Strategy. The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in globally listed large- and mid-capitalization equity securities and depositary receipts of non-U.S. companies, selected based on the Advisers assessment of a companys valuation, cash flow stability, and balance sheet quality (fundamental factors), as described below. In selecting securities for the Fund, Distillate Capital Partners LLC, the Funds investment adviser (Distillate or the Adviser), first considers companies that meet the Advisers criteria for (i) profitability, (ii) historical cash flow, and (iii) liquidity (based on the average daily traded value of the security). Companies that satisfy such criteria are then reviewed using the Advisers proprietary measures of: (i) the companys valuation, which takes … Show more… The Fund is an actively managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing in globally listed large- and mid-capitalization equity securities and depositary receipts of non-U.S. companies, selected based on the Advisers assessment of a companys valuation, cash flow stability, and balance sheet quality (fundamental factors), as described below. In selecting securities for the Fund, Distillate Capital Partners LLC, the Funds investment adviser (Distillate or the Adviser), first considers companies that meet the Advisers criteria for (i) profitability, (ii) historical cash flow, and (iii) liquidity (based on the average daily traded value of the security). Companies that satisfy such criteria are then reviewed using the Advisers proprietary measures of: (i) the companys valuation, which takes into account the companys free cash flow yield (a measure comparing a companys normalized free cash flow to its enterprise value), and (ii) the volatility of the companys historical and projected cash flows (cash flow stability). The Adviser then seeks to identify the most undervalued companies using these proprietary measures. A companys normalized free cash flow reflects its estimated free cash flow, adjusted to account for nonrecurring items. Such normalized values enable a more accurate comparison of different companies regular free cash flows. A companys enterprise value is calculated based primarily on the companys market capitalization and indebtedness. In assessing a companys balance sheet quality, the Adviser considers a companys financial indebtedness. Typically, the Fund does not invest in companies with significant leverage, based on the Advisers proprietary debt-to-income calculation. The Adviser evaluates investments applying the fundamental factor criteria described above and adjusts the Funds portfolio accordingly on at least a quarterly basis. The Adviser, in its discretion, 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 be inconsistent with the Funds principal investment strategy. Although the Adviser seeks to select companies that demonstrate fundamental stability, the value of such companies may still be subject to volatility over short or long periods of time. The Fund may invest in companies in the following geographic regions: the Americas (North America ex-United States & South America), Europe, the Middle East & Africa, Japan, China/Hong Kong, and Asia & Australia ex-Japan/China/Hong Kong. For companies headquartered in China/Hong Kong, only such companies Hong Kong-listed securities are eligible for consideration. The Fund eliminates U.S. companies ( i.e. , those with their headquarters in the United States) from consideration. The Adviser considers the liquidity of the countrys stock markets, accessibility to foreign investors, operational complexity, price transparency, and capital controls, when selecting securities for the Fund. The Adviser may include a depositary receipt in lieu of a foreign ordinary share. In addition, the Fund may include companies organized in emerging market nations or whose shares trade primarily in emerging market nations. Companies in the real estate development and real estate investment trust industries, as defined by the FactSet Revere Business Industry Classification Systems (RBICS), are eliminated from consideration. As part of this review, 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. Finally, a stock may be sold if it no longer satisfies the Advisers measure of cash flow stability. As of January 13, 2026, the Fund had significant exposure to companies in Europe and Japan. As of January 13, 2026, the Fund had significant exposure to the consumer sector. Show less