The investment seeks to track the performance, before fees and expenses, of the Distillate U.S. Fundamental Stability & Value Index (the index). Under normal circumstances, at least 80% of the fund's net assets, plus borrowings for investment purposes, will be invested in U.S. assets. The index was developed in 2018 by Distillate Capital Partners LLC, the fund's investment adviser and index provider (the Adviser), and uses an objective, rules-based methodology to measure the performance of U.S.-listed, large-capitalization equity securities, selected based on certain fundamental factors.