ALPS | Smith Total Return Bond Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, ALPS | Smith Total Return Bond Fund held 1,681 positions with $3.52B in net assets. Its ten largest holdings made up 26.9% of the fund. The SMAMX share class costs 0.89% a year. Over the 12 months to May 2026, SMAMX returned 4.9%, with dividends reinvested. In 2026 Q3 it added 67 new positions and exited 97.
The Fund seeks to obtain maximum total return, consistent with preservation of capital.
The fund invests at least 80% of assets in bonds selected through bottom-up analysis of yield, credit quality, liquidity, and capital appreciation potential, targeting a weighted average effective duration within 30% of the Bloomberg U.S. Aggregate Bond Index. High-yield bonds may comprise up to 35% of net assets, though expected to remain below 20% under normal conditions. Because security selection depends on the portfolio manager's assessment of individual opportunities rather than index constituents, fund holdings and returns may diverge from the benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Us Treasury N/b 4.63% · due 2045-11-15 | 3.98% | $139.95M | — |
Us Treasury N/b 4.75% · due 2055-08-15 | 3.27% | $115.10M | — |
Us Treasury N/b 4.13% · due 2029-10-31 | 3.22% | $113.22M | — |
Us Treasury N/b 4.63% · due 2055-11-15 | 3.17% | $111.54M | — |
Us Treasury N/b 4.88% · due 2045-08-15 | 2.78% | $97.73M | — |
Us Treasury N/b 4.25% · due 2030-01-31 | 2.60% | $91.25M | — |
Us Treasury N/b 3.38% · due 2028-02-29 | 2.48% | $87.06M | — |
Us Treasury N/b 4.13% · due 2036-02-15 | 2.24% | $78.87M | — |
Us Treasury N/b 3.63% · due 2027-08-31 | 2.21% | $77.57M | — |
The Boeing Co 7.01% · due 2064-05-01 | 0.92% | $32.42M | — |
The 200 largest of 1,681 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 77.74% |
| Securitized | 19.32% |
| Loans | 0.94% |
| Cash & short-term | 0.82% |
| Stocks | 0.17% |
By sector
- Government
- 36.2%
- Securitized
- 18.8%
- Other
- 14.5%
- Financials
- 12.1%
- 12 other sectors
- 18.5%
- Government
- 36.2%
- Securitized
- 18.8%
- Other
- 14.5%
- Financials
- 12.1%
- Industrials
- 5.2%
- International
- 3.1%
- Information Technology
- 1.9%
- Consumer Discretionary
- 1.8%
- Utilities
- 1.7%
- Energy
- 1.5%
- Health Care
- 0.8%
- Communication Services
- 0.8%
- Materials
- 0.7%
- Real Estate
- 0.6%
- Consumer Staples
- 0.3%
- Cash
- 0.0%
How it has done
SMAMX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.40%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 4 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.89% | +4.93% | +13.57% | +2.62% | -4.83% | |
| 1.59% | +4.32% | +11.38% | -0.74% | -5.03% | |
| 0.59% | +5.19% | +14.38% | +3.86% | -4.77% | |
| 0.89% | +4.98% | +13.47% | +2.45% | -4.84% |
These classes hold the same portfolio, so the 4.60pp spread over 5 years is the cost difference between them — roughly 0.92pp a year — not a difference in what they own.
Fees & fund details
ALPS | Smith Total Return Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.59% – 1.59%· SMAMX 0.89%
- Portfolio turnover
- 131.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
67 new· the largest 2
97 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 83.9% |
| Floating rate | 16.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 12.6% |
| 3-5y | 16.3% |
| 5-10y | 29.1% |
| 10y+ | 41.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 59% |
| Credit spreads | 41% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.94 yr |
| High yield | +0.33 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.37 yr | 6% |
| 5 yr | 1.34 yr | 22% |
| 10 yr | 2.35 yr | 39% |
| 30 yr | 1.97 yr | 33% |
| 3 mo | 0.02 yr | 0% |
| 1 yr | 0.26 yr | 6% |
| 5 yr | 1.66 yr | 39% |
| 10 yr | 1.74 yr | 41% |
| 30 yr | 0.59 yr | 14% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.02 | +0.00 | $5.6k | $881 |
| 1 yr | +0.37 | +0.20 | +0.06 | $70.2k | $20.6k |
| 5 yr | +1.34 | +1.46 | +0.21 | $512.0k | $73.0k |
| 10 yr | +2.35 | +1.71 | +0.04 | $599.7k | $13.6k |
| 30 yr | +1.97 | +0.57 | +0.02 | $199.5k | $8.3k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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