ETF Evaluator:
Portfolio Building Block Wld Ex USIndETF (PBWN)
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(as of Oct 14)
Best Performing in Industrials Over the Last Year
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ETF Details
Portfolio Building Block Wld Ex USIndETF Overview
Portfolio Building Block Wld Ex USIndETF (PBWN) is a passively managed Sector Equity Industrials exchange-traded fund (ETF). Tidal Investments LLC launched the ETF in 2026.
The investment seeks to track the performance, before fees and expenses, of the BITA Global Industrials ex U.S. Select index.
Under normal circumstances, the fund will invest at least 80% of the fund’s net assets (plus borrowings for investment purposes) in component securities that make up the index. The fund is non-diversified.
About Portfolio Building Block Wld Ex USIndETF (PBWN)
There are 2 members of the management team with an average tenure of 0.02 years: Andrew (Andy) Hicks (2026) and Qiao Duan (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: BITA Global Industrils ex US Slct TR USD index with a weighting of 100%. Portfolio Building Block Wld Ex USIndETF has 104 securities in its portfolio. The top 10 holdings constitute 36.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Portfolio Building Block Wld Ex USIndETF is part of the Equity global asset class and is within the Sector Equity ETF group. Portfolio Building Block Wld Ex USIndETF has 99.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.4% There is 99.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Portfolio Building Block Wld Ex USIndETF has 0.3% of the portfolio in cash.
Assets Under Management
The fund has $987 million in total assets, which is below the $1 billion average for the Industrials category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PBWN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Portfolio Building Block Wld Ex USIndETF expense ratio is low compared to funds in the Industrials category. Portfolio Building Block Wld Ex USIndETF has an expense ratio of 0.14%, which is 72% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Portfolio Building Block Wld Ex USIndETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 44% for the Industrials category.
Recently, in the month of September 2026, Portfolio Building Block Wld Ex USIndETF returned 0.0%, which earned it a grade of NA, as the Industrials category had an average return of -4.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Portfolio Building Block Wld Ex USIndETF has a trailing yield of 0.00%, which is below the 1.15% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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PBWN Trailing NAV Total Returns Data as of 9/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PBWN Return (NAV) | na | na | na | na | na | na |
| PBWN Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Industrials Avg | -4.4% | -8.2% | 7.2% | 19.6% | 10.9% | 12.2% |
| PBWN Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| PBWN Tax-Cost Ratio | na | na | na | na | na | na |
PBWN Annual NAV Total ReturnsData as of 9/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PBWN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| PBWN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Industrials Avg | 6.5% | 27.1% | 14.2% | 21.4% | -12.8% | 20.7% | 15.4% | 30.3% | -13.4% | 22.8% | 22.1% |
| PBWN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 1 Mil |
| Share Class Assets: | $ 1 Mil |
| Turnover: | na |
| Expense Ratio: | 0.14% |
| Index Fund: | Yes |
| Index Tracked: | BITA Global Industrils ex US Slct TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Hicks Andrew (Andy) (2026), Duan Qiao (2026) | |||
Portfolio Composition (as of 9/30/26)
| # of Holdings: | 104 |
| % in Top 10 Holdings: | 36.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.4% |
| Foreign Stock: | 99.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Tidal Investments LLC |
| Phone Number: | 877-955-2433 |
| Website: | |
| Inception Date: | September 24, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.14% (Rating: Low) |
| Category Average Expense Ratio (%): | 0.50% |
