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 06/14/2024

Ticker DSMC
NAV 34.42
Market Price 34.45
Net Assets $81,737,571
Shares Outstanding 2,375,000
30-day SEC Yield as of 5/31/2024
1.27%
Inception 10/5/2022
Primary Exchange NYSE
CUSIP 26922B667
Expense Ratio 0.55%
Premium/Discount % 0.10
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

10/5/2022-3/31/2024

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 03/31/2024

YTD 1 YR1 3 YR SINCE INCEPTION2
1DSMC NAV 7.68% 30.83% - 31.97%
2DSMC MKT 7.64% 30.94% - 32.01%
3Morningstar US Small Cap TR USD 5.69% 21.51% - 19.03%

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 06/14/2024

  2023Q1 2024
Days at premium14145
Days at zero premium/discount204
Days at discount8612

DISTRIBUTIONS

Ex-Date Record Date Payable Date Amount Type
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
9/20/2023 9/21/2023 9/22/2023 $0.08607 Div Income
6/21/2023 6/22/2023 6/23/2023 $0.08930 Div Income
3/22/2023 3/23/2023 3/24/2023 $0.06997 Div Income
12/28/2022 12/29/2022 12/30/2022 $0.07373 Div Income

TOP 10 HOLDINGS

As of 06/17/2024

Percent Net Assets Name Identifier Shares Held Market Value
1.69% Qorvo Inc 74736K101 12,311.00 $1,383,510.18
1.62% United Therapeutics Corp 91307C102 4,592.00 $1,322,771.52
1.60% Crocs Inc 227046109 8,349.00 $1,310,626.02
1.55% Toll Brothers Inc 889478103 10,614.00 $1,266,462.48
1.49% Atkore Inc 047649108 8,918.00 $1,220,785.02
1.49% Dillard's Inc 254067101 2,925.00 $1,214,284.50
1.48% Alpha Metallurgical Resources Inc 020764106 4,093.00 $1,206,166.17
1.44% Chord Energy Corp 674215207 7,262.00 $1,179,494.04
1.31% Chesapeake Energy Corp 165167735 12,610.00 $1,073,615.40
1.25% WEX Inc 96208T104 6,012.00 $1,018,853.64
1.17% AGCO Corp 001084102 9,216.00 $955,514.88
1.14% Cavco Industries Inc 149568107 2,596.00 $928,433.44
1.11% Incyte Corp 45337C102 14,606.00 $907,178.66
1.03% Advance Auto Parts Inc 00751Y106 13,270.00 $841,583.40
0.99% Robert Half Inc 770323103 12,497.00 $810,180.51
0.98% Civitas Resources Inc 17888H103 12,321.00 $797,415.12
0.94% Mohawk Industries Inc 608190104 6,877.00 $770,361.54
0.93% Ovintiv Inc 69047Q102 16,650.00 $762,736.50
0.92% Sterling Infrastructure Inc 859241101 6,457.00 $751,142.81
0.91% Arch Resources Inc 03940R107 4,772.00 $747,056.60
0.91% InterDigital Inc 45867G101 6,396.00 $746,093.40
0.89% KB Home 48666K109 10,626.00 $726,818.40
0.86% Gulfport Energy Corp 402635502 4,579.00 $702,555.97
0.86% Molson Coors Beverage Co 60871R209 14,111.00 $698,917.83
0.85% Boise Cascade Co 09739D100 5,512.00 $697,819.20
0.84% Bath & Body Works Inc 070830104 15,912.00 $688,353.12
0.83% APA Corp 03743Q108 24,285.00 $675,608.70
0.83% Amdocs Ltd G02602103 9,111.00 $682,413.90
0.83% Tapestry Inc 876030107 16,285.00 $680,875.85
0.82% HF Sinclair Corp 403949100 12,853.00 $671,312.19
0.81% Oshkosh Corp 688239201 6,294.00 $664,142.88
0.75% Antero Resources Corp 03674X106 18,534.00 $614,587.44
0.75% Matador Resources Co 576485205 11,034.00 $616,359.24
0.73% PBF Energy Inc 69318G106 13,633.00 $599,306.68
0.72% CONSOL Energy Inc 20854L108 6,035.00 $587,748.65
0.72% Grand Canyon Education Inc 38526M106 4,259.00 $585,953.22
0.72% Matson Inc 57686G105 4,957.00 $589,585.58
0.72% Thor Industries Inc 885160101 6,393.00 $584,959.50
0.71% BorgWarner Inc 099724106 17,998.00 $582,415.28
0.71% SM Energy Co 78454L100 12,700.00 $581,914.00
0.70% Mosaic Co/The 61945C103 20,952.00 $569,056.32
0.69% H&R Block Inc 093671105 11,198.00 $563,931.28
0.69% Range Resources Corp 75281A109 15,899.00 $560,439.75
0.68% Euronet Worldwide Inc 298736109 5,169.00 $551,842.44
0.68% LKQ Corp 501889208 13,867.00 $558,701.43
0.68% TriNet Group Inc 896288107 5,421.00 $555,273.03
0.67% Allison Transmission Holdings Inc 01973R101 7,603.00 $550,761.32
0.67% Academy Sports & Outdoors Inc 00402L107 10,528.00 $545,245.12
0.67% California Resources Corp 13057Q305 11,236.00 $547,530.28
0.66% Stride Inc 86333M108 7,984.00 $540,596.64
0.64% Carter's Inc 146229109 8,215.00 $526,170.75
0.64% Interpublic Group of Cos Inc/The 460690100 17,643.00 $519,057.06
0.63% Brink's Co/The 109696104 5,274.00 $516,904.74
0.63% Dropbox Inc 26210C104 24,419.00 $518,415.37
0.63% Murphy Oil Corp 626717102 13,365.00 $511,879.50
0.62% MSC Industrial Direct Co Inc 553530106 6,637.00 $503,350.08
0.62% Olin Corp 680665205 10,140.00 $506,695.80
0.61% Columbia Sportswear Co 198516106 6,225.00 $501,859.50
0.61% DXC Technology Co 23355L106 28,064.00 $500,942.40
0.61% Insperity Inc 45778Q107 5,371.00 $498,804.77
0.61% SEI Investments Co 784117103 7,718.00 $497,270.74
0.60% ASGN Inc 00191U102 5,570.00 $490,549.90
0.60% LCI Industries 50189K103 4,855.00 $488,995.60
0.60% Taylor Morrison Home Corp 87724P106 8,845.00 $490,809.05
0.59% Cal-Maine Foods Inc 128030202 8,260.00 $484,283.80
0.59% ManpowerGroup Inc 56418H100 6,743.00 $485,091.42
0.59% Teradata Corp 88076W103 14,378.00 $480,800.32
0.59% Terex Corp 880779103 9,097.00 $481,140.33
0.58% ChampionX Corp 15872M104 15,780.00 $476,398.20
0.58% IPG Photonics Corp 44980X109 5,607.00 $475,810.02
0.58% Korn Ferry 500643200 7,052.00 $470,579.96
0.58% Magnolia Oil & Gas Corp 559663109 19,902.00 $474,463.68
0.57% Virtus Investment Partners Inc 92828Q109 2,173.00 $462,044.99
0.56% Argan Inc 04010E109 6,003.00 $461,030.40
0.56% Atmus Filtration Technologies Inc 04956D107 16,517.00 $459,337.77
0.56% Cleveland-Cliffs Inc 185899101 30,507.00 $454,859.37
0.56% Kulicke & Soffa Industries Inc 501242101 10,065.00 $458,762.70
0.56% Prestige Consumer Healthcare Inc 74112D101 7,158.00 $459,901.50
0.56% Sylvamo Corp 871332102 6,603.00 $457,323.78
0.56% Shutterstock Inc 825690100 11,248.00 $456,106.40
0.55% BlueLinx Holdings Inc 09624H208 4,598.00 $450,512.04
0.55% ePlus Inc 294268107 6,192.00 $450,034.56
0.55% John Wiley & Sons Inc 968223206 11,192.00 $449,134.96
0.55% Ziff Davis Inc 48123V102 8,145.00 $452,862.00
0.54% Extreme Networks Inc 30226D106 36,599.00 $445,409.83
0.54% Steven Madden Ltd 556269108 10,005.00 $437,318.55
0.54% Vista Outdoor Inc 928377100 12,233.00 $439,654.02
0.53% CVR Energy Inc 12662P108 16,167.00 $431,173.89
0.53% ODP Corp/The 88337F105 11,254.00 $430,127.88
0.53% TRI POINTE GROUP INC 87265H109 11,544.00 $433,246.32
0.53% Winnebago Industries Inc 974637100 7,901.00 $435,345.10
0.52% Apogee Enterprises Inc 037598109 6,826.00 $421,846.80
0.52% CALERES INC COM 129500104 12,357.00 $423,474.39
0.52% Collegium Pharmaceutical Inc 19459J104 13,270.00 $421,455.20
0.52% Everi Holdings Inc 30034T103 53,082.00 $421,471.08
0.52% Mattel Inc 577081102 24,863.00 $428,389.49
0.52% Victory Capital Holdings Inc 92645B103 8,947.00 $428,919.18
0.51% Federated Hermes Inc 314211103 13,231.00 $418,761.15
0.51% Monarch Casino & Resort Inc 609027107 6,264.00 $420,502.32
0.51% Premier Inc 74051N102 22,640.00 $416,123.20
0.50% Clearwater Paper Corp 18538R103 7,981.00 $404,876.13
0.50% Delek US Holdings Inc 24665A103 17,053.00 $410,465.71
0.50% VAALCO Energy Inc 91851C201 66,338.00 $404,661.80
0.50% Golden Entertainment Inc 381013101 13,744.00 $405,585.44
0.50% Hub Group Inc 443320106 9,747.00 $409,958.82
0.50% Envista Holdings Corp 29415F104 23,231.00 $410,491.77
0.49% AllianceBernstein Holding LP 01881G106 12,042.00 $397,506.42
0.49% Andersons Inc/The 034164103 8,238.00 $397,565.88
0.49% Alliance Resource Partners LP 01877R108 16,902.00 $397,197.00
0.49% Black Stone Minerals LP 09225M101 25,614.00 $397,785.42
0.49% Cohu Inc 192576106 12,656.00 $396,765.60
0.49% eXp World Holdings Inc 30212W100 37,254.00 $396,755.10
0.49% Kforce Inc 493732101 6,504.00 $396,483.84
0.49% US Silica Holdings Inc 90346E103 26,215.00 $403,186.70
0.49% Under Armour Inc 904311107 59,559.00 $397,854.12
0.49% Worthington Enterprises Inc 981811102 7,773.00 $398,366.25
0.48% Artisan Partners Asset Management Inc 04316A108 9,879.00 $393,184.20
0.48% Buckle Inc/The 118440106 11,045.00 $392,207.95
0.48% Cars.com Inc 14575E105 19,716.00 $391,954.08
0.48% First Advantage Corp 31846B108 24,074.00 $395,776.56
0.48% Helix Energy Solutions Group Inc 42330P107 38,954.00 $395,383.10
0.48% Harmony Biosciences Holdings Inc 413197104 13,568.00 $394,150.40
0.48% Innoviva Inc 45781M101 24,864.00 $395,586.24
0.48% Sturm Ruger & Co Inc 864159108 9,340.00 $395,268.80
0.48% World Kinect Corp 981475106 15,422.00 $391,101.92
0.48% Wabash National Corp 929566107 18,751.00 $388,333.21
0.47% Berry Corp 08579X101 62,776.00 $387,955.68
0.47% Ethan Allen Interiors Inc 297602104 14,138.00 $387,946.72
0.47% Genco Shipping & Trading Ltd Y2685T131 18,586.00 $380,083.70
0.47% Masterbrand Inc 57638P104 24,721.00 $385,894.81
0.47% Malibu Boats Inc 56117J100 10,641.00 $385,310.61
0.47% Photronics Inc 719405102 15,534.00 $381,981.06
0.47% PROG Holdings Inc 74319R101 11,221.00 $387,012.29
0.47% Scholastic Corp 807066105 11,274.00 $386,134.50
0.47% Supernus Pharmaceuticals Inc 868459108 14,935.00 $388,160.65
0.47% Smith & Wesson Brands Inc 831754106 24,230.00 $387,680.00
0.47% Olympic Steel Inc 68162K106 8,277.00 $381,321.39
0.46% Adeia Inc 00676P107 34,043.00 $372,430.42
0.46% La-Z-Boy Inc 505336107 11,235.00 $378,844.20
0.46% Perdoceo Education Corp 71363P106 18,026.00 $373,859.24
0.46% RPC Inc 749660106 61,351.00 $373,627.59
0.46% Vector Group Ltd 92240M108 35,928.00 $378,681.12
0.45% Nu Skin Enterprises Inc 67018T105 29,422.00 $365,421.24
0.45% SunCoke Energy Inc 86722A103 39,063.00 $368,754.72
0.45% Victoria's Secret & Co 926400102 20,677.00 $366,396.44
0.44% Metallus Inc 887399103 17,467.00 $362,964.26
0.44% NetScout Systems Inc 64115T104 20,337.00 $358,948.05
0.44% Quanex Building Products Corp 747619104 12,508.00 $359,229.76
0.43% G-III Apparel Group Ltd 36237H101 13,130.00 $348,470.20
0.41% Sally Beauty Holdings Inc 79546E104 32,629.00 $338,689.02
0.11% First American Government Obligations Fund 12/01/2031 31846V336 86,356.66 $86,356.66
0.11% Cash & Other Cash&Other 91,009.27 $91,009.27

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.