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Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Distillate International Fundamental Stability & Value ETF

DSTX | Active ETF

$23.39

$35.4 M

2.09%

$0.49

0.55%

Vitals

YTD Return

-1.3%

1 yr return

6.1%

3 Yr Avg Return

-2.8%

5 Yr Avg Return

N/A

Net Assets

$35.4 M

Holdings in Top 10

20.1%

52 WEEK LOW AND HIGH

$23.5
$20.55
$24.67

Expenses

OPERATING FEES

Expense Ratio 0.55%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/18/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Distillate International Fundamental Stability & Value ETF

DSTX | Active ETF

$23.39

$35.4 M

2.09%

$0.49

0.55%

DSTX - Profile

Distributions

  • YTD Total Return -1.3%
  • 3 Yr Annualized Total Return -2.8%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 2.1%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Distillate International Fundamental Stability & Value ETF
  • Fund Family Name
    N/A
  • Inception Date
    Dec 14, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Rafael Zayas

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in globally listed large- and mid-capitalization equity securities and depositary receipts of non-U.S. companies, selected based on the Adviser’s assessment of a company’s valuation, cash flow stability, and balance sheet quality (“fundamental factors”), as described below.
In selecting securities for the Fund, Distillate Capital Partners LLC, the Fund’s investment adviser (“Distillate” or the “Adviser”), first considers companies that meet the Adviser’s criteria for (i) profitability, (ii) historical cash flow, and (iii) liquidity (based on the average daily traded value of the security).
Companies that satisfy such criteria are then reviewed using the Adviser’s proprietary measures of: (i) the company’s valuation, which takes into account the company’s free cash flow yield (a measure comparing a company’s normalized free cash flow to its enterprise value), and (ii) the volatility of the company’s historical and projected cash flows (“cash flow stability”). The Adviser then seeks to identify the most undervalued companies using these proprietary measures. A company’s “normalized” free cash flow reflects its estimated free cash flow, adjusted to account for nonrecurring items. Such “normalized” values enable a more accurate comparison of different companies’ regular free cash flows. A company’s enterprise value is calculated based primarily on the company’s market capitalization and indebtedness.
In assessing a company’s balance sheet quality, the Adviser considers a company’s financial indebtedness. Typically, the Fund does not invest in companies with significant leverage, based on the Adviser’s proprietary debt-to-income calculation.
The Adviser evaluates investments applying the fundamental factor criteria described above and adjusts the Fund’s portfolio accordingly on at least a quarterly basis.The Adviser, in its discretion, may include or exclude companies from the Fund’s portfolio based on unusual data or fundamental conditions that the Adviser believes would cause a security’s inclusion or exclusion to be inconsistent with the Fund’s principal investment strategy. Although the Adviser seeks to select companies that demonstrate fundamental stability, the value of such companies may still be subject to volatility over short or long periods of time.
The Fund may invest in companies in the following geographic regions: the Americas (North America ex-United States & South America), Europe, the Middle East & Africa, Japan, China/Hong Kong, and Asia & Australia ex-Japan/China/Hong Kong. For companies headquartered in China/Hong Kong, only such companies’ Hong Kong-listed securities are eligible for consideration. The Fund eliminates U.S. companies (i.e., those with their headquarters in the United States) from consideration.
The Adviser considers the liquidity of the country’s stock markets, accessibility to foreign investors, operational complexity, price transparency, and capital controls, when selecting securities for the Fund. The Adviser may include a depositary receipt in lieu of a foreign ordinary share. In addition, the Fund may include companies organized in emerging market nations or whose shares trade primarily in emerging market nations.
Companies in the real estate development and real estate investment trust industries, as defined by the FactSet Revere Business Industry Classification Systems (“RBICS”), are eliminated from consideration.
As part of this review, the Adviser generally sells a stock when it no longer satisfies the Adviser’s investment criteria discussed above. A stock will be sold if it becomes overvalued as measured using the Adviser’s measure of free cash flow. This could be the result of stock price appreciation, free cash flow erosion, or other eligible stocks presenting even more attractive valuation opportunities. Additionally, a stock will be sold if the company takes on additional debt or reports a reduction in income such that it no longer satisfies the Adviser’s measure of financial indebtedness. Finally, a stock may be sold if it no longer satisfies the Adviser’s measure of cash flow stability.
As of January 5, 2024, the Fund had significant exposure to companies in Europe and Japan. As of January 5, 2024, the Fund had significant exposure to the consumer sectors.
The Fund is classified as non-diversified and therefore may invest a larger percentage of its assets in the securities of a single company or a smaller number of companies than diversified funds.
Read More

DSTX - Performance

Return Ranking - Trailing

Period DSTX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.3% -28.5% 12.2% 94.91%
1 Yr 6.1% -31.2% 121.5% 95.57%
3 Yr -2.8%* -52.6% 123.6% N/A
5 Yr N/A* -11.3% 58.0% N/A
10 Yr N/A* -5.9% 10.0% N/A

* Annualized

Return Ranking - Calendar

Period DSTX Return Category Return Low Category Return High Rank in Category (%)
2023 17.8% -45.5% 71.3% 4.66%
2022 -21.7% -15.4% 11.9% N/A
2021 -0.4% -10.4% 121.9% N/A
2020 N/A -33.7% 8.5% N/A
2019 N/A -13.0% 27.5% N/A

Total Return Ranking - Trailing

Period DSTX Return Category Return Low Category Return High Rank in Category (%)
YTD -1.3% -28.5% 12.2% 97.99%
1 Yr 6.1% -31.2% 121.5% 95.57%
3 Yr -2.8%* -52.6% 123.6% N/A
5 Yr N/A* -11.3% 58.0% N/A
10 Yr N/A* -3.1% 10.0% N/A

* Annualized

Total Return Ranking - Calendar

Period DSTX Return Category Return Low Category Return High Rank in Category (%)
2023 20.0% -45.5% 71.3% 4.66%
2022 -19.2% -15.4% 11.9% N/A
2021 1.8% -10.4% 121.9% N/A
2020 N/A -18.0% 8.5% N/A
2019 N/A -13.0% 29.4% N/A

DSTX - Holdings

Concentration Analysis

DSTX Category Low Category High DSTX % Rank
Net Assets 35.4 M 1.02 M 369 B 91.74%
Number of Holdings 102 1 10801 57.20%
Net Assets in Top 10 6.68 M 0 34.5 B 93.26%
Weighting of Top 10 20.08% 1.6% 100.0% 58.05%

Top 10 Holdings

  1. Taiwan Semiconductor Manufacturing Co Ltd 3.02%
  2. LVMH Moet Hennessy Louis Vuitton SE 2.75%
  3. Roche Holding AG 2.75%
  4. Alibaba Group Holding Ltd 2.26%
  5. British American Tobacco PLC 2.02%
  6. Industria de Diseno Textil SA 1.55%
  7. Unilever PLC 1.48%
  8. Shin-Etsu Chemical Co Ltd 1.46%
  9. Recruit Holdings Co Ltd 1.42%
  10. KDDI Corp 1.38%

Asset Allocation

Weighting Return Low Return High DSTX % Rank
Stocks 		98.93% 0.00% 122.60% 18.47%
Preferred Stocks 		0.76% 0.00% 1.87% 57.07%
Cash 		0.57% -65.15% 100.00% 77.94%
Other 		0.00% -16.47% 17.36% 69.88%
Convertible Bonds 		0.00% 0.00% 4.18% 53.10%
Bonds 		0.00% -10.79% 71.30% 56.86%

Stock Sector Breakdown

Weighting Return Low Return High DSTX % Rank
Utilities 		0.00% 0.00% 13.68% 93.14%
Technology 		0.00% 0.00% 36.32% 20.05%
Real Estate 		0.00% 0.00% 14.59% 86.81%
Industrials 		0.00% 5.17% 99.49% 30.42%
Healthcare 		0.00% 0.00% 21.35% 87.62%
Financial Services 		0.00% 0.00% 47.75% 98.79%
Energy 		0.00% 0.00% 16.89% 8.61%
Communication Services 		0.00% 0.00% 21.69% 1.88%
Consumer Defense 		0.00% 0.00% 32.29% 12.79%
Consumer Cyclical 		0.00% 0.00% 36.36% 9.02%
Basic Materials 		0.00% 0.00% 23.86% 44.28%

Stock Geographic Breakdown

Weighting Return Low Return High DSTX % Rank
Non US 		84.15% 0.00% 125.24% 13.61%
US 		14.78% -7.78% 68.98% 77.41%

DSTX - Expenses

Operational Fees

DSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.55% 0.01% 3.96% 77.98%
Management Fee 0.55% 0.00% 1.60% 37.37%
12b-1 Fee N/A 0.00% 1.00% 9.91%
Administrative Fee N/A 0.01% 1.00% N/A

Sales Fees

DSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

DSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DSTX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 247.00% N/A

DSTX - Distributions

Dividend Yield Analysis

DSTX Category Low Category High DSTX % Rank
Dividend Yield 2.09% 0.00% 13.65% 17.25%

Dividend Distribution Analysis

DSTX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Quarterly Annually

Net Income Ratio Analysis

DSTX Category Low Category High DSTX % Rank
Net Income Ratio N/A -0.93% 6.38% 4.91%

Capital Gain Distribution Analysis

DSTX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

DSTX - Fund Manager Analysis

Managers

Rafael Zayas

Start Date

Tenure

Tenure Rank

Dec 14, 2020

1.46

1.5%

Rafael Zayas, CFA, is Senior Vice President, Head of Portfolio Management and Trading at Vident Investment Advisory, LLC since June 2020. Mr. Zayas became SVP, Head of Portfolio Management and Trading in June 2020. From 2017 to 2020, he was a Senior Portfolio Manager – International Equity at Vident and has over 15 years of experience that includes managing international equity portfolios, including in emerging and frontier markets. Prior to joining Vident, he was a Portfolio Manager – Direct Investments for seven years at Russell Investments, a global asset manager, where he co-managed more than $4 billion in quantitative strategies across global markets, including the Russell Strategic Call Overwriting Fund, a mutual fund. Mr. Zayas also helped Russell Investments launch its sponsored ETF initiative and advised on index methodologies. Prior to joining Russell Investments, Mr. Zayas was a Portfolio Manager – Equity Indexing at Mellon Capital Management, where he managed assets for internationally listed global equity ETFs. Mr. Zayas graduated with a B.S. in Electrical Engineering from Cornell University and obtained a Certificate in Computational Finance and Risk Management from the University of Washington. He also attained the Chartered Financial Analyst designation in 2010.

Austin Wen

Start Date

Tenure

Tenure Rank

Dec 14, 2020

1.46

1.5%

Austin Wen, CFA has seven years of investment management experience. Mr. Wen is a Portfolio Manager at Vident, specializing in portfolio management and trading of equity portfolios and commodities based portfolios, as well as risk monitoring and investment analysis. Previously, Mr. Wen was an analyst for Vident Financial, working on the development and review of investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.35 6.13 2.92

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