ETF SERIES SOLUTIONS CLEARSHARES PITON INTERMEDIATE FIXED INCOME (USD) PIFI.US

The ETF is an actively managed fixed income fund that seeks current income consistent with the long-term preservation of capital. It pursues this by investing primarily in U.S. Treasury securities, U.S. government agency securities, investment-grade corporate bonds, and taxable municipal bonds, applying a conservative approach to credit risk and closely monitoring signs of credit deterioration.

A top-down macroeconomic process drives outlooks for interest rates, duration and sector risks; bottom-up selection is used to identify individual issues based on valuation opportunities and liquidity considerations.

The strategy's asset class is intermediate-duration taxable fixed income, with the portfolio generally containing securities whose maturities span from zero to ten years and targeting duration risk in the range of three to five years.

It emphasizes liquidity, low bid-ask spreads, and managing interest rate and duration risk to remain "lower than many core intermediate fixed income ETFs." The fund is offered as a series of ETF Series Solutions (a Delaware statutory trust), registered under U.S. securities laws as an open-end management investment company.

ClearShares LLC acts as the investment advisor, and Piton Investment Management, LP serves as sub-advisor. The structure is non-diversified, with transparency into holdings and strategy through SEC filings, prospectus, and fact cards.