At a glance
DSTX charges 0.55% a year, above the 0.3% average of the 4 funds most like it (the most expensive of 5). It has $47.2M in assets, the 5th largest of that group; it paid 3.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 5 funds; over three years it returned +23.0% a year. At its worst it fell 30.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low. Its ten largest positions make up 18.4% of the fund, out of 100 in all.
The short version
Distillate International Fundamental Stability & Value ETF (DSTX) is an actively managed fund from Distillate Capital. It holds about 100 large and mid-sized non-US companies chosen because they look cheap relative to their free cash flow, have steady cash flows and carry modest debt. Its 0.55% expense ratio is higher than that of four similar international value funds, which average 0.30%. With $47 million in assets as of June 30, 2026, it is also the smallest of the group.
Price history
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DSTX +17.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DSTX official prospectus, to Dec 31, 2025 | — | +41.53% | — | +7.59% | — | — |
| DSTX price data to Oct 27, 2026 | +13.7% | +17.2% | +23.0% | +9.5% | — | +7.5% |
- Over the year to Oct 27, 2026, DSTX returned +17.2%, 4th of 5 among similar funds.
- Its 5-year annualized return was +9.5%.
- Its worst full calendar year was 2022 (-18.9%); its best was 2025 (+41.7%).
- The deepest fall in its price history was 33.7% (Jun 14, 2021 to Oct 12, 2022), recovered by Sep 26, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.7% | — |
| 2025 | +41.7% | +41.53% |
| 2024 | -0.4% | -0.25% |
| 2023 | +20.0% | +20.10% |
| 2022 | -18.9% | -18.68% |
| 2021 | — | +1.67% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.6% over that stretch · deepest drop along the way 30.1%, back to its old high 17 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6100 | |
| 2025 | $0.9300 | +66.1% |
| 2024 | $0.5600 | +33.3% |
| 2023 | $0.4200 | -42.5% |
| 2022 | $0.7300 |
What's inside
As of Jun 30, 2026, the fund held 100 securities; the ten largest made up 18.37% of assets.
| Holding | Weight | |
|---|---|---|
| United Microelectronics Corp | 3.10% | |
| America Movil SAB de CV | 2.03% | |
| British American Tobacco PLC | 2.03% | |
| Sanofi SA | 1.92% | |
| SCREEN Holdings Co Ltd | 1.67% | |
| Sea Ltd | 1.61% | |
| Cie de Saint-Gobain SA | 1.59% | |
| Roche Holding AG | 1.50% | |
| Grupo Mexico SAB de CV | 1.49% | |
| Vinci SA | 1.45% | |
| Pandora A/S | 1.44% | |
| NetEase Inc | 1.35% | |
| Realtek Semiconductor Corp | 1.34% | |
| Publicis Groupe SA | 1.33% | |
| Kia Corp | 1.33% |
By country
Japan 17.72%France 11.45%China 7.87%United Kingdom 7.53%Canada 7.36%By asset type
Stocks 99.43%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $28K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.44%, +2.66%, -4.24%.
How it works
DSTX tracks no index. Its adviser, Distillate Capital Partners, actively picks large and mid-sized companies based outside the US. It first screens for profitability, cash flow history and enough daily trading to buy and sell easily. It then ranks survivors on free cash flow yield, which compares cash left after running and investing in the business (adjusted for one-off items) with enterprise value, roughly market value plus debt. It also scores how steady past and projected cash flows are. It targets the most undervalued names and usually avoids heavily indebted companies.
Real estate developers and REITs (real estate investment trusts) are excluded, and Chinese companies qualify only through Hong Kong listings. Emerging-market stocks and depositary receipts (certificates representing foreign shares) are allowed. The prospectus gives no weighting formula. As of June 30, 2026, the fund held 100 stocks, and the top 10 made up about 18%, led by United Microelectronics (3.1%), America Movil and British American Tobacco (about 2% each).
Distillate reviews holdings at least quarterly and sells stocks that become overvalued, take on too much debt relative to income, or lose cash flow stability. Turnover was 91% per the January 2026 prospectus, so most holdings change yearly, adding trading costs beyond the 0.55% expense ratio. The strategy uses no leverage or options.
What it really costs
- DSTX charges 0.55% a year, versus an average of 0.3% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DSTX | $56 | $176 | $307 | $689 |
In a retirement portfolio
It adds non-US stocks with a value and low-debt tilt to portfolios that are often weighted toward US companies.
DSTX could add value-priced stocks from Japan, Europe and emerging markets to a US-heavy portfolio. It launched in December 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell about 30% between January 12 and October 12, 2022, and took 17 months to recover, finally doing so in March 2024. Its deepest drop was 33.7%, from June 2021 to October 2022, and it took about 23.5 months to recover. Its worst calendar year was 2022, at -18.68%. Anyone forced to sell shares during that stretch would have locked in losses. The trailing yield was 3.05% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 invested would cost $56 in fees over the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting non-US stocks screened for low debt, steady cash flow and cheap free-cash-flow prices, spread across about 100 companies.
- People who want quarterly income from foreign stocks; the trailing yield was 3.05% as of October 27, 2026.
- Holders of US-heavy portfolios who accept an active manager's judgment and 91% turnover in exchange for a fundamentals-based value approach abroad.
Look elsewhere if
- Cost-focused investors: the 0.55% expense ratio is well above similar funds such as Dimensional International Value (DFIV) at 0.27% and iShares EAFE Value (EFV) at 0.33%.
- Those who prefer large, heavily traded funds; DSTX had about $47 million in assets as of June 30, 2026, and its prospectus warns of limited market makers.
- Anyone wanting a long record through several crises; the fund launched in December 2020 and fell about 30% in the 2022 bear market.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DSTX this fund | — | 0.55% | $47.2M | +17.2% | +23.0% |
| UIVM VictoryShares International Value Momentum … | 7% | 0.35% | $323.4M | +24.5% | +27.7% |
| EFV iShares MSCI EAFE Value ETF | 5% | 0.33% | $29.11B | +21.9% | +23.3% |
| JIRE JPMorgan International Research Enhanced Eq… | 5% | 0.24% | $11.18B | +11.6% | +19.5% |
| DFIV Dimensional International Value ETF | 5% | 0.27% | $21.39B | +25.4% | +25.0% |
Questions investors ask
How has DSTX performed since launch?
Results have been uneven. The prospectus shows an average annual return of 7.59% over the five years through December 31, 2025. Calendar-year returns ranged from -18.68% in 2022 to 41.53% in 2025, with -0.25% in 2024. Based on price, the fund returned 23% a year over three years and 17.2% over one year as of October 27, 2026. It lost about 30% during the 2022 bear market.
Does DSTX pay dividends?
Yes. DSTX pays dividends quarterly. Over the 12 months ending October 27, 2026, it paid $1.08 per share, a trailing yield of 3.05%. The income comes from the foreign companies it owns, such as British American Tobacco, Sanofi and America Movil. The payout can change from quarter to quarter as holdings, company dividends and exchange rates change.
What is the DSTX expense ratio?
The expense ratio is 0.55%, all of it a management fee, according to the prospectus filed January 26, 2026. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $56 after one year, $176 after three years, $307 after five and $689 after ten. That is the highest cost among five similar international funds, whose average is about 0.30%.
DSTX vs UIVM: what's the difference?
Both hold international stocks with a value tilt, but they pick stocks differently and share only about 7% of their holdings. VictoryShares International Value Momentum ETF (UIVM) charges 0.35%, compared with 0.55% for DSTX. It had about $323 million in assets, compared with $47 million for DSTX, as of June 30, 2026. As of October 27, 2026, UIVM returned 24.5% over one year and 27.7% a year over three years. DSTX returned 17.2% and 23% over the same periods.
What countries does DSTX invest in?
DSTX invests only in non-US companies. As of June 30, 2026, Japan was the largest country at about 18%, followed by France at 11%, China at 8%, and the UK and Canada at about 7% each. Its top holdings included United Microelectronics of Taiwan, America Movil of Mexico and Kia of South Korea. Chinese companies are held only through their Hong Kong listings.