Bushido ETF

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Bushido Capital US SMID Cap Equity ETF

The Bushido Capital US SMID Cap Equity Fund 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 sub-advisor screens U.S. listed small- and mid-capitalization companies, generally defined as companies with a market capitalization of 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 sub-advisor analyzes the remaining companies further by evaluating their financial statements, event transcripts, investor presentations, and other company filings. In addition, a discounted cash flow valuation is performed to quantify the sub-advisor’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 100 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

Statutory Prospectus
Summary Prospectus
sAI

Regulatory documents

Part F Q1

nav and market price

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

historical performance

month-end performance

quarter-end performance

Performance quoted represents past performance and does not guarantee future results. Investment return and principal value will fluctuate so shares may be worth more or less when redeemed or sold. Current performance may be lower or higher than that quoted.

Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. YTD is year-to-date and ITD is inception-to-date.

historical premium/discount

fund distributions

fund holdings

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