Distillate Small/Mid Cash Flow ETF
DSMC
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- Distillate Small/Mid Cash Flow ETF (DSMC) is an actively managed exchange-traded fund that seeks capital appreciation by investing in approximately 150 small- and mid-capitalization U.S.-listed stocks selected using proprietary cash-flow-based measures of valuation and quality. The fund, issued by ETF Series Solutions and managed by Distillate Capital Partners, LLC, begins with a universe of around 1,000 profitable small- and mid-cap U.S. stocks, eliminates those with high debt levels, and selects the most attractively valued securities based on Distillate Capital’s normalized free cash flow methodology; the portfolio is then weighted by free cash flow generation and rebalanced quarterly. Key holdings as of mid-2025 include Sterling Infrastructure Inc., Enphase Energy Inc., Jazz Pharmaceuticals plc, TopBuild Corp., and Skyworks Solutions Inc., spanning sectors such as industrials, technology, healthcare, and consumer discretionary. Launched on October 5, 2022, and listed on the NYSE Arca, DSMC operates with a net expense ratio of 0.55% and targets investors seeking exposure to quality and value factors in the small value Morningstar category. Distillate Capital Partners, LLC, the fund's investment adviser, was founded in 2017 and is headquartered at 53 West Jackson Boulevard in Chicago, Illinois. The firm, which is 100% employee-owned and manages over $2.0 billion in assets as of December 31, 2024 across cash-flow-focused equity strategies, was established by industry veterans Thomas Cole (CEO and co-founder), Jay Beidler (co-founder), and Matthew Swanson (co-founder), drawing on their prior experience at Institutional Capital (ICAP), UBS Global Asset Management, and Brinson Partners. DSMC forms part of Distillate Capital's lineup of innovative value-focused ETFs, including DSTL and DSTX, distributed by Quasar Distributors, LLC. Recent developments for DSMC include sustained portfolio growth to net assets of approximately $90 million as of June 2025, with ongoing quarterly rebalancing incorporating new positions such as ICON Public Limited Company and maintaining emphasis on high free cash flow generators amid market volatility. Distillate Capital issued its Q1 2025 letter to investors in April 2025, highlighting continued adherence to its systematic process, while the firm made new investments in holdings like Genuine Parts Company during Q2 2025, reflecting active management evolution. No major acquisitions, partnerships, funding rounds, or structural changes for Distillate Capital or DSMC have been reported in the last 1-2 years, underscoring stable operations focused on fundamentals-driven strategies in a U.S.-centric portfolio.