SMCF
Themes US Small Cap Cash Flow Champions ETF
The Themes US Small Cap Cash Flow Champions ETF seeks to invest in small-cap companies that exhibit strong cash flow generation, aiming to provide investors with capital appreciation and income potential.
US
EQUITY
Passive
MANAGEMENT STYLE
4.2 M
ASSETS UNDER MGMT
29 bp
EXPENSES
Fund Basics
| Fund sponsor | Themes |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 12, 2023 |
| Assets (mns) | $4 |
| Expense ratio | 29 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| FIDELITY NATIONAL FINANCIAL, INC - FNF G | 4.6 % |
| EAST WEST BANCORP INC | 4.3 % |
| TOLL BROTHERS INC | 4.2 % |
| BUILDERS FIRSTSOURCE INC | 4.2 % |
| REINSURANCE GROUP OF AMERICA | 3.9 % |
| RENAISSANCERE HOLDINGS LTD | 3.6 % |
| QXO INC | 3.5 % |
| STERLING CONSTRUCTION CO | 3.4 % |
| MUELLER INDUSTRIES INC | 3.3 % |
| OLD REPUBLIC INTL CORP | 2.9 % |
Constituent Breakdown
| Number of holdings | 75 |
| Herfindahl-Hirschman Index | 220 |
| Wgt avg mkt cap (mns) | $7,191 |
| Large cap (>$10bn) | 23.4% |
| Mid cap ($2-10bn) | 68.5% |
| Small cap (<$2bn) | 7.6% |
| Developed mkts. | 98.1% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 91.0 % |
 |
BERMUDA | 4.5 % |
 |
PUERTO RICO | 1.5 % |
 |
SWITZERLAND | 1.4 % |
 |
MONACO | 0.9 % |
Historical Performance
Standardized Performance (as of 09/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 7.4% | 7.7% | -- | -- | -- | -- | -- | 15.5% |
| Dividend Yield | 0.0% | 0.0% | -- | -- | -- | -- | -- | 0.0% |
| Total Returns | 7.4% | 7.7% | -- | -- | -- | -- | -- | 15.5% | Ann. Volatility | 26.1% | 24.7% | -- | -- | -- | -- | -- | 21.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.30 | 52% |
| MSCI EAFE | 0.53 | 10% |
| MSCI Emg Mkts | -0.01 | 0% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.33% |
Technical Indicators
| Recent close | $32.24 |
| 30d moving avg. | $33.20 |
| Annualized volatility | 20.5% |
| Relative strength (RSI) | 51 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| AVUV | Avantis U.S. Small Cap Value ETF | 16.3% | -4 bp | +10.1% |
| KRE | SPDR S&P Regional Banking ETF | 16.0% | +6 bp | +10.5% |
| PSCF | Invesco S&P SmallCap Financials ETF | 15.8% | 0 bp | +9.7% |
| KBE | SPDR S&P Bank ETF | 15.8% | +6 bp | +10.1% |
| ZIG | Acquirers Fund | 14.8% | +55 bp | +20.8% |
| GRPM | Invesco S&P MidCap 400 GARP ETF | 14.2% | +6 bp | +7.8% |
| DSMC | Distillate Small/Mid Cash Flow ETF | 14.0% | +26 bp | +13.0% |
| SFLO | VictoryShares Small Cap Free Cash Flow ETF | 13.9% | +20 bp | +11.4% |
| VAMO | Cambria Value & Momentum ETF | 13.4% | +32 bp | +5.7% |
| XSHQ | Invesco S&P SmallCap Quality ETF | 13.3% | 0 bp | +7.8% |
Risk and Returns: SMCF vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/31/2025
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
SMCF
12.6%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 992 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SMCF's ALTAR Score™ is approximately
2.9 standard deviations
above
the category average. This places SMCF in the 99th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SMCFSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 217 |
| Avg. Expense Ratio | 31.1 bp |
| Std. Deviation | 25.2 bp |
| SMCF (29 bp) Percentile rank | 47 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SMCF | 29.0 | 33.0 | 62.0 |
| Peer Avg. | 31.1 | 10.5 | 41.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .