ETF Evaluator:
Aztlan NA Nearshoring Stk Sel ETF ()
Follow This ETF
(as of Aug 24)
Best Performing in Industrials Over the Last Year
| 115.3% | Leverage Shares 2X Long UNH Daily ETF (UNHG) |
| 63.0% | Stt Strt® SPDR® S&PKenshoFnlFrntrsETF (ROKT) |
| 58.9% | SonicShares™ Global Shipping ETF (BOAT) |
| 45.9% | Aztlan NA Nearshoring Stk Sel ETF (NRSH) |
| 39.7% | US Global Sea to Sky Cargo ETF (SEA) |
Risk
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Risk
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ETF Details
Aztlan NA Nearshoring Stk Sel ETF Overview
Aztlan NA Nearshoring Stk Sel ETF (NRSH) is a passively managed Sector Equity Industrials exchange-traded fund (ETF). Aztlan ETFs launched the ETF in 2023.
The investment seeks to track the performance, before fees and expenses, of the Aztlan North America Nearshoring Price Return Index.
The initial universe for the index includes companies that, according to GICS classifications, belong to one of the following industries or sub-industries: (a) Industrial REITs, (b) Office REITs, (c) Real Estate Management & Development, (d) Specialized REITs, (e) Ground Transportation, (f) Air Freight & Logistics, (g) Transportation Infrastructure, or (h) Marine Transportation. The fund will invest all, or substantially all, of its assets in the component securities that make up the index. It is non-diversified.
About Aztlan NA Nearshoring Stk Sel ETF (NRSH)
There are 2 members of the management team with an average tenure of 2.67 years: Michael Venuto (2023) and Charles Ragauss (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Aztlan North America Nearshoring PR USD index with a weighting of 100%. Aztlan NA Nearshoring Stk Sel ETF has 34 securities in its portfolio. The top 10 holdings constitute 39.4% 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.
Aztlan NA Nearshoring Stk Sel ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Aztlan NA Nearshoring Stk Sel ETF has 14.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 85.6% There is 14.3% 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). Aztlan NA Nearshoring Stk Sel ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $30 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.
NRSH 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 Aztlan NA Nearshoring Stk Sel ETF expense ratio is above average compared to funds in the Industrials category. Aztlan NA Nearshoring Stk Sel ETF has an expense ratio of 0.76%, which is 49% higher than its category average, making the fund expense ratio grade a F. 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. Aztlan NA Nearshoring Stk Sel ETF has a portfolio turnover rate of 184%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 40% for the Industrials category.
Recently, in the month of July 2026, Aztlan NA Nearshoring Stk Sel ETF returned -10.4%, which earned it a grade of F, as the Industrials category had an average return of -4.0%. 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.
Aztlan NA Nearshoring Stk Sel ETF has a trailing yield of 0.31%, which is below the 1.11% category average.
The fund normally distributes its income annually 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.
Aztlan NA Nearshoring Stk Sel ETF Grades
Year to date, the ETF has returned 33.5%, 20.9 percentage points better than the category, which translates into a grade of A. The fund has returned 45.9% over the past year (grade of A).
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NRSH Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| NRSH Return (NAV) | -10.4% | 3.4% | 45.9% | na | na | na |
| NRSH Return (Price) | -7.3% | 2.5% | 39.8% | na | na | na |
| NAV +/- Price Return | -3.029% | 0.859% | 6.115% | na | na | na |
| Industrials Avg | -4.0% | -1.4% | 24.7% | 17.8% | 11.5% | 13.6% |
| NRSH Grade (NAV) | F | B | A | na | na | na |
| +/- Category (NAV) | -6.4% | 4.8% | 21.2% | na | na | na |
| NRSH Tax-Cost Ratio | na | na | 0.2% | na | na | na |
NRSH Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| NRSH Return (NAV) | 33.5% | 13.2% | -6.3% | na | na | na | na | na | na | na | na |
| NRSH Return (Price) | 31.1% | 13.4% | -5.6% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.072% | 0.011% | -0.099% | na | na | na | na | na | na | na | na |
| Industrials Avg | 12.6% | 27.1% | 14.2% | 21.4% | -12.8% | 20.7% | 15.4% | 30.3% | -13.4% | 22.8% | 22.1% |
| NRSH Grade (NAV) | A | D | F | na | na | na | na | na | na | na | na |
| +/- Category | 20.9% | -13.8% | -20.4% | 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: | 0.3% |
| Total Assets: | $ 30 Mil |
| Share Class Assets: | $ 30 Mil |
| Turnover: | 184.0% |
| Expense Ratio: | 0.76% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.7 years | |||
| Average Tenure: 2.7 years | |||
| Managers (Year): Venuto Michael (2023), Ragauss Charles (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 34 |
| % in Top 10 Holdings: | 39.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 14.3% |
Portfolio Allocation |
|
| Domestic Stock: | 85.6% |
| Foreign Stock: | 14.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Aztlan ETFs |
| Phone Number: | 800-886-4107 |
| Website: | |
| Inception Date: | November 29, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.76% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.51% |
