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WAR

GradeCNew York Stock Exchange Arca

U.S. Global Technology and Aerospace & Defense ETF

Themes · US Global · Inception 2024-12-30

$31.88−0.25 (−0.78%)

As of Sep 23, 2026, 12:09 PM EDT

History starts Dec 30, 2024.
Intraday session: down, 9 prints from 32.13 to 31.88. Range 31.88 to 32.13. Use the arrow keys to read each point.$32.00$32.1010 AM12 PM2 PM4 PM
Expense ratio
0.60%
Fund size
$36M
1Y return
+39.8%
Yield · Last 12 months
Data unavailable
Holdings
29
Volume · 30D
0M sh
NAV per share
$30.87
52W range
low $22.40high $36.16

The ETF.net WAR Grade

C

42/ 100

Rank 15 of 26 in Defense & Aerospace⁠

Confidence Medium

Six-pillar profile for WAR. Scores out of 100: Cost 34, Risk 42, Mission not scored, Tradability 56, Holdings 48, Durability 49. Strongest: Tradability (56). Weakest: Cost (34). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 42 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 34
    Category rank18/26 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 42
    Category rank15/25 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank10/26 · top 38%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 48
    Category rank16/26 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 49
    Category rank17/26 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on WAR

ETF.net Research

CMost defense funds buy the primes. WAR's bet is that modern warfare runs on chips, code and data centers, so it pairs aerospace and defense names with semiconductors and cybersecurity in one active, roughly 30-stock portfolio.

Stated mandate

The Fund seeks capital appreciation. It invests at least 80% of net assets in technology and aerospace and defense equities, emphasizing companies whose products, services, or innovations support national defense, including aerospace, physical, and cybersecurity defense.

Why people hold it

  1. 01Defense plus the tech behind it: aerospace and defense manufacturers sit alongside semiconductors, cybersecurity, data centers and electronic warfare names.globenewswire.com
  2. 02Actively managed, not a fixed defense index: managers pick names with quantitative screens and fundamental research, benchmarked to the S&P 500 Total Return Index.usfunds.comusglobaletfs.com
  3. 03Roughly 30 holdings, so each position carries real weight. A concentrated take on the theme rather than a watered-down basket.

Worth knowing

  1. 010.60% a year runs a touch above the typical global thematic fund. That is the tab for an active manager rather than an index.
  2. 02Non-diversified and deliberately concentrated, so a rough stretch for chipmakers can drag it even when defense spending holds up.globenewswire.com
  3. 03Launched at the end of 2024 and still a small, lightly traded fund: short track record, and spreads can be wider than in the category giants.

WAR Holdings

As of Sep 20, 2026, 9:24 AM
Asset class
Stocks
Holdings
29
Top-10 weight
59%
Largest holding
AVAV8.7%

Sectors

  • Industrials50.3%
  • Technology48.7%
  • Communication1.0%

Geography

  • United States76.08%
  • Australia8.06%
  • Germany6.29%
  • Netherlands4.93%
  • Sweden3.91%
  • Cayman Islands0.74%

Developed 97% · Emerging 3% of the foreign sleeve

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001AVAVAeroVironment Inc8.72%18,949$3M138
002DRO.AXDroneShield Ltd7.76%2,233,767$3M45
003MUMicron Technology Inc7.43%2,700$3M655
004AXTIAXT Inc7.21%37,771$3M99
005RHM.DERheinmetall AG6.05%1,842$2M125
006AXONAxon Enterprise Inc5.28%4,132$2M326
007NETCloudflare Inc4.40%4,680$2M273
008NPKNational Presto Industries Inc4.03%9,416$1M95
009ALABAstera Labs Inc3.92%4,745$1M258
010NVDANVIDIA Corp3.91%6,329$1M828
011TERTeradyne Inc3.86%3,878$1M421
012FGXXXFirst American Government Obligations Fund 12/01/20313.80%1,349,147$1M86
013SAABB.STSaab AB3.76%21,402$1M2
014BESI.ASBE Semiconductor Industries NV3.73%6,350$1M112
015LOARLoar Holdings Inc3.57%19,743$1M86

Showing 1–15 of 29 holdings

WAR Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

WAR$13,977
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. WAR $13,977. SPY $11,723. Use the arrow keys to read each point.$8,424$12,326$16,229Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for WAR. Periods over one year show the average yearly return.
PeriodWAR
Year to date+39.0%
1 month+0.2%
3 months−5.3%
1 year+39.8%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for WAR
YearReturn barWAR
2026 YTD+39.0%
2025+31.1%
2024−0.2%

Since listing, Dec 30, 2024

WAR in the news

ETF.net Research hasn’t filed on WAR yet — coverage lands here as it’s written.

WAR Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$2.95 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 24, 2025 $2.95. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$2.95

WAR Risk

How much the fund’s monthly returns vary, scaled to a year.
31.6%
Annualised · 20 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.13
vs 3-month T-bills · 20 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−25.0%
20 months · trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
1.86
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

WAR Cost

Expense ratio0.60%
  • The middle half of Defense & Aerospace funds
  • Median 0.50%

15 of the 25 Defense & Aerospace funds charge less.

WAR costs $60.00 a year on $10,000. The median Defense & Aerospace fund costs $50.00.