FOWF vs MISL

FOWFBPacer Solactive Whitney Future of Warfare ETF

MISLCFirst Trust Indxx Aerospace & Defense 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.

MISL First Trust's aerospace-and-defense sleeve: roughly 50 US-listed names tracking the Indxx US Aerospace & Defense Index. A 2022 arrival in a crowded aisle, priced a notch above the category median.

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.

MISL The Fund seeks investment results corresponding generally to the price and yield of the Indxx US Aerospace & Defense Index and normally invests at least 80% of net assets in the stocks comprising that 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.

• MISL Roughly 50 US aerospace and defense stocks, with at least 80% of net assets in the index names. Rules-based tracking, no manager hunches.ftportfolios.com
• Moderately traded rather than thin, which generally shows up as workable spreads on retail-size orders.
• Live since 2022 and run by First Trust, a long-established ETF shop. It sits in the upper half of the defense-theme funds we grade.

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.

• MISL 0.60% a year sits above the category median of 0.50%, and cheaper US aerospace-and-defense trackers exist: XAR at 0.35%, ITA at 0.37%.
• One theme, one country. Results ride on defense budgets and aerospace cycles, and with about 50 names each holding carries real weight.
• Built for exposure, not income: distributions land annually or semiannually.

Full FOWF profile⁠

Full MISL profile⁠