Tema American Reshoring ETF

Tema American Reshoring ETF (RSHO) is an actively managed fund. It holds about two dozen companies tied to bringing manufacturing back to the United States, such as Timken, Powell Industries and Cognex. It is concentrated: its top 10 holdings made up 61% of assets as of May 31, 2026. It costs 0.75% a year. That is well above the 0.39% average of similar funds and far above broad industrial index funds like XLI at 0.08%.

• Over the year to Oct 27, 2026, RSHO returned +38.8%, 1st of 7 among similar funds.
• Its worst full calendar year was 2024 (+17.3%); its best was 2025 (+19.2%).
• The deepest fall in its price history was 27.3% (Nov 25, 2024 to Apr 8, 2025), recovered by Jul 23, 2025.

As of May 31, 2026, the fund held 24 securities; the ten largest made up 61.49% of assets.

• Over the three months to May 31, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -9.06%, +13.79%, +1.72%.

RSHO does not track an index. Its adviser, Tema ETFs LLC, picks the stocks. At least 80% of net assets go into stocks of US-domiciled "reshoring companies." These are firms that have announced major plans to move jobs or production back to the US, such as new factories, expansions creating thousands of jobs or multi-billion-dollar projects. They also include suppliers to those firms, from building materials to factory automation. To find candidates, the adviser uses press coverage, trade groups, securities filings and specialist sources such as the Reshoring Initiative.

The adviser first narrows the field with screens such as five-year revenue growth, profit margins and return on invested capital. It then looks for stocks whose valuations, such as price-to-earnings ratio or free cash flow yield, look low compared with their fundamentals. It compares each against peers, the company's own history or forecasts. A company needs a market value of at least $100 million and average daily trading of at least $500,000. The adviser weighs ESG (environmental, social and governance) factors but does not exclude companies on that basis.

The fund is "non-diversified," meaning it can put large amounts into a few stocks. As of May 31, 2026, it held 24 companies and no derivatives. Some holdings are based outside the US, such as ABB and TSMC, and the fund does not hedge currency. Portfolio turnover was 52%.

• RSHO charges 0.75% a year, versus an average of 0.39% for the similar funds below (6th of 7, cheapest first).
• Of that, 0.99% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.24% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $1,168 over 10 years (assuming a 5% annual return).

RSHO is a concentrated, actively managed bet on US industrial companies, with high volatility, little income and above-average fees.

RSHO could add targeted exposure to US factory building alongside a broad core holding. It launched in May 2023, so it has no record through the 2008 crisis, the 2020 COVID crash or the 2022 bear market. Both of its full calendar years were positive: 17.05% in 2024 and 19.19% in 2025. Its deepest drop was 27.3%, from November 25, 2024 to April 8, 2025. It regained that peak by July 23, 2025, about 3.5 months later. Anyone who had to sell during that stretch would have locked in losses. As of October 27, 2026, its one-year volatility was 27.2% and its beta was 1.18, meaning it tended to move more than the broad market. Income is minimal: the yield was 0.21%, paid once a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).