FLDZ vs IDEF: Grades, Fees and Holdings Compared

TrueShares Patriot Defense ETF

FLDZBCboe

iShares Defense Industrials Act

IDEFBNasdaq

Overlap

26.2%by weight

Expense ratio

FLDZ −0.15pt a year

FLDZ0.40%IDEF0.55%

Avg volume · 30D

IDEF 7854.2×the volume

FLDZ125IDEF982K

FLDZ vs IDEF Performance

Oct 31, 2025 – Oct 30, 2026

−7.5%FLDZ−6.5%IDEF

Expense ratio: FLDZ 0.40%, better; IDEF 0.55%
Fund size: FLDZ $7M; IDEF $3.67B
1Y total return: FLDZ −7.5%; IDEF −6.5%, better
Yield (12M): FLDZ 1.69%; IDEF No data
Holdings: FLDZ 66; IDEF 165
Avg volume (30D): FLDZ 125 sh; IDEF 982K sh, better
NAV per share: FLDZ $27.37; IDEF $30.07
52W range

ETF.net Grade

Pillar letters and Scores for FLDZ, IDEF, with each pillar’s weight
Pillar	FLDZ	IDEF
Cost30% weight	A76Higher	C44
Mission25% weight	C42	Not scored
Risk15% weight	C42	B56Higher
Tradability15% weight	D36	B62Higher
Holdings10% weight	A92Higher	A87
Durability5% weight	B62	A82Higher

Rank among Defense & Aerospace funds

How we build Categories ›

Same Category. FLDZ and IDEF are both graded against the same 25 Defense & Aerospace funds, so their Grades compare head to head.

Defense & Aerospace⁠

Category · 25 funds

See all 25 ›

FLDZ ranks 3rd and IDEF 6th of 25 funds in the Defense & Aerospace Category.

Rank 1AXARState Street SPDR S&P Aerospace & Defense ETFScore 78
Rank 2AITAiShares U.S. Aerospace & Defense ETFScore 74
Rank 3BFLDZTrueShares Patriot Defense ETFScore 62
Rank 4BFOWFPacer Solactive Whitney Future of Warfare ETFScore 61
Rank 5BPPAInvesco Aerospace & Defense ETFScore 60
Rank 6BIDEFiShares Defense Industrials ActScore 58
Rank 7BWDGFWisdomTree Global Defense FundScore 56

Our read on each fund

ETF.net Research

FLDZBTrueShares Patriot Defense ETF

IDEFBiShares Defense Industrials Act

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.

IDEF BlackRock's active answer to index-tracking defense funds: a stock picker's portfolio of global aerospace, cyber and defense-infrastructure names, with no US-only benchmark holding the leash.

Stated mandate

FLDZ The Fund seeks capital growth.

IDEF The fund seeks to invest at least 80% of its assets in equity securities of U.S. and non-U.S. defense and related industrial companies.

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.com true-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

IDEF Active and global by design: at least 80% of assets go to US and non-US defense and related industrial companies, so European rearmament names are in bounds.ishares.com
Spreads across about 120 holdings, reaching past the classic primes into aerospace, cybersecurity and infrastructure suppliers.ishares.com
Crossed a billion dollars in assets and trades actively, an unusually quick start for a fund launched in 2025.
Holds its own in a crowded defense field, landing in the upper half of its peer group on our review.

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.gov sec.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.

IDEF At 0.55%, it costs more than index rivals like ITA (0.37%) and XAR (0.35%). The stock picking is what the extra buys.
Launched in 2025 with no declared index, so there is a short record and no benchmark to measure the manager's picks against.
Distributions come once or twice a year rather than quarterly.

Full FLDZ profile⁠

Full IDEF profile⁠

FLDZ vs IDEF Holdings

How FLDZ and IDEF differ

Overlap by weight

26.2%

Shared holdings make up 60.9% of FLDZ and 44.7% of IDEF.

Level by level

Holdings39 in both26.2%
Countryby domicile78.8%
Sector7 Sectors83.5%
Asset classEquity100%

Sector

Sector weights in FLDZ and IDEF, widest gap first
Sector	More in FLDZMore in IDEF	FLDZ	IDEF
Industrials	FLDZ +16.5 points	94.3%	77.8%
Technology	IDEF +13.1 points	3.3%	16.4%
Communication	IDEF +1.8 points	1.2%	3.0%
Consumer Discretionary	IDEF +0.9 points	0.0%	0.9%
Materials	IDEF +0.4 points	1.2%	1.6%
Energy	IDEF +0.3 points	0.0%	0.3%
Utilities	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in FLDZ and IDEF, widest gap first
Country	More in FLDZMore in IDEF	FLDZ	IDEF
United States	FLDZ +19.2 points	84.0%	64.8%
Japan	IDEF +5.5 points	0.0%	5.5%
South Korea	IDEF +4.5 points	0.0%	4.5%
France	IDEF +3.7 points	3.0%	6.7%
Israel	IDEF +1.9 points	0.0%	1.9%
Netherlands	FLDZ +1.6 points	1.6%	0.0%
Canada	IDEF +1.5 points	0.0%	1.5%
Australia	IDEF +1.4 points	0.0%	1.4%
Other countries (5)	IDEF +2.3 points	11.4%	13.7%

Outside the US: IDEF 82% developed, 18% emerging.

Concentration

Weight in the 10 largest Holdings

FLDZ18.7%
IDEF37.8%

Securities held

FLDZ66
IDEF153

Asset class

FLDZ: Equity
IDEF: Equity

Holdings

Only in FLDZ27
In both39
Only in IDEF114

Only in FLDZ

27 securities, 39.1% of FLDZ by weight

Cadre Holdings Inc1.88%
Saab AB1.79%
FTAI Aviation Ltd1.73%
StandardAero Inc1.71%
BAE Systems PLC1.71%
Melrose Industries PLC1.69%
Rheinmetall AG1.67%
Leonardo SpA1.66%
Loar Holdings Inc1.66%
Arxis Inc1.65%
Thales SA1.62%
Axon Enterprise Inc1.61%
Airbus SE1.60%
ESCO Technologies Inc1.50%
MTU Aero Engines AG1.47%
Astronics Corp1.43%
Beta Technologies Inc1.41%
Virgin Galactic Holdings Inc1.40%
Rolls-Royce Holdings PLC1.38%
Firefly Aerospace Inc1.35%
Safran SA1.34%
Archer Aviation Inc1.25%
Intuitive Machines Inc1.17%
AST SpaceMobile Inc1.15%
York Space Systems Inc1.08%
Satellogic Inc1.00%
State Street Inst U.s. Government Mmkt Admn Class0.25%

Only in IDEF

114 securities, 55.1% of IDEF by weight

Rolls-Royce Holdings PLC3.09%
Airbus Group2.36%
Thales SA2.18%
Saab Class B1.93%
Leonardo Finmeccanica Spa1.64%
Mitsubishi Heavy Industries1.55%
Mitsubishi Electric1.43%
Palo Alto Networks1.34%
Microsoft1.32%
Crowdstrike Holdings Class A1.22%
Elbit Systems1.18%
Amphenol Corp Class A1.09%
Rheinmetall AG1.01%
Safran SA1.00%
Hanwha Aerospace Ltd0.95%
Bae Systems PLC0.92%
Kongsberg Gruppen0.91%
Ihi0.91%
Amazon.com Inc0.90%
Hanwha Systems Ltd0.86%
Singapore Technologies Engineering0.86%
Kawasaki Heavy Industries0.85%
Korea Aerospace Industries0.75%
Cae0.69%
Csg Class A NV0.66%
Fortinet0.63%
Leidos Holdings0.61%
Itt Inc0.60%
Dassault Aviation SA0.60%
Babcock International Group PLC0.60%
Parsons Corp0.58%
Science Applications International0.56%
Qinetiq Group PLC0.55%
Broadcom Inc0.53%
Teledyne Technologies0.52%
Zscaler0.48%
Exosens SA0.47%
Mtu Aero Engines Holding AG0.47%
Bombardier Class B0.46%
Hensoldt AG0.45%
Viasat Inc0.45%
Renk Group AG0.43%
Sumitomo Heavy Industries Ltd0.42%
Tkms AG0.41%
Kbr Inc0.38%
Macom Technology Solutions0.38%
Embraer Adr Representing Four0.37%
Crane0.37%
Rbc Bearings0.36%
Mildef Group0.36%

Weight gaps

All 39 Holdings in both funds, largest gap first.

Holding weights in FLDZ and IDEF, widest gap first
Holding	More in FLDZMore in IDEF	FLDZ	IDEF
Rtx CorporationRTX	IDEF +5.58 points	1.71%	7.29%
Lockheed Martin CorpLMT	IDEF +3.43 points	1.99%	5.42%
General Dynamics CorpGD	IDEF +2.60 points	1.79%	4.39%
Northrop Grumman CorpNOC	IDEF +2.22 points	1.78%	4.00%
Boeing Co/TheBA	IDEF +2.09 points	1.44%	3.53%
Huntington Ingalls IndustriesHII	FLDZ +1.53 points	1.93%	0.40%
Karman Holdings IncKRMN	FLDZ +1.51 points	2.01%	0.50%
BWX Technologies IncBWXT	FLDZ +1.45 points	1.53%	0.08%
Leonardo DRS IncDRS	FLDZ +1.42 points	1.68%	0.26%
National Presto Industries IncNPK	FLDZ +1.41 points	1.68%	0.27%
V2X IncVVX	FLDZ +1.39 points	1.80%	0.41%
Textron IncTXT	FLDZ +1.34 points	1.85%	0.51%
Park Aerospace CorpPKE	FLDZ +1.34 points	1.45%	0.11%
Ducommun IncDCO	FLDZ +1.31 points	1.56%	0.25%
HEICO CorpHEI	FLDZ +1.24 points	1.73%	0.49%
Palantir Technologies IncPLTR	IDEF +1.22 points	1.60%	2.82%
Moog IncMOG.A	FLDZ +1.18 points	1.57%	0.39%
Hexcel CorpHXL	FLDZ +1.17 points	1.50%	0.33%
Space Exploration TechnologiesSPCX	IDEF +1.16 points	1.51%	2.67%
L3Harris Technologies IncLHX	FLDZ +1.15 points	1.91%	0.76%
Voyager Technologies IncVOYG	FLDZ +1.15 points	1.41%	0.26%
Woodward IncWWD	FLDZ +1.10 points	1.57%	0.47%
ATI IncATI	FLDZ +1.07 points	1.48%	0.41%
Planet Labs PBCPL	FLDZ +1.07 points	1.35%	0.28%
Aevex CorpAVEX	FLDZ +1.04 points	1.24%	0.20%
Mercury Systems IncMRCY	FLDZ +1.04 points	1.56%	0.52%
VSE CorpVSEC	FLDZ +1.02 points	1.37%	0.35%
Curtiss-Wright CorpCW	FLDZ +1.00 points	1.44%	0.44%
Honeywell Aerospace IncHONA	FLDZ +0.99 points	1.58%	0.59%
Redwire CorpRDW	FLDZ +0.99 points	1.24%	0.25%
Red Cat Holdings IncRCAT	FLDZ +0.98 points	1.18%	0.20%
Kratos Defense & Security SoluKTOS	FLDZ +0.97 points	1.49%	0.52%
AAR CorpAIR	FLDZ +0.97 points	1.40%	0.43%
Carpenter Technology CorpCRS	FLDZ +0.88 points	1.19%	0.31%
AeroVironment IncAVAV	FLDZ +0.87 points	1.35%	0.48%
Rocket Lab CorpRKLB	FLDZ +0.70 points	1.28%	0.58%
Howmet Aerospace IncHWM	FLDZ +0.67 points	1.44%	0.77%
TransDigm Group IncTDG	FLDZ +0.63 points	1.70%	1.07%
General Electric CoGE	IDEF +0.20 points	1.56%	1.76%

All 66 FLDZ holdings⁠All 153 IDEF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLDZ vs IDEF Cost

Overpaying IDEF vs FLDZ

$2,814

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLDZ 0.40%
$8,090
IDEF 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

FLDZ 0.40%
IDEF 0.55%
Overpaying

Year by year

Year	FLDZ	IDEF	Overpaying
10	$723	$988	$265
20	$2,793	$3,790	$997
30	$8,090	$10,904	$2,814

Expense ratio

0.40%FLDZ, cheaper
0.55%IDEF

FLDZ0.40%IDEF0.55%

0.35%1.11%

Middle half of Defense & Aerospace funds
Median 0.50%

FLDZ 6th cheapest of 25 funds

IDEF 14th cheapest of 25 funds

FLDZ vs IDEF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLDZ 1.69%; IDEF No data
Payout (12M): FLDZ $0.45; IDEF No data
Last payment: FLDZ $0.45; IDEF $0.05
Ex-dividend: FLDZ Dec 24, 2025; IDEF Jun 15, 2026
Paid on: FLDZ Dec 26, 2025; IDEF Jun 18, 2026
Frequency: FLDZ Annual; IDEF Twice a year

Distribution history

Per share, 2022 to 2026, same scale for both

FLDZAnnual · 4 paymentsAll FLDZ payments⁠

IDEFTwice a year · 2 paymentsAll IDEF payments⁠

FLDZ vs IDEF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLDZ 14.5%IDEF 20.8%since Jun 2025
Return per unit of riskSharpe ratio, 3 years: FLDZ 0.35IDEF 0.42since Jun 2025
Worst fallMax drawdown, 5 years: FLDZ −25.1%since Jan 2022IDEF −18.9%since May 2025
Market sensitivityBeta, 5 years: FLDZ 0.77IDEF 0.82; Market = 1

FLDZ and IDEF in the news

All news⁠

Deep Dive
Defense & Aerospace ETFs nearly doubled in three years. September's losses came from different names
Sep 21, 2026IDEF
Deep Dive
ITA fell with Boeing, SHLD rose with Palantir last week
Sep 20, 2026IDEF

Popular comparisons

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FLDZ vs IDEF

In short

Stated mandate

Why people hold it

Worth knowing

How FLDZ and IDEF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLDZ

Only in IDEF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Defense & Aerospace ETFs nearly doubled in three years. September's losses came from different names

ITA fell with Boeing, SHLD rose with Palantir last week

How FLDZ and IDEF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FLDZ

Only in IDEF

Weight gaps