ETF Evaluator:
EA Bridgeway Ultra-Small Company Mkt ETF ()
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Best Performing in Small Value Over the Last Year
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ETF Details
EA Bridgeway Ultra-Small Company Mkt ETF Overview
EA Bridgeway Ultra-Small Company Mkt ETF (BUSM) is an actively managed U.S. Equity Small Value exchange-traded fund (ETF). Empowered Funds, LLC launched the ETF in 1997.
The investment seeks to provide a long-term total return on capital, primarily through capital appreciation.
The fund invests at least 80% of its net assets (plus borrowings for investment purposes) in ultra-small company. The sub-adviser generally seeks to construct a portfolio with similar sector and size composition as the universe of the smallest 10% of U.S.-listed stocks.
About EA Bridgeway Ultra-Small Company Mkt ETF (BUSM)
There are 4 members of the management team with an average tenure of 17.16 years: Elena Khoziaeva (2005), Christine Wang (2010), John Montgomery (1997) and Andrew Berkin (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell Micro Cap TR USD index with a weighting of 100%. EA Bridgeway Ultra-Small Company Mkt ETF has 577 securities in its portfolio. The top 10 holdings constitute 5.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
EA Bridgeway Ultra-Small Company Mkt ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. EA Bridgeway Ultra-Small Company Mkt ETF has 0.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.0% There is 0.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). EA Bridgeway Ultra-Small Company Mkt ETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $112 million in total assets, which is below the $2 billion average for the Small Value category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
BUSM Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The EA Bridgeway Ultra-Small Company Mkt ETF expense ratio is above average compared to funds in the Small Value category. EA Bridgeway Ultra-Small Company Mkt ETF has an expense ratio of 0.73%, which is 51% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. EA Bridgeway Ultra-Small Company Mkt ETF has a portfolio turnover rate of 39%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 66% for the Small Value category.
Recently, in the month of October 2026, EA Bridgeway Ultra-Small Company Mkt ETF returned -3.7%, which earned it a grade of F, as the Small Value category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
EA Bridgeway Ultra-Small Company Mkt ETF has a trailing yield of 1.38%, which is below the 1.75% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
EA Bridgeway Ultra-Small Company Mkt ETF Grades
Year to date, the ETF has returned 8.2%, 10.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 14.2% over the past year (grade of F), 23.1% over the past three years (grade of A) and 3.5% per year over the past five years (grade of F) and 9.3% per year over the past 10 years (grade of F).
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BUSM Trailing NAV Total Returns Data as of 10/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| BUSM Return (NAV) | -3.7% | -4.9% | 14.2% | 23.1% | 3.5% | 9.3% |
| BUSM Return (Price) | -3.8% | -4.8% | 14.1% | 23.1% | 3.5% | 9.3% |
| NAV +/- Price Return | 0.176% | -0.052% | 0.069% | 0.025% | 0.012% | 0.007% |
| Small Value Avg | 4.6% | -0.7% | 23.2% | 18.0% | 7.7% | 10.3% |
| BUSM Grade (NAV) | F | F | F | A | F | F |
| +/- Category (NAV) | -8.3% | -4.2% | -9.0% | 5.1% | -4.2% | -1.0% |
| BUSM Tax-Cost Ratio | na | na | 2.1% | 0.9% | 1.7% | 1.8% |
BUSM Annual NAV Total ReturnsData as of 10/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| BUSM Return (NAV) | 8.2% | 20.1% | 14.9% | 11.4% | -23.4% | 22.3% | 25.5% | 15.3% | -17.1% | 12.5% | 21.5% |
| BUSM Return (Price) | 8.1% | 20.1% | 14.9% | 11.4% | -23.4% | 22.3% | 25.5% | 15.3% | -17.1% | 12.5% | 21.5% |
| NAV +/- Price Ret | -0.008% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.000% | 0.0% | 0.0% | 0.0% | 0.0% |
| Small Value Avg | 18.7% | 7.0% | 7.7% | 17.0% | -10.6% | 33.3% | 4.1% | 21.1% | -12.3% | 9.7% | 29.4% |
| BUSM Grade (NAV) | F | A | A | F | F | F | A | F | F | A | F |
| +/- Category | -10.6% | 13.1% | 7.2% | -5.6% | -12.8% | -11.0% | 21.4% | -5.8% | -4.9% | 2.8% | -8.0% |
| Risk Measures | |
| Beta: | 1.42 |
| R-Squared: | 61% |
| Standard Deviation: | 23.0% |
| Category Risk Index: | 1.28 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.90 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 1.4% |
| Total Assets: | $ 112 Mil |
| Share Class Assets: | $ 112 Mil |
| Turnover: | 39.0% |
| Expense Ratio: | 0.73% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 29.3 years | |||
| Average Tenure: 17.2 years | |||
| Managers (Year): Montgomery John (1997), Khoziaeva Elena (2005), Wang Christine (2010), Berkin Andrew (2024) | |||
Portfolio Composition (as of 10/30/26)
| # of Holdings: | 577 |
| % in Top 10 Holdings: | 5.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.8% |
Portfolio Allocation |
|
| Domestic Stock: | 99.0% |
| Foreign Stock: | 0.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Empowered Funds, LLC |
| Phone Number: | 800-661-3550 |
| Website: | www.valueshares.com |
| Inception Date: | July 31, 1997 |
Expenses and Fees
| Expense Ratio (%): | 0.73% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.48% |
