FLDZ vs WDAF

FLDZBTrueShares Patriot Defense ETF

WDAFCWisdomTree Asia Defense Fund

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.

WDAF Most defense ETFs are a story about the US primes. WDAF flips the map: a rules-based basket of Asia-Pacific defense names, weighted toward the companies that earn the biggest share of their revenue from defense.

Stated mandate

FLDZ The Fund seeks capital growth.

WDAF The Fund seeks to follow the pre-fee price and yield performance of the WisdomTree Asia Defense Index. It uses passive indexing with representative sampling and normally invests at least 80% of net assets in index constituents or economically similar investments.

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

• WDAF Pure-play Indo-Pacific defense: Japan, South Korea, India, Taiwan, Australia and neighbors. The best-known funds in its peer group lean US (XAR, ITA) or transatlantic (NATO).wisdomtree.com
• 0.45% a year, below the median fee for defense-theme ETFs.
• Weighting is not just size. Each name's market cap is scaled by how much revenue comes from defense, then capped at 7.5% for the purest plays and 4% for everyone else.wisdomtree.com
• Clear rules: at least 10% defense revenue, $200M free float and $1M average daily volume to qualify, with the roster rebuilt each March and September.wisdomtree.comsec.gov

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.

• WDAF Launched in 2025 and still small, so it trades thinly next to the long-established US defense funds and bid-ask spreads can be wider.
• If fewer than 20 companies clear the screen, the index loosens the revenue bar in 1% steps down to a 5% floor, so some holdings can be light on actual defense work.wisdomtree.com
• One sector, one region. WisdomTree notes that sector-focused funds are more exposed to any single economic or regulatory development, and the index holds as few as 20 names.wisdomtree.comsec.gov

Full FLDZ profile⁠

Full WDAF profile⁠