FLDZ vs ITA: Grades, Fees and Holdings Compared

TrueShares Patriot Defense ETF

FLDZBCboe

iShares U.S. Aerospace & Defense ETF

ITAACboe

Overlap

36.8%by weight

Expense ratio

ITA −0.03pt a year

FLDZ0.40%ITA0.37%

Avg volume · 30D

ITA 5972.6×the volume

FLDZ125ITA747K

3Y return · a year

ITA +16.0pt

FLDZ+8.9%ITA+24.9%

FLDZ vs ITA Performance

Oct 31, 2025 – Oct 30, 2026

−7.5%FLDZ−2.6%ITA

Expense ratio: FLDZ 0.40%; ITA 0.37%, better
Fund size: FLDZ $7M; ITA $12.2B
1Y total return: FLDZ −7.5%; ITA −2.6%, better
Yield (12M): FLDZ 1.69%, better; ITA 0.27%
Holdings: FLDZ 66; ITA 52
Avg volume (30D): FLDZ 125 sh; ITA 747K sh, better
NAV per share: FLDZ $27.37; ITA $209.66
52W range

ETF.net Grade

Pillar letters and Scores for FLDZ, ITA, with each pillar’s weight
Pillar	FLDZ	ITA
Cost30% weight	A76	A80Higher
Mission25% weight	C42	A76Higher
Risk15% weight	C42	B61Higher
Tradability15% weight	D36	A96Higher
Holdings10% weight	A92Higher	D34
Durability5% weight	B62	A98Higher

Rank among Defense & Aerospace funds

How we build Categories ›

Same Category. FLDZ and ITA 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 ›

ITA ranks 2nd and FLDZ 3rd 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

Our read on each fund

ETF.net Research

FLDZBTrueShares Patriot Defense ETF

ITAAiShares U.S. Aerospace & Defense 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.

ITA The 2006 original in aerospace and defense, and still the anchor fund of the category. It follows a market-cap-weighted index of U.S. aircraft, parts and weapons makers, so the big primes carry most of the weight.

Stated mandate

FLDZ The Fund seeks capital growth.

ITA The fund is designed to follow an index of U.S. equity companies focused on aerospace and defense.

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

ITA Charges 0.37% a year, below the typical defense-fund fee and a whisker off the cheapest large rival, XAR at 0.35%.
Trading since 2006 and now a multi-billion-dollar, actively traded fund: the long-standing incumbent in U.S. aerospace and defense.
The index weights by market cap but caps any single company's weight, so the biggest primes lead without swallowing the whole portfolio.spglobal.com
One of the strongest builds in a crowded defense peer group, with a plain-vanilla index mandate and quarterly payouts.

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.

ITA About 50 stocks, cap-weighted: a few primes drive most of the ride. XAR's modified equal weight spreads exposure further down the size ladder.ssga.com
One U.S. industry, running on two engines: government procurement and commercial aircraft demand. Narrower than a broad-market fund by design.ishares.com
Holds a representative sample of the index rather than every constituent, which can leave small gaps versus the benchmark.sec.gov

Full FLDZ profile⁠

Full ITA profile⁠

FLDZ vs ITA Holdings

How FLDZ and ITA differ

Overlap by weight

36.8%

Shared holdings make up 98.5% of ITA and 73.0% of FLDZ.

Level by level

Sector6 Sectors0.0%
Holdings47 in both36.8%
Countryby domicile84.0%
Asset classEquity100%

Sector

Sector weights in FLDZ and ITA, widest gap first
Sector	More in FLDZMore in ITA	FLDZ	ITA
Aerospace & Defense	ITA +99.9 points	0.0%	99.9%
Industrials	FLDZ +94.3 points	94.3%	0.0%
Technology	FLDZ +3.3 points	3.3%	0.0%
Materials	FLDZ +1.2 points	1.2%	0.0%
Communication	FLDZ +1.2 points	1.2%	0.0%
Leisure Products	ITA +0.1 points	0.0%	0.1%

Country, concentration and asset class

Country by domicile

Country weights in FLDZ and ITA, widest gap first
Country	More in FLDZMore in ITA	FLDZ	ITA
United States	ITA +16.0 points	84.0%	100.0%
United Kingdom	FLDZ +4.8 points	4.8%	0.0%
Germany	FLDZ +3.1 points	3.1%	0.0%
France	FLDZ +3.0 points	3.0%	0.0%
Sweden	FLDZ +1.8 points	1.8%	0.0%
Italy	FLDZ +1.7 points	1.7%	0.0%
Netherlands	FLDZ +1.6 points	1.6%	0.0%

Concentration

Weight in the 10 largest Holdings

FLDZ18.7%
ITA76.3%

Securities held

FLDZ66
ITA50

Asset class

FLDZ: Equity
ITA: Equity

Holdings

Only in FLDZ19
In both47
Only in ITA3

Only in FLDZ

19 securities, 27.0% of FLDZ by weight

Saab AB1.79%
BAE Systems PLC1.71%
Melrose Industries PLC1.69%
Rheinmetall AG1.67%
Leonardo SpA1.66%
Thales SA1.62%
Airbus SE1.60%
Palantir Technologies Inc1.60%
Space Exploration Technologies1.51%
ESCO Technologies Inc1.50%
MTU Aero Engines AG1.47%
Park Aerospace Corp1.45%
Rolls-Royce Holdings PLC1.38%
Planet Labs PBC1.35%
Safran SA1.34%
Aevex Corp1.24%
AST SpaceMobile Inc1.15%
Satellogic Inc1.00%
State Street Inst U.s. Government Mmkt Admn Class0.25%

Only in ITA

3 securities, 1.5% of ITA by weight

Heico Class A1.38%
Sturm Ruger0.05%
Smith Wesson Brands Inc0.05%

Weight gaps

All 47 Holdings in both funds, largest gap first.

Holding weights in FLDZ and ITA, widest gap first
Holding	More in FLDZMore in ITA	FLDZ	ITA
General Electric CoGE	ITA +18.46 points	1.56%	20.02%
Rtx CorporationRTX	ITA +15.51 points	1.71%	17.22%
Boeing Co/TheBA	ITA +5.39 points	1.44%	6.83%
Lockheed Martin CorpLMT	ITA +3.70 points	1.99%	5.69%
Northrop Grumman CorpNOC	ITA +3.28 points	1.78%	5.06%
General Dynamics CorpGD	ITA +3.16 points	1.79%	4.95%
TransDigm Group IncTDG	ITA +3.07 points	1.70%	4.77%
Howmet Aerospace IncHWM	ITA +2.57 points	1.44%	4.01%
Honeywell Aerospace IncHONA	ITA +2.17 points	1.58%	3.75%
L3Harris Technologies IncLHX	ITA +2.06 points	1.91%	3.97%
Cadre Holdings IncCDRE	FLDZ +1.81 points	1.88%	0.07%
Karman Holdings IncKRMN	FLDZ +1.63 points	2.01%	0.38%
National Presto Industries IncNPK	FLDZ +1.62 points	1.68%	0.06%
V2X IncVVX	FLDZ +1.61 points	1.80%	0.19%
Loar Holdings IncLOAR	FLDZ +1.49 points	1.66%	0.17%
Arxis IncARXS	FLDZ +1.46 points	1.65%	0.19%
Leonardo DRS IncDRS	FLDZ +1.46 points	1.68%	0.22%
Ducommun IncDCO	FLDZ +1.39 points	1.56%	0.17%
Virgin Galactic Holdings IncSPCE	FLDZ +1.37 points	1.40%	0.03%
StandardAero IncSARO	FLDZ +1.31 points	1.71%	0.40%
Voyager Technologies IncVOYG	FLDZ +1.30 points	1.41%	0.11%
Astronics CorpATRO	FLDZ +1.27 points	1.43%	0.16%
Beta Technologies IncBETA	FLDZ +1.23 points	1.41%	0.18%
Mercury Systems IncMRCY	FLDZ +1.23 points	1.56%	0.33%
Firefly Aerospace IncFLY	FLDZ +1.22 points	1.35%	0.13%
Red Cat Holdings IncRCAT	FLDZ +1.13 points	1.18%	0.05%
AAR CorpAIR	FLDZ +1.09 points	1.40%	0.31%
Redwire CorpRDW	FLDZ +1.08 points	1.24%	0.16%
Axon Enterprise IncAXON	ITA +1.06 points	1.61%	2.67%
VSE CorpVSEC	FLDZ +1.05 points	1.37%	0.32%
Hexcel CorpHXL	FLDZ +1.05 points	1.50%	0.45%
Intuitive Machines IncLUNR	FLDZ +1.04 points	1.17%	0.13%
York Space Systems IncYSS	FLDZ +1.04 points	1.08%	0.04%
Archer Aviation IncACHR	FLDZ +1.04 points	1.25%	0.21%
Rocket Lab CorpRKLB	ITA +1.03 points	1.28%	2.31%
AeroVironment IncAVAV	FLDZ +0.98 points	1.35%	0.37%
Huntington Ingalls IndustriesHII	FLDZ +0.97 points	1.93%	0.96%
Kratos Defense & Security SoluKTOS	FLDZ +0.90 points	1.49%	0.59%
Moog IncMOG.A	FLDZ +0.80 points	1.57%	0.77%
Textron IncTXT	FLDZ +0.72 points	1.85%	1.13%
HEICO CorpHEI	FLDZ +0.72 points	1.73%	1.01%
BWX Technologies IncBWXT	FLDZ +0.61 points	1.53%	0.92%
FTAI Aviation LtdFTAI	FLDZ +0.25 points	1.73%	1.48%
ATI IncATI	ITA +0.25 points	1.48%	1.73%
Woodward IncWWD	FLDZ +0.19 points	1.57%	1.38%
Carpenter Technology CorpCRS	FLDZ +0.11 points	1.19%	1.08%
Curtiss-Wright CorpCW	FLDZ +0.09 points	1.44%	1.35%

All 66 FLDZ holdings⁠All 50 ITA 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 ITA Cost

Overpaying FLDZ vs ITA

$577

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

FLDZ 0.40%
$8,090
ITA 0.37%
$7,513

Amount$10,000

Years30 years

Cost over time

FLDZ 0.40%
ITA 0.37%
Overpaying

Year by year

Year	FLDZ	ITA	Overpaying
10	$723	$670	$53
20	$2,793	$2,590	$203
30	$8,090	$7,513	$577

Expense ratio

0.40%FLDZ
0.37%ITA, cheaper

ITA0.37%FLDZ0.40%

0.35%1.11%

Middle half of Defense & Aerospace funds
Median 0.50%

ITA 5th cheapest of 25 funds

FLDZ 6th cheapest of 25 funds

FLDZ vs ITA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLDZ 1.69%, better; ITA 0.27%
Payout (12M): FLDZ $0.45; ITA $0.57
Last payment: FLDZ $0.45; ITA $0.25
Ex-dividend: FLDZ Dec 24, 2025; ITA Sep 15, 2026
Paid on: FLDZ Dec 26, 2025; ITA Sep 18, 2026
Frequency: FLDZ Annual; ITA Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FLDZAnnual · 4 paymentsAll FLDZ payments⁠

ITAQuarterly · 39 paymentsAll ITA payments⁠

FLDZ vs ITA 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%, betterITA 18.5%
Return per unit of riskSharpe ratio, 3 years: FLDZ 0.35ITA 1.06, better
Worst fallMax drawdown, 5 years: FLDZ −25.1%since Jan 2022ITA −20.0%
Market sensitivityBeta, 5 years: FLDZ 0.77ITA 0.98; Market = 1

FLDZ and ITA in the news

All news⁠

News
GE Aerospace raises its 2026 profit forecast again
Oct 20, 2026ITA
News
Navy awards Raytheon an SM-6 contract valued at up to $24.4 billion
Oct 1, 2026ITA
News
Boeing beats Northrop for a Navy fighter development deal of more than $20 billion
Sep 29, 2026ITA
News
Turkish Airlines firms 100 Boeing 737 MAX jets, with deliveries from 2033
Sep 23, 2026ITA
Deep Dive
Defense & Aerospace ETFs nearly doubled in three years. September's losses came from different names
Sep 21, 2026ITA
Deep Dive
ITA fell with Boeing, SHLD rose with Palantir last week
Sep 20, 2026ITA

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