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 12/04/2024

Ticker DSMC
NAV 37.91
Market Price 37.94
Net Assets $107,096,246
Shares Outstanding 2,825,000
30-day SEC Yield as of 11/30/2024 1.06%
Inception 10/5/2022
Primary Exchange NYSE
CUSIP 26922B667
Expense Ratio 0.55%
Premium/Discount % 0.07
Median 30-day Bid/Ask Spread 0.10%

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

10/5/2022-9/30/2024

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 09/30/2024

YTD 1 YR1 3 YR SINCE INCEPTION2
1DSMC NAV 5.55% 18.91% - 21.82%
2DSMC MKT 5.59% 18.95% - 21.88%
3Morningstar US Small Cap TR USD 10.49% 26.04% - 16.48%

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 12/04/2024

 2023Q1 2024Q2 2024Q3 2024Q4 2024
Days at premium14145585443
Days at zero premium/discount204220
Days at discount8612383

DISTRIBUTIONS

Ex-Date Record Date Payable Date Amount Type
09/25/2024 09/26/2024 09/26/2024 $0.09517 Div Income
06/26/2024 06/27/2024 06/27/2024 $0.10473 Div Income
03/21/2024 03/22/2024 03/22/2024 $0.09844 Div Income
12/28/2023 12/29/2023 12/29/2023 $0.10725 Div Income
09/21/2023 09/22/2023 09/22/2023 $0.08607 Div Income
06/22/2023 06/23/2023 06/23/2023 $0.08930 Div Income
03/23/2023 03/24/2023 03/24/2023 $0.06997 Div Income
12/29/2022 12/30/2022 12/30/2022 $0.07373 Div Income

TOP 10 HOLDINGS

As of 12/06/2024

Percent Net Assets Name Identifier Shares Held Market Value
1.52% Dillard's Inc 254067101 3,621.00 $1,599,395.70
1.51% Crocs Inc 227046109 14,442.00 $1,587,320.22
1.51% Owens Corning 690742101 7,943.00 $1,589,870.88
1.47% Chord Energy Corp 674215207 12,701.00 $1,545,838.71
1.47% Tapestry Inc 876030107 24,489.00 $1,548,194.58
1.44% Toll Brothers Inc 889478103 9,863.00 $1,520,282.82
1.42% Cavco Industries Inc 149568107 3,005.00 $1,496,640.25
1.33% CF Industries Holdings Inc 125269100 15,647.00 $1,398,372.39
1.31% CH Robinson Worldwide Inc 12541W209 13,067.00 $1,379,221.85
1.26% Mohawk Industries Inc 608190104 10,113.00 $1,329,151.59
1.25% WEX Inc 96208T104 7,232.00 $1,321,286.40
1.13% Arch Resources Inc 03940R107 7,265.00 $1,194,656.60
1.13% Jazz Pharmaceuticals PLC G50871105 9,679.00 $1,191,872.06
1.10% Etsy Inc 29786A106 20,339.00 $1,163,594.19
1.09% Alpha Metallurgical Resources Inc 020764106 4,901.00 $1,150,264.70
1.08% CONSOL Energy Inc 20854L108 9,139.00 $1,140,090.25
0.99% Gulfport Energy Corp 402635502 5,810.00 $1,046,613.40
0.99% Qorvo Inc 74736K101 15,272.00 $1,049,033.68
0.94% Atkore Inc 047649108 11,003.00 $988,729.58
0.93% Molson Coors Beverage Co 60871R209 16,160.00 $985,113.60
0.91% Allison Transmission Holdings Inc 01973R101 8,238.00 $964,587.42
0.91% Grand Canyon Education Inc 38526M106 5,633.00 $956,483.40
0.88% PVH Corp 693656100 8,513.00 $926,725.18
0.87% Matson Inc 57686G105 6,050.00 $921,959.50
0.87% Maximus Inc 577933104 12,462.00 $920,194.08
0.82% Amdocs Ltd G02602103 9,961.00 $867,105.05
0.82% Ovintiv Inc 69047Q102 20,303.00 $866,329.01
0.82% Thor Industries Inc 885160101 8,339.00 $867,756.34
0.81% H&R Block Inc 093671105 14,948.00 $857,267.80
0.81% Oshkosh Corp 688239201 7,672.00 $858,343.36
0.80% Boise Cascade Co 09739D100 5,806.00 $838,618.64
0.80% Match Group Inc 57667L107 25,893.00 $843,852.87
0.80% Signet Jewelers Ltd G81276100 9,687.00 $842,187.78
0.80% Weatherford International PLC G48833118 10,187.00 $842,668.64
0.79% KB Home 48666K109 10,674.00 $836,521.38
0.78% A O Smith Corp 831865209 11,402.00 $824,592.64
0.74% SEI Investments Co 784117103 9,352.00 $783,884.64
0.73% Interpublic Group of Cos Inc/The 460690100 26,016.00 $766,951.68
0.72% Matador Resources Co 576485205 13,092.00 $760,645.20
0.71% Axcelis Technologies Inc 054540208 10,170.00 $747,596.70
0.71% Antero Resources Corp 03674X106 23,451.00 $744,803.76
0.70% Cal-Maine Foods Inc 128030202 7,567.00 $736,269.10
0.69% Taylor Morrison Home Corp 87724P106 10,460.00 $724,982.60
0.68% APA Corp 03743Q108 32,757.00 $715,412.88
0.68% ASGN Inc 00191U102 8,033.00 $714,374.69
0.68% Columbia Sportswear Co 198516106 8,140.00 $715,343.20
0.67% Academy Sports & Outdoors Inc 00402L107 14,398.00 $709,821.40
0.67% Carter's Inc 146229109 12,727.00 $710,930.22
0.67% GMS Inc 36251C103 7,190.00 $702,894.40
0.67% LCI Industries 50189K103 6,013.00 $705,625.55
0.67% LKQ Corp 501889208 17,702.00 $703,123.44
0.66% Brink's Co/The 109696104 7,437.00 $695,805.72
0.66% Genpact Ltd G3922B107 15,339.00 $694,243.14
0.66% Victoria's Secret & Co 926400102 16,068.00 $691,245.36
0.63% HF Sinclair Corp 403949100 16,777.00 $663,362.58
0.62% Civitas Resources Inc 17888H103 13,646.00 $658,828.88
0.62% Euronet Worldwide Inc 298736109 6,331.00 $656,841.25
0.61% Mosaic Co/The 61945C103 25,321.00 $648,470.81
0.61% Prestige Consumer Healthcare Inc 74112D101 7,478.00 $640,715.04
0.61% Range Resources Corp 75281A109 18,651.00 $643,459.50
0.60% BorgWarner Inc 099724106 18,722.00 $636,360.78
0.60% Dropbox Inc 26210C104 22,055.00 $633,640.15
0.60% Winnebago Industries Inc 974637100 11,100.00 $635,031.00
0.59% Sylvamo Corp 871332102 6,997.00 $623,642.61
0.59% Victory Capital Holdings Inc 92645B103 9,263.00 $623,214.64
0.58% California Resources Corp 13057Q305 11,039.00 $610,677.48
0.58% ManpowerGroup Inc 56418H100 9,906.00 $616,351.32
0.58% Mattel Inc 577081102 30,961.00 $611,789.36
0.58% Oxford Industries Inc 691497309 7,613.00 $608,963.87
0.58% Virtus Investment Partners Inc 92828Q109 2,487.00 $615,806.07
0.57% Peabody Energy Corp 704551100 26,138.00 $602,742.28
0.57% Helmerich & Payne Inc 423452101 17,276.00 $601,032.04
0.57% SM Energy Co 78454L100 14,466.00 $604,823.46
0.56% Hub Group Inc 443320106 11,675.00 $589,178.88
0.55% Murphy Oil Corp 626717102 18,428.00 $582,693.36
0.55% Steven Madden Ltd 556269108 12,945.00 $575,664.15
0.55% Terex Corp 880779103 10,971.00 $583,108.65
0.54% American Woodmark Corp 030506109 6,398.00 $564,303.60
0.54% ChampionX Corp 15872M104 19,202.00 $570,875.46
0.54% Ziff Davis Inc 48123V102 9,831.00 $567,445.32
0.53% Federated Hermes Inc 314211103 12,873.00 $557,529.63
0.53% Kulicke & Soffa Industries Inc 501242101 11,667.00 $561,649.38
0.53% Teradata Corp 88076W103 17,374.00 $561,701.42
0.52% Artisan Partners Asset Management Inc 04316A108 11,285.00 $545,404.05
0.52% Apogee Enterprises Inc 037598109 6,564.00 $544,746.36
0.52% BlueLinx Holdings Inc 09624H208 4,303.00 $544,931.92
0.52% GigaCloud Technology Inc G38644103 22,801.00 $553,152.26
0.52% Korn Ferry 500643200 7,632.00 $550,114.56
0.52% Magnolia Oil & Gas Corp 559663109 20,481.00 $545,818.65
0.52% Option Care Health Inc 68404L201 24,367.00 $553,618.24
0.52% TRI POINTE GROUP INC 87265H109 13,112.00 $544,410.24
0.51% Buckle Inc/The 118440106 10,316.00 $542,105.80
0.51% Diodes Inc 254543101 9,162.00 $540,191.52
0.51% Monarch Casino & Resort Inc 609027107 6,212.00 $535,350.16
0.51% ODP Corp/The 88337F105 20,871.00 $542,854.71
0.51% Pacira BioSciences Inc 695127100 29,059.00 $542,531.53
0.51% PROG Holdings Inc 74319R101 11,379.00 $539,137.02
0.51% Gibraltar Industries Inc 374689107 7,594.00 $536,592.04
0.50% DXC Technology Co 23355L106 24,071.00 $529,802.71
0.50% Revelyst Inc 690045109 27,598.00 $524,637.98
0.50% Harmony Biosciences Holdings Inc 413197104 15,640.00 $523,783.60
0.50% International Seaways Inc Y41053102 14,120.00 $530,206.00
0.50% Kennametal Inc 489170100 18,993.00 $529,524.84
0.50% Supernus Pharmaceuticals Inc 868459108 14,339.00 $530,399.61
0.49% Adeia Inc 00676P107 39,563.00 $517,088.41
0.49% Adient PLC G0084W101 26,261.00 $511,826.89
0.49% Golden Entertainment Inc 381013101 15,397.00 $515,491.56
0.49% Quanex Building Products Corp 747619104 17,587.00 $512,836.92
0.49% Teekay Tankers Ltd G8726X106 12,890.00 $513,150.90
0.49% World Kinect Corp 981475106 17,796.00 $511,635.00
0.48% Andersons Inc/The 034164103 10,984.00 $506,801.76
0.48% Alliance Resource Partners LP 01877R108 18,421.00 $502,340.67
0.48% PC Connection Inc 69318J100 6,934.00 $507,984.84
0.48% Collegium Pharmaceutical Inc 19459J104 16,847.00 $503,219.89
0.48% CTS Corp 126501105 9,287.00 $504,469.84
0.48% Genco Shipping & Trading Ltd Y2685T131 31,904.00 $502,168.96
0.48% International Money Express Inc 46005L101 23,710.00 $502,889.10
0.48% Innoviva Inc 45781M101 26,687.00 $504,918.04
0.48% Kforce Inc 493732101 8,377.00 $505,635.72
0.48% Malibu Boats Inc 56117J100 11,715.00 $510,422.55
0.48% NetScout Systems Inc 64115T104 22,328.00 $502,156.72
0.48% Perdoceo Education Corp 71363P106 18,557.00 $505,492.68
0.48% REV Group Inc 749527107 16,348.00 $503,354.92
0.48% Scholastic Corp 807066105 19,028.00 $503,290.60
0.48% ScanSource Inc 806037107 9,842.00 $506,174.06
0.48% TripAdvisor Inc 896945201 36,106.00 $508,011.42
0.48% Upbound Group Inc 76009N100 15,102.00 $511,051.68
0.48% Worthington Enterprises Inc 981811102 12,322.00 $503,846.58
0.47% Ardmore Shipping Corp Y0207T100 43,784.00 $499,137.60
0.47% Cars.com Inc 14575E105 25,525.00 $493,398.25
0.47% Ethan Allen Interiors Inc 297602104 16,229.00 $492,874.73
0.47% Everi Holdings Inc 30034T103 36,600.00 $493,368.00
0.47% G-III Apparel Group Ltd 36237H101 16,018.00 $497,198.72
0.47% Heidrick & Struggles International Inc 422819102 10,941.00 $490,594.44
0.47% Kimbell Royalty Partners LP 49435R102 30,815.00 $491,499.25
0.47% Dorian LPG Ltd Y2106R110 21,303.00 $498,490.20
0.47% Pediatrix Medical Group Inc 58502B106 33,799.00 $496,845.30
0.47% NCR Voyix Corp 62886E108 35,381.00 $496,749.24
0.47% Wabash National Corp 929566107 25,752.00 $496,756.08
0.46% Cohu Inc 192576106 18,450.00 $483,943.50
0.46% eXp World Holdings Inc 30212W100 36,287.00 $484,794.32
0.46% Helix Energy Solutions Group Inc 42330P107 46,521.00 $488,005.29
0.46% Masterbrand Inc 57638P104 29,242.00 $487,756.56
0.46% Photronics Inc 719405102 20,202.00 $490,100.52
0.46% Sally Beauty Holdings Inc 79546E104 37,665.00 $486,255.15
0.46% Shoe Carnival Inc 824889109 14,704.00 $480,673.76
0.46% Shutterstock Inc 825690100 15,636.00 $490,344.96
0.46% SunCoke Energy Inc 86722A103 39,296.00 $489,628.16
0.45% Black Stone Minerals LP 09225M101 31,738.00 $478,609.04
0.40% CALERES INC COM 129500104 15,918.00 $422,941.26
0.19% First American Government Obligations Fund 12/01/2031 31846V336 199,234.05 $199,234.05
0.08% Cash & Other Cash&Other 88,915.83 $88,915.83

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.