Fund Description: Deep Value ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ETF Series Solutions, an open-end investment management company. INVESTMENT OBJECTIVE: The Deep Value ETF seeks to track the price and total return performance, before fees and expenses, of the TWM Deep Value Index. INDEX DESCRIPTION: The TWM Deep Value Index is composed of the common stock of typically 20 companies included in the S&P 500 Index that have been selected through a proprietary ranking system developed by Tiedemann Wealth Management, LLC, the Fund’s Index Provider, that evaluates the earnings and cash flows of each company to create a final universe of companies that are deeply undervalued (as defined by the Index methodology) as compared to the S&P 500 Index overall. The Index is constructed using an objective, rules-based methodology that begins with an initial universe that mirrors the companies listed on the S&P 500 Index. The universe of companies is then narrowed to include only companies that have positive earnings and returns on invested capital, generate free cash flow, and currently pay a dividend. The remaining companies are then evaluated based on valuation metrics. The companies within the Index are weighted based on a rules-based assessment of their valuations relative to each other so that, at the time of each reconstitution, the 5 most undervalued companies are each weighted at 7.5%, the next 5 most undervalued companies are each weighted at 4.5% and the next 10 most undervalued companies are each weighted at 4.0%. From time to time, the Index may include more or less than 20 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The full Index of 20 companies is reconstituted annually in September. FUND STRATEGY: The Fund will generally use a replication strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index. 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 sub-adviser believes will help the Fund track the Index. The Fund may also invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in cash and cash equivalents, as well as in shares of other investment companies, futures contracts, and swaps. FUND MANAGEMENT: Exchange Traded Concepts, LLC serves as the investment adviser to the Fund. Mellon Capital Management Corporation serves as sub-adviser to the Fund.