At a glance
NRSH charges 0.76% a year. It has $30.0M in assets; it paid 0.33% of its price in distributions over the past 12 months, annual. Over the past year it returned +24.6% with distributions reinvested (S&P 500: +11.5%). Its ten largest positions make up 39.4% of the fund, out of 31 in all.
The short version
The Aztlan North America Nearshoring Stock Selection ETF (NRSH) tracks an index of 30 equally weighted US, Canadian and Mexican stocks expected to benefit from “nearshoring,” or moving production back to North America. Unlike a broad index fund, it screens candidates on value, cash flow, growth, quality and earnings surprises, trades heavily (184% turnover) and charges 0.76% a year. As of July 31, 2026, its largest holdings included tech firms Tenable and CrowdStrike.
Price history
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NRSH +24.6% 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 | |
|---|---|---|---|---|---|---|
| NRSH official prospectus, to Dec 31, 2024 | — | +3.06% | — | — | — | — |
| NRSH price data to Oct 27, 2026 | +31.2% | +24.6% | — | — | — | +15.2% |
- Over the year to Oct 27, 2026, NRSH returned +24.6%.
- Its worst full calendar year was 2024 (-6.2%); its best was 2025 (+13.0%).
- The deepest fall in its price history was 24% (Nov 6, 2024 to Apr 8, 2025), recovered by Oct 20, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +31.2% | — |
| 2025 | +13.0% | — |
| 2024 | -6.2% | -6.26% |
| 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 |
|---|---|---|
| 2025 | $0.1000 | -44.4% |
| 2024 | $0.1800 |
What's inside
As of Jul 31, 2026, the fund held 31 securities; the ten largest made up 39.35% of assets.
| Holding | Weight | |
|---|---|---|
| Tenable Holdings Inc | 4.42% | |
| Mullen Group Ltd | 4.33% | |
| Intuit Inc | 4.14% | |
| Crowdstrike Holdings Inc | 4.06% | |
| NetApp Inc | 4.01% | |
| Grupo Aeroportuario del Centro | 3.80% | |
| Rockwell Automation Inc | 3.79% | |
| Broadcom Inc | 3.70% | |
| NetScout Systems Inc | 3.56% | |
| NVIDIA Corp | 3.55% | |
| Palantir Technologies Inc | 3.49% | |
| Cisco Systems Inc | 3.47% | |
| Leidos Holdings Inc | 3.43% | |
| Quanta Services Inc | 3.42% | |
| JB Hunt Transport Services Inc | 3.41% |
By country
United States 85.59%Canada 10.45%Mexico 3.8%By asset type
Stocks 99.84%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.55%, +3.40%, -10.38%.
How it works
NRSH is an index fund: it aims to match the Aztlan North America Nearshoring Price Return Index, before fees. Aztlan Equity Management owns the index, and S&P Dow Jones Indices calculates it. Aztlan's research first lists companies on exchanges in the US, Canada or Mexico that it expects to gain from nearshoring, such as firms opening or expanding North American facilities. Each needs a market value of at least $500 million when added and average trading above $2 million a day.
Each November, the index scores that list on five equally weighted measures averaged over 12 months: value (earnings relative to price), cash flow (cash generated and dividends), growth (past and forecast earnings growth), quality (long-run profitability) and estimate surprise, a model of which firms may beat analysts' profit forecasts. The top 70 advance, a proprietary model ranks them, and the 30 highest-ranked stocks enter the index at equal weights. The index rebalances quarterly, in March, June, September and December.
The fund generally holds every index stock (31 as of July 31, 2026) but may hold a smaller sample that behaves like the index. Company size doesn't set weights: Mullen Group (4.33%) outweighed NVIDIA (3.55%). Turnover was 184%, meaning the fund traded nearly twice its portfolio's value in a year, and those trading costs aren't in the expense ratio.
What it really costs
- NRSH charges 0.76% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NRSH | $78 | $243 | $422 | $942 |
In a retirement portfolio
As a 30-stock thematic fund that swung about 1.7 times as much as the market in the year to October 27, 2026, it fits a small, higher-risk slice rather than the core.
NRSH could add a targeted bet on North American nearshoring. It launched in November 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its worst calendar year was 2024, a 6.26% loss. Its deepest drop was 24%, from November 6, 2024 to April 8, 2025; it took about 6.4 months, until October 20, 2025, to recover. As of October 27, 2026, its one-year beta, a gauge of market sensitivity, was 1.73: it swung about 1.7 times as much as the broad market. Drawing cash during a slump could mean locking in losses. Its 0.33% yield on that date, paid once a year, adds little income. Under the SEC's standard example ($10,000 invested, 5% yearly return), costs total $942 over 10 years.
Past results don't predict future returns, and 2.9 years is a short record. A plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted position in North American nearshoring via 30 equally weighted stocks, held alongside broader core funds.
- Those comfortable with big swings: it moved about 1.7 times as much as the market over the year to October 27, 2026.
- Investors who like rules-based stock picking that scores value, cash flow, growth, quality and earnings surprises instead of simply owning the biggest companies.
Look elsewhere if
- Retirees seeking income: the trailing yield was 0.33% as of October 27, 2026, paid just once a year.
- Cost-conscious investors: the 0.76% expense ratio adds up to $942 per $10,000 over 10 years in the SEC's example, plus trading costs from 184% turnover.
- Anyone expecting a Mexico-focused fund: as of July 31, 2026, 85.6% was in US stocks and only 3.8% in Mexico.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What stocks does NRSH hold?
NRSH, from Tidal Financial Group, holds about 30 stocks listed in the US, Canada and Mexico that Aztlan Equity Management's research identifies as beneficiaries of nearshoring, the shift of jobs and production back to North America. As of July 31, 2026, it held 31 stocks and about $30 million in net assets. The largest were Tenable (4.42%), Mullen Group (4.33%), Intuit (4.14%), CrowdStrike (4.06%) and NetApp (4.01%), and the top 10 made up 39.35% of assets.
Is NRSH a Mexico ETF?
No. Despite its nearshoring theme, NRSH is mostly a US stock fund. As of July 31, 2026, 85.59% of assets were in US companies, 10.45% in Canadian companies and 3.8% in Mexico, all of it in one airport group, Grupo Aeroportuario del Centro Norte. Many of the largest US holdings were technology companies, including Tenable, Intuit, CrowdStrike, Broadcom and NVIDIA. Investors seeking broad exposure to Mexican stocks would get little of it here.
What is the NRSH expense ratio?
NRSH's expense ratio, the yearly fee taken from fund assets, is 0.76%, according to its prospectus filed November 24, 2025; most of that is a 0.75% management fee. In the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period, costs total $78 after one year, $243 after three, $422 after five and $942 after 10. Its 184% portfolio turnover adds trading costs the expense ratio doesn't include.
Is NRSH good for retirement income?
Not as an income source. NRSH pays a dividend once a year, and its trailing 12-month yield was 0.33% as of October 27, 2026, about $0.10 per share. Its price is also volatile: in the year to that date, it moved about 1.7 times as much as the broad market, and it fell 24% from November 2024 to April 2025. For retirees, it fits more naturally as a small, higher-risk stock position than as a source of cash.
How has NRSH performed since launch?
Results have been uneven over a short record. NRSH launched on November 29, 2023. Its prospectus shows a 6.26% loss in 2024, with quarterly results that year ranging from a 10.13% gain to an 8.93% loss. Based on share prices, it then rose 12.97% in 2025 and 31.2% in 2026 through October 27. Its one-year return through that date was 24.6%. With about 2.9 years of history, there are no 3-, 5- or 10-year figures.