Fund Description: The Acquirers Fund 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 Acquirers Fund seeks to provide investment returns that closely correspond to the price and yield performance of the Acquirer’s Index. INDEX DESCRIPTION: The Acquirer’s Index is constructed with a 100% net equity exposure (130% long, 30% short) composed of the 30 most undervalued, fundamentally strong stocks listed in the United States selected from the largest 25% of all stocks (equivalent to a market capitalization greater than approximately $2 billion). The Index is also composed of 30 short positions of the most overvalued, fundamentally weak stocks in the same universe. The Index identifies potentially overvalued and undervalued stocks by using The Acquirer’s Multiple, which is a valuation metric. The stock selection and ranking is performed by the Index using a rules-based process. Potential components are further evaluated using statistical measures of fraud, earnings manipulation, and financial distress. Each potential long component is then examined for a margin of safety in three ways: (a) a wide discount to a conservative valuation, (b) a strong, liquid balance sheet, and (c) a robust business capable of generating free cash flows. Each potential short component is examined to identify (a) a large premium to an optimistic valuation, (b) a weak, distressed balance sheet, and (c) a deteriorating business and stock price. FUND STRATEGY: The Fund attempts to invest all, or substantially all, of its assets in the stocks and short positions 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 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. To replicate the Index’s short positions, the Fund expects to sell securities short. The Fund generally may invest up to 20% of its total assets in securities or other investments not included in the Index. FUND MANAGEMENT: Acquirers Funds, LLC serves as the Investment Adviser to the Fund. CSat Investment Advisory, L.P., doing business as Exponential ETFs serves as the Sub-Adviser.