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Launched · SEC filings

Bushido Capital US Equity ETF

SMRINasdaqBushidoC

$47.13−0.07 (−0.14%)

At close: Nov 2, 2026, 4:00 PM ET

C43/ 100

Rank 41 of 66 in US Active Value

C43/100Rank 41 of 66inUS Active Value
Intraday session: down, 79 prints from 47.20 to 47.13. Range 47.13 to 47.52. Use the arrow keys to read each point.47.3047.4047.5010 AM12 PM2 PM4 PM
Expense ratio
0.71%
Fund size
$708M
1Y total return
+37.4%
Yield · Last 12 months
1.41%
Holdings
51
Avg volume · 30D
16.4K sh
52W range
low $34.10high $50.48
Launched
Filings
SEC EDGAR

The ETF.net SMRI Grade

C

Score 43 out of 100

Category
US Active Value⁠
Rank
41 of 66
Six-pillar profile for SMRI. Scores out of 100: Cost 19, Risk 54, Mission 69, Tradability 54, Holdings 76, Durability 67. Strongest: Holdings (76). Weakest: Cost (19). Leans toward Holdings.

Score 43 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.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F19 out of 100
    Rank 53 of 66

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    B69 out of 100
    Rank 19 of 27

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C54 out of 100
    Rank 34 of 65

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C54 out of 100
    Rank 28 of 66

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    A76 out of 100
    Rank 11 of 66

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B67 out of 100
    Rank 19 of 66

Our read on SMRI

ETF.net Research

In short

CBoutique value, old school: 30 to 50 US stocks, equal weighted, screened on cash flow and read through earnings calls. Most of this category buys hundreds of names for pennies. SMRI charges 0.71% to own a few dozen with conviction.

Stated mandate

The Fund seeks long-term capital appreciation.

Why people hold it

  • Concentration on purpose: 30 to 50 stocks held at equal weight, so a mid-cap idea carries the same freight as a mega-cap. The issuer calls the high active share deliberate.etfarchitect.cometfarchitect.com 2
  • The homework is fundamental: free cash flow against capital employed, returns on capital across cycles, shareholder-friendly capital allocation, a cheap price on those cash flows.etfarchitect.com
  • One line item: the 0.71% management fee is the whole bill, with no 12b-1 fee and other expenses listed at 0.00% in the fee table. Distributions are paid quarterly.etfarchitect.com
  • Live since 2023 and now a few hundred million dollars in size, which is real traction for a single-strategy boutique shop.

Worth knowing

  • Cost is the trade-off: 0.71% sits above the typical US value fund and well above the quant crowd, where AVLV and SEIV charge 0.15% and WTV charges 0.12%.
  • Thinly traded next to the category's giants, so spreads can widen. Limit orders and unhurried timing matter more here.
  • With a few dozen equal-weighted names, one company's stumble shows up in results, and the portfolio can look nothing like a value index for stretches.etfarchitect.cometfarchitect.com 2

SMRI Performance

Launched Sep 13, 2023

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.
SMRI$13,742
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SMRI $13,742. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000$14,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for SMRI. Periods over one year show the average yearly return.
PeriodSMRI
Year to date+32.2%
1 month+5.6%
3 months+7.5%
1 year+37.4%
3 yearsper year+27.3%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SMRI
YearReturn barSMRI
2026 YTD+32.2%
2025+17.4%
2024+19.2%
2023+5.1%

History from Sep 14, 2023

SMRI in the news

SMRI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
1.41%Last 12 months
Payout per share
$0.67Last 12 months
Last payment
$0.44 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 9 payments from 2023 to 2026 YTD. Dec 20, 2023 $0.12; Dec 30, 2024 $0.31; Mar 28, 2025 $0.14; Jun 27, 2025 $0.06; Sep 29, 2025 $0.15; Dec 23, 2025 $0.13; Mar 30, 2026 $0.07; Jun 29, 2026 $0.03; Sep 28, 2026 $0.44. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 28, 2026Sep 30, 2026$0.44
Jun 29, 2026Jun 30, 2026$0.03
Mar 30, 2026Mar 31, 2026$0.07
Dec 23, 2025Dec 24, 2025$0.13
Sep 29, 2025Sep 30, 2025$0.15
Jun 27, 2025Jun 30, 2025$0.06
Mar 28, 2025Mar 31, 2025$0.14
Dec 30, 2024Dec 31, 2024$0.31
Dec 20, 2023Dec 22, 2023$0.12

$10,000 in SMRI 3 years ago paid $583 in dividends.

SMRI Risk

Risk pillarC54 out of 100Rank 34 of 65 in US Active Value
How much the fund’s monthly returns vary, scaled to a year.
16.1%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.32
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−18.4%
37 months · trough Apr 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.90
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SMRI Cost

Compare SMRI and WTV

Overpaying vs WTV, cheapest in US Active Value

$11,262

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SMRI 0.71%

    $13,782

  • WTV 0.12% Cheapest

    $2,520

$10,000
30 years

Cost over time

  • SMRI 0.71%
  • WTV 0.12%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530SMRI $13,782WTV $2,520

Year by year

YearSMRIWTVOverpaying
10$1,267$220$1,047
20$4,824$859$3,965
30$13,782$2,520$11,262

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