Fund Description: Volshares Large Cap 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 Volshares Large Cap ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Volshares Large Cap Index. INDEX DESCRIPTION: The Volshares Large Cap Index uses an objective, rules-based methodology to measure the performance of an equal-weighted portfolio of approximately 25 large capitalization U.S.-listed companies based on a quantitative, volatility-based algorithm (the “Whitford Model).developed by Whitford Asset Management LLC, the Fund’s investment adviser and index provider. Construction of the Index begins with the constituents of the Solactive US Large Cap Index, the 500 largest U.S.-listed common stocks and real estate investment trusts (REITs). The Whitford Model analyzes the market sentiment for each company in the Equity Universe based on the proximity of such company’s opening and closing prices to their mean, the frequency with which such prices deviated significantly from their mean, the security’s performance, and its volatility to identify the most attractive securities in terms of their potential for short-term appreciation relative to their expected volatility. Each Wednesday, the Whitford Model identifies the twenty-five companies that will be included in the Index through the following Tuesday. Each such company receives a weighting of 3.9%, and the remaining 2.5% remains uninvested. FUND STRATEGY: The Fund uses a passive management (or indexing) approach to track the performance of the Index. The Fund attempts to invest all, or substantially all, of its assets in the component 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 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. 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: Whitford Asset Management LLC serves as the Adviser to the Fund. Vident Investment Advisory, LLC serves as the Sub-Adviser to the Fund.