ETF Series Solutions Distillate Small/Mid Cash Flow

The Distillate Small/Mid Cash Flow ETF (the Fund) seeks capital appreciation. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in equity securities of small- and mid-capitalization companies. The Fund considers companies whose market capitalization, at the time of purchase, places them in the lowest 15 percent of the total market capitalization of the U.S. equity market to be small-cap and mid-cap companies. Under these market capitalization guidelines, based on market capitalization data as of July 28, 2022, the market capitalization of such a company would be equal to or less than 11,567 million dollars.