Fund Evaluator:
ALPS/Smith Credit Opportunities Inv (SMCVX)
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Best Performing in Multisector Bond Over the Last Year
| 7.1% | Morningstar Multisector Bond (MSTMX) |
| 6.0% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 5.4% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 5.4% | Russell Inv Opportunistic Credit M (RGOTX) |
| 5.2% | Payden Managed Income SI (PKBIX) |
Fund Details
ALPS/Smith Credit Opportunities Inv Overview
ALPS/Smith Credit Opportunities Inv (SMCVX) is an actively managed Taxable Bond Multisector Bond fund. ALPS launched the fund in 2020.
The investment seeks to obtain maximum risk-adjusted return with a secondary focus on high current income. Under normal circumstances, the fund invests at least 80% of the aggregate of its net assets and borrowings for investment purposes in credit and credit related instruments. It invests, under normal circumstances, in a portfolio of U.S. debt securities of varying maturities and durations and across multiple sectors that the portfolio managers believe have capital appreciation potential. Under normal circumstances, the fund may invest up to 65% of its net assets in below investment grade securities.
About ALPS/Smith Credit Opportunities Inv (SMCVX)
There are 3 members of the management team with an average tenure of 5.19 years: Eric Bernum (2021), Garrett Olson (2021), Gibson Smith (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg US Corporate High Yield TR USD index with a weighting of 100%. ALPS/Smith Credit Opportunities Inv has 267 securities in its portfolio. The top 10 holdings constitute 16.8% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
ALPS/Smith Credit Opportunities Inv is part of the Fixed Income global asset class and is within the Taxable Bond fund group. ALPS/Smith Credit Opportunities Inv has 5.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 4.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.3% (86.5% domestic bond, 5.8% foreign bond and 0.0% convertible bond). ALPS/Smith Credit Opportunities Inv has 3.0% of the portfolio in cash.
Assets Under Management
The fund has $243 million in total assets, which is below the $1 billion average for the Multisector Bond 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.
SMCVX 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 ALPS/Smith Credit Opportunities Inv expense ratio is high compared to funds in the Multisector Bond category. ALPS/Smith Credit Opportunities Inv has an expense ratio of 1.20%, which is 28% higher than its category average, making the fund expense ratio grade a D. 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. ALPS/Smith Credit Opportunities Inv has a portfolio turnover rate of 140%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of July 2026, ALPS/Smith Credit Opportunities Inv returned -0.6%, which earned it a grade of C, as the Multisector Bond category had an average return of -0.7%. 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 funds in that category.
ALPS/Smith Credit Opportunities Inv has a trailing yield of 5.29%, which is below the 5.31% category average. The fund normally distributes its income monthly.
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.
ALPS/Smith Credit Opportunities Inv Grades
Year to date, the fund has returned 1.2%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 4.1% over the past year (grade of C), 6.0% over the past three years (grade of D) and 1.8% per year over the past five years (grade of D).
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SMCVX 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 |
|
| SMCVX Return (NAV) | -0.6% | 0.2% | 4.1% | 6.0% | 1.8% | na |
| SMCVX Grade | C | B | C | D | D | na |
| +/- Category | 0.1% | 0.2% | -0.2% | -0.3% | -0.6% | na |
| Multisector Bond Avg | -0.7% | 0.0% | 4.3% | 6.3% | 2.4% | 3.5% |
| SMCVX Tax Cost Ratio | na | na | 2.1% | 2.2% | 2.0% | na |
SMCVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMCVX Return (NAV) | 1.2% | 6.0% | 5.8% | 8.3% | -11.4% | 3.0% | na | na | na | na | na |
| SMCVX Grade | B | F | C | C | C | B | na | na | na | na | na |
| +/- Category | 0.3% | -2.1% | 0.1% | -0.2% | -1.3% | 0.8% | na | na | na | na | na |
| Multisector Bond Avg | 0.9% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.3% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 1.02 - Average |
| Category Risk Grade: | C (44% Rank) |
| Beta: | 0.75 |
| R-Squared: | 85% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.3% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $50 Mil |
| Fund Total Assets: | $ 0 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 140% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.2 years | |||
| Managers (Year): Smith Gibson (2020), Bernum Eric (2021), Olson Garrett (2021) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 267 |
| % in Top 10 Holdings: | 16.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 5.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 4.7% |
| Domestic Bond: | 86.5% |
| Foreign Bond: | 5.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.0% |
Purchase Information
| Fund Family: | ALPS |
| Phone Number: | 866-759-5679 |
| Website: |
| Status: | Open |
| Inception Date: | September 15, 2020 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.20% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.94% |
| Share Class: | ALPS/Smith Credit Opportunities I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
