ARMY vs FOWF

ARMYDTema International Defense Innovation ETF

FOWFBPacer Solactive Whitney Future of Warfare ETF

In short

ARMY Most defense ETFs are a bet on the Pentagon's suppliers. ARMY casts a wider net: about 40 aerospace and defense names across domestic and foreign markets with an innovation bent, for 0.68% net of a waiver through June 28, 2027.

FOWF Most defense funds are built around the old primes. FOWF tracks the Solactive Whitney Future of Warfare Index, aimed at companies behind emerging defense technology across the U.S. and allied nations.

Stated mandate

ARMY The fund pursues its investment objective by concentrating at least 80% of net assets in domestic and foreign publicly listed companies in the Aerospace and Defense sector, including defense-supporting businesses with an innovation focus.

FOWF The Fund seeks capital appreciation by tracking companies that support critical emerging defense technologies in the U.S. and its allied nations.

Why people hold it

• ARMY The mandate parks at least 80% of net assets in aerospace and defense, domestic and foreign listings alike, so non-US contractors sit alongside the familiar American primes.
• About 40 holdings chosen with an innovation focus rather than a roster of the biggest contractors, so each name carries real weight.
• A fee waiver runs through June 28, 2027, trimming the 0.75% gross expense ratio to 0.68% net.

• FOWF Points at the next war, not the last one: the index targets companies supporting critical emerging defense technologies, not a broad aerospace-and-defense basket.
• 0.49% a year, right at the middle of the defense-theme pack. No niche premium charged for the narrower mandate.
• The mandate covers the U.S. and its allied nations, so allied suppliers abroad are in scope, not just Pentagon contractors.
• Roughly 100 holdings spread the theme across many names instead of a few giants, and the fund distributes quarterly.

Worth knowing

• ARMY That 0.68% net sits above the typical fee in defense ETFs, and US-focused trackers run cheaper: XAR at 0.35%, ITA at 0.37%, neither leaning on a waiver.
• Launched in September 2025, so there is little history to judge and trading has been light. Spreads deserve a look, and limit orders are the norm for funds this young.
• About 40 stocks, overwhelmingly industrials, many listed abroad: single-name stumbles, sector swings, and currency moves all land in returns.

• FOWF Launched in December 2024, so the track record is short and any read on its risk profile rests on limited history.
• Small and thinly traded next to category heavyweights like ITA and XAR, which can mean wider spreads on larger orders.
• A narrow theme tied to defense budgets and procurement cycles, so it can move very differently from a broad market fund.

Full ARMY profile⁠

Full FOWF profile⁠