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Distillate U.S. Fundamental Stability & Value ETF
Active ETF
DSTL
Payout Change
Pending
Price as of:
$51.63
+0.45
+0.88%
primary theme
U.S. Large-Cap Blend Equity
DSTL (ETF)
Distillate U.S. Fundamental Stability & Value ETF
Payout Change
Pending
Price as of:
$51.63
+0.45
+0.88%
primary theme
U.S. Large-Cap Blend Equity
DSTL (ETF)
Distillate U.S. Fundamental Stability & Value ETF
Payout Change
Pending
Price as of:
$51.63
+0.45
+0.88%
primary theme
U.S. Large-Cap Blend Equity
Name
As of 04/23/2024Price
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
Vitals
YTD Return
4.9%
1 yr return
21.4%
3 Yr Avg Return
9.4%
5 Yr Avg Return
15.0%
Net Assets
$1.7 B
Holdings in Top 10
21.9%
52 WEEK LOW AND HIGH
$51.2
$42.05
$53.91
Expenses
OPERATING FEES
Expense Ratio 0.39%
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 04/23/2024Price
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
DSTL - Profile
Distributions
- YTD Total Return 4.9%
- 3 Yr Annualized Total Return 9.4%
- 5 Yr Annualized Total Return 15.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.17%
- Dividend Yield 1.7%
- Dividend Distribution Frequency Quarterly
Fund Details
-
Legal NameDistillate U.S. Fundamental Stability & Value ETF
-
Fund Family NameDistillate Capital Partners
-
Inception DateOct 23, 2018
-
Shares Outstanding17700000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAustin Wen
Fund Description
The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing in U.S.-listed equity securities, 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. Of the companies meeting these criteria, the Fund invests in large-capitalization equity securities. A large-capitalization company is defined as one of the roughly 500 largest U.S.-listed companies based on free-float market capitalization.
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.
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.
Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in U.S. assets. For purposes of this policy, the Fund considers securities that are traded principally in the United States to be “U.S. assets”. As of January 5, 2024, the Fund had significant exposure to the information technology, industrials, and health care sectors.
DSTL - Performance
Return Ranking - Trailing
| Period | DSTL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.9% | -3.2% | 11.2% | 53.55% |
| 1 Yr | 21.4% | -1.1% | 41.3% | 53.75% |
| 3 Yr | 9.4%* | -12.2% | 26.8% | 4.32% |
| 5 Yr | 15.0%* | -9.7% | 105.9% | 2.22% |
| 10 Yr | N/A* | -0.3% | 20.3% | 74.48% |
* Annualized
Return Ranking - Calendar
| Period | DSTL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 21.0% | -42.6% | 47.4% | 37.92% |
| 2022 | -11.8% | -56.3% | -4.2% | 3.69% |
| 2021 | 27.4% | -27.2% | 53.7% | 4.41% |
| 2020 | 18.3% | -36.2% | 2181.7% | 15.44% |
| 2019 | 34.2% | -22.7% | 40.4% | 2.22% |
Total Return Ranking - Trailing
| Period | DSTL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 4.9% | -3.2% | 11.2% | 53.55% |
| 1 Yr | 21.4% | -1.1% | 41.3% | 53.75% |
| 3 Yr | 9.4%* | -12.2% | 26.8% | 4.32% |
| 5 Yr | 15.0%* | -9.7% | 105.9% | 2.22% |
| 10 Yr | N/A* | -0.3% | 20.3% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DSTL Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 22.7% | -5.0% | 47.4% | 59.04% |
| 2022 | -10.4% | -36.8% | -2.2% | 10.27% |
| 2021 | 28.9% | 3.0% | 124.3% | 19.76% |
| 2020 | 19.3% | -15.8% | 2266.0% | 28.50% |
| 2019 | 35.5% | -0.4% | 241.3% | 2.84% |
DSTL - Holdings
Concentration Analysis
| DSTL | Category Low | Category High | DSTL % Rank | |
|---|---|---|---|---|
| Net Assets | 1.7 B | 2.34 M | 1.55 T | 45.28% |
| Number of Holdings | 99 | 1 | 4053 | 53.22% |
| Net Assets in Top 10 | 334 M | 885 K | 387 B | 55.19% |
| Weighting of Top 10 | 21.91% | 0.3% | 112.0% | 94.08% |
Top 10 Holdings
- Alphabet Inc 3.77%
- Broadcom Inc 3.11%
- UnitedHealth Group Inc 2.64%
- Johnson Johnson 2.09%
- AbbVie Inc 2.01%
- Home Depot Inc/The 1.97%
- T-Mobile US Inc 1.82%
- CVS Health Corp 1.53%
- Cisco Systems Inc 1.53%
- Bristol-Myers Squibb Co 1.44%
Asset Allocation
| Weighting | Return Low | Return High | DSTL % Rank | |
|---|---|---|---|---|
| Stocks | 99.44% | 0.00% | 124.03% | 28.77% |
| Cash | 0.89% | 0.00% | 99.06% | 57.70% |
| Preferred Stocks | 0.00% | 0.00% | 2.38% | 53.30% |
| Other | 0.00% | -13.91% | 100.00% | 69.10% |
| Convertible Bonds | 0.00% | 0.00% | 5.54% | 50.63% |
| Bonds | 0.00% | -0.50% | 93.78% | 53.85% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | DSTL % Rank | |
|---|---|---|---|---|
| Healthcare | 21.06% | 0.00% | 60.70% | 5.36% |
| Technology | 19.00% | 0.00% | 48.94% | 77.52% |
| Industrials | 18.77% | 0.00% | 29.90% | 2.80% |
| Consumer Cyclical | 16.34% | 0.00% | 30.33% | 4.16% |
| Communication Services | 7.83% | 0.00% | 27.94% | 60.08% |
| Consumer Defense | 7.17% | 0.00% | 47.71% | 38.96% |
| Basic Materials | 3.50% | 0.00% | 25.70% | 28.00% |
| Financial Services | 3.47% | 0.00% | 55.59% | 98.32% |
| Energy | 2.09% | 0.00% | 41.64% | 76.72% |
| Real Estate | 0.78% | 0.00% | 31.91% | 81.92% |
| Utilities | 0.00% | 0.00% | 20.91% | 92.64% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | DSTL % Rank | |
|---|---|---|---|---|
| US | 99.44% | 0.00% | 124.03% | 22.33% |
| Non US | 0.00% | 0.00% | 62.81% | 61.08% |
DSTL - Expenses
Operational Fees
| DSTL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.39% | 0.01% | 16.07% | 80.14% |
| Management Fee | 0.39% | 0.00% | 1.89% | 34.91% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 11.64% |
| Administrative Fee | N/A | 0.00% | 0.85% | N/A |
Sales Fees
| DSTL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 1.00% | 5.75% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| DSTL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 0.25% | 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.
| DSTL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 0.00% | 496.00% | 72.87% |
DSTL - Distributions
Dividend Yield Analysis
| DSTL | Category Low | Category High | DSTL % Rank | |
|---|---|---|---|---|
| Dividend Yield | 1.68% | 0.00% | 26.27% | 52.25% |
Dividend Distribution Analysis
| DSTL | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Quarterly | Annual | Quarterly | Annual |
Net Income Ratio Analysis
| DSTL | Category Low | Category High | DSTL % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 1.17% | -54.00% | 6.06% | 22.47% |
Capital Gain Distribution Analysis
| DSTL | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Semi-Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 22, 2024 | $0.154 | OrdinaryDividend |
| Dec 29, 2023 | $0.217 | OrdinaryDividend |
| Sep 22, 2023 | $0.145 | OrdinaryDividend |
| Jun 23, 2023 | $0.149 | OrdinaryDividend |
| Mar 24, 2023 | $0.130 | OrdinaryDividend |
| Dec 30, 2022 | $0.194 | OrdinaryDividend |
| Sep 23, 2022 | $0.099 | OrdinaryDividend |
| Jun 24, 2022 | $0.134 | OrdinaryDividend |
| Mar 25, 2022 | $0.123 | OrdinaryDividend |
| Dec 27, 2021 | $0.150 | OrdinaryDividend |
| Sep 24, 2021 | $0.120 | OrdinaryDividend |
| Jun 25, 2021 | $0.096 | OrdinaryDividend |
| Mar 26, 2021 | $0.104 | OrdinaryDividend |
| Dec 28, 2020 | $0.303 | OrdinaryDividend |
| Jan 02, 2020 | $0.297 | OrdinaryDividend |
| Jan 02, 2019 | $0.102 | OrdinaryDividend |
DSTL - Fund Manager Analysis
Managers
Austin Wen
Start Date
Tenure
Tenure Rank
Oct 23, 2018
3.61
3.6%
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.
Rafael Zayas
Start Date
Tenure
Tenure Rank
Jun 19, 2020
1.95
2.0%
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.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.04 | 39.02 | 7.24 | 2.42 |
