ETF Evaluator:
Distillate Small/Mid Cash Flow ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Small Value Over the Last Year
| 44.0% | EA Bridgeway Omni Small-Cap Value ETF (BSVO) |
| 43.5% | Cambria Micro and Smcp Shld Yld ETF (MYLD) |
| 42.4% | First Trust Small Cap Val AlphaDEX® ETF (FYT) |
| 42.0% | Invesco S&P SmallCap 600® Pure Value ETF (RZV) |
| 41.7% | EA Bridgeway Ultra-Small Company Mkt ETF (BUSM) |
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ETF Details
Distillate Small/Mid Cash Flow ETF Overview
Distillate Small/Mid Cash Flow ETF (DSMC) is an actively managed U.S. Equity Small Value exchange-traded fund (ETF). Distillate Capital Partners launched the ETF in 2022.
The investment seeks capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in equity securities of small- and mid-capitalization companies. The fund's managers considers companies whose market capitalization, at the time of purchase, places them in the lowest 10% of the total market capitalization of the U.S. equity market to be small-cap and mid-cap companies.
About Distillate Small/Mid Cash Flow ETF (DSMC)
There are 4 members of the management team with an average tenure of 3.82 years: Matthew Swanson (2022), Rafael Zayas (2022), Austin Wen (2022) and Jacob Beidler (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Morningstar Global Markets xUS GR USD index with a weighting of 100%. Distillate Small/Mid Cash Flow ETF has 152 securities in its portfolio. The top 10 holdings constitute 11.2% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Distillate Small/Mid Cash Flow ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Distillate Small/Mid Cash Flow ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.6% There is 1.4% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Distillate Small/Mid Cash Flow ETF has 1.0% of the portfolio in cash.
Assets Under Management
The fund has $137 million in total assets, which is below the $2 billion average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DSMC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Distillate Small/Mid Cash Flow ETF expense ratio is average compared to funds in the Small Value category. Distillate Small/Mid Cash Flow ETF has an expense ratio of 0.55%, which is 15% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Distillate Small/Mid Cash Flow ETF has a portfolio turnover rate of 112%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 60% for the Small Value category.
Recently, in the month of July 2026, Distillate Small/Mid Cash Flow ETF returned 5.6%, which earned it a grade of A, as the Small Value category had an average return of 1.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Distillate Small/Mid Cash Flow ETF has a trailing yield of 1.09%, which is below the 1.71% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Distillate Small/Mid Cash Flow ETF Grades
Year to date, the ETF has returned 20.9%, 1.2 percentage points better than the category, which translates into a grade of C. The fund has returned 29.0% over the past year (grade of D) and 11.3% over the past three years (grade of F).
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DSMC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DSMC Return (NAV) | 5.6% | 7.6% | 29.0% | 11.3% | na | na |
| DSMC Return (Price) | 5.6% | 7.6% | 29.1% | 11.3% | na | na |
| NAV +/- Price Return | 0.073% | 0.050% | -0.071% | -0.025% | na | na |
| Small Value Avg | 1.2% | 6.4% | 31.1% | 13.1% | 8.6% | 10.2% |
| DSMC Grade (NAV) | A | B | D | F | na | na |
| +/- Category (NAV) | 4.5% | 1.3% | -2.1% | -1.8% | na | na |
| DSMC Tax-Cost Ratio | na | na | 0.5% | 0.5% | na | na |
DSMC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DSMC Return (NAV) | 20.9% | 2.6% | 2.9% | 29.5% | na | na | na | na | na | na | na |
| DSMC Return (Price) | 20.8% | 2.7% | 2.8% | 29.5% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.005% | 0.041% | -0.034% | 0.002% | na | na | na | na | na | na | na |
| Small Value Avg | 19.7% | 7.0% | 7.8% | 17.1% | -10.9% | 33.0% | 4.1% | 21.2% | -12.2% | 9.8% | 29.4% |
| DSMC Grade (NAV) | C | D | F | A | na | na | na | na | na | na | na |
| +/- Category | 1.2% | -4.4% | -4.9% | 12.4% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.82 |
| R-Squared: | 40% |
| Standard Deviation: | 17.0% |
| Category Risk Index: | 0.93 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 1.39 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 137 Mil |
| Share Class Assets: | $ 137 Mil |
| Turnover: | 112.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | No |
| Index Tracked: | Morningstar Global Markets xUS GR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.8 years | |||
| Average Tenure: 3.8 years | |||
| Managers (Year): Swanson Matthew (2022), Zayas Rafael (2022), Wen Austin (2022), Beidler Jacob (2022) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 152 |
| % in Top 10 Holdings: | 11.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 97.6% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Distillate Capital Partners |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | October 5, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.48% |
