SEIV vs SMRI

SEIVASEI QiM U.S. Large Cap Value Active ETF

SMRICBushido Capital US Equity ETF

In short

SEIV Active quant value stock-picking at an index-fund price. SEIV screens U.S. large caps for cheap valuations plus quality, momentum and low volatility, then runs a concentrated book of roughly 80 names for 0.15% a year.

SMRI Boutique 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

SEIV The Fund seeks long-term capital appreciation through primarily U.S. common stocks priced below fundamental valuation measures, using a quantitative, active stock-selection approach.

SMRI The Fund seeks long-term capital appreciation.

Why people hold it

• SEIV 0.15% a year for genuine active selection, against a 0.55% median in its U.S. value peer group. It matches the cheapest large-value quant funds rather than charging active prices.
• Value is not the only screen. The model also weighs quality, momentum and low volatility, which is how a cheap-stock strategy tries to avoid the cheap-for-a-reason trap.
• Other funds measured against the S&P 500 in this cohort charge far more (LSVD 0.40%, GSPY 0.50%, VNSE 1.34%). SEIV runs its version at 0.15%.
• Sits among the strongest implementations in a crowded U.S. value field, and trades with enough regular activity to be workable for ordinary retail order sizes.

• SMRI 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

• SEIV About 80 stocks measured against a 500-name benchmark. That concentration means stretches where it looks nothing like the S&P 500, in either direction.
• Launched in 2022, so the live record is short, and the asset base is mid-sized rather than among the giants of the value aisle.
• You get the factor recipe, not the trade-by-trade logic: selection sits inside a quantitative model. Distributions land quarterly, not monthly.

• SMRI 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

Full SEIV profile⁠

Full SMRI profile⁠