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 05/14/2025
| Ticker | DSMC |
| NAV | 32.25 |
| Market Price | 32.28 |
| Net Assets | $93,527,505 |
| Shares Outstanding | 2,900,000 |
| 30-day SEC Yield as of 4/30/2025 | 1.37% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.10 |
| Median 30-day Bid/Ask Spread | 0.12% |
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
10/5/2022-3/31/2025
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 04/30/2025
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | -14.05% | -12.64% | - | 8.75% |
| 2DSMC MKT | -14.12% | -12.85% | - | 8.71% |
| 3Russell 2000 Index | -11.57% | 0.87% | - | 5.84% |
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 05/14/2025
| 2023 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 39 | 17 | - | - |
| Days at zero premium/discount | 20 | 8 | 2 | 3 | - | - |
| Days at discount | 86 | 32 | 20 | 11 | - | - |
DISTRIBUTIONS
| Ex-Date | Record Date | Payable Date | Amount | Type |
|---|---|---|---|---|
| 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 |
| 09/20/2023 | 09/21/2023 | 09/22/2023 | $0.08607 | Div Income |
| 06/21/2023 | 06/22/2023 | 06/23/2023 | $0.08930 | Div Income |
TOP 10 HOLDINGS
As of 05/15/2025
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.91% | Huntington Ingalls Industries Inc | 446413106 | 7,994.00 | $1,783,541.34 |
| 1.56% | Crocs Inc | 227046109 | 12,346.00 | $1,460,037.96 |
| 1.53% | Reliance Inc | 759509102 | 4,781.00 | $1,435,495.25 |
| 1.51% | Dillard's Inc | 254067101 | 3,655.00 | $1,414,485.00 |
| 1.51% | Powell Industries Inc | 739128106 | 7,654.00 | $1,414,153.04 |
| 1.51% | Sterling Infrastructure Inc | 859241101 | 7,558.00 | $1,414,857.60 |
| 1.50% | TopBuild Corp | 89055F103 | 4,669.00 | $1,400,700.00 |
| 1.44% | Toll Brothers Inc | 889478103 | 12,822.00 | $1,347,207.54 |
| 1.44% | United Therapeutics Corp | 91307C102 | 4,507.00 | $1,350,657.76 |
| 1.41% | Owens Corning | 690742101 | 9,283.00 | $1,319,114.30 |
| 1.40% | Skyworks Solutions Inc | 83088M102 | 18,184.00 | $1,313,612.16 |
| 1.38% | CF Industries Holdings Inc | 125269100 | 15,155.00 | $1,295,297.85 |
| 1.30% | Builders FirstSource Inc | 12008R107 | 10,166.00 | $1,214,938.66 |
| 1.25% | Omnicom Group Inc | 681919106 | 15,415.00 | $1,171,848.30 |
| 1.12% | Qorvo Inc | 74736K101 | 13,137.00 | $1,043,603.28 |
| 1.04% | Teleflex Inc | 879369106 | 7,766.00 | $972,769.16 |
| 1.04% | WEX Inc | 96208T104 | 7,059.00 | $971,036.04 |
| 1.01% | CH Robinson Worldwide Inc | 12541W209 | 9,671.00 | $948,048.13 |
| 0.96% | Parsons Corp | 70202L102 | 13,449.00 | $899,872.59 |
| 0.94% | Cal-Maine Foods Inc | 128030202 | 9,327.00 | $879,536.10 |
| 0.88% | Mohawk Industries Inc | 608190104 | 7,637.00 | $819,144.62 |
| 0.87% | Jazz Pharmaceuticals PLC | G50871105 | 7,677.00 | $818,291.43 |
| 0.86% | Allison Transmission Holdings Inc | 01973R101 | 7,653.00 | $804,100.71 |
| 0.86% | Etsy Inc | 29786A106 | 17,055.00 | $800,902.80 |
| 0.86% | Gulfport Energy Corp | 402635502 | 4,101.00 | $807,281.85 |
| 0.86% | Oshkosh Corp | 688239201 | 8,010.00 | $807,648.30 |
| 0.85% | Signet Jewelers Ltd | G81276100 | 11,881.00 | $792,106.27 |
| 0.84% | Chord Energy Corp | 674215207 | 8,040.00 | $787,759.20 |
| 0.84% | Mosaic Co/The | 61945C103 | 23,319.00 | $785,383.92 |
| 0.84% | PVH Corp | 693656100 | 8,982.00 | $783,948.96 |
| 0.80% | Antero Resources Corp | 03674X106 | 18,398.00 | $745,119.00 |
| 0.77% | A O Smith Corp | 831865209 | 10,468.00 | $715,487.80 |
| 0.76% | Kontoor Brands Inc | 50050N103 | 9,763.00 | $711,625.07 |
| 0.75% | Hologic Inc | 436440101 | 12,645.00 | $700,027.20 |
| 0.75% | Textron Inc | 883203101 | 9,337.00 | $702,235.77 |
| 0.74% | Amdocs Ltd | G02602103 | 7,669.00 | $687,679.23 |
| 0.73% | Atkore Inc | 047649108 | 9,859.00 | $684,017.42 |
| 0.73% | Molson Coors Beverage Co | 60871R209 | 12,380.00 | $686,966.20 |
| 0.71% | Euronet Worldwide Inc | 298736109 | 6,022.00 | $663,263.08 |
| 0.70% | Core Natural Resources Inc | 218937100 | 9,295.00 | $657,900.10 |
| 0.68% | Bath & Body Works Inc | 070830104 | 18,583.00 | $632,379.49 |
| 0.68% | Range Resources Corp | 75281A109 | 15,749.00 | $636,574.58 |
| 0.68% | Worthington Enterprises Inc | 981811102 | 10,724.00 | $638,506.96 |
| 0.67% | Fortune Brands Innovations Inc | 34964C106 | 11,386.00 | $622,814.20 |
| 0.66% | CNX Resources Corp | 12653C108 | 19,038.00 | $619,115.76 |
| 0.66% | Concentrix Corp | 20602D101 | 11,318.00 | $619,660.50 |
| 0.66% | H&R Block Inc | 093671105 | 10,942.00 | $616,472.28 |
| 0.66% | SEI Investments Co | 784117103 | 7,383.00 | $615,520.71 |
| 0.65% | Axcelis Technologies Inc | 054540208 | 9,666.00 | $606,541.50 |
| 0.65% | Synaptics Inc | 87157D109 | 9,203.00 | $608,410.33 |
| 0.63% | BorgWarner Inc | 099724106 | 17,866.00 | $588,148.72 |
| 0.63% | M/I Homes Inc | 55305B101 | 5,370.00 | $589,250.10 |
| 0.63% | Taylor Morrison Home Corp | 87724P106 | 10,062.00 | $592,953.66 |
| 0.62% | LKQ Corp | 501889208 | 13,891.00 | $579,532.52 |
| 0.62% | Matson Inc | 57686G105 | 4,947.00 | $576,523.38 |
| 0.62% | Ovintiv Inc | 69047Q102 | 14,829.00 | $578,034.42 |
| 0.62% | Westlake Corp | 960413102 | 7,001.00 | $578,072.57 |
| 0.60% | International Seaways Inc | Y41053102 | 14,601.00 | $560,532.39 |
| 0.60% | Interpublic Group of Cos Inc/The | 460690100 | 22,423.00 | $562,593.07 |
| 0.60% | KB Home | 48666K109 | 10,423.00 | $561,903.93 |
| 0.60% | Teekay Tankers Ltd | G8726X106 | 12,398.00 | $565,224.82 |
| 0.59% | Blue Bird Corp | 095306106 | 13,736.00 | $547,654.32 |
| 0.59% | Hormel Foods Corp | 440452100 | 19,022.00 | $554,681.52 |
| 0.59% | QIAGEN NV | N72482206 | 13,417.00 | $552,109.55 |
| 0.58% | Thor Industries Inc | 885160101 | 6,599.00 | $537,884.49 |
| 0.58% | Weatherford International PLC | G48833118 | 10,764.00 | $538,092.36 |
| 0.57% | Boise Cascade Co | 09739D100 | 5,838.00 | $529,740.12 |
| 0.57% | Dorian LPG Ltd | Y2106R110 | 22,364.00 | $532,263.20 |
| 0.57% | ODP Corp/The | 88337F105 | 29,351.00 | $530,666.08 |
| 0.57% | Perdoceo Education Corp | 71363P106 | 17,340.00 | $535,979.40 |
| 0.56% | Academy Sports & Outdoors Inc | 00402L107 | 11,436.00 | $524,569.32 |
| 0.56% | Donnelley Financial Solutions Inc | 25787G100 | 9,659.00 | $525,739.37 |
| 0.56% | Federated Hermes Inc | 314211103 | 12,304.00 | $522,304.80 |
| 0.56% | Patrick Industries Inc | 703343103 | 6,100.00 | $528,260.00 |
| 0.55% | AllianceBernstein Holding LP | 01881G106 | 12,822.00 | $510,572.04 |
| 0.55% | Matador Resources Co | 576485205 | 11,169.00 | $512,545.41 |
| 0.54% | APA Corp | 03743Q108 | 28,007.00 | $508,887.19 |
| 0.54% | California Resources Corp | 13057Q305 | 11,552.00 | $505,746.56 |
| 0.54% | GigaCloud Technology Inc | G38644103 | 26,958.00 | $505,462.50 |
| 0.54% | Korn Ferry | 500643200 | 7,467.00 | $506,561.28 |
| 0.54% | John Wiley & Sons Inc | 968223206 | 11,664.00 | $500,852.16 |
| 0.53% | GMS Inc | 36251C103 | 6,615.00 | $500,027.85 |
| 0.53% | ScanSource Inc | 806037107 | 12,196.00 | $496,133.28 |
| 0.52% | Artisan Partners Asset Management Inc | 04316A108 | 11,054.00 | $486,597.08 |
| 0.52% | Brink's Co/The | 109696104 | 5,609.00 | $488,768.26 |
| 0.52% | PC Connection Inc | 69318J100 | 6,977.00 | $485,529.43 |
| 0.52% | Magnolia Oil & Gas Corp | 559663109 | 20,805.00 | $482,467.95 |
| 0.52% | Victory Capital Holdings Inc | 92645B103 | 7,509.00 | $485,156.49 |
| 0.51% | ChampionX Corp | 15872M104 | 18,178.00 | $476,081.82 |
| 0.51% | Harmony Biosciences Holdings Inc | 413197104 | 14,215.00 | $474,638.85 |
| 0.51% | LCI Industries | 50189K103 | 5,389.00 | $481,453.26 |
| 0.51% | Pacira BioSciences Inc | 695127100 | 19,325.00 | $472,496.25 |
| 0.51% | TripAdvisor Inc | 896945201 | 30,526.00 | $479,563.46 |
| 0.50% | ASGN Inc | 00191U102 | 8,490.00 | $467,119.80 |
| 0.50% | Buckle Inc/The | 118440106 | 11,747.00 | $467,883.01 |
| 0.50% | CALERES INC COM | 129500104 | 26,714.00 | $466,960.72 |
| 0.50% | G-III Apparel Group Ltd | 36237H101 | 16,752.00 | $469,893.60 |
| 0.50% | Teradata Corp | 88076W103 | 19,980.00 | $466,333.20 |
| 0.50% | TRI POINTE GROUP INC | 87265H109 | 15,122.00 | $471,806.40 |
| 0.50% | Virtus Investment Partners Inc | 92828Q109 | 2,630.00 | $463,484.90 |
| 0.49% | Adient PLC | G0084W101 | 28,784.00 | $456,802.08 |
| 0.49% | Alliance Resource Partners LP | 01877R108 | 17,257.00 | $454,894.52 |
| 0.49% | Civitas Resources Inc | 17888H103 | 14,783.00 | $459,603.47 |
| 0.49% | Carter's Inc | 146229109 | 12,740.00 | $454,945.40 |
| 0.49% | Janus International Group Inc | 47103N106 | 54,146.00 | $455,909.32 |
| 0.49% | Kennametal Inc | 489170100 | 20,992.00 | $455,106.56 |
| 0.49% | Murphy Oil Corp | 626717102 | 20,096.00 | $461,806.08 |
| 0.49% | NetScout Systems Inc | 64115T104 | 20,165.00 | $456,737.25 |
| 0.49% | Oxford Industries Inc | 691497309 | 8,019.00 | $459,488.70 |
| 0.49% | Sally Beauty Holdings Inc | 79546E104 | 49,135.00 | $454,498.75 |
| 0.49% | Supernus Pharmaceuticals Inc | 868459108 | 14,458.00 | $456,005.32 |
| 0.49% | Victoria's Secret & Co | 926400102 | 20,236.00 | $460,976.08 |
| 0.48% | American Woodmark Corp | 030506109 | 7,435.00 | $448,925.30 |
| 0.48% | Collegium Pharmaceutical Inc | 19459J104 | 15,523.00 | $451,253.61 |
| 0.48% | Everi Holdings Inc | 30034T103 | 31,860.00 | $448,270.20 |
| 0.48% | Photronics Inc | 719405102 | 21,378.00 | $447,441.54 |
| 0.48% | PROG Holdings Inc | 74319R101 | 15,719.00 | $450,663.73 |
| 0.48% | Gibraltar Industries Inc | 374689107 | 7,307.00 | $450,111.20 |
| 0.47% | CTS Corp | 126501105 | 10,133.00 | $435,009.69 |
| 0.47% | EZCORP Inc | 302301106 | 31,774.00 | $444,200.52 |
| 0.47% | Genco Shipping & Trading Ltd | Y2685T131 | 30,356.00 | $436,822.84 |
| 0.46% | American Eagle Outfitters Inc | 02553E106 | 36,376.00 | $432,874.40 |
| 0.46% | Envista Holdings Corp | 29415F104 | 23,795.00 | $426,644.35 |
| 0.46% | SM Energy Co | 78454L100 | 16,725.00 | $425,818.50 |
| 0.45% | Malibu Boats Inc | 56117J100 | 13,304.00 | $425,195.84 |
| 0.45% | Monarch Casino & Resort Inc | 609027107 | 5,118.00 | $422,030.28 |
| 0.45% | Pediatrix Medical Group Inc | 58502B106 | 29,776.00 | $422,521.44 |
| 0.45% | SunCoke Energy Inc | 86722A103 | 47,580.00 | $422,034.60 |
| 0.45% | Talos Energy Inc | 87484T108 | 48,957.00 | $424,457.19 |
| 0.45% | Winnebago Industries Inc | 974637100 | 11,537.00 | $421,792.72 |
| 0.45% | World Kinect Corp | 981475106 | 15,391.00 | $419,404.75 |
| 0.44% | Black Stone Minerals LP | 09225M101 | 29,684.00 | $409,936.04 |
| 0.44% | DXC Technology Co | 23355L106 | 24,973.00 | $413,552.88 |
| 0.44% | Ethan Allen Interiors Inc | 297602104 | 15,620.00 | $414,086.20 |
| 0.44% | Golden Entertainment Inc | 381013101 | 13,937.00 | $415,183.23 |
| 0.44% | Hub Group Inc | 443320106 | 11,671.00 | $413,970.37 |
| 0.44% | Sturm Ruger & Co Inc | 864159108 | 11,224.00 | $412,482.00 |
| 0.43% | BlueLinx Holdings Inc | 09624H208 | 5,720.00 | $402,688.00 |
| 0.43% | ManpowerGroup Inc | 56418H100 | 9,339.00 | $401,390.22 |
| 0.43% | Steven Madden Ltd | 556269108 | 15,228.00 | $398,516.76 |
| 0.42% | Adeia Inc | 00676P107 | 28,199.00 | $390,274.16 |
| 0.42% | Apogee Enterprises Inc | 037598109 | 9,617.00 | $392,565.94 |
| 0.41% | Sylvamo Corp | 871332102 | 6,819.00 | $385,341.69 |
| 0.41% | Ziff Davis Inc | 48123V102 | 11,502.00 | $384,741.90 |
| 0.40% | Andersons Inc/The | 034164103 | 10,675.00 | $377,254.50 |
| 0.40% | Cars.com Inc | 14575E105 | 33,430.00 | $373,413.10 |
| 0.40% | Thryv Holdings Inc | 886029206 | 26,140.00 | $376,154.60 |
| 0.39% | Kforce Inc | 493732101 | 8,977.00 | $367,159.30 |
| 0.38% | Cross Country Healthcare Inc | 227483104 | 25,671.00 | $359,137.29 |
| 0.38% | Masterbrand Inc | 57638P104 | 32,596.00 | $354,318.52 |
| 0.12% | Cash & Other | Cash&Other | 113,175.00 | $113,175.00 |
| 0.08% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 75,187.24 | $75,187.24 |
Holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.
LITERATURE
Fact SheetDSTL
DSTX
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.
