The Ibrox outfit have already one trophy this campaign but the goal of a quadruple of honours this season is now over.
Smith was generous in defeat and had no complaints over the result.
"I think over the tournament we've worked very hard to get here," Smith told ITV 1.
"There wasn't that much in it; we had one or two chances.
"They looked the more offensive team overall in terms of chances, but we're disappointed we lost."
"We've had a terrific tourney, but it doesn't take the pain away this evening. On the night, though, I've got no complaints.
"You don't get this opportunity very often and it's sorely disappointing to lose."