A fast-growing free-cash-flow screen — fee above the House band, record too short to grade. Trailing distributions of $0.5788 are 1.07% at the $53.84 close on October 27, 2026, and the top 10 holdings are 34.27%, inside the pass band. The 0.39% net expense ratio (0.44% gross) sits above the House §7 band and is flagged below. Distributions grew from $0.2012 in 2023 to $0.6286 in 2025, but the fund incepted in June 2023, so no 5-year growth record exists.
Key risk: Monthly payouts are small and irregular ($0.0134–$0.1502 in the last year), so the income stream is lumpy even though the screen selects for free cash flow.
Changes if: The expense ratio falls to 0.30% or below, or a 5-year distribution record emerges that is positive and steady.
- !Expense ratio (§7) 0.39% net (0.44% gross) exceeds the 0.30% line in the §7 band; flagged here, graded with the fund's record as other library dividend ETFs are.
- ✓Concentration Top 10 at 34.27%, under the 45% pass line; 52 holdings, largest Accenture 4.65%.
- !5-yr dividend growth (§7) No 5-year record — incepted Jun 21, 2023; annual payouts $0.2012 (2023), $0.4104 (2024), $0.6286 (2025) grew, but that is a 3-year record.
- ✓Yield / trap review (§8) 1.07% yield, no trigger: under 8%, no cut, no special dividend in the yield.
What this grade doesn't say: It screens the dividend only — covered, real, compounding. It says nothing about valuation or price: a well-covered payer can still be overpriced, and its price can still fall.