Amberwave Invest USA JSG Fund
IUSA
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- Amberwave Invest USA JSG Fund (IUSA) is an actively managed exchange-traded fund (ETF) that seeks long-term capital appreciation by investing in approximately 100 high-scoring companies from the S&P 500, selected based on a proprietary Jobs, Security, and Growth (JSG) methodology developed by Amberwave Partners. The fund emphasizes U.S.-focused investments in megatrends supporting domestic jobs through worker investments, supply chain and IT security to mitigate risks, and growth initiatives that enhance economic resilience and performance. It targets large-cap U.S. equities, aiming to match broad S&P 500 macro characteristics while delivering JSG-specific outperformance for institutional and retail investors seeking impact-aligned returns. The ETF offers exposure to a concentrated portfolio of around 100 holdings, with significant allocation to large-cap stocks comprising over 93% of assets; top 10 holdings represent 100% in some analyses, reflecting active management focused on JSG themes rather than broad diversification. Managed under Northern Lights Fund Trust II, it features an expense ratio of 0.67%, trades on U.S. exchanges, and provides qualified dividend distributions without K-1 forms. Amberwave Partners, the investment manager headquartered in the United States and founded around 2022, oversees the fund through co-founders and portfolio managers including Stephen Miran, Dan Katz, and Thomas Emanuel Dans, supported by an Economic Advisory Board of experts in economics, finance, and policy. Launched on January 19, 2022, the fund represents Amberwave Partners' inaugural ETF product, marking the firm's entry into actively managed impact investing tied to JSG principles amid post-pandemic economic recovery efforts. No major acquisitions, funding rounds, partnerships, or product launches have been reported for the fund or Amberwave Partners in the last 1-2 years; operations remain focused on portfolio optimization within U.S. large-cap equities. The fund continues to evolve its JSG scoring to identify outperformance linked to U.S. jobs, security, and growth, with recent trading activity showing a market cap of approximately $1.59 million as of November 2025.