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
20.7 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) | $21 |
| 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 +
| MICRON TECHNOLOGY INC | 4.6 % |
| LAM RESEARCH CORP | 4.4 % |
| MERCURY COMPUTER SYSTEMS INC | 4.0 % |
| CENTRUS ENERGY CORP. CLASS A | 3.9 % |
| ASTRONICS CORP | 3.9 % |
| BWX TECHNOLOGIES, INC. | 3.7 % |
| ALLEGHENY TECHNOLOGIES INC | 3.6 % |
| C.H. ROBINSON WORLDWIDE INC | 3.5 % |
| NVIDIA CORP | 3.4 % |
| SAIC INC | 3.3 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 346 |
| Wgt avg mkt cap (mns) | $246,032 |
| Large cap (>$10bn) | 58.5% |
| Mid cap ($2-10bn) | 32.5% |
| Small cap (<$2bn) | 8.9% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 93.3 % |
 |
MEXICO | 3.3 % |
 |
CANADA | 3.2 % |
Historical Performance
Standardized Performance (as of 12/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 12.5% | 12.5% | 2.3% | -- | -- | -- | -- | 6.2% |
| Dividend Yield | 0.5% | 0.5% | 0.7% | -- | -- | -- | -- | 0.7% |
| Total Returns | 12.9% | 12.9% | 2.9% | -- | -- | -- | -- | 7.0% | Ann. Volatility | 21.1% | 21.1% | 19.2% | -- | -- | -- | -- | 19.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.83 | 58% |
| MSCI EAFE | 0.89 | 48% |
| MSCI Emg Mkts | 0.82 | 47% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.85% |
Technical Indicators
| 30d moving avg. (EMA) | $23.65 |
| Relative strength (RSI) | 56 |
| MACD/Signal | 0.19/0.10 |
| Bollinger Bands (Upper/Lower) | $24.59/$22.66 |
| Short interest (% of AUM) | 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. NRSH |
Expenses vs. NRSH |
ALTAR Score™ vs. NRSH |
|---|---|---|---|---|
| XNTK | State Street SPDR NYSE Technology ETF | 21.2% | -40 bp | +3.4% |
| XLK | The Technology Select Sector SPDR Fund | 18.8% | -67 bp | +4.3% |
| AIRR | First Trust RBA American Industrial Renaissance ETF | 18.4% | -5 bp | +4.4% |
| SIXG | Defiance Connective Technologies ETF | 18.3% | -45 bp | +4.3% |
| QQQG | Pacer Nasdaq 100 Top 50 Cash Cows Growth Leaders ETF | 17.5% | -26 bp | +3.9% |
| FTXL | First Trust Nasdaq Semiconductor ETF | 16.8% | -15 bp | +3.5% |
| IVES | Wedbush ETFMG Global Cloud Technology ETF | 16.7% | -7 bp | +4.7% |
| XPND | First Trust Expanded Technology ETF | 16.7% | -10 bp | +3.5% |
| QTOP | iShares Nasdaq Top 30 Stocks ETF | 16.6% | -55 bp | +3.6% |
| VEGN | US Vegan Climate ETF | 16.1% | -15 bp | +4.7% |
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 | 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 1/12/2026
Peer Group Comparison Sample data. Subscribe for access.
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
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
ALTAR Score™
NRSH
3.5%
Cat. Avg
4.1%
ALTAR Score™ Calculation
Category Overview
There are 391 funds in the Global Equity category, with an average ALTAR Score™
of 4.1% and a standard deviation of
2.9%. NRSH's ALTAR Score™ is approximately
0.2 standard deviations
below
the category average. This places NRSH in the 43rd 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