RNIN

Bushido Capital US SMID Cap Equity ETF

The Bushido Capital US SMID Cap Equity ETF utilizes a systematic, fundamental value approach to individual stock selection that incorporates both quantitative and qualitative analysis.

The Fund seeks to identify and invest in companies with the following characteristics:

  • High free cash flow generation relative to the capital employed in the business.
  • Strong returns on capital over full economic cycles.
  • Management teams with track records of shareholder-friendly capital allocation decisions.
  • Current market prices trading for less than the portfolio manager’s estimate of the companies’ intrinsic value per share.

Methodology

The portfolio manager screens U.S.-listed small- and mid-capitalization companies, generally defined as companies with a market capitalization between $1 billion and $50 billion, to exclude financial companies and unprofitable firms to identify the starting investment universe. The investment universe is further screened based on profitability, valuation, and capital allocation metrics to winnow the number of potential holdings down to approximately 200.

The portfolio manager analyzes the remaining companies further by evaluating their financial statements, earnings call transcripts, and investor event presentations, and other company filings. In addition, a discounted cash flow valuation is performed to quantify the portfolio manager’s estimate of each company’s intrinsic value. The discount/premium to this intrinsic value offered by the prevailing market price, coupled with the referenced quantitative screening process, is combined with the qualitative analysis of company financial documents to determine the 80-125 holdings that are selected for inclusion in the Fund.

Fund Objective

The Bushido Capital US SMID Cap Equity ETF seeks to provide long-term capital appreciation.

Fund details

Fund Documents

Regulatory Documents

nav and market price

month-end performance

quarter-end performance

The performance data quoted represents past performance and there is no guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns.

Market Price Return is calculated using the price at which investors buy and sell ETF shares in the market. The market returns in the table are based on the midpoint of the bid/ask spread at 4 p.m. ET and do not represent the returns you would have received if you traded shares at other times.

NAV is the sum of all assets less any liabilities, divided by the number of shares outstanding.

historical premium/discount

The Premium/Discount shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The table shows the premium or discount of the midpoint price as a percentage of the NAV as well as the number of trading days the Fund traded within the given premium/discount range. The amount that the fund’s Market Price is above the reported NAV is called the premium. The amount that the fund’s Market Price is below the reported NAV is called the discount.

fund distributions

fund holdings

Fund holdings and allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.