DSMC
Distillate Small/Mid Cash Flow ETF
Our economy has undergone tectonic changes over the last several decades, and we believe accounting rules have not kept up, rendering many traditional measures of value, quality, and risk unhelpful.
By drawing on decades of experience as fundamental investors, we have developed customized measures of value and quality that are particularly relevant to today’s long-term investors. We utilize these measures in our investment process to exploit behavioral biases and minimize risk by eliminating stocks of companies that are not profitable, stocks that are expensive, and those of companies that are significantly indebted.
- Rationally-defined value: utilizes Distillate Capital’s proprietary normalized cash yield methodology, which focuses on through-cycle durability of an asset’s cash generation and indebtedness.
- Rationally-defined quality: focuses on fundamental financial strength rather than short-term price volatility.
- Rationally-defined risk: operates as a function of quality and value; de-emphasizes short-term price fluctuations.
DSMC is designed to offer investors exposure to an attractively valued portfolio of approximately 150 U.S. small- and mid-cap stocks that meet specific parameters involving reported and expected free cash flow and balance sheet quality.
| FUND DATA & PRICING | |
|---|---|
| Net Assets as of 09/29/2023 | $30.64m |
| NAV | $30.64 |
| Shares Outstanding | 1,000,000 |
| Premium/discount Percentage | 0.07% |
| Closing Price | $30.67 |
| Median 30-Day Bid/Ask Spread | 0.16% |
Data as of 09/29/2023
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.
| PERFORMANCE | Quarter end returns as of 06/30/2023 | |||
|---|---|---|---|---|
| AVG. ANNUALIZED | ||||
| 3 MO. | 1 YR. | 3 YR. | Since Inception | |
| Fund NAV | 5.706% | N/A | N/A | 21.984% |
| Closing Price | 5.850% | N/A | N/A | 22.101% |
| Morningstar US Small Cap® Index | 5.598% | N/A | N/A | 12.569% |
Expense ratio: 0.55%
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. 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”). Shares are bought and sold at the market price, not NAV. 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). Performance current to the most recent month-end can be obtained by calling 1-800-617-0004.
Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.
| DISTRIBUTION DETAIL | ||||
|---|---|---|---|---|
| EX- Date | Record Date | Payable Date | Amount | Type |
| 12/28/2022 | 12/29/2022 | 12/30/2022 | $0.07373 | Div Income |
| 3/22/2023 | 3/23/2023 | 3/24/2023 | $0..06997 | Div Income |
| 6/21/2023 | 6/22/2023 | 6/23/2023 | $0.08930 | Div Income |
| 9/20/2023 | 9/21/2023 | 9/22/2023 | $0.08607 | Div Income |
| TOP 10 HOLDINGS | Download Full Holdings | |||
|---|---|---|---|---|
| Percentage Of Net Assets | Name | Identifier | Shares Held | Market Value |
| 1.88% | CF INDS HLDGS INC | CF | 6,734 | 577,373.16 |
| 1.70% | MARATHON OIL CORP | MRO | 19,433 | 519,832.75 |
| 1.65% | APA CORPORATION | APA | 12,327 | 506,639.70 |
| 1.35% | OVINTIV INC | OVV | 8,683 | 413,050.31 |
| 1.33% | PBF ENERGY INC | PBF | 7,610 | 407,363.30 |
| 1.24% | WILLIAMS SONOMA INC | WSM | 2,444 | 379,797.60 |
| 1.17% | HF SINCLAIR CORP | DINO | 6,309 | 359,171.37 |
| 1.13% | AUTONATION INC | AN | 2,282 | 345,494.80 |
| 1.10% | MOSAIC CO NEW | MOS | 9,435 | 335,886.00 |
| 1.06% | ALPHA METALLURGICAL RESOUR INC COM | AMR | 1,255 | 325,961.15 |
Data as of 10/02/2023.
Holdings are subject to change at any time and should not be considered a recommendation to buy or sell any security.