National Security Emerging Markets Index ETF
NSI
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- National Security Emerging Markets Index ETF (NSI) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the Alerian National Security Emerging Markets Index; the index applies a proprietary National Security Governance (NSG) process, modeled on the U.S. Intelligence Cycle, to filter out companies posing threats to U.S. national security and human rights interests through nine investment screens. The fund invests at least 80% of its total assets in component securities of the index, which draws from the S-Network Emerging Markets Liquid 500 Index and select constituents from the S-Network Developed International Equity 1000 Index in South Korea and Taiwan; top holdings include Taiwan Semiconductor Manufacturing Co. ADR, Samsung Electronics GDR, and China Construction Bank ADR, with sector allocations led by technology (28.80%), financials (23.34%), and communications (16.28%). NSI lists on the Nasdaq exchange with an expense ratio of 0.75% and targets investors seeking emerging markets exposure excluding national security risks. Launched on December 6, 2023, by National Security Index, LLC, a veteran-owned fund sponsor, the ETF is part of the Northern Lights Fund Trust IV and operates primarily in the U.S. market with global emerging markets exposure across countries like Taiwan, South Korea, India, and China. In December 2023, National Security Index partnered with Tuttle Capital Management for the fund's launch; the firm continues to publish critical intelligence reports on index exclusions, including analyses in April 2025 on potential U.S. sanctions against Chinese military companies and in October 2024 on excluding bad actors from emerging markets investments.