At a glance
SMRI charges 0.71% a year. It has $644.3M in assets; it paid 1.44% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +34.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +27.4% a year. Its ten largest positions make up 23.4% of the fund, out of 50 in all.
The short version
Bushido Capital US Equity ETF (SMRI) is an actively managed fund holding 30 to 50 US mid- and large-company stocks. Sub-adviser Sepio Capital picks them with a value approach built on free cash flow and gives each one an equal weight. It leaves out banks and other financial companies and unprofitable firms. As of July 31, 2026, that left it heavy in energy, technology and health care. Its 0.71% expense ratio is higher than many index funds charge.
Price history
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SMRI +34.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMRI official prospectus, to Dec 31, 2024 | — | +19.14% | — | — | — | +19.82% |
| SMRI price data to Oct 27, 2026 | +30.8% | +34.9% | +27.4% | — | — | +23.4% |
- Over the year to Oct 27, 2026, SMRI returned +34.9%.
- Its worst full calendar year was 2025 (+17.4%); its best was 2024 (+19.2%).
- The deepest fall in its price history was 18.4% (Dec 6, 2024 to Apr 8, 2025), recovered by Jul 1, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +30.8% | — |
| 2025 | +17.4% | — |
| 2024 | +19.2% | +19.14% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5400 | |
| 2025 | $0.4800 | +54.8% |
| 2024 | $0.3100 |
What's inside
As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 23.45% of assets.
| Holding | Weight | |
|---|---|---|
| Tenet Healthcare Corp | 2.57% | |
| Workday Inc | 2.52% | |
| Accenture PLC | 2.38% | |
| Veeva Systems Inc | 2.33% | |
| Valero Energy Corp | 2.33% | |
| Marathon Petroleum Corp | 2.32% | |
| Adobe Inc | 2.31% | |
| Phillips 66 | 2.25% | |
| Intuit Inc | 2.23% | |
| Expedia Group Inc | 2.21% | |
| Automatic Data Processing Inc | 2.21% | |
| Salesforce Inc | 2.18% | |
| Roper Technologies Inc | 2.17% | |
| Paychex Inc | 2.17% | |
| Regeneron Pharmaceuticals Inc | 2.16% |
By country
United States 93.56%Ireland 4.4%United Kingdom 1.94%By asset type
Stocks 99.9%By sector
Sectors of the companies held, for the 69.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $14.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.07%, -1.95%, +8.02%.
How it works
SMRI does not track an index. Its sub-adviser, Sepio Capital L.P., starts with companies in the Russell 1000 Index (the 1,000 largest US companies by market value) and the S&P 500 Index. It removes financial companies and unprofitable firms. Then it narrows the list to about 100 names using three measures taken over a full economic cycle, typically three to five years. The first is free cash flow (cash left after running and investing in the business) compared with enterprise value (market value plus debt, minus cash). The other two are return on invested capital and management's record of spending capital well.
Next, the team reads financial statements, call transcripts and investor presentations. It also builds a discounted cash flow model to estimate what each company is worth. A stock priced well below that estimate looks more attractive. The fund generally holds 30 to 50 stocks in equal amounts. As of July 31, 2026, it held 50, led by Tenet Healthcare, Workday and Accenture at about 2.4% to 2.6% each.
Up to 10% may go into "special situations," such as financial stocks trading below book value. Up to 20% may go into other ETFs, though it held none as of July 31, 2026, and no derivatives. The prospectus sets no fixed rebalancing schedule. It reports 125% turnover, meaning a year's trading added up to more than the whole portfolio. That can raise trading costs.
What it really costs
- SMRI charges 0.71% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $73 in the first year and $883 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMRI | $73 | $227 | $395 | $883 |
In a retirement portfolio
A concentrated, actively managed value portfolio with only about three years of history fits better beside a broad core fund than in place of one.
SMRI could add a value-focused slice built on cash flow to a portfolio anchored by broad index funds. Its record is short. It launched September 14, 2023, so it has no history through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop was 18.4%, from December 6, 2024 to April 8, 2025, and it recovered by July 1, 2025. Both full calendar years were gains: about 19% in 2024 and 17% in 2025. A retiree who sold during the spring 2025 slump would have locked in losses, and a severe bear market has not yet tested the fund.
The yield was 1.44% as of October 27, 2026, paid quarterly, so income is modest. In the SEC's $10,000 example, costs reach $883 over 10 years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a value-style US stock fund that picks companies on free cash flow and skips financials and unprofitable businesses.
- People who prefer equal weighting so no stock dominates; the largest position, Tenet Healthcare, was 2.57% as of July 31, 2026.
- Investors seeking a satellite holding that moved less than the market; its one-year beta (sensitivity to market swings) was 0.59 as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: the 0.71% expense ratio totals $883 over 10 years on $10,000 in the SEC's standard example.
- Those wanting a long record; launched in September 2023, it has not been through a full bear market like 2008 or 2022.
- Investors wanting sector balance or steady income: it leans on energy refiners like Valero and Marathon Petroleum, and yielded just 1.44%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is SMRI good for retirement?
It may suit retirees as a smaller satellite holding rather than a core one. SMRI holds only 30 to 50 stocks picked by an active manager, and it launched in September 2023. That means it has no record through a major bear market. Its deepest drop was 18.4%, from December 2024 to April 2025, and it recovered by July 1, 2025. Its yield was 1.44% as of October 27, 2026, so it is not built mainly for income.
What does SMRI invest in?
SMRI invests in US mid- and large-company stocks, equally weighted, chosen with a value approach based on free cash flow. As of July 31, 2026, it held 50 stocks. The largest were Tenet Healthcare, Workday, Accenture, Veeva Systems, Valero Energy, Marathon Petroleum, Adobe, Phillips 66, Intuit and Expedia. Together, the top 10 made up 23.45% of assets. It excludes banks and other financial companies, except for limited "special situations."
Does SMRI pay dividends?
Yes, SMRI pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $0.67 per share, a yield of 1.44%. The fund aims for long-term capital growth, not income, so dividends are a by-product of the stocks it owns. Investors who rely on regular cash from their portfolio may find the payout modest.
What is SMRI's expense ratio?
SMRI's expense ratio is 0.71%, made up entirely of its management fee, according to the prospectus filed November 20, 2025. In the SEC's standard example ($10,000 invested, 5% yearly return), costs total about $73 after one year, $227 after three years, $395 after five years and $883 after 10 years. Its 125% portfolio turnover can also add trading costs that the expense ratio does not include.
How has SMRI performed since launch?
SMRI has posted gains every full calendar year since launch. The prospectus reports a 19.14% return for 2024 and a 19.82% average annual return from inception through December 31, 2024. Based on market price, it returned 17.43% in 2025, and as of October 27, 2026, it returned 34.9% over one year and 27.4% a year over three years. Its record covers only about three years, and past returns don't predict future results.