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 10/11/2024

Ticker DSMC
NAV 36.02
Market Price 36.03
Net Assets $99,056,620
Shares Outstanding 2,750,000
30-day SEC Yield as of 9/30/2024 1.09%
Inception 10/5/2022
Primary Exchange NYSE
CUSIP 26922B667
Expense Ratio 0.55%
Premium/Discount % 0.04
Median 30-day Bid/Ask Spread 0.08%

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

10/5/2022-9/30/2024

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 09/30/2024

YTD 1 YR1 3 YR SINCE INCEPTION2
1DSMC NAV 5.55% 18.91% - 21.82%
2DSMC MKT 5.59% 18.95% - 21.88%
3Morningstar US Small Cap TR USD 10.49% 26.04% - 16.48%

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 10/11/2024

 2023Q1 2024Q2 2024Q3 2024Q4 2024
Days at premium1414558546
Days at zero premium/discount204220
Days at discount8612383

DISTRIBUTIONS

Ex-Date Record Date Payable Date Amount Type
09/25/2024 09/25/2024 09/26/2024 $0.09517 Div Income
         
         
         

TOP 10 HOLDINGS

As of 10/14/2024

Percent Net Assets Name Identifier Shares Held Market Value
2.02% Expand Energy Corp 165167735 22,945.65 $2,005,220.35
1.58% Dillard's Inc 254067101 4,299.00 $1,567,114.47
1.58% Owens Corning 690742101 8,696.00 $1,569,193.20
1.55% Toll Brothers Inc 889478103 10,230.00 $1,533,067.80
1.46% WEX Inc 96208T104 6,760.00 $1,444,138.80
1.43% Crocs Inc 227046109 10,151.00 $1,416,572.05
1.37% Alpha Metallurgical Resources Inc 020764106 6,055.00 $1,357,531.00
1.35% Chord Energy Corp 674215207 9,995.00 $1,336,431.45
1.33% InterDigital Inc 45867G101 8,467.00 $1,315,094.44
1.30% Qorvo Inc 74736K101 12,657.00 $1,288,862.31
1.29% CF Industries Holdings Inc 125269100 14,600.00 $1,282,026.00
1.28% Atkore Inc 047649108 14,545.00 $1,268,324.00
1.16% Arch Resources Inc 03940R107 7,865.00 $1,146,717.00
1.13% Etsy Inc 29786A106 22,562.00 $1,121,105.78
1.03% KB Home 48666K109 12,832.00 $1,022,967.04
1.01% Sterling Infrastructure Inc 859241101 6,357.00 $998,684.70
1.00% Jazz Pharmaceuticals PLC G50871105 9,086.00 $988,556.80
0.95% Signet Jewelers Ltd G81276100 9,746.00 $937,175.36
0.93% Tapestry Inc 876030107 20,335.00 $920,565.45
0.87% Boise Cascade Co 09739D100 6,086.00 $866,463.82
0.87% Robert Half Inc 770323103 12,781.00 $859,394.44
0.86% CONSOL Energy Inc 20854L108 7,725.00 $855,003.00
0.85% Ovintiv Inc 69047Q102 19,597.00 $845,218.61
0.85% Molson Coors Beverage Co 60871R209 15,511.00 $844,573.95
0.84% Allison Transmission Holdings Inc 01973R101 8,277.00 $829,769.25
0.83% Carter's Inc 146229109 13,362.00 $826,172.46
0.83% Oshkosh Corp 688239201 7,927.00 $824,090.92
0.82% Matson Inc 57686G105 5,908.00 $809,691.40
0.81% Gulfport Energy Corp 402635502 5,338.00 $800,433.10
0.80% Bath & Body Works Inc 070830104 25,354.00 $796,876.22
0.80% Thor Industries Inc 885160101 7,231.00 $794,108.42
0.78% Amdocs Ltd G02602103 8,725.00 $769,981.25
0.77% Brink's Co/The 109696104 6,839.00 $762,001.38
0.77% Cal-Maine Foods Inc 128030202 8,464.00 $765,568.80
0.76% Argan Inc 04010E109 6,531.00 $751,979.34
0.75% Matador Resources Co 576485205 13,488.00 $738,468.00
0.74% APA Corp 03743Q108 26,936.00 $729,157.52
0.74% HF Sinclair Corp 403949100 15,924.00 $730,593.12
0.74% SM Energy Co 78454L100 15,990.00 $728,344.50
0.73% Academy Sports & Outdoors Inc 00402L107 13,290.00 $722,843.10
0.72% Taylor Morrison Home Corp 87724P106 10,527.00 $709,519.80
0.71% Civitas Resources Inc 17888H103 12,892.00 $699,648.84
0.70% Interpublic Group of Cos Inc/The 460690100 22,197.00 $696,763.83
0.69% Antero Resources Corp 03674X106 23,383.00 $683,952.75
0.69% BorgWarner Inc 099724106 19,496.00 $683,334.80
0.69% LCI Industries 50189K103 5,806.00 $681,740.52
0.68% Columbia Sportswear Co 198516106 8,436.00 $675,976.68
0.67% Warrior Met Coal Inc 93627C101 10,422.00 $665,548.92
0.66% GMS Inc 36251C103 7,118.00 $656,208.42
0.66% Terex Corp 880779103 11,718.00 $650,114.64
0.66% Victoria's Secret & Co 926400102 25,021.00 $651,797.05
0.65% First American Government Obligations Fund 12/01/2031 31846V336 641,164.30 $641,164.30
0.64% GigaCloud Technology Inc G38644103 25,215.00 $636,426.60
0.64% Grand Canyon Education Inc 38526M106 4,724.00 $630,512.28
0.64% SEI Investments Co 784117103 9,018.00 $632,161.80
0.63% California Resources Corp 13057Q305 11,563.00 $620,817.47
0.63% Euronet Worldwide Inc 298736109 6,367.00 $625,303.07
0.62% LKQ Corp 501889208 15,749.00 $614,840.96
0.62% Murphy Oil Corp 626717102 17,205.00 $617,831.55
0.61% Atmus Filtration Technologies Inc 04956D107 15,352.00 $607,939.20
0.61% Dropbox Inc 26210C104 23,333.00 $604,324.70
0.61% Range Resources Corp 75281A109 19,108.00 $600,373.36
0.60% Sylvamo Corp 871332102 7,057.00 $590,670.90
0.59% BlueLinx Holdings Inc 09624H208 5,338.00 $583,176.50
0.59% ChampionX Corp 15872M104 18,157.00 $580,297.72
0.59% Magnolia Oil & Gas Corp 559663109 21,793.00 $589,282.72
0.59% Mosaic Co/The 61945C103 22,170.00 $579,967.20
0.59% Vista Outdoor Inc 928377100 13,248.00 $586,488.96
0.59% DENTSPLY SIRONA Inc 24906P109 23,702.00 $581,410.06
0.58% Cleveland-Cliffs Inc 185899101 43,768.00 $575,111.52
0.58% Steven Madden Ltd 556269108 12,096.00 $579,156.48
0.57% American Woodmark Corp 030506109 6,117.00 $564,537.93
0.57% Apogee Enterprises Inc 037598109 7,231.00 $565,608.82
0.57% Diodes Inc 254543101 8,701.00 $562,606.66
0.57% Genpact Ltd G3922B107 14,547.00 $566,751.12
0.57% International Seaways Inc Y41053102 10,795.00 $560,584.35
0.57% Teradata Corp 88076W103 18,001.00 $566,491.47
0.57% TRI POINTE GROUP INC 87265H109 13,032.00 $568,977.12
0.57% Virtus Investment Partners Inc 92828Q109 2,715.00 $564,475.65
0.56% Federated Hermes Inc 314211103 15,059.00 $552,062.94
0.56% ManpowerGroup Inc 56418H100 7,811.00 $558,877.05
0.56% PROG Holdings Inc 74319R101 11,478.00 $550,829.22
0.56% Victory Capital Holdings Inc 92645B103 9,609.00 $559,532.07
0.56% Winnebago Industries Inc 974637100 9,550.00 $555,237.00
0.55% G-III Apparel Group Ltd 36237H101 17,969.00 $547,156.05
0.55% Korn Ferry 500643200 7,648.00 $549,279.36
0.55% Kulicke & Soffa Industries Inc 501242101 12,104.00 $547,948.08
0.55% Insperity Inc 45778Q107 6,187.00 $541,671.85
0.55% Teekay Tankers Ltd G8726X106 9,142.00 $541,480.66
0.54% Malibu Boats Inc 56117J100 13,126.00 $534,884.50
0.53% Artisan Partners Asset Management Inc 04316A108 12,110.00 $525,695.10
0.53% Masterbrand Inc 57638P104 29,398.00 $522,696.44
0.53% Quanex Building Products Corp 747619104 18,325.00 $521,529.50
0.53% Oxford Industries Inc 691497309 6,922.00 $529,463.78
0.53% World Kinect Corp 981475106 17,048.00 $524,226.00
0.52% Envista Holdings Corp 29415F104 28,314.00 $513,332.82
0.52% Prestige Consumer Healthcare Inc 74112D101 7,394.00 $514,474.52
0.51% Buckle Inc/The 118440106 12,025.00 $509,258.75
0.51% Everi Holdings Inc 30034T103 37,998.00 $501,573.60
0.51% Pediatrix Medical Group Inc 58502B106 41,702.00 $505,011.22
0.51% RPC Inc 749660106 71,717.00 $504,170.51
0.51% John Wiley & Sons Inc 968223206 10,104.00 $501,865.68
0.50% AllianceBernstein Holding LP 01881G106 14,036.00 $496,453.32
0.50% Alliance Resource Partners LP 01877R108 19,520.00 $493,270.40
0.50% PC Connection Inc 69318J100 6,657.00 $490,554.33
0.50% Collegium Pharmaceutical Inc 19459J104 13,175.00 $496,961.00
0.50% eXp World Holdings Inc 30212W100 37,584.00 $496,484.64
0.50% Monarch Casino & Resort Inc 609027107 6,568.00 $497,394.64
0.50% ODP Corp/The 88337F105 16,358.00 $491,557.90
0.50% Pacira BioSciences Inc 695127100 30,738.00 $498,570.36
0.50% Gibraltar Industries Inc 374689107 7,444.00 $499,715.72
0.50% TripAdvisor Inc 896945201 33,826.00 $490,477.00
0.48% Black Stone Minerals LP 09225M101 30,892.00 $470,794.08
0.48% CTS Corp 126501105 9,800.00 $472,850.00
0.48% DXC Technology Co 23355L106 23,718.00 $474,834.36
0.48% Genco Shipping & Trading Ltd Y2685T131 26,428.00 $471,475.52
0.48% Hub Group Inc 443320106 10,924.00 $475,303.24
0.48% Innoviva Inc 45781M101 24,050.00 $476,190.00
0.48% Kimbell Royalty Partners LP 49435R102 29,068.00 $477,877.92
0.48% Dorian LPG Ltd Y2106R110 13,376.00 $472,039.04
0.48% NetScout Systems Inc 64115T104 21,847.00 $474,298.37
0.48% Ziff Davis Inc 48123V102 10,609.00 $475,919.74
0.47% Andersons Inc/The 034164103 9,430.00 $461,881.40
0.47% Heidrick & Struggles International Inc 422819102 12,271.00 $462,984.83
0.47% Sturm Ruger & Co Inc 864159108 11,219.00 $463,681.27
0.47% Supernus Pharmaceuticals Inc 868459108 14,083.00 $464,739.00
0.46% Extreme Networks Inc 30226D106 29,810.00 $457,583.50
0.46% Harmony Biosciences Holdings Inc 413197104 13,197.00 $459,651.51
0.46% International Money Express Inc 46005L101 25,817.00 $455,670.05
0.46% Premier Inc 74051N102 23,485.00 $454,434.75
0.46% Sally Beauty Holdings Inc 79546E104 35,980.00 $454,427.40
0.45% Cohu Inc 192576106 17,492.00 $445,521.24
0.45% Ethan Allen Interiors Inc 297602104 15,014.00 $445,765.66
0.45% Helix Energy Solutions Group Inc 42330P107 41,257.00 $442,687.61
0.45% Janus International Group Inc 47103N106 44,092.00 $447,533.80
0.45% Photronics Inc 719405102 18,243.00 $441,480.60
0.45% Shutterstock Inc 825690100 14,295.00 $449,720.70
0.45% SunCoke Energy Inc 86722A103 51,008.00 $442,239.36
0.45% Wabash National Corp 929566107 24,074.00 $448,739.36
0.44% Adeia Inc 00676P107 36,567.00 $434,415.96
0.44% Ardmore Shipping Corp Y0207T100 24,704.00 $436,519.68
0.44% Perdoceo Education Corp 71363P106 20,624.00 $434,960.16
0.44% REV Group Inc 749527107 15,543.00 $437,846.31
0.43% Golden Entertainment Inc 381013101 14,412.00 $426,739.32
0.43% Repay Holdings Corp 76029L100 53,890.00 $425,731.00
0.43% Worthington Enterprises Inc 981811102 10,480.00 $422,134.40
0.41% Cars.com Inc 14575E105 26,091.00 $408,324.15
0.40% CALERES INC COM 129500104 12,006.00 $392,596.20
0.40% Scholastic Corp 807066105 14,575.00 $394,399.50
0.02% Cash & Other Cash&Other 15,576.79 $15,576.79

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.