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 10/07/2025
| Ticker | DSMC |
| NAV | 35.63 |
| Market Price | 35.66 |
| Net Assets | $106,900,803 |
| Shares Outstanding | 3,000,000 |
| 30-day SEC Yield as of 8/31/2025 | 0.97% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.07 |
| 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
10/5/2022-6/30/2025
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 10/07/2025
| 2023 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 39 | 34 | 49 | 4 |
| Days at zero premium/discount | 20 | 8 | 2 | 5 | 2 | 0 |
| Days at discount | 86 | 32 | 20 | 23 | 13 | 1 |
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 10/08/2025
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.34% | Mosaic Co/The | 61945C103 | 40,343.00 | $1,428,545.63 |
| 1.27% | Skyworks Solutions Inc | 83088M102 | 18,228.00 | $1,355,069.52 |
| 1.13% | Molina Healthcare Inc | 60855R100 | 5,922.00 | $1,203,705.72 |
| 1.10% | APA Corp | 03743Q108 | 46,942.00 | $1,177,305.36 |
| 1.08% | Owens Corning | 690742101 | 8,630.00 | $1,151,069.40 |
| 1.07% | DXC Technology Co | 23355L106 | 86,300.00 | $1,146,064.00 |
| 1.05% | Antero Resources Corp | 03674X106 | 33,063.00 | $1,120,835.70 |
| 1.02% | Dillard's Inc | 254067101 | 1,784.00 | $1,092,093.44 |
| 1.01% | HF Sinclair Corp | 403949100 | 20,866.00 | $1,084,614.68 |
| 0.99% | Civitas Resources Inc | 17888H103 | 30,954.00 | $1,054,293.24 |
| 0.99% | Core Natural Resources Inc | 218937100 | 11,433.00 | $1,059,839.10 |
| 0.98% | Etsy Inc | 29786A106 | 14,655.00 | $1,046,953.20 |
| 0.98% | Range Resources Corp | 75281A109 | 26,671.00 | $1,049,770.56 |
| 0.95% | Ovintiv Inc | 69047Q102 | 25,722.00 | $1,020,391.74 |
| 0.93% | Chord Energy Corp | 674215207 | 9,969.00 | $990,918.60 |
| 0.87% | Atkore Inc | 047649108 | 14,901.00 | $932,951.61 |
| 0.87% | H&R Block Inc | 093671105 | 18,337.00 | $928,952.42 |
| 0.87% | Mueller Industries Inc | 624756102 | 9,410.00 | $928,578.80 |
| 0.86% | Interpublic Group of Cos Inc/The | 460690100 | 33,823.00 | $921,338.52 |
| 0.86% | Taylor Morrison Home Corp | 87724P106 | 14,464.00 | $916,439.04 |
| 0.84% | BorgWarner Inc | 099724106 | 21,074.00 | $893,116.12 |
| 0.83% | Black Stone Minerals LP | 09225M101 | 65,599.00 | $886,242.49 |
| 0.81% | TopBuild Corp | 89055F103 | 2,190.00 | $867,765.60 |
| 0.80% | Crocs Inc | 227046109 | 10,849.00 | $855,118.18 |
| 0.80% | Signet Jewelers Ltd | G81276100 | 9,155.00 | $857,640.40 |
| 0.79% | Allison Transmission Holdings Inc | 01973R101 | 10,045.00 | $840,666.05 |
| 0.79% | Alliance Resource Partners LP | 01877R108 | 33,380.00 | $844,514.00 |
| 0.78% | Amdocs Ltd | G02602103 | 10,094.00 | $831,947.48 |
| 0.78% | Euronet Worldwide Inc | 298736109 | 9,646.00 | $838,430.32 |
| 0.78% | Ingredion Inc | 457187102 | 6,941.00 | $836,945.78 |
| 0.78% | Matson Inc | 57686G105 | 8,649.00 | $832,898.70 |
| 0.77% | Qorvo Inc | 74736K101 | 9,155.00 | $818,914.75 |
| 0.76% | CNX Resources Corp | 12653C108 | 24,125.00 | $809,876.25 |
| 0.76% | Dropbox Inc | 26210C104 | 27,982.00 | $814,556.02 |
| 0.76% | Gap Inc/The | 364760108 | 38,681.00 | $808,626.31 |
| 0.75% | A O Smith Corp | 831865209 | 11,266.00 | $804,392.40 |
| 0.75% | Bath & Body Works Inc | 070830104 | 31,193.00 | $801,036.24 |
| 0.75% | California Resources Corp | 13057Q305 | 14,891.00 | $798,306.51 |
| 0.75% | Middleby Corp/The | 596278101 | 5,830.00 | $800,692.20 |
| 0.74% | Arrow Electronics Inc | 042735100 | 6,630.00 | $792,749.10 |
| 0.74% | Cal-Maine Foods Inc | 128030202 | 8,482.00 | $787,723.34 |
| 0.74% | KB Home | 48666K109 | 12,856.00 | $786,401.52 |
| 0.74% | Pilgrim's Pride Corp | 72147K108 | 20,643.00 | $795,994.08 |
| 0.74% | Weatherford International PLC | G48833118 | 12,035.00 | $787,570.40 |
| 0.73% | Mattel Inc | 577081102 | 43,519.00 | $783,342.00 |
| 0.73% | Smithfield Foods Inc | 832248207 | 34,886.00 | $778,655.52 |
| 0.72% | Andersons Inc/The | 034164103 | 18,282.00 | $766,747.08 |
| 0.72% | Academy Sports & Outdoors Inc | 00402L107 | 14,478.00 | $766,465.32 |
| 0.72% | SEI Investments Co | 784117103 | 9,144.00 | $774,862.56 |
| 0.71% | Mohawk Industries Inc | 608190104 | 6,211.00 | $761,344.38 |
| 0.71% | Reynolds Consumer Products Inc | 76171L106 | 30,373.00 | $754,161.59 |
| 0.70% | Cirrus Logic Inc | 172755100 | 6,064.00 | $751,511.52 |
| 0.70% | ODP Corp/The | 88337F105 | 26,947.00 | $746,970.84 |
| 0.70% | Teleflex Inc | 879369106 | 5,887.00 | $747,001.43 |
| 0.70% | WEX Inc | 96208T104 | 4,728.00 | $744,139.92 |
| 0.68% | Enphase Energy Inc | 29355A107 | 20,010.00 | $725,762.70 |
| 0.68% | EnerSys | 29275Y102 | 6,389.00 | $722,723.68 |
| 0.68% | Lear Corp | 521865204 | 7,361.00 | $731,609.79 |
| 0.68% | Patterson-UTI Energy Inc | 703481101 | 123,330.00 | $731,346.90 |
| 0.67% | Robert Half Inc | 770323103 | 21,671.00 | $718,610.36 |
| 0.66% | AllianceBernstein Holding LP | 01881G106 | 18,306.00 | $703,682.64 |
| 0.66% | Artisan Partners Asset Management Inc | 04316A108 | 16,305.00 | $709,593.60 |
| 0.66% | Premier Inc | 74051N102 | 25,340.00 | $707,239.40 |
| 0.65% | Federated Hermes Inc | 314211103 | 13,071.00 | $691,848.03 |
| 0.65% | Steven Madden Ltd | 556269108 | 20,884.00 | $693,975.32 |
| 0.65% | Talos Energy Inc | 87484T108 | 68,865.00 | $694,159.20 |
| 0.64% | Genpact Ltd | G3922B107 | 16,883.00 | $687,138.10 |
| 0.64% | Teradata Corp | 88076W103 | 31,364.00 | $681,539.72 |
| 0.64% | Tutor Perini Corp | 901109108 | 11,161.00 | $687,629.21 |
| 0.64% | TRI POINTE GROUP INC | 87265H109 | 21,285.00 | $688,995.45 |
| 0.63% | Adeia Inc | 00676P107 | 39,514.00 | $675,294.26 |
| 0.63% | International Seaways Inc | Y41053102 | 15,204.00 | $674,297.40 |
| 0.63% | Sturm Ruger & Co Inc | 864159108 | 14,860.00 | $672,712.20 |
| 0.62% | LCI Industries | 50189K103 | 7,461.00 | $665,073.54 |
| 0.62% | Masterbrand Inc | 57638P104 | 51,399.00 | $659,963.16 |
| 0.62% | Victory Capital Holdings Inc | 92645B103 | 9,919.00 | $659,216.74 |
| 0.61% | Carter's Inc | 146229109 | 22,595.00 | $654,577.15 |
| 0.60% | Gentex Corp | 371901109 | 24,132.00 | $639,739.32 |
| 0.60% | SunCoke Energy Inc | 86722A103 | 75,639.00 | $637,636.77 |
| 0.60% | TriNet Group Inc | 896288107 | 9,997.00 | $646,705.93 |
| 0.60% | Ziff Davis Inc | 48123V102 | 16,465.00 | $640,323.85 |
| 0.59% | Adient PLC | G0084W101 | 26,119.00 | $634,430.51 |
| 0.59% | ASGN Inc | 00191U102 | 13,237.00 | $631,802.01 |
| 0.59% | Columbia Sportswear Co | 198516106 | 12,120.00 | $630,603.60 |
| 0.59% | ManpowerGroup Inc | 56418H100 | 16,467.00 | $631,674.12 |
| 0.59% | Insight Enterprises Inc | 45765U103 | 5,871.00 | $635,007.36 |
| 0.59% | Gibraltar Industries Inc | 374689107 | 9,736.00 | $627,095.76 |
| 0.59% | Sylvamo Corp | 871332102 | 14,731.00 | $628,866.39 |
| 0.59% | V2X Inc | 92242T101 | 10,605.00 | $627,922.05 |
| 0.58% | Axcelis Technologies Inc | 054540208 | 7,363.00 | $615,988.58 |
| 0.58% | GigaCloud Technology Inc | G38644103 | 21,845.00 | $618,650.40 |
| 0.58% | G-III Apparel Group Ltd | 36237H101 | 23,249.00 | $623,305.69 |
| 0.58% | Heidrick & Struggles International Inc | 422819102 | 10,634.00 | $618,792.46 |
| 0.58% | Korn Ferry | 500643200 | 8,728.00 | $616,371.36 |
| 0.58% | Lantheus Holdings Inc | 516544103 | 12,054.00 | $624,879.36 |
| 0.58% | Option Care Health Inc | 68404L201 | 23,039.00 | $624,587.29 |
| 0.58% | Photronics Inc | 719405102 | 26,572.00 | $618,596.16 |
| 0.58% | ePlus Inc | 294268107 | 8,564.00 | $620,376.16 |
| 0.57% | Buckle Inc/The | 118440106 | 10,786.00 | $613,076.24 |
| 0.57% | Kimbell Royalty Partners LP | 49435R102 | 44,997.00 | $611,059.26 |
| 0.57% | Envista Holdings Corp | 29415F104 | 29,753.00 | $607,556.26 |
| 0.57% | Prestige Consumer Healthcare Inc | 74112D101 | 9,695.00 | $609,524.65 |
| 0.57% | Boston Beer Co Inc/The | 100557107 | 2,729.00 | $604,337.05 |
| 0.57% | Virtus Investment Partners Inc | 92828Q109 | 3,211.00 | $614,135.86 |
| 0.56% | eXp World Holdings Inc | 30212W100 | 55,819.00 | $602,845.20 |
| 0.56% | Pediatrix Medical Group Inc | 58502B106 | 34,169.00 | $601,374.40 |
| 0.56% | Perdoceo Education Corp | 71363P106 | 17,434.00 | $603,739.42 |
| 0.56% | Scholastic Corp | 807066105 | 20,759.00 | $597,236.43 |
| 0.56% | Supernus Pharmaceuticals Inc | 868459108 | 12,524.00 | $602,028.68 |
| 0.56% | Worthington Enterprises Inc | 981811102 | 10,734.00 | $595,092.96 |
| 0.55% | Hub Group Inc | 443320106 | 17,130.00 | $587,045.10 |
| 0.55% | ScanSource Inc | 806037107 | 14,229.00 | $590,503.50 |
| 0.54% | American Woodmark Corp | 030506109 | 8,888.00 | $578,875.44 |
| 0.54% | ArcBest Corp | 03937C105 | 8,032.00 | $579,107.20 |
| 0.54% | DNOW Inc | 67011P100 | 36,885.00 | $572,086.35 |
| 0.54% | HNI Corp | 404251100 | 12,638.00 | $578,694.02 |
| 0.54% | Dorian LPG Ltd | Y2106R110 | 21,040.00 | $579,231.20 |
| 0.54% | NetScout Systems Inc | 64115T104 | 22,084.00 | $573,521.48 |
| 0.53% | EVERTEC Inc | 30040P103 | 17,751.00 | $569,629.59 |
| 0.53% | Kennametal Inc | 489170100 | 26,873.00 | $571,857.44 |
| 0.53% | Steelcase Inc | 858155203 | 33,742.00 | $568,890.12 |
| 0.52% | Apogee Enterprises Inc | 037598109 | 12,982.00 | $556,797.98 |
| 0.52% | Janus International Group Inc | 47103N106 | 56,951.00 | $556,980.78 |
| 0.52% | MRC Global Inc | 55345K103 | 38,016.00 | $559,215.36 |
| 0.52% | Phinia Inc | 71880K101 | 10,347.00 | $560,600.46 |
| 0.52% | John Wiley & Sons Inc | 968223206 | 14,634.00 | $560,921.22 |
| 0.51% | Dole PLC | G27907107 | 41,807.00 | $549,343.98 |
| 0.51% | Genco Shipping & Trading Ltd | Y2685T131 | 31,514.00 | $542,671.08 |
| 0.51% | ICF International Inc | 44925C103 | 5,884.00 | $543,975.80 |
| 0.51% | Monarch Casino & Resort Inc | 609027107 | 5,468.00 | $541,933.48 |
| 0.51% | YETI Holdings Inc | 98585X104 | 16,505.00 | $547,966.00 |
| 0.50% | Abercrombie & Fitch Co | 002896207 | 7,154.00 | $539,769.30 |
| 0.50% | PC Connection Inc | 69318J100 | 8,944.00 | $533,688.48 |
| 0.50% | Thermon Group Holdings Inc | 88362T103 | 20,092.00 | $530,830.64 |
| 0.49% | PROG Holdings Inc | 74319R101 | 17,000.00 | $522,920.00 |
| 0.48% | Cars.com Inc | 14575E105 | 43,385.00 | $513,244.55 |
| 0.48% | Collegium Pharmaceutical Inc | 19459J104 | 15,487.00 | $517,110.93 |
| 0.48% | Ethan Allen Interiors Inc | 297602104 | 18,423.00 | $510,132.87 |
| 0.47% | CTS Corp | 126501105 | 13,033.00 | $499,033.57 |
| 0.47% | Omnicell Inc | 68213N109 | 16,457.00 | $497,824.25 |
| 0.47% | Upbound Group Inc | 76009N100 | 24,258.00 | $503,110.92 |
| 0.46% | Kforce Inc | 493732101 | 16,949.00 | $495,249.78 |
| 0.46% | Liquidity Services Inc | 53635B107 | 19,560.00 | $493,694.40 |
| 0.46% | Oxford Industries Inc | 691497309 | 12,841.00 | $495,148.96 |
| 0.46% | Simply Good Foods Co/The | 82900L102 | 20,430.00 | $495,631.80 |
| 0.46% | Thryv Holdings Inc | 886029206 | 43,734.00 | $491,132.82 |
| 0.45% | Amphastar Pharmaceuticals Inc | 03209R103 | 18,546.00 | $479,043.18 |
| 0.45% | CALERES INC COM | 129500104 | 36,481.00 | $476,077.05 |
| 0.45% | Pacira BioSciences Inc | 695127100 | 20,214.00 | $477,454.68 |
| 0.41% | Harmony Biosciences Holdings Inc | 413197104 | 16,088.00 | $435,180.40 |
| 0.05% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 50,297.84 | $50,297.84 |
| 0.00% | Cash & Other | Cash&Other | 3,364.90 | $3,364.90 |
Holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.
LITERATURE
Fact SheetIMPORTANT 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.
