Actually from what I remember, can't find the .pdf, the current additive levels allowed for GF-4 oils and SM oils are different. You can have an oil with either, neither, or both specs. It also confusing since some mention the Zn limit, other links mention the P limit. The limits are also weight dependent. The 40 and 50wt oils don't have limits(?). To make it even more confusing, if the diesel spec precedes the gas spec(hint CI4 SM and not SM CI4), the SM gasoline limits are ignored and the HDEO specs override.
The Valvoline VR-1 doesn't mention energy conserving or GF-4 anywhere on their data sheet. This could be the loophole in the SM specs that Valvoline is using. Notice that the 10w30 is NOT SM, but all others weights are SM(but its a nil meaningless spec on thick oils and straight weights).
http://www.valvoline.com/products/VR-1 Racing Motor Oil.pdf
To aid in the loophole confusion:
An 'SM CI4' oil has different limits then a 'CI4 SM' oil.
Energy conserving may or may not be on the label with its own requirements.
The GF4(or whatever) specs may or may not be on the label.
Oil weight for the lower additive levels are typically for the multiweight SAE 20(0w20 5w20) and 30(0w30, 5w30, 10w30) grades. Single grades and the thicker 40, 50, or 60, are exempt(more or less) from the limits.
Read your bottles carefully. It'll either be missing some specs, be a non-applicable weight, or have the spec labelling in a specific order, or have specs that do NOT apply.
My glass of water meets the API SM additive level spec. Try it in your engine