IETC vs NRSH: Grades, Fees and Holdings Compared

iShares U.S. Tech Independence Focused ETF

IETCACboe

Aztlan North America Nearshoring Stock Selection ETF

NRSHDNYSE Arca

Overlap

8.0%by weight

Expense ratio

IETC −0.58pt a year

IETC0.18%NRSH0.76%

Avg volume · 30D

IETC 16.2×the volume

IETC35KNRSH2.16K

IETC vs NRSH Performance

Oct 31, 2025 – Oct 30, 2026

−4.3%IETC+18.3%NRSH

Expense ratio: IETC 0.18%, better; NRSH 0.76%
Fund size: IETC $639M; NRSH $31M
1Y total return: IETC −4.3%; NRSH +18.3%, better
Yield (12M): IETC 0.40%, better; NRSH 0.33%
Holdings: IETC 111; NRSH 31
Avg volume (30D): IETC 35K sh, better; NRSH 2.16K sh
NAV per share: IETC $102.26; NRSH $30.54
52W range

ETF.net Grade

Pillar letters and Scores for IETC, NRSH, with each pillar’s weight
Pillar	IETC	NRSH
Cost30% weight	A92Higher	F22
Mission25% weight	A78	Not scored
Risk15% weight	D37	C49Higher
Tradability15% weight	A82Higher	D32
Holdings10% weight	D37	B64Higher
Durability5% weight	A88Higher	C46

Rank among Reshoring & Supply Chain funds

How we build Categories ›

Same Category. IETC and NRSH are both graded against the same 7 Reshoring & Supply Chain funds, so their Grades compare head to head.

Reshoring & Supply Chain⁠

Category · 7 funds

See all 7 ›

IETC ranks 1st and NRSH 6th of 7 funds in the Reshoring & Supply Chain Category.

Rank 1AIETCiShares U.S. Tech Independence Focused ETFScore 71
Rank 2BDRESGMO Domestic Resilience ETFScore 68
Rank 5DWELDTema U.S. Manufacturing & Reshoring ETFScore 37
Rank 6DNRSHAztlan North America Nearshoring Stock Selection ETFScore 36
Rank 7DSUPPTCW Transform Supply Chain ETFScore 30

Our read on each fund

ETF.net Research

IETCAiShares U.S. Tech Independence Focused ETF

NRSHDAztlan North America Nearshoring Stock Selection ETF

In short

IETC Most reshoring funds buy factories. This one buys the tech behind them: an active BlackRock portfolio that uses geolocation data to favor U.S. tech firms with more capability, revenue and production at home. Running since 2018.

NRSH No data

Stated mandate

IETC The fund seeks long-term growth through actively managed exposure to U.S. technology companies with resilient value chains, domestic capabilities, and a greater proportion of U.S. technological capabilities, revenues, and production.

NRSH No data

Why people hold it

IETC At 0.18%, it costs a fraction of the typical fund in this theme, where the median sits at 0.75%. That is unusual pricing for anything actively managed.
Actively managed, not index-tracking. BlackRock uses geolocation data and proprietary models to identify U.S. tech companies with a greater share of capabilities, revenue and production onshore.ishares.com
The definition of "tech" here is not the standard sector box. A proprietary classification system decides who counts, which can reach names a traditional sector screen files elsewhere.ishares.com
One of the stronger implementations in its peer group, and it has been trading since 2018, before reshoring became a crowded fund-marketing category.

NRSH No data

Worth knowing

IETC Roughly 100 stocks in one sector, and it sits at the higher-volatility end of what we track. Tech drawdowns land with little inside the portfolio to cushion them.
"Tech independence" is BlackRock's own call, set by proprietary models rather than a public index, and iShares notes the classification system may not achieve its intended results.ishares.com
Mid-sized and moderately traded rather than a headline-volume ETF, so limit orders are the sensible habit on larger tickets.

NRSH No data

Full IETC profile⁠

Full NRSH profile⁠

IETC vs NRSH Holdings

How IETC and NRSH differ

Overlap by weight

8.0%

Shared holdings make up 17.1% of NRSH and 10.1% of IETC.

Level by level

Sector18 Sectors0.4%
Holdings5 in both8.0%
Countryby domicile86.6%
Asset classEquity100%

Sector

Sector weights in IETC and NRSH, widest gap first
Sector	More in IETCMore in NRSH	IETC	NRSH
Industrials	NRSH +49.0 points	0.0%	49.0%
Semiconductors & Semiconductor Equipment	IETC +43.7 points	43.7%	0.0%
Technology	NRSH +41.0 points	0.0%	41.0%
Software & Services	IETC +21.1 points	21.1%	0.0%
Tech Hardware & Equip	IETC +16.5 points	16.5%	0.0%
Media & Entertainment	IETC +8.1 points	8.1%	0.0%
Materials	NRSH +6.0 points	0.0%	6.0%
Financials	IETC +3.7 points	3.7%	0.0%
Real Estate	NRSH +3.5 points	0.4%	3.9%
Consumer Discretionary	IETC +2.9 points	2.9%	0.0%
Capital Goods	IETC +1.4 points	1.4%	0.0%
Commercial & Professional Services	IETC +1.0 points	1.0%	0.0%
Transportation	IETC +0.6 points	0.6%	0.0%
Pharma, Biotech & Life Sciences	IETC +0.2 points	0.2%	0.0%
Real Estate Management & Development	IETC +0.2 points	0.2%	0.0%
Consumer Services	IETC +0.1 points	0.1%	0.0%
Telecommunications	IETC +0.1 points	0.1%	0.0%
Autos & Components	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in IETC and NRSH, widest gap first
Country	More in IETCMore in NRSH	IETC	NRSH
United States	IETC +13.3 points	99.8%	86.5%
Canada	NRSH +10.0 points	0.0%	10.0%
Mexico	NRSH +3.4 points	0.1%	3.5%
Other countries (2)	IETC +0.2 points	0.2%	0.0%

Concentration

Weight in the 10 largest Holdings

IETC49.5%
NRSH40.5%

Securities held

IETC108
NRSH31

Asset class

IETC: Equity
NRSH: Equity

Holdings

Only in IETC103
In both5
Only in NRSH26

Only in IETC

103 securities, 89.2% of IETC by weight

NVIDIA13.60%
Broadcom Inc7.58%
Advanced Micro Devices5.55%
Apple4.29%
Palantir Technologies Class A2.98%
Amazon.com Inc2.84%
Alphabet Class A2.59%
Meta Platforms Class A2.58%
Cisco Systems Inc2.28%
Arista Networks2.17%
Alphabet Class C2.15%
Microsoft2.13%
Oracle1.97%
International Business Machines Co1.90%
Verisign1.77%
Intercontinental Exchange Inc1.66%
Fortinet1.64%
Moodys Corp1.62%
Sandisk1.44%
Applied Material Inc1.38%
Monolithic Power Systems Inc1.29%
Marvell Technology1.29%
Synopsys1.27%
Everpure Inc Class A1.26%
Intel Corporation1.09%
Boeing1.01%
Docusign1.00%
Keysight Technologies0.99%
Dynatrace Inc0.89%
Ss and C Technologies Holdings0.78%
Western Digital Corp0.78%
Kla0.76%
Servicenow0.73%
Motorola Solutions Inc0.71%
Uber Technologies0.66%
Astera Labs0.55%
Cloudflare Class A0.54%
Seagate Technology Holdings PLC0.49%
Cdw0.45%
Palo Alto Networks0.38%
Qualcomm0.37%
Adobe Inc0.37%
Hewlett Packard Enterprise0.36%
Teradyne0.34%
Dell Technologies Inc Class C0.33%
Texas Instrument0.33%
Block Class A0.32%
Vertiv Holdings Class A0.31%
Rubrik Class A0.31%
Atlassian Corp Class A0.28%

Only in NRSH

26 securities, 82.9% of NRSH by weight

Tenable Holdings Inc5.70%
Qualys Inc5.08%
Crown Castle Inc3.89%
Mullen Group Ltd3.84%
Lincoln Electric Holdings Inc3.72%
Extreme Networks Inc3.52%
Rockwell Automation Inc3.49%
Promotora y Operadora de Infraestructura SAB de CV3.48%
Vistance Networks Inc3.42%
MDA Space Ltd3.29%
ON Semiconductor Corp3.27%
Commercial Metals Co3.24%
Quanta Services Inc3.24%
Zurn Elkay Water Solutions Corp3.21%
BWX Technologies Inc3.04%
Howmet Aerospace Inc2.97%
ATI Inc2.92%
SPX Technologies Inc2.89%
Tfi International Inc2.85%
Astronics Corp2.82%
JB Hunt Transport Services Inc2.72%
Sanmina Corp2.65%
Dycom Industries Inc2.58%
MasTec Inc2.45%
Sterling Infrastructure Inc2.42%
First American Government Obligations Fund 12/01/20310.18%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in IETC and NRSH, widest gap first
Holding	More in IETCMore in NRSH	IETC	NRSH
CienaCIEN	NRSH +3.10 points	0.21%	3.31%
Netapp IncNTAP	NRSH +3.01 points	0.62%	3.63%
Crowdstrike Holdings Class ACRWD	NRSH +2.46 points	1.73%	4.19%
Micron TechnologyMU	IETC +2.08 points	5.26%	3.18%
Lam ResearchLRCX	NRSH +0.57 points	2.26%	2.83%

All 108 IETC holdings⁠All NRSH holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IETC vs NRSH Cost

Overpaying NRSH vs IETC

$10,907

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IETC 0.18%
$3,749
NRSH 0.76%
$14,656

Amount$10,000

Years30 years

Cost over time

IETC 0.18%
NRSH 0.76%
Overpaying

Year by year

Year	IETC	NRSH	Overpaying
10	$328	$1,353	$1,025
20	$1,281	$5,142	$3,861
30	$3,749	$14,656	$10,907

Expense ratio

0.18%IETC, cheaper
0.76%NRSH

IETC0.18%NRSH0.76%

0.18%0.76%

Middle half of Reshoring & Supply Chain funds
Median 0.70%

IETC cheapest of 7 funds

NRSH 7th cheapest of 7 funds

IETC vs NRSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IETC 0.40%, better; NRSH 0.33%
Payout (12M): IETC $0.41; NRSH $0.10
Last payment: IETC $0.09; NRSH $0.10
Ex-dividend: IETC Sep 15, 2026; NRSH Dec 24, 2025
Paid on: IETC Sep 18, 2026; NRSH Dec 26, 2025
Frequency: IETC Quarterly; NRSH Annual

Distribution history

Per share, 2018 to 2026, same scale for both

IETCQuarterly · 34 paymentsAll IETC payments⁠

NRSHAnnual · 3 paymentsAll NRSH payments⁠

IETC vs NRSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IETC 21.8%NRSH 22.7%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: IETC 0.94NRSH 0.49since Dec 2023
Worst fallMax drawdown, 5 years: IETC −38.5%NRSH −24.0%since Nov 2023
Market sensitivityBeta, 5 years: IETC 1.24NRSH 1.58; Market = 1

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