Exchange Traded Concepts to Close and Liquidate the PSYK ETF

OKLAHOMA CITY, Feb. 27, 2023 /PRNewswire/ -- After careful consideration, Exchange Traded Concepts, LLC, the investment adviser to the PSYK ETF (the "Fund"), in consultation with Elemental Advisors Inc., the Fund's sponsor, has recommended, and the Board of Trustees of ETF Series Solutions has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation. Accordingly, the Fund is expected to cease operations and liquidate on or about March 28, 2023 (the "Liquidation Date").

The Fund will be closed to orders for new creation units on March 21, 2023, and the last day of trading the Fund's shares on the NYSE Arca, Inc. will be March 27, 2023. From March 21, 2023 through March 27, 2023, 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 Fund's shares during that time period. Customary brokerage charges may apply to such transactions.

In anticipation of the liquidation of the Fund, the Fund will be managed in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, starting on March 21, 2023 all or a portion of the Fund may not be invested in a manner consistent with the Fund's stated investment strategy, which may prevent the Fund from achieving its investment objective.

On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. This distribution is a taxable event. In addition, this payment to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Fund's net asset value will reflect the costs of closing the Fund. For the Fund's ordinary income and capital gains distributions, if any, shareholders of record as of March 28, 2023, will be paid on or about March 29, 2023. The liquidation distribution will be paid on or about March 29, 2023. Once the distributions are complete, the Fund will terminate.

If you would like additional information, please call 1-800-617-0004, or visit https://psyk-etf.com/.

Fund shareholders of record as of the record date are eligible to receive dividends from the liquidation distribution. The Fund will liquidate and pay dividends to shareholders of record on the pay date.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. NAVs are calculated using prices as of 4:00 PM Eastern Time. Brokerage commissions will reduce returns.

Exchange Traded Concepts, LLC serves as the investment advisor to the Fund. The Fund is distributed by Quasar, which is not affiliated with Exchange Traded Concepts, LLC or any of its affiliates.

Carefully consider the Fund's investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Fund's prospectus, which may be obtained by visiting https://psyk-etf.com/. Read the prospectus carefully before investing.

Investments involve risk. Principal loss is possible. The Fund has the same risks as the underlying securities traded on the exchange throughout the day at market price. The Fund's investments will be concentrated in an industry or group of industries to the extent the Index is so concentrated.

SOURCE Exchange Traded Concepts, LLC