ETF Evaluator:
U.S. Global Tech and Arspc & Defense ETF ()
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(as of Aug 26)
Best Performing in Technology Over the Last Year
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ETF Details
U.S. Global Tech and Arspc & Defense ETF Overview
U.S. Global Tech and Arspc & Defense ETF (WAR) is an actively managed Sector Equity Technology exchange-traded fund (ETF). U.S. Global Investors launched the ETF in 2024.
The investment seeks to provide capital appreciation.
The fund is an actively managed ETF that seeks to achieve its investment objective by investing in equity securities of companies that U.S. Global Investors, Inc. (the “Adviser”), the fund’s investment adviser, believes may benefit from the development of products and services or technological innovations related to national defense efforts, including aerospace, physical, and cybersecurity defense, in preparation for or in response to domestic, regional, or global conflicts. The fund is non-diversified.
About U.S. Global Tech and Arspc & Defense ETF (WAR)
There are 3 members of the management team with an average tenure of 1.59 years: Ralph Aldis (2024), Joanna Sawicka (2024) and Frank Holmes (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. U.S. Global Tech and Arspc & Defense ETF has 30 securities in its portfolio. The top 10 holdings constitute 61.5% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
U.S. Global Tech and Arspc & Defense ETF is part of the Equity global asset class and is within the Sector Equity ETF group. U.S. Global Tech and Arspc & Defense ETF has 30.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 68.9% There is 30.5% 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). U.S. Global Tech and Arspc & Defense ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $34 million in total assets, which is below the $3 billion average for the Technology 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.
WAR 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 U.S. Global Tech and Arspc & Defense ETF expense ratio is above average compared to funds in the Technology category. U.S. Global Tech and Arspc & Defense ETF has an expense ratio of 0.60%, which is 11% higher than its category average, making the fund expense ratio grade a C. 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. U.S. Global Tech and Arspc & Defense ETF has a portfolio turnover rate of 394%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Technology category.
Recently, in the month of July 2026, U.S. Global Tech and Arspc & Defense ETF returned -16.1%, which earned it a grade of D, as the Technology category had an average return of -9.8%. 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.
U.S. Global Tech and Arspc & Defense ETF has a trailing yield of 0.14%, which is below the 0.45% 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.
U.S. Global Tech and Arspc & Defense ETF Grades
Year to date, the ETF has returned 25.0%, 3.7 percentage points better than the category, which translates into a grade of B. The fund has returned 37.2% over the past year (grade of B).
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WAR Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| WAR Return (NAV) | -16.1% | -2.6% | 37.2% | na | na | na |
| WAR Return (Price) | -16.3% | -3.2% | 37.7% | na | na | na |
| NAV +/- Price Return | 0.183% | 0.597% | -0.539% | na | na | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| WAR Grade (NAV) | D | F | B | na | na | na |
| +/- Category (NAV) | -6.3% | -9.9% | 3.6% | na | na | na |
| WAR Tax-Cost Ratio | na | na | 4.6% | na | na | na |
WAR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| WAR Return (NAV) | 25.0% | 31.9% | na | na | na | na | na | na | na | na | na |
| WAR Return (Price) | 25.0% | 31.1% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | -0.024% | na | na | na | na | na | na | na | na | na |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| WAR Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 3.7% | 8.6% | 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: | 0.1% |
| Total Assets: | $ 35 Mil |
| Share Class Assets: | $ 35 Mil |
| Turnover: | 394.0% |
| Expense Ratio: | 0.60% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.6 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Aldis Ralph (2024), Sawicka Joanna (2024), Holmes Frank (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 30 |
| % in Top 10 Holdings: | 61.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 30.5% |
Portfolio Allocation |
|
| Domestic Stock: | 68.9% |
| Foreign Stock: | 30.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | U.S. Global Investors |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | December 27, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.60% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.54% |
