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
$ 32.7 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 +
| PALANTIR TECHNOLOGIES INC. CLASS A | 5.0 % |
| TENABLE HOLDINGS, INC. | 4.7 % |
| CROWDSTRIKE HOLDINGS, INC. CLASS A | 4.6 % |
| INTUIT INC | 4.4 % |
| NETAPP INC | 4.2 % |
| MULLEN GROUP LTD | 4.2 % |
| NVIDIA CORP | 4.1 % |
| SAIC INC | 4.0 % |
| MICRON TECHNOLOGY INC | 3.8 % |
| GRUPO AEROPORTUARIO DEL CENT | 3.6 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 342 |
| Wgt avg mkt cap (mns) | $354,705 |
| Large cap (>$10bn) | 80.0% |
| Mid cap ($2-10bn) | 13.9% |
| Small cap (<$2bn) | 5.8% |
| Developed mkts. | 96.2% |
| Emerging mkts. | 3.5% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 86.6 % |
 |
CANADA | 10.3 % |
 |
MEXICO | 3.6 % |
Historical Performance
Standardized Performance (as of 08/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 34.2% | 43.1% | 18.2% | -- | -- | -- | -- | 16.5% |
| Dividend Yield | 0.0% | 0.6% | 0.8% | -- | -- | -- | -- | 0.6% |
| Total Returns | 34.2% | 43.7% | 19.0% | -- | -- | -- | -- | 17.1% | Ann. Volatility | 31.3% | 28.2% | 24.5% | -- | -- | -- | -- | 22.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.68 | 57% |
| MSCI EAFE | 1.23 | 45% |
| MSCI Emg Mkts | 0.86 | 56% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.45% |
Technical Indicators
| 30d moving avg. (EMA) | $32.15 |
| Relative strength (RSI) | 55 |
| MACD/Signal | 0.17/-0.06 |
| Bollinger Bands (Upper/Lower) | $33.55/$30.04 |
| 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 |
|---|---|---|---|---|
| XLK | Technology Select Sector SPDR | 22.1% | -67 bp | +1.0% |
| XNTK | State Street SPDR NYSE Technology ETF | 22.0% | -40 bp | +0.1% |
| IETC | iShares U.S. Tech Independence Focused ETF | 21.2% | -57 bp | +1.1% |
| PWB | Invesco Large Cap Growth ETF | 20.2% | -19 bp | +0.1% |
| JTEK | JPMorgan U.S. Tech Leaders ETF | 20.0% | -10 bp | -1.9% |
| QTOP | iShares Nasdaq Top 30 Stocks ETF | 19.9% | -55 bp | +0.6% |
| VEGN | US Vegan Climate ETF | 19.7% | -15 bp | +1.2% |
| USMD | CoreValues America First Technology ETF | 19.1% | +12 bp | -1.0% |
| XPND | First Trust Expanded Technology ETF | 19.0% | -10 bp | +0.8% |
| GK | AdvisorShares Gerber Kawasaki ETF | 18.8% | 0 bp | -0.6% |
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 9/6/2026
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
3.0%
ALTAR SCORE™
30rd
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 734 funds in the Global Equity category with an average
ALTAR Score™ of 4.3% and a standard deviation
of 2.6%. NRSH's ALTAR Score™ is approximately -0.5 standard
deviations above the category average. This places NRSH in the 30rd percentile
among funds in the category.
Sell-Side Consensus
$31.14
PRICE TARGET
+2.3%
UPSIDE
Bid/Ask Spreads
45 bp
AVG SPREAD
18 —
1,050 bp
RANGE