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
10.4 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) | $10 |
| 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 +
| APPLIED BLOCKCHAIN INC | 3.8 % |
| CLEAR SECURE, INC. CLASS A | 3.6 % |
| ADTRAN INC | 3.4 % |
| TUTOR PERINI CORP | 3.4 % |
| CALIX INC | 3.4 % |
| MYR GROUP INC/DELAWARE | 3.4 % |
| SPX TECHNOLOGIES | 3.4 % |
| PRIMORIS SERVICES CORP | 3.4 % |
| CROWN CASTLE INTL CORP | 3.4 % |
| STERLING CONSTRUCTION CO | 3.4 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 430 |
| Wgt avg mkt cap (mns) | $13,675 |
| Large cap (>$10bn) | 26.2% |
| Mid cap ($2-10bn) | 59.0% |
| Small cap (<$2bn) | 12.2% |
| Developed mkts. | 88.5% |
| Emerging mkts. | 7.5% |
Country Exposure
 |
UNITED STATES | 99.9 % |
Historical Performance
Standardized Performance (as of 07/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 2.9% | -4.5% | -- | -- | -- | -- | -- | 2.2% |
| Dividend Yield | 0.0% | 0.9% | -- | -- | -- | -- | -- | 0.7% |
| Total Returns | 2.9% | -3.6% | -- | -- | -- | -- | -- | 2.9% | Ann. Volatility | 21.5% | 20.2% | -- | -- | -- | -- | -- | 18.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.20 | 60% |
| MSCI EAFE | 0.60 | 16% |
| MSCI Emg Mkts | 0.37 | 3% |
Liquidity Measures
| Avg. volume (000) | 15 |
| ADV traded (mns) | $0 |
| Turnover | 3.2% |
| Avg. Bid/Ask (% of price) | 1.82% |
Technical Indicators
| Recent close | $21.84 |
| 30d moving avg. | $21.58 |
| Annualized volatility | 18.9% |
| Relative strength (RSI) | 51 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Top Ten Comparable ETFs only shown here. For an extended list become an Individual or Professional subscriber. Start your FREE trial
Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| PKB | Invesco Building & Construction ETF | 24.2% | -13 bp | +4.4% |
| PRN | Invesco Dorsey Wright Industrials Momentum ETF | 20.3% | -15 bp | +1.9% |
| SIXG | Defiance Connective Technologies ETF | 19.9% | -45 bp | +3.7% |
| FMTM | MarketDesk Focused U.S. Momentum ETF | 19.0% | -30 bp | +5.4% |
| GRNY | Fundstrat Granny Shots US Large Cap ETF | 17.8% | 0 bp | +2.6% |
| AMOM | Qraft AI-Enhanced U.S. Large Cap Momentum ETF | 16.6% | 0 bp | +2.7% |
| TRFK | Pacer Data and Digital Revolution ETF | 16.5% | -15 bp | +3.1% |
| AIRR | First Trust RBA American Industrial Renaissance ETF | 16.0% | -5 bp | +4.3% |
| IQM | Franklin Intelligent Machines ETF | 15.0% | -25 bp | +2.0% |
| PAVE | Global X U.S. Infrastructure Development ETF | 14.7% | -28 bp | +5.2% |
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
| 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 8/27/2025
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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™
NRSH
8.4%
Cat. Avg
4.3%
ALTAR Score™ Calculation
Category Overview
There are 366 funds in the Global Equity category, with an average ALTAR Score™
of 4.3% and a standard deviation of
3.3%. NRSH's ALTAR Score™ is approximately
1.2 standard deviations
above
the category average. This places NRSH in the 89th 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) |
|
|---|---|---|---|
| NRSH | 75.0 | 0.0 | 75 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .