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 10/30/2026
| Ticker | DSMC |
| NAV | 45.29 |
| Market Price | 45.24 |
| Net Assets | $149,457,205 |
| Shares Outstanding | 3,300,000 |
| 30-day SEC Yield as of 9/30/2026 | 0.93% |
| 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
10/5/2022-9/30/2026
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 09/30/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 18.46% | 17.54% | 12.12% | 15.14% |
| 2DSMC MKT | 18.54% | 17.69% | 12.12% | 15.19% |
| 3Russell 2000 Index | 13.71% | 16.20% | 17.72% | 13.87% |
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 10/30/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 35 | 33 | 7 |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 5 | 3 | 3 |
| Days at discount | 86 | 32 | 63 | 18 | 22 | 28 | 12 |
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 11/02/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 2.06% | Skyworks Solutions Inc | 83088M102 | 35,227.00 | $3,085,180.66 |
| 1.36% | DXC Technology Co | 23355L106 | 135,351.00 | $2,027,557.98 |
| 1.25% | APA Corp | 03743Q108 | 35,382.00 | $1,868,877.24 |
| 1.21% | ICON PLC | G4705A100 | 8,555.00 | $1,808,184.80 |
| 1.21% | Gartner Inc | 366651107 | 7,937.00 | $1,815,906.23 |
| 1.13% | Versant Media Group Inc | 925283103 | 53,638.00 | $1,685,305.96 |
| 1.12% | Crocs Inc | 227046109 | 11,090.00 | $1,669,266.80 |
| 1.12% | GoDaddy Inc | 380237107 | 14,296.00 | $1,676,063.04 |
| 1.11% | Masco Corp | 574599106 | 20,548.00 | $1,656,990.72 |
| 1.10% | Carlisle Cos Inc | 142339100 | 4,372.00 | $1,645,227.32 |
| 1.04% | Toll Brothers Inc | 889478103 | 10,687.00 | $1,559,767.65 |
| 1.01% | Bath & Body Works Inc | 070830104 | 66,300.00 | $1,509,651.00 |
| 0.98% | Antero Resources Corp | 03674X106 | 34,716.00 | $1,460,849.28 |
| 0.97% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 1,455,309.23 | $1,455,309.23 |
| 0.97% | Signet Jewelers Ltd | G81276100 | 12,284.00 | $1,444,475.56 |
| 0.96% | Invesco Ltd | G491BT108 | 51,794.00 | $1,437,801.44 |
| 0.95% | Textron Inc | 883203101 | 16,635.00 | $1,425,619.50 |
| 0.94% | Deckers Outdoor Corp | 243537107 | 17,059.00 | $1,398,667.41 |
| 0.93% | Chord Energy Corp | 674215207 | 8,855.00 | $1,390,146.45 |
| 0.93% | Owens Corning | 690742101 | 11,434.00 | $1,385,229.10 |
| 0.93% | PVH Corp | 693656100 | 15,380.00 | $1,387,122.20 |
| 0.91% | Gap Inc/The | 364760108 | 60,792.00 | $1,356,877.44 |
| 0.88% | Core & Main Inc | 21874C102 | 29,745.00 | $1,316,216.25 |
| 0.88% | Mohawk Industries Inc | 608190104 | 9,428.00 | $1,314,357.48 |
| 0.87% | Universal Health Services Inc | 913903100 | 7,359.00 | $1,295,551.95 |
| 0.84% | Murphy Oil Corp | 626717102 | 28,642.00 | $1,258,815.90 |
| 0.83% | Hormel Foods Corp | 440452100 | 58,043.00 | $1,235,155.04 |
| 0.81% | Dillard's Inc | 254067101 | 1,895.00 | $1,215,149.80 |
| 0.80% | Academy Sports & Outdoors Inc | 00402L107 | 20,256.00 | $1,199,155.20 |
| 0.79% | CVR Energy Inc | 12662P108 | 20,231.00 | $1,180,883.47 |
| 0.79% | H&R Block Inc | 093671105 | 23,038.00 | $1,182,079.78 |
| 0.79% | Match Group Inc | 57667L107 | 28,540.00 | $1,181,841.40 |
| 0.78% | Abercrombie & Fitch Co | 002896207 | 7,108.00 | $1,168,839.52 |
| 0.78% | A O Smith Corp | 831865209 | 18,497.00 | $1,166,605.79 |
| 0.78% | Dropbox Inc | 26210C104 | 32,014.00 | $1,160,507.50 |
| 0.77% | AMN Healthcare Services Inc | 001744101 | 24,570.00 | $1,157,492.70 |
| 0.77% | Columbia Sportswear Co | 198516106 | 16,986.00 | $1,147,234.44 |
| 0.77% | EPAM Systems Inc | 29414B104 | 8,230.00 | $1,156,397.30 |
| 0.77% | FactSet Research Systems Inc | 303075105 | 3,505.00 | $1,155,142.85 |
| 0.76% | Insight Enterprises Inc | 45765U103 | 6,607.00 | $1,141,293.18 |
| 0.76% | Option Care Health Inc | 68404L201 | 35,918.00 | $1,143,269.94 |
| 0.74% | Amdocs Ltd | G02602103 | 17,617.00 | $1,106,876.11 |
| 0.74% | Mattel Inc | 577081102 | 72,098.00 | $1,111,751.16 |
| 0.73% | AECOM | 00766T100 | 17,340.00 | $1,098,315.60 |
| 0.73% | Genpact Ltd | G3922B107 | 27,665.00 | $1,096,087.30 |
| 0.72% | Teekay Tankers Ltd | G8726X106 | 10,700.00 | $1,078,560.00 |
| 0.71% | Thor Industries Inc | 885160101 | 14,372.00 | $1,062,090.80 |
| 0.71% | Vontier Corp | 928881101 | 29,967.00 | $1,067,424.54 |
| 0.70% | California Resources Corp | 13057Q305 | 18,995.00 | $1,053,462.70 |
| 0.70% | Parsons Corp | 70202L102 | 20,502.00 | $1,039,246.38 |
| 0.69% | Allison Transmission Holdings Inc | 01973R101 | 9,548.00 | $1,031,661.40 |
| 0.69% | Acuity Inc | 00508Y102 | 3,241.00 | $1,031,091.74 |
| 0.69% | Mueller Industries Inc | 624756102 | 18,796.00 | $1,025,509.76 |
| 0.68% | Commercial Metals Co | 201723103 | 15,844.00 | $1,013,699.12 |
| 0.68% | LKQ Corp | 501889208 | 54,861.00 | $1,018,220.16 |
| 0.68% | Smithfield Foods Inc | 832248207 | 55,772.00 | $1,022,858.48 |
| 0.68% | UFP Industries Inc | 90278Q108 | 12,447.00 | $1,019,658.24 |
| 0.67% | KBR Inc | 48242W106 | 25,747.00 | $996,408.90 |
| 0.67% | Pacira BioSciences Inc | 695127100 | 27,508.00 | $1,001,016.12 |
| 0.67% | Patterson-UTI Energy Inc | 703481101 | 75,485.00 | $1,005,460.20 |
| 0.67% | Weatherford International PLC | G48833118 | 11,055.00 | $1,001,914.65 |
| 0.65% | Euronet Worldwide Inc | 298736109 | 15,283.00 | $965,121.45 |
| 0.65% | Maximus Inc | 577933104 | 15,141.00 | $964,784.52 |
| 0.65% | Teradata Corp | 88076W103 | 28,304.00 | $969,412.00 |
| 0.64% | NOV Inc | 62955J103 | 49,568.00 | $956,166.72 |
| 0.64% | Riley Exploration Permian Inc | 76665T102 | 17,995.00 | $958,593.65 |
| 0.63% | GigaCloud Technology Inc | G38644103 | 16,069.00 | $938,108.22 |
| 0.63% | Hayward Holdings Inc | 421298100 | 58,133.00 | $937,103.96 |
| 0.63% | International Seaways Inc | Y41053102 | 8,429.00 | $943,626.55 |
| 0.63% | WEX Inc | 96208T104 | 5,062.00 | $934,495.82 |
| 0.62% | Sensata Technologies Holding PLC | G8060N102 | 23,031.00 | $927,458.37 |
| 0.61% | Kontoor Brands Inc | 50050N103 | 12,311.00 | $914,091.75 |
| 0.61% | LCI Industries | 50189K103 | 9,155.00 | $906,161.90 |
| 0.61% | Boston Beer Co Inc/The | 100557107 | 4,506.00 | $907,102.86 |
| 0.61% | Talos Energy Inc | 87484T108 | 49,870.00 | $909,130.10 |
| 0.60% | Amphastar Pharmaceuticals Inc | 03209R103 | 32,367.00 | $897,213.24 |
| 0.60% | Cal-Maine Foods Inc | 128030202 | 14,184.00 | $901,535.04 |
| 0.60% | Herbalife Ltd | G4412G101 | 68,652.00 | $895,908.60 |
| 0.60% | Clear Secure Inc | 18467V109 | 19,534.00 | $898,368.66 |
| 0.59% | Apogee Enterprises Inc | 037598109 | 19,423.00 | $878,696.52 |
| 0.59% | Brink's Co/The | 109696104 | 8,542.00 | $875,170.61 |
| 0.59% | Buckle Inc/The | 118440106 | 18,983.00 | $880,431.54 |
| 0.59% | Cabot Corp | 127055101 | 11,860.00 | $882,739.80 |
| 0.59% | G-III Apparel Group Ltd | 36237H101 | 29,042.00 | $879,391.76 |
| 0.59% | Pediatrix Medical Group Inc | 58502B106 | 29,324.00 | $874,441.68 |
| 0.58% | Blackbaud Inc | 09227Q100 | 16,196.00 | $867,295.80 |
| 0.58% | National Beverage Corp | 635017106 | 24,528.00 | $865,838.40 |
| 0.58% | Dorian LPG Ltd | Y2106R110 | 15,927.00 | $866,906.61 |
| 0.58% | Worthington Enterprises Inc | 981811102 | 13,837.00 | $868,271.75 |
| 0.57% | Andersons Inc/The | 034164103 | 13,164.00 | $846,313.56 |
| 0.57% | Artisan Partners Asset Management Inc | 04316A108 | 23,111.00 | $845,400.38 |
| 0.57% | Boise Cascade Co | 09739D100 | 10,878.00 | $857,512.74 |
| 0.57% | Dolby Laboratories Inc | 25659T107 | 13,645.00 | $845,853.55 |
| 0.57% | EVERTEC Inc | 30040P103 | 27,157.00 | $856,531.78 |
| 0.57% | Par Pacific Holdings Inc | 69888T207 | 11,223.00 | $855,641.52 |
| 0.56% | Carter's Inc | 146229109 | 26,575.00 | $838,175.50 |
| 0.56% | Gentex Corp | 371901109 | 42,392.00 | $842,329.04 |
| 0.56% | IDT Corp | 448947507 | 10,207.00 | $837,178.14 |
| 0.55% | Ardmore Shipping Corp | Y0207T100 | 39,287.00 | $823,848.39 |
| 0.55% | Collegium Pharmaceutical Inc | 19459J104 | 34,602.00 | $823,527.60 |
| 0.55% | V2X Inc | 92242T101 | 10,209.00 | $820,497.33 |
| 0.55% | Ziff Davis Inc | 48123V102 | 15,032.00 | $823,603.28 |
| 0.54% | Peabody Energy Corp | 704551100 | 36,379.00 | $806,886.22 |
| 0.54% | PC Connection Inc | 69318J100 | 9,358.00 | $812,555.14 |
| 0.54% | ePlus Inc | 294268107 | 8,638.00 | $802,556.58 |
| 0.53% | Franklin Electric Co Inc | 353514102 | 8,360.00 | $797,376.80 |
| 0.53% | ICF International Inc | 44925C103 | 8,360.00 | $798,212.80 |
| 0.53% | Innoviva Inc | 45781M101 | 37,157.00 | $788,471.54 |
| 0.53% | TriNet Group Inc | 896288107 | 12,402.00 | $797,200.56 |
| 0.52% | Adient PLC | G0084W101 | 46,916.00 | $783,028.04 |
| 0.52% | CTS Corp | 126501105 | 12,658.00 | $775,429.08 |
| 0.52% | Harmony Biosciences Holdings Inc | 413197104 | 19,969.00 | $773,998.44 |
| 0.52% | Stride Inc | 86333M108 | 9,898.00 | $775,607.28 |
| 0.52% | NerdWallet Inc | 64082B102 | 69,661.00 | $778,809.98 |
| 0.52% | ScanSource Inc | 806037107 | 13,459.00 | $776,718.89 |
| 0.51% | Core Natural Resources Inc | 218937100 | 8,830.00 | $767,591.90 |
| 0.51% | Korn Ferry | 500643200 | 9,970.00 | $763,203.50 |
| 0.51% | NetScout Systems Inc | 64115T104 | 19,779.00 | $758,920.23 |
| 0.50% | Gulfport Energy Corp | 402635502 | 4,500.00 | $749,385.00 |
| 0.50% | M/I Homes Inc | 55305B101 | 5,861.00 | $751,849.08 |
| 0.50% | Omnicell Inc | 68213N109 | 20,554.00 | $753,304.10 |
| 0.50% | Simply Good Foods Co/The | 82900L102 | 66,920.00 | $752,850.00 |
| 0.49% | Payoneer Global Inc | 70451X104 | 102,614.00 | $733,690.10 |
| 0.49% | Tidewater Inc | 88642R109 | 8,373.00 | $731,214.09 |
| 0.48% | Consensus Cloud Solutions Inc | 20848V105 | 19,257.00 | $719,056.38 |
| 0.48% | Kforce Inc | 493732101 | 12,483.00 | $716,649.03 |
| 0.48% | Envista Holdings Corp | 29415F104 | 30,683.00 | $721,357.33 |
| 0.47% | Cars.com Inc | 14575E105 | 62,962.00 | $707,692.88 |
| 0.47% | Dole PLC | G27907107 | 53,512.00 | $699,401.84 |
| 0.47% | Upwork Inc | 91688F104 | 76,060.00 | $695,949.00 |
| 0.46% | Alamo Group Inc | 011311107 | 4,613.00 | $681,616.88 |
| 0.46% | Blue Bird Corp | 095306106 | 12,166.00 | $680,079.40 |
| 0.46% | Kelly Services Inc | 488152208 | 41,079.00 | $681,500.61 |
| 0.46% | Perdoceo Education Corp | 71363P106 | 23,170.00 | $690,697.70 |
| 0.45% | Daktronics Inc | 234264109 | 35,532.00 | $670,133.52 |
| 0.45% | Tactile Systems Technology Inc | 87357P100 | 29,508.00 | $679,864.32 |
| 0.44% | Root Inc/OH | 77664L207 | 12,562.00 | $650,209.12 |
| 0.44% | TriMas Corp | 896215209 | 17,255.00 | $658,105.70 |
| 0.44% | Yelp Inc | 985817105 | 34,665.00 | $661,754.85 |
| 0.43% | Del Monte Corp | G36738105 | 23,631.00 | $646,307.85 |
| 0.43% | Insteel Industries Inc | 45774W108 | 22,819.00 | $649,200.55 |
| 0.41% | Ironwood Pharmaceuticals Inc | 46333X108 | 173,970.00 | $608,895.00 |
| 0.41% | Malibu Boats Inc | 56117J100 | 25,591.00 | $609,321.71 |
| 0.41% | Movado Group Inc | 624580106 | 19,695.00 | $614,680.95 |
| 0.40% | Virtus Investment Partners Inc | 92828Q109 | 5,108.00 | $603,918.84 |
| 0.39% | Seneca Foods Corp | 817070501 | 3,636.00 | $580,960.08 |
| 0.39% | Visteon Corp | 92839U206 | 8,011.00 | $587,366.52 |
| 0.34% | John B Sanfilippo & Son Inc | 800422107 | 9,301.00 | $501,323.90 |
| 0.33% | Hornbeck Offshore Services Inc | 42330P107 | 70,487.00 | $499,047.96 |
| 0.01% | Cash & Other | Cash&Other | 21,820.60 | $21,820.60 |
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.
