A. The Company Hoya Capital Real Estate, LLC (“Hoya Capital”), is a registered investment adviser that has its principal place of business located in Rowayton, Connecticut. Hoya Capital began conducting business in 2015 and has been registered with the state of Connecticut since 2016 and with the Securities and Exchange Commission (“SEC”) since 2019. Hoya Capital’s specific area of investment focus is the management, research, and index management of portfolios composed of publicly-traded companies involved in the US commercial and residential real estate business and the portfolio management of more broadly diversified portfolios comprised of exchange traded funds (ETFs). Hoya Capital serves as the investment advisor for the Hoya Capital Housing ETF (HOMZ) and Hoya Capital High Dividend Yield ETF (RIET), each a series of the ETF Series Solutions. Hoya Capital is majority-owned by Pettee Investors, Inc. (“Pettee Investors”), an investment adviser registered with the SEC. Hoya Capital shares a principal office and place of business with Pettee Investors as well as other resources, including key personnel. Alex Pettee, President of Hoya Capital, and Sheila Pettee, Chief Executive Officer of Hoya Capital, are also employed by Pettee Investors. Pettee Investors owns 51% of Hoya Capital. Alex Pettee owns the remaining 49% of Hoya Capital. For more information on Pettee Investors, please refer to Item 10 - Other Financial Industry Activities and Affiliations. B. Advisory Services Hoya Capital provides portfolio management services and investment advisory services for Exchange- Traded Fund (“ETFs”), Individuals, including high net worth individuals, Institutions, Pension Plans, Profit Sharing Plans, 401k Plans, Trusts, Foundations, Corporations, and other types of business entities. ETF Fund Advisory Hoya Capital provides advisory services to ETFs registered with the SEC under the Investment Company Act of 1940 (the “1940 Act”). Hoya Capital serves as the investment advisor for the Hoya Capital Housing ETF (HOMZ) and Hoya Capital High Dividend Yield ETF (RIET), each a series of the U.S. Bank ETF Series Solutions Trust. Interested investors should refer to the ETF prospectus and Statement of Additional Information ("SAI") for important information regarding objectives, investments, time-horizon, risks, fees, and additional disclosures. These documents are available on-line at www.HoyaETFs.com. Prior to making any investment in the fund, investors and prospective investors should carefully review these documents for a thorough understanding of the terms and conditions applicable for an investment in HOMZ and RIET. Hoya Capital specific area of investment management focus is ETFs that track an index composed of companies involved in the residential and/or commercial real estate industries. Advisory Responsibilities As the adviser to each ETF, Hoya Capital has an overall responsibility for the general management and administration of the ETF. Hoya Capital coordinates all necessary services required for the ongoing and effective operations of each ETF. When serving as the adviser to each ETF, Hoya Capital, subject to the supervision of the ETF’s Board of Trustees, regularly provides each ETF with investment research, advice and supervision and continuously furnishes an investment program for each ETF, consistent with the investment objectives and policies of each ETF. Hoya Capital administers each ETF’s business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. Service Provider Arrangement For services that Hoya Capital is unable to effectively fulfill in-house, Hoya Capital will employ firms with expertise in that particular service. Hoya Capital arranges for sub-advisory, transfer agency, custody, fund administration, securities lending, and all other related services necessary for each ETF to operate. Compliance Oversight As the adviser to the ETF, Hoya Capital is responsible for compliance monitoring and will comply with the applicable requirements of the 1940 Act, the Investment Advisers Act of 1940 (the “Advisers Act”), the Securities Act of 1933 (the “33 Act”), the Securities Exchange Act of 1934 (the “Securities Exchange Act”) and the regulations promulgated thereunder. Hoya Capital has implemented an extensive compliance program to ensure that all rules and regulations are followed. Portfolio Management & Roles of Sub-Adviser For portfolio management and trading services, Hoya Capital generally employs and oversees a sub- adviser. Subject to supervision and oversight from Hoya Capital and the ETF’s Board of Trustees, and in accordance with the terms and conditions of the applicable service provider agreement, the sub-adviser manages the day to day management of each ETF, portfolio trading and settlements, reconciliations with accounting, performance monitoring and performance attribution, daily basket construction and maintenance and monitors and responds to corporate actions. The sub-adviser is also responsible for handling pre- and post-trade compliance monitoring, looking specifically at the portfolio, prospectus/SAI and 1940 Act compliance. Sub-Adviser Oversight Hoya Capital is responsible for overseeing the activities of the sub-adviser to ensure that the sub-adviser is fulfilling all of its obligations under the service provider agreement. Hoya Capital is in regular contact with the sub-adviser, who is required to promptly notify us regarding any relevant information about each ETF. As part of the due diligence process, Hoya Capital ensures that the sub-adviser has implemented sufficient compliance procedures and a code of ethics designed to effectively mitigate any potential issues. Monitoring Secondary Market Statistics Hoya Capital is responsible for monitoring secondary market statistics. Hoya Capital receives information regarding market statistics specific to each ETF it is advising from the listing exchange. Hoya Capital monitors volume, spreads, and pricing to ensure that each ETF is trading in an orderly and efficient manner. Hoya Capital’s sales and marketing efforts help to support demand for liquidity and Hoya Capital works directly with authorized participants and market makers to create sufficient supply to meet market demand in order to keep spreads and pricing in an acceptable range. Marketing and Distribution As the adviser to each ETF, Hoya Capital also coordinates the marketing and distribution of each ETF. Hoya Capital typically develops a marketing and distribution plan that is specific to each ETF. Hoya Capital creates content including compliance-approved research furnished to promote the ETF and its strategy and to educate the investing public. Hoya Capital works with a distributor to review all marketing materials to ensure its compliance with applicable SEC regulations. Index

Services Hoya Capital has in-house research capabilities to develop and administer custom indexes that track a specific segment of the real estate market. Hoya Capital provides all necessary services through an affiliated index provider, Hoya Capital Research & Index Innovations, to administer an index specifically for use by an index-tracking ETF. To minimize any potential for conflicts caused by the fact that an affiliate of the ETF’s adviser also acts as index provider to the ETF, the index provider has retained an unaffiliated third party to calculate the index (the “Calculation Agent”). The Calculation Agent, using the rules-based methodology, calculates, maintains, and disseminates the index on a daily basis. Hoya Capital monitors the results produced by the Calculation Agent to help ensure that the index is being calculated in accordance with the rules-based methodology. In addition, Hoya Capital, as well as the index provider, has established policies and procedures designed to prevent non-public information about pending changes to the index from being used or disseminated in an improper manner. Furthermore, the index provider has established policies and procedures designed to prevent improper use and dissemination of non-public information about each ETF’s portfolio strategies. Expense Reporting and Payment Generally, under an advisory agreement, in exchange for a single unitary management fee, Hoya Capital agrees to pay all expenses incurred by the ETF except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the ETF under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unified management fee payable to the adviser. Hoya Capital is responsible for expense reporting and paying agent services. Fair Valuation Hoya Capital as the Valuation Designee appointed by the Board of the Trust, employs a Fund Valuation Program in determining Fair Valuation of Fund Holdings. Hoya Capital appoints an “Administrator” whose responsibility is to carry out the various Fair Value determinations and other functions of the Fund Valuation Program. The Hoya Capital Administrator of the Fund Valuation Program is Alex Pettee, President and Director of Research and Head of ETFs. Mr. Alex Pettee is the chief executive of Hoya Capital. As the Fund Program Administrator, he is responsible for implementing and overseeing the Fund Valuation Program, including but not limited to: a) the selection and oversight of Pricing Services, b) the selection, monitoring, testing and application of fair value methodologies used by the Funds, c) the required initial and periodic assessment of the risks associated with the determination of the fair value of the Fund’s investment, d) maintenance of appropriate documentation to support fair value determinations. The Board is responsible for overseeing the activities of the Valuation Designee and each Fund’s compliance with the Trust Policy. Further, as The Valuation Designee, Hoya Capital specifies certain personnel with duties associated with price challenges, including those with the authority to override a price, along with the roles and responsibilities of such persons, including subadvisors. The sub-adviser is also responsible for handling pre- and post-trade compliance monitoring, looking specifically at portfolio, prospectus/SAI and 1940 Act compliance. Individual Account Portfolio Management Hoya Capital provides investment management services to individuals through individually-managed accounts based on the specific needs of the client. Hoya Capital’s expertise is in the management of portfolios composed of publicly-traded companies involved in the US commercial and residential real estate business. Generally, Hoya Capital allocates investment management assets among individual publicly-traded equity securities, ETFs, mutual funds, and when appropriate, ETFs advised by Hoya Capital. Hoya Capital utilizes in-house research capabilities, the research capabilities of its affiliate - Hoya Capital Research & Index Innovations - and combined with market data from various providers, to develop portfolios that Hoya Capital believes will perform favorably relative to a pre-determined benchmark and to develop custom indexes that track a specific segment of the commercial or residential real estate market. C. Client Tailored Services and Client Imposed Restrictions Through personal discussion in which goals and objectives based on the client’s particular circumstances are established, Hoya Capital develops the client’s personal investment policy statement. Generally, clients desire a broad-based and diversified real estate portfolio that is managed relative to a pre-determined third-party benchmark, but Hoya Capital also has the capability of designing portfolios that track a specific segment of the commercial or residential real estate market or that are indexed to a broad-based benchmark like the S&P 500. Hoya Capital can manage advisory accounts on either a discretionary or non-discretionary basis. Clients will have the opportunity to place reasonable restrictions on the types of investments which will be made on the client's behalf. Similarly, clients can advise Hoya Capital of particular investment restrictions to which the firm will adhere. For accounts managed on a discretionary basis, Hoya Capital is allowed to make transactions in that account without prior client approval. This allows Hoya Capital to act quickly as circumstances dictate, though still adhering to clients’ investment objectives, risk tolerances and account restrictions. Account supervision is guided by the client’s stated objectives as well as tax considerations. For accounts managed on a non-discretionary basis, Hoya Capital would not purchase or sell securities without the client’s prior consent. Once the client’s portfolio has been established, Hoya Capital reviews the portfolio on a continuous basis, and if necessary, rebalance the portfolio, based on the client’s individual needs in conjunction with developments in capital markets. Hoya Capital remains in close contact with clients in order to be fully aware of their financial situation, objectives and needs. Hoya Capital also believes that regular contact, in person, by phone, mail or email is critical to maintaining a strong on-going relationship. D. Wrap Fee Programs Hoya Capital does not participate in wrap fee programs (i.e., programs that offer services for one, all- inclusive fee). E. Assets Under Management As of December 31, 2023, the total amount of client assets managed by Hoya Capital is approximately $101,926,936 of which $101,926,936 are managed on a discretionary basis and $0 are managed on a non-discretionary basis.