ETF Evaluator:
Bushido Capital US SMID Cap Equity ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Mid-Cap Value Over the Last Year
| 45.0% | VictoryShares Free Cash Flow ETF (VFLO) |
| 39.1% | Bushido Capital US SMID Cap Equity ETF (RNIN) |
| 38.8% | Bushido Capital US Equity ETF (SMRI) |
| 37.8% | ProShares Equities for Rising Rates ETF (EQRR) |
| 37.4% | Vanguard US Multifactor ETF (VFMF) |
Risk
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Risk
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ETF Details
Bushido Capital US SMID Cap Equity ETF Overview
Bushido Capital US SMID Cap Equity ETF (RNIN) is an actively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Bushido launched the ETF in 2025.
The investment seeks to provide long-term capital appreciation.
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of any borrowings for investment purposes) in U.S. listed common stock of small- and mid-capitalization (“SMID Cap”) companies. The fund is non-diversified.
About Bushido Capital US SMID Cap Equity ETF (RNIN)
There are 1 members of the management team with an average tenure of 1.21 years: John Beatson (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Bushido Capital US SMID Cap Equity ETF has 83 securities in its portfolio. The top 10 holdings constitute 15.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Bushido Capital US SMID Cap Equity ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Bushido Capital US SMID Cap Equity ETF has 1.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.4% There is 1.4% 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). Bushido Capital US SMID Cap Equity ETF has -0.2% of the portfolio in cash.
Assets Under Management
The fund has $182 million in total assets, which is below the $2 billion average for the Mid-Cap 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.
RNIN 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 Bushido Capital US SMID Cap Equity ETF expense ratio is above average compared to funds in the Mid-Cap Value category. Bushido Capital US SMID Cap Equity ETF has an expense ratio of 0.68%, which is 45% 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. Bushido Capital US SMID Cap Equity ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 72% for the Mid-Cap Value category.
Recently, in the month of July 2026, Bushido Capital US SMID Cap Equity ETF returned 11.4%, which earned it a grade of A, as the Mid-Cap Value category had an average return of 3.5%. 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.
Bushido Capital US SMID Cap Equity ETF has a trailing yield of 0.80%, which is below the 2.05% category average.
The fund normally distributes its income quarterly 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.
Bushido Capital US SMID Cap Equity ETF Grades
Year to date, the ETF has returned 30.1%, 14.7 percentage points better than the category, which translates into a grade of A. The fund has returned 39.1% over the past year (grade of A).
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RNIN Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| RNIN Return (NAV) | 11.4% | 14.6% | 39.1% | na | na | na |
| RNIN Return (Price) | 11.3% | 14.6% | 39.1% | na | na | na |
| NAV +/- Price Return | 0.064% | 0.056% | -0.059% | na | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| RNIN Grade (NAV) | A | A | A | na | na | na |
| +/- Category (NAV) | 7.9% | 8.5% | 15.6% | na | na | na |
| RNIN Tax-Cost Ratio | na | na | 0.4% | na | na | na |
RNIN Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RNIN Return (NAV) | 30.1% | na | na | na | na | na | na | na | na | na | na |
| RNIN Return (Price) | 30.0% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.003% | na | na | na | na | na | na | na | na | na | na |
| Mid-Cap Value Avg | 15.4% | 10.4% | 12.2% | 12.9% | -5.7% | 31.6% | 0.6% | 25.6% | -10.0% | 15.5% | 20.3% |
| RNIN Grade (NAV) | A | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 14.7% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 0.8% |
| Total Assets: | $ 182 Mil |
| Share Class Assets: | $ 182 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 0.68% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 1.2 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Beatson John (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 83 |
| % in Top 10 Holdings: | 15.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 1.4% |
Portfolio Allocation |
|
| Domestic Stock: | 98.4% |
| Foreign Stock: | 1.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.4% |
| Cash: | -0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Bushido |
| Phone Number: | 215-330-4476 |
| Website: | www.valueshares.com |
| Inception Date: | May 14, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.68% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.47% |
