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
$ 31.8 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Inception date | Nov 29, 2023 |
| Regulation | |
| Fund Website | link... |
| Distributions | |
| Currency | USD |
| Holdings Transparency | |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| STERLING CONSTRUCTION CO | 5.4 % |
| SANMINA CORP | 4.7 % |
| MYR GROUP INC/DELAWARE | 4.5 % |
| MICRON TECHNOLOGY INC | 4.3 % |
| CIENA CORP | 4.1 % |
| MICROCHIP TECHNOLOGY INC | 3.8 % |
| MASTEC INC | 3.6 % |
| TFI INTERNATIONAL INC. | 3.5 % |
| ANALOG DEVICES INC | 3.4 % |
| CELESTICA INC | 3.4 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 332 |
| Wgt avg mkt cap (mns) | $249,826 |
| Large cap (>$10bn) | 49.2% |
| Mid cap ($2-10bn) | 42.9% |
| Small cap (<$2bn) | 7.7% |
| Developed mkts. | 94.1% |
| Emerging mkts. | 2.8% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 83.8 % |
 |
CANADA | 10.3 % |
 |
MEXICO | 2.8 % |
Historical Performance
Standardized Performance (as of 04/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 29.1% | 48.6% | 21.9% | -- | -- | -- | -- | 17.2% |
| Dividend Yield | 0.0% | 0.6% | 0.8% | -- | -- | -- | -- | 0.7% |
| Total Returns | 29.1% | 49.2% | 22.7% | -- | -- | -- | -- | 17.9% | Ann. Volatility | 30.1% | 23.3% | 21.8% | -- | -- | -- | -- | 21.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.41 | 57% |
| MSCI EAFE | 1.06 | 44% |
| MSCI Emg Mkts | 0.88 | 49% |
Liquidity Measures
| Avg. volume (000) | 2 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.63% |
Technical Indicators
| 30d moving avg. (EMA) | $29.79 |
| Relative strength (RSI) | 62 |
| MACD/Signal | 0.85/1.05 |
| Bollinger Bands (Upper/Lower) | $32.77/$28.62 |
| Short interest (% of AUM) | 0.0% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NRSH |
Expenses vs. NRSH |
ALTAR Score™ vs. NRSH |
|---|---|---|---|---|
| SGRT | SMART Earnings Growth 30 ETF | 20.4% | -16 bp | -0.1% |
| AIRR | First Trust RBA American Industrial Renaissance ETF | 18.2% | -5 bp | +1.2% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 17.9% | -40 bp | -0.5% |
| TCAI | Tortoise AI Infrastructure ETF | 17.3% | -10 bp | -0.8% |
| SOXX | iShares Semiconductor ETF | 17.1% | -40 bp | -0.5% |
| MTUM | iShares MSCI USA Momentum Factor ETF | 17.0% | -60 bp | +0.3% |
| PSI | Invesco Semiconductors ETF | 16.8% | -18 bp | -1.0% |
| SOXQ | Invesco PHLX Semiconductor ETF | 16.8% | -56 bp | -0.5% |
| FTXL | First Trust Nasdaq Semiconductor ETF | 15.8% | -15 bp | -0.7% |
| SMH | VanEck Semiconductor ETF | 15.4% | -40 bp | -0.3% |
Risk and Returns: NRSH 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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| 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 | 2025 | 2026 | 2027 | |
| 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 5/28/2026
Peer Group Comparison
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Historical Valuation Trends Sample data. Subscribe for access.
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
2.6%
ALTAR SCORE™
25th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 713 funds in the Global Equity category with an average
ALTAR Score™ of 4.3% and a standard deviation
of 2.5%. NRSH's ALTAR Score™ is approximately -0.7 standard
deviations above the category average. This places NRSH in the 25th percentile
among funds in the category.
Sell-Side Consensus
$29.64
PRICE TARGET
-9.1%
UPSIDE
Bid/Ask Spreads
63 bp
AVG SPREAD
28 —
108 bp
RANGE