At a glance
NIXT charges 0.29% a year. It has $39.2M in assets; it paid 1.19% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +32.4% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 7.5% of the fund, out of 207 in all.
The short version
Research Affiliates Deletions ETF (NIXT) is an index fund that holds U.S. micro-, small- and mid-sized companies that have dropped out of Research Affiliates' lists of the 500 or 1,000 largest U.S. stocks. It bets that these fallen stocks will rebound. It screens out the most financially troubled ones and holds the rest in equal amounts. Its net expense ratio is 0.29% after a 0.10% fee waiver.
Price history
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NIXT +32.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| NIXT official prospectus, to Dec 31, 2025 | — | +4.84% | — | — | — | +7.17% |
| NIXT price data to Oct 27, 2026 | +34.4% | +32.4% | — | — | — | +20.2% |
- Over the year to Oct 27, 2026, NIXT returned +32.4%.
- Its worst full calendar year was 2025 (+4.9%); its best was 2025 (+4.9%).
- The deepest fall in its price history was 27.7% (Nov 11, 2024 to Apr 8, 2025), recovered by Dec 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +34.4% | — |
| 2025 | +4.9% | +4.84% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.4300 |
What's inside
As of Jun 30, 2026, the fund held 207 securities; the ten largest made up 7.53% of assets.
| Holding | Weight | |
|---|---|---|
| Okta Inc | 0.85% | |
| Tenable Holdings Inc | 0.81% | |
| Maravai LifeSciences Holdings Inc | 0.80% | |
| Integra LifeSciences Holdings Corp | 0.78% | |
| Insight Enterprises Inc | 0.77% | |
| Qualys Inc | 0.73% | |
| NEWELL BRANDS INC | 0.72% | |
| Moderna Inc | 0.72% | |
| Enphase Energy Inc | 0.69% | |
| Commvault Systems Inc | 0.66% | |
| Iridium Communications Inc | 0.66% | |
| Immunovant Inc | 0.65% | |
| Marriott Vacations Worldwide Corp | 0.65% | |
| CarMax Inc | 0.64% | |
| Xerox Holdings Corp | 0.64% |
By country
United States 97.48%Bermuda 1.03%British Virgin Islands 0.96%United Kingdom 0.53%By asset type
Stocks 95.1%Real estate 4.9%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $216K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.14%, +3.47%, +2.77%.
How it works
NIXT tracks the Research Affiliates Deletions Index, run by RAFI Indices, LLC. The index starts from two in-house lists, the Cap-weight 500 and Cap-weight 1000 indexes. These rank the largest U.S. companies by market value (share price times shares outstanding). Each year on the last business day of April, the index looks back five years for companies that fell off one or both lists. Usually they fell off because their market value shrank. The idea is mean reversion: the theory that a beaten-down share price tends to drift back toward its long-run average.
A quality screen then ranks each candidate on six measures. These include how well income covers debt, new share and debt issuance, changes in leverage, and payouts to shareholders. The bottom 20% are dropped as possible bankruptcy risks. The rest are held in equal amounts. As of June 30, 2026, the fund held 207 stocks, and the largest, Okta, was just 0.85% of assets.
The index rebalances once a year, after the last business day of May. A stock leaves if it fails the screen, grows back onto a Cap-weight list, or reaches five years in the index. The adviser, EA Advisers, generally buys every stock in the index. Portfolio turnover was 59%.
What it really costs
- NIXT charges 0.29% a year.
- Of that, 0.39% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $483 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NIXT | $30 | $115 | $209 | $483 |
In a retirement portfolio
It is a concentrated bet on beaten-down smaller U.S. stocks, with a short record, so it fits better as a small add-on than as a foundation.
NIXT launched on September 9, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 27.7%, from November 11, 2024 to April 8, 2025. It took about eight months, until December 10, 2025, to recover. Anyone forced to sell shares in that slump would have locked in losses. Its only full calendar year, 2025, returned 4.84%. The trailing yield was 1.19% as of October 27, 2026, paid quarterly, so it adds little income. Under the SEC's standard example, $10,000 would cost about $30 in fees in the first year and $483 over 10 years. Past results don't predict future returns. A plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a rules-based small- and mid-cap value tilt built from fallen former large companies, with about 207 stocks held equally.
- Those who can accept sharp swings, such as the 27.7% drop from November 2024 to April 2025, and hold through recoveries.
- Cost-aware investors seeking a niche strategy at a 0.29% net expense ratio, which reflects a 0.10% waiver on a 0.39% management fee.
Look elsewhere if
- Retirees who need meaningful income: the trailing yield was 1.19% as of October 27, 2026, paid quarterly.
- Investors wanting a long record through bear markets; NIXT launched in September 2024 and missed 2008, 2020 and 2022.
- Those wary of small funds: net assets were about $39.2 million as of June 30, 2026, and shares may trade away from their underlying value.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What is NIXT ETF?
NIXT is the Research Affiliates Deletions ETF, an index fund launched on September 9, 2024. It owns U.S. micro-, small- and mid-cap companies that fell out of Research Affiliates' lists of the 500 or 1,000 largest U.S. stocks. The premise is that their prices may rebound. As of June 30, 2026, it held 207 stocks, led by Okta, Tenable, Maravai LifeSciences, Integra LifeSciences and Insight Enterprises. None was above 0.85% of assets.
What is NIXT's expense ratio?
NIXT's net expense ratio is 0.29%, according to its prospectus filed October 27, 2026. The management fee is 0.39%, minus a 0.10% fee waiver. Fee waivers can change, so the net cost depends on that waiver staying in place. Under the SEC's standard example ($10,000 invested, 5% yearly return), total costs would be about $30 after one year, $115 after three, $209 after five and $483 after ten.
Does NIXT pay monthly dividends?
No. NIXT pays dividends quarterly, not monthly. Over the 12 months to October 27, 2026, it paid about $0.42 per share, a trailing yield of 1.19%. That is modest because the fund picks stocks for their potential to recover in price, not for income. Investors who rely on regular cash from their portfolio would get only a small amount from this fund.
How has NIXT performed since launch?
From its September 2024 launch through December 31, 2025, NIXT returned 7.17% a year on average, per its prospectus. Its return for 2025 was 4.84%. Its strongest quarter gained 7.42% (ended September 30, 2025), and its weakest lost 9.29% (ended March 31, 2025). Price returns were stronger later: 34.4% in 2026 through October 27, and 32.4% over the year ended October 27, 2026. That record is short.
Is NIXT a risky ETF?
Yes, it is riskier than a broad large-company fund. It holds smaller stocks chosen because their prices fell, and its prospectus warns these can be more volatile and harder to trade. Volatility over the year to October 27, 2026 was 19.9%. Its deepest drop was 27.7%, from November 2024 to April 2025, and it recovered by December 2025. Value stocks can also stay cheap for long periods.