Bushido Capital US Equity ETF (SMRI)

On our desk, we've been closely evaluating SMRI's sector allocations. The heavy tilt toward Technology at 32.02%, combined with Healthcare at 25.53% and Energy at 21.74%, gives this active ETF a very distinct profile compared to traditional passive mid-cap value benchmarks. Market sentiment on the fund's fundamental value approach has been generally favorable, especially considering its 1-year trailing return approaching 39%. However, investors need to keep a close eye on the bid/ask spread and relatively modest daily volume given its nearly $695 million asset base.

From a risk management standpoint, watching SMRI trade through Q1 and Q2 of 2026 reveals a notable preference for trading at a premium over a discount, with 56 days at a premium versus just 4 at a discount in Q2 alone. The fund's P/E ratio hovering around 19.42 to 20.18 alongside a 0.71% expense ratio positions it as a mid-tier active vehicle. While the top 10 holdings—featuring names like Workday, Veeva Systems, and Marathon Petroleum—comprise about 24.3% of assets, position sizing and liquidity risk remain primary items for our watchlist.

When reviewing the systematic fundamental framework of the Bushido Capital US Equity ETF for quantitative assessment, candidates should focus on how the fund screens for shareholder-friendly capital allocation and intrinsic value gaps. The strategy relies on maintaining an equally weighted portfolio of roughly 30 to 50 U.S. stocks. When evaluating portfolio additions during interview or diligence simulations, look closely at their filters for tracking management historical performance and free cash flow generation within their core sectors.