Defiance Announces Fund Closures

The Board of Trustees of ETF Series Solutions, upon a recommendation from Defiance ETFs, LLC, the investment adviser to the Defiance Next Gen Altered Experience ETF, and the Defiance Next Gen SPAC Derived ETF (each, a “Fund” and collectively, the “Funds”), has determined to close and liquidate each Fund immediately after the close of business on August 30, 2022 (the “Liquidation Date”). Shares of the Funds are listed on the NYSE Arca, Inc.

Effective on or about August 8, 2022, each Fund will begin liquidating its portfolio assets. This will cause each Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the Fund’s prospectus.

The Funds will no longer accept orders for new creation units after the close of business on the business day prior to the Liquidation Date, and trading in shares of each Fund will be halted prior to market open on the Liquidation Date. Prior to the Liquidation Date, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for the Funds’ shares during that time period. Customary brokerage charges may apply to such transactions.

On or about the Liquidation Date, each Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. Shareholders should contact their tax advisor to discuss the income tax consequences of the liquidation. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, each Fund’s net asset value will reflect the costs of closing the Fund, if any. Once the distributions are complete, the Funds will terminate. Proceeds of the liquidation will be sent to shareholders promptly after the Liquidation Date.

For additional information, please call 1-833-333-9383.

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. The prospectus can be obtained by calling 1-833-333-9383 Please read it carefully before investing.

Investing involves risk. Principal loss is possible.

A commission may apply when buying or selling an ETF.

Defiance ETFs are distributed by Foreside Fund Services, LLC.

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