,632,051 |
|
|
10,303,593
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
|
Distributions
to shareholders |
|
|
(3,543,000) |
|
|
(10,424,424)
|
|
Total
distributions to shareholders |
|
|
(3,543,000) |
|
|
(10,424,424)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
||
|
Subscriptions |
|
|
15,023,645 |
|
|
70,236,250
|
|
Redemptions |
|
|
(35,097,720) |
|
|
(155,473,230)
|
|
Net
decrease in net assets from capital transactions |
|
|
(20,074,075) |
|
|
(85,236,980)
|
|
Net
decrease in net assets |
|
|
(19,985,024) |
|
|
(85,357,811)
|
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of the period |
|
|
155,145,215 |
|
|
240,503,026
|
|
End
of the period |
|
|
$135,160,191 |
|
|
$155,145,215
|
|
SHARES
TRANSACTIONS |
|
|
|
|
||
|
Subscriptions |
|
|
150,000 |
|
|
700,000
|
|
Redemptions |
|
|
(350,000) |
|
|
(1,550,000)
|
|
Total
decrease in shares outstanding |
|
|
(200,000) |
|
|
(850,000) |
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
Period Ended
November
30, 2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$32.12 |
|
|
$28.84 |
|
|
$29.76 |
|
|
$32.12 |
|
|
$26.46 |
|
|
$25.66
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
investment income(a)(b) |
|
|
0.28 |
|
|
0.72 |
|
|
0.58 |
|
|
0.46 |
|
|
0.42 |
|
|
0.59
|
|
Net
realized and unrealized gain (loss) on investments(h) |
|
|
2.59 |
|
|
3.27 |
|
|
(0.49) |
|
|
(1.88) |
|
|
5.96 |
|
|
1.04
|
|
Total
from investment operations |
|
|
2.87 |
|
|
3.99 |
|
|
0.09 |
|
|
(1.42) |
|
|
6.38 |
|
|
1.63
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
investment income |
|
|
(0.22) |
|
|
(0.71) |
|
|
(0.53) |
|
|
(0.49) |
|
|
(0.48) |
|
|
(0.83)
|
|
Net
realized gains |
|
|
— |
|
|
— |
|
|
(0.48) |
|
|
(0.45) |
|
|
(0.24) |
|
|
—
|
|
Total
distributions |
|
|
(0.22) |
|
|
(0.71) |
|
|
(1.01) |
|
|
(0.94) |
|
|
(0.72) |
|
|
(0.83)
|
|
ETF
transaction fees per share |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.00(c)
|
|
Net
asset value, end of period |
|
|
$34.77 |
|
|
$32.12 |
|
|
$28.84 |
|
|
$29.76 |
|
|
$32.12 |
|
|
$26.46
|
|
Total
return(d) |
|
|
8.96% |
|
|
13.98% |
|
|
0.47% |
|
|
−4.65% |
|
|
24.38% |
|
|
6.34%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
assets, end of period (in thousands) |
|
|
$149,516 |
|
|
$134,916 |
|
|
$125,461 |
|
|
$126,481 |
|
|
$126,865 |
|
|
$104,532
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Before
expense reimbursement/recoupment(e)(f) |
|
|
0.55% |
|
|
0.55% |
|
|
0.55% |
|
|
0.55% |
|
|
0.55% |
|
|
0.55%
|
|
After
expense reimbursement/recoupment(e)(f) |
|
|
0.54% |
|
|
0.54% |
|
|
0.54% |
|
|
0.54% |
|
|
0.54% |
|
|
0.54%
|
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
expense reimbursement/recoupment(e)(f) |
|
|
1.66% |
|
|
2.36% |
|
|
2.01% |
|
|
1.44% |
|
|
1.43% |
|
|
2.17% |
|
After
expense reimbursement/recoupment(e)(f) |
|
|
1.67% |
|
|
2.37% |
|
|
2.02% |
|
|
1.45% |
|
|
1.44% |
|
|
2.18% |
|
Portfolio
turnover rate(d)(g) |
|
|
11% |
|
|
70% |
|
|
36% |
|
|
51% |
|
|
24% |
|
|
50% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(b) |
Recognition of
net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange-traded funds in
which the Fund invests. The ratio does not include net investment income of the exchange-traded funds in which the Fund invests. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
These ratios exclude
the impact of expenses of the underlying exchange-traded funds as represented in the Schedule of Investments. Recognition of net investment
income by the Fund is affected by the timing of the underlying exchange-traded funds in which the Fund invests. |
|
(g) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(h) |
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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Period Ended
November 30,
2024
(Unaudited)
|
|
|
Year Ended
May 31, |
|
|
Period Ended
May 31,
2021(a) | ||||||
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
| |||||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
asset value, beginning of period |
|
|
$91.38 |
|
|
$92.06 |
|
|
$93.80 |
|
|
$99.19 |
|
|
$100.00
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income(b) |
|
|
1.41 |
|
|
2.33 |
|
|
1.42 |
|
|
0.71 |
|
|
0.07
|
|
Net
realized and unrealized gain (loss) on investments(g) |
|
|
1.95 |
|
|
(0.71) |
|
|
(1.86) |
|
|
(5.75) |
|
|
(0.94)
|
|
Total
from investment operations |
|
|
3.36 |
|
|
1.62 |
|
|
(0.44) |
|
|
(5.04) |
|
|
(0.87)
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
investment income |
|
|
(0.88) |
|
|
(2.31) |
|
|
(1.30) |
|
|
(0.40) |
|
|
(0.02)
|
|
Total
distributions |
|
|
(0.88) |
|
|
(2.31) |
|
|
(1.30) |
|
|
(0.40) |
|
|
(0.02)
|
|
ETF
transaction fees per share |
|
|
0.00(c) |
|
|
0.01 |
|
|
0.00(c) |
|
|
0.05 |
|
|
0.08
|
|
Net
asset value, end of period |
|
|
$93.86 |
|
|
$91.38 |
|
|
$92.06 |
|
|
$93.80 |
|
|
$99.19
|
|
Total
return(d) |
|
|
3.68% |
|
|
1.81% |
|
|
−0.45% |
|
|
−5.05% |
|
|
−0.79%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|||||||
|
Net
assets, end of period (in thousands) |
|
|
$100,903 |
|
|
$95,948 |
|
|
$133,481 |
|
|
$133,668 |
|
|
$32,237
|
|
Ratio
of expenses to average net assets: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Before
expense reimbursement/recoupment(e) |
|
|
0.45% |
|
|
0.45% |
|
|
0.45% |
|
|
0.45% |
|
|
0.45%
|
|
After
expense reimbursement/recoupment(e) |
|
|
0.45% |
|
|
0.45% |
|
|
0.45% |
|
|
0.45% |
|
|
0.44%
|
|
Ratio
of net investment income to average net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Before
expense reimbursement/recoupment(e) |
|
|
3.01% |
|
|
2.56% |
|
|
1.55% |
|
|
0.73% |
|
|
0.10% |
|
After
expense reimbursement/recoupment(e) |
|
|
3.01% |
|
|
2.56% |
|
|
1.55% |
|
|
0.73% |
|
|
0.11% |
|
Portfolio
turnover rate(d)(f) |
|
|
13% |
|
|
34% |
|
|
21% |
|
|
42% |
|
|
80% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Inception date of
the Fund was October 1, 2020. |
|
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(c) |
Amount represents
less than $0.005 per share. |
|
(d) |
Not annualized for
periods less than one year. |
|
(e) |
Annualized for periods
less than one year. |
|
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(g) |
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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
|
|
13 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
|
|
|
|
Period Ended
November
30, 2024
(Unaudited) |
|
|
Year Ended
May 31, | ||||||||||||
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2020 | |||
|
PER
SHARE DATA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
asset value, beginning of period |
|
|
$100.09 |
|
|
$100.21 |
|
|
$100.10 |
|
|
$100.08 |
|
|
$100.09 |
|
|
$100.48
|
|
INVESTMENT
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
investment income(a) |
|
|
2.58 |
|
|
5.29 |
|
|
3.53 |
|
|
0.39 |
|
|
0.42 |
|
|
1.25
|
|
Net
realized and unrealized gain (loss) on investments(e) |
|
|
— |
|
|
0.01 |
|
|
(0.05) |
|
|
— |
|
|
— |
|
|
0.29
|
|
Total
from investment operations |
|
|
2.58 |
|
|
5.30 |
|
|
3.48 |
|
|
0.39 |
|
|
0.42 |
|
|
1.54
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net
investment income |
|
|
(2.55) |
|
|
(5.42) |
|
|
(3.37) |
|
|
(0.37) |
|
|
(0.43) |
|
|
(1.93)
|
|
Total
distributions |
|
|
(2.55) |
|
|
(5.42) |
|
|
(3.37) |
|
|
(0.37) |
|
|
(0.43) |
|
|
(1.93)
|
|
Net
asset value, end of period |
|
|
$100.12 |
|
|
$100.09 |
|
|
$100.21 |
|
|
$100.10 |
|
|
$100.08 |
|
|
$100.09
|
|
Total
return(b) |
|
|
2.60% |
|
|
5.43% |
|
|
3.54% |
|
|
0.39% |
|
|
0.42% |
|
|
1.56%
|
|
SUPPLEMENTAL
DATA AND RATIOS: |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net
assets, end of period (in thousands) |
|
|
$135,160 |
|
|
$155,145 |
|
|
$240,503 |
|
|
$200,198 |
|
|
$120,099 |
|
|
$115,109
|
|
Ratio
of expenses to average net assets(c) |
|
|
0.20% |
|
|
0.20% |
|
|
0.20% |
|
|
0.20% |
|
|
0.20% |
|
|
0.20%
|
|
Ratio
of net investment income to average net
assets(c) |
|
|
5.14% |
|
|
5.27% |
|
|
3.52% |
|
|
0.39% |
|
|
0.42% |
|
|
1.25%
|
|
Portfolio
turnover rate(b)(d) |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
|
(b) |
Not annualized for
periods less than one year. |
|
(c) |
Annualized for periods
less than one year. |
|
(d) |
Portfolio turnover
rate excludes in-kind transactions. |
|
(e) |
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
period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
|
|
|
14 |
|
|
|
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 Nasdaq Capital Market Exchange® (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. |
|
|
|
15 |
|
|
|
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets^ |
|
|
|
|
|
|
|
|
||||
|
Exchange-Traded
Funds |
|
|
$149,256,566 |
|
|
$— |
|
|
$ — |
|
|
$149,256,566
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
— |
|
|
— |
|
|
— |
|
|
47,701,980(a)
|
|
Money
Market Funds |
|
|
544,690 |
|
|
— |
|
|
— |
|
|
544,690
|
|
Total
Investments |
|
|
$149,801,256 |
|
|
$— |
|
|
$— |
|
|
$197,503,236
|
|
Liabilities^
|
|
|
|
|
|
|
|
|
||||
|
Written
Options |
|
|
$— |
|
|
$(230,386) |
|
|
$— |
|
|
$(230,386)
|
|
Total
Investments |
|
|
$— |
|
|
$(230,386) |
|
|
$— |
|
|
$(230,386) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Certain investments
that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized
in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy
to the amounts listed in the Schedule of Investments. |
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets^
|
|
|
|
|
|
|
|
|
||||
|
U.S.
Treasury Securities |
|
|
$— |
|
|
$55,933,315 |
|
|
$ — |
|
|
$55,933,315
|
|
Corporate
Bonds |
|
|
— |
|
|
32,934,553 |
|
|
— |
|
|
32,934,553
|
|
U.S.
Government Agency Issues |
|
|
— |
|
|
10,080,038 |
|
|
— |
|
|
10,080,038
|
|
Municipal
Bonds |
|
|
— |
|
|
1,014,932 |
|
|
— |
|
|
1,014,932
|
|
Money
Market Funds |
|
|
144,797 |
|
|
— |
|
|
— |
|
|
144,797
|
|
Total
Investments |
|
|
$144,797 |
|
|
$99,962,838 |
|
|
$— |
|
|
$100,107,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets^ |
|
|
|
|
|
|
|
|
||||
|
Repurchase
Agreements |
|
|
$— |
|
|
$135,000,000 |
|
|
$ — |
|
|
$135,000,000
|
|
Money
Market Funds |
|
|
41,600 |
|
|
— |
|
|
— |
|
|
41,600
|
|
Total
Investments |
|
|
$41,600 |
|
|
$135,000,000 |
|
|
$— |
|
|
$135,041,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
^ |
See Schedule of Investments for further disaggregation
of investment categories. |
|
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 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. |
|
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 trade and settle dates on
security 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 the changes
in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange
rates. |
|
D. |
Security Transactions
and Investment Income. Investment transactions are accounted for on the trade date. Gains and losses realized from investment transactions
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 the fair value of the security received. Withholding taxes on foreign
dividends, if any, have been provided for in accordance with the Funds’ understanding of the |
|
|
|
17 |
|
|
|
E. |
Distributions
to Shareholders. Distributions to shareholders from net investment income on securities are declared and paid by ClearShares Ultra-Short
Maturity ETF on a monthly basis and by ClearShares OCIO ETF and ClearShares Piton Intermediate Fixed Income ETF on a quarterly basis.
Distributions to shareholders from net realized gains on securities are declared and paid by the Funds on 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 contingent assets and liabilities at the date of the financial
statements, as well as the reported amounts of revenues and expenses during the 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 the Fund, 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 the 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. Each Fund’s 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 and primarily relate to differing
book and tax treatments of redemptions in-kind. |
|
|
|
|
|
|
|
|
|
|
|
|
Distributable
Earnings
(Accumulated
Losses) |
|
|
Paid-In
Capital |
|
ClearShares
OCIO ETF |
|
|
$(1,056,942) |
|
|
$1,056,942
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
— |
|
|
—
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
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 end of the current fiscal period, that materially impacted the amounts or disclosures in the Funds’ financial
statements. |
|
|
|
18 |
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
0.55%
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
0.45%
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
0.20% |
|
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
Value of
Securities
on Loan |
|
|
Payable for
Collateral
Received* |
|
$46,864,433 |
|
|
$47,701,980 |
|
|
|
|
|
|
* |
The cash collateral received was invested in
Mount Vernon Liquid Assets Portfolio, LLC as shown on the Schedule of Investments, a short-term investment portfolio with an overnight
and continuous maturity. The investment objective is to seek to maximize current income to the extent consistent with the preservation
of capital and liquidity and maintain a stable NAV of $1.00 per unit. |
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
Fund
Name |
|
|
Seller |
|
|
Weighted
Average Days
to
Maturity
|
|
ClearShares
OCIO ETF |
|
|
N/A |
|
|
N/A |
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
N/A |
|
|
N/A |
|
ClearShares
Ultra-Short Maturity ETF |
|
|
Buckler Securities
LLC |
|
|
0.15 |
|
|
|
Cantor Fitgerald
& Co. |
|
|
2.52 | |
|
|
|
Clear Street
LLC |
|
|
0.15 | |
|
|
|
Marex Capital
Markets Inc. |
|
|
0.37 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
ClearShares
OCIO ETF |
|
|
$16,502,864 |
|
|
$15,560,951
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
$16,163,968 |
|
|
$12,994,344
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creations |
|
|
Redemptions
|
|
ClearShares
OCIO ETF |
|
|
$4,920,862 |
|
|
$1,686,374
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
— |
|
|
—
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
in ClearShares Ultra-Short Maturity ETF |
|
|
ClearShares
OCIO ETF
|
|
Value
at May 31, 2024 |
|
|
$5,827,284
|
|
Purchases
at Cost |
|
|
207,934
|
|
Proceeds
from Sales |
|
|
(69,327)
|
|
Net
Realized Gain (Loss) |
|
|
114
|
|
Change
in Unrealized Appreciation (Depreciation) |
|
|
709
|
|
Value
at November 30, 2024 |
|
|
5,966,714
|
|
Shares
held at November 30, 2024 |
|
|
59,587
|
|
Dividend
Income |
|
|
$151,435 |
|
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
ClearShares
Piton Intermediate
Fixed Income
ETF |
|
|
ClearShares
Ultra-Short
Maturity
ETF |
|
Tax
cost of investments |
|
|
$153,146,910 |
|
|
$100,063,233 |
|
|
$155,099,226
|
|
Gross
tax unrealized appreciation |
|
|
$27,149,377 |
|
|
$109,829 |
|
|
$—
|
|
Gross
tax unrealized depreciation |
|
|
(953,020) |
|
|
(4,869,002) |
|
|
—
|
|
Net
tax unrealized appreciation (depreciation) |
|
|
26,196,357 |
|
|
(4,759,173) |
|
|
—
|
|
Undistributed
ordinary income |
|
|
236,153 |
|
|
525,630 |
|
|
120,445
|
|
Undistributed
long-term capital gains |
|
|
— |
|
|
— |
|
|
—
|
|
Other
accumulated gain (loss) |
|
|
(1,492,228) |
|
|
(6,408,775) |
|
|
—
|
|
Distributable
Earnings (accumulated deficit) |
|
|
$24,940,282 |
|
|
$(10,642,318) |
|
|
$120,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short Term |
|
|
Long Term |
|
|
Expires |
|
ClearShares
OCIO ETF |
|
|
$1,375,935 |
|
|
$116,293 |
|
|
Indefinite
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
$875,690 |
|
|
$5,533,085 |
|
|
Indefinite
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
$— |
|
|
$— |
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Year Ended
May 31, 2024 |
|
|
Year Ended
May 31, 2023 | ||||||
|
|
|
|
Ordinary
Income |
|
|
Capital
Gains |
|
|
Ordinary
Income |
|
|
Capital
Gains |
|
ClearShares
OCIO ETF |
|
|
$3,036,818 |
|
|
$ — |
|
|
$2,324,680 |
|
|
$2,110,016
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
$2,451,890 |
|
|
$— |
|
|
$1,851,816 |
|
|
$—
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
$10,424,424 |
|
|
$— |
|
|
$8,282,598 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
|
Written
Options |
|
|
Average Value
|
|
ClearShares
OCIO ETF |
|
|
$(57,967) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
Liability
Derivatives |
|
|
| |||
|
Fund |
|
|
Derivatives
Investment Type |
|
|
Statement
of Assets and
Liabilities
Location |
|
|
Value |
| ||
|
ClearShares
OCIO ETF |
|
|
Equity
Contracts - Written Options |
|
|
Written
option contracts, at value |
|
|
$(230,386) |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Derivatives
Investment Type |
|
|
Net Realized
Gain (Loss) |
|
|
Change in
Unrealized
Appreciation
(Depreciation)
|
|
ClearShares
OCIO ETF |
|
|
Equity
Contracts - Written Options |
|
|
$119,860 |
|
|
$(63,576) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
41.99%
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
0.00%
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
2.38%
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
0.00%
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
ClearShares
OCIO ETF |
|
|
0.00%
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
0.00%
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
0.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditable
Foreign Taxes
Paid |
|
|
Per Share
Amount |
|
|
Portion of
Ordinary
Income Distribution
Derived from
Foreign
Sourced Income
|
|
ClearShares
OCIO ETF |
|
|
$43,870 |
|
|
0.01044524 |
|
|
12.67%
|
|
ClearShares
Piton Intermediate Fixed Income ETF |
|
|
— |
|
|
— |
|
|
—
|
|
ClearShares
Ultra-Short Maturity ETF |
|
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
26 |
|
|
|
|
|
27 |
|
|
|
|
|
28 |
|
|
| (b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
All fund expenses, including Trustee compensation is 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.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not Applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. 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 16. 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 have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable.
(b) Not Applicable.
Item 19. 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) 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.
| (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 |
2/7/2025 |
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 |
2/7/2025 |
| By (Signature and Title)* | /s/ Kristen M. Weitzel | ||
| Kristen M. Weitzel, Treasurer (principal financial officer) |
| Date |
2/7/2025 |
* Print the name and title of each signing officer under his or her signature.