Fund Description: AAM S&P 500 High Dividend 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 AAM S&P 500 High Dividend Value ETF seeks to provide investment returns that closely correspond to the price and yield performance of the S&P 500 Dividend and Free Cash Flow Yield Index. INDEX DESCRIPTION: The S&P 500 Dividend and Free Cash Flow Yield Index is a rules-based, equal-weighted index that is designed to provide exposure to the constituents of the S&P 500 Index that exhibit both high dividend yield and sustainable dividend distribution characteristics, while maintaining diversified sector exposure. If a security’s dividend yield or free-cash-flow yield is in the top or bottom 2.5% of the S&P 500 Index, the dividend yield or free-cash-flow yield, as applicable, for such security is replaced with the dividend yield or free-cash-flow yield of the security nearest to such top or bottom 2.5% threshold. The universe is screened to keep only equity securities with a positive indicated annual dividend yield (i.e., yield based on a company’s most recent dividend amount) and free-cash-flow yield. The remaining securities are referred to as the Selection Pool. For each security in the Selection Pool, the security’s dividend yield and free-cash-flow yield are then scored using a statistical normalization model. The equity securities in the Selection Pool are then ranked by the product of their dividend yield score and free-cash-flow yield score, and the top five scoring securities are selected from each sector; consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, telecommunication services, and utilities. FUND STRATEGY: The Fund uses a passive management (or indexing) approach to track the total return performance, before fees and expenses, 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, meaning the Fund generally will invest in all of the component securities of the Index in approximately the same proportion as in 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. FUND MANAGEMENT: Advisors Asset Management, Inc. serves as the Adviser to the Fund. Vident Investment Advisory, LLC serves as the Sub-adviser to the Fund.