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 07/10/2026
| Ticker | DSMC |
| NAV | 41.00 |
| Market Price | 41.02 |
| Net Assets | $131,201,339 |
| Shares Outstanding | 3,200,000 |
| 30-day SEC Yield as of 6/30/2026 | 1.08% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.05 |
| 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
10/5/2022-6/30/2026
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 06/30/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 14.47% | 25.74% | 11.59% | 15.18% |
| 2DSMC MKT | 14.45% | 25.67% | 11.59% | 15.20% |
| 3Russell 2000 Index | 22.57% | 40.78% | 18.60% | 17.20% |
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 07/10/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 35 | 5 | - |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 5 | 0 | - |
| Days at discount | 86 | 32 | 63 | 18 | 22 | 2 | - |
DISTRIBUTIONS
| Ex-Date | Record Date | Payable Date | Amount | Type |
|---|---|---|---|---|
| 06/25/2026 | 06/25/2026 | 06/26/2026 | $0.12303 | Div Income |
| 03/26/2026 | 03/26/2026 | 03/27/2026 | $0.10517 | Div Income |
| 12/29/2025 | 12/29/2025 | 12/30/2025 | $0.15086 | Div Income |
| 09/24/2025 | 09/24/2025 | 09/25/2025 | $0.08623 | Div Income |
| 06/25/2025 | 06/25/2025 | 06/26/2025 | $0.10760 | Div Income |
| 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 |
TOP 10 HOLDINGS
As of 07/13/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.25% | CDW Corp/DE | 12514G108 | 11,366.00 | $1,641,136.74 |
| 1.21% | HF Sinclair Corp | 403949100 | 20,345.00 | $1,588,334.15 |
| 1.20% | Versant Media Group Inc | 925283103 | 44,316.00 | $1,568,343.24 |
| 1.17% | Invesco Ltd | G491BT108 | 53,043.00 | $1,537,186.14 |
| 1.09% | Toll Brothers Inc | 889478103 | 9,592.00 | $1,433,908.08 |
| 1.07% | Masco Corp | 574599106 | 18,038.00 | $1,404,077.92 |
| 1.01% | GoDaddy Inc | 380237107 | 14,974.00 | $1,331,488.08 |
| 1.00% | DXC Technology Co | 23355L106 | 140,252.00 | $1,307,148.64 |
| 1.00% | Jazz Pharmaceuticals PLC | G50871105 | 5,399.00 | $1,316,384.18 |
| 0.97% | Cal-Maine Foods Inc | 128030202 | 14,398.00 | $1,271,919.32 |
| 0.97% | Crocs Inc | 227046109 | 9,577.00 | $1,271,634.06 |
| 0.96% | Carlisle Cos Inc | 142339100 | 3,830.00 | $1,264,244.70 |
| 0.96% | Oscar Health Inc | 687793109 | 41,442.00 | $1,265,638.68 |
| 0.95% | APA Corp | 03743Q108 | 37,469.00 | $1,252,963.36 |
| 0.92% | Taylor Morrison Home Corp | 87724P106 | 16,855.00 | $1,211,031.75 |
| 0.89% | Hormel Foods Corp | 440452100 | 47,965.00 | $1,172,144.69 |
| 0.87% | Universal Health Services Inc | 913903100 | 7,351.00 | $1,143,595.07 |
| 0.86% | Antero Resources Corp | 03674X106 | 33,846.00 | $1,124,702.58 |
| 0.86% | Match Group Inc | 57667L107 | 29,139.00 | $1,132,050.15 |
| 0.86% | Pool Corp | 73278L105 | 5,369.00 | $1,129,852.36 |
| 0.85% | Gartner Inc | 366651107 | 8,385.00 | $1,117,217.40 |
| 0.85% | LKQ Corp | 501889208 | 43,826.00 | $1,112,303.88 |
| 0.84% | Ingredion Inc | 457187102 | 11,203.00 | $1,106,296.25 |
| 0.84% | Pilgrim's Pride Corp | 72147K108 | 39,180.00 | $1,106,835.00 |
| 0.84% | Skyworks Solutions Inc | 83088M102 | 18,175.00 | $1,097,406.50 |
| 0.83% | Bath & Body Works Inc | 070830104 | 53,610.00 | $1,089,891.30 |
| 0.83% | Dropbox Inc | 26210C104 | 37,408.00 | $1,091,939.52 |
| 0.82% | Mohawk Industries Inc | 608190104 | 9,786.00 | $1,076,166.42 |
| 0.80% | H&R Block Inc | 093671105 | 26,658.00 | $1,055,390.22 |
| 0.80% | Insight Enterprises Inc | 45765U103 | 8,740.00 | $1,047,139.40 |
| 0.79% | Acuity Inc | 00508Y102 | 3,094.00 | $1,030,642.34 |
| 0.79% | Core & Main Inc | 21874C102 | 22,544.00 | $1,033,867.84 |
| 0.78% | Abercrombie & Fitch Co | 002896207 | 10,935.00 | $1,017,720.45 |
| 0.78% | Chord Energy Corp | 674215207 | 8,739.00 | $1,025,871.21 |
| 0.77% | A O Smith Corp | 831865209 | 16,654.00 | $1,006,567.76 |
| 0.77% | Euronet Worldwide Inc | 298736109 | 13,148.00 | $1,016,208.92 |
| 0.77% | Reynolds Consumer Products Inc | 76171L106 | 38,700.00 | $1,016,649.00 |
| 0.76% | FactSet Research Systems Inc | 303075105 | 4,031.00 | $996,100.41 |
| 0.76% | Smithfield Foods Inc | 832248207 | 40,543.00 | $1,000,195.81 |
| 0.75% | Qualys Inc | 74758T303 | 6,419.00 | $980,117.11 |
| 0.74% | AECOM | 00766T100 | 14,213.00 | $970,037.25 |
| 0.73% | Magnite Inc | 55955D100 | 47,150.00 | $959,031.00 |
| 0.72% | Robert Half Inc | 770323103 | 29,061.00 | $941,576.40 |
| 0.71% | Gap Inc/The | 364760108 | 47,816.00 | $930,499.36 |
| 0.70% | Dillard's Inc | 254067101 | 1,752.00 | $917,662.56 |
| 0.70% | Par Pacific Holdings Inc | 69888T207 | 13,974.00 | $919,209.72 |
| 0.70% | Payoneer Global Inc | 70451X104 | 129,310.00 | $918,101.00 |
| 0.70% | TriNet Group Inc | 896288107 | 16,645.00 | $924,463.30 |
| 0.70% | WEX Inc | 96208T104 | 5,844.00 | $920,430.00 |
| 0.67% | G-III Apparel Group Ltd | 36237H101 | 25,201.00 | $875,734.75 |
| 0.67% | KBR Inc | 48242W106 | 24,749.00 | $877,847.03 |
| 0.67% | Middleby Corp/The | 596278101 | 6,451.00 | $875,207.17 |
| 0.67% | Murphy Oil Corp | 626717102 | 26,162.00 | $882,967.50 |
| 0.66% | AMN Healthcare Services Inc | 001744101 | 26,885.00 | $870,267.45 |
| 0.66% | EVERTEC Inc | 30040P103 | 29,396.00 | $859,833.00 |
| 0.66% | Harmony Biosciences Holdings Inc | 413197104 | 23,394.00 | $861,834.96 |
| 0.66% | International Seaways Inc | Y41053102 | 9,718.00 | $859,848.64 |
| 0.66% | NOV Inc | 62955J103 | 46,009.00 | $869,110.01 |
| 0.66% | Signet Jewelers Ltd | G81276100 | 10,299.00 | $868,411.68 |
| 0.66% | Thor Industries Inc | 885160101 | 11,956.00 | $871,114.16 |
| 0.65% | Federated Hermes Inc | 314211103 | 14,258.00 | $848,921.32 |
| 0.65% | Interparfums Inc | 458334109 | 7,177.00 | $856,072.56 |
| 0.65% | M/I Homes Inc | 55305B101 | 5,776.00 | $850,920.32 |
| 0.65% | Teekay Tankers Ltd | G8726X106 | 11,841.00 | $857,880.45 |
| 0.65% | Vontier Corp | 928881101 | 29,019.00 | $853,738.98 |
| 0.64% | Cabot Corp | 127055101 | 9,668.00 | $844,209.76 |
| 0.64% | Genpact Ltd | G3922B107 | 28,677.00 | $842,243.49 |
| 0.64% | Mattel Inc | 577081102 | 63,141.00 | $841,669.53 |
| 0.64% | Pediatrix Medical Group Inc | 58502B106 | 32,056.00 | $842,111.12 |
| 0.64% | PROG Holdings Inc | 74319R101 | 18,840.00 | $833,481.60 |
| 0.64% | Ziff Davis Inc | 48123V102 | 16,014.00 | $835,610.52 |
| 0.63% | Amdocs Ltd | G02602103 | 15,808.00 | $820,593.28 |
| 0.63% | Gentex Corp | 371901109 | 34,369.00 | $831,729.80 |
| 0.63% | Myers Industries Inc | 628464109 | 26,833.00 | $827,529.72 |
| 0.63% | Insperity Inc | 45778Q107 | 18,022.00 | $820,181.22 |
| 0.62% | Brink's Co/The | 109696104 | 7,810.00 | $814,114.40 |
| 0.62% | Ironwood Pharmaceuticals Inc | 46333X108 | 180,929.00 | $808,752.63 |
| 0.62% | PVH Corp | 693656100 | 10,211.00 | $810,447.07 |
| 0.61% | Columbia Sportswear Co | 198516106 | 12,612.00 | $794,177.64 |
| 0.61% | Envista Holdings Corp | 29415F104 | 30,765.00 | $797,121.15 |
| 0.60% | Boise Cascade Co | 09739D100 | 10,429.00 | $793,229.74 |
| 0.60% | California Resources Corp | 13057Q305 | 14,998.00 | $786,945.06 |
| 0.60% | Parsons Corp | 70202L102 | 14,181.00 | $788,747.22 |
| 0.59% | Alarm.com Holdings Inc | 011642105 | 14,944.00 | $769,616.00 |
| 0.59% | Korn Ferry | 500643200 | 10,537.00 | $770,676.18 |
| 0.59% | ScanSource Inc | 806037107 | 14,700.00 | $780,276.00 |
| 0.58% | Collegium Pharmaceutical Inc | 19459J104 | 21,734.00 | $765,688.82 |
| 0.58% | Kforce Inc | 493732101 | 13,892.00 | $758,919.96 |
| 0.58% | Worthington Enterprises Inc | 981811102 | 13,988.00 | $759,128.76 |
| 0.58% | Yelp Inc | 985817105 | 29,315.00 | $756,620.15 |
| 0.57% | Peabody Energy Corp | 704551100 | 32,208.00 | $752,700.96 |
| 0.57% | Carter's Inc | 146229109 | 18,474.00 | $742,470.06 |
| 0.57% | Stride Inc | 86333M108 | 8,246.00 | $750,386.00 |
| 0.57% | Option Care Health Inc | 68404L201 | 34,823.00 | $751,132.11 |
| 0.57% | Prestige Consumer Healthcare Inc | 74112D101 | 15,197.00 | $743,133.30 |
| 0.57% | Qorvo Inc | 74736K101 | 8,726.00 | $748,778.06 |
| 0.57% | Root Inc/OH | 77664L207 | 11,633.00 | $748,699.88 |
| 0.57% | Simply Good Foods Co/The | 82900L102 | 58,876.00 | $751,846.52 |
| 0.57% | Weatherford International PLC | G48833118 | 8,940.00 | $754,178.40 |
| 0.56% | Addus HomeCare Corp | 006739106 | 6,832.00 | $739,290.72 |
| 0.56% | Certara Inc | 15687V109 | 108,242.00 | $732,798.34 |
| 0.56% | Herbalife Ltd | G4412G101 | 55,659.00 | $731,915.85 |
| 0.56% | LCI Industries | 50189K103 | 7,324.00 | $740,236.68 |
| 0.56% | Perdoceo Education Corp | 71363P106 | 20,491.00 | $731,733.61 |
| 0.55% | Alamo Group Inc | 011311107 | 4,455.00 | $719,393.40 |
| 0.55% | Blue Bird Corp | 095306106 | 9,335.00 | $722,342.30 |
| 0.55% | ICF International Inc | 44925C103 | 9,424.00 | $724,045.92 |
| 0.55% | Teradata Corp | 88076W103 | 21,239.00 | $716,603.86 |
| 0.55% | Interface Inc | 458665304 | 21,860.00 | $727,063.60 |
| 0.54% | AdaptHealth Corp | 00653Q102 | 69,566.00 | $710,964.52 |
| 0.54% | Core Natural Resources Inc | 218937100 | 8,586.00 | $702,935.82 |
| 0.54% | CVR Energy Inc | 12662P108 | 22,970.00 | $711,380.90 |
| 0.54% | EPAM Systems Inc | 29414B104 | 8,411.00 | $705,598.79 |
| 0.54% | IDT Corp | 448947507 | 11,601.00 | $708,821.10 |
| 0.54% | Innoviva Inc | 45781M101 | 31,615.00 | $703,117.60 |
| 0.54% | Talos Energy Inc | 87484T108 | 52,196.00 | $704,646.00 |
| 0.54% | Tidewater Inc | 88642R109 | 9,704.00 | $711,982.48 |
| 0.53% | Donnelley Financial Solutions Inc | 25787G100 | 15,679.00 | $700,224.14 |
| 0.53% | Dorian LPG Ltd | Y2106R110 | 17,230.00 | $690,061.50 |
| 0.53% | Maximus Inc | 577933104 | 12,388.00 | $701,532.44 |
| 0.53% | Marzetti Company/The | 513847103 | 6,096.00 | $699,820.80 |
| 0.53% | ePlus Inc | 294268107 | 7,694.00 | $689,613.22 |
| 0.53% | Patterson-UTI Energy Inc | 703481101 | 74,110.00 | $695,892.90 |
| 0.53% | Sylvamo Corp | 871332102 | 17,846.00 | $699,206.28 |
| 0.53% | Tactile Systems Technology Inc | 87357P100 | 23,393.00 | $697,813.19 |
| 0.52% | Blackbaud Inc | 09227Q100 | 22,875.00 | $676,871.25 |
| 0.52% | DNOW Inc | 67011P100 | 52,683.00 | $687,513.15 |
| 0.52% | Pacira BioSciences Inc | 695127100 | 26,943.00 | $686,507.64 |
| 0.52% | Scholastic Corp | 807066105 | 15,102.00 | $687,594.06 |
| 0.51% | Apogee Enterprises Inc | 037598109 | 17,285.00 | $671,003.70 |
| 0.51% | NerdWallet Inc | 64082B102 | 70,165.00 | $664,462.55 |
| 0.51% | Boston Beer Co Inc/The | 100557107 | 3,819.00 | $675,161.01 |
| 0.50% | Helix Energy Solutions Group Inc | 42330P107 | 70,508.00 | $650,083.76 |
| 0.49% | Adient PLC | G0084W101 | 32,520.00 | $649,099.20 |
| 0.49% | Amphastar Pharmaceuticals Inc | 03209R103 | 34,221.00 | $640,617.12 |
| 0.49% | Gulfport Energy Corp | 402635502 | 4,204.00 | $639,428.40 |
| 0.49% | Lindsay Corp | 535555106 | 5,685.00 | $647,066.70 |
| 0.49% | V2X Inc | 92242T101 | 8,622.00 | $646,563.78 |
| 0.49% | Winnebago Industries Inc | 974637100 | 22,009.00 | $646,404.33 |
| 0.48% | GoodRx Holdings Inc | 38246G108 | 214,489.00 | $632,742.55 |
| 0.47% | GigaCloud Technology Inc | G38644103 | 17,804.00 | $612,635.64 |
| 0.47% | J & J Snack Foods Corp | 466032109 | 8,089.00 | $618,727.61 |
| 0.47% | Upwork Inc | 91688F104 | 70,546.00 | $622,215.72 |
| 0.46% | Ardmore Shipping Corp | Y0207T100 | 36,596.00 | $599,808.44 |
| 0.46% | Buckle Inc/The | 118440106 | 14,222.00 | $605,572.76 |
| 0.45% | Riley Exploration Permian Inc | 76665T102 | 17,916.00 | $593,557.08 |
| 0.43% | Alpha Metallurgical Resources Inc | 020764106 | 3,868.00 | $567,396.92 |
| 0.43% | National Beverage Corp | 635017106 | 18,610.00 | $568,907.70 |
| 0.43% | SunCoke Energy Inc | 86722A103 | 69,298.00 | $569,629.56 |
| 0.41% | Worthington Steel Inc | 982104101 | 16,209.00 | $535,707.45 |
| 0.20% | Midera Food Processing Inc | 59739R104 | 6,451.00 | $267,329.44 |
| 0.11% | Cash & Other | Cash&Other | 138,458.51 | $138,458.51 |
| 0.01% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 9,023.97 | $9,023.97 |
Holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.
LITERATURE
Fact SheetIMPORTANT 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 PINE Distributors LLC.
