Distillate U.S. Fundamental Stability & Value ETF
  
Schedule of Investments
  
June 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
Shares
    
Value
 
Basic Materials - 2.5%
        
Reliance, Inc.
    
49,066
    
$
15,401,817
  
Royal Gold, Inc.
    
82,960
      
14,753,606
  
Steel Dynamics, Inc.
    
117,750
      
15,073,178
  
             
45,228,601
  
                 
Communications - 13.2%
          
Airbnb, Inc. - Class A (a)
    
130,814
      
17,311,925
  
Booking Holdings, Inc.
    
4,905
      
28,396,222
  
CDW Corporation
    
75,653
      
13,510,869
  
Cisco Systems, Inc.
    
441,399
      
30,624,263
  
Comcast Corporation - Class A
    
876,304
      
31,275,290
  
F5, Inc. (a)
    
50,887
      
14,977,062
  
Fox Corporation - Class A
    
293,767
      
16,462,703
  
GoDaddy, Inc. - Class A (a)
    
71,020
      
12,787,861
  
Omnicom Group, Inc.
    
172,999
      
12,445,548
  
T-Mobile US, Inc.
    
146,700
      
34,952,742
  
Uber Technologies, Inc. (a)
    
243,065
      
22,677,964
  
             
235,422,449
  
                 
Consumer, Cyclical - 8.5%
          
Crocs, Inc. (a)
    
113,137
      
11,458,515
  
Deckers Outdoor Corporation (a)
    
111,892
      
11,532,708
  
Genuine Parts Company
    
100,838
      
12,232,658
  
LKQ Corporation
    
361,159
      
13,366,495
  
Lowe's Companies., Inc.
    
95,934
      
21,284,877
  
NVR, Inc. (a)
    
1,818
      
13,427,130
  
PACCAR, Inc.
    
173,171
      
16,461,635
  
PulteGroup, Inc.
    
139,436
      
14,704,920
  
Ross Stores, Inc.
    
104,153
      
13,287,840
  
Toll Brothers, Inc.
    
105,178
      
12,003,965
  
Williams-Sonoma, Inc.
    
72,054
      
11,771,462
  
             
151,532,205
  
                 
Consumer, Non-cyclical - 34.3%(b)
          
AbbVie, Inc.
    
218,932
      
40,638,158
  
Align Technology, Inc. (a)
    
60,857
      
11,522,056
  
Altria Group, Inc.
    
419,552
      
24,598,334
  
Amgen, Inc.
    
87,074
      
24,311,932
  
Avery Dennison Corporation
    
70,305
      
12,336,418
  
Becton Dickinson and Company
    
91,944
      
15,837,354
  
Cencora, Inc.
    
50,724
      
15,209,591
  
Cigna Group
    
87,146
      
28,808,725
  
Corpay, Inc. (a)
    
40,648
      
13,487,819
  
Elevance Health, Inc.
    
55,392
      
21,545,272
  
Global Payments, Inc.
    
181,436
      
14,522,137
  
HCA Healthcare, Inc.
    
52,391
      
20,070,992
  
Hormel Foods Corporation
    
444,173
      
13,436,233
  
ICON PLC (a)
    
65,150
      
9,476,067
  
Jazz Pharmaceuticals PLC (a)
    
107,808
      
11,440,585
  
Johnson & Johnson
    
270,907
      
41,381,044
  
Kroger Company
    
268,798
      
19,280,881
  
McKesson Corporation
    
30,176
      
22,112,369
  
Merck & Company, Inc.
    
540,036
      
42,749,250
  
Neurocrine Biosciences, Inc. (a)
    
116,152
      
14,599,145
  
PayPal Holdings, Inc. (a)
    
302,145
      
22,455,416
  
PepsiCo, Inc.
    
175,875
      
23,222,535
  
Procter & Gamble Company
    
213,584
      
34,028,203
  
Quest Diagnostics, Inc.
    
89,604
      
16,095,567
  
Regeneron Pharmaceuticals, Inc.
    
26,724
      
14,030,100
  
Sysco Corporation
    
202,141
      
15,310,159
  
UnitedHealth Group, Inc.
    
137,278
      
42,826,618
  
Universal Health Services, Inc. - Class B
    
73,464
      
13,308,004
  
US Foods Holding Corporation (a)
    
196,384
      
15,123,532
  
             
613,764,496
  
                 
Energy - 6.7%
          
Coterra Energy, Inc.
    
562,389
      
14,273,433
  
Diamondback Energy, Inc.
    
124,131
      
17,055,599
  
Enterprise Products Partners LP
    
652,293
      
20,227,606
  
Marathon Petroleum Corporation
    
120,886
      
20,080,373
  
MPLX LP
    
338,552
      
17,438,814
  
Permian Resources Corporation
    
1,023,864
      
13,945,028
  
TechnipFMC PLC
    
472,231
      
16,263,636
  
             
119,284,489
  
                 
Financial - 3.2%
          
Arthur J. Gallagher & Company
    
52,250
      
16,726,270
  
Blackrock, Inc.
    
22,268
      
23,364,699
  
Cboe Global Markets, Inc.
    
70,615
      
16,468,124
  
             
56,559,093
  
                 
Industrial - 17.3%
          
A. O. Smith Corporation
    
183,577
      
12,037,144
  
Allegion PLC
    
96,273
      
13,874,865
  
Builders FirstSource, Inc. (a)
    
93,310
      
10,888,344
  
Comfort Systems USA, Inc.
    
28,307
      
15,178,497
  
CRH PLC
    
175,415
      
16,103,097
  
Crown Holdings, Inc.
    
114,614
      
11,802,950
  
EMCOR Group, Inc.
    
24,898
      
13,317,691
  
Fortive Corporation
    
179,624
      
9,363,799
  
General Dynamics Corporation
    
70,764
      
20,639,028
  
IDEX Corporation
    
67,367
      
11,827,624
  
Jabil, Inc.
    
63,267
      
13,798,533
  
Lincoln Electric Holdings, Inc.
    
66,968
      
13,883,806
  
Lockheed Martin Corporation
    
48,767
      
22,585,948
  
Masco Corporation
    
177,261
      
11,408,518
  
Nordson Corporation
    
61,552
      
13,194,902
  
Owens Corning
    
79,427
      
10,922,801
  
Packaging Corporation of America
    
58,921
      
11,103,662
  
Ralliant Corporation (a)
    
59,967
      
2,907,816
  
Snap-on, Inc.
    
42,433
      
13,204,301
  
TE Connectivity PLC
    
110,770
      
18,683,576
  
Teledyne Technologies, Inc. (a)
    
28,752
      
14,729,937
  
Textron, Inc.
    
185,785
      
14,916,678
  
TopBuild Corporation (a)
    
40,950
      
13,257,153
  
             
309,630,670
  
                 
Technology - 13.6%
          
Adobe, Inc. (a)
    
59,220
      
22,911,034
  
Amdocs, Ltd.
    
149,797
      
13,667,478
  
Applied Materials, Inc.
    
111,579
      
20,426,768
  
Cognizant Technology Solutions Corporation - Class A
    
192,378
      
15,011,255
  
Dropbox, Inc. - Class A (a)
    
422,544
      
12,084,758
  
EPAM Systems, Inc. (a)
    
72,461
      
12,812,554
  
Fiserv, Inc. (a)
    
105,375
      
18,167,704
  
Lam Research Corporation
    
189,965
      
18,491,193
  
NetApp, Inc.
    
116,476
      
12,410,518
  
ON Semiconductor Corporation (a)
    
256,172
      
13,425,974
  
QUALCOMM, Inc.
    
180,033
      
28,672,056
  
Salesforce, Inc.
    
97,959
      
26,712,440
  
SS&C Technologies Holdings, Inc.
    
186,557
      
15,446,920
  
Zoom Video Communications, Inc. - Class A (a)
    
157,677
      
12,295,652
  
             
242,536,304
  
TOTAL COMMON STOCKS (Cost $1,703,947,441)
      
1,773,958,307
  
                 
SHORT-TERM INVESTMENTS - 0.6%
          
Value
 
Money Market Funds - 0.6%
  
Shares
          
First American Government Obligations Fund - Class X, 4.25% (c)
    
11,437,324
      
11,437,324
  
TOTAL SHORT-TERM INVESTMENTS (Cost $11,437,324)
      
11,437,324
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $1,715,384,765)
      
1,785,395,631
  
Other Assets in Excess of Liabilities - 0.1%
      
1,113,878
  
TOTAL NET ASSETS - 100.0%
          
$
1,786,509,509
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

LP - Limited Partnership
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
The rate shown represents the 7-day annualized effective yield as of June 30, 2025.


Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
 
Distillate U.S. Fundamental Stability & Value ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
1,773,958,307
    
$
–
    
$
–
    
$
1,773,958,307
  
  Money Market Funds
    
11,437,324
      
–
      
–
      
11,437,324
  
Total Investments
  
$
1,785,395,631
    
$
–
    
$
–
    
$
1,785,395,631
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.