ETF Evaluator:
Bushido Capital US 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
Index
Risk
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ETF Details
Bushido Capital US Equity ETF Overview
Bushido Capital US Equity ETF (SMRI) is an actively managed U.S. Equity Mid-Cap Value exchange-traded fund (ETF). Bushido launched the ETF in 2023.
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.
About Bushido Capital US Equity ETF (SMRI)
There are 1 members of the management team with an average tenure of 2.88 years: John Beatson (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Solactive GBS United States 1000 TR USD index with a weighting of 100% and S&P 500 Value TR USD index with a weighting of 100%. Bushido Capital US Equity ETF has 53 securities in its portfolio. The top 10 holdings constitute 23.5% 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.
Bushido Capital US Equity ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Bushido Capital US Equity ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.9% There is 0.0% 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 Equity ETF has -0.2% of the portfolio in cash.
Assets Under Management
The fund has $644 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.
SMRI 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 Equity ETF expense ratio is above average compared to funds in the Mid-Cap Value category. Bushido Capital US Equity ETF has an expense ratio of 0.71%, 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. Bushido Capital US Equity ETF has a portfolio turnover rate of 125%, 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 Equity ETF returned 8.0%, 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 Equity ETF has a trailing yield of 0.86%, 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 Equity ETF Grades
Year to date, the ETF has returned 23.0%, 7.5 percentage points better than the category, which translates into a grade of A. The fund has returned 38.8% over the past year (grade of A).
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SMRI 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 |
|
| SMRI Return (NAV) | 8.0% | 16.6% | 38.8% | na | na | na |
| SMRI Return (Price) | 8.1% | 16.6% | 39.0% | na | na | na |
| NAV +/- Price Return | -0.071% | -0.046% | -0.202% | na | na | na |
| Mid-Cap Value Avg | 3.5% | 6.1% | 23.5% | 13.9% | 10.2% | 10.8% |
| SMRI Grade (NAV) | A | A | A | na | na | na |
| +/- Category (NAV) | 4.5% | 10.5% | 15.3% | na | na | na |
| SMRI Tax-Cost Ratio | na | na | 0.4% | na | na | na |
SMRI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMRI Return (NAV) | 23.0% | 17.6% | 19.1% | na | na | na | na | na | na | na | na |
| SMRI Return (Price) | 23.0% | 17.4% | 19.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.003% | -0.007% | 0.002% | 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% |
| SMRI Grade (NAV) | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 7.5% | 7.1% | 6.9% | 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: | 0.9% |
| Total Assets: | $ 644 Mil |
| Share Class Assets: | $ 644 Mil |
| Turnover: | 125.0% |
| Expense Ratio: | 0.71% |
| Index Fund: | No |
| Index Tracked: | Solactive GBS United States 1000 TR USD |
| 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: 2.9 years | |||
| Average Tenure: 2.9 years | |||
| Managers (Year): Beatson John (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 53 |
| % in Top 10 Holdings: | 23.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 99.9% |
| Foreign Stock: | 0.0% |
| 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: | 215-882-9983 |
| Website: | www.valueshares.com |
| Inception Date: | September 13, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.71% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.47% |
