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 07/16/2024

Ticker DSMC
NAV 36.80
Market Price 36.84
Net Assets $100,281,480
Shares Outstanding 2,725,000
30-day SEC Yield as of 6/30/2024 1.20%
Inception 10/5/2022
Primary Exchange NYSE
CUSIP 26922B667
Expense Ratio 0.55%
Premium/Discount % 0.11
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

10/5/2022-6/30/2024

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 06/30/2024

YTD 1 YR1 3 YR SINCE INCEPTION2
1DSMC NAV 1.47% 16.63% - 22.54%
2DSMC MKT 1.38% 16.51% - 22.53%
3Morningstar US Small Cap TR USD 1.85% 10.88% - 13.63%

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 07/16/2024

  2023Q1 2024
Days at premium14145
Days at zero premium/discount204
Days at discount8612

DISTRIBUTIONS

Ex-Date Record Date Payable Date Amount Type
06/26/2024 06/26/2024 06/27/2024 $0.10473 Div Income
         
         
         

TOP 10 HOLDINGS

As of 07/18/2024

Percent Net Assets Name Identifier Shares Held Market Value
1.74% Qorvo Inc 74736K101 14,290.00 $1,766,101.10
1.74% United Therapeutics Corp 91307C102 5,325.00 $1,764,918.00
1.56% Toll Brothers Inc 889478103 12,386.00 $1,587,513.62
1.49% Atkore Inc 047649108 10,405.00 $1,508,725.00
1.47% Chord Energy Corp 674215207 8,465.00 $1,494,580.40
1.46% Alpha Metallurgical Resources Inc 020764106 4,773.00 $1,483,448.40
1.39% Dillard's Inc 254067101 3,416.00 $1,410,090.64
1.31% WEX Inc 96208T104 7,007.00 $1,328,387.06
1.28% Crocs Inc 227046109 9,742.00 $1,295,588.58
1.19% Chesapeake Energy Corp 165167735 14,710.00 $1,206,955.50
1.18% Cavco Industries Inc 149568107 3,022.00 $1,202,484.02
1.10% Incyte Corp 45337C102 17,030.00 $1,112,059.00
1.09% AGCO Corp 001084102 10,745.00 $1,104,371.10
1.04% Mohawk Industries Inc 608190104 8,008.00 $1,056,815.76
1.03% Civitas Resources Inc 17888H103 14,365.00 $1,044,766.45
0.98% Advance Auto Parts Inc 00751Y106 15,470.00 $996,886.80
0.98% KB Home 48666K109 12,385.00 $999,717.20
0.97% Robert Half Inc 770323103 14,570.00 $982,018.00
0.93% Ovintiv Inc 69047Q102 19,399.00 $940,269.53
0.90% APA Corp 03743Q108 28,297.00 $911,729.34
0.90% InterDigital Inc 45867G101 7,448.00 $918,487.36
0.88% Amdocs Ltd G02602103 10,618.00 $890,637.84
0.87% Arch Resources Inc 03940R107 5,557.00 $879,395.25
0.87% Molson Coors Beverage Co 60871R209 16,447.00 $887,809.06
0.85% Boise Cascade Co 09739D100 6,421.00 $858,616.12
0.83% Matador Resources Co 576485205 12,851.00 $838,142.22
0.83% Sterling Infrastructure Inc 859241101 7,526.00 $837,643.80
0.82% Gulfport Energy Corp 402635502 5,332.00 $829,925.80
0.80% Oshkosh Corp 688239201 7,328.00 $815,313.28
0.80% Tapestry Inc 876030107 18,966.00 $807,761.94
0.76% Matson Inc 57686G105 5,772.00 $766,925.64
0.75% Grand Canyon Education Inc 38526M106 4,979.00 $758,052.75
0.74% Mosaic Co/The 61945C103 24,488.00 $749,577.68
0.74% Thor Industries Inc 885160101 7,465.00 $748,142.30
0.73% Allison Transmission Holdings Inc 01973R101 8,883.00 $737,999.64
0.73% HF Sinclair Corp 403949100 14,970.00 $735,925.20
0.73% H&R Block Inc 093671105 13,086.00 $736,349.22
0.73% LKQ Corp 501889208 16,203.00 $745,824.09
0.72% Bath & Body Works Inc 070830104 18,527.00 $730,334.34
0.71% BorgWarner Inc 099724106 21,022.00 $718,531.96
0.71% CONSOL Energy Inc 20854L108 7,059.00 $721,076.85
0.70% Academy Sports & Outdoors Inc 00402L107 12,304.00 $706,249.60
0.68% SM Energy Co 78454L100 14,793.00 $692,608.26
0.68% TriNet Group Inc 896288107 6,333.00 $694,603.44
0.67% California Resources Corp 13057Q305 13,124.00 $681,791.80
0.66% ASGN Inc 00191U102 6,514.00 $674,394.42
0.66% Dropbox Inc 26210C104 28,531.00 $665,057.61
0.66% Taylor Morrison Home Corp 87724P106 10,333.00 $665,135.21
0.65% LCI Industries 50189K103 5,671.00 $655,737.73
0.65% Stride Inc 86333M108 9,328.00 $664,340.16
0.65% MSC Industrial Direct Co Inc 553530106 7,757.00 $659,500.14
0.65% Murphy Oil Corp 626717102 15,621.00 $657,175.47
0.64% Brink's Co/The 109696104 6,170.00 $652,971.10
0.64% DXC Technology Co 23355L106 32,784.00 $648,139.68
0.64% Euronet Worldwide Inc 298736109 6,033.00 $648,728.49
0.63% Antero Resources Corp 03674X106 21,581.00 $643,329.61
0.63% ChampionX Corp 15872M104 18,436.00 $637,332.52
0.63% Insperity Inc 45778Q107 6,283.00 $638,541.29
0.63% PBF Energy Inc 69318G106 15,937.00 $636,364.41
0.62% Cal-Maine Foods Inc 128030202 9,652.00 $633,267.72
0.62% eXp World Holdings Inc 30212W100 43,526.00 $628,515.44
0.62% Magnolia Oil & Gas Corp 559663109 23,246.00 $630,431.52
0.62% Terex Corp 880779103 10,633.00 $629,367.27
0.62% John Wiley & Sons Inc 968223206 13,080.00 $632,287.20
0.61% BlueLinx Holdings Inc 09624H208 5,366.00 $614,353.34
0.61% Interpublic Group of Cos Inc/The 460690100 20,619.00 $622,693.80
0.61% Range Resources Corp 75281A109 18,571.00 $622,499.92
0.61% SEI Investments Co 784117103 9,014.00 $621,244.88
0.61% Virtus Investment Partners Inc 92828Q109 2,541.00 $622,189.26
0.60% Carter's Inc 146229109 9,591.00 $604,424.82
0.59% Extreme Networks Inc 30226D106 42,759.00 $598,198.41
0.59% Kulicke & Soffa Industries Inc 501242101 11,761.00 $595,459.43
0.59% Olin Corp 680665205 11,852.00 $594,851.88
0.59% Prestige Consumer Healthcare Inc 74112D101 8,358.00 $600,187.98
0.59% TRI POINTE GROUP INC 87265H109 13,496.00 $596,388.24
0.58% Atmus Filtration Technologies Inc 04956D107 19,301.00 $587,329.43
0.58% Columbia Sportswear Co 198516106 7,281.00 $585,683.64
0.58% IPG Photonics Corp 44980X109 6,551.00 $592,537.95
0.58% Korn Ferry 500643200 8,236.00 $590,109.40
0.58% ManpowerGroup Inc 56418H100 7,879.00 $584,543.01
0.58% ePlus Inc 294268107 7,232.00 $588,829.44
0.58% Teradata Corp 88076W103 16,794.00 $587,286.18
0.56% Helix Energy Solutions Group Inc 42330P107 45,514.00 $570,290.42
0.55% Everi Holdings Inc 30034T103 62,026.00 $558,854.26
0.55% La-Z-Boy Inc 505336107 13,123.00 $559,695.95
0.55% Shutterstock Inc 825690100 13,136.00 $555,390.08
0.54% Cleveland-Cliffs Inc 185899101 35,643.00 $552,466.50
0.54% ODP Corp/The 88337F105 13,142.00 $548,021.40
0.54% Sylvamo Corp 871332102 7,723.00 $553,121.26
0.54% Victory Capital Holdings Inc 92645B103 10,451.00 $547,527.89
0.53% Argan Inc 04010E109 7,011.00 $536,341.50
0.53% VAALCO Energy Inc 91851C201 77,506.00 $540,991.88
0.53% Federated Hermes Inc 314211103 15,455.00 $540,306.80
0.53% Vista Outdoor Inc 928377100 14,297.00 $542,857.09
0.53% Winnebago Industries Inc 974637100 9,229.00 $539,896.50
0.52% Buckle Inc/The 118440106 12,901.00 $524,167.63
0.52% Harmony Biosciences Holdings Inc 413197104 15,856.00 $524,516.48
0.52% Hub Group Inc 443320106 11,395.00 $524,056.05
0.52% Premier Inc 74051N102 26,448.00 $523,141.44
0.51% Ethan Allen Interiors Inc 297602104 16,522.00 $513,338.54
0.51% Monarch Casino & Resort Inc 609027107 7,320.00 $515,474.40
0.51% Steven Madden Ltd 556269108 11,685.00 $517,061.25
0.50% Andersons Inc/The 034164103 9,630.00 $503,071.20
0.50% Apogee Enterprises Inc 037598109 7,978.00 $508,996.40
0.50% Berry Corp 08579X101 73,352.00 $510,529.92
0.50% Cohu Inc 192576106 14,784.00 $502,951.68
0.50% Innoviva Inc 45781M101 29,056.00 $507,317.76
0.50% Kforce Inc 493732101 7,592.00 $511,473.04
0.50% Supernus Pharmaceuticals Inc 868459108 17,447.00 $505,090.65
0.50% Wabash National Corp 929566107 21,903.00 $511,216.02
0.49% Artisan Partners Asset Management Inc 04316A108 11,543.00 $501,427.92
0.49% Alliance Resource Partners LP 01877R108 19,750.00 $499,675.00
0.49% CALERES INC COM 129500104 14,437.00 $496,488.43
0.49% Collegium Pharmaceutical Inc 19459J104 15,510.00 $495,389.40
0.49% Golden Entertainment Inc 381013101 16,064.00 $501,518.08
0.49% Masterbrand Inc 57638P104 28,881.00 $497,042.01
0.49% Scholastic Corp 807066105 13,178.00 $500,368.66
0.49% SunCoke Energy Inc 86722A103 45,639.00 $501,572.61
0.49% Vector Group Ltd 92240M108 41,976.00 $499,514.40
0.48% Mattel Inc 577081102 29,055.00 $485,218.50
0.48% Photronics Inc 719405102 18,158.00 $485,000.18
0.48% Perdoceo Education Corp 71363P106 21,066.00 $491,680.44
0.48% Sturm Ruger & Co Inc 864159108 10,908.00 $488,242.08
0.48% Ziff Davis Inc 48123V102 9,521.00 $482,238.65
0.47% AllianceBernstein Holding LP 01881G106 14,074.00 $475,138.24
0.47% CVR Energy Inc 12662P108 18,887.00 $477,463.36
0.47% Malibu Boats Inc 56117J100 12,433.00 $481,903.08
0.47% US Silica Holdings Inc 90346E103 30,631.00 $473,248.95
0.47% Under Armour Inc 904311107 69,591.00 $479,481.99
0.47% World Kinect Corp 981475106 18,014.00 $482,054.64
0.46% Adeia Inc 00676P107 39,771.00 $471,286.35
0.46% Black Stone Minerals LP 09225M101 29,934.00 $466,970.40
0.46% First Advantage Corp 31846B108 28,122.00 $463,450.56
0.46% Metallus Inc 887399103 20,411.00 $463,329.70
0.46% Envista Holdings Corp 29415F104 27,151.00 $466,454.18
0.46% Quanex Building Products Corp 747619104 14,620.00 $461,992.00
0.46% Olympic Steel Inc 68162K106 9,669.00 $467,882.91
0.45% Cars.com Inc 14575E105 23,044.00 $454,197.24
0.45% Clearwater Paper Corp 18538R103 9,325.00 $457,764.25
0.45% Genco Shipping & Trading Ltd Y2685T131 21,722.00 $451,817.60
0.45% NetScout Systems Inc 64115T104 23,761.00 $453,835.10
0.45% PROG Holdings Inc 74319R101 13,109.00 $458,815.00
0.45% RPC Inc 749660106 71,687.00 $460,947.41
0.45% Victoria's Secret & Co 926400102 24,165.00 $460,343.25
0.44% Delek US Holdings Inc 24665A103 19,933.00 $448,891.16
0.44% Sally Beauty Holdings Inc 79546E104 38,117.00 $446,350.07
0.44% Worthington Enterprises Inc 981811102 9,085.00 $447,617.95
0.43% Smith & Wesson Brands Inc 831754106 28,310.00 $440,503.60
0.40% G-III Apparel Group Ltd 36237H101 15,338.00 $407,223.90
0.37% Nu Skin Enterprises Inc 67018T105 34,382.00 $376,482.90
0.03% Cash & Other Cash&Other 28,531.95 $28,531.95
0.00% First American Government Obligations Fund 12/01/2031 31846V336 2,835.73 $2,835.73

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.