Fund Description: AlphaClone International ETF is an exchange-traded index fund or index ETF which is a separate portfolio of the ETF Series Solutions, an open-end investment management company. INVESTMENT OBJECTIVE: The AlphaClone International ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the AlphaClone International Downside Hedged Index. INDEX DESCRIPTION: The AlphaClone International Downside Hedged Index tracks the performance of international companies to which hedge funds and institutional investors have disclosed significant exposure through American Depository Receipts (ADRs). The proprietary index methodology developed by AlphaClone ranks hedge funds and institutional investors based on the efficacy of replicating their publicity disclosed positions. ADRs are selected from those managers with the highest ranking, or Clone Score. The Index is risk managed in that it can vary between being long only and market hedged based on certain rules-driven relative price targets tied to a broad market index. FUND STRATEGY: The Fund attempts to invest all, or substantially all, of its assets in the equity securities that make up the Index. Under normal circumstances, at least 80% of the Fund’s total assets (exclusive of any collateral held from securities lending) will be invested in the component securities of the Index. The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest long in the positions in which the Index is long and invest short in the positions in which the Index is short. However, the Fund may use a representative sampling strategy, meaning it may invest in a sample of the securities in the Index whose risk, return and other characteristics closely resemble the risk, return and other characteristics of the Index as a whole. The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. FUND MANAGEMENT: AlphaClone, Inc. serves as the investment adviser to the Fund. Vident Investment Advisory, LLC serves as sub-adviser to the Fund.