NASH Fund Description

Nashville Area ETF tracks a multifactor-weighted equity index comprising US-listed companies headquartered in the greater Nashville area.

NASH ETF.com Insight

[As of 8/18/14] NASH specifically targets companies headquartered in the Nashville, Tenn. region, offering a truly unique spin on US equity investing, one with a very local flavor. After screening out companies with market caps less than $100M and daily trading volumes under $50K shares a day, NASH weights its holdings based on fundamental and technical factors. The resulting portfolio is highly concentrated in about 25 names. The fund's biggest sector weighting goes to health care, but retailers and restaurants like Tractor Supply, Genesco and Cracker Barrel Old Country Store boost NASH's consumer cyclical exposure as well. NASH charges 49 bps, high for ETF standards, but in line with other funds targeting niche markets. While NASH will likely Fit our benchmark poorly, it's truly one of a kind and is the first and only equity ETF to target a specific US metropolitan area. (Insight updated 01/17/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

NASH
-9.09% -2.14% -0.88% 7.70% -- -- --

NASH (NAV)
-6.09% 0.10% 3.31% 12.62% -- -- --

LocalShares Nashville Index
-6.19% 0.37% 3.23% 12.01% -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

NASH Top 10 Countries

NASH Top 10 Sectors

NASH Top 10 Holdings

This chart is unavailable

NASH Summary Data

LocalShares

A company that produces and manages ETFs.

08/01/13

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.49%

The net total annual fee a fund holder pays to the issuer.

$8.41 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$46.83 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.23%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

NASH Portfolio Data

$5.46 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

46.49

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.58

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

0.33%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

--

The date on which a security's price excludes an upcoming dividend.

22

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

NASH Index Data

LocalShares Nashville Index

This is the benchmark an ETF is desigend to track or replicate.

Multi-Factor

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Cap

A set of rules that the underlying index provider follows to select its constituent securities.

MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to NASH

IWV, VTI, SCHB, EUSA, NYC

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

NASH ETF.com Efficiency Insight

[As of 8/18/14] NASH's 49 bp expense ratio is fairly high by ETF standards; it's especially high compared with other US total market ETFs, some of which charge as low as 4 bps. Still, NASH targets a unique geographic region within the US, and 49 bps is competitive for such a niche ETF. Unfortunately, its laser focus has yet to catch on, and unless it can improve upon its less than $10M asset base, it will be at risk of closure. (Insight updated 01/17/2014)


Total Return - 10/16/2014
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 10/16/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

NASH
-9.09% -2.14% -0.88% 7.70% -- -- --

NASH (NAV)
-6.09% 0.10% 3.31% 12.62% -- -- --

LocalShares Nashville Index
-6.19% 0.37% 3.23% 12.01% -- -- --

MSCI USA Investable Markets
-6.83% -5.79% 1.04% 8.57% 16.90% 13.33% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

NASH Portfolio Management

0.49%

The net annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

NASH Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.44%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Qualified dividends

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

NASH Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

High

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

NASH ETF.com Tradability Insight

[As of 8/18/14] NASH has less than $10M in AUM meaning the market for its shares is extremely shallow. The fund trades very little on most days, and spreads hover around 40 bps, so limit orders are a must. (Insight updated 01/17/2014)

Average Spread

Premium/Discount

Volume

NASH ETF.com/ Block LiquidityAs of 10/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of NASH. NASH is rated a 3 out of 5.

NASH Tradability

1,597

It is the daily number of shares traded, averaged over the past 45 trading days.

$46.83 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

500

Median number of shares traded over the past 45 trading days.

$14.24 K

Median dollar value of shares traded over the past 45 trading days.

0.23%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.07

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.00%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

3.49% / -3.74%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.01

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.04%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.61%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$28.05

The total market value of the assets that an ETF holds less fund expenses.

3

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

NASH ETF.com Fit Insight

[As of 8/18/14] NASH doesn't intend to represent the US total market, so it's not expected to Fit our broad US benchmark well. Instead, NASH focuses exclusively on companies headquartered in the greater Nashville area. The fund is highly concentrated in roughly 25 companies and heavily weighted in health care and consumer cyclicals. NASH tilts very small, with over half of the fund allocated to small- and micro-caps, and only a small precentage allocated to large-caps (greater than $12.9B in market cap). (Insight updated 01/17/2014)

NASH Sector/Industry Breakdown

NASH Segment Benchmark
12.30% 38.34%
13.60% 23.85%
17.20% 18.14%
3.10% 10.73%
9.12% 4.76%
13.25% 4.18%

NASH Top 10 Holdings

No data available

NASH Geographic ExposureView All

NASH Segment Benchmark
99.69% 100.00%
0.00% --
0.04% --
0.02% --
0.02% --
0.07% --
0.01% --
0.01% --
0.04% --
0.10% --

NASH Segment Benchmark
99.71% 100.00%
0.10% --
0.16% --
0.02% --
99.98% / 0.02% 100.00% / --

NASH Performance Statistics

0.64

The degree to which the fund and its segment benchmark move up and down in unison.

1.03

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.86

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.96

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.48%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

MSCI USA Investable Markets

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

NASH Benchmark Comparison

NASH
22 Holdings
Segment Benchmark
2473 Constituents
Shared Holdings
21 (Count)
 
0.42% (Weight)
NASHSegment Benchmark
$103.84 B$5.46 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

76%12%
18%33%
6%43%
1%11%
20.9846.49

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.632.58

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

1.80%1.23%

The weighted average of the current yield on the portfolio’s holdings.

247322

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

LowHigh

The level of return contribution attributable to the average portfolio constituent.