NRSH
Aztlan North America Nearshoring Stock Selection ETF
NRSH tracks a liquidity-weighted index of North American companies that practice transferring business operations to nearby countries. The fund uses a multi-factor model in selecting industrial real estate and logistics companies.
Global
EQUITY
Rules-based
MANAGEMENT STYLE
10.6 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Tidal |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 29, 2023 |
| Assets (mns) | $11 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | |
| Distributions | |
| Taxation | 1099 |
| Stock selection | |
| Weighting | |
| Holdings Transparency | |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| KIRBY CORP | 6.9 % |
| CORP INMOBILIARIA VESTA SAB | 6.3 % |
| CARGOJET INC. | 5.7 % |
| EXPEDITORS INTL WASH INC | 5.2 % |
| PROLOGIS PROPERTY MEXICO SA | 5.2 % |
| GRANITE REAL ESTATE INVESTMENT TRUST STA | 5.2 % |
| MATSON INC | 5.0 % |
| SBA COMMUNICATIONS CORP. CLASS A | 4.9 % |
| UNION PACIFIC CORP | 4.8 % |
| TFI INTERNATIONAL INC. | 4.7 % |
Constituent Breakdown
| Number of holdings | 28 |
| Herfindahl-Hirschman Index | 449 |
| Wgt avg mkt cap (mns) | $0 |
| Large cap (>$10bn) | 35.5% |
| Mid cap ($2-10bn) | 40.3% |
| Small cap (<$2bn) | 22.5% |
| Developed mkts. | 77.7% |
| Emerging mkts. | 15.2% |
Country Exposure
 |
UNITED STATES | 56.0 % |
 |
CANADA | 20.9 % |
 |
MEXICO | 15.5 % |
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.3% | 0.0% | -- | -- | -- | -- | -- | -1.0% |
| Dividend Yield | 0.0% | 0.9% | -- | -- | -- | -- | -- | 0.7% |
| Total Returns | -2.3% | 0.9% | -- | -- | -- | -- | -- | -0.3% | Ann. Volatility | 24.8% | 20.2% | -- | -- | -- | -- | -- | 19.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.22 | 57% |
| MSCI EAFE | 0.96 | 37% |
| MSCI Emg Mkts | 0.90 | 15% |
Liquidity Measures
| Avg. volume (000) | 1 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 1.00% |
Technical Indicators
| Recent close | $21.28 |
| 30d moving avg. | $19.64 |
| Annualized volatility | 19.5% |
| Relative strength (RSI) | 52 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| XTN | SPDR S&P Transportation ETF | 19.8% | -40 bp | +5.8% |
| IYT | iShares US Transportation ETF | 15.1% | -35 bp | +5.2% |
| SHPP | Pacer Industrials and Logistics ETF | 14.8% | -15 bp | +8.5% |
| SRVR | Pacer Data & Infrastructure Real Estate ETF | 13.4% | -20 bp | +3.9% |
| RSPR | Invesco S&P 500 Equal Weight Real Estate ETF | 10.7% | -35 bp | +7.7% |
| ICF | iShares Cohen & Steers REIT ETF | 10.7% | -42 bp | +7.8% |
| DTRE | First Trust Alerian Disruptive Technology Real Estate ETF | 10.4% | -15 bp | +6.0% |
| FTXR | First Trust Nasdaq Transportation ETF | 10.3% | -15 bp | +9.6% |
| IRET | iREIT - MarketVector Quality REIT Index ETF | 10.2% | -15 bp | +7.7% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 5/13/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
8.4%
Cat. Avg
4.6%
ALTAR Score™ Calculation
Category Overview
There are 366 funds in the Global Equity category, with an average ALTAR Score™
of 4.6% and a standard deviation of
3.5%. 's ALTAR Score™ is approximately
1.1 standard deviations
above
the category average. This places in the 86th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
NRSHSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| (75 bp) Percentile rank | 87 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 75.0 | 0.0 | 75 | |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .