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 04/20/2026
| Ticker | DSMC |
| NAV | 39.34 |
| Market Price | 39.32 |
| Net Assets | $125,894,194 |
| Shares Outstanding | 3,200,000 |
| 30-day SEC Yield as of 2/28/2026 | 1.13% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | -0.06 |
| 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
10/5/2022-3/31/2026
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 03/31/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 5.94% | 19.87% | 10.78% | 13.79% |
| 2DSMC MKT | 5.81% | 20.16% | 10.78% | 13.78% |
| 3Russell 2000 Index | 0.89% | 25.72% | 13.05% | 12.10% |
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 04/20/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 3 | - | - |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 3 | - | - |
| Days at discount | 86 | 32 | 63 | 18 | 7 | - | - |
DISTRIBUTIONS
| Ex-Date | Record Date | Payable Date | Amount | Type |
|---|---|---|---|---|
| 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 |
| 06/26/2024 | 06/26/2024 | 06/27/2024 | $0.10473 | Div Income |
TOP 10 HOLDINGS
As of 04/21/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.84% | Versant Media Group Inc | 925283103 | 56,789.00 | $2,316,991.20 |
| 1.65% | HF Sinclair Corp | 403949100 | 35,975.00 | $2,082,592.75 |
| 1.60% | APA Corp | 03743Q108 | 56,043.00 | $2,015,586.50 |
| 1.49% | TD SYNNEX Corp | 87162W100 | 8,593.00 | $1,872,242.84 |
| 1.30% | Antero Resources Corp | 03674X106 | 44,774.00 | $1,637,385.18 |
| 1.24% | Chord Energy Corp | 674215207 | 12,273.00 | $1,559,407.38 |
| 1.12% | Skyworks Solutions Inc | 83088M102 | 23,772.00 | $1,413,483.12 |
| 1.11% | Owens Corning | 690742101 | 11,255.00 | $1,395,057.25 |
| 1.09% | DXC Technology Co | 23355L106 | 103,126.00 | $1,372,607.06 |
| 1.02% | Alpha Metallurgical Resources Inc | 020764106 | 6,559.00 | $1,279,201.77 |
| 1.00% | Gartner Inc | 366651107 | 8,027.00 | $1,254,058.21 |
| 0.99% | ICON PLC | G4705A100 | 10,622.00 | $1,244,048.64 |
| 0.98% | Crocs Inc | 227046109 | 11,112.00 | $1,235,543.28 |
| 0.98% | Mosaic Co/The | 61945C103 | 50,955.00 | $1,228,525.05 |
| 0.96% | Best Buy Co Inc | 086516101 | 18,031.00 | $1,206,995.14 |
| 0.95% | CVR Energy Inc | 12662P108 | 39,549.00 | $1,193,588.82 |
| 0.92% | Ziff Davis Inc | 48123V102 | 24,452.00 | $1,157,068.64 |
| 0.91% | Affiliated Managers Group Inc | 008252108 | 3,809.00 | $1,146,394.73 |
| 0.89% | GoDaddy Inc | 380237107 | 12,851.00 | $1,125,876.11 |
| 0.89% | LKQ Corp | 501889208 | 36,410.00 | $1,124,704.90 |
| 0.84% | Dillard's Inc | 254067101 | 1,715.00 | $1,058,412.25 |
| 0.83% | Range Resources Corp | 75281A109 | 25,499.00 | $1,049,028.86 |
| 0.81% | Peabody Energy Corp | 704551100 | 39,610.00 | $1,018,769.20 |
| 0.81% | FactSet Research Systems Inc | 303075105 | 4,343.00 | $1,024,426.84 |
| 0.81% | Matador Resources Co | 576485205 | 18,118.00 | $1,022,579.92 |
| 0.80% | Insperity Inc | 45778Q107 | 31,903.00 | $1,002,392.26 |
| 0.80% | WEX Inc | 96208T104 | 5,683.00 | $1,006,629.79 |
| 0.79% | Axcelis Technologies Inc | 054540208 | 7,627.00 | $999,289.54 |
| 0.79% | Euronet Worldwide Inc | 298736109 | 13,246.00 | $996,364.12 |
| 0.79% | H&R Block Inc | 093671105 | 31,460.00 | $997,596.60 |
| 0.79% | Robert Half Inc | 770323103 | 35,522.00 | $995,326.44 |
| 0.78% | Allison Transmission Holdings Inc | 01973R101 | 7,578.00 | $983,169.72 |
| 0.78% | Mueller Industries Inc | 624756102 | 8,072.00 | $975,904.80 |
| 0.78% | Taylor Morrison Home Corp | 87724P106 | 15,822.00 | $978,907.14 |
| 0.77% | Boyd Gaming Corp | 103304101 | 10,940.00 | $964,032.80 |
| 0.77% | Matson Inc | 57686G105 | 5,487.00 | $971,363.61 |
| 0.76% | Etsy Inc | 29786A106 | 15,001.00 | $962,764.18 |
| 0.74% | Ingredion Inc | 457187102 | 8,118.00 | $927,156.78 |
| 0.73% | Adeia Inc | 00676P107 | 31,064.00 | $917,009.28 |
| 0.73% | Cal-Maine Foods Inc | 128030202 | 12,279.00 | $922,398.48 |
| 0.72% | Core & Main Inc | 21874C102 | 18,179.00 | $908,950.00 |
| 0.71% | Andersons Inc/The | 034164103 | 12,244.00 | $894,669.08 |
| 0.71% | Amdocs Ltd | G02602103 | 13,339.00 | $893,179.44 |
| 0.71% | Qorvo Inc | 74736K101 | 10,775.00 | $890,122.75 |
| 0.70% | Atkore Inc | 047649108 | 12,699.00 | $876,865.95 |
| 0.70% | Core Natural Resources Inc | 218937100 | 10,305.00 | $879,428.70 |
| 0.69% | California Resources Corp | 13057Q305 | 13,977.00 | $869,089.86 |
| 0.69% | Patterson-UTI Energy Inc | 703481101 | 89,373.00 | $873,174.21 |
| 0.69% | John Wiley & Sons Inc | 968223206 | 20,723.00 | $863,527.41 |
| 0.68% | Acuity Inc | 00508Y102 | 2,886.00 | $855,727.86 |
| 0.68% | GEO Group Inc/The | 36162J106 | 45,530.00 | $855,508.70 |
| 0.68% | Signet Jewelers Ltd | G81276100 | 8,888.00 | $850,492.72 |
| 0.68% | Talos Energy Inc | 87484T108 | 62,103.00 | $859,505.52 |
| 0.67% | Dropbox Inc | 26210C104 | 34,728.00 | $845,974.08 |
| 0.67% | ManpowerGroup Inc | 56418H100 | 26,386.00 | $840,921.82 |
| 0.66% | Stride Inc | 86333M108 | 8,370.00 | $828,462.60 |
| 0.65% | EVERTEC Inc | 30040P103 | 26,433.00 | $818,894.34 |
| 0.65% | International Seaways Inc | Y41053102 | 10,565.00 | $818,364.90 |
| 0.65% | Ironwood Pharmaceuticals Inc | 46333X108 | 184,337.00 | $814,769.54 |
| 0.65% | Teekay Tankers Ltd | G8726X106 | 10,777.00 | $824,440.50 |
| 0.65% | TRI POINTE GROUP INC | 87265H109 | 17,466.00 | $818,282.10 |
| 0.64% | Cabot Corp | 127055101 | 10,696.00 | $807,654.96 |
| 0.64% | Commercial Metals Co | 201723103 | 11,968.00 | $808,318.72 |
| 0.64% | Ralliant Corp | 750940108 | 17,314.00 | $806,486.12 |
| 0.63% | Magnolia Oil & Gas Corp | 559663109 | 28,378.00 | $793,732.66 |
| 0.63% | Paycom Software Inc | 70432V102 | 5,947.00 | $790,832.06 |
| 0.63% | Victory Capital Holdings Inc | 92645B103 | 10,603.00 | $790,241.59 |
| 0.61% | Alliance Resource Partners LP | 01877R108 | 31,153.00 | $766,052.27 |
| 0.61% | Columbia Sportswear Co | 198516106 | 11,973.00 | $766,631.19 |
| 0.61% | Leggett & Platt Inc | 524660107 | 64,529.00 | $773,702.71 |
| 0.60% | ArcBest Corp | 03937C105 | 6,347.00 | $756,245.05 |
| 0.60% | Federated Hermes Inc | 314211103 | 13,191.00 | $752,546.55 |
| 0.60% | Genpact Ltd | G3922B107 | 20,761.00 | $760,683.04 |
| 0.60% | Yelp Inc | 985817105 | 27,016.00 | $760,770.56 |
| 0.59% | Artisan Partners Asset Management Inc | 04316A108 | 19,623.00 | $738,021.03 |
| 0.59% | Academy Sports & Outdoors Inc | 00402L107 | 12,785.00 | $741,785.70 |
| 0.59% | Cars.com Inc | 14575E105 | 67,053.00 | $740,265.12 |
| 0.59% | EPAM Systems Inc | 29414B104 | 5,602.00 | $738,903.80 |
| 0.59% | Korn Ferry | 500643200 | 11,218.00 | $747,455.34 |
| 0.59% | LCI Industries | 50189K103 | 6,074.00 | $737,079.90 |
| 0.59% | Mattel Inc | 577081102 | 49,817.00 | $742,771.47 |
| 0.59% | Pediatrix Medical Group Inc | 58502B106 | 32,202.00 | $746,764.38 |
| 0.59% | NETGEAR Inc | 64111Q104 | 27,802.00 | $745,649.64 |
| 0.58% | Thor Industries Inc | 885160101 | 9,072.00 | $735,829.92 |
| 0.57% | Insight Enterprises Inc | 45765U103 | 9,440.00 | $721,782.40 |
| 0.57% | Boston Beer Co Inc/The | 100557107 | 2,893.00 | $722,960.70 |
| 0.57% | Steven Madden Ltd | 556269108 | 18,009.00 | $715,317.48 |
| 0.57% | Worthington Enterprises Inc | 981811102 | 13,058.00 | $715,970.14 |
| 0.56% | ASGN Inc | 00191U102 | 17,739.00 | $710,269.56 |
| 0.56% | Buckle Inc/The | 118440106 | 12,567.00 | $702,997.98 |
| 0.56% | ZoomInfo Technologies Inc | 98980F104 | 112,096.00 | $699,479.04 |
| 0.56% | Payoneer Global Inc | 70451X104 | 134,475.00 | $699,270.00 |
| 0.56% | ePlus Inc | 294268107 | 8,225.00 | $705,622.75 |
| 0.56% | Tutor Perini Corp | 901109108 | 8,285.00 | $699,088.30 |
| 0.55% | G-III Apparel Group Ltd | 36237H101 | 21,887.00 | $687,032.93 |
| 0.55% | Hub Group Inc | 443320106 | 15,878.00 | $690,375.44 |
| 0.55% | Dorian LPG Ltd | Y2106R110 | 18,853.00 | $695,298.64 |
| 0.55% | Oxford Industries Inc | 691497309 | 15,178.00 | $689,081.20 |
| 0.55% | Virtus Investment Partners Inc | 92828Q109 | 4,912.00 | $698,339.04 |
| 0.54% | Fortune Brands Innovations Inc | 34964C106 | 16,420.00 | $679,459.60 |
| 0.54% | Maximus Inc | 577933104 | 9,840.00 | $675,417.60 |
| 0.54% | Perdoceo Education Corp | 71363P106 | 18,630.00 | $678,318.30 |
| 0.54% | Scholastic Corp | 807066105 | 17,000.00 | $675,920.00 |
| 0.54% | Sylvamo Corp | 871332102 | 15,565.00 | $675,521.00 |
| 0.53% | Adient PLC | G0084W101 | 29,778.00 | $664,942.74 |
| 0.53% | Carter's Inc | 146229109 | 17,111.00 | $669,895.65 |
| 0.53% | Harmony Biosciences Holdings Inc | 413197104 | 22,628.00 | $668,204.84 |
| 0.53% | Innoviva Inc | 45781M101 | 28,077.00 | $671,601.84 |
| 0.53% | M/I Homes Inc | 55305B101 | 5,260.00 | $669,913.60 |
| 0.53% | NetScout Systems Inc | 64115T104 | 20,179.00 | $662,072.99 |
| 0.53% | Ryerson Holding Corp | 783754104 | 25,984.00 | $668,048.64 |
| 0.53% | ScanSource Inc | 806037107 | 16,858.00 | $663,699.46 |
| 0.53% | TripAdvisor Inc | 896945201 | 58,075.00 | $666,701.00 |
| 0.52% | GigaCloud Technology Inc | G38644103 | 13,155.00 | $658,933.95 |
| 0.52% | Magnite Inc | 55955D100 | 46,398.00 | $649,572.00 |
| 0.52% | Pacira BioSciences Inc | 695127100 | 26,313.00 | $655,193.70 |
| 0.52% | Visteon Corp | 92839U206 | 6,455.00 | $654,795.20 |
| 0.51% | Blue Bird Corp | 095306106 | 10,274.00 | $646,953.78 |
| 0.51% | PC Connection Inc | 69318J100 | 10,192.00 | $646,580.48 |
| 0.51% | DNOW Inc | 67011P100 | 53,842.00 | $646,104.00 |
| 0.51% | Sturm Ruger & Co Inc | 864159108 | 15,235.00 | $641,088.80 |
| 0.50% | Dole PLC | G27907107 | 42,550.00 | $635,697.00 |
| 0.50% | Monarch Casino & Resort Inc | 609027107 | 6,350.00 | $629,475.50 |
| 0.50% | Teradata Corp | 88076W103 | 23,169.00 | $627,416.52 |
| 0.49% | Ardmore Shipping Corp | Y0207T100 | 39,088.00 | $620,717.44 |
| 0.49% | CTS Corp | 126501105 | 11,266.00 | $617,602.12 |
| 0.49% | Liquidity Services Inc | 53635B107 | 18,088.00 | $614,630.24 |
| 0.49% | V2X Inc | 92242T101 | 9,352.00 | $618,354.24 |
| 0.48% | IDT Corp | 448947507 | 11,564.00 | $604,565.92 |
| 0.48% | La-Z-Boy Inc | 505336107 | 16,757.00 | $604,927.70 |
| 0.47% | Enphase Energy Inc | 29355A107 | 17,412.00 | $589,918.56 |
| 0.47% | eXp World Holdings Inc | 30212W100 | 88,359.00 | $592,888.89 |
| 0.46% | Ethan Allen Interiors Inc | 297602104 | 25,240.00 | $573,957.60 |
| 0.46% | Prestige Consumer Healthcare Inc | 74112D101 | 9,901.00 | $580,990.68 |
| 0.46% | PROG Holdings Inc | 74319R101 | 17,569.00 | $579,074.24 |
| 0.46% | World Kinect Corp | 981475106 | 24,643.00 | $581,821.23 |
| 0.45% | NCR Voyix Corp | 62886E108 | 79,917.00 | $562,615.68 |
| 0.44% | Apogee Enterprises Inc | 037598109 | 15,232.00 | $553,987.84 |
| 0.44% | ICF International Inc | 44925C103 | 8,053.00 | $549,134.07 |
| 0.44% | Qualys Inc | 74758T303 | 6,830.00 | $560,060.00 |
| 0.42% | Amphastar Pharmaceuticals Inc | 03209R103 | 23,204.00 | $531,835.68 |
| 0.42% | American Woodmark Corp | 030506109 | 11,960.00 | $530,665.20 |
| 0.42% | Worthington Steel Inc | 982104101 | 14,981.00 | $534,372.27 |
| 0.41% | Collegium Pharmaceutical Inc | 19459J104 | 14,955.00 | $513,106.05 |
| 0.41% | Janus International Group Inc | 47103N106 | 88,802.00 | $510,611.50 |
| 0.41% | Malibu Boats Inc | 56117J100 | 19,156.00 | $511,656.76 |
| 0.41% | Gibraltar Industries Inc | 374689107 | 12,943.00 | $521,214.61 |
| 0.40% | Blackbaud Inc | 09227Q100 | 13,006.00 | $508,274.48 |
| 0.39% | Simply Good Foods Co/The | 82900L102 | 38,760.00 | $489,151.20 |
| 0.39% | Winnebago Industries Inc | 974637100 | 14,740.00 | $495,411.40 |
| 0.08% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 102,732.33 | $102,732.33 |
| 0.03% | Cash & Other | Cash&Other | 39,844.25 | $39,844.25 |
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 Quasar Distributors, LLC.
