FLDZ vs FOWF

FLDZBTrueShares Patriot Defense ETF

FOWFBPacer Solactive Whitney Future of Warfare ETF

In short

FLDZ A defense-stock ETF with an unusual arrangement: the adviser's management fee, less fund expenses, goes to the Folds of Honor Foundation. Launched in 2021 as a patriot-themed core equity fund, it now runs an active, concentrated book of aerospace and defense names.

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

FLDZ The Fund seeks capital growth.

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

• FLDZ The adviser's management fee, less fund operating expenses, goes to Folds of Honor, a charity funding scholarships for families of fallen or disabled service members and first responders.true-shares.comtrue-shares.com 2
• Charges 0.40% a year, below the median for its actively managed US stock peers. The charitable angle does not arrive with a premium price tag attached.
• The mandate is spelled out: at least 80% of net assets in aerospace and defense companies as classified by GICS, with a policy of concentrating in that industry. No guessing what you own.sec.gov

• 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

• FLDZ The strategy was rewritten in 2026 from broad US-economy equities to defense companies, so the fund's older track record reflects a different portfolio.sec.govsec.gov 2
• Non-diversified and concentrated in one industry, so a single contract award or budget headline moves it more than it would a broad market fund.sec.gov
• A small fund that trades thinly, so bid-ask spreads tend to run wider than on heavily traded ETFs. Limit orders matter more here.

• 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 FLDZ profile⁠

Full FOWF profile⁠