FOWF vs JEDI

FOWFBPacer Solactive Whitney Future of Warfare ETF

JEDIDDrone and Modern Warfare ETF

In short

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.

JEDI Pure-play drone warfare: about 50 developed-market names earning at least half their revenue from military drones, unmanned systems, AI warfare and satellites. It also won room in 2026 to hold private defense tech, up to 15% of assets.

Stated mandate

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

JEDI The Fund seeks to track, before fees and expenses, the total return of the BITA Drone & Modern Warfare Select Index.

Why people hold it

• 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.

• JEDI Unusual for an index fund: up to 15% of assets can sit in privately issued defense-tech shares, held directly or via single-asset SPVs run by unaffiliated sponsors.defianceetfs.comglobenewswire.com
• Pure play by construction: index names must draw at least 50% of revenue from drones, unmanned systems, electronic warfare, ISR, military satellites, cyber or eVTOL.sec.govdefianceetfs.com
• Weighted by a liquidity-momentum factor rather than raw market cap, rescreened semi-annually, with room to add fresh IPOs between rebalances.sec.gov
• Any private position is disclosed in the fund's daily holdings file, same as the listed names.globenewswire.com

Worth knowing

• 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.

• JEDI Fees run 0.99%, above the defense category median and above broad peers XAR (0.35%) and ITA (0.37%). Niche access is what the premium buys.
• Private holdings count as illiquid under Rule 22e-4 and are valued by the adviser, not a live market. That sleeve is capped at 15% of net assets.defianceetfs.comglobenewswire.com
• A 2025 launch, so the record is short, and about 50 non-diversified names in one theme means a single headline can swing it.barchart.com

Full FOWF profile⁠

Full JEDI profile⁠