Strategy. 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 10% 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 January 13, 2026, the market capitalization of such a company would be equal to or less than $13,481 million. This threshold will change due to market conditions. In selecting securities for the Fund, Distillate Capital Partners LLC, the Funds investment adviser (Distillate or the Adviser) considers companies that: … Show more… 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 10% 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 January 13, 2026, the market capitalization of such a company would be equal to or less than $13,481 million. This threshold will change due to market conditions. In selecting securities for the Fund, Distillate Capital Partners LLC, the Funds investment adviser (Distillate or the Adviser) considers companies that: (i) are headquartered in the United States; (ii) have sufficient liquidity (based on the average daily traded value of the security); (iii) have reported free cash flow data for the last three fiscal years; and (iv) have a forward earnings before interest, taxes, depreciation and amortization (EBITDA) estimate. Further, companies for which there is a negative forward 12 month free cash flow estimate from FactSet Research Systems, Inc. will be eliminated from consideration. Companies are then reviewed using the Advisers proprietary measure of the companys free cash flow yield (a measure comparing a companys normalized free cash flow to its enterprise value). In selecting securities, the Adviser seeks to identify the most undervalued companies using this proprietary measure. The Adviser also considers a companys financial indebtedness to measure quality; the Fund does typically not invest in companies with significant leverage, based on the Advisers proprietary debt-to-income calculation. A companys valuation and leverage calculation are referred to as fundamental factors. The Adviser may include or exclude companies from the Funds portfolio based on unusual data or fundamental conditions that the Adviser believes would cause a securitys inclusion or exclusion to go against the spirit of the fundamental factors. The Adviser generally sells a stock when it no longer satisfies the Advisers investment criteria discussed above. A stock will be sold if it becomes overvalued as measured using the Advisers measure of free cash flow. This could be the result of stock price appreciation, free cash flow erosion, or other eligible stocks presenting even more attractive valuation opportunities. Additionally, a stock will be sold if the company takes on additional debt or reports a reduction in income such that it no longer satisfies the Advisers measure of financial indebtedness. Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in small- and mid-capitalization companies. A company whose capitalization is no longer within the market capitalization range of small- or mid-capitalization companies (as defined herein) after the purchase of its shares by the Fund will continue to be considered a small- or mid-capitalization company for purposes of the 80% policy. As of January 13, 2026, the Fund had significant exposure to the consumer, industrials, information technology, and energy sectors. Show less