MADE vs NRSH: Grades, Fees and Holdings Compared

iShares U.S. Manufacturing ETF

MADEBNYSE Arca

Aztlan North America Nearshoring Stock Selection ETF

NRSHDNYSE Arca

Overlap

3.8%by weight

Expense ratio

MADE −0.36pt a year

MADE0.40%NRSH0.76%

Avg volume · 30D

MADE 6.9×the volume

MADE15KNRSH2.16K

MADE vs NRSH Performance

Oct 31, 2025 – Oct 30, 2026

+9.4%MADE+18.3%NRSH

Expense ratio: MADE 0.40%, better; NRSH 0.76%
Fund size: MADE $54M; NRSH $31M
1Y total return: MADE +9.4%; NRSH +18.3%, better
Yield (12M): MADE 0.67%, better; NRSH 0.33%
Holdings: MADE 114; NRSH 31
Avg volume (30D): MADE 15K sh, better; NRSH 2.16K sh
NAV per share: MADE $33.56; NRSH $30.54
52W range

ETF.net Grade

Pillar letters and Scores for MADE, NRSH, with each pillar’s weight
Pillar	MADE	NRSH
Cost30% weight	A78Higher	F22
Mission25% weight	Not scored	Not scored
Risk15% weight	C52Higher	C49
Tradability15% weight	C52Higher	D32
Holdings10% weight	A71Higher	B64
Durability5% weight	C54Higher	C46

Rank among Reshoring & Supply Chain funds

How we build Categories ›

Same Category. MADE 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 ›

MADE ranks 3rd 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 3BMADEiShares U.S. Manufacturing ETFScore 65
Rank 4CDGLOFirst Trust RBA Deglobalization ETFScore 40
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

MADEBiShares U.S. Manufacturing ETF

NRSHDAztlan North America Nearshoring Stock Selection ETF

In short

MADE The reshoring theme, done index-style: roughly 110 US companies that earn real revenue from making things, from factory floors to chipmaking gear, at 0.40% a year while the peer group's median fee is 0.75%.

NRSH No data

Stated mandate

MADE The fund seeks to track an index of U.S. companies with substantial manufacturing-related revenue, including industrial manufacturing, automotive, electronics, and semiconductor-manufacturing equipment. It provides focused exposure to domestic manufacturing and possible reshoring trends.

NRSH No data

Why people hold it

MADE Charges 0.40% a year against a 0.75% median for its reshoring peer group, where WELD and SUPP both sit at 0.75%.
Spreads across about 110 US names through an S&P index covering industrial manufacturing, autos, electronics and semiconductor equipment.
Rules-based index rather than a manager's hunch, quarterly distributions, and iShares plumbing behind it. One of the stronger builds in the reshoring group.

NRSH No data

Worth knowing

MADE Launched in 2024, so the record is short and hasn't spanned a full industrial cycle.
Trades lighter than the big broad-market funds, so spreads can run wider, especially near the open and close.
Not the cheapest in the cohort: iShares' own IETC runs 0.18%, though it targets tech independence rather than broad manufacturing.

NRSH No data

Full MADE profile⁠

Full NRSH profile⁠

MADE vs NRSH Holdings

How MADE and NRSH differ

Overlap by weight

3.8%

Shared holdings make up 16.4% of NRSH and 3.8% of MADE.

Level by level

Sector10 Sectors0.0%
Holdings5 in both3.8%
Countryby domicile86.5%
Asset classEquity100%

Sector

Sector weights in MADE and NRSH, widest gap first
Sector	More in MADEMore in NRSH	MADE	NRSH
Capital Goods	MADE +76.3 points	76.3%	0.0%
Industrials	NRSH +49.0 points	0.0%	49.0%
Technology	NRSH +41.0 points	0.0%	41.0%
Tech Hardware & Equip	MADE +14.6 points	14.6%	0.0%
Autos & Components	MADE +7.1 points	7.1%	0.0%
Materials	NRSH +6.0 points	0.0%	6.0%
Real Estate	NRSH +3.9 points	0.0%	3.9%
Semiconductors & Semiconductor Equipment	MADE +0.9 points	0.9%	0.0%
Commercial & Professional Services	MADE +0.8 points	0.8%	0.0%
Consumer Durables	MADE +0.2 points	0.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in MADE and NRSH, widest gap first
Country	More in MADEMore in NRSH	MADE	NRSH
Canada	NRSH +10.0 points	0.0%	10.0%
United States	MADE +9.6 points	96.1%	86.5%
Mexico	NRSH +3.5 points	0.0%	3.5%
China	MADE +3.1 points	3.1%	0.0%
United Kingdom	MADE +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

MADE37.2%
NRSH40.5%

Securities held

MADE111
NRSH31

Asset class

MADE: Equity
NRSH: Equity

Holdings

Only in MADE106
In both5
Only in NRSH26

Only in MADE

106 securities, 95.8% of MADE by weight

Deere4.23%
Amphenol Corp Class A4.14%
Rtx4.11%
General Motors3.82%
Eaton PLC3.78%
Parker-Hannifin3.74%
Honeywell International Inc3.44%
Cummins Inc3.43%
Caterpillar Inc3.24%
Vertiv Holdings Class A3.23%
Te Connectivity PLC3.07%
Johnson Controls International PLC2.98%
Trane Technologies PLC2.98%
Ametek Inc2.75%
Paccar Inc2.67%
Honeywell Aerospace Inc2.43%
Ford Motor Co2.39%
Bloom Energy Class A2.16%
Boeing2.07%
Coherent2.05%
Lockheed Martin1.98%
Teledyne Technologies1.52%
Carrier Global1.46%
General Dynamics Corp1.44%
Dover1.39%
Northrop Grumman Corp1.14%
Fortive0.98%
Transdigm Group0.97%
Snap On Inc0.92%
Hubbell Inc0.81%
L3HARRIS Technologies0.79%
Stanley Black & Decker0.78%
Nvent Electric PLC0.73%
Xylem Inc0.71%
First Solar0.68%
Rivian Automotive Class A0.59%
Fabrinet0.58%
Axon Enterprise0.53%
Toro0.51%
Littelfuse0.50%
Rocket Lab Corp0.46%
Allison Transmission Holdings0.44%
Advanced Energy Industries0.44%
Ttm Technologies Inc0.43%
Nextpower Inc0.43%
Oshkosh Corp0.43%
Generac Holdings0.42%
Regal Rexnord0.38%
Ralliant0.37%
Graco0.36%

Only in NRSH

26 securities, 83.7% of NRSH by weight

Tenable Holdings Inc5.70%
Qualys Inc5.08%
Crowdstrike Holdings Inc4.19%
Crown Castle Inc3.89%
Mullen Group Ltd3.84%
NetApp Inc3.63%
Extreme Networks Inc3.52%
Promotora y Operadora de Infraestructura SAB de CV3.48%
Vistance Networks Inc3.42%
Ciena Corp3.31%
MDA Space Ltd3.29%
ON Semiconductor Corp3.27%
Commercial Metals Co3.24%
Quanta Services Inc3.24%
Micron Technology Inc3.18%
Howmet Aerospace Inc2.97%
ATI Inc2.92%
Tfi International Inc2.85%
Lam Research Corp2.83%
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 MADE and NRSH, widest gap first
Holding	More in MADEMore in NRSH	MADE	NRSH
Zurn Elkay Water Solutions CorpZWS	NRSH +2.99 points	0.22%	3.21%
Lincoln Electric HoldingsLECO	NRSH +2.97 points	0.75%	3.72%
Bwx Technologies IncBWXT	NRSH +2.86 points	0.18%	3.04%
Spx Technologies IncSPXC	NRSH +2.63 points	0.26%	2.89%
Rockwell Automation IncROK	NRSH +1.08 points	2.41%	3.49%

All 111 MADE 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.

MADE vs NRSH Cost

Overpaying NRSH vs MADE

$6,566

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

MADE 0.40%
$8,090
NRSH 0.76%
$14,656

Amount$10,000

Years30 years

Cost over time

MADE 0.40%
NRSH 0.76%
Overpaying

Year by year

Year	MADE	NRSH	Overpaying
10	$723	$1,353	$630
20	$2,793	$5,142	$2,349
30	$8,090	$14,656	$6,566

Expense ratio

0.40%MADE, cheaper
0.76%NRSH

MADE0.40%NRSH0.76%

0.18%0.76%

Middle half of Reshoring & Supply Chain funds
Median 0.70%

MADE 2nd cheapest of 7 funds

NRSH 7th cheapest of 7 funds

MADE vs NRSH Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MADE 0.67%, better; NRSH 0.33%
Payout (12M): MADE $0.22; NRSH $0.10
Last payment: MADE $0.07; NRSH $0.10
Ex-dividend: MADE Sep 15, 2026; NRSH Dec 24, 2025
Paid on: MADE Sep 18, 2026; NRSH Dec 26, 2025
Frequency: MADE Quarterly; NRSH Annual

Distribution history

Per share, 2023 to 2026, same scale for both

MADEQuarterly · 9 paymentsAll MADE payments⁠

NRSHAnnual · 3 paymentsAll NRSH payments⁠

MADE vs NRSH Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MADE 18.9%since Aug 2024NRSH 22.7%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: MADE 0.69since Aug 2024NRSH 0.49since Dec 2023
Worst fallMax drawdown, 5 years: MADE −23.8%since Jul 2024NRSH −24.0%since Nov 2023
Market sensitivityBeta, 5 years: MADE 1.17NRSH 1.58; Market = 1

MADE and NRSH in the news

All news⁠

ETF Filings
Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers
Sep 7, 2026MADE

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MADE vs NRSH

In short

Stated mandate

Why people hold it

Worth knowing

How MADE and NRSH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MADE

Only in NRSH

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Wedbush files for a 50-stock analog ETF that excludes AI, chips and data centers

How MADE and NRSH differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MADE

Only in NRSH

Weight gaps