Distillate U.S. Fundamental Stability & Value ETF
Schedule of Investments
June 30, 2026 (Unaudited)

COMMON STOCKS - 99.3%

Shares  

Value  
Basic Materials - 1.6%

Royal Gold, Inc.

            58,089

    $        11,595,145
Steel Dynamics, Inc.

            75,577

             17,341,899




             28,937,044






Communications - 13.3%

Airbnb, Inc. - Class A (a)

            127,975

             18,313,222
Booking Holdings, Inc.

            160,879

             28,675,073
CDW Corp.

            107,450

             15,111,768
Comcast Corp. - Class A

            1,590,763

             39,053,232
FactSet Research Systems, Inc.

            70,590

             16,241,347
Fox Corp. - Class A

            362,577

             18,912,016
GoDaddy, Inc. - Class A (a)

            200,066

             16,981,602
Omnicom Group, Inc.

            249,524

             18,172,833
T-Mobile US, Inc.

            149,093

             25,007,369
Trade Desk, Inc. - Class A (a)

            820,612

             14,836,665
Uber Technologies, Inc. (a)

            454,198

             32,774,928




             244,080,055






Consumer, Cyclical - 8.2%

Best Buy Co., Inc.

            217,443

             16,499,575
BorgWarner, Inc.

            194,412

             12,908,957
Copart, Inc. (a)

            539,925

             15,220,486
Deckers Outdoor Corp. (a)

            112,093

             11,129,714
DR Horton, Inc.

            120,744

             19,666,783
LKQ Corp.

            467,098

             12,298,690
NVR, Inc. (a)

            1,731

             11,793,995
PulteGroup, Inc.

            134,519

             18,457,352
Toll Brothers, Inc.

            101,792

             16,770,232
Ulta Beauty, Inc. (a)

            33,378

             15,052,810




             149,798,594






Consumer, Non-cyclical - 31.0% (b)

Abbott Laboratories

            251,623

             22,832,271
AbbVie, Inc.

            147,748

             37,179,307
Align Technology, Inc. (a)

            75,760

             12,777,682
Altria Group, Inc.

            402,034

             28,926,346
Automatic Data Processing, Inc.

            107,563

             24,088,734
Avery Dennison Corp.

            69,277

             11,247,121
BioMarin Pharmaceutical, Inc. (a)

            237,051

             13,564,058
Boston Scientific Corp. (a)

            429,699

             18,339,553
Cardinal Health, Inc.

            74,007

             17,581,103
Cencora, Inc.

            48,235

             13,649,540
Cigna Group

            100,191

             27,620,655
Corpay, Inc. (a)

            41,609

             13,867,032
Global Payments, Inc.

            292,495

             21,223,437
ICON PLC (a)

            82,844

             14,390,831
Incyte Corp. (a)

            135,850

             15,399,956
Jazz Pharmaceuticals PLC (a)

            63,961

             15,412,682
Kroger Co.

            268,331

             14,900,420
McKesson Corp.

            24,075

             18,191,070
Merck & Co., Inc.

            359,649

             46,214,897
Neurocrine Biosciences, Inc. (a)

            88,299

             14,881,472


PayPal Holdings, Inc.

            500,440

             21,608,999
Regeneron Pharmaceuticals, Inc.

            34,413

             21,457,882
ResMed, Inc.

            63,249

             12,325,965
Tenet Healthcare Corp. (a)

            88,097

             16,481,187
Toast, Inc. - Class A (a)

            516,302

             14,363,522
TransUnion

            206,181

             14,873,897
United Therapeutics Corp. (a)

            25,710

             13,930,449
UnitedHealth Group, Inc.

            59,139

             24,579,943
Universal Health Services, Inc. - Class B

            73,413

             10,915,779
Zoetis, Inc.

            215,422

             15,480,225




             568,306,015






Energy - 4.4%

Diamondback Energy, Inc.

            118,122

             20,763,485
Marathon Petroleum Corp.

            104,375

             26,685,556
Permian Resources Corp.

            973,481

             17,921,785
TechnipFMC PLC

            233,659

             15,491,592




             80,862,418






Financial - 7.6%

Aon PLC - Class A

            62,510

             20,733,942
Arthur J Gallagher & Co.

            94,642

             21,726,964
Brown & Brown, Inc.

            237,218

             15,217,535
CME Group, Inc.

            97,236

             21,472,626
Intercontinental Exchange, Inc.

            176,195

             21,691,366
Marsh & McLennan Cos., Inc.

            131,165

             21,861,271
Tradeweb Markets, Inc. - Class A

            173,690

             17,309,945




             140,013,649






Industrial - 11.8%

A O Smith Corp.

            175,809

             11,026,741
Acuity, Inc.

            33,434

             12,593,251
Allegion PLC

            95,559

             13,425,084
Carlisle Cos., Inc.

            43,635

             15,828,596
Crown Holdings, Inc.

            113,394

             12,679,717
FedEx Corp.

            65,000

             20,353,450
General Dynamics Corp.

            56,542

             20,029,438
Graco, Inc.

            194,224

             14,685,277
Owens Corning

            125,095

             19,885,101
Snap-on, Inc.

            39,151

             15,754,362
TE Connectivity PLC

            78,733

             15,873,360
Textron, Inc.

            174,336

             15,991,841
TopBuild Corp. (a)

            38,181

             13,536,310
Toro Co.

            140,567

             13,694,037




             215,356,565






Technology - 20.4%

Accenture PLC - Class A

            262,374

             32,649,821
Adobe, Inc. (a)

            121,202

             24,848,834
Amdocs Ltd.

            222,183

             11,229,129
Autodesk, Inc. (a)

            95,003

             18,470,483
Broadridge Financial Solutions, Inc.

            86,251

             11,812,075
Cognizant Technology Solutions Corp. - Class A

            474,289

             18,369,213
Docusign, Inc. (a)

            305,211

             13,557,473
Dropbox, Inc. - Class A (a)

            434,886

             11,946,318
EPAM Systems, Inc. (a)

            189,491

             15,036,111
Gartner, Inc. (a)

            91,610

             11,874,488
Intuit, Inc.

            75,000

             19,575,000


Leidos Holdings, Inc.

            168,774

             17,378,659
NetApp, Inc.

            113,353

             17,542,510
Paychex, Inc.

            141,894

             13,952,437
Roper Technologies, Inc.

            50,840

             17,203,748
Salesforce, Inc.

            262,123

             41,064,189
SS&C Technologies Holdings, Inc.

            276,568

             17,161,044
Tyler Technologies, Inc. (a)

            53,859

             15,751,603
Veeva Systems, Inc. - Class A (a)

            85,254

             15,130,027
Workday, Inc. - Class A (a)

            128,416

             15,720,687
Zoom Communications, Inc. - Class A (a)

            156,853

             13,537,982




             373,811,831






Utilities - 1.0%

Vistra Corp.

            109,999

             17,449,142
TOTAL COMMON STOCKS (Cost $1,831,324,352)

             1,818,615,313






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.2%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.57% (c)

            3,004,542

             3,004,542
TOTAL MONEY MARKET FUNDS (Cost $3,004,542)

             3,004,542






TOTAL INVESTMENTS - 99.5% (Cost $1,834,328,894)

             1,821,619,855
Other Assets in Excess of Liabilities - 0.5%
0.00522
            9,562,320
TOTAL NET ASSETS - 100.0%




    $        1,831,182,175


Percentages are stated as a percent of net assets.








(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 that industry or sector.
(c)

The rate shown represents the 7-day annualized yield as of June 30, 2026.






























Summary of Fair Value Disclosure as of June 30, 2026 (Unaudited)
 
Distillate U.S. Fundamental Stability & Value ETF 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        1,818,615,313

    $        –

    $        –

    $        1,818,615,313
  Money Market Funds
            3,004,542

            –

            –

            3,004,542
Total Investments
    $        1,821,619,855

    $        –

    $        –

    $        1,821,619,855




 

Refer to the Schedule of Investments for further disaggregation of investment categories.