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
$ 21.3 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 +
| CIENA CORP | 3.9 % |
| MASTEC INC | 3.6 % |
| CELESTICA INC | 3.5 % |
| STERLING CONSTRUCTION CO | 3.5 % |
| MYR GROUP INC/DELAWARE | 3.4 % |
| DXP ENTERPRISES INC | 3.4 % |
| SANMINA CORP | 3.4 % |
| BWX TECHNOLOGIES, INC. | 3.4 % |
| MULLEN GROUP LTD | 3.4 % |
| HUNT (JB) TRANSPRT SVCS INC | 3.4 % |
Constituent Breakdown
| Number of holdings | 30 |
| Herfindahl-Hirschman Index | 351 |
| 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. | 96.2% |
| Emerging mkts. | 3.6% |
Sector Breakdown
Country Exposure
 |
UNITED STATES | 85.4 % |
 |
CANADA | 10.3 % |
 |
MEXICO | 3.3 % |
Historical Performance
Standardized Performance (as of 02/28/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 9.7% | 19.7% | 8.3% | -- | -- | -- | -- | 10.2% |
| Dividend Yield | 0.0% | 0.5% | 0.7% | -- | -- | -- | -- | 0.7% |
| Total Returns | 9.7% | 20.1% | 9.0% | -- | -- | -- | -- | 11.0% | Ann. Volatility | 27.7% | 23.0% | 20.3% | -- | -- | -- | -- | 19.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.89 | 56% |
| MSCI EAFE | 0.93 | 44% |
| MSCI Emg Mkts | 0.90 | 50% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.74% |
Technical Indicators
| 30d moving avg. (EMA) | $24.74 |
| Relative strength (RSI) | 47 |
| MACD/Signal | -0.15/-0.13 |
| Bollinger Bands (Upper/Lower) | $25.47/$23.78 |
| Short interest (% of AUM) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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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 | 23.2% | -40 bp | +0.5% |
| AIRR | First Trust RBA American Industrial Renaissance ETF | 21.7% | -5 bp | +0.9% |
| XLK | Technology Select Sector SPDR | 19.6% | -67 bp | +1.5% |
| SIXG | Defiance Connective Technologies ETF | 17.7% | -45 bp | +0.5% |
| FTXL | First Trust Nasdaq Semiconductor ETF | 17.5% | -15 bp | +0.1% |
| VEGN | US Vegan Climate ETF | 17.4% | -15 bp | +1.9% |
| MTUM | iShares MSCI USA Momentum Factor ETF | 17.2% | -60 bp | +0.1% |
| QTOP | iShares Nasdaq Top 30 Stocks ETF | 17.2% | -55 bp | +0.6% |
| BAI | iShares AI Innovation and Tech Active ETF | 16.8% | -20 bp | -1.5% |
| XPND | First Trust Expanded Technology ETF | 16.6% | -10 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 4/3/2026
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
3.5%
ALTAR SCORE™
34th
PERCENTILE
UNDERWEIGHT
ETFRC RATING
There are 579 funds in the Global Equity category with an average
ALTAR Score™ of 4.6% and a standard deviation
of 2.7%. NRSH's ALTAR Score™ is approximately -0.4 standard
deviations above the category average. This places NRSH in the 34th percentile
among funds in the category.
Sell-Side Consensus
$29.17
PRICE TARGET
+16.4%
UPSIDE
Bid/Ask Spreads
74 bp
AVG SPREAD
34 —
103 bp
RANGE