TWAR

TWAR

The Innovation α® Trade War ETF

About TWAR

  • Access innovation-rich companies with state-sponsored patronage that have the potential to benefit from trade wars based on their governmental sponsorship or partnerships.
  • TWAR’s index is powered by Innovation α®—the same algorithm behind the CNBC IQ 100—which is designed to take into account international trade credits, offset agreements, and mandatory technology transfer agreements when determining companies that have the potential to maintain their self-interest during trade disputes.

While there is general agreement that intellectual property should be respected across the globe, many nations seek and achieve protectionism through a variety of mechanisms, including excessive patent filing to obscure genuine innovation, forced technology transfer or restriction, reverse engineering and theft, and selective judicial enforcement. During trade disputes, the presence or absence of intellectual property can offer little protection against government actions. The companies included in the index that powers TWAR may be better-suited to weathering trade disputes between nations, thanks to their state-sponsored patronage.

Powered by Innovation α®

M•CAM® has measured the “creditworthiness” of Intellectual Property (IP) and Intangible Assets (IA) for nearly two decades through numerous boom and bust cycles. Simply put, this means that we examine the actual assets – contracts, patents, licenses, copyrights, designs, trademarks, permits, etc. – held by firms; compare them qualitatively to the equivalent rights held by other firms; and, characterize the economic consequence of these assets on the underlying enterprise. To do this, we maintain a proprietary repository of state-granted rights from over 160 countries representing, in some instances, over 200 years of historical data. Using our internationally recognized, unrivaled unstructured text linguistic genomic algorithms, we measure the quality of these rights and associate them with business transactions reported in financial statements, contracts, bid proposals, trade records and other publicly available (but hard to find) data.

Fund Summary

TWAR Prices

as of 11/20/2019
Net Assets as of 11/20/2019 $1.42m
NAV $28.40
NAV Price Change $-0.13
Shares Outstanding 50,000
Premium/discount % 0.02%
Closing Price $28.40

IOPV, or indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund's NAV every fifteen seconds throughout the trading day.

We value transparency and equivalent access
to innovation driven performance

Performance

Quarter End Returns

as of 9/30/2019
  AVG. ANNUALIZED
  Quarter 1 Year 3 Year Since Inception
Fund NAV 2.68% xx.xx% xx.xx% 6.28%
Market Price 2.93% xx.xx% xx.xx% 6.25%
Martin Global Innovation Equity 
(MGIE) Trade War Index
3.44% xx.xx% xx.xx% 7.02%
S&P 500 Index xx.xx% xx.xx% xx.xx% xx.xx%

Expense ratio: 0.81%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling +1 434 979 7240.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Distribution Detail

EX- Date Record Date Payable Date Amount
xx/xx/xxxx xx/xx/xxxx xx/xx/xxxx xx/xx/xxxx

Growth Of $10,000

Data from 06/04/2019 to 10/31/2019

The Growth of $10,000 chart reflects a hypothetical $10,000 investment in the fund and index. Assumes reinvestment of dividends ond capital gains. Performance data quoted represents past performance; past performance does not guarantee future results. Index performance is not illustrative of fund performance. One cannot invest directly in an index.

Top 10 Holdings

Percentage Of Net Assets Name Identifier Shares Held Market Value
1.46% TOKYO ELECTRON 8035 JP 100 20,719.81
1.37% MICRON TECHNOLOGY INC MU 428 19,503.96
1.32% PROCTER & GAMBLE CO PG 153 18,710.37
1.29% BAYER AG BAYN GR 240 18,365.11
1.24% AT&T INC T 475 17,660.50
1.18% YAMAHA CORP 7951 JP 300 16,734.17
1.18% FISERV INC FISV 145 16,725.75
1.12% MEDTRONIC PLC MDT 142 15,874.18
1.10% EDWARDS LIFESCIENCES CORP EW 64 15,630.72
1.09% TECHTRONIC INDUSTR 669 HK 2,000 15,434.35

Data as of 11/21/2019. Holdings are subject to change.

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