ETF Evaluator:
MicroSectors™ 3× Long Taiwan Etns (TAWN)
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(as of Sep 10)
Best Performing in Trading--Inverse Equity Over the Last Year
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ETF Details
MicroSectors™ 3× Long Taiwan Etns Overview
MicroSectors™ 3× Long Taiwan Etns (TAWN) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2026.
The investment seeks to provide three times leveraged participation in the VettaFi Taiwan Equity Fund-Tracking Index (the “Index”) from one leverage reset day to the next, before taking into account fees and charges.
The index is a total return index that tracks the performance of the iShares® MSCI Taiwan ETF and is designed to provide exposure to the large- and mid-capitalization segments of the equity market in Taiwan through a single fund-tracking vehicle.
About MicroSectors™ 3× Long Taiwan Etns (TAWN)
There are 1 members of the management team with an average tenure of 0.03 years: No Manager (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: VettaFi Taiwan Equity Fund Trckng TR USD index with a weighting of 100%. MicroSectors™ 3× Long Taiwan Etns has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
MicroSectors™ 3× Long Taiwan Etns is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors™ 3× Long Taiwan Etns has 97.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.3% There is 97.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). MicroSectors™ 3× Long Taiwan Etns has 0.5% of the portfolio in cash.
Assets Under Management
The fund has $5 million in total assets, which is below the $68 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TAWN Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The MicroSectors™ 3× Long Taiwan Etns expense ratio is high compared to funds in the Trading--Inverse Equity category. MicroSectors™ 3× Long Taiwan Etns has an expense ratio of 0.95%, which is 17% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. MicroSectors™ 3× Long Taiwan Etns has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 17% for the Trading--Inverse Equity category.
Recently, in the month of August 2026, MicroSectors™ 3× Long Taiwan Etns returned 0.0%, which earned it a grade of NA, as the Trading--Inverse Equity category had an average return of -14.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
MicroSectors™ 3× Long Taiwan Etns has a trailing yield of 0.00%, which is below the 6.04% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
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TAWN Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TAWN Return (NAV) | na | na | na | na | na | na |
| TAWN Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -14.4% | -8.4% | -34.7% | -31.6% | -23.6% | -29.9% |
| TAWN Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| TAWN Tax-Cost Ratio | na | na | na | na | na | na |
TAWN Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TAWN Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| TAWN Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -33.4% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| TAWN Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 5 Mil |
| Share Class Assets: | $ 5 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | No |
| Index Tracked: | VettaFi Taiwan Equity Fund Trckng TR USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.0 years | |||
| Average Tenure: 0.0 years | |||
| Managers (Year): Manager No (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.3% |
| Foreign Stock: | 97.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.5% |
Purchase Information
| Legal Structure: | Uncollateralized Debt Instrument |
| Fund Family: | BMO Capital Markets |
| Phone Number: | 877-369-5412 |
| Website: | |
| Inception Date: | August 19, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 1.14% |
