Bushido Capital US Equity ETF

SMRI

시가총액 US$7.03억

I initiate coverage of the Bushido Capital US Equity ETF with a Hold rating. SMRI's portfolio boasts a robust GARP and quality factor mix, with a weighted average PEG ratio of 0.75 and a 5.4% earnings yield, as per my calculations. Despite a YTD return of over 34%, the fund lacks performance consistency: before 2026, its returns were drab, with two consecutive calendar years of underperformance versus the IVV.

The Bushido Capital US Equity ETF is currently too expensive and not well-positioned for a potential economic downturn, especially given its low allocation to resilient sectors like consumer staples and utilities. SMRI is heavily weighted towards healthcare and consumer cyclical sectors, which may benefit from falling interest rates, but it's too early to rotate into value stocks. The Fed's interest rate cuts are uncertain and may not lead to rapid declines, making it premature to invest in this ETF for short-term gains.

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