IQ

WAR U.S. Global Technology and Aerospace & Defense ETF

Share ▾
Share on XDownload as PDF
$26.05
−4.8% · 1 day, price
IQ’s readingComputed nightly from ETFIQ data. Not written live.

Between Jun 30, 2026 and Oct 12, 2026, WAR lost 13.5%, against −14.5% for its own holdings.

What drove WAR’s returns?What does WAR hold that the S&P 500 does not?What do WAR’s net flows of +$31.4m over the since Dec 2024 mean?
Holds 28 stocks in defense, 38% of its weight in S&P 500 companiesU.S. Global ↗Expense ratio 0.60%Fund assets $41m net assets, latest filing (Jun 30, 2026)First traded Dec 19, 2024Benchmark Its own holdings, as of Jun 30, 2026; its prospectus names no index it tracksSEC filings ↗Every U.S. Global fund ETFIQ covers

Promise check: Not measuredETFIQ has not yet listed which companies belong to the defense theme.

Compare with…Trading costsPut to the committeeaskIQ about WARAdd to portfolioOverlapFlowsAlerts

WAR risk and return scorecard

vs its own holdings

Not measured: its benchmark is its own holdings, which has no weekly price series.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records; risk-free rate: U.S. Treasury, Daily Treasury Bill Rates, 13-week coupon equivalent Method · Data

Money in and out

Net fund flows · Jun 30, 2026
12 months to Jun 30, 2026
+$26.3m
Since Dec 2024
+$31.4m
askIQ: what do these flows mean? ↗

What you earned

WAR −19.7%: total return over one month to Nov 4, 2026.
WAR−19.7%
WAR −18.5%: total return over three months to Nov 4, 2026.
WAR−18.5%
askIQ: what drove WAR’s returns? ↗

What did you actually buy?

Defense · holdings as of Jun 30, 2026
38.1%
Already in the S&P 500
Report
92.5%
Active share vs the S&P 500
Report
61.0%
Top ten holdings
Report
not published
Total return,
Share already in the S&P 500
38.1% of the fund by weight, holdings as of Jun 30, 2026.
Ten largest holdings
Astera Labs Inc9.4%
Axon Enterprise Inc8.7%
Micron Technology Inc8.5%
Mildef Group AB7.2%
DroneShield Ltd5.0%
Intuitive Machines Inc5.0%
Teradyne Inc4.9%
Electro Optic Systems Holdings4.1%
Rolls-Royce Holdings PLC4.1%
Lattice Semiconductor Corp4.0%
askIQ: what does WAR hold that the S&P 500 does not? ↗

More on WAR

Every number below is on this page. Open what you need.

The week's ETF fund flows, by email on Sundays.

One-click unsubscribe. See Privacy.

Price, 3 months

$26.05−4.8%1 day, priceClose, Nov 4, 2026

Price only. No distribution was paid over these days, so total return is the same. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 4, 2026. Updated every trading night. Report a data error

Points (pts) are percentage points.

WAR returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 5 – Nov 4, 2026−19.7%−1.0%
3M Aug 5 – Nov 4, 2026−18.5%−0.1%

Total returns, distributions reinvested. No data for 6 months, year to date, 1 year and 3 years.

Source: Tiingo end-of-day prices, with distributions reinvested.

Money in and out

Monthly data · as of Jun 30, 2026

WAR: in the month to Jun 30, 2026, net $10k went out, by its SEC filing.

12 months
+$26.3m
433.7% of $6.1m on Jun 30, 2025
Jul 1, 2025 to Jun 30, 2026
monthly, from SEC filings
Since Dec 2024
+$31.4m
Dec 1, 2024 to Jun 30, 2026
monthly, from SEC filings

Computed by ETFIQ from the monthly sales and redemptions WAR files with the SEC on Form N-PORT.

How this is computed

ETFIQ reads no daily data for this fund, so its flows are monthly, and the latest month filed is Jun 2026. Every day and month ETFIQ holds for WAR, back to Dec 2024, is in its flows file. Flows across every fund · How these flows are computed · Compare WAR with other funds in the flows tool

Month by month, money in and money outDec 2024 to Jun 2026

WAR, money in and money out each month from Dec 2024 to Jun 2026: two bars a month, money in above the line and money out below. Every bar is from WAR’s SEC filings (N-PORT item B.6). Of the 19 months listed, money came in on net in 13 and went out in 1.

Every bar is from WAR’s SEC filings (N-PORT item B.6). Of the 19 months listed, money came in on net in 13 and went out in 1.

MonthInOutNet
Jun 2026 SEC Form N-PORT+$3.5m−$3.5m−$10k
May 2026 SEC Form N-PORT+$9.5m$0+$9.5m
Apr 2026 SEC Form N-PORT+$1.5m$0+$1.5m
Mar 2026 SEC Form N-PORT+$6.5m$0+$6.5m
Feb 2026 SEC Form N-PORT+$3.8m−$1.2m+$2.6m
Jan 2026 SEC Form N-PORT+$1.2m$0+$1.2m
Dec 2025 SEC Form N-PORT$0$0$0
Nov 2025 SEC Form N-PORT$0$0$0
Oct 2025 SEC Form N-PORT+$2.7m$0+$2.7m
Sep 2025 SEC Form N-PORT$0$0$0
Aug 2025 SEC Form N-PORT+$1.2m$0+$1.2m
Jul 2025 SEC Form N-PORT+$1.2m$0+$1.2m
Jun 2025 SEC Form N-PORT+$1.2m$0+$1.2m
May 2025 SEC Form N-PORT$0$0$0
Apr 2025 SEC Form N-PORT+$993k$0+$993k
Mar 2025 SEC Form N-PORT+$1.0m$0+$1.0m
Feb 2025 SEC Form N-PORT$0$0$0
Jan 2025 SEC Form N-PORT+$1.0m$0+$1.0m
Dec 2024 SEC Form N-PORT+$1.0m$0+$1.0m

Most recent first.

How this is computed

N-PORT months: money in is sales plus reinvestments; money out is redemptions.

N-PORT months are the filed sales plus reinvestments less redemptions. Later months add up the daily data; the Source column names any missing day.

Source: ETFIQ, from the fund’s SEC N-PORT filings. Data as of Jun 30, 2026. Updated when the fund files its next report.

WAR key stats

High since May 26, 2026, daily closes to Nov 4, 2026 (ETFIQ)$36.02 on Jun 2, 2026
Low since May 26, 2026, daily closes to Nov 4, 2026 (ETFIQ)$26.05 on Nov 4, 2026
Close on Nov 4, 2026, within that range (ETFIQ)$26.05, 0% of the way from the low to the high
Holdings28
Top ten holdings weight61.0%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 4, 2026
Trading · WARas of Nov 4, 2026
·
Not scored1 of 6 measured · Nov 4, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
One dealer
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

WAR for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
WAR interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

WAR is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
Download all holdings

WAR top ten by weight, 61.0% of the fund, of its 28 equity positions, from the holdings filed for Jun 30, 2026. Source: the fund’s SEC filing.

Astera Labs Inc ALAB 9.45%
Axon Enterprise Inc AXON 8.71%
Micron Technology Inc MU 8.54%
Mildef Group AB MILDEF 7.17%
DroneShield Ltd DRO 5.01%
Intuitive Machines Inc LUNR 4.95%
Teradyne Inc TER 4.93%
Electro Optic Systems Holdings EOS 4.09%
Rolls-Royce Holdings PLC RYCEY 4.06%
Lattice Semiconductor Corp LSCC 4.05%
Fund filings on SEC EDGAR ↗See all 28 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT).

About WAR

Theme (ETFIQ, editorial)Defense
First tradedDec 19, 2024
Already in the S&P 500, by weight (ETFIQ)38.1%
Outside the S&P 500, by weight (ETFIQ)62%
Active share vs the S&P 500 (ETFIQ)92.5%
Already in the Nasdaq-100, by weight (ETFIQ)48.1%
Active share vs the Nasdaq-100 (ETFIQ)86.3%
Top ten holdings weight61.0%
Holdings28
Holdings as of (SEC N-PORT)Jun 30, 2026
Top holdingsAstera Labs Inc 9.4%, Axon Enterprise Inc 8.7%, Micron Technology Inc 8.5%, Mildef Group AB 7.2%, DroneShield Ltd 5.0%, Intuitive Machines Inc 5.0%, Teradyne Inc 4.9%, Electro Optic Systems Holdings 4.1%, Rolls-Royce Holdings PLC 4.1%, Lattice Semiconductor Corp 4.0%
Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$41mReport
Benchmark (ETFIQ, from its filings)Its own holdings, as of Jun 30, 2026; its prospectus names no index it tracksReport
WAR, Jun 30, 2026 to Oct 12, 2026−13.46%
Its book of Jun 30, 2026, the same days (ETFIQ, measured on 77% of the book by weight)−14.52%
Against its own holdings (ETFIQ)+1.06 pts
Below its all-time high (ETFIQ)−27.7%
Expense ratio (485BPOS XBRL, Apr 24, 2026)0.60%Report
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)0.65%
Closest funds by holdings overlapWTAI 22%, CHAT 21%, LRNZ 20%, FDTX 20%, RACK 18%
Below its all-time high27.7%, high on Jun 2, 2026
How we measure
The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. It sits 27.7% below its all-time high of Jun 2, 2026.
Holdings from the fund’s latest public SEC N-PORT filing; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested. Method
IQ Investment Committee on WAR

12 seats on WAR, as of Nov 4, 2026: 1 Mixed, 7 Challenges, 4 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianChallenges
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingChallenges
Uses ETFIQ’s measuresThe ETFIQ SkepticETFIQ’s own seatMixed
Put WAR to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Questions people ask about WAR

How much of WAR is in S&P 500 companies?
By its holdings filed for Jun 30, 2026, 38% of WAR by weight is stocks the S&P 500 already holds. Its active share against the index is 92%, so that share is the part doing something different.
What does WAR hold?
28 positions as filed for Jun 30, 2026, with the top ten at 61% of the fund. The largest are Astera Labs Inc at 9.4%, Axon Enterprise Inc at 8.7%, Micron Technology Inc at 8.5%.
What does WAR cost?
The prospectus expense ratio is 0.60% a year. Because 92% of the fund differs from the S&P 500, the fee on that differing part works out at 0.65%.
Sources and dates
Prices, WAR and S&P 500 (SPY)Tiingo end-of-day · Nov 4, 2026
Fee, 0.60%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $41mSEC filing, whole fund · Jun 30, 2026
HoldingsHoldings filing (SEC Form N-PORT) · Jun 30, 2026 ↗
IssuerU.S. Global website ↗
All fund filingsFund filings on SEC EDGAR ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
Cite this pageCitation, APA and Markdown

ETFIQ, WAR, thematic ETFs, data as of Nov 4, 2026. https://etfiq.com/funds/war

The difference bar for WAR, redrawn every trading night.

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

Active share
How differently the money is placed, counting weights: one minus the sum of the smaller weight of each security across the fund and the index. 100% means nothing in common; 0% means the index itself. Two funds can hold the same names and still have a high active share if they weight them very differently.
Weight overlap
The share of money two portfolios hold in the same securities at the same weight.
Already in the index
The fund’s weight in securities the S&P 500 holds at all. A fund can be made entirely of index names and still have high active share, because it holds them at different weights.
Top ten
The weight of the ten largest holdings. Above 50% the fund is a bet on a handful of companies, whatever the theme.
Full definitions: thematic ETFs vocabulary page. →
Embed this chart

Free to use with the credit link. Paste this where the chart should go; it updates every trading night.

WAR: 38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.
<figure style="margin:0;max-width:640px">
<iframe src="https://etfiq.com/embed/themes/war/" title="WAR: 38% of WAR&#x27;s weight is in S&amp;P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026." width="640" height="346" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">WAR: 38% of WAR&#x27;s weight is in S&amp;P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026. Data: <a href="https://etfiq.com/funds/war">ETFIQ</a></figcaption>
</figure>

How to embed ETFIQ charts

Get the ETFIQ Daily

The day's ETF flows, a comparison and one number. Every trading morning. About the Daily

The ETFIQ Daily and our other emails. Unsubscribe from any one in a click. See Privacy.

Snapshot, Nov 4, 2026. More on the tabs above.