Filings Digest
Three Themes funds due cash on Friday, September 25
Themes US Small Cap Cash Flow Champions ETF
$38.77−0.13 (−0.34%) past 5 days
Market opens at 9:30 AM ET.
- 0.29%
- $3M
- +20.4%
- 3.30%
- 0M sh
- $38.72
- low $31.82high $41.20
The ETF.net SMCF Grade
C
Score 40 out of 100
- 21 of 27
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 49
- This cap took
- −9
- Published Score
- 40
Cost
The fund’s net expense ratio, ranked against its category.B60 out of 100Rank 11 of 27Mission
Whether the fund did what it promised, tested against its stated mandate.B63 out of 100Rank 18 of 20Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C47 out of 100Rank 16 of 27Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F17 out of 100Rank 25 of 27Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C53 out of 100Rank 15 of 27Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F16 out of 100Rank 25 of 27
Our read on SMCF
CMost quality ETFs buy big, profitable megacaps. SMCF runs the cash flow test down in small caps: no history of positive free cash flow yield, no entry, then rank on next year's estimate and hold the top 75.
The fund seeks to track the Solactive US Small Cap Cash Flow Champions Index, which selects the top 75 small-capitalization companies with the highest three years of positive cash flow yield.
Why people hold it
- One hard screen: free cash flow divided by enterprise value. Years of positive cash flow yield are required just to be eligible, so cash burners never reach the ranking.sec.gov
- Ranks on next year's estimated cash flow yield rather than a trailing snapshot, and a buffer rule keeps existing names in while they stay in the top 200 to limit index turnover.sec.gov
- The hunting ground is the bottom 15% of US market cap, so this stays a small-cap sleeve instead of quietly drifting up into the familiar large-cap quality names.sec.gov
- 0.29% is mid-pack for US quality-factor funds, and holdings are free-float market cap weighted, not equal weighted into the thinnest corners of small cap.sec.gov
Worth knowing
- That mid-pack fee still loses to the large-cap quality giants: JQUA charges 0.12%, QUAL and FQAL 0.15%. You pay up for the small-cap version of the idea.
- Small asset base and thin trading, so spreads run wider than the category's heavyweights and there is less scale behind the fund.
- Non-diversified, and a cash-flow-yield ranking clusters wherever cash flow is cheapest, so the sector mix can lean heavily in one direction between rebalances.sec.gov
SMCF Holdings
- Stocks
- 75
- 36%
- DINO
Sectors
- Financials55.1%
- Industrials10.7%
- Technology9.6%
- Energy9.2%
- Health Care7.7%
- Consumer Discretionary3.2%
- Materials2.1%
- Consumer Staples1.1%
- Communication1.0%
- Real Estate0.5%
Geography
- United States85.01%
- Bermuda8.66%
- Ireland2.22%
- Monaco1.58%
- United Kingdom1.11%
- Puerto Rico0.71%
- United Arab Emirates0.66%
- Israel0.05%
SMCF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
SMCF$12,039
Returns run to the Sep 25, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SMCF |
|---|---|
| Year to date | +18.4% |
| 1 month | −2.7% |
| 3 months | +1.2% |
| 1 year | +20.4% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SMCF |
|---|---|---|
| 2026 YTD | +18.4% | |
| 2025 | +9.5% | |
| 2024 | +16.3% | |
| 2023 | +4.5% |
SMCF in the news
SMCF Dividends
- 3.30%
- $1.28
- $1.28 per share
- Irregular
Distribution history
SMCF Risk
- 17.7%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.68
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −28.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.86
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SMCF Cost
0.29%