The Emles Made in America ETF (AMER) seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Emles American Manufacturing Index, an index designed to provide exposure to U.S. equities, predominantly companies headquartered and focused on the production of goods within the U.S.
For the quarter ended March 31, 2022, Fund positions delivered 0.25% at NAV, exceeding its benchmark return of -3.72% by the Russell 1000 Pure Domestic Exposure Index over the same period.
- Contributors: Steel Producers, Defense Contractors
- Detractors: Materials Companies
- Outlook: Inflation and labor supply, among other factors, remain headwinds to manufacturers as a critical labor base adds to inflated costs of goods. We remain hopeful that sustained demand, and normalizing supply chains will drive manufacturing performance.
Quarter in review
- A tough quarter for equities ended up nearly flat for the AMER portfolio with performance from high-flying defense manufacturers just about offset by soaring inflation, rate volatility, and supply chain woes.
- An abatement of the Ukraine-Russia war, along with inflation to labor and materials represent potential catalysts to reversion for outperforming Aerospace and Defense names.