FOWF vs WDAF

FOWFBPacer Solactive Whitney Future of Warfare ETF

WDAFCWisdomTree Asia Defense Fund

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.

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

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

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

• 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.

• 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

• 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.

• 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 FOWF profile⁠

Full WDAF profile⁠