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
| 2023 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 39 | 34 | 49 | 18 |
| Days at zero premium/discount | 20 | 8 | 2 | 5 | 2 | 0 |
| Days at discount | 86 | 32 | 20 | 23 | 13 | 2 |
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.
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.
