IQ

NRSH Aztlan North America Nearshoring Stock Selection ETF

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$28.47
−3.2% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Over the year to Nov 4, 2026, NRSH returned 19.1%, against 14.8% for VOO.

Why did NRSH return +45.9% from Dec 2023 to Oct 2026, against VOO’s +70.7%?What does NRSH hold that the S&P 500 does not?What do NRSH’s net flows of +$21.7m over the since Nov 2023 mean?
Holds 31 stocks in reshoring and manufacturing, 55% of its weight in S&P 500 companiesAztlan ↗Expense ratio 0.76%Fund assets $30m net assets, latest filing (Jul 31, 2026)First traded Nov 30, 2023Benchmark S&P 500 Total Return Index, measured by VOO, which tracks the same indexSEC filings ↗Every Aztlan fund ETFIQ coversDividend history

Promise check: Not measuredETFIQ has not yet listed which companies belong to the reshoring and manufacturing theme.

Compare with…Trading costsPut to the committeeaskIQ about NRSHAdd to portfolioOverlapFlowsAlerts

NRSH risk and return scorecard

vs VOO · Dec 2023 to Oct 2026 · 151 weekly returns · dividend-adjusted

Short history · 35 months
NRSH +45.9%, VOO +70.7%, Dec 2023 to Oct 2026, distributions reinvested.
Return
MeasureNRSHVOOEdge
Total return+45.9%+70.7%VOO
Annualized+13.9%+20.2%VOO
Price return+43.8%+64.3%VOO
Risk
MeasureNRSHVOOEdge
Volatility19.3%13.9%VOO
Max drawdown−18.9%−16.7%VOO
Upside capture82.9%100.0%VOO
Downside capture98.9%100.0%Tie
Risk-adjusted
MeasureNRSHVOOEdge
Sharpe ratio0.541.08VOO
Sortino ratio0.841.66VOO
Alpha vs VOO
MeasureNRSHVOOEdge
Alpha, a year−3.7%Not significant
Alpha t-stat−0.45
Beta to VOO0.951.00Lower beta

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jul 31, 2026
12 months to Jul 31, 2026
+$11.8m
Since Nov 2023
+$21.7m
askIQ: what do these flows mean? ↗

What you earned

NRSH −9.4%, VOO −1.1%: total return over one month to Nov 4, 2026.
NRSH−9.4%
VOO−1.1%
NRSH −11.5%, VOO −0.1%: total return over three months to Nov 4, 2026.
NRSH−11.5%
VOO−0.1%
NRSH −11.6%, VOO +5.0%: total return over six months to Nov 4, 2026.
NRSH−11.6%
VOO+5.0%
NRSH +23.4%, VOO +13.4%: total return over the year to Nov 4, 2026.
NRSH+23.4%
VOO+13.4%
NRSH +19.1%, VOO +14.8%: total return over one year to Nov 4, 2026.
NRSH+19.1%
VOO+14.8%
NRSH +42.0%, VOO +74.6%: total return since launch to Nov 4, 2026.
NRSH+42.0%
VOO+74.6%
askIQ: why did NRSH return +19.1% over one year, against VOO’s +14.8%? ↗

What did you actually buy?

Reshoring and manufacturing · holdings as of Jul 31, 2026
55.4%
Already in the S&P 500
Report
88.6%
Active share vs the S&P 500
Report
39.4%
Top ten holdings
Report
+19.1%
Total return, 1 year
Report
0.4%
12-month yield, capital gains included, on its starting price
Report
$0.0959
Last payment (paid annually), ex-date Dec 24, 2025
Report
Share already in the S&P 500
55.4% of the fund by weight, holdings as of Jul 31, 2026.
Ten largest holdings
Tenable Holdings Inc4.4%
Mullen Group Ltd4.3%
Intuit Inc4.1%
Crowdstrike Holdings Inc4.1%
NetApp Inc4.0%
Grupo Aeroportuario del Centro3.8%
Rockwell Automation Inc3.8%
Broadcom Inc3.7%
NetScout Systems Inc3.6%
NVIDIA Corp3.5%
askIQ: what does NRSH hold that the S&P 500 does not? ↗

More on NRSH

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Price, 1 year

$28.47−3.2%1 day, priceClose, Nov 4, 2026

Price only. Total return over the same days, distributions reinvested, was +19.1%. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

NRSH returns by window: total return, cash paid and price change
WindowTotal returnBenchmark (VOO)Gap to VOO
1M Oct 5 – Nov 4, 2026−9.4%−1.1%−8.3 pts
3M Aug 5 – Nov 4, 2026−11.5%−0.1%−11.4 pts
6M May 6 – Nov 4, 2026−11.6%+5.0%−16.6 pts
YTD Dec 31, 2025 – Nov 4, 2026+23.4%+13.4%+10.0 pts
1Y Nov 4, 2025 – Nov 4, 2026+19.1%+14.8%+4.3 pts
Since launch Nov 30, 2023 – Nov 4, 2026+42.0%+74.6%−32.6 pts
Since launch, annualised Nov 30, 2023 – Nov 4, 2026+12.7%––

Total returns, distributions reinvested. Listed Nov 2023: no 3 years windows.

Source: Tiingo end-of-day prices, with distributions reinvested.

Where every fund in this set sits

How much of its weight does it not share with the S&P 500?

Active share against the S&P 500
USNZ 24.1%IQSZ 50.0%TNXT 51.6%IETC 59.6%XIGV 60.5%CRTC 62.6%AIX 63.4%LQAI 64.9%ALAI 65.2%IVES 66.3%XAIX 66.5%ILDR 66.9%PEXL 67.1%JHAI 68.1%AIQ 68.8%AGIX 69.2%AOTG 69.3%XT 69.8%FAI 70.1%CHAT 70.2%WTAI 71.5%AIEQ 72.1%THMZ 73.5%CARZ 74.3%AIFD 74.4%FRWD 74.4%FDTX 75.1%WUGI 75.2%AIUP 76.1%BAI 76.7%TEKY 77.7%PNQI 78.9%FMET 79.1%IGPT 79.2%FDCF 79.6%AINT 80.3%ARKQ 80.4%SHOC 80.5%SMH 80.7%SOXQ 80.8%FTXL 80.9%GGME 81.5%KNCT 81.7%PBOT 82.1%UFOX 82.2%SOXX 82.3%CBOT 82.4%, and 1 more at this point: ARKW 82.5%CHPX 82.8%CHPS 82.9%OGIG 82.9%ARTY 83.0%ABOT 83.7%ARKX 83.9%SUPP 84.2%RACK 84.3%MILN 84.7%FDN 85.5%AIPO 85.7%AGIQ 86.0%CLOD 86.1%XDAT 86.2%BUYZ 86.3%SMHX 87.2%FOWF 88.4%PCLN 89.5%DTCR 90.5%CIBR 90.7%FCLD 91.6%TMAT 91.6%RBLD 91.9%PSI 92.2%IGV 92.4%TCAI 93.3%NEWZ 94.6%TSES 94.7%MADE 94.8%PBPH 95.0%FTWO 95.1%GDOC 95.4%BMED 95.6%EPAI 95.6%IFRA 95.7%PPA 96.4%WR 96.6%POWR 96.9%VOLT 96.9%YUNG 97.1%FPWR 97.2%, and 2 more at this point: IVEP 97.2%, PAVE 97.2%MISL 97.4%HVAC 97.5%, and 1 more at this point: RIFR 97.5%AV 97.6%, and 1 more at this point: TSSD 97.6%IPAY 97.7%, and 4 more at this point: ITA 97.7%, NATO 97.7%, KYC 97.8%, ZAP 97.8%DUTY 98.1%WNDR 98.1%DRES 98.2%, and 2 more at this point: TPZ 98.3%, SRVR 98.5%NFRX 98.2%IHI 98.7%SHLD 98.7%DOCK 98.8%BBH 99.0%PHO 99.4%LGHT 99.5%NRSH 88.6%NRSH 88.6%24.1%99.5%
24.1% to 99.5% across 114

That is the share of the 114 thematic ETFs with at least half their money in S&P 500 companies sitting at or below NRSH.

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. Where the fund sits in this set, not a rating. Do not average it with another category's score.

57.5
IQ Themes ScoreETFIQ S&P 500 Difference Score49th of 114 · Nov 4, 2026
0.4 · lowest of 114 thematic ETFs with at least half their money in S&P 500 companies99.6 · highest

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

NRSH shares 16 of its 31 holdings with the S&P 500. Counting each at the smaller of its two weights, the two overlap by 11.4%.

active share against the S&P 50088.6% · 58th pct
All 114 ranked by this score →

Money in and out

Monthly data · as of Jul 31, 2026

NRSH: in the month to Jul 31, 2026, nothing net moved, by its SEC filing.

12 months
+$11.8m
117.3% of $10.1m on Jul 31, 2025
Aug 1, 2025 to Jul 31, 2026
monthly, from SEC filings
Since Nov 2023
+$21.7m
Nov 1, 2023 to Jul 31, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions NRSH files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jul 2026. Every day and month ETFIQ holds for NRSH, back to Nov 2023, is in its flows file. Flows across every fund · How these flows are computed · Compare NRSH with other funds in the flows tool

Month by month, money in and money outNov 2023 to Jul 2026

NRSH, money in and money out each month from Nov 2023 to Jul 2026: two bars a month, money in above the line and money out below. Every bar is from NRSH’s SEC filings (N-PORT item B.6). Of the 33 months listed, money came in on net in 13 and went out in 3.

Every bar is from NRSH’s SEC filings (N-PORT item B.6). Of the 33 months listed, money came in on net in 13 and went out in 3.

MonthInOutNet
Jul 2026 SEC Form N-PORT$0$0$0
Jun 2026 SEC Form N-PORT+$17.4m−$17.6m−$191k
May 2026 SEC Form N-PORT+$1.6m$0+$1.6m
Apr 2026 SEC Form N-PORT+$2.1m$0+$2.1m
Mar 2026 SEC Form N-PORT+$6.2m−$6.0m+$204k
Feb 2026 SEC Form N-PORT$0$0$0
Jan 2026 SEC Form N-PORT$0$0$0
Dec 2025 SEC Form N-PORT+$6.9m−$7.0m−$138k
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT$0$0$0
Sep 2025 SEC Form N-PORT+$6.9m−$5.8m+$1.1m
Aug 2025 SEC Form N-PORT+$7.1m$0+$7.1m
Jul 2025 SEC Form N-PORT$0$0$0
Jun 2025 SEC Form N-PORT$0−$544k−$544k
May 2025 SEC Form N-PORT$0$0$0
Apr 2025 SEC Form N-PORT$0$0$0
Mar 2025 SEC Form N-PORT+$4.2m−$3.6m+$582k
Feb 2025 SEC Form N-PORT$0$0$0
Jan 2025 SEC Form N-PORT$0$0$0
Dec 2024 SEC Form N-PORT+$2.6m−$2.6m+$22k
Nov 2024 SEC Form N-PORT$0$0$0
Oct 2024 SEC Form N-PORT$0$0$0
Sep 2024 SEC Form N-PORT+$1.7m−$1.7m+$33k
Aug 2024 SEC Form N-PORT$0$0$0
Jul 2024 SEC Form N-PORT$0$0$0
Jun 2024 SEC Form N-PORT$0$0$0
May 2024 SEC Form N-PORT$0$0$0
Apr 2024 SEC Form N-PORT+$533k$0+$533k
Mar 2024 SEC Form N-PORT$0$0$0
Feb 2024 SEC Form N-PORT+$548k$0+$548k
Jan 2024 SEC Form N-PORT+$535k$0+$535k
Dec 2023 SEC Form N-PORT+$7.2m$0+$7.2m
Nov 2023 SEC Form N-PORT+$1.0m$0+$1.0m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jul 31, 2026. Updated when the fund files its next report.

NRSH key stats

52-week high, daily closes to Nov 4, 2026 (ETFIQ)$34.35 on Jun 30, 2026
52-week low, daily closes to Nov 4, 2026 (ETFIQ)$22.16 on Nov 20, 2025
Close on Nov 4, 2026, within that range (ETFIQ)$28.47, 52% of the way from the low to the high
Holdings31
Top ten holdings weight39.4%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · NRSHas of Nov 4, 2026
·
Not scored1 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

NRSH for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
NRSH interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

NRSH is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
Download all holdings

NRSH top ten by weight, 39.4% of the fund, of its 31 equity positions, from the holdings filed for Jul 31, 2026. Source: the fund’s SEC filing.

Tenable Holdings Inc TENB 4.42%
Mullen Group Ltd MTL 4.33%
Intuit Inc INTU 4.14%
Crowdstrike Holdings Inc CRWD 4.06%
NetApp Inc NTAP 4.01%
GRUPO AEROPORTUARIO DEL CENTRO SAB DE CV OMAB 3.80%
Rockwell Automation Inc ROK 3.79%
Broadcom Inc AVGO 3.70%
NetScout Systems Inc NTCT 3.56%
NVIDIA Corp NVDA 3.55%
Fund filings on SEC EDGAR ↗See all 31 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT).

About NRSH

Theme (ETFIQ, editorial)Reshoring and manufacturing
First tradedNov 30, 2023
Already in the S&P 500, by weight (ETFIQ)55.4%
Outside the S&P 500, by weight (ETFIQ)45%
Active share vs the S&P 500 (ETFIQ)88.6%
Already in the Nasdaq-100, by weight (ETFIQ)28.3%
Active share vs the Nasdaq-100 (ETFIQ)83.7%
Top ten holdings weight39.4%
Holdings31
Holdings as of (SEC N-PORT)Jul 31, 2026
Top holdingsTenable Holdings Inc 4.4%, Mullen Group Ltd 4.3%, Intuit Inc 4.1%, Crowdstrike Holdings Inc 4.1%, NetApp Inc 4.0%, Grupo Aeroportuario del Centro 3.8%, Rockwell Automation Inc 3.8%, Broadcom Inc 3.7%, NetScout Systems Inc 3.6%, NVIDIA Corp 3.5%
Net assets (SEC filing, whole fund, as filed for Jul 31, 2026)$30mReport
Benchmark (ETFIQ, from its filings)S&P 500 Total Return Index, measured by VOO, which tracks the same index
Benchmark named inits shareholder report, N-CSR, Oct 8, 2026
NRSH, 1 year to Nov 4, 2026+19.1%
VOO, the same days+14.8%
Against its benchmark, 1 year (ETFIQ)+4.3 pts
Below its all-time high (ETFIQ)−17.1%
Expense ratio (485BPOS XBRL, Nov 24, 2025)0.76%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)0.86%
Closest funds by holdings overlapIETC 20%, UFOX 18%, TCAI 18%, XAIX 17%, IVES 17%
Below its all-time high17.1%, high on Jun 30, 2026
How we measure
The top ten holdings are 39% of the fund across 31 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +19.1% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Total Return Index, so a holder was ahead by 4.3 pts. It sits 17.1% below its all-time high of Jun 30, 2026.
Holdings from the fund’s latest public SEC N-PORT filing; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on NRSH

12 seats on NRSH, as of Nov 4, 2026: 1 Mixed, 11 Challenges.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyChallenges
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityChallenges
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceChallenges
In the tradition ofJohn TempletonTempleton-style Global ContrarianChallenges
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationChallenges
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put NRSH to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about NRSH

How much of NRSH is in S&P 500 companies?
By its holdings filed for Jul 31, 2026, 55% of NRSH by weight is stocks the S&P 500 already holds. Its active share against the index is 89%, so that share is the part doing something different.
What does NRSH hold?
31 positions as filed for Jul 31, 2026, with the top ten at 39% of the fund. The largest are Tenable Holdings Inc at 4.4%, Mullen Group Ltd at 4.3%, Intuit Inc at 4.1%.
Has NRSH beaten the S&P 500?
Over the year to Nov 4, 2026 NRSH returned +19.1% with distributions reinvested, against +14.8% for the S&P 500, so it finished ahead of the index by 4.3 points.
What does NRSH cost?
The prospectus expense ratio is 0.76% a year. Because 89% of the fund differs from the S&P 500, the fee on that differing part works out at 0.86%.
Sources and dates
Prices, NRSH and Benchmark (VOO)Tiingo end-of-day · Nov 4, 2026
Fee, 0.76%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $30mSEC filing, whole fund · Jul 31, 2026
HoldingsHoldings filing (SEC Form N-PORT) · Jul 31, 2026 ↗
IssuerAztlan website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, NRSH, thematic ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/nrsh

The difference bar for NRSH, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
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NRSH: 55% of NRSH's weight is in S&P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/themes/nrsh/" title="NRSH: 55% of NRSH&#x27;s weight is in S&amp;P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026." width="640" height="346" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">NRSH: 55% of NRSH&#x27;s weight is in S&amp;P 500 companies and 45% is outside the index. Holdings as of Jul 31, 2026. Data: <a href="https://etfiq.com/funds/nrsh">ETFIQ</a></figcaption>
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Snapshot, Nov 4, 2026. More on the tabs above.