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

 20232024Q1 2025Q2 2025Q3 2025Q4 2025
Days at premium141212397--
Days at zero premium/discount20821--
Days at discount8632208--

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.

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.