At a glance
NSI charges 0.75% a year, above the 0.37% average of the 3 funds most like it (the most expensive of 4). It has $41.9M in assets, the 4th largest of that group; it paid 1.27% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 3rd of those 4 funds. Its ten largest positions make up 47.0% of the fund, out of 104 in all.
The short version
National Security Emerging Markets Index ETF (NSI), from Tuttle Capital Management, tracks the Alerian National Security Emerging Markets Index. The index holds large emerging-market stocks, plus stocks from Taiwan and South Korea, after removing companies its sponsor sees as threats to US national security. It does not drop China entirely. Its 0.75% yearly fee is about twice the 0.37% average of similar funds.
Price history
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NSI +10.1% 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 | |
|---|---|---|---|---|---|---|
| NSI official prospectus, to Dec 31, 2025 | — | +35.50% | — | — | — | +18.04% |
| Alerian National Security Emerging Markets Index index, same period | — | +37.25% | — | — | — | +21.24% |
| MSCI Emerging Markets Index index, same period | — | +33.57% | — | — | — | +22.06% |
| NSI price data to Oct 27, 2026 | +8.7% | +10.1% | — | — | — | +15.8% |
- Over the year to Oct 27, 2026, NSI returned +10.1%, 3rd of 4 among similar funds.
- Its worst full calendar year was 2024 (-1.2%); its best was 2025 (+36.0%).
- The deepest fall in its price history was 18.8% (Oct 4, 2024 to Apr 8, 2025), recovered by Jun 4, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | +36.0% | +36.50% |
| 2024 | -1.2% | -0.99% |
| 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) | $0.0500 | |
| 2025 | $0.5700 | -32.9% |
| 2024 | $0.8500 |
What's inside
As of May 31, 2026, the fund held 104 securities; the ten largest made up 46.96% of assets, and 4.08% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 15.89% | |
| SAMSUNG ELECTRONICS CO LTD | 9.09% | |
| HON HAI PRECISION INDUSTRY COMPANY LTD | 3.65% | |
| ASE TECHNOLOGY HOLDING CO LTD | 3.60% | |
| CHINA CONSTRUCTION BANK CORP | 3.39% | |
| PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD | 2.45% | |
| PDD HOLDINGS INC | 2.45% | |
| NASPERS LTD | 2.22% | |
| RELIANCE INDUSTRIES LTD | 2.21% | |
| NETEASE INC | 2.02% | |
| HDFC BANK LTD | 1.79% | |
| POSCO HOLDINGS INC | 1.65% | |
| MERCADOLIBRE INC | 1.57% | |
| BEONE MEDICINES LTD | 1.56% | |
| MEITUAN LLC | 1.53% |
By country
Taiwan 25.83%Cayman Islands 16.66%South Korea 15.94%India 6.69%Brazil 5.93%By asset type
Stocks 95.8%What changed recently
- Over the three months to May 31, 2026, investors added a net $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.32%, +8.31%, +1.73%.
How it works
The fund tries to match the Alerian National Security Emerging Markets Index, before fees. The index starts with the S-Network Emerging Markets Liquid 500 Index, which holds the 500 largest emerging-market stocks. It then adds South Korean and Taiwanese stocks from the S-Network Developed International Equity 1000 Index. Next, it removes companies in nine categories set by the sponsor, National Security Index, LLC. These include companies under US sanctions, defense suppliers in China or Russia, and firms that supply military users or take part in military-civil fusion programs. Companies tied to influence operations, cyber or espionage threats, human rights abuses, or disputed areas of the South and East China Seas are also cut.
The stocks that remain are weighted by free float-adjusted market value. That means bigger companies count for more, based only on shares the public can trade. Sector weights are then set to match the Liquid 500 index. VettaFi calculates and maintains the index. The index is reconstituted (its member list is reset) every June and December, and it is rebalanced every quarter. Portfolio turnover was 37%.
The fund generally holds every stock in the index. It often does this through depositary receipts, which are certificates traded in the US or abroad that stand for a foreign company's shares. It uses no leverage, and it held no derivatives as of May 31, 2026. On that date it had 104 holdings, and the top 10 made up 47%. Taiwan Semiconductor was 15.9% of the fund and Samsung Electronics was 9.1%.
What it really costs
- NSI charges 0.75% a year, versus an average of 0.37% for the similar funds below (4th of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| NSI | $77 | $240 | $417 | $930 |
In a retirement portfolio
It is a small, costly, single-region stock fund with a short record and above-market swings, so it fits better as a minor holding than as a core one.
NSI could add emerging-market stocks with a national-security screen. Its record is short, though. It launched on December 6, 2023, so it has no results from the 2008, 2020 or 2022 downturns. Its worst calendar year was 2024, at -0.99%. Its deepest drop was 18.8%, from October 4, 2024 to April 8, 2025. It regained its prior high by June 4, 2025, about two months later. Its beta of 1.31 (a measure of how much it moves compared with the market) shows larger swings than the market. Someone who has to sell in a slump could lock in losses. It paid a 1.27% yield over the 12 months to October 27, 2026, in two payments a year. The SEC's standard example puts costs at $77 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want emerging-market stocks but prefer to avoid companies flagged for sanctions, military ties, espionage or human rights abuses.
- Long-term holders who are comfortable with a heavy tilt toward Taiwan, at 25.8%, and South Korea, at 15.9%, as of May 31, 2026.
- People adding a small satellite position who accept larger swings, such as a 1.31 beta and an 18.8% peak-to-trough drop.
Look elsewhere if
- Cost-focused investors: the 0.75% fee is the highest among its peers, which include AVEM and AVXC at 0.33%.
- Anyone who wants no China exposure at all, since China Construction Bank, Ping An, PDD and NetEase remain among the top holdings.
- Investors who want a long record or a large fund: it launched in December 2023 and had about $42 million in assets.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does NSI exclude Chinese stocks?
No. NSI removes certain companies its sponsor sees as security threats, but it still owns many China-linked stocks. As of May 31, 2026, China Construction Bank was 3.4% of the fund and Ping An Insurance was 2.5%. Companies registered in the Cayman Islands, such as PDD Holdings, NetEase and Meituan, made up 16.7% together. China-domiciled stocks were another 5.9%. Investors who want no China exposure could compare it with the Avantis Emerging Markets ex-China Equity ETF (AVXC).
What is the NSI expense ratio?
NSI's expense ratio is 0.75%, according to its prospectus filed March 25, 2026. That is about twice the 0.37% average of similar funds. The Avantis Emerging Markets Equity ETF (AVEM) and the Avantis ex-China fund (AVXC) each charge 0.33%. The SEC's standard example assumes $10,000 invested with a 5% yearly return. In that example, NSI's costs would be about $77 after one year, $417 after five years and $930 after ten years.
What's the difference between NSI and AVXC?
NSI keeps some Chinese companies after its national-security screen, while AVXC excludes China entirely. The two share about 25% of their holdings, based on their latest N-PORT reports. AVXC charges 0.33% a year, compared with NSI's 0.75%. AVXC is also much larger, with about $454 million in assets as of August 31, 2026, compared with NSI's roughly $42 million as of May 31, 2026. Over the year to October 27, 2026, AVXC returned 26.5% and NSI returned 10.1%.
Does NSI pay dividends?
Yes. NSI pays dividends twice a year. Over the 12 months to October 27, 2026, it paid $0.46 per share, a trailing yield of 1.27%. The payouts come from dividends on the stocks it holds, such as Taiwan Semiconductor, Samsung Electronics and China Construction Bank. The amounts can change from one payment to the next. With a modest yield and only two payments a year, the fund is not built to provide steady income.
How has NSI performed compared with emerging markets?
NSI's returns since launch have trailed the broad emerging-markets benchmark. Through December 31, 2025, the fund returned 18.04% a year on average since its December 2023 launch. The MSCI Emerging Markets Index returned 22.06% over the same period. In 2025, NSI gained 36.5%, ahead of MSCI's 33.57% but behind its own index's 37.25%. In 2024, it lost 0.99%. Based on price, it returned 10.1% over the year to October 27, 2026.