Fund Description: Aptus Drawdown Managed Equity 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 Drawdown Managed Equity ETF seeks capital appreciation with downside protection. 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 objective principally by investing in a portfolio of typically 40 to 50 U.S.-listed equity securities, while limiting downside risk by purchasing exchange-listed put options on one or more broad-based indexes or ETFs that track the performance of the U.S. equity market. Under normal circumstances, at least 80% of the Fund’s net assets (plus borrowings for investment purposes) will be invested in equity securities. The equity component of the Fund’s portfolio is drawn from the universe of the 1,000 largest U.S.-listed common stocks and real estate investment trusts (REITs). The Adviser selects the equity securities for the Fund based on an analysis of each company’s fundamental and momentum characteristics to try to identify attractive opportunities for growth. The Adviser’s proprietary analysis is built from a yield plus growth framework, which takes into account fundamental characteristics such as yield, growth, and valuation, along with momentum, to determine the final security selection. FUND MANAGEMENT: Aptus Capital Advisors, LLC serves as investment adviser to the Fund.