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
$ 27.0 M
ASSETS UNDER MGMT
76 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 +
| TENABLE HOLDINGS, INC. | 5.6 % |
| QUALYS INC | 4.9 % |
| CROWDSTRIKE HOLDINGS, INC. CLASS A | 4.0 % |
| CROWN CASTLE INTL CORP | 3.9 % |
| PROMOTORA Y OPERADORA DE INF | 3.8 % |
| MULLEN GROUP LTD | 3.7 % |
| LINCOLN ELECTRIC HOLDINGS | 3.6 % |
| EXTREME NETWORKS INC | 3.4 % |
| ROCKWELL AUTOMATION INC | 3.4 % |
| COMMSCOPE HOLDING CO INC | 3.3 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 352 |
| Wgt avg mkt cap (mns) | $67,448 |
| Large cap (>$10bn) | 54.1% |
| Mid cap ($2-10bn) | 35.1% |
| Small cap (<$2bn) | 7.1% |
| Developed mkts. | 96.5% |
| Emerging mkts. | 4.1% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 83.3 % |
 |
CANADA | 9.2 % |
 |
MEXICO | 3.8 % |
Historical Performance
Standardized Performance (as of 09/30/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 31.4% | 31.5% | 15.8% | -- | -- | -- | -- | 15.2% |
| Dividend Yield | 0.0% | 0.5% | 0.8% | -- | -- | -- | -- | 0.6% |
| Total Returns | 31.4% | 32.1% | 16.5% | -- | -- | -- | -- | 15.8% | Ann. Volatility | 30.1% | 28.1% | 24.6% | -- | -- | -- | -- | 22.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.64 | 56% |
| MSCI EAFE | 1.19 | 44% |
| MSCI Emg Mkts | 0.85 | 57% |
Liquidity Measures
| Avg. volume (000) | 3 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.25% |
Technical Indicators
| 30d moving avg. (EMA) | $30.02 |
| Relative strength (RSI) | 45 |
| MACD/Signal | -0.30/-0.28 |
| Bollinger Bands (Upper/Lower) | $31.54/$28.26 |
| Short interest (% of AUM) | 0.2% |
Distributions
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. NRSH |
Expenses vs. NRSH |
ALTAR Score™ vs. NRSH |
|---|---|---|---|---|
| WCBR | WisdomTree Cybersecurity Fund | 16.7% | -31 bp | -3.2% |
| IDGT | iShares U.S. Digital Infrastructure and Real Estate ETF | 16.2% | -39 bp | +2.3% |
| BUG | Global X Cybersecurity ETF | 14.5% | -26 bp | -3.9% |
| IHAK | iShares Cybersecurity & Tech ETF | 14.5% | -29 bp | -2.4% |
| PAVE | Global X U.S. Infrastructure Development ETF | 14.1% | -29 bp | -1.3% |
| TCAI | Tortoise AI Infrastructure ETF | 14.0% | -11 bp | -5.6% |
| AIED | Defiance LLM Catalyst Momentum ETF | 13.6% | -1 bp | -2.8% |
| RPG | Invesco S&P 500 Pure Growth ETF | 13.0% | -41 bp | -3.4% |
| PSWD | Xtrackers Cybersecurity Select Equity ETF | 12.1% | -56 bp | -3.9% |
| XA | Corgi AI Cybersecurity ETF | 12.0% | -41 bp | -3.4% |
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 11/6/2026
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
6.7%
ALTAR SCORE™
77th
PERCENTILE
OVERWEIGHT
ETFRC RATING
There are 746 funds in the Global Equity category with an average
ALTAR Score™ of 4.8% and a standard deviation
of 2.6%. NRSH's ALTAR Score™ is approximately 0.7 standard
deviations above the category average. This places NRSH in the 77th percentile
among funds in the category.
Sell-Side Consensus
$37.76
PRICE TARGET
+43.3%
UPSIDE
Bid/Ask Spreads
25 bp
AVG SPREAD
15 —
205 bp
RANGE