At a glance
BWTG charges 0.95% a year, above the 0.32% average of the 6 funds most like it (the most expensive of 7). It has $20.6M in assets, the 6th largest of that group; it paid 0.34% of its price in distributions over the past 12 months, annual. Over the past year it returned +7.4% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds. Its ten largest positions make up 45.6% of the fund, out of 25 in all.
The short version
Brendan Wood TopGun ETF (BWTG) is an actively managed fund that holds about 25 large and mid-size companies, equally weighted each January. They are chosen through Brendan Wood International's interviews with institutional investment professionals. That interview-based approach sets it apart, but so does its cost: a 0.95% annual expense ratio (the yearly fee, as a share of your investment), higher than all six similar funds compared, which average 0.32%.
Price history
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BWTG +7.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BWTG official prospectus, to Dec 31, 2024 | — | +20.93% | — | — | — | +30.68% |
| BWTG price data to Oct 27, 2026 | +6.5% | +7.4% | — | — | — | +19.2% |
- Over the year to Oct 27, 2026, BWTG returned +7.4%, 5th of 7 among similar funds.
- Its worst full calendar year was 2025 (+16.5%); its best was 2024 (+20.7%).
- The deepest fall in its price history was 13.2% (Feb 13, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.5% | — |
| 2025 | +16.5% | — |
| 2024 | +20.7% | +20.93% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1400 | +75.0% |
| 2024 | $0.0800 |
What's inside
As of May 31, 2026, the fund held 25 securities; the ten largest made up 45.62% of assets.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited Other | 5.28% | |
| BROADCOM INC. | 4.83% | |
| MICRON TECHNOLOGY, INC. | 4.71% | |
| ADVANCED MICRO DEVICES, INC. | 4.63% | |
| Canadien Pacifique Kansas City Limitee | 4.55% | |
| ALPHABET INC. | 4.47% | |
| MORGAN STANLEY | 4.36% | |
| AMAZON.COM, INC. | 4.35% | |
| NVIDIA CORPORATION | 4.24% | |
| PROLOGIS, INC. | 4.21% | |
| ROYAL BANK OF CANADA | 4.18% | |
| COSTCO WHOLESALE CORPORATION | 4.13% | |
| WELLTOWER INC. | 4.10% | |
| ASML Holding N.V. Other | 3.84% | |
| ELI LILLY AND COMPANY | 3.84% |
By country
United States 74.87%Canada 15.61%Taiwan 5.28%Netherlands 3.84%By asset type
Stocks 90.48%Other 9.13%By sector
Sectors of the companies held, for the 70.8% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.26%, +8.11%, +2.45%.
How it works
BWTG is actively managed, not an index fund. It follows a model from Brendan Wood International, an affiliate of its sub-adviser. The model's “Shareholder Conviction Universe” covers about 1,400 US-listed companies worth $2 billion or more, including American depositary receipts (US-traded shares of foreign firms). Each year Brendan Wood interviews up to 2,000 institutional investment professionals. It uses their answers to rank companies on strategy, results, management, governance (including environmental and social practices), balance sheet and price momentum. About 25 top-rated “TopGun” companies make the cut.
Each January the model is rebuilt and reset so each stock holds the same dollar amount. Weights then drift with prices. If a company loses TopGun status, the model drops it and spreads the money across the remaining TopGun stocks based on their scores. If 15 or fewer companies qualify, the money can go to cash, money market instruments, government or higher-rated corporate bonds, or large-company ETFs until another company qualifies.
The adviser, Tuttle Capital Management, generally follows the model but may depart from it. It may also shift to cash or government securities defensively. As a “non-diversified” fund, it can concentrate in fewer companies. As of May 31, 2026, it held 25 companies, with the 10 largest at about 46% of assets, and no derivatives or leverage.
What it really costs
- BWTG charges 0.95% a year, versus an average of 0.32% for the similar funds below (7th of 7, cheapest first).
- Of that, 0.98% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,199 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BWTG | $97 | $309 | $539 | $1,199 |
In a retirement portfolio
With about 25 equally weighted stocks, a non-diversified structure, a 0.95% fee and a record that begins in November 2023, it fits as a smaller add-on rather than a portfolio's foundation.
BWTG could add a distinct stock-picking approach next to broader holdings, but its record is short. It launched November 9, 2023, so it was not tested by the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its worst full calendar year, 2025, still returned about 16.5%. Its deepest drop, 13.2% from February 13 to April 8, 2025, was erased by July 3, about three months later. Raising cash then would have locked in losses, and a long bear market could cut deeper.
Income is small: the yield over the prior 12 months was 0.34% as of October 27, 2026, paid once a year. BWTG's 0.95% annual cost compares with a 0.32% average for similar funds. The SEC's standard $10,000 example shows $1,199 in costs over 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors drawn to stock picks based on up to 2,000 yearly interviews with institutional investment professionals, who accept a 0.95% annual cost for it.
- Those comfortable with about 25 equally weighted companies, led by chipmakers such as Taiwan Semiconductor, Broadcom, Micron and AMD as of May 31, 2026.
- Investors open to a mostly US fund with foreign names mixed in: about 16% Canada, plus Taiwan and the Netherlands, as of May 31, 2026.
Look elsewhere if
- Cost-conscious investors: its 0.95% expense ratio tops all six similar funds compared, including TOPT at 0.20% and VIG at 0.05%.
- Retirees seeking regular income: the yield was 0.34% as of October 27, 2026, and dividends are paid only once a year.
- Those wanting a bear-market record or a large fund: it launched in November 2023 and had $20.6 million in assets as of May 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BWTG this fund | — | 0.95% | $20.6M | +7.4% | — |
| TOPT iShares Top 20 U.S. Stocks ETF | 37% | 0.2% | $657.2M | +12.2% | — |
| USMC Principal U.S. Mega-Cap ETF | 34% | 0.12% | $3.49B | +11.3% | +24.5% |
| BCHP Principal Focused Blue Chip ETF | 28% | 0.58% | $218.2M | -2.3% | +16.6% |
| BDIV AAM Brentview Dividend Growth ETF | 26% | 0.49% | $6.7M | +11.1% | — |
| TMFE Motley Fool Capital Efficiency 100 Index ETF | 25% | 0.5% | $78.4M | +3.7% | +20.9% |
| VIG Vanguard Dividend Appreciation ETF | 20% | 0.05% | $130.90B | +15.6% | +19.8% |
Questions investors ask
What does BWTG invest in?
BWTG invests in a concentrated group of large and mid-size companies that score highest in Brendan Wood's interviews with institutional investment professionals. As of May 31, 2026, it held 25, led by Taiwan Semiconductor (5.3%), Broadcom (4.8%), Micron (4.7%), Advanced Micro Devices (4.6%) and Canadian Pacific Kansas City (4.5%). Other top names included Alphabet, Morgan Stanley, Amazon, Nvidia and Prologis. About 75% was in US companies and about 16% in Canadian ones, with smaller stakes in Taiwan and the Netherlands.
What is BWTG's expense ratio?
BWTG's expense ratio is 0.95% a year, according to its prospectus filed December 29, 2025. That is a 0.98% management fee less a 0.03% fee waiver. The expense ratio is the yearly cost taken from fund assets. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $97 over one year, $539 over five and $1,199 over 10. The six similar funds compared average 0.32%, so BWTG costs the most in the group.
Does BWTG pay dividends?
Yes, but the payout is small and comes once a year. Over the 12 months through October 27, 2026, BWTG paid about $0.14 per share, a yield of 0.34%. That fits its stated goal, which is growth consistent with preserving capital, not income. Retirees counting on regular cash from this fund would mostly have to trim their position to get it.
What's the difference between BWTG and TOPT?
The main differences are cost, stock selection and size. TOPT (iShares Top 20 U.S. Stocks ETF) has a 37% holdings overlap with BWTG, the most among similar funds. But it costs 0.20% versus BWTG's 0.95%. BWTG picks about 25 stocks from institutional-investor interviews, weights them equally each January and owns Canadian and other non-US companies. TOPT had $657 million in assets as of June 30, 2026, versus $20.6 million for BWTG as of May 31, 2026. Through October 27, 2026, TOPT's one-year return was 12.2%; BWTG's was 7.4%.
How has BWTG performed since it launched?
BWTG has posted gains in both full calendar years since its November 2023 launch. Its prospectus reports a 20.93% return for 2024 and a 30.68% average annual return from inception through December 31, 2024, a span of just over a year. Based on market price, it returned about 16.5% in 2025 and 6.5% year to date through October 27, 2026. Over the 12 months to that date it returned 7.4%, fifth of seven in its peer group. Its deepest decline, 13.2% in early 2025, was erased by July 2025.