REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 | x |
Pre‑Effective Amendment No. | ¨ |
Post‑Effective Amendment No. 627 | x |
and | |
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 | x |
Amendment No. 628 | x |
x | immediately upon filing pursuant to paragraph (b) |
¨ | on ______________ pursuant to paragraph (b) |
¨ | 60 days after filing pursuant to paragraph (a)(1) |
¨ | on ______________ pursuant to paragraph (a)(1) |
¨ | 75 days after filing pursuant to paragraph (a)(2) |
¨ | on pursuant to paragraph (a)(2) of Rule 485. |
Signature | Title |
*/s/ David A. Massart | Trustee |
David A. Massart | |
*/s/ Janet D. Olsen | Trustee |
Janet D. Olsen | |
*/s/ Leonard M. Rush | Trustee |
Leonard M. Rush | |
*/s/ Michael A. Castino | Trustee |
Michael A. Castino | |
*/s/ Kristina R. Nelson | President |
Kristina R. Nelson | |
*/s/ Kristen M. Weitzel | Treasurer |
Kristen M. Weitzel | |
*By: /s/ Michael D. Barolsky Michael D. Barolsky, Attorney-in-Fact pursuant to Powers of Attorney |
Exhibit | Exhibit No. |
Instance Document | EX-101.INS |
Schema Document | EX-101.SCH |
Calculation Linkbase Document | EX-101.CAL |
Definition Linkbase Document | EX-101.DEF |
Label Linkbase Document | EX-101.LAB |
Presentation Linkbase Document | EX-101.PRE |
Label | Element | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | dei_DocumentType | 485BPOS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | dei_DocumentPeriodEndDate | Jan. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Registrant Name | dei_EntityRegistrantName | ETF Series Solutions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | dei_EntityCentralIndexKey | 0001540305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | dei_AmendmentFlag | false | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Creation Date | dei_DocumentCreationDate | May 28, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Document Effective Date | dei_DocumentEffectiveDate | May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus Date | rr_ProspectusDate | May 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Entity Inv Company Type | dei_EntityInvCompanyType | N-1A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volshares Large Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Volshares Large Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The Volshares Large Cap ETF (the “Fund”) seeks to track the performance, before fees and expenses, of the Volshares Large Cap Index (the “Index”). |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund (“Shares”). This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. For the fiscal year ended January 31, 2020, the Fund’s portfolio turnover rate was 4,467% of the average value of its portfolio. |
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Portfolio Turnover, Rate | rr_PortfolioTurnoverRate | 4467.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Exchange Traded Fund Commissions [Text] | rr_ExpenseExchangeTradedFundCommissions | This table and the Example below do not include the brokerage commissions that investors may pay on their purchases and sales of Shares. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Expense Example | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | Although your actual costs may be higher or lower, based on these assumptions your costs would be: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategy | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Fund uses a “passive management” (or indexing) approach to track the performance, before fees and expenses, of the Index. The Index was developed in 2016 by Whitford Asset Management LLC, the Fund’s investment adviser and index provider (“Whitford” or the “Adviser”), and uses an objective, rules-based methodology to measure the performance of an equal-weighted portfolio of approximately 25 large capitalization U.S.-listed companies based on a quantitative, volatility-based algorithm (the “Whitford Model”). Volshares Large Cap Index Construction of the Index begins with the constituents of the Solactive US Large Cap Index (the “Equity Universe”), generally the 500 largest U.S.-listed common stocks and real estate investment trusts (“REITs”). The previous week’s opening and closing prices for each company in the Equity Universe are utilized by the Whitford Model to identify the twenty-five companies with a combination of the highest likelihood of appreciation over the next one-week period and the lowest volatility compared to traditional market capitalization-based equity indexes. The Whitford Model analyzes the market sentiment for each company in the Equity Universe based on the proximity of such company’s opening and closing prices to their mean, the frequency with which such prices deviated significantly from their mean, the security’s performance, and its volatility to identify the most attractive securities in terms of their potential for short-term appreciation relative to their expected volatility. Each Wednesday, the Whitford Model identifies the twenty-five companies that will be included in the Index through the following Tuesday. Each such company receives a weighting of 3.9%, and the remaining 2.5% remains uninvested. The Fund’s Investment Strategy The Fund attempts to invest all, or substantially all, of its assets in the component securities 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 Adviser expects that, over time, the correlation between the Fund’s performance and that of the Index, before fees and expenses, will be 95% or better. The Fund will generally use a “replication” strategy to achieve its investment objective, meaning it generally will invest in all of the component securities of the Index in approximately the same proportion as in 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, when the Fund’s sub-adviser believes it is in the best interests of the Fund (e.g., when replicating the Index involves practical difficulties or substantial costs, an Index constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Index). The Fund generally may invest up to 20% of its total assets (exclusive of any collateral held from securities lending) in securities or other investments not included in the Index, but which the Fund’s sub-adviser believes will help the Fund track the Index. For example, the Fund may invest in securities that are not components of the Index to reflect various corporate actions and other changes to the Index (such as reconstitutions, additions, and deletions). To the extent the Index concentrates (i.e., holds more than 25% of its total assets) in the securities of a particular industry or group of related industries, the Fund will concentrate its investments to approximately the same extent as the Index. The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or small number of issuers than diversified funds. |
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Risk [Heading] | rr_RiskHeading | Principal Investment Risks | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | The principal risks of investing in the Fund are summarized below. The principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund.”
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Risk Lose Money [Text] | rr_RiskLoseMoney | As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Nondiversified Status [Text] | rr_RiskNondiversifiedStatus | The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | The following performance information indicates some of the risks of investing in the Fund. The bar chart shows the Fund’s performance for the most recent calendar year ended December 31. The table illustrates how the Fund’s average annual returns for the 1‑year and since inception periods compare with those of a broad measure of market performance and the Index. The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund’s website at www.volsharesetfs.com. |
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Performance Information Illustrates Variability of Returns [Text] | rr_PerformanceInformationIllustratesVariabilityOfReturns | The following performance information indicates some of the risks of investing in the Fund. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Availability Website Address [Text] | rr_PerformanceAvailabilityWebSiteAddress | www.volsharesetfs.com | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Past Does Not Indicate Future [Text] | rr_PerformancePastDoesNotIndicateFuture | The Fund’s past performance, before and after taxes, does not necessarily indicate how it will perform in the future. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart Closing [Text Block] | rr_BarChartClosingTextBlock | For the year-to-date period ended March 31, 2020, the Fund’s total return was -24.73%. During the period of time shown in the bar chart, the Fund’s highest quarterly return was 24.49% for the quarter ended March 31, 2019, and the lowest quarterly return was 1.75% for the quarter ended September 30, 2019. |
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Year to Date Return, Label | rr_YearToDateReturnLabel | year-to-date period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart, Year to Date Return, Date | rr_BarChartYearToDateReturnDate | Mar. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bar Chart, Year to Date Return | rr_BarChartYearToDateReturn | (24.73%) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Label | rr_HighestQuarterlyReturnLabel | highest quarterly return | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return, Date | rr_BarChartHighestQuarterlyReturnDate | Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Highest Quarterly Return | rr_BarChartHighestQuarterlyReturn | 24.49% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Label | rr_LowestQuarterlyReturnLabel | lowest quarterly return | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return, Date | rr_BarChartLowestQuarterlyReturnDate | Sep. 30, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lowest Quarterly Return | rr_BarChartLowestQuarterlyReturn | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Heading | rr_PerformanceTableHeading | Average Annual Total Returns For the Period Ended December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Index No Deduction for Fees, Expenses, Taxes [Text] | rr_IndexNoDeductionForFeesExpensesTaxes | (reflects no deduction for fees, expenses, or taxes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Uses Highest Federal Rate | rr_PerformanceTableUsesHighestFederalRate | After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Not Relevant to Tax Deferred | rr_PerformanceTableNotRelevantToTaxDeferred | Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Performance Table Closing [Text Block] | rr_PerformanceTableClosingTextBlock | After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax-deferred arrangements such as an individual retirement account (“IRA”) or other tax-advantaged accounts. |
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Volshares Large Cap ETF | Volshares Large Cap Index (reflects no deduction for fees, expenses, or taxes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Label | rr_AverageAnnualReturnLabel | Volshares Large Cap Index (reflects no deduction for fees, expenses, or taxes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 45.24% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 16.47% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Feb. 22, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volshares Large Cap ETF | S&P 500® Index (reflects no deduction for fees, expenses or taxes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Label | rr_AverageAnnualReturnLabel | S&P 500® Index (reflects no deduction for fees, expenses, or taxes) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 31.49% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 12.28% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Feb. 22, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volshares Large Cap ETF | Volshares Large Cap ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | dei_TradingSymbol | VSL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management Fees (as a percentage of Assets) | rr_ManagementFeesOverAssets | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Expenses (as a percentage of Assets): | rr_OtherExpensesOverAssets | none | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses (as a percentage of Assets) | rr_ExpensesOverAssets | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | $ 66 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 208 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 5 Years | rr_ExpenseExampleYear05 | 362 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense Example, with Redemption, 10 Years | rr_ExpenseExampleYear10 | $ 810 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Return 2019 | rr_AnnualReturn2019 | 44.69% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Label | rr_AverageAnnualReturnLabel | Return Before Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 44.69% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 15.95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inception Date | rr_AverageAnnualReturnInceptionDate | Feb. 22, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volshares Large Cap ETF | Volshares Large Cap ETF | After Taxes on Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 43.29% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 14.95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volshares Large Cap ETF | Volshares Large Cap ETF | After Taxes on Distributions and Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prospectus [Line Items] | rr_ProspectusLineItems | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Label | rr_AverageAnnualReturnLabel | Return After Taxes on Distributions and Sale of Fund Shares | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 Year | rr_AverageAnnualReturnYear01 | 26.48% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Since Inception | rr_AverageAnnualReturnSinceInception | 11.90% |
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