SMRI

Bushido Capital US Equity ETF

SMRI actively manages an equally weighted portfolio of 30 to 50 US stocks believed to be undervalued but financially attractive. The funds stock selection involves a fundamental value approach.


US

EQUITY

Active

MANAGEMENT STYLE

71 bp

EXPENSES

$349.7 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorAlpha Architect
CategoryUS
Asset classEquity
Websitelink...
Inception dateSep 14, 2023
Assets (mns)$350
Expense ratio71 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-Ended Fund
DistributionsAnnually
Taxation1099
Stock selectionProprietary
WeightingProprietary
Holdings TransparencyFull
Derivatives-basedNo
Options availableNo
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings Complete list  + 
BUILDERS FIRSTSOURCE INC 2.2 %
DR HORTON INC 2.2 %
CHARTER COMMUNICATIONS, INC. CLASS A 2.1 %
LENNAR CORP-CL A 2.1 %
WILLIAMS-SONOMA INC 2.1 %
ULTA BEAUTY INC 2.1 %
PULTE HOMES INC 2.1 %
RELIANCE STEEL & ALUMINUM 2.1 %
NVR INC 2.1 %
LKQ CORP 2.1 %
Constituent Breakdown
Number of holdings50
Herfindahl-Hirschman Index 199
Wgt avg mkt cap (mns)$71,362
Large cap (>$10bn)100.0%
Mid cap ($2-10bn)0.0%
Small cap (<$2bn)0.0%
Developed mkts.100.0%
Emerging mkts.0.0%
Country Exposure
UNITED STATES 99.7 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns -0.8% -- -- -- -- -- 7.9%
Volatility 10.9% -- -- -- -- -- --
Market Correlations
versus...BetaR-squared
S&P 5000.000%
MSCI EAFE0.000%
MSCI Emg Mkts0.000%
Liquidity Measures
Avg. volume (000)5
Turnover0.0%
Avg. Bid/Ask (% of price)0.20%
ADV of underlying (mns)$35,000
Technical Indicators
Recent close$29.27
30d moving avg.$28.00
Annualized volatility0.0%
Relative strength (RSI)50
Short interest (ETF)0.0%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: SMRI vs. Comps (1 YR)

Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.

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Results & Estimates
  2019 2020 2021 2022 2023 2024E 2025E  
Sales per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Earnings per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Dividends per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Book value per share -- -- -- -- -- -- --
  change (%) -- -- -- -- -- -- --
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2023 2024E Fwd Est 2025E
Price-to-sales --x --x --x --x
Price-to-earnings --x --x --x --x
Price-to-cash flow --x --x --x --x
Price-to-growth --x --x --x --x
Price-to-book value --x --x --x --x
Yield --% --% --x --%
1.0 11.5 2.2 1.6% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
SMRI



Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.

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ETF Research Center Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

SMRI

9.4%

Cat. Avg

5.7%

Fund Category: US

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™9.4%
Recommendation

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

Category Overview
There are 899 funds in the US category, with an average ALTAR Score™ of 5.7% and a standard deviation of 2.5%. SMRI's ALTAR Score™ is approximately 1.5 standard deviations above the category average. This places SMRI in the 93rd percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
SMRI
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Active
US Equity ETFs
# of ETFs 308
Avg. Expense Ratio 67.1 bp
Std. Deviation 37 bp
SMRI (71 bp) Percentile rank 54
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
SMRI 71.0 20.0 91
Peer Avg. 36.9 15.0 51.8
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .