Distillate Small/Mid
Cash Flow ETF  |  Ticker DSMC

Distillate Small/Mid Cash Flow ETF | DSMC Process

DSMC adheres to a systematic process, including only those stocks that meet the firm’s proprietary cash-flow-based valuation and quality criteria.

  • DSMC begins with a starting universe of around 1,000 profitable small-and mid-cap U.S stock.
  • Our security selection process eliminates those stocks with high debt levels.
  • We then invest in the most attractively valued remaining 150 companies based on Distillate Capital’s normalized free cash flow methodology.
  • The portfolio is weighted by free cash flow generation and is rebalanced quarterly.

As of 10/28/2025

Ticker DSMC
NAV 35.41
Market Price 35.44
Net Assets $108,010,403
Shares Outstanding 3,050,000
30-day SEC Yield as of 9/30/2025 1.30%
Inception 10/5/2022
Primary Exchange NYSE
CUSIP 26922B667
Expense Ratio 0.55%
Premium/Discount % 0.08
Median 30-day Bid/Ask Spread 0.11%

The 30-day SEC yield represents the dividends and interest earned over the preceding 30-day period, annualized, and divided by the net asset value (NAV) per share at the end of the period.

Median 30-Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

GROWTH OF $10,000
SINCE INCEPTION

10/5/2022-9/30/2025

This chart illustrates the performance of a hypothetical $10,000 investment made on 10/5/2022, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

PERFORMANCE

As of 09/30/2025

 

  YTD 1 YR1 3 YR SINCE INCEPTION2
1DSMC NAV 3.43% 0.85% - 14.35%
2DSMC MKT 3.49% 0.77% - 14.36%
3Russell 2000 Index 10.39% 10.76% - 13.10%

Fund expense ratio: 0.55%

1Performance greater than 1 year is annualized.
2Inception 10/5/22.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 800.617.0004. Market price returns are based on price of the last reported trade on the fund’s primary exchange where the shares are listed. NAV return is the percentage change between the fund’s net asset value (the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day) at the beginning and end of a particular period.

As of 10/28/2025

 20232024Q1 2025Q2 2025Q3 2025Q4 2025
Days at premium14121239344918
Days at zero premium/discount2082520
Days at discount86322023132

DISTRIBUTIONS

Ex-Date Record Date Payable Date Amount Type
09/24/2025 09/24/2025 09/25/2025 $0.08623 Div Income
06/25/2025 06/25/2025 06/26/2025 $0.10760 Div Income
03/26/2025 03/26/2025 03/27/2025 $0.07560 Div Income
12/27/2024 12/27/2024 12/30/2024 $0.16000 Div Income
09/25/2024 09/25/2024 09/26/2024 $0.09517 Div Income
06/26/2024 06/26/2024 06/27/2024 $0.10473 Div Income
03/20/2024 03/21/2024 03/22/2024 $0.09844 Div Income
12/27/2023 12/28/2023 12/29/2023 $0.10725 Div Income

TOP 10 HOLDINGS

As of 10/29/2025

Percent Net Assets Name Identifier Shares Held Market Value
1.38% Skyworks Solutions Inc 83088M102 18,532.00 $1,487,378.32
1.12% Mosaic Co/The 61945C103 41,015.00 $1,205,020.70
1.09% DXC Technology Co 23355L106 87,738.00 $1,172,179.68
1.04% HF Sinclair Corp 403949100 21,214.00 $1,122,857.02
1.03% Etsy Inc 29786A106 14,899.00 $1,114,147.22
1.03% Owens Corning 690742101 8,774.00 $1,114,999.92
1.02% Dillard's Inc 254067101 1,814.00 $1,104,163.66
1.00% APA Corp 03743Q108 47,724.00 $1,084,766.52
0.99% Antero Resources Corp 03674X106 33,615.00 $1,071,646.20
0.96% Atkore Inc 047649108 15,149.00 $1,041,948.22
0.93% Range Resources Corp 75281A109 27,115.00 $1,002,441.55
0.92% TopBuild Corp 89055F103 2,226.00 $988,410.78
0.92% Mueller Industries Inc 624756102 9,566.00 $998,786.06
0.91% Molina Healthcare Inc 60855R100 6,020.00 $980,296.80
0.89% Crocs Inc 227046109 11,029.00 $956,655.46
0.89% Gap Inc/The 364760108 39,325.00 $958,743.50
0.89% Ovintiv Inc 69047Q102 26,150.00 $957,351.50
0.89% Signet Jewelers Ltd G81276100 9,307.00 $957,224.95
0.88% H&R Block Inc 093671105 18,643.00 $955,453.75
0.86% BorgWarner Inc 099724106 21,426.00 $933,102.30
0.86% Core Natural Resources Inc 218937100 11,623.00 $933,675.59
0.85% Chord Energy Corp 674215207 10,135.00 $916,609.40
0.84% Interpublic Group of Cos Inc/The 460690100 34,387.00 $906,097.45
0.84% Qorvo Inc 74736K101 9,307.00 $906,687.94
0.82% Civitas Resources Inc 17888H103 31,470.00 $888,398.10
0.81% Andersons Inc/The 034164103 18,586.00 $876,887.48
0.81% Taylor Morrison Home Corp 87724P106 14,706.00 $880,154.10
0.80% Black Stone Minerals LP 09225M101 66,693.00 $869,009.79
0.80% Amdocs Ltd G02602103 10,262.00 $866,112.80
0.80% Matson Inc 57686G105 8,793.00 $859,164.03
0.80% Weatherford International PLC G48833118 12,235.00 $862,445.15
0.79% Mattel Inc 577081102 44,245.00 $850,831.35
0.78% Allison Transmission Holdings Inc 01973R101 10,213.00 $838,589.43
0.77% Bath & Body Works Inc 070830104 31,713.00 $827,392.17
0.77% Cirrus Logic Inc 172755100 6,166.00 $832,471.66
0.77% Dropbox Inc 26210C104 28,448.00 $833,241.92
0.77% Ingredion Inc 457187102 7,057.00 $830,044.34
0.77% KB Home 48666K109 13,070.00 $834,127.40
0.76% Alliance Resource Partners LP 01877R108 33,936.00 $824,984.16
0.74% Arrow Electronics Inc 042735100 6,740.00 $797,139.80
0.74% Pilgrim's Pride Corp 72147K108 20,987.00 $797,086.26
0.74% Smithfield Foods Inc 832248207 35,468.00 $801,576.80
0.73% EnerSys 29275Y102 6,495.00 $791,091.00
0.73% Patterson-UTI Energy Inc 703481101 125,386.00 $784,916.36
0.72% CNX Resources Corp 12653C108 24,527.00 $782,166.03
0.72% Euronet Worldwide Inc 298736109 9,806.00 $778,400.28
0.72% Teleflex Inc 879369106 5,985.00 $781,521.30
0.72% Tutor Perini Corp 901109108 11,347.00 $776,134.80
0.71% A O Smith Corp 831865209 11,454.00 $765,585.36
0.71% International Seaways Inc Y41053102 15,458.00 $767,180.54
0.71% Lear Corp 521865204 7,483.00 $772,021.11
0.71% Middleby Corp/The 596278101 5,928.00 $770,640.00
0.71% ODP Corp/The 88337F105 27,397.00 $761,636.60
0.71% WEX Inc 96208T104 4,806.00 $763,288.92
0.70% AllianceBernstein Holding LP 01881G106 18,612.00 $751,924.80
0.70% SEI Investments Co 784117103 9,296.00 $760,691.68
0.69% Cal-Maine Foods Inc 128030202 8,624.00 $748,813.30
0.69% Enphase Energy Inc 29355A107 20,344.00 $746,624.80
0.69% Mohawk Industries Inc 608190104 6,315.00 $749,969.40
0.69% Steven Madden Ltd 556269108 21,232.00 $741,315.28
0.68% Artisan Partners Asset Management Inc 04316A108 16,577.00 $732,206.09
0.68% Academy Sports & Outdoors Inc 00402L107 14,720.00 $738,060.80
0.68% Reynolds Consumer Products Inc 76171L106 30,879.00 $731,523.51
0.67% Carter's Inc 146229109 22,971.00 $724,045.92
0.67% Premier Inc 74051N102 25,762.00 $725,973.16
0.66% Adeia Inc 00676P107 40,172.00 $712,249.56
0.66% California Resources Corp 13057Q305 15,139.00 $710,321.88
0.65% LCI Industries 50189K103 7,585.00 $706,163.50
0.65% Lantheus Holdings Inc 516544103 12,254.00 $702,521.82
0.65% TRI POINTE GROUP INC 87265H109 21,639.00 $703,700.28
0.63% Masterbrand Inc 57638P104 52,255.00 $678,269.90
0.63% Sturm Ruger & Co Inc 864159108 15,108.00 $685,298.88
0.63% Supernus Pharmaceuticals Inc 868459108 12,732.00 $676,960.44
0.63% Teradata Corp 88076W103 31,886.00 $683,954.70
0.62% Genpact Ltd G3922B107 17,165.00 $673,039.65
0.62% G-III Apparel Group Ltd 36237H101 23,637.00 $666,327.03
0.62% Gibraltar Industries Inc 374689107 9,898.00 $669,302.76
0.62% Talos Energy Inc 87484T108 70,013.00 $665,123.50
0.61% Columbia Sportswear Co 198516106 12,322.00 $662,553.94
0.61% Option Care Health Inc 68404L201 23,423.00 $660,528.60
0.60% Federated Hermes Inc 314211103 13,289.00 $643,320.49
0.60% GigaCloud Technology Inc G38644103 22,209.00 $644,505.18
0.60% Photronics Inc 719405102 27,014.00 $648,065.86
0.60% ePlus Inc 294268107 8,706.00 $644,418.12
0.60% Perdoceo Education Corp 71363P106 17,724.00 $650,293.56
0.60% V2X Inc 92242T101 10,781.00 $643,841.32
0.59% Robert Half Inc 770323103 22,033.00 $639,838.32
0.59% Sylvamo Corp 871332102 14,977.00 $642,213.76
0.59% TriNet Group Inc 896288107 10,163.00 $637,728.25
0.59% Victory Capital Holdings Inc 92645B103 10,085.00 $639,691.55
0.58% Adient PLC G0084W101 26,555.00 $627,494.65
0.58% eXp World Holdings Inc 30212W100 56,749.00 $629,346.41
0.58% Heidrick & Struggles International Inc 422819102 10,812.00 $631,312.68
0.58% Hub Group Inc 443320106 17,416.00 $622,273.68
0.58% Korn Ferry 500643200 8,874.00 $623,930.94
0.58% Insight Enterprises Inc 45765U103 5,969.00 $626,745.00
0.57% Axcelis Technologies Inc 054540208 7,485.00 $615,940.65
0.57% ASGN Inc 00191U102 13,457.00 $610,544.09
0.57% Kennametal Inc 489170100 27,321.00 $619,640.28
0.57% Dorian LPG Ltd Y2106R110 21,390.00 $613,251.30
0.57% Pediatrix Medical Group Inc 58502B106 34,739.00 $619,743.76
0.57% Prestige Consumer Healthcare Inc 74112D101 9,857.00 $611,429.71
0.57% Boston Beer Co Inc/The 100557107 2,775.00 $618,075.75
0.57% ScanSource Inc 806037107 14,467.00 $612,243.44
0.57% SunCoke Energy Inc 86722A103 76,899.00 $614,423.01
0.57% Worthington Enterprises Inc 981811102 10,912.00 $610,417.28
0.56% Buckle Inc/The 118440106 10,966.00 $603,349.32
0.56% Kimbell Royalty Partners LP 49435R102 45,747.00 $609,350.04
0.56% NetScout Systems Inc 64115T104 22,452.00 $606,428.52
0.56% Envista Holdings Corp 29415F104 30,249.00 $606,794.94
0.56% Scholastic Corp 807066105 21,105.00 $609,301.35
0.56% YETI Holdings Inc 98585X104 16,781.00 $601,431.04
0.55% American Woodmark Corp 030506109 9,036.00 $591,044.76
0.55% ArcBest Corp 03937C105 8,166.00 $599,057.76
0.55% Janus International Group Inc 47103N106 57,901.00 $590,590.20
0.54% Gentex Corp 371901109 24,534.00 $580,719.78
0.54% Upbound Group Inc 76009N100 24,662.00 $582,023.20
0.53% PC Connection Inc 69318J100 9,094.00 $567,920.30
0.53% HNI Corp 404251100 12,848.00 $574,305.60
0.53% Steelcase Inc 858155203 34,304.00 $572,190.72
0.53% Thermon Group Holdings Inc 88362T103 20,426.00 $573,766.34
0.53% Ziff Davis Inc 48123V102 16,739.00 $569,293.39
0.52% Collegium Pharmaceutical Inc 19459J104 15,745.00 $557,530.45
0.52% Phinia Inc 71880K101 10,519.00 $566,974.10
0.52% John Wiley & Sons Inc 968223206 14,878.00 $561,346.94
0.51% DNOW Inc 67011P100 37,499.00 $551,985.28
0.51% Dole PLC G27907107 42,503.00 $551,688.94
0.51% EVERTEC Inc 30040P103 18,047.00 $551,696.79
0.51% Virtus Investment Partners Inc 92828Q109 3,265.00 $551,752.35
0.50% Abercrombie & Fitch Co 002896207 7,274.00 $542,494.92
0.50% CTS Corp 126501105 13,251.00 $536,798.01
0.50% ManpowerGroup Inc 56418H100 16,741.00 $543,078.04
0.50% MRC Global Inc 55345K103 38,650.00 $540,327.00
0.50% PROG Holdings Inc 74319R101 17,284.00 $544,273.16
0.49% Ethan Allen Interiors Inc 297602104 18,731.00 $528,026.89
0.49% Genco Shipping & Trading Ltd Y2685T131 32,040.00 $526,737.60
0.49% ICF International Inc 44925C103 5,982.00 $527,223.57
0.49% Thryv Holdings Inc 886029206 44,462.00 $533,544.00
0.48% Oxford Industries Inc 691497309 13,055.00 $513,322.60
0.47% Monarch Casino & Resort Inc 609027107 5,560.00 $512,354.00
0.46% Apogee Enterprises Inc 037598109 13,198.00 $499,940.24
0.46% Omnicell Inc 68213N109 16,731.00 $500,926.14
0.45% Cars.com Inc 14575E105 44,109.00 $485,199.00
0.45% Harmony Biosciences Holdings Inc 413197104 16,356.00 $484,791.84
0.44% Liquidity Services Inc 53635B107 19,886.00 $480,048.04
0.43% CALERES INC COM 129500104 37,089.00 $463,612.50
0.42% Amphastar Pharmaceuticals Inc 03209R103 18,856.00 $455,938.08
0.42% Kforce Inc 493732101 17,231.00 $456,793.81
0.41% Pacira BioSciences Inc 695127100 20,550.00 $438,948.00
0.38% Simply Good Foods Co/The 82900L102 20,770.00 $410,830.60
0.05% First American Government Obligations Fund 12/01/2031 31846V336 54,325.76 $54,325.76
0.01% Cash & Other Cash&Other 15,484.95 $15,484.95

Holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.

IMPORTANT INFORMATION

The Funds’ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 1-800-617-0004.

Investing involves risk, including the possible loss of principal.

Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemed from the Fund. Brokerage commissions will reduce returns.The NAV of the Fund’s shares is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time (the “NAV Calculation Time”). Market price returns are based on either or both of the last trade of the day before the close of regular trading or the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined).

To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. Market Capitalization Risk. The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund.

Free Cash Flow (or Cash Flow): Refers to the cash generated by a business after accounting for capital investments required to maintain or grow the business.

Morningstar US Small Cap Index: Tracks the performance of common stock prices representative of small-cap and certain mid-cap U.S. securities. It is not possible to invest directly in an index.

The Distillate Capital ETFs are distributed by Quasar Distributors, LLC.