Fund Description: ClearShares OCIO 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 ClearShares OCIO ETF seeks to outperform a traditional 60/40 mix of global equity and fixed-income investments. 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 is a fund of funds and seeks to achieve its objective by investing primarily in other registered investment companies, including other actively-managed exchange-traded funds (ETFs) and index-based ETFs (collectively, Underlying Funds), that provide exposure to a broad range of asset classes. The Underlying Funds may invest in equity securities of U.S. or foreign companies; debt obligations of U.S. or foreign companies or governments; or other investments, such as volatility indexes and managed futures. The Fund allocates its assets across asset classes, industries, geographic regions, and industries, subject to certain diversification and liquidity considerations. The Fund’s investments in foreign countries may include exposure to emerging markets. The Fund is expected to typically invest approximately 40% to 70% of its total assets in Underlying Funds that principally invest in equity securities of any market capitalization. Such Underlying Funds may invest principally in specific sectors of the economy, such as healthcare, financials, real estate, and energy or in broader swaths of domestic, foreign, or global equity markets. Underlying Funds used for real estate exposure may invest some or all of their assets in real estate investment trusts (REITs), and Underlying Funds used for energy exposure may invest some or all of their assets in master limited partnerships (MLPs). The Fund is expected to typically invest approximately 20% to 50% of its total assets in Underlying Funds that principally invest in debt obligations and in U.S. government debt, sovereign debt, U.S. and foreign corporate debt, high-yield debt (also known as junk bonds), mortgage debt, and structured debt, such as asset-backed securities. Such Underlying Funds may hold debt denominated in U.S. dollars or foreign currencies. The Fund has no limitation on the range of maturities or credit quality of the debt in which Underlying Funds may invest. The Fund may invest up to 20% of its total assets in Underlying Investments that invest some or all of their assets in alternative instruments, including commodities, volatility indexes, and managed futures. The Fund’s investment adviser uses both top-down and bottom-up analyses in determining whether to purchase or sell a particular Underlying Investment. FUND MANAGEMENT: ClearShares LLC serves as investment adviser to the Fund.