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 09/30/2026
| Ticker | DSMC |
| NAV | 41.62 |
| Market Price | 41.68 |
| Net Assets | $137,337,913 |
| Shares Outstanding | 3,300,000 |
| 30-day SEC Yield as of 8/31/2026 | 0.91% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.16 |
| 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 08/31/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 25.33% | 22.96% | 13.58% | 17.16% |
| 2DSMC MKT | 25.23% | 22.98% | 13.58% | 17.16% |
| 3Russell 2000 Index | 20.01% | 26.46% | 17.46% | 15.77% |
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 09/30/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 35 | 33 | - |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 5 | 3 | - |
| Days at discount | 86 | 32 | 63 | 18 | 22 | 28 | - |
DISTRIBUTIONS
| Ex-Date | Record Date | Payable Date | Amount | Type |
|---|---|---|---|---|
| 09/24/2026 | 09/24/2026 | 09/25/2026 | $0.12160 | Div Income |
| 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 |
TOP 10 HOLDINGS
As of 10/01/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.55% | Skyworks Solutions Inc | 83088M102 | 24,861.00 | $2,125,118.28 |
| 1.22% | Versant Media Group Inc | 925283103 | 53,638.00 | $1,680,210.35 |
| 1.14% | Invesco Ltd | G491BT108 | 51,794.00 | $1,562,107.04 |
| 1.08% | Gartner Inc | 366651107 | 7,937.00 | $1,480,567.98 |
| 1.07% | APA Corp | 03743Q108 | 35,382.00 | $1,469,768.28 |
| 1.07% | DXC Technology Co | 23355L106 | 135,351.00 | $1,465,851.33 |
| 1.06% | ICON PLC | G4705A100 | 8,555.00 | $1,454,264.45 |
| 1.05% | Toll Brothers Inc | 889478103 | 10,687.00 | $1,440,073.25 |
| 1.03% | Carlisle Cos Inc | 142339100 | 4,372.00 | $1,408,527.24 |
| 1.01% | Gap Inc/The | 364760108 | 60,792.00 | $1,388,489.28 |
| 1.01% | Masco Corp | 574599106 | 20,548.00 | $1,384,935.20 |
| 0.99% | GoDaddy Inc | 380237107 | 14,296.00 | $1,365,410.96 |
| 0.97% | Deckers Outdoor Corp | 243537107 | 17,059.00 | $1,332,990.26 |
| 0.97% | Owens Corning | 690742101 | 11,434.00 | $1,334,805.16 |
| 0.95% | Crocs Inc | 227046109 | 11,090.00 | $1,300,967.90 |
| 0.93% | Universal Health Services Inc | 913903100 | 7,359.00 | $1,282,379.34 |
| 0.92% | Dillard's Inc | 254067101 | 1,895.00 | $1,269,631.05 |
| 0.92% | Signet Jewelers Ltd | G81276100 | 12,284.00 | $1,257,021.72 |
| 0.92% | Textron Inc | 883203101 | 16,635.00 | $1,267,587.00 |
| 0.91% | LKQ Corp | 501889208 | 54,861.00 | $1,252,476.63 |
| 0.90% | Core & Main Inc | 21874C102 | 29,745.00 | $1,233,822.60 |
| 0.90% | Qorvo Inc | 74736K101 | 10,798.00 | $1,236,155.04 |
| 0.86% | Chord Energy Corp | 674215207 | 8,855.00 | $1,187,189.85 |
| 0.86% | Mohawk Industries Inc | 608190104 | 9,428.00 | $1,175,860.16 |
| 0.84% | Antero Resources Corp | 03674X106 | 34,716.00 | $1,159,167.24 |
| 0.84% | Hormel Foods Corp | 440452100 | 58,043.00 | $1,157,377.42 |
| 0.83% | Mueller Industries Inc | 624756102 | 18,796.00 | $1,139,225.56 |
| 0.83% | Match Group Inc | 57667L107 | 28,540.00 | $1,145,881.00 |
| 0.83% | PVH Corp | 693656100 | 15,380.00 | $1,138,889.00 |
| 0.79% | Allison Transmission Holdings Inc | 01973R101 | 9,548.00 | $1,081,406.48 |
| 0.79% | Dropbox Inc | 26210C104 | 32,014.00 | $1,083,673.90 |
| 0.77% | Bath & Body Works Inc | 070830104 | 66,300.00 | $1,055,496.00 |
| 0.77% | Murphy Oil Corp | 626717102 | 28,642.00 | $1,060,326.84 |
| 0.76% | A O Smith Corp | 831865209 | 18,497.00 | $1,042,675.89 |
| 0.76% | Smithfield Foods Inc | 832248207 | 55,772.00 | $1,044,051.84 |
| 0.76% | Teekay Tankers Ltd | G8726X106 | 10,700.00 | $1,038,542.00 |
| 0.75% | CVR Energy Inc | 12662P108 | 20,231.00 | $1,031,578.69 |
| 0.75% | Insight Enterprises Inc | 45765U103 | 6,607.00 | $1,032,806.24 |
| 0.74% | AECOM | 00766T100 | 17,340.00 | $1,022,193.00 |
| 0.73% | Acuity Inc | 00508Y102 | 3,241.00 | $1,004,094.21 |
| 0.73% | Amdocs Ltd | G02602103 | 17,617.00 | $1,007,340.06 |
| 0.72% | Atkore Inc | 047649108 | 10,485.00 | $993,453.75 |
| 0.72% | Commercial Metals Co | 201723103 | 15,844.00 | $983,912.40 |
| 0.72% | Thor Industries Inc | 885160101 | 14,372.00 | $993,105.20 |
| 0.71% | Academy Sports & Outdoors Inc | 00402L107 | 20,256.00 | $974,111.04 |
| 0.71% | Columbia Sportswear Co | 198516106 | 16,986.00 | $975,166.26 |
| 0.70% | Abercrombie & Fitch Co | 002896207 | 7,108.00 | $957,376.52 |
| 0.70% | Cal-Maine Foods Inc | 128030202 | 14,184.00 | $965,363.04 |
| 0.70% | California Resources Corp | 13057Q305 | 18,995.00 | $964,946.00 |
| 0.70% | Euronet Worldwide Inc | 298736109 | 15,283.00 | $960,842.21 |
| 0.70% | Sensata Technologies Holding PLC | G8060N102 | 23,031.00 | $957,168.36 |
| 0.70% | UFP Industries Inc | 90278Q108 | 12,447.00 | $961,157.34 |
| 0.69% | FactSet Research Systems Inc | 303075105 | 3,505.00 | $946,174.75 |
| 0.69% | H&R Block Inc | 093671105 | 23,038.00 | $941,102.30 |
| 0.69% | Vontier Corp | 928881101 | 29,967.00 | $940,963.80 |
| 0.68% | International Seaways Inc | Y41053102 | 8,429.00 | $928,370.06 |
| 0.68% | NOV Inc | 62955J103 | 49,568.00 | $928,408.64 |
| 0.67% | Gentex Corp | 371901109 | 42,392.00 | $921,602.08 |
| 0.67% | Par Pacific Holdings Inc | 69888T207 | 11,223.00 | $916,021.26 |
| 0.66% | Cabot Corp | 127055101 | 11,860.00 | $912,152.60 |
| 0.66% | Genpact Ltd | G3922B107 | 27,665.00 | $899,942.45 |
| 0.66% | KBR Inc | 48242W106 | 25,747.00 | $905,264.52 |
| 0.66% | Mattel Inc | 577081102 | 72,098.00 | $912,760.68 |
| 0.65% | Peabody Energy Corp | 704551100 | 36,379.00 | $887,283.81 |
| 0.65% | EPAM Systems Inc | 29414B104 | 8,230.00 | $891,802.80 |
| 0.64% | AMN Healthcare Services Inc | 001744101 | 24,570.00 | $881,325.90 |
| 0.64% | Dorian LPG Ltd | Y2106R110 | 15,927.00 | $876,940.62 |
| 0.63% | Andersons Inc/The | 034164103 | 13,164.00 | $862,242.00 |
| 0.63% | Brink's Co/The | 109696104 | 8,542.00 | $862,656.58 |
| 0.63% | Weatherford International PLC | G48833118 | 11,055.00 | $869,807.40 |
| 0.62% | WEX Inc | 96208T104 | 5,062.00 | $853,959.40 |
| 0.62% | Ziff Davis Inc | 48123V102 | 15,032.00 | $852,164.08 |
| 0.61% | Amphastar Pharmaceuticals Inc | 03209R103 | 32,367.00 | $835,392.27 |
| 0.61% | Artisan Partners Asset Management Inc | 04316A108 | 23,111.00 | $834,769.32 |
| 0.61% | PC Connection Inc | 69318J100 | 9,358.00 | $844,372.34 |
| 0.61% | Carter's Inc | 146229109 | 26,575.00 | $832,063.25 |
| 0.61% | Herbalife Ltd | G4412G101 | 68,652.00 | $832,748.76 |
| 0.61% | Parsons Corp | 70202L102 | 20,502.00 | $839,966.94 |
| 0.60% | GigaCloud Technology Inc | G38644103 | 16,069.00 | $830,445.92 |
| 0.60% | Patterson-UTI Energy Inc | 703481101 | 75,485.00 | $824,296.20 |
| 0.60% | Worthington Enterprises Inc | 981811102 | 13,837.00 | $823,854.98 |
| 0.60% | Clear Secure Inc | 18467V109 | 19,534.00 | $819,451.30 |
| 0.59% | Boise Cascade Co | 09739D100 | 10,878.00 | $806,603.70 |
| 0.59% | Buckle Inc/The | 118440106 | 18,983.00 | $815,319.85 |
| 0.59% | IDT Corp | 448947507 | 10,207.00 | $816,253.79 |
| 0.59% | Maximus Inc | 577933104 | 15,141.00 | $805,349.79 |
| 0.59% | Option Care Health Inc | 68404L201 | 35,918.00 | $807,795.82 |
| 0.59% | Talos Energy Inc | 87484T108 | 49,870.00 | $814,377.10 |
| 0.59% | Teradata Corp | 88076W103 | 28,304.00 | $816,287.36 |
| 0.58% | Adient PLC | G0084W101 | 46,916.00 | $790,065.44 |
| 0.58% | Dolby Laboratories Inc | 25659T107 | 13,645.00 | $801,916.65 |
| 0.58% | Franklin Electric Co Inc | 353514102 | 8,360.00 | $801,640.40 |
| 0.58% | M/I Homes Inc | 55305B101 | 5,861.00 | $791,996.93 |
| 0.58% | NetScout Systems Inc | 64115T104 | 19,779.00 | $794,720.22 |
| 0.58% | ScanSource Inc | 806037107 | 13,459.00 | $790,447.07 |
| 0.57% | G-III Apparel Group Ltd | 36237H101 | 29,042.00 | $787,619.04 |
| 0.57% | Harmony Biosciences Holdings Inc | 413197104 | 19,969.00 | $783,982.94 |
| 0.57% | Innoviva Inc | 45781M101 | 37,157.00 | $788,099.97 |
| 0.57% | Kontoor Brands Inc | 50050N103 | 12,311.00 | $775,962.33 |
| 0.57% | ePlus Inc | 294268107 | 8,638.00 | $777,506.38 |
| 0.56% | LCI Industries | 50189K103 | 9,155.00 | $765,998.85 |
| 0.56% | Stride Inc | 86333M108 | 9,898.00 | $771,846.04 |
| 0.56% | TriNet Group Inc | 896288107 | 12,402.00 | $772,024.50 |
| 0.55% | Core Natural Resources Inc | 218937100 | 8,830.00 | $757,967.20 |
| 0.55% | Collegium Pharmaceutical Inc | 19459J104 | 34,602.00 | $755,015.64 |
| 0.55% | Pediatrix Medical Group Inc | 58502B106 | 29,324.00 | $754,506.52 |
| 0.54% | CTS Corp | 126501105 | 12,658.00 | $742,898.02 |
| 0.54% | Boston Beer Co Inc/The | 100557107 | 4,506.00 | $739,074.12 |
| 0.53% | Ardmore Shipping Corp | Y0207T100 | 39,287.00 | $733,095.42 |
| 0.53% | EVERTEC Inc | 30040P103 | 27,157.00 | $731,881.15 |
| 0.53% | Payoneer Global Inc | 70451X104 | 102,614.00 | $732,663.96 |
| 0.53% | V2X Inc | 92242T101 | 10,209.00 | $722,490.93 |
| 0.52% | Alamo Group Inc | 011311107 | 4,613.00 | $713,954.01 |
| 0.52% | Del Monte Corp | G36738105 | 23,631.00 | $707,984.76 |
| 0.52% | National Beverage Corp | 635017106 | 24,528.00 | $716,217.60 |
| 0.52% | Hayward Holdings Inc | 421298100 | 58,133.00 | $711,547.92 |
| 0.52% | Korn Ferry | 500643200 | 9,970.00 | $713,752.30 |
| 0.52% | Envista Holdings Corp | 29415F104 | 30,683.00 | $720,130.01 |
| 0.52% | Perdoceo Education Corp | 71363P106 | 23,170.00 | $716,879.80 |
| 0.52% | Riley Exploration Permian Inc | 76665T102 | 17,995.00 | $719,979.95 |
| 0.51% | ICF International Inc | 44925C103 | 8,360.00 | $694,966.80 |
| 0.51% | Omnicell Inc | 68213N109 | 20,554.00 | $699,863.70 |
| 0.51% | Visteon Corp | 92839U206 | 8,011.00 | $694,393.48 |
| 0.50% | Apogee Enterprises Inc | 037598109 | 19,423.00 | $686,991.51 |
| 0.50% | Dole PLC | G27907107 | 53,512.00 | $680,137.52 |
| 0.50% | Ironwood Pharmaceuticals Inc | 46333X108 | 173,970.00 | $690,660.90 |
| 0.50% | Pacira BioSciences Inc | 695127100 | 27,508.00 | $689,075.40 |
| 0.49% | Blue Bird Corp | 095306106 | 12,166.00 | $675,213.00 |
| 0.49% | Blackbaud Inc | 09227Q100 | 16,196.00 | $674,077.52 |
| 0.49% | Consensus Cloud Solutions Inc | 20848V105 | 19,257.00 | $672,069.30 |
| 0.49% | Gulfport Energy Corp | 402635502 | 4,500.00 | $677,160.00 |
| 0.49% | Tidewater Inc | 88642R109 | 8,373.00 | $679,050.30 |
| 0.49% | Virtus Investment Partners Inc | 92828Q109 | 5,108.00 | $675,890.56 |
| 0.48% | Insteel Industries Inc | 45774W108 | 22,819.00 | $664,717.47 |
| 0.48% | Kelly Services Inc | 488152208 | 41,079.00 | $665,890.59 |
| 0.48% | Kforce Inc | 493732101 | 12,483.00 | $654,858.18 |
| 0.48% | Movado Group Inc | 624580106 | 19,695.00 | $655,449.60 |
| 0.48% | Tactile Systems Technology Inc | 87357P100 | 29,508.00 | $657,733.32 |
| 0.48% | TriMas Corp | 896215209 | 17,255.00 | $665,956.73 |
| 0.47% | Cars.com Inc | 14575E105 | 62,962.00 | $646,619.74 |
| 0.47% | Seneca Foods Corp | 817070501 | 3,636.00 | $647,208.00 |
| 0.47% | Yelp Inc | 985817105 | 34,665.00 | $641,302.50 |
| 0.46% | Simply Good Foods Co/The | 82900L102 | 66,920.00 | $635,070.80 |
| 0.45% | Daktronics Inc | 234264109 | 35,532.00 | $617,901.48 |
| 0.45% | John B Sanfilippo & Son Inc | 800422107 | 9,301.00 | $618,609.51 |
| 0.45% | NerdWallet Inc | 64082B102 | 69,661.00 | $611,623.58 |
| 0.45% | Upwork Inc | 91688F104 | 76,060.00 | $620,649.60 |
| 0.43% | Malibu Boats Inc | 56117J100 | 25,591.00 | $586,545.72 |
| 0.42% | Root Inc/OH | 77664L207 | 12,562.00 | $579,233.82 |
| 0.39% | Hornbeck Offshore Services Inc | 42330P107 | 70,487.00 | $542,045.03 |
| 0.05% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 67,907.71 | $67,907.71 |
| 0.00% | Cash & Other | Cash&Other | 5,115.53 | $5,115.53 |
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.
