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 04/23/2025
| Ticker | DSMC |
| NAV | 29.40 |
| Market Price | 29.43 |
| Net Assets | $88,191,421 |
| Shares Outstanding | 3,000,000 |
| 30-day SEC Yield as of 3/31/2025 | 1.25% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.11 |
| Median 30-day Bid/Ask Spread | 0.13% |
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 03/31/2025
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | -9.30% | -13.31% | - | 11.44% |
| 2DSMC MKT | -9.54% | -13.60% | - | 11.31% |
| 3Russell 2000 Index | -9.48% | -4.01% | - | 7.04% |
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 04/23/2025
| 2023 | 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 39 | 7 | - | - |
| Days at zero premium/discount | 20 | 8 | 2 | 1 | - | - |
| Days at discount | 86 | 32 | 20 | 8 | - | - |
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 04/24/2025
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 2.04% | Huntington Ingalls Industries Inc | 446413106 | 8,270.00 | $1,802,281.10 |
| 1.62% | TopBuild Corp | 89055F103 | 4,829.00 | $1,428,852.81 |
| 1.59% | Reliance Inc | 759509102 | 4,945.00 | $1,399,978.95 |
| 1.57% | Powell Industries Inc | 739128106 | 7,918.00 | $1,383,037.06 |
| 1.55% | United Therapeutics Corp | 91307C102 | 4,663.00 | $1,368,403.98 |
| 1.50% | Owens Corning | 690742101 | 9,603.00 | $1,326,846.51 |
| 1.48% | Toll Brothers Inc | 889478103 | 13,266.00 | $1,302,588.54 |
| 1.40% | Builders FirstSource Inc | 12008R107 | 10,518.00 | $1,233,340.68 |
| 1.39% | Crocs Inc | 227046109 | 12,770.00 | $1,223,366.00 |
| 1.38% | Dillard's Inc | 254067101 | 3,779.00 | $1,218,500.76 |
| 1.35% | CF Industries Holdings Inc | 125269100 | 15,679.00 | $1,189,879.31 |
| 1.32% | Omnicom Group Inc | 681919106 | 15,947.00 | $1,168,117.75 |
| 1.25% | Skyworks Solutions Inc | 83088M102 | 18,812.00 | $1,103,511.92 |
| 1.24% | Sterling Infrastructure Inc | 859241101 | 7,818.00 | $1,095,145.44 |
| 1.21% | Teleflex Inc | 879369106 | 8,034.00 | $1,068,682.68 |
| 1.05% | WEX Inc | 96208T104 | 7,303.00 | $923,829.50 |
| 1.03% | CH Robinson Worldwide Inc | 12541W209 | 10,003.00 | $906,371.83 |
| 1.03% | Parsons Corp | 70202L102 | 13,913.00 | $905,318.91 |
| 1.02% | Cal-Maine Foods Inc | 128030202 | 9,647.00 | $900,065.10 |
| 0.95% | Mohawk Industries Inc | 608190104 | 7,901.00 | $834,029.56 |
| 0.94% | Jazz Pharmaceuticals PLC | G50871105 | 7,941.00 | $827,372.79 |
| 0.92% | Etsy Inc | 29786A106 | 17,643.00 | $807,872.97 |
| 0.92% | Qorvo Inc | 74736K101 | 13,589.00 | $814,116.99 |
| 0.87% | Chord Energy Corp | 674215207 | 8,316.00 | $771,641.64 |
| 0.86% | Hologic Inc | 436440101 | 13,081.00 | $760,660.15 |
| 0.85% | Molson Coors Beverage Co | 60871R209 | 12,808.00 | $751,829.60 |
| 0.82% | Gulfport Energy Corp | 402635502 | 4,241.00 | $725,677.51 |
| 0.80% | Allison Transmission Holdings Inc | 01973R101 | 7,917.00 | $707,938.14 |
| 0.80% | Core Natural Resources Inc | 218937100 | 9,615.00 | $709,394.70 |
| 0.79% | Oshkosh Corp | 688239201 | 8,286.00 | $699,006.96 |
| 0.79% | Signet Jewelers Ltd | G81276100 | 12,289.00 | $695,188.73 |
| 0.78% | A O Smith Corp | 831865209 | 10,828.00 | $690,934.68 |
| 0.76% | Amdocs Ltd | G02602103 | 7,933.00 | $673,987.68 |
| 0.76% | H&R Block Inc | 093671105 | 11,318.00 | $671,949.66 |
| 0.76% | Mosaic Co/The | 61945C103 | 24,123.00 | $674,237.85 |
| 0.76% | PVH Corp | 693656100 | 9,290.00 | $668,601.30 |
| 0.76% | Westlake Corp | 960413102 | 7,241.00 | $669,502.86 |
| 0.74% | Antero Resources Corp | 03674X106 | 19,034.00 | $652,675.86 |
| 0.73% | Textron Inc | 883203101 | 9,657.00 | $639,583.11 |
| 0.72% | Atkore Inc | 047649108 | 10,199.00 | $632,338.00 |
| 0.70% | Fortune Brands Innovations Inc | 34964C106 | 11,778.00 | $613,869.36 |
| 0.69% | Euronet Worldwide Inc | 298736109 | 6,230.00 | $607,331.55 |
| 0.69% | Hormel Foods Corp | 440452100 | 19,678.00 | $606,279.18 |
| 0.69% | Kontoor Brands Inc | 50050N103 | 10,099.00 | $609,878.61 |
| 0.69% | LKQ Corp | 501889208 | 14,371.00 | $605,450.23 |
| 0.68% | CNX Resources Corp | 12653C108 | 19,694.00 | $602,439.46 |
| 0.68% | Taylor Morrison Home Corp | 87724P106 | 10,410.00 | $599,616.00 |
| 0.67% | QIAGEN NV | N72482206 | 13,881.00 | $587,443.92 |
| 0.66% | M/I Homes Inc | 55305B101 | 5,554.00 | $585,336.06 |
| 0.65% | KB Home | 48666K109 | 10,783.00 | $576,567.01 |
| 0.64% | Boise Cascade Co | 09739D100 | 6,038.00 | $563,526.54 |
| 0.64% | Concentrix Corp | 20602D101 | 11,710.00 | $563,368.10 |
| 0.63% | Bath & Body Works Inc | 070830104 | 19,223.00 | $552,469.02 |
| 0.63% | Interpublic Group of Cos Inc/The | 460690100 | 23,195.00 | $556,448.05 |
| 0.63% | Range Resources Corp | 75281A109 | 16,293.00 | $554,776.65 |
| 0.63% | SEI Investments Co | 784117103 | 7,639.00 | $557,647.00 |
| 0.60% | Brink's Co/The | 109696104 | 5,801.00 | $527,252.89 |
| 0.60% | EZCORP Inc | 302301106 | 32,870.00 | $526,577.40 |
| 0.60% | Worthington Enterprises Inc | 981811102 | 11,092.00 | $530,974.04 |
| 0.59% | Matson Inc | 57686G105 | 5,119.00 | $517,889.23 |
| 0.59% | Ovintiv Inc | 69047Q102 | 15,341.00 | $516,224.65 |
| 0.59% | John Wiley & Sons Inc | 968223206 | 12,068.00 | $517,958.56 |
| 0.58% | ASGN Inc | 00191U102 | 8,782.00 | $514,186.10 |
| 0.57% | BorgWarner Inc | 099724106 | 18,482.00 | $503,264.86 |
| 0.57% | Pacira BioSciences Inc | 695127100 | 19,993.00 | $503,823.60 |
| 0.57% | Synaptics Inc | 87157D109 | 9,519.00 | $504,697.38 |
| 0.57% | Teekay Tankers Ltd | G8726X106 | 12,826.00 | $505,216.14 |
| 0.56% | Blue Bird Corp | 095306106 | 14,208.00 | $490,176.00 |
| 0.56% | Carter's Inc | 146229109 | 13,180.00 | $491,218.60 |
| 0.56% | Patrick Industries Inc | 703343103 | 6,312.00 | $492,083.52 |
| 0.56% | Thor Industries Inc | 885160101 | 6,827.00 | $493,455.56 |
| 0.55% | AllianceBernstein Holding LP | 01881G106 | 13,266.00 | $488,586.78 |
| 0.55% | Alliance Resource Partners LP | 01877R108 | 17,853.00 | $485,780.13 |
| 0.55% | Federated Hermes Inc | 314211103 | 12,728.00 | $481,627.52 |
| 0.55% | GMS Inc | 36251C103 | 6,843.00 | $488,316.48 |
| 0.55% | International Seaways Inc | Y41053102 | 15,105.00 | $488,344.65 |
| 0.55% | TRI POINTE GROUP INC | 87265H109 | 15,642.00 | $483,024.96 |
| 0.54% | Korn Ferry | 500643200 | 7,723.00 | $478,671.54 |
| 0.54% | Dorian LPG Ltd | Y2106R110 | 23,136.00 | $472,437.12 |
| 0.54% | Matador Resources Co | 576485205 | 11,553.00 | $471,824.52 |
| 0.53% | Sturm Ruger & Co Inc | 864159108 | 11,612.00 | $463,899.40 |
| 0.53% | SunCoke Energy Inc | 86722A103 | 49,220.00 | $465,129.00 |
| 0.53% | Weatherford International PLC | G48833118 | 11,136.00 | $464,816.64 |
| 0.52% | Axcelis Technologies Inc | 054540208 | 9,998.00 | $459,308.12 |
| 0.52% | Apogee Enterprises Inc | 037598109 | 9,949.00 | $456,858.08 |
| 0.52% | ChampionX Corp | 15872M104 | 18,806.00 | $462,439.54 |
| 0.52% | Everi Holdings Inc | 30034T103 | 32,960.00 | $454,518.40 |
| 0.52% | Supernus Pharmaceuticals Inc | 868459108 | 14,958.00 | $461,304.72 |
| 0.51% | APA Corp | 03743Q108 | 28,971.00 | $453,396.15 |
| 0.51% | Ethan Allen Interiors Inc | 297602104 | 16,160.00 | $448,278.40 |
| 0.51% | Magnolia Oil & Gas Corp | 559663109 | 21,521.00 | $445,484.70 |
| 0.51% | Perdoceo Education Corp | 71363P106 | 17,936.00 | $446,785.76 |
| 0.51% | Victory Capital Holdings Inc | 92645B103 | 7,769.00 | $446,173.67 |
| 0.50% | Academy Sports & Outdoors Inc | 00402L107 | 11,832.00 | $445,001.52 |
| 0.50% | Black Stone Minerals LP | 09225M101 | 30,708.00 | $444,344.76 |
| 0.50% | Civitas Resources Inc | 17888H103 | 15,291.00 | $438,698.79 |
| 0.50% | PC Connection Inc | 69318J100 | 7,217.00 | $437,494.54 |
| 0.49% | American Woodmark Corp | 030506109 | 7,691.00 | $431,503.56 |
| 0.49% | Donnelley Financial Solutions Inc | 25787G100 | 9,991.00 | $431,311.47 |
| 0.49% | G-III Apparel Group Ltd | 36237H101 | 17,328.00 | $427,828.32 |
| 0.49% | LCI Industries | 50189K103 | 5,573.00 | $434,192.43 |
| 0.49% | Murphy Oil Corp | 626717102 | 20,788.00 | $428,024.92 |
| 0.49% | NetScout Systems Inc | 64115T104 | 20,861.00 | $430,153.82 |
| 0.49% | Teradata Corp | 88076W103 | 20,668.00 | $429,274.36 |
| 0.48% | Buckle Inc/The | 118440106 | 12,151.00 | $419,938.56 |
| 0.48% | BlueLinx Holdings Inc | 09624H208 | 5,916.00 | $423,348.96 |
| 0.48% | Harmony Biosciences Holdings Inc | 413197104 | 14,707.00 | $425,032.30 |
| 0.48% | Virtus Investment Partners Inc | 92828Q109 | 2,722.00 | $418,943.02 |
| 0.47% | American Eagle Outfitters Inc | 02553E106 | 37,632.00 | $412,823.04 |
| 0.47% | Andersons Inc/The | 034164103 | 11,043.00 | $418,087.98 |
| 0.47% | Artisan Partners Asset Management Inc | 04316A108 | 11,434.00 | $412,767.40 |
| 0.47% | CALERES INC COM | 129500104 | 27,634.00 | $415,615.36 |
| 0.47% | Collegium Pharmaceutical Inc | 19459J104 | 16,059.00 | $417,373.41 |
| 0.47% | California Resources Corp | 13057Q305 | 11,952.00 | $416,766.24 |
| 0.47% | Kforce Inc | 493732101 | 9,285.00 | $414,203.85 |
| 0.47% | Kennametal Inc | 489170100 | 21,716.00 | $414,124.12 |
| 0.47% | Monarch Casino & Resort Inc | 609027107 | 5,294.00 | $411,979.08 |
| 0.47% | Sylvamo Corp | 871332102 | 7,055.00 | $418,008.75 |
| 0.46% | CTS Corp | 126501105 | 10,481.00 | $406,767.61 |
| 0.46% | ManpowerGroup Inc | 56418H100 | 9,663.00 | $408,455.01 |
| 0.46% | PROG Holdings Inc | 74319R101 | 16,263.00 | $402,183.99 |
| 0.46% | Sally Beauty Holdings Inc | 79546E104 | 50,831.00 | $403,089.83 |
| 0.46% | ScanSource Inc | 806037107 | 12,616.00 | $402,198.08 |
| 0.45% | Cars.com Inc | 14575E105 | 34,582.00 | $397,693.00 |
| 0.45% | Genco Shipping & Trading Ltd | Y2685T131 | 31,404.00 | $398,830.80 |
| 0.45% | Hub Group Inc | 443320106 | 12,075.00 | $395,335.50 |
| 0.45% | Oxford Industries Inc | 691497309 | 8,295.00 | $393,100.05 |
| 0.45% | Photronics Inc | 719405102 | 22,114.00 | $398,604.85 |
| 0.45% | SM Energy Co | 78454L100 | 17,301.00 | $397,749.99 |
| 0.44% | DXC Technology Co | 23355L106 | 25,833.00 | $391,628.28 |
| 0.44% | Masterbrand Inc | 57638P104 | 33,720.00 | $386,431.20 |
| 0.44% | Malibu Boats Inc | 56117J100 | 13,764.00 | $387,318.96 |
| 0.44% | Envista Holdings Corp | 29415F104 | 24,615.00 | $386,947.80 |
| 0.44% | Gibraltar Industries Inc | 374689107 | 7,559.00 | $387,625.52 |
| 0.44% | TripAdvisor Inc | 896945201 | 31,578.00 | $389,672.52 |
| 0.43% | Pediatrix Medical Group Inc | 58502B106 | 30,804.00 | $377,965.08 |
| 0.43% | ODP Corp/The | 88337F105 | 30,363.00 | $377,412.09 |
| 0.43% | Victoria's Secret & Co | 926400102 | 20,932.00 | $378,241.24 |
| 0.43% | Winnebago Industries Inc | 974637100 | 11,933.00 | $381,378.68 |
| 0.43% | World Kinect Corp | 981475106 | 15,923.00 | $381,992.77 |
| 0.42% | Cross Country Healthcare Inc | 227483104 | 26,555.00 | $371,770.00 |
| 0.42% | Golden Entertainment Inc | 381013101 | 14,417.00 | $374,553.66 |
| 0.42% | Janus International Group Inc | 47103N106 | 56,014.00 | $370,812.68 |
| 0.42% | Talos Energy Inc | 87484T108 | 50,645.00 | $370,214.95 |
| 0.41% | Adient PLC | G0084W101 | 29,776.00 | $363,267.20 |
| 0.41% | GigaCloud Technology Inc | G38644103 | 27,886.00 | $363,075.72 |
| 0.41% | Ziff Davis Inc | 48123V102 | 11,898.00 | $362,294.10 |
| 0.40% | Adeia Inc | 00676P107 | 29,171.00 | $349,176.87 |
| 0.37% | Steven Madden Ltd | 556269108 | 15,752.00 | $322,443.44 |
| 0.37% | Thryv Holdings Inc | 886029206 | 27,040.00 | $329,076.80 |
| 0.08% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 72,670.97 | $72,670.97 |
| 0.03% | Cash & Other | Cash&Other | 22,049.09 | $22,049.09 |
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.
