Fund Description: Aptus Collared Income Opportunity ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the ETF Series Solutions, an open-end investment management company. INVESTMENT OBJECTIVE: The Aptus Collared Income Opportunity ETF seeks current income and capital appreciation. The Fund is an actively managed ETF and thus does not seek to replicate the performance of a specific index. Rather, the Adviser has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective. FUND STRATEGY: The Fund seeks to achieve its investment objective principally by investing in a portfolio of large capitalization U.S.-listed equity securities and an options collar (i.e., a mix of written (sold) call options and long (bought) put options) on the same underlying equity securities. The equity securities and options held by the Fund must be listed on a U.S.-exchange, and the equity securities may include common stocks of U.S. companies, American Depositary Receipts (ADRs) (i.e., receipts evidencing ownership of foreign equity securities), and real estate investment trusts (REITs). The Fund will typically limit investments in ADRs to approximately 20% of the Fund’s net assets. The Adviser selects the Fund’s equity securities based on the Adviser’s assessment of the likelihood that the dividends paid by the issuer will increase or remain stable and based on the liquidity of the options available for such security. The Adviser considers factors primarily related to yield, earnings growth, revenue growth, and distribution history in assessing the likelihood that the dividends paid by an issuer will increase or remain stable.