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 06/12/2026
| Ticker | DSMC |
| NAV | 40.77 |
| Market Price | 40.77 |
| Net Assets | $128,435,975 |
| Shares Outstanding | 3,150,000 |
| 30-day SEC Yield as of 5/31/2026 | 1.10% |
| Inception | 10/5/2022 |
| Primary Exchange | NYSE |
| CUSIP | 26922B667 |
| Expense Ratio | 0.55% |
| Premium/Discount % | -0.01 |
| 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
10/5/2022-3/31/2026
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 05/31/2026
| YTD | 1 YR1 | 3 YR | SINCE INCEPTION2 | |
|---|---|---|---|---|
| 1DSMC NAV | 12.96% | 29.36% | 15.37% | 15.13% |
| 2DSMC MKT | 12.97% | 29.30% | 15.37% | 15.16% |
| 3Russell 2000 Index | 18.15% | 43.08% | 20.25% | 16.45% |
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 06/12/2026
| 2023 | 2024 | 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|
| Days at premium | 141 | 212 | 177 | 41 | 27 | - | - |
| Days at zero premium/discount | 20 | 8 | 11 | 2 | 5 | - | - |
| Days at discount | 86 | 32 | 63 | 18 | 19 | - | - |
DISTRIBUTIONS
| Ex-Date | Record Date | Payable Date | Amount | Type |
|---|---|---|---|---|
| 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 |
| 09/25/2024 | 09/25/2024 | 09/26/2024 | $0.09517 | Div Income |
| 06/26/2024 | 06/26/2024 | 06/27/2024 | $0.10473 | Div Income |
TOP 10 HOLDINGS
As of 06/15/2026
| Percent Net Assets | Name | Identifier | Shares Held | Market Value |
|---|---|---|---|---|
| 1.38% | Versant Media Group Inc | 925283103 | 43,624.00 | $1,768,080.72 |
| 1.18% | Invesco Ltd | G491BT108 | 52,215.00 | $1,510,057.80 |
| 1.15% | CDW Corp/DE | 12514G108 | 11,174.00 | $1,477,091.06 |
| 1.11% | HF Sinclair Corp | 403949100 | 20,027.00 | $1,427,124.02 |
| 1.08% | Toll Brothers Inc | 889478103 | 9,442.00 | $1,388,918.20 |
| 1.06% | APA Corp | 03743Q108 | 36,885.00 | $1,365,482.70 |
| 1.03% | Skyworks Solutions Inc | 83088M102 | 17,891.00 | $1,323,397.27 |
| 1.02% | Masco Corp | 574599106 | 17,756.00 | $1,314,476.68 |
| 1.01% | Carlisle Cos Inc | 142339100 | 3,770.00 | $1,296,012.90 |
| 0.98% | DXC Technology Co | 23355L106 | 137,940.00 | $1,264,909.80 |
| 0.95% | Gartner Inc | 366651107 | 8,255.00 | $1,223,143.35 |
| 0.95% | Jazz Pharmaceuticals PLC | G50871105 | 5,315.00 | $1,225,426.40 |
| 0.93% | Taylor Morrison Home Corp | 87724P106 | 16,593.00 | $1,193,036.70 |
| 0.92% | Crocs Inc | 227046109 | 9,427.00 | $1,175,641.17 |
| 0.91% | Chord Energy Corp | 674215207 | 8,603.00 | $1,164,330.02 |
| 0.91% | Hormel Foods Corp | 440452100 | 47,217.00 | $1,168,620.75 |
| 0.90% | Antero Resources Corp | 03674X106 | 33,318.00 | $1,160,465.94 |
| 0.90% | Oscar Health Inc | 687793109 | 40,796.00 | $1,152,894.96 |
| 0.90% | Pilgrim's Pride Corp | 72147K108 | 38,568.00 | $1,159,739.76 |
| 0.88% | LKQ Corp | 501889208 | 43,142.00 | $1,130,320.40 |
| 0.87% | GoDaddy Inc | 380237107 | 14,740.00 | $1,123,777.60 |
| 0.87% | Ingredion Inc | 457187102 | 11,029.00 | $1,120,436.11 |
| 0.86% | Cal-Maine Foods Inc | 128030202 | 14,174.00 | $1,106,989.40 |
| 0.84% | Core & Main Inc | 21874C102 | 22,192.00 | $1,072,539.36 |
| 0.83% | Smithfield Foods Inc | 832248207 | 39,911.00 | $1,068,417.47 |
| 0.83% | Universal Health Services Inc | 913903100 | 7,237.00 | $1,059,641.54 |
| 0.82% | Dillard's Inc | 254067101 | 1,724.00 | $1,051,657.24 |
| 0.81% | Mohawk Industries Inc | 608190104 | 9,634.00 | $1,037,003.76 |
| 0.80% | Bath & Body Works Inc | 070830104 | 52,774.00 | $1,023,815.60 |
| 0.80% | Gap Inc/The | 364760108 | 47,070.00 | $1,030,362.30 |
| 0.80% | Pool Corp | 73278L105 | 5,285.00 | $1,030,575.00 |
| 0.78% | Dropbox Inc | 26210C104 | 36,824.00 | $997,562.16 |
| 0.78% | Middleby Corp/The | 596278101 | 6,351.00 | $1,006,633.50 |
| 0.78% | Match Group Inc | 57667L107 | 28,685.00 | $1,000,819.65 |
| 0.78% | Murphy Oil Corp | 626717102 | 25,754.00 | $1,000,285.36 |
| 0.76% | AECOM | 00766T100 | 13,991.00 | $981,048.92 |
| 0.76% | Abercrombie & Fitch Co | 002896207 | 10,765.00 | $974,986.05 |
| 0.75% | A O Smith Corp | 831865209 | 16,394.00 | $968,557.52 |
| 0.75% | FactSet Research Systems Inc | 303075105 | 3,969.00 | $957,164.04 |
| 0.75% | H&R Block Inc | 093671105 | 26,242.00 | $958,357.84 |
| 0.75% | NOV Inc | 62955J103 | 45,291.00 | $956,998.83 |
| 0.74% | Insight Enterprises Inc | 45765U103 | 8,604.00 | $955,474.20 |
| 0.72% | Robert Half Inc | 770323103 | 28,607.00 | $929,441.43 |
| 0.71% | Mattel Inc | 577081102 | 62,155.00 | $910,570.75 |
| 0.71% | Signet Jewelers Ltd | G81276100 | 10,139.00 | $915,044.75 |
| 0.71% | Thor Industries Inc | 885160101 | 11,770.00 | $908,290.90 |
| 0.70% | Acuity Inc | 00508Y102 | 3,046.00 | $905,393.04 |
| 0.70% | Genpact Ltd | G3922B107 | 28,229.00 | $905,021.74 |
| 0.70% | Reynolds Consumer Products Inc | 76171L106 | 38,096.00 | $896,398.88 |
| 0.69% | Weatherford International PLC | G48833118 | 8,800.00 | $891,528.00 |
| 0.68% | Peabody Energy Corp | 704551100 | 31,706.00 | $868,744.40 |
| 0.68% | Amdocs Ltd | G02602103 | 15,562.00 | $877,696.80 |
| 0.68% | G-III Apparel Group Ltd | 36237H101 | 24,807.00 | $875,190.96 |
| 0.68% | Gentex Corp | 371901109 | 33,833.00 | $874,921.38 |
| 0.68% | KBR Inc | 48242W106 | 24,363.00 | $869,150.03 |
| 0.68% | Teekay Tankers Ltd | G8726X106 | 11,657.00 | $878,937.80 |
| 0.67% | California Resources Corp | 13057Q305 | 14,764.00 | $865,318.04 |
| 0.67% | Euronet Worldwide Inc | 298736109 | 12,942.00 | $862,713.72 |
| 0.67% | Payoneer Global Inc | 70451X104 | 127,292.00 | $859,221.00 |
| 0.66% | Qorvo Inc | 74736K101 | 8,590.00 | $846,888.10 |
| 0.65% | Cabot Corp | 127055101 | 9,518.00 | $834,252.70 |
| 0.65% | Columbia Sportswear Co | 198516106 | 12,416.00 | $831,747.84 |
| 0.65% | Patterson-UTI Energy Inc | 703481101 | 72,954.00 | $838,241.46 |
| 0.65% | Vontier Corp | 928881101 | 28,567.00 | $836,156.09 |
| 0.64% | Federated Hermes Inc | 314211103 | 14,036.00 | $817,597.00 |
| 0.64% | PVH Corp | 693656100 | 10,051.00 | $823,779.96 |
| 0.64% | Worthington Enterprises Inc | 981811102 | 13,770.00 | $819,177.30 |
| 0.63% | AMN Healthcare Services Inc | 001744101 | 26,465.00 | $815,122.00 |
| 0.63% | M/I Homes Inc | 55305B101 | 5,686.00 | $803,602.38 |
| 0.62% | Harmony Biosciences Holdings Inc | 413197104 | 23,030.00 | $793,613.80 |
| 0.62% | Stride Inc | 86333M108 | 8,118.00 | $793,209.78 |
| 0.62% | Parsons Corp | 70202L102 | 13,959.00 | $791,475.30 |
| 0.61% | Brink's Co/The | 109696104 | 7,688.00 | $783,714.72 |
| 0.61% | Core Natural Resources Inc | 218937100 | 8,452.00 | $779,020.84 |
| 0.61% | Carter's Inc | 146229109 | 18,186.00 | $778,178.94 |
| 0.61% | EPAM Systems Inc | 29414B104 | 8,279.00 | $789,651.02 |
| 0.61% | International Seaways Inc | Y41053102 | 9,566.00 | $784,507.66 |
| 0.61% | WEX Inc | 96208T104 | 5,752.00 | $779,396.00 |
| 0.60% | Alpha Metallurgical Resources Inc | 020764106 | 3,808.00 | $764,722.56 |
| 0.60% | Dorian LPG Ltd | Y2106R110 | 16,962.00 | $766,512.78 |
| 0.60% | Pediatrix Medical Group Inc | 58502B106 | 31,556.00 | $766,810.80 |
| 0.60% | Par Pacific Holdings Inc | 69888T207 | 13,756.00 | $767,859.92 |
| 0.60% | Talos Energy Inc | 87484T108 | 51,382.00 | $768,674.72 |
| 0.60% | TriNet Group Inc | 896288107 | 16,385.00 | $776,321.30 |
| 0.60% | V2X Inc | 92242T101 | 8,488.00 | $770,795.28 |
| 0.59% | EVERTEC Inc | 30040P103 | 28,938.00 | $760,490.64 |
| 0.59% | Korn Ferry | 500643200 | 10,373.00 | $759,511.06 |
| 0.59% | Magnite Inc | 55955D100 | 46,414.00 | $754,227.50 |
| 0.59% | Maximus Inc | 577933104 | 12,194.00 | $759,442.32 |
| 0.58% | Collegium Pharmaceutical Inc | 19459J104 | 21,394.00 | $741,088.16 |
| 0.58% | Envista Holdings Corp | 29415F104 | 30,285.00 | $745,011.00 |
| 0.57% | Adient PLC | G0084W101 | 32,012.00 | $726,032.16 |
| 0.57% | Boise Cascade Co | 09739D100 | 10,267.00 | $730,394.38 |
| 0.57% | DNOW Inc | 67011P100 | 51,861.00 | $727,609.83 |
| 0.57% | Sylvamo Corp | 871332102 | 17,568.00 | $731,004.48 |
| 0.57% | Simply Good Foods Co/The | 82900L102 | 57,958.00 | $728,532.06 |
| 0.57% | Tidewater Inc | 88642R109 | 9,552.00 | $734,644.32 |
| 0.57% | Ziff Davis Inc | 48123V102 | 15,764.00 | $729,242.64 |
| 0.56% | Interparfums Inc | 458334109 | 7,065.00 | $713,423.70 |
| 0.56% | Myers Industries Inc | 628464109 | 26,415.00 | $715,846.50 |
| 0.56% | Prestige Consumer Healthcare Inc | 74112D101 | 14,959.00 | $715,339.38 |
| 0.56% | PROG Holdings Inc | 74319R101 | 18,546.00 | $714,391.92 |
| 0.56% | ScanSource Inc | 806037107 | 14,470.00 | $723,644.70 |
| 0.55% | Innoviva Inc | 45781M101 | 31,121.00 | $707,691.54 |
| 0.55% | Option Care Health Inc | 68404L201 | 34,279.00 | $711,632.04 |
| 0.55% | Qualys Inc | 74758T303 | 6,309.00 | $701,813.16 |
| 0.54% | AdaptHealth Corp | 00653Q102 | 68,480.00 | $695,756.80 |
| 0.54% | CVR Energy Inc | 12662P108 | 22,612.00 | $693,510.04 |
| 0.54% | Gulfport Energy Corp | 402635502 | 4,138.00 | $688,604.58 |
| 0.54% | Teradata Corp | 88076W103 | 20,877.00 | $688,941.00 |
| 0.54% | Worthington Steel Inc | 982104101 | 15,957.00 | $693,331.65 |
| 0.53% | Alarm.com Holdings Inc | 011642105 | 14,710.00 | $686,221.50 |
| 0.53% | Amphastar Pharmaceuticals Inc | 03209R103 | 33,687.00 | $676,771.83 |
| 0.53% | Apogee Enterprises Inc | 037598109 | 17,015.00 | $682,982.10 |
| 0.53% | National Beverage Corp | 635017106 | 18,320.00 | $676,740.80 |
| 0.53% | Helix Energy Solutions Group Inc | 42330P107 | 69,408.00 | $676,033.92 |
| 0.53% | ICF International Inc | 44925C103 | 9,276.00 | $674,921.76 |
| 0.53% | Kforce Inc | 493732101 | 13,676.00 | $683,800.00 |
| 0.53% | Perdoceo Education Corp | 71363P106 | 20,171.00 | $686,620.84 |
| 0.53% | Boston Beer Co Inc/The | 100557107 | 3,759.00 | $683,724.51 |
| 0.53% | Interface Inc | 458665304 | 21,518.00 | $685,778.66 |
| 0.52% | Alamo Group Inc | 011311107 | 4,385.00 | $674,149.90 |
| 0.52% | Herbalife Ltd | G4412G101 | 54,791.00 | $662,423.19 |
| 0.52% | LCI Industries | 50189K103 | 7,210.00 | $670,962.60 |
| 0.52% | Marzetti Company/The | 513847103 | 6,000.00 | $669,660.00 |
| 0.52% | Yelp Inc | 985817105 | 28,857.00 | $666,596.70 |
| 0.51% | Blue Bird Corp | 095306106 | 9,189.00 | $657,381.06 |
| 0.51% | Ironwood Pharmaceuticals Inc | 46333X108 | 178,107.00 | $650,090.55 |
| 0.51% | Insperity Inc | 45778Q107 | 17,740.00 | $649,284.00 |
| 0.51% | Scholastic Corp | 807066105 | 14,866.00 | $652,468.74 |
| 0.51% | SunCoke Energy Inc | 86722A103 | 68,216.00 | $654,191.44 |
| 0.50% | Lindsay Corp | 535555106 | 5,597.00 | $645,613.95 |
| 0.49% | Addus HomeCare Corp | 006739106 | 6,726.00 | $627,401.28 |
| 0.49% | Buckle Inc/The | 118440106 | 14,000.00 | $634,060.00 |
| 0.49% | Blackbaud Inc | 09227Q100 | 22,519.00 | $628,280.10 |
| 0.49% | IDT Corp | 448947507 | 11,421.00 | $623,929.23 |
| 0.49% | J & J Snack Foods Corp | 466032109 | 7,963.00 | $633,615.91 |
| 0.49% | ePlus Inc | 294268107 | 7,574.00 | $630,081.06 |
| 0.49% | Root Inc/OH | 77664L207 | 11,451.00 | $628,659.90 |
| 0.49% | Winnebago Industries Inc | 974637100 | 21,665.00 | $633,484.60 |
| 0.48% | Ardmore Shipping Corp | Y0207T100 | 36,026.00 | $615,324.08 |
| 0.48% | Riley Exploration Permian Inc | 76665T102 | 17,636.00 | $621,845.36 |
| 0.47% | GigaCloud Technology Inc | G38644103 | 17,526.00 | $597,636.60 |
| 0.47% | Pacira BioSciences Inc | 695127100 | 26,523.00 | $609,763.77 |
| 0.47% | Tactile Systems Technology Inc | 87357P100 | 23,029.00 | $605,892.99 |
| 0.46% | Donnelley Financial Solutions Inc | 25787G100 | 15,435.00 | $593,321.40 |
| 0.46% | NerdWallet Inc | 64082B102 | 69,071.00 | $587,103.50 |
| 0.46% | Upwork Inc | 91688F104 | 69,446.00 | $589,596.54 |
| 0.44% | GoodRx Holdings Inc | 38246G108 | 211,143.00 | $559,528.95 |
| 0.43% | Certara Inc | 15687V109 | 106,554.00 | $554,080.80 |
| 0.20% | First American Government Obligations Fund 12/01/2031 | 31846V336 | 257,679.52 | $257,679.52 |
| 0.12% | Cash & Other | Cash&Other | 158,235.10 | $158,235.10 |
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.
