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U.S. Global Investors, Inc. (NASDAQ: GROW) (the "Company"), a registered investment advisory firm known for its thematic ETFs,[1] is pleased to announce that its actively managed defense and technology ETF, the U.S. Global Technology and Aerospace & Defense ETF (NYSE: WAR), is now listed on Peru's Bolsa de Valores de Lima (BVL), the Lima Stock Exchange.
WAR becomes the fourth U.S. Global ETF available to investors in Peru, joining the U.S. Global Jets ETF (NYSE: JETS), which listed in Lima in December 2020; the U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU), which followed in December 2023; and the U.S. Global Sea to Sky Cargo ETF (NYSE: SEA), which listed in November 2024. Peru is also the first market outside the U.S. where WAR is available.
"Peru has been a great home for JETS, GOAU and SEA, and we're excited to now give Peruvian investors access to what we believe is one of the most important investment themes of this decade," says Frank Holmes, the Company's CEO and Chief Investment Officer. "Countries around the world are rebuilding defenses, and more and more of that money is going toward drones, satellites, artificial intelligence (AI) and cybersecurity. WAR is designed to capture both sides of that story, the traditional defense manufacturers and the technology companies that make modern defense possible."
Global Defense Spending Reaches Another Record
World military expenditure rose to an estimated $2.89 trillion in 2025, the 11th consecutive year of growth, according to the Stockholm International Peace Research Institute (SIPRI). Spending climbed to 2.5% of global gross domestic product (GDP), the highest share since 2009, with South America rising to $56.3 billion. [2]
Peru is investing in its own armed forces as well. The government's proposed 2027 budget, now before Congress, allocates 11.66 billion soles ($3.47 billion) to defense, with the largest amount set aside for investment projects in years.[3]
A Dual Focus on Traditional and Cyber Defense
Launched in December 2024, the WAR ETF uses a Smart Beta 2.0, the Company's quantamental investment process. The process starts by identifying long-term themes driven by government policy and technological change. It then screens companies on quantitative factors such as profitability, volatility and liquidity, and adds fundamental research to decide which companies to own. The ETF holds 29 companies from developed markets worldwide. As of September 30, 2026, aerospace and defense companies made up 50% of the portfolio, followed by semiconductors at 30%, cybersecurity at 10% and data centers at 10%.
"I've always said that government policies are a precursor to change, and defense budgets are one of the clearest examples," Mr. Holmes continues. "When governments commit to multi-year spending, that money flows to the companies building the equipment and the technology."
A More Connected Regional Market
The listing comes as Peru's capital markets become more closely linked with those of its neighbors. In April 2026, the BVL completed its move to the shared trading platform operated by Nuam, the regional exchange group that also runs the stock exchanges in Santiago, Chile, and BogotĂ¡, Colombia.[4]
To learn more about the U.S. Global Technology and Aerospace & Defense ETF (NYSE: WAR), view the fact sheet and the Spanish-language investment case.
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About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years when it began as an investment club. Today, U.S. Global Investors, Inc. (www.usfunds.com) is a registered investment adviser that focuses on niche markets around the world. Headquartered in San Antonio, Texas, the Company provides money management and other services to U.S. Global Investors Funds and U.S. Global ETFs.
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Forward-Looking Statements and Disclosure
Please consider carefully a fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory and summary prospectus by visiting www.usglobaletfs.com. Read it carefully before investing.
Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the funds. Brokerage commissions will reduce returns. Because the funds concentrate their investments in specific industries, the funds may be subject to greater risks and fluctuations than a portfolio representing a broader range of industries. The funds are non-diversified, meaning they may concentrate more of their assets in a smaller number of issuers than diversified funds.
WAR: The ETF is actively managed and there is no guarantee the investment objective will be met. The ETF is new and has a limited operating history to evaluate. The ETF's concentration in the securities of a particular industry, namely Aerospace and Defense, Cybersecurity and Semiconductor industries, as well as geographic concentration may cause it to be more susceptible to greater fluctuations in share price and volatility due to adverse events that affect the ETF's investments.
Aerospace and Defense companies are subject to numerous risks, including fierce competition, adverse political, economic and governmental developments, and substantial research and development costs. Aerospace and defense companies rely heavily on the U.S. Government, political support and demand for their products and services.
Companies in the cybersecurity field face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The products of cybersecurity companies may face obsolescence due to rapid technological development. Companies in the cybersecurity field are heavily dependent on patent and intellectual property rights.
Competitive pressures may have a significant effect on the financial condition of semiconductor companies and may become increasingly subject to aggressive pricing, which hampers profitability. Semiconductor companies typically face high capital costs and can be highly cyclical, which may cause the operating results to vary significantly. The stock prices of companies in the semiconductor sector have been and likely will continue to be extremely volatile.
Investments in the securities of non-U.S. issuers may subject the ETF to more volatility and less liquidity due to currency fluctuations, political instability, economic and geographic events. Emerging markets may pose additional risks and be more volatile due to less information, limited government oversight and lack of uniform standards.
GOAU: Gold, precious metals, and precious minerals funds may be susceptible to adverse economic, political, or regulatory developments due to concentrating in a single theme. The prices of gold, precious metals, and precious minerals are subject to substantial price fluctuations over short periods of time and may be affected by unpredicted international monetary and political policies. We suggest investing no more than 5% to 10% of your portfolio in these sectors.
JETS: Airline companies may be adversely affected by a downturn in economic conditions that can result in decreased demand for air travel and may also be significantly affected by changes in fuel prices, labor relations and insurance costs.
SEA: Cargo companies may be adversely affected by downturn in economic conditions that can result in decreased demand for sea shipping and freight.
Smart beta 2.0 aims to combine the benefits of passive investing and the advantages of active investing strategies.
Distributed by Quasar Distributors, LLC. U.S. Global Investors is the investment adviser to WAR, JETS, GOAU and SEA.
[1] Registration does not imply a certain level of skill or training.
[2] Stockholm International Peace Research Institute (SIPRI). (2026, April). Trends in world military expenditure, 2025. https://www.sipri.org/publications/2026/sipri-fact-sheets/trends-world-military-expenditure-2025
[3] Defensa.com. (2026, September). Gobierno del PerĂº presenta proyecto presupuesto de Defensa 2027: 3.470 millones de dĂ³lares, un 26,5% mĂ¡s que en 2026 y la mayor cifra de inversiĂ³n en años. https://www.defensa.com/peru/gobierno-peru-presenta-proyecto-presupuesto-defensa-2027-3-470-5Â
[4] Bloomberg. (2026, August 10). IntegraciĂ³n de bolsas de Santiago, Colombia y Lima da un nuevo paso para estar lista en 2027. https://www.bloomberglinea.com/mercados/integracion-de-bolsas-de-santiago-colombia-y-lima-da-un-nuevo-paso-para-estar-lista-en-2027/
Holly Schoenfeldt U.S. Global Investors, Inc. 210.308.1268 hschoenfeldt@usfunds.com
