Fund Description: AAM Low Duration Preferred and Income Securities 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 AAM Low Duration Preferred and Income Securities ETF seeks to track the total return performance, before fees and expenses, of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index. INDEX DESCRIPTION: The ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index measures the performance of exchange-listed, U.S. dollar-denominated preferred securities and hybrid securities listed on the NYSE or NASDAQ Capital Market with an option-adjusted duration of less than 5 years. Duration is a measure of a security’s price sensitivity to changes in yields or interest rates. Preferred stock generally refers to a unit of ownership in a company (like common stock) that has preference over common stock in the payment of dividends and in the event of a company’s liquidation. Hybrid securities are those that have characteristics of both equity and fixed income securities. The Index may include many different categories of preferred stock and hybrid securities, such as floating and fixed rate preferreds, fixed-to-floating rate securities, callable preferreds, convertible preferreds, cumulative and non-cumulative preferreds, certain capital securities, preferred REITs or hybrid REITs, trust preferreds or various other preferred stock and hybrid securities. The Index may include large-, mid- or small-capitalization companies and includes preferred stocks of non-U.S. issuers. FUND STRATEGY: The Fund uses a passive management (or indexing) approach to track the total return performance of 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. However, the Fund may use a representative sampling strategy when replicating the Index involves practical difficulties or substantial costs, The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Index. FUND MANAGEMENT: Advisors Asset Management, Inc. serves as the Investment Adviser to the Fund. Vident Investment Advisory, LLC serves as the Sub-Adviser.