What is a cash flow waterfall?

A cash flow waterfall is a bar chart that walks from operating cash flow through capital expenditure to free cash flow, then shows how the remaining cash is allocated — acquisitions, buybacks, dividends, debt, and other financing — ending at the net change in cash. Each step is colour-coded: green bars add to the running total, red bars subtract.

How does Touchstone Dynamic International ETF (TDI) spend its free cash flow?

For TTM through Q1 2026, Touchstone Dynamic International ETF generated $220.38M of operating cash flow and −$190.19M of free cash flow — a free cash flow margin of -86.3% of operating cash flow. The waterfall breaks down how the remaining cash was allocated across investing and financing activities.

How much did Touchstone Dynamic International ETF (TDI) return via buybacks and dividends?

The waterfall shows buybacks (share repurchases) and dividends paid as separate steps in the financing section. Together these represent Touchstone Dynamic International ETF's shareholder returns for TTM through Q1 2026. You can compare these against free cash flow to assess the capital-return payout ratio.

Touchstone Dynamic International ETF (TDI) Cash Flow Waterfall

Operating CF

$220.38M

Capex

−$410.57M

Free Cash Flow

−$190.19M

FCF Margin

-86.3%

Cash flow waterfall for Touchstone Dynamic International ETF (TDI) — TTM through Q1 2026

Free cash flow: −$190.19M

Note: Other Investing is large — driven mainly by purchases or sales of investments.

Cash flow breakdown for Touchstone Dynamic International ETF (TDI) — TTM through Q1 2026

Line item	Amount	Running total
Operating Cash Flow	$220.38M	$220.38M
Capital Expenditure	−$410.57M	−$190.19M
Free Cash Flow	−$190.19M	−$190.19M
Other Investing	$1.01B	$820.68M
Share Buybacks	$21.00M	$841.68M
Other Financing & FX	−$279.64M	$562.04M
Net Cash Increase	$203.00M	$203.00M

Operating Cash Flow$220.38M
Capital Expenditure−$410.57M
Free Cash Flow−$190.19M
Other Investing$1.01B
Share Buybacks$21.00M
Other Financing & FX−$279.64M
Net Cash Increase$203.00M

Want to see what drove the FCF change?Free Cash Flow Bridge

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