# EDGAR Filing Document

**Accession Number:** 0001540305
**File Stem:** 0001133228-25-006168
**Filing Date:** 2025-6
**Character Count:** 105353
**Document Hash:** a1944e7b2710ddf35815689dad0d3805
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006168.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006168

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ETF Series Solutions
- **CENTRAL INDEX KEY:** 0001540305

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1112

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22668
- **FILM NUMBER:** 251030057

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN ST
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Distillate U.S. Fundamental Stability & Value ETF (Series ID: S000063127)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000204705 | Distillate U.S. Fundamental Stability & Value ETF | DSTL            |

### Distillate International Fundamental Stability & Value ETF (Series ID: S000070185)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223218 | Distillate International Fundamental Stability & Value ETF | DSTX            |

### Distillate Small/Mid Cash Flow ETF (Series ID: S000077110)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000237276 | Distillate Small/Mid Cash Flow ETF | DSMC            |

?xml version='1.0' encoding='ASCII'? 2025-04-08191556_DistillateInternationalFundamentalStability-ValueETF_TF_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-22668</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>ETF Series Solutions</u>**

(Exact name of registrant as specified in charter)

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**Kristina R. Nelson**

**ETF Series Solutions**

**615 East Michigan Street**

**<u>Milwaukee, WI 53202</u>**

(Name and address of agent for service)

**<u>414-516-1645</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>September 30</u>**

Date of reporting period: **<u>March 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](i202411191818119.jpg) | **Distillate International Fundamental** **Stability & Value ETF**  | ![image](i202410031804318.jpg) |
| ![image](i202411191818119.jpg) | DSTX (Principal U.S. Listing Exchange: NYSE) | ![image](i202410031804318.jpg) |
| ![image](i202411191818119.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410031804318.jpg) |

---

This semi-annual shareholder report contains important information about the Distillate International Fundamental Stability & Value ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Distillate International Fundamental Stability & Value ETF | $27 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35020012 |
| **Number of Holdings** | 103 |
| **Portfolio Turnover** | 45% |
| **30-Day SEC Yield** | 2.05% |
| **30-Day SEC Yield Unsubsidized** | 2.05% |

---

Visit https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net assets)** | **Top 10 Issuers (% of net assets)** |
|  Roche Holding AG  | 2.9% |
|  Samsung Electronics Company, Ltd.  | 2.4% |
|  British American Tobacco PLC  | 2.2% |
|  Novartis AG  | 2.0% |
|  SK Hynix, Inc.  | 2.0% |
|  Taiwan Semiconductor Manufacturing Company, Ltd.  | 1.9% |
|  Equinor ASA  | 1.6% |
|  Unilever PLC  | 1.6% |
|  Vinci SA  | 1.5% |
|  Kia Corporation  | 1.5% |

---

**Geographic Breakdown (% of net** **assets)**

![image](ts3750img003.jpg)

**Sector Breakdown (% of net assets)**

![image](ts3750img004.jpg)

**Changes to Fund's Principal Risks:**

Effective January 31, 2025, the non-diversified fund risk was removed from the Fund's principal investment risks.

Distillate International Fundamental Stability & Value ETF PAGE 1 TSR-SAR-26922B501

------

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-international-fundamental-stability-value-etf-ticker-dstx/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate International Fundamental Stability & Value ETF PAGE 2 TSR-SAR-26922B501

15.210.410.09.56.76.45.85.75.724.625.923.113.912.88.57.06.22.00.6 ------

---

| | | |
|:---|:---|:---|
| ![image](i202411191819419.jpg) | **Distillate Small/Mid Cash Flow ETF**  | ![image](i202410031804318.jpg) |
| ![image](i202411191819419.jpg) | DSMC (Principal U.S. Listing Exchange: NYSE) | ![image](i202410031804318.jpg) |
| ![image](i202411191819419.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410031804318.jpg) |

---

This semi-annual shareholder report contains important information about the Distillate Small/Mid Cash Flow ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Distillate Small/Mid Cash Flow ETF | $26 | 0.56% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $92538568 |
| **Number of Holdings** | 151 |
| **Portfolio Turnover** | 48% |
| **30-Day SEC Yield** | 1.25% |
| **30-Day SEC Yield Unsubsidized** | 1.25% |

---

Visit https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers (% of net assets)** | **Top 10 Issuers (% of net assets)** |
|  Huntington Ingalls Industries, Inc.  | 1.8% |
|  TopBuild Corporation  | 1.6% |
|  United Therapeutics Corporation  | 1.5% |
|  Reliance, Inc.  | 1.5% |
|  Toll Brothers, Inc.  | 1.5% |
|  Owens Corning  | 1.4% |
|  Crocs, Inc.  | 1.4% |
|  Dillard's, Inc. - Class A  | 1.4% |
|  Powell Industries, Inc.  | 1.4% |
|  Omnicom Group, Inc.  | 1.4% |

---

**Sector Breakdown (% of net assets)**

![image](ts3751img003.jpg)

**Changes to Fund's Principal Risks:**

Effective January 31, 2025, sector risks for the Consumer, Energy and Industrials sectors were added to the Fund's principal investment risks.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-small-mid-cash-flow-etf-ticker-dsmc/.

Distillate Small/Mid Cash Flow ETF PAGE 1 TSR-SAR-26922B667

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate Small/Mid Cash Flow ETF PAGE 2 TSR-SAR-26922B667

24.022.917.612.89.64.74.63.70.1 ------

---

| | | |
|:---|:---|:---|
| ![image](i202411191821662.jpg) | **Distillate U.S. Fundamental Stability &** **Value ETF**  | ![image](i202410031804318.jpg) |
| ![image](i202411191821662.jpg) | DSTL (Principal U.S. Listing Exchange: NYSE) | ![image](i202410031804318.jpg) |
| ![image](i202411191821662.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](i202410031804318.jpg) |

---

This semi-annual shareholder report contains important information about the Distillate U.S. Fundamental Stability & Value ETF for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Distillate U.S. Fundamental Stability & Value ETF | $19 | 0.39% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1869640366 |
| **Number of Holdings** | 102 |
| **Portfolio Turnover** | 34% |
| **30-Day SEC Yield** | 1.47% |
| **30-Day SEC Yield Unsubsidized** | 1.47% |

---

Visit https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of** **net** **assets)**  |
|  UnitedHealth Group, Inc.  | 3.5% |
|  Merck & Company, Inc.  | 2.9% |
|  AbbVie, Inc.  | 2.7% |
|  Johnson & Johnson  | 2.4% |
|  Procter & Gamble Company  | 2.1% |
|  T-Mobile US, Inc.  | 2.1% |
|  Comcast Corporation - Class A  | 1.8% |
|  Cisco Systems, Inc.  | 1.8% |
|  Cigna Group  | 1.6% |
|  QUALCOMM, Inc.  | 1.6% |

---

**Sector Breakdown (% of net assets)**

![image](ts3758img003.jpg)

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://distillatecapital.com/distillate-u-s-fundamental-stability-value-etf-ticker-dstl/.

Distillate U.S. Fundamental Stability & Value ETF PAGE 1 TSR-SAR-26922A321

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Distillate Capital Partners, LLC documents not be householded, please contact Distillate Capital Partners, LLC at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Distillate Capital Partners, LLC or your financial intermediary.

Distillate U.S. Fundamental Stability & Value ETF PAGE 2 TSR-SAR-26922A321

34.017.412.011.211.17.23.12.40.90.7 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](distillatenew_logo.jpg)

**Distillate Capital ETFs** 

**Distillate International Fundamental Stability & Value ETF (DSTX)** 

**Distillate Small/Mid Cash Flow ETF (DSMC)** 

**Distillate U.S. Fundamental Stability & Value ETF (DSTL)** 

Semi-Annual Financial Statements and Additional Information

March 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [Distillate International Fundamental Stability & Value ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [Distillate Small/Mid Cash Flow ETF](#tsoi2) | [3](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [Distillate U.S. Fundamental Stability & Value ETF](#tsoi3) | [5](#tsoi3) |
| [Statements of Assets and Liabilities](#tsal) | [7](#tsal) |
| [Statements of Operations](#tsop) | [8](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [9](#tscna) |
| [Financial Highlights](#tfihi) | [11](#tfihi) |
| [Notes to Financial Statements](#tnote) | [14](#tnote) |
| [Federal Tax Information](#tfedtax) | [21](#tfedtax) |
| [Additional Information](#taddinf) | [22](#taddinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate International Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.2%**<br>|  |  |
| **Australia - 1.6%**<br>|  |  |
| Northern Star Resources, Ltd. | 27503 | $313977  |
| Sonic Healthcare, Ltd. | 15118 | 242680  |
|  |  | 556657  |
| **Brazil - 2.8%**<br>|  |  |
| Ambev SA - ADR | 184900 | 430817  |
| PRIO SA<sup>(a)</sup> | 38906 | 271367  |
| TIM SA | 88170 | 276626  |
|  |  | 978810  |
| **Canada - 5.7%**<br>|  |  |
| Canadian Natural Resources, Ltd. | 15177 | 466936  |
| CGI, Inc. | 2800 | 279484  |
| Gildan Activewear, Inc. | 5450 | 240910  |
| Magna International, Inc. | 7151 | 243062  |
| Open Text Corporation | 8120 | 204911  |
| TFI International, Inc. | 3804 | 294488  |
| Tourmaline Oil Corporation | 5368 | 258843  |
|  |  | 1988634  |
| **China - 10.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Aluminum Corporation of China, <br>Ltd. - Class H | 558000 | 349274  |
| &nbsp;&nbsp;&nbsp; China Coal Energy Company, <br>Ltd. - Class H | 307000 | 312907  |
| CSPC Pharmaceutical Group, Ltd. | 428000 | 271753  |
| JD Health International, Inc.<sup>(a)(b)</sup> | 65000 | 276949  |
| JD Logistics, Inc.<sup>(a)(b)</sup> | 186100 | 300428  |
| JD.com, Inc. - Class A | 23250 | 480521  |
| Kingsoft Corporation, Ltd. | 54600 | 264217  |
| Kuaishou Technology<sup>(a)(b)</sup> | 55800 | 389796  |
| MINISO Group Holding, Ltd. | 56800 | 262453  |
|  Yangzijiang Shipbuilding Holdings, Ltd. | 177200 | 312450  |
|  Zhejiang Leapmotor Technology Company, Ltd.<sup>(a)(b)</sup> | 46000 | 297097  |
|  |  | 3517845  |
| **Denmark - 3.4%**<br>|  |  |
| Carlsberg AS - Class B | 2630 | 333876  |
| DSV AS | 1953 | 376790  |
| Genmab AS<sup>(a)</sup> | 1286 | 249503  |
| Pandora AS | 1611 | 245847  |
|  |  | 1206016  |
| **France - 10.4%**<br>|  |  |
| Bureau Veritas SA | 9229 | 278540  |
| Capgemini SE | 1923 | 286762  |
| Cie de Saint-Gobain SA | 4155 | 411573  |
|  Cie Generale des Etablissements Michelin SCA | 10349 | 362313  |
| Danone SA | 5068 | 387812  |
| Legrand SA | 2727 | 286442  |
|  LVMH Moet Hennessy Louis Vuitton SE | 833 | 514422  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Publicis Groupe SA | 2832 | $265350  |
| Teleperformance SE | 3115 | 311180  |
| Vinci SA | 4226 | 530903  |
|  |  | 3635297  |
| **Germany - 4.6%**<br>|  |  |
| Deutsche Boerse AG | 1297 | 381219  |
| Heidelberg Materials AG | 2039 | 347010  |
| Merck KGaA | 2227 | 304551  |
| Puma SE | 11519 | 278596  |
| Zalando SE<sup>(a)(b)</sup> | 8919 | 305987  |
|  |  | 1617363  |
| **Hong Kong - 2.0%**<br>|  |  |
| Geely Automobile Holdings, Ltd. | 166000 | 355030  |
| WH Group, Ltd.<sup>(b)</sup> | 363500 | 333585  |
|  |  | 688615  |
| **Indonesia - 1.1%**<br>|  |  |
| Telkom Indonesia Persero Tbk PT | 2567900 | 373710  |
| **Italy - 0.9%**<br>|  |  |
|  Recordati Industria Chimica e Farmaceutica SpA | 5412 | 305749  |
| **Japan - 15.2%**<br>|  |  |
| Denso Corporation | 27200 | 335407  |
| Isuzu Motors, Ltd. | 21000 | 283178  |
| Japan Tobacco, Inc. | 13500 | 371399  |
| Lasertec Corporation | 2700 | 228942  |
| MatsukiyoCocokara & Company | 15200 | 237900  |
| Murata Manufacturing Company, Ltd. | 16400 | 252843  |
| Nexon Company, Ltd. | 17000 | 231911  |
| Nidec Corporation | 14300 | 238301  |
| Niterra Company, Ltd. | 8100 | 244885  |
| Nitto Denko Corporation | 15900 | 290802  |
| Otsuka Corporation | 9900 | 214233  |
| Otsuka Holdings Company, Ltd. | 6300 | 326628  |
| Secom Company, Ltd. | 8900 | 302757  |
| Shimano, Inc. | 1800 | 252595  |
| Shin-Etsu Chemical Company, Ltd. | 14500 | 410740  |
| Shionogi & Company, Ltd. | 19600 | 294380  |
| Suntory Beverage & Food, Ltd. | 8200 | 271323  |
| Toyota Tsusho Corporation | 14600 | 243398  |
| Yokogawa Electric Corporation | 14600 | 282452  |
|  |  | 5314074  |
| **Mexico - 4.0%**<br>|  |  |
| America Movil SAB de CV<sup>(a)</sup> | 586049 | 417660  |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB <br>de CV | 35650 | 347068  |
| Grupo Mexico SAB de CV - Class B | 63610 | 317891  |
| Wal-Mart de Mexico SAB de CV | 119215 | 329647  |
|  |  | 1412266  |
| **Netherlands - 0.9%**<br>|  |  |
| Euronext NV<sup>(b)</sup> | 2308 | 333329  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate International Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Norway - 3.3%**<br>|  |  |
| Aker BP ASA | 12591 | $298202  |
| Equinor ASA | 21650 | 572660  |
| Norsk Hydro ASA | 47621 | 272672  |
|  |  | 1143534  |
| **South Africa - 2.1%**<br>|  |  |
| Gold Fields, Ltd. | 17460 | 384878  |
| Harmony Gold Mining Company, Ltd. | 24421 | 353849  |
|  |  | 738727  |
| **South Korea - 6.7%**<br>|  |  |
| Kia Corporation | 8331 | 522208  |
| Samsung C&T Corporation | 3456 | 274368  |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Company, <br>Ltd. - GDR | 861 | 837753  |
| SK Hynix, Inc. | 5459 | 706982  |
|  |  | 2341311  |
| **Sweden - 6.4%**<br>|  |  |
| Assa Abloy AB - Class B | 10161 | 303360  |
| Boliden AB | 8527 | 277836  |
| Essity AB - Class B | 10633 | 302103  |
| &nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB - <br>Class B | 27888 | 366053  |
| Sandvik AB | 15801 | 330331  |
| SKF AB - Class B | 14501 | 291894  |
| Volvo AB - Class B | 12652 | 369291  |
|  |  | 2240868  |
| **Switzerland - 5.7%**<br>|  |  |
| Novartis AG | 6406 | 708407  |
| Roche Holding AG - ADR | 24626 | 1013360  |
| STMicroelectronics NV | 13695 | 295868  |
|  |  | 2017635  |
| **Taiwan - 1.9%**<br>|  |  |
|  Taiwan Semiconductor Manufacturing Company, Ltd. - ADR | 3959 | 657194  |
| **United Kingdom - 9.5%**<br>|  |  |
| Associated British Foods PLC | 11264 | 277696  |
| Auto Trader Group PLC<sup>(b)</sup> | 23377 | 224555  |
| &nbsp;&nbsp;&nbsp; British American Tobacco <br>PLC - ADR | 18544 | 767165  |
| Bunzl PLC | 6016 | 230316  |
| Imperial Brands PLC | 11427 | 422572  |
| Intertek Group PLC | 4049 | 261575  |
| JD Sports Fashion PLC | 323183 | 283245  |
| Next PLC | 2170 | 310484  |
| Unilever PLC | 9245 | 550113  |
|  |  | 3327721  |
| **United States - 0.0%<sup>(c)</sup>**<br>|  |  |
| Smithfield Foods, Inc.<sup>(a)</sup> | 39 | 787  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $33,664,082)** |  | 34396142  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **PREFERRED STOCKS - 1.2%**<br>|  |  |
| **Germany - 1.2%**<br>|  |  |
| Dr Ing hc F Porsche AG<sup>(b)</sup> | 8239 | $408946  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $658,410)** |  | 408946 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts** |  |
| **WARRANTS - 0.0%<sup>(c)</sup>**<br>|  |  |
| **Canada - 0.0%<sup>(c)</sup>**<br>|  |  |
|  Constellation Software, Inc., Expires 03/31/2040, Exercise Price $0.00<sup>(a)(d)</sup> | 138 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS - 0.4%** | **SHORT-TERM INVESTMENTS - 0.4%** |  |
| **Money Market Funds - 0.4%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(e)</sup> | 140268 | 140268  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $140,268)** |  | 140268  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $34,462,760)** |  | $34945356  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 74656  |
| **TOTAL NET ASSETS - 100.0%** |  | $35020012 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $2,870,672 or 8.2% of the Fund's net assets.

<sup>(c)</sup> Represents less than 0.05% of net assets.

<sup>(d)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of March 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate Small/Mid Cash Flow ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.9%**<br>|  |  |
| **Basic Materials - 4.7%**<br>|  |  |
| CF Industries Holdings, Inc. | 15286 | $1194601  |
| Mosaic Company | 23520 | 635275  |
| Reliance, Inc. | 4822 | 1392353  |
| Sylvamo Corporation | 6878 | 461307  |
| Westlake Corporation | 7061 | 706312  |
|  |  | 4389848  |
| **Communications - 4.6%**<br>|  |  |
| Cars.com, Inc.<sup>(a)</sup> | 33718 | 380002  |
| Etsy, Inc.<sup>(a)</sup> | 17202 | 811590  |
| Interpublic Group of Companies, Inc. | 22616 | 614250  |
| Omnicom Group, Inc. | 15548 | 1289085  |
| Thryv Holdings, Inc.<sup>(a)</sup> | 26365 | 337736  |
| TripAdvisor, Inc.<sup>(a)</sup> | 30789 | 436280  |
| Ziff Davis, Inc.<sup>(a)</sup> | 11601 | 435966  |
|  |  | 4304909  |
| **Consumer, Cyclical - 24.0%**<br>|  |  |
| Academy Sports & Outdoors, Inc. | 11535 | 526111  |
| Adient PLC<sup>(a)</sup> | 29032 | 373351  |
| Allison Transmission Holdings, Inc. | 7719 | 738477  |
| American Eagle Outfitters, Inc. | 36690 | 426338  |
| Bath & Body Works, Inc. | 18743 | 568288  |
| Blue Bird Corporation<sup>(a)</sup> | 13854 | 448454  |
| BlueLinx Holdings, Inc.<sup>(a)</sup> | 5769 | 432560  |
| BorgWarner, Inc. | 18020 | 516273  |
| Buckle, Inc. | 11848 | 454015  |
| Caleres, Inc. | 26944 | 464245  |
| Carter's, Inc. | 12850 | 525565  |
| Crocs, Inc.<sup>(a)</sup> | 12452 | 1322402  |
| Dillard's, Inc. - Class A | 3686 | 1320067  |
| Ethan Allen Interiors, Inc. | 15755 | 436413  |
| Everi Holdings, Inc.<sup>(a)</sup> | 32135 | 439285  |
| G-III Apparel Group, Ltd.<sup>(a)</sup> | 16896 | 462106  |
| GMS, Inc.<sup>(a)</sup> | 6672 | 488190  |
| Golden Entertainment, Inc. | 14057 | 370964  |
| KB Home | 10513 | 611016  |
| Kontoor Brands, Inc. | 9847 | 631488  |
| LCI Industries | 5435 | 475182  |
| LKQ Corporation | 14011 | 596028  |
| M/I Homes, Inc.<sup>(a)</sup> | 5416 | 618399  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 13419 | 411695  |
| Monarch Casino & Resort, Inc. | 5162 | 401345  |
| ODP Corporation<sup>(a)</sup> | 29604 | 424225  |
| Oxford Industries, Inc. | 8088 | 474523  |
| Patrick Industries, Inc. | 6153 | 520298  |
| PC Connection, Inc. | 7037 | 439250  |
| PVH Corporation | 9059 | 585574  |
| Sally Beauty Holdings, Inc.<sup>(a)</sup> | 49559 | 447518  |
| ScanSource, Inc.<sup>(a)</sup> | 12301 | 418357  |
| Signet Jewelers, Ltd. | 11983 | 695733  |
| Steven Madden, Ltd. | 15359 | 409164  |
| Taylor Morrison Home Corporation<sup>(a)</sup> | 10149 | 609346  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Thor Industries, Inc. | 6656 | $504591  |
| Toll Brothers, Inc. | 12933 | 1365595  |
| Tri Pointe Homes, Inc.<sup>(a)</sup> | 15252 | 486844  |
| Victoria's Secret & Company<sup>(a)</sup> | 20410 | 379218  |
| Winnebago Industries, Inc. | 11636 | 400977  |
|  |  | 22219470  |
| **Consumer, Non-cyclical - 17.6%**<br>|  |  |
| Andersons, Inc. | 10767 | 462227  |
| Brink's Company | 5657 | 487407  |
| Cal-Maine Foods, Inc. | 9407 | 855096  |
| Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 15657 | 467362  |
| Cross Country Healthcare, Inc.<sup>(a)</sup> | 25892 | 385532  |
| Envista Holdings Corporation<sup>(a)</sup> | 24000 | 414240  |
| Euronet Worldwide, Inc.<sup>(a)</sup> | 6074 | 649007  |
| H&R Block, Inc. | 11036 | 605987  |
| Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 14338 | 475878  |
| Hologic, Inc.<sup>(a)</sup> | 12754 | 787815  |
| Hormel Foods Corporation | 19186 | 593615  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 7743 | 961294  |
| John Wiley & Sons, Inc. - Class A | 11765 | 524248  |
| Kforce, Inc. | 9054 | 442650  |
| Korn Ferry | 7531 | 510828  |
| ManpowerGroup, Inc. | 9420 | 545230  |
|  Molson Coors Beverage Company - Class B | 12487 | 760084  |
| Pacira BioSciences, Inc.<sup>(a)</sup> | 19492 | 484376  |
| Pediatrix Medical Group, Inc.<sup>(a)</sup> | 30033 | 435178  |
| Perdoceo Education Corporation | 17489 | 440373  |
| PROG Holdings, Inc. | 15855 | 421743  |
| QIAGEN NV | 13533 | 543350  |
| Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 14583 | 477593  |
| Teleflex, Inc. | 7833 | 1082442  |
| United Therapeutics Corporation<sup>(a)</sup> | 4546 | 1401395  |
| WEX, Inc.<sup>(a)</sup> | 7120 | 1117982  |
|  |  | 16332932  |
| **Energy - 12.8%**<br>|  |  |
| Alliance Resource Partners LP | 17406 | 474836  |
| Antero Resources Corporation<sup>(a)</sup> | 18557 | 750445  |
| APA Corporation | 28248 | 593773  |
| Black Stone Minerals LP | 29940 | 457184  |
| California Resources Corporation | 11652 | 512338  |
| ChampionX Corporation | 18335 | 546383  |
| Chord Energy Corporation | 8109 | 914046  |
| Civitas Resources, Inc. | 14910 | 520210  |
| CNX Resources Corporation<sup>(a)</sup> | 19202 | 604479  |
| Core Natural Resources, Inc. | 9375 | 722812  |
| Gulfport Energy Corporation<sup>(a)</sup> | 4136 | 761603  |
|  Magnolia Oil & Gas Corporation - Class A | 20984 | 530056  |
| Matador Resources Company | 11265 | 575529  |
| Murphy Oil Corporation | 20269 | 575640  |
| Ovintiv, Inc. | 14957 | 640160  |
| Range Resources Corporation | 15885 | 634288  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate Small/Mid Cash Flow ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Energy - (Continued)**<br>|  |  |
| SM Energy Company | 16869 | $505226  |
| SunCoke Energy, Inc. | 47990 | 441508  |
| Talos Energy, Inc.<sup>(a)</sup> | 49379 | 479964  |
| Weatherford International PLC | 10857 | 581392  |
|  |  | 11821872  |
| **Financial - 3.7%**<br>|  |  |
| AllianceBernstein Holding LP | 12933 | 495463  |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, <br>Inc. - Class A | 11149 | 435926  |
| EZCORP, Inc. - Class A<sup>(a)</sup> | 32048 | 471746  |
| Federated Hermes, Inc. | 12410 | 505956  |
| SEI Investments Company | 7447 | 578111  |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. - <br>Class A | 7574 | 438307  |
| Virtus Investment Partners, Inc. | 2653 | 457271  |
|  |  | 3382780  |
| **Industrial - 22.9%**<br>|  |  |
| A. O. Smith Corporation | 10558 | 690071  |
| American Woodmark Corporation<sup>(a)</sup> | 7499 | 441166  |
| Apogee Enterprises, Inc. | 9700 | 449401  |
| Atkore, Inc. | 9944 | 596541  |
| Boise Cascade Company | 5888 | 577554  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 10254 | 1281135  |
| CH Robinson Worldwide, Inc. | 9754 | 998810  |
| CTS Corporation | 10220 | 424641  |
| Dorian LPG, Ltd. | 22557 | 503923  |
| Fortune Brands Innovations, Inc. | 11484 | 699146  |
| Genco Shipping & Trading, Ltd. | 30618 | 409056  |
| Gibraltar Industries, Inc.<sup>(a)</sup> | 7370 | 432324  |
| Hub Group, Inc. - Class A | 11772 | 437565  |
| Huntington Ingalls Industries, Inc. | 8063 | 1645174  |
| International Seaways, Inc. | 14727 | 488936  |
| Janus International Group, Inc.<sup>(a)</sup> | 54613 | 393214  |
| Kennametal, Inc. | 21173 | 450985  |
| Masterbrand, Inc.<sup>(a)</sup> | 32877 | 429374  |
| Matson, Inc. | 4990 | 639568  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 7703 | 879529  |
| Oshkosh Corporation | 8079 | 760072  |
| Owens Corning | 9363 | 1337224  |
| Powell Industries, Inc. | 7720 | 1314948  |
| Sterling Infrastructure, Inc.<sup>(a)</sup> | 7623 | 863000  |
| Sturm Ruger & Company, Inc. | 11321 | 444802  |
| Teekay Tankers, Ltd. | 12505 | 478566  |
| Textron, Inc. | 9417 | 680378  |
| TopBuild Corporation<sup>(a)</sup> | 4709 | 1436010  |
| World Kinect Corporation | 15524 | 440261  |
| Worthington Enterprises, Inc. | 10816 | 541773  |
|  |  | 21165147  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Technology - 9.6%**<br>|  |  |
| Adeia, Inc. | 28442 | $376003  |
| Amdocs, Ltd. | 7735 | 707753  |
| ASGN, Inc.<sup>(a)</sup> | 8563 | 539640  |
| Axcelis Technologies, Inc.<sup>(a)</sup> | 9749 | 484233  |
| Concentrix Corporation | 11416 | 635186  |
| Donnelley Financial Solutions, Inc.<sup>(a)</sup> | 9742 | 425823  |
| DXC Technology Company<sup>(a)</sup> | 25188 | 429455  |
| GigaCloud Technology, Inc. - Class A<sup>(a)</sup> | 27190 | 386098  |
| NetScout Systems, Inc.<sup>(a)</sup> | 20339 | 427322  |
| Parsons Corporation<sup>(a)</sup> | 13565 | 803184  |
| Photronics, Inc.<sup>(a)</sup> | 21562 | 447627  |
| Qorvo, Inc.<sup>(a)</sup> | 13250 | 959433  |
| Skyworks Solutions, Inc. | 18341 | 1185379  |
| Synaptics, Inc.<sup>(a)</sup> | 9282 | 591449  |
| Teradata Corporation<sup>(a)</sup> | 20152 | 453017  |
|  |  | 8851602  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $101,602,265)** |  | 92468560  |
| **SHORT-TERM INVESTMENTS - 0.1%** | **SHORT-TERM INVESTMENTS - 0.1%** |  |
| **Money Market Funds - 0.1%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(b)</sup> | 68232 | 68232  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $68,232)** |  | 68232  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%**<br>**(Cost $101,670,497)** |  | $92536792  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.0%<sup>(c)</sup> |  | 1776  |
| **TOTAL NET ASSETS - 100.0%** |  | $92538568 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

<sup>(c)</sup> Represents less than 0.05% of net assets. 

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate U.S. Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.3%**<br>|  |  |
| **Basic Materials - 2.4%**<br>|  |  |
| Reliance, Inc. | 51388 | $14838285  |
| Royal Gold, Inc. | 84659 | 13842593  |
| Southern Copper Corporation | 0 | 42  |
| Steel Dynamics, Inc. | 124256 | 15541941  |
|  |  | 44222861  |
| **Communications - 11.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 138892 | 16592038  |
| Booking Holdings, Inc. | 5270 | 24278416  |
| CDW Corporation | 82102 | 13157666  |
| Cisco Systems, Inc. | 556969 | 34370557  |
| Comcast Corporation - Class A | 935517 | 34520577  |
| F5, Inc.<sup>(a)</sup> | 53507 | 14247309  |
| Fox Corporation - Class A | 307100 | 17381860  |
| Omnicom Group, Inc. | 183392 | 15205031  |
| T-Mobile US, Inc. | 145414 | 38783368  |
|  |  | 208536822  |
| **Consumer, Cyclical - 11.1%**<br>|  |  |
| Crocs, Inc.<sup>(a)</sup> | 120776 | 12826411  |
| Deckers Outdoor Corporation<sup>(a)</sup> | 119416 | 13351903  |
| Dick's Sporting Goods, Inc. | 60952 | 12285485  |
| Ferguson Enterprises, Inc. | 87345 | 13995289  |
| Lennar Corporation - Class A | 155503 | 17848634  |
| LKQ Corporation | 381705 | 16237731  |
| Lowe's Companies., Inc. | 102824 | 23981642  |
| NVR, Inc.<sup>(a)</sup> | 1882 | 13633942  |
| PACCAR, Inc. | 186091 | 18119681  |
| PulteGroup, Inc. | 147132 | 15125170  |
| Somnigroup International, Inc. | 238585 | 14286470  |
| Toll Brothers, Inc. | 111104 | 11731471  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 32247 | 11819815  |
| Williams-Sonoma, Inc. | 75547 | 11943981  |
|  |  | 207187625  |
| **Consumer, Non-cyclical - 34.0%<sup>(b)</sup>**<br>|  |  |
| AbbVie, Inc. | 242997 | 50912732  |
| Align Technology, Inc.<sup>(a)</sup> | 64923 | 10313668  |
| Altria Group, Inc. | 446611 | 26805592  |
| Avery Dennison Corporation | 73623 | 13102685  |
| Cigna Group | 92493 | 30430197  |
| Corpay, Inc.<sup>(a)</sup> | 43630 | 15214654  |
| Elevance Health, Inc. | 59948 | 26074982  |
| Exelixis, Inc.<sup>(a)</sup> | 378620 | 13978650  |
| Globus Medical, Inc. - Class A<sup>(a)</sup> | 160338 | 11736742  |
| HCA Healthcare, Inc. | 71322 | 24645317  |
| Hormel Foods Corporation | 478731 | 14811937  |
| ICON PLC<sup>(a)</sup> | 72235 | 12640403  |
| Jazz Pharmaceuticals PLC<sup>(a)</sup> | 119367 | 14819413  |
| Johnson & Johnson | 269998 | 44776468  |
| Kroger Company | 286746 | 19409837  |
| McKesson Corporation | 31596 | 21263792  |
| Medpace Holdings, Inc.<sup>(a)</sup> | 39618 | 12071208  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| Merck & Company, Inc. | 597599 | $53640486  |
| Neurocrine Biosciences, Inc.<sup>(a)</sup> | 124103 | 13725792  |
| PayPal Holdings, Inc.<sup>(a)</sup> | 329674 | 21511229  |
| Procter & Gamble Company | 230140 | 39220459  |
| Quest Diagnostics, Inc. | 94061 | 15915121  |
| Regeneron Pharmaceuticals, Inc. | 30132 | 19110618  |
| Sysco Corporation | 217803 | 16343937  |
| UnitedHealth Group, Inc. | 125987 | 65985691  |
| &nbsp;&nbsp;&nbsp; Universal Health Services, <br>Inc. - Class B | 77775 | 14613923  |
| US Foods Holding Corporation<sup>(a)</sup> | 206935 | 13545965  |
|  |  | 636621498  |
| **Energy - 7.2%**<br>|  |  |
| Coterra Energy, Inc. | 592024 | 17109494  |
| Diamondback Energy, Inc. | 128524 | 20548417  |
| Enterprise Products Partners LP | 706540 | 24121276  |
| Marathon Petroleum Corporation | 158103 | 23034026  |
| MPLX LP | 369412 | 19770930  |
| Permian Resources Corporation | 1066965 | 14777465  |
| TechnipFMC PLC | 493950 | 15653275  |
|  |  | 135014883  |
| **Financial - 3.1%**<br>|  |  |
| Arthur J Gallagher & Company | 55104 | 19024105  |
| Blackrock, Inc. | 23791 | 22517705  |
| Cboe Global Markets, Inc. | 73772 | 16693866  |
|  |  | 58235676  |
| **Industrial - 17.4%**<br>|  |  |
| A. O. Smith Corporation | 194931 | 12740690  |
| Advanced Drainage Systems, Inc. | 112791 | 12254742  |
| Allegion PLC | 101780 | 13278219  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 97619 | 12196518  |
| Comfort Systems USA, Inc. | 30278 | 9759508  |
| CRH PLC | 187207 | 16468600  |
| Eagle Materials, Inc. | 52442 | 11638453  |
| FedEx Corporation | 73398 | 17892965  |
| Fortune Brands Innovations, Inc. | 190272 | 11583759  |
| General Dynamics Corporation | 73865 | 20134122  |
| Jabil, Inc. | 99075 | 13481135  |
| Lincoln Electric Holdings, Inc. | 70009 | 13242902  |
| Lockheed Martin Corporation | 49803 | 22247498  |
| Masco Corporation | 188354 | 13098137  |
| Nordson Corporation | 64644 | 13039988  |
| Owens Corning | 84859 | 12119562  |
| Packaging Corporation of America | 62015 | 12280210  |
| Snap-on, Inc. | 44503 | 14997956  |
| TE Connectivity PLC | 116620 | 16480738  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 30372 | 15116448  |
| Textron, Inc. | 197998 | 14305356  |
| TopBuild Corporation<sup>(a)</sup> | 43204 | 13175060  |
|  Westinghouse Air Brake Technologies Corporation | 78779 | 14286572  |
|  |  | 325819138  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Distillate U.S. Fundamental Stability & Value ETF** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**<br>|  |  |
| **Technology - 12.0%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 62453 | $23952599  |
| Amdocs, Ltd. | 158284 | 14482986  |
| Applied Materials, Inc. | 151798 | 22028926  |
| CACI International, Inc. - Class A<sup>(a)</sup> | 33263 | 12204860  |
|  Cognizant Technology Solutions Corporation - Class A | 204052 | 15609978  |
| Dropbox, Inc. - Class A<sup>(a)</sup> | 445006 | 11886110  |
| EPAM Systems, Inc.<sup>(a)</sup> | 78138 | 13192820  |
| KLA Corporation | 26237 | 17835912  |
| Lam Research Corporation | 279727 | 20336153  |
| NetApp, Inc. | 124333 | 10921411  |
| ON Semiconductor Corporation<sup>(a)</sup> | 365378 | 14867231  |
| QUALCOMM, Inc. | 194161 | 29825071  |
| SS&C Technologies Holdings, Inc. | 197247 | 16476042  |
|  |  | 223620099  |
| **Utilities - 0.9%**<br>|  |  |
| Vistra Corporation | 147611 | 17335436  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,797,531,215)** |  | 1856594038 |
| **SHORT-TERM INVESTMENTS - 0.6%** | **SHORT-TERM INVESTMENTS - 0.6%** |  |
| **Money Market Funds - 0.6%**<br>|  |  |
|  First American Government Obligations Fund - Class X, 4.27%<sup>(c)</sup> | 11994701 | 11994701  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $11,994,701)** |  | 11994701  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $1,809,525,916)** |  | $1868588739  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 1051627  |
| **TOTAL NET ASSETS - 100.0%** |  | $1869640366 |

---

Percentages are stated as a percent of net assets.

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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.

<sup>(c)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Assets and Liabilities** 

**March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF** | **Distillate** <br>**Small/Mid** <br>**Cash Flow** <br>**ETF** | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | $34945356 | $92536792 | $1868588739  |
| Dividends receivable | 139430 | 46428 | 1600769  |
| Dividend tax reclaims receivable | 31789 | 654 | 31091  |
| Foreign currency, at value | 8078 |  | —  |
| Interest receivable | 363 | 454 | 46205  |
| Receivable for investments sold |  | 1579678 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 35125016 | 94164006 | 1870266804  |
| **LIABILITIES:**<br>|  |  |  |
| Payable for investments purchased | 88163 |  | —  |
| Payable to adviser | 16841 | 43583 | 626438  |
| Payable for capital shares redeemed |  | 1581855 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 105004 | 1625438 | 626438  |
| **NET ASSETS** | $35020012 | $92538568 | $1869640366  |
| **Net Assets Consists of:**<br>|  |  |  |
| Paid-in capital | $38427514 | $107042985 | $1779871114  |
| Total distributable earnings/(accumulated losses) | (3407502) | (14504417) | 89769252  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $35020012 | $92538568 | $1869640366  |
| Net assets | $35020012 | $92538568 | $1869640366  |
| Shares issued and outstanding<sup>(a)</sup> | 1400000 | 2925000 | 34475000  |
| Net asset value per share | $25.01 | $31.64 | $54.23  |
| **Cost:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $34462760 | $101670497 | $1809525916  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | $8099 | $— | $— |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Operations** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF** | **Distillate** <br>**Small/Mid** <br>**Cash Flow** <br>**ETF** | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp; $420308 | $865870 | $19054953  |
| Less: Dividend withholding taxes | &nbsp;&nbsp; (49350) |  | —  |
| Less: Issuance fees | &nbsp;&nbsp; (1013) |  | (1117)  |
| Interest income | &nbsp;&nbsp; 1799 | 11020 | 177648  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 371744 | 876890 | 19231484  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 94055 | 273089 | 3962088  |
| Other expenses and fees | &nbsp;&nbsp; — | 2993 | 14619  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 94055 | 276082 | 3976707  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 277689 | 600808 | 15254777  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (482137) | (5469988) | (7135665)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 1998129 | 4465401 | 85694957  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (32172) |  | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 1483820 | (1004587) | 78559292  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (2689324) | (11744955) | (164434384)  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; (1411) |  | —  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2690735) | (11744955) | (164434384)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (1206915) | (12749542) | (85875092)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(929226) | $(12148734) | $(70620315) |

---

The accompanying notes are an integral part of these financial statements.

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**DISTILLATE CAPITAL ETFs** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distillate International Fundamental** <br>**Stability & Value ETF** | **Distillate International Fundamental** <br>**Stability & Value ETF** | **Distillate Small/Mid Cash Flow ETF**  | **Distillate Small/Mid Cash Flow ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024** | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $277689 | &nbsp;&nbsp; $802099 | $600808 | $911156  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 1483820 | &nbsp;&nbsp; 1826946 | (1004587) | 6500106  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (2690735) | &nbsp;&nbsp; 4171567 | (11744955) | 879537  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; (929226) | &nbsp;&nbsp; 6800612 | (12148734) | 8290799  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (360177) | &nbsp;&nbsp; (736427) | (676908) | (866572)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (360177) | &nbsp;&nbsp; (736427) | (676908) | (866572)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 7718340 | &nbsp;&nbsp; 10688455 | 23101858 | 121802315  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (7686300) | &nbsp;&nbsp; (9805265) | (16797095) | (60811863)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 6306 | 1 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 32348 | &nbsp;&nbsp; 889496 | 6304764 | 60990452  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (1257055) | &nbsp;&nbsp; 6953681 | (6520878) | 68414679  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 36277067 | &nbsp;&nbsp; 29323386 | 99059446 | 30644767  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $35020012 | &nbsp;&nbsp; $36277067 | $92538568 | $99059446  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 450000 | 625000 | 3525000  |
| &nbsp;&nbsp;&nbsp; Redemptions | &nbsp;&nbsp; (300000) | &nbsp;&nbsp; (400000) | (450000) | (1775000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 | 175000 | 1750000 |

---

The accompanying notes are an integral part of these financial statements.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Distillate U.S. Fundamental Stability &** <br>**Value ETF**  | **Distillate U.S. Fundamental Stability &** <br>**Value ETF**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $15254777 | $25183464  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 78559292 | 217351843  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (164434384) | 173264880  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (70620315) | 415800187  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (15776247) | (24424673)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (15776247) | (24424673)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 263617503 | 1348465867  |
| &nbsp;&nbsp;&nbsp; Redemptions | (380545458) | (949186077)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 6) |  | 10  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (116927955) | 399279800  |
| **Net increase (decrease) in net assets** | (203324517) | 790655314  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2072964883 | 1282309569  |
| &nbsp;&nbsp;&nbsp; End of the period | $1869640366 | $2072964883  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4700000 | 26175000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (6775000) | (18350000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (2075000) | 7825000 |

---

The accompanying notes are an integral part of these financial statements.

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**Distillate International Fundamental Stability & Value ETF** 

**Financial Highlights** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,** | **Year Ended September 30,** | **Year Ended September 30,** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **Period Ended** <br>**September 30,** <br>**2021<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.91 | $21.72 | $17.95 | $25.08 | &nbsp;&nbsp;&nbsp; $25.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.56 | 0.55 | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.59  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (0.86) | 4.14 | 3.77 | (7.21) | &nbsp;&nbsp;&nbsp; (0.12)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (0.66) | 4.70 | 4.32 | (6.49) | &nbsp;&nbsp;&nbsp;&nbsp;0.47  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24) | (0.51) | (0.56) | (0.64) | &nbsp;&nbsp;&nbsp; (0.44)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.24) | (0.51) | (0.56) | (0.64) | &nbsp;&nbsp;&nbsp; (0.44)  |
| ETF transaction fees per share | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> | 0.01 | 0.00<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.01 | $25.91 | $21.72 | $17.95 | &nbsp;&nbsp;&nbsp; $25.08  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; -2.50% | 21.89% | 24.22% | -26.26% | &nbsp;&nbsp;&nbsp; 1.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $35020 | $36277 | $29323 | $19740 | &nbsp;&nbsp;&nbsp; $22568  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 0.55% | 0.55% | 0.55% | 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp;&nbsp; 1.62% | 2.38% | 2.53% | 3.12% | &nbsp;&nbsp;&nbsp; 7.80%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp;&nbsp; 45% | 117% | 75% | 102% | &nbsp;&nbsp;&nbsp; 57% |

---

<sup>(a)</sup> Inception date of the Fund was December 14, 2020.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**Distillate Small/Mid Cash Flow ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024** | **Period Ended** <br>**September 30,** <br>**2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $36.02 | &nbsp;&nbsp;&nbsp; $30.64 | &nbsp;&nbsp;&nbsp; $24.90  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.37  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (4.35) | &nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;5.69  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp; (4.14) | &nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;6.06  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.32)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; (0.32)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $31.64 | &nbsp;&nbsp;&nbsp; $36.02 | &nbsp;&nbsp;&nbsp; $30.64  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; -11.56% | &nbsp;&nbsp;&nbsp; 18.91% | &nbsp;&nbsp;&nbsp; 24.46%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $92539 | &nbsp;&nbsp;&nbsp; $99059 | &nbsp;&nbsp;&nbsp; $30645  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.55%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.28%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 48% | &nbsp;&nbsp;&nbsp; 114% | &nbsp;&nbsp;&nbsp; 66% |

---

<sup>(a)</sup> Inception date of the Fund was October 5, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Distillate U.S. Fundamental Stability & Value ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021** | **2020**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | $56.72 | $44.64 | $36.86 | $40.96 | $32.61 | $27.86  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.42 | 0.76 | 0.62 | 0.58 | 0.46 | 0.44  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | (2.47) | 12.04 | 7.78 | (4.17) | 8.51 | 4.61  |
| **Total from investment operations** | (2.05) | 12.80 | 8.40 | (3.59) | 8.97 | 5.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | (0.44) | (0.72) | (0.62) | (0.51) | (0.62) | (0.30)  |
| **Total distributions** | (0.44) | (0.72) | (0.62) | (0.51) | (0.62) | (0.30)  |
| ETF transaction fees per share |  | 0.00<sup>(c)</sup> |  | 0.00<sup>(c)</sup> |  | —  |
| **Net asset value, end of period** | $54.23 | $56.72 | $44.64 | $36.86 | $40.96 | $32.61  |
| Total return<sup>(d)</sup> | -3.61% | 28.82% | 22.87% | -8.91% | 27.68% | 18.20%  |
|  **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | $1869640 | $2072965 | $1282310 | $721584 | $373774 | $179355  |
|  Ratio of expenses to average net assets<sup>(e)</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% | 0.39%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 1.50% | 1.49% | 1.43% | 1.36% | 1.17% | 1.45%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 34% | 87% | 95% | 78% | 73% | 58% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the year.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

<sup>(c)</sup> Amount represents less than $0.005 per share.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

Distillate International Fundamental Stability & Value ETF, Distillate Small/Mid Cash Flow ETF, and Distillate U.S. Fundamental Stability & Value ETF are each a diversified series (individually each a "Fund" or collectively the "Funds") of ETF Series Solutions ("ESS" or the "Trust"), an open-end management investment company consisting of multiple investment series, organized as a Delaware statutory trust on February 9, 2012. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act"). The investment objective of Distillate International Fundamental Stability & Value ETF and Distillate U.S. Fundamental Stability & Value ETF is to seek long-term capital appreciation. The investment objective of Distillate Small/Mid Cash Flow ETF is to seek capital appreciation. Distillate International Fundamental Stability & Value ETF commenced operations on December 14, 2020, Distillate Small/Mid Cash Flow ETF commenced operations on October 5, 2022 and Distillate U.S. Fundamental Stability & Value ETF commenced operations on October 23, 2018.

The end of the reporting period for the Funds is March 31, 2025, and the period covered by these Notes to Financial Statements is the period from October 1, 2024 through March 31, 2025 (the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 Financial Services – Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* All equity securities, including domestic and foreign common stocks, preferred stocks and exchange traded funds that are traded
 on a national securities exchange, except those listed on the Nasdaq Global Market<sup>®</sup>, Nasdaq Global Select Market<sup>®</sup>
 and the Nasdaq Capital Market<sup>®</sup> exchanges (collectively, "Nasdaq") are valued at the last reported sale price
 on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing
 Price ("NOCP"). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most
 recent quoted bid and asked prices will be used.

All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Investments in mutual funds, including money market funds, are valued at their net asset value ("NAV") per share.

Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Funds' Board of Trustees (the "Board"). When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Funds may cause the NAV of the shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

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**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.  |

---

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value the Funds' investments as of the end of the current fiscal period:

**Distillate International Fundamental Stability & Value ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total** |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $34396142  | $—  | $—  | $34396142  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks  | 408946  | —  | —  | 408946 |
| &nbsp;&nbsp;&nbsp; Warrants  | —  | —  | 0  | 0 |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 140268  | —  | —  | 140268 |
| **Total Investments**  | $34945356  | $—  | $0  | $34945356 |

---

**Distillate Small/Mid Cash Flow ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total** |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $92468560 | $—  | $—  | $92468560  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 68232 | —  | —  | 68232  |
| **Total Investments**  | $92536792 | $—  | $—  | $92536792 |

---

**Distillate U.S. Fundamental Stability & Value ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | $1856594038 | $— | $— | $1856594038  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 11994701 |  |  | 11994701  |
| **Total Investments**  | $1868588739 | $— | $— | $1868588739 |

---

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

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* The Funds' policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended,
 applicable to regulated investment companies and to distribute substantially all of their net investment income and net capital gains
 to shareholders. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local
 tax returns.

Each Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained upon examination by tax authorities. Management has analyzed each Fund's uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. During the current fiscal period, the Funds did not incur any interest or penalties.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Foreign Currency.* Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts
 at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies
 are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results
 of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices
 of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report
 net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the
 trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding
 taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign
 exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal
 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Security Transactions and Investment Income.* Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales
 of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends
 included in dividend income or separately disclosed, if any, are recorded at the fair value of the security received. Withholding taxes
 on foreign dividends, if any, have been provided for in accordance with the Funds' understanding of the applicable tax rules and
 regulations. Interest income is recorded on an accrual basis.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders.* Distributions to shareholders from net investment income and net realized gains on securities are declared and
 paid by the Funds at least annually. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates.* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
 affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
 statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from
 those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and
 other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares of each Fund, rounded
 to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange ("NYSE")
 is closed for trading. The offering and redemption price per share of each Fund is equal to the Fund's NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications.* In the normal course of business, the Funds enter into contracts with service providers that contain general
 indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that
 may be against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;I. *Reclassification of Capital Accounts.* U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified
 between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and primarily relate to redemptions
 in-kind. For the fiscal year ended September 30, 2024, the following table shows the reclassifications made:

---

| | | |
|:---|:---|:---|
|  | **Distributable Earnings** <br>**(Accumulated Losses)**  | **Paid-In** <br>**Capital**  |
| Distillate International Fundamental Stability & Value ETF  | &nbsp;&nbsp;&nbsp; $(2108212)  | $2108212  |
| Distillate Small/Mid Cash Flow ETF  | &nbsp;&nbsp;&nbsp; (10126764)  | 10126764 |
| Distillate U.S. Fundamental Stability & Value ETF  | &nbsp;&nbsp;&nbsp; (227047374)  | 227047374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;J. *New Accounting Pronouncement.* In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
 Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through
 enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's
 profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public
 entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating
 decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced
 interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure
 requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Subsequent Events.* In preparing these financial statements, management has evaluated events and transactions for potential recognition or
 disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period
 subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Funds' financial statements.

**NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS** 

Distillate Capital Partners, LLC (the "Adviser") serves as the investment adviser to the Funds. Pursuant to the Investment Advisory Agreement ("Advisory Agreement"), between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is responsible for arranging, in consultation with Vident Advisory, LLC, doing business as Vident Asset Management (the "Sub-Adviser"), transfer agency, custody, fund administration and accounting, and other related services necessary for the Funds to operate. Effective May 1, 2024, Vident Asset Management only serves as the Sub-Adviser for Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF. Under the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except for: the fee paid to the Adviser pursuant to the Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution (12b-1) fees and expenses. For services provided to the Funds, Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF each pay the Adviser at an annual rate of 0.55% based on each Fund's average daily net assets and Distillate U.S. Fundamental Stability & Value ETF pays the Adviser at an annual rate of 0.39% based on the Fund's average daily net assets, calculated daily and paid monthly. The Adviser is responsible for paying the Sub-Adviser.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or Administrator"), acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds' Custodian, transfer agent, and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian.

All officers of the Trust are affiliated with the Administrator and Custodian.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

During the current fiscal period, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Distillate International Fundamental Stability & Value ETF  | $15781934 | $15358709  |
| Distillate Small/Mid Cash Flow ETF  | 47911427 | 46885420  |
| Distillate U.S. Fundamental Stability & Value ETF  | 684120022 | 682732783 |

---

During the current fiscal period, there were no purchases or sales of U.S. Government securities.

During the current fiscal period, in-kind transactions associated with creations and redemptions were as follow:

---

| | | |
|:---|:---|:---|
|  | **In-Kind** <br>**Purchases**  | **In-Kind** <br>**Sales**  |
| Distillate International Fundamental Stability & Value ETF  | $7104298  | $7662581  |
| Distillate Small/Mid Cash Flow ETF  | 22875902  | 17113369 |
| Distillate U.S. Fundamental Stability & Value ETF  | 248949503  | 376495932 |

---

**NOTE 5 – INCOME TAX INFORMATION** 

The amount and tax character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period.

The components of distributable earnings (accumulated losses) and cost basis of investments and net unrealized appreciation (depreciation) for federal income tax purposes at September 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Distillate** <br>**International** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  | **Distillate** <br>**Small/Mid**<br>**Cash Flow** <br>**ETF**  | **Distillate U.S.** <br>**Fundamental** <br>**Stability & Value** <br>**ETF**  |
| Tax cost of investments  | $33767478  | $97677896  | $1867079547 |
| Gross tax unrealized appreciation  | 4079190  | 7970609  | 248000328 |
| Gross tax unrealized depreciation  | (1455395)  | (6569446)  | (43070123)  |
| Net tax unrealized appreciation (depreciation)  | 2623795  | 1401163  | 204930205 |
| Undistributed ordinary income  | 131869  | 81340  | 1174661 |
| Undistributed long-term capital gain  |  |  | —  |
| Other accumulated gain (loss)  | (4873763)  | (3161278)  | (29939052) |
| Distributable earnings (accumulated losses)  | (2118099)  | (1678775)  | 176165814 |

---

The differences between the cost basis for financial statement and federal income tax purposes are primarily due to timing differences in recognizing losses on wash sales and the tax treatment of partnership investments.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable period subsequent to October 31 and December 31, respectively. For the taxable year ended September 30, 2024, the Funds did not elect to defer any post-October capital losses or late-year ordinary losses.

As of September 30, 2024, the Funds had the following capital loss carryforwards with no expiration date:

---

| | | |
|:---|:---|:---|
|  | **Short-Term**  | **Long-Term**  |
| Distillate International Fundamental Stability & Value ETF | $3284331  | $1589432  |
| Distillate Small/Mid Cash Flow ETF | 2730215  | 431063  |
| Distillate U.S. Fundamental Stability & Value ETF | 3964718  | 25974334 |

---

During the fiscal year ended September 30, 2024, Distillate International Fundamental Stability & Value ETF utilized $70,875 of short-term capital loss carryforward that was available as of September 30, 2023.

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2024 and fiscal year/period ended September 30, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income**  | **Ordinary Income**  |
|  | **Year Ended**<br>**September 30, 2024**  | **Year/Period Ended**<br>**September 30, 2023**  |
| Distillate International Fundamental Stability & Value ETF  | &nbsp;&nbsp;&nbsp; $736427  | &nbsp;&nbsp;&nbsp; $558043  |
| Distillate Small/Mid Cash Flow ETF  | &nbsp;&nbsp;&nbsp; 866572  | &nbsp;&nbsp;&nbsp; 244803 |
| Distillate U.S. Fundamental Stability & Value ETF  | &nbsp;&nbsp;&nbsp; 24424673  | &nbsp;&nbsp;&nbsp; 14944880 |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Shares of Distillate International Fundamental Stability & Value ETF and Distillate Small/Mid Cash Flow ETF are listed and trade on the New York Stock Exchange ("NYSE"). Shares of Distillate U.S. Fundamental Stability & Value ETF are listed and trade on the New York Stock Exchange Arca, Inc. ("NYSE Arca"). Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds currently offer one class of shares, which have no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for Distillate International Fundamental Stability & Value ETF is $1,000, payable to the Custodian. The standard fixed transaction fee for Distillate Small/Mid Cash Flow ETF and Distillate U.S. Fundamental Stability & Value ETF is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are displayed in the Capital Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**NOTES TO FINANCIAL STATEMENTS** 

**March 31, 2025 (Unaudited)(Continued)** 

**NOTE 7 – RISKS** 

Foreign Securities Risk (Distillate International Fundamental Stability & Value ETF only). Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments. Companies in many foreign markets are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in the U.S., and as a result, information about the securities in which the Fund invests may be less reliable or complete. Foreign markets often have less reliable securities valuations and greater risk associated with the custody of securities than the U.S. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal remedies.

Sector Risk (Distillate Small/Mid Cash Flow ETF and Distillate U.S. Fundamental Stability & Value ETF only). To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**Federal Tax Information (Unaudited)** 

**FEDERAL TAX INFORMATION** 

For the fiscal year ended September 30, 2024, certain dividends paid by the Funds may be subject to the maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 100.00% |
| Distillate Small/Mid Cash Flow ETF  | 100.00% |
| Distillate U.S. Fundamental Stability & Value ETF  | 100.00% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended September 30, 2024 was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 0.00% |
| Distillate Small/Mid Cash Flow ETF  | 100.00% |
| Distillate U.S. Fundamental Stability & Value ETF  | 100.00% |

---

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each Fund was as follows:

---

| | |
|:---|:---|
| Distillate International Fundamental Stability & Value ETF  | 0.00% |
| Distillate Small/Mid Cash Flow ETF  | 0.00% |
| Distillate U.S. Fundamental Stability & Value ETF  | 0.00% |

---

**FOREIGN TAX CREDIT PASS THROUGH** 

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the fiscal year ended September 30, 2024. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Creditable**<br>**Foreign Tax**<br>**Credit Paid**  | **Per Share**<br>**Amount**  | **Portion of** <br>**Ordinary Income** <br>**Distribution** <br>**Derived from** <br>**Foreign Sourced** <br>**Income**  |
| Distillate International Fundamental Stability & Value ETF  | $112705 | $0.08050357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100%  |
| Distillate Small/Mid Cash Flow ETF  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Distillate U.S. Fundamental Stability & Value ETF  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to differences in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DISTILLATE CAPITAL ETFs** 

**ADDITIONAL INFORMATION (Unaudited)** 

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS** 

There were no changes in or disagreements with accountants during the period covered by this report.

**PROXY DISCLOSURE** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS**

All fund expenses, including Trustee compensation is paid by the Investment Adviser pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund's Statement of Additional Information.

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Not applicable.

22<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President (principal executive officer) and Treasurer (principal
 financial officer) have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b)
 under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers
 have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this
 report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the
 Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably
 likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable.

(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](dce-efp15983_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Not applicable to open-end investment companies and ETFs.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](dce-efp15983_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ETF
 Series Solutions

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>6/3/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristina R. Nelson |
|  | Kristina R. Nelson, President (principal executive officer) |

---

Date <u>6/3/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Kristen M. Weitzel |
|  | Kristen M. Weitzel, Treasurer (principal financial officer) |

---

Date <u>6/3/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Kristina R. Nelson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/3/2025 | /s/ Kristina R. Nelson |
|  |  | Kristina R. Nelson |
|  |  | President (principal executive officer) |
|  |  | ETF Series Solutions |

---

**<u>CERTIFICATIONS</u>**

I, Kristen M. Weitzel, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of ETF Series Solutions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 6/3/2025 | /s/ Kristen M. Weitzel |
|  |  | Kristen M. Weitzel |
|  |  | Treasurer (principal financial officer) |
|  |  | ETF Series Solutions |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of ETF Series Solutions, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of ETF Series Solutions for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of ETF Series Solutions for the stated period.

---

| | |
|:---|:---|
| /s/ Kristina R. Nelson | /s/ Kristen M. Weitzel |
| Kristina R. Nelson | Kristen M. Weitzel |
| President (principal executive officer), | Treasurer (principal financial officer), |
| ETF Series Solutions | ETF Series Solutions |

---

Dated: <u>6/3/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by ETF Series Solutions for purposes of Section 18 of the Securities Exchange Act of 1934.