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 11/09/2026
| Ticker | DSMC |
| NAV | 44.94 |
| Market Price | 44.96 |
| Net Assets | $148,317,244 |
| Shares Outstanding | 3,300,000 |
| 30-day SEC Yield as of 10/31/2026 | 0.83% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | 0.03 |
| 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
10/5/2022-9/30/2026
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 10/31/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 28.91% | 32.74% | 17.48% | 17.21% |
| 2DSMC MKT | 28.66% | 32.49% | 17.48% | 17.18% |
| 3Russell 2000 Index | 14.37% | 14.80% | 20.76% | 13.72% |
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 11/09/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 35 | 33 | 10 |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 5 | 3 | 3 |
| Days at discount | 86 | 32 | 63 | 18 | 22 | 28 | 15 |
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 11/11/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.97% | Skyworks Solutions Inc | 83088M102 | 35,227.00 | $2,913,625.17 |
| 1.40% | DXC Technology Co | 23355L106 | 135,351.00 | $2,072,223.81 |
| 1.26% | Versant Media Group Inc | 925283103 | 53,638.00 | $1,873,575.34 |
| 1.19% | Crocs Inc | 227046109 | 11,090.00 | $1,770,629.40 |
| 1.18% | ICON PLC | G4705A100 | 8,555.00 | $1,750,609.65 |
| 1.18% | Masco Corp | 574599106 | 20,548.00 | $1,742,470.40 |
| 1.17% | Carlisle Cos Inc | 142339100 | 4,372.00 | $1,727,945.56 |
| 1.10% | Toll Brothers Inc | 889478103 | 10,687.00 | $1,626,454.53 |
| 1.09% | GoDaddy Inc | 380237107 | 14,296.00 | $1,617,306.48 |
| 1.08% | APA Corp | 03743Q108 | 35,382.00 | $1,596,435.84 |
| 1.03% | Deckers Outdoor Corp | 243537107 | 17,059.00 | $1,531,727.61 |
| 1.01% | Gartner Inc | 366651107 | 7,937.00 | $1,499,458.04 |
| 1.01% | Invesco Ltd | G491BT108 | 51,794.00 | $1,495,292.78 |
| 1.00% | Signet Jewelers Ltd | G81276100 | 12,284.00 | $1,478,256.56 |
| 0.97% | Bath & Body Works Inc | 070830104 | 66,300.00 | $1,435,395.00 |
| 0.97% | Mohawk Industries Inc | 608190104 | 9,428.00 | $1,430,510.44 |
| 0.97% | Textron Inc | 883203101 | 16,635.00 | $1,444,250.70 |
| 0.97% | Universal Health Services Inc | 913903100 | 7,359.00 | $1,438,022.19 |
| 0.96% | Academy Sports & Outdoors Inc | 00402L107 | 20,256.00 | $1,425,819.84 |
| 0.96% | PVH Corp | 693656100 | 15,380.00 | $1,430,186.20 |
| 0.95% | Core & Main Inc | 21874C102 | 29,745.00 | $1,411,102.80 |
| 0.95% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 1,414,102.71 | $1,414,102.71 |
| 0.95% | Owens Corning | 690742101 | 11,434.00 | $1,406,038.98 |
| 0.91% | EPAM Systems Inc | 29414B104 | 8,230.00 | $1,350,872.20 |
| 0.90% | Gap Inc/The | 364760108 | 60,792.00 | $1,335,600.24 |
| 0.88% | Antero Resources Corp | 03674X106 | 34,716.00 | $1,306,363.08 |
| 0.87% | Hormel Foods Corp | 440452100 | 58,043.00 | $1,289,135.03 |
| 0.87% | Vontier Corp | 928881101 | 29,967.00 | $1,292,476.71 |
| 0.83% | AECOM | 00766T100 | 17,340.00 | $1,224,724.20 |
| 0.83% | Chord Energy Corp | 674215207 | 8,855.00 | $1,227,480.10 |
| 0.83% | Columbia Sportswear Co | 198516106 | 16,986.00 | $1,227,408.36 |
| 0.81% | Allison Transmission Holdings Inc | 01973R101 | 9,548.00 | $1,198,846.88 |
| 0.81% | Dillard's Inc | 254067101 | 1,895.00 | $1,202,055.35 |
| 0.80% | A O Smith Corp | 831865209 | 18,497.00 | $1,190,466.92 |
| 0.80% | Genpact Ltd | G3922B107 | 27,665.00 | $1,191,531.55 |
| 0.79% | H&R Block Inc | 093671105 | 23,038.00 | $1,174,707.62 |
| 0.78% | Mattel Inc | 577081102 | 72,098.00 | $1,153,568.00 |
| 0.77% | FactSet Research Systems Inc | 303075105 | 3,505.00 | $1,142,559.90 |
| 0.77% | Match Group Inc | 57667L107 | 28,540.00 | $1,139,887.60 |
| 0.77% | Option Care Health Inc | 68404L201 | 35,918.00 | $1,136,804.70 |
| 0.77% | Thor Industries Inc | 885160101 | 14,372.00 | $1,142,861.44 |
| 0.75% | LKQ Corp | 501889208 | 54,861.00 | $1,107,643.59 |
| 0.75% | Insight Enterprises Inc | 45765U103 | 6,607.00 | $1,114,931.25 |
| 0.74% | Abercrombie & Fitch Co | 002896207 | 7,108.00 | $1,094,632.00 |
| 0.73% | Acuity Inc | 00508Y102 | 3,241.00 | $1,075,817.54 |
| 0.73% | Euronet Worldwide Inc | 298736109 | 15,283.00 | $1,079,896.78 |
| 0.73% | Clear Secure Inc | 18467V109 | 19,534.00 | $1,088,825.16 |
| 0.72% | Herbalife Ltd | G4412G101 | 68,652.00 | $1,070,284.68 |
| 0.72% | Smithfield Foods Inc | 832248207 | 55,772.00 | $1,073,611.00 |
| 0.71% | Parsons Corp | 70202L102 | 20,502.00 | $1,057,083.12 |
| 0.70% | Dropbox Inc | 26210C104 | 32,014.00 | $1,037,253.60 |
| 0.70% | Mueller Industries Inc | 624756102 | 18,796.00 | $1,033,780.00 |
| 0.69% | Commercial Metals Co | 201723103 | 15,844.00 | $1,017,818.56 |
| 0.69% | Kontoor Brands Inc | 50050N103 | 12,311.00 | $1,019,227.69 |
| 0.68% | KBR Inc | 48242W106 | 25,747.00 | $1,001,558.30 |
| 0.68% | Maximus Inc | 577933104 | 15,141.00 | $1,001,122.92 |
| 0.68% | Pacira BioSciences Inc | 695127100 | 27,508.00 | $1,003,766.92 |
| 0.68% | UFP Industries Inc | 90278Q108 | 12,447.00 | $1,005,593.13 |
| 0.67% | Brink's Co/The | 109696104 | 8,542.00 | $995,997.20 |
| 0.67% | GigaCloud Technology Inc | G38644103 | 16,069.00 | $992,582.13 |
| 0.67% | Murphy Oil Corp | 626717102 | 28,642.00 | $994,450.24 |
| 0.67% | Boston Beer Co Inc/The | 100557107 | 4,506.00 | $992,040.96 |
| 0.65% | Hayward Holdings Inc | 421298100 | 58,133.00 | $965,589.13 |
| 0.64% | Cal-Maine Foods Inc | 128030202 | 14,184.00 | $951,604.56 |
| 0.63% | AMN Healthcare Services Inc | 001744101 | 24,570.00 | $928,991.70 |
| 0.63% | Amphastar Pharmaceuticals Inc | 03209R103 | 32,367.00 | $940,585.02 |
| 0.63% | Artisan Partners Asset Management Inc | 04316A108 | 23,111.00 | $929,293.31 |
| 0.63% | Apogee Enterprises Inc | 037598109 | 19,423.00 | $929,002.09 |
| 0.63% | G-III Apparel Group Ltd | 36237H101 | 29,042.00 | $935,152.40 |
| 0.63% | Pediatrix Medical Group Inc | 58502B106 | 29,324.00 | $927,224.88 |
| 0.63% | Sensata Technologies Holding PLC | G8060N102 | 23,031.00 | $929,300.85 |
| 0.63% | Teradata Corp | 88076W103 | 28,304.00 | $927,805.12 |
| 0.63% | Weatherford International PLC | G48833118 | 11,055.00 | $932,047.05 |
| 0.62% | National Beverage Corp | 635017106 | 24,528.00 | $920,290.56 |
| 0.62% | Teekay Tankers Ltd | G8726X106 | 10,700.00 | $916,990.00 |
| 0.62% | WEX Inc | 96208T104 | 5,062.00 | $913,741.62 |
| 0.61% | Carter's Inc | 146229109 | 26,575.00 | $911,256.75 |
| 0.61% | EVERTEC Inc | 30040P103 | 27,157.00 | $899,168.27 |
| 0.61% | LCI Industries | 50189K103 | 9,155.00 | $897,006.90 |
| 0.60% | Blackbaud Inc | 09227Q100 | 16,196.00 | $889,484.32 |
| 0.60% | California Resources Corp | 13057Q305 | 18,995.00 | $895,044.40 |
| 0.60% | Dolby Laboratories Inc | 25659T107 | 13,645.00 | $882,422.15 |
| 0.59% | NOV Inc | 62955J103 | 49,568.00 | $876,362.24 |
| 0.58% | Cabot Corp | 127055101 | 11,860.00 | $856,173.40 |
| 0.57% | Cars.com Inc | 14575E105 | 62,962.00 | $841,801.94 |
| 0.57% | Collegium Pharmaceutical Inc | 19459J104 | 34,602.00 | $846,710.94 |
| 0.57% | IDT Corp | 448947507 | 10,207.00 | $849,426.54 |
| 0.57% | V2X Inc | 92242T101 | 10,209.00 | $844,386.39 |
| 0.56% | Buckle Inc/The | 118440106 | 18,983.00 | $826,329.99 |
| 0.56% | Consensus Cloud Solutions Inc | 20848V105 | 19,257.00 | $829,013.85 |
| 0.56% | Gentex Corp | 371901109 | 42,392.00 | $823,252.64 |
| 0.56% | International Seaways Inc | Y41053102 | 8,429.00 | $828,149.25 |
| 0.56% | Ironwood Pharmaceuticals Inc | 46333X108 | 173,970.00 | $836,795.70 |
| 0.56% | ePlus Inc | 294268107 | 8,638.00 | $834,517.18 |
| 0.56% | Simply Good Foods Co/The | 82900L102 | 66,920.00 | $831,146.40 |
| 0.56% | Worthington Enterprises Inc | 981811102 | 13,837.00 | $835,339.69 |
| 0.55% | Franklin Electric Co Inc | 353514102 | 8,360.00 | $816,939.20 |
| 0.55% | TriNet Group Inc | 896288107 | 12,402.00 | $822,252.60 |
| 0.53% | CTS Corp | 126501105 | 12,658.00 | $778,213.84 |
| 0.53% | CVR Energy Inc | 12662P108 | 20,231.00 | $783,142.01 |
| 0.53% | Envista Holdings Corp | 29415F104 | 30,683.00 | $792,848.72 |
| 0.53% | Tactile Systems Technology Inc | 87357P100 | 29,508.00 | $785,502.96 |
| 0.52% | Boise Cascade Co | 09739D100 | 10,878.00 | $766,028.76 |
| 0.52% | PC Connection Inc | 69318J100 | 9,358.00 | $768,291.80 |
| 0.52% | Ziff Davis Inc | 48123V102 | 15,032.00 | $768,736.48 |
| 0.51% | Adient PLC | G0084W101 | 46,916.00 | $756,755.08 |
| 0.51% | Dole PLC | G27907107 | 53,512.00 | $752,378.72 |
| 0.51% | Korn Ferry | 500643200 | 9,970.00 | $757,520.60 |
| 0.51% | Stride Inc | 86333M108 | 9,898.00 | $760,364.36 |
| 0.51% | M/I Homes Inc | 55305B101 | 5,861.00 | $763,219.42 |
| 0.51% | Par Pacific Holdings Inc | 69888T207 | 11,223.00 | $752,389.92 |
| 0.51% | Patterson-UTI Energy Inc | 703481101 | 75,485.00 | $758,624.25 |
| 0.50% | Core Natural Resources Inc | 218937100 | 8,830.00 | $734,567.70 |
| 0.50% | Dorian LPG Ltd | Y2106R110 | 15,927.00 | $739,809.15 |
| 0.50% | Omnicell Inc | 68213N109 | 20,554.00 | $737,888.60 |
| 0.50% | Payoneer Global Inc | 70451X104 | 102,614.00 | $734,716.24 |
| 0.50% | Riley Exploration Permian Inc | 76665T102 | 17,995.00 | $742,293.75 |
| 0.50% | Talos Energy Inc | 87484T108 | 49,870.00 | $741,566.90 |
| 0.50% | Upwork Inc | 91688F104 | 76,060.00 | $740,824.40 |
| 0.49% | Amdocs Ltd | G02602103 | 17,617.00 | $730,400.82 |
| 0.49% | Gulfport Energy Corp | 402635502 | 4,500.00 | $728,595.00 |
| 0.48% | Andersons Inc/The | 034164103 | 13,164.00 | $717,174.72 |
| 0.48% | Innoviva Inc | 45781M101 | 37,157.00 | $708,955.56 |
| 0.47% | Ardmore Shipping Corp | Y0207T100 | 39,287.00 | $703,237.30 |
| 0.47% | Blue Bird Corp | 095306106 | 12,166.00 | $697,598.44 |
| 0.47% | Daktronics Inc | 234264109 | 35,532.00 | $703,888.92 |
| 0.47% | ICF International Inc | 44925C103 | 8,360.00 | $693,044.00 |
| 0.47% | Yelp Inc | 985817105 | 34,665.00 | $698,499.75 |
| 0.46% | Kforce Inc | 493732101 | 12,483.00 | $686,689.83 |
| 0.45% | Harmony Biosciences Holdings Inc | 413197104 | 19,969.00 | $669,959.95 |
| 0.45% | Perdoceo Education Corp | 71363P106 | 23,170.00 | $668,917.90 |
| 0.45% | Virtus Investment Partners Inc | 92828Q109 | 5,108.00 | $672,774.68 |
| 0.44% | Del Monte Corp | G36738105 | 23,631.00 | $647,725.71 |
| 0.44% | TriMas Corp | 896215209 | 17,255.00 | $653,274.30 |
| 0.43% | Alamo Group Inc | 011311107 | 4,613.00 | $644,574.49 |
| 0.43% | Movado Group Inc | 624580106 | 19,695.00 | $632,406.45 |
| 0.43% | NetScout Systems Inc | 64115T104 | 19,779.00 | $638,268.33 |
| 0.43% | Visteon Corp | 92839U206 | 8,011.00 | $644,004.29 |
| 0.42% | Insteel Industries Inc | 45774W108 | 22,819.00 | $627,294.31 |
| 0.42% | Tidewater Inc | 88642R109 | 8,373.00 | $619,434.54 |
| 0.41% | Peabody Energy Corp | 704551100 | 36,379.00 | $604,618.98 |
| 0.41% | ScanSource Inc | 806037107 | 13,459.00 | $611,442.37 |
| 0.41% | Seneca Foods Corp | 817070501 | 3,636.00 | $611,611.56 |
| 0.39% | Kelly Services Inc | 488152208 | 41,079.00 | $576,749.16 |
| 0.37% | Root Inc/OH | 77664L207 | 12,562.00 | $550,466.84 |
| 0.35% | John B Sanfilippo & Son Inc | 800422107 | 9,301.00 | $521,879.11 |
| 0.35% | Malibu Boats Inc | 56117J100 | 25,591.00 | $525,895.05 |
| 0.35% | NerdWallet Inc | 64082B102 | 69,661.00 | $516,884.62 |
| 0.25% | Hornbeck Offshore Services Inc | 42330P107 | 70,487.00 | $367,942.14 |
| 0.06% | Cash & Other | Cash&Other | 89,885.66 | $89,885.66 |
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.
