FOWF vs WDEF

FOWFBPacer Solactive Whitney Future of Warfare ETF

WDEFCWisdomTree Europe 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.

WDEF Most defense ETFs are a bet on US primes. WDEF goes the other way: a passive index of European-listed defense companies, weighted more heavily the more of their revenue actually comes 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.

WDEF The Fund is designed to follow the pre-expense price and yield results of the WisdomTree Europe Defense Index. It uses passive indexing and generally applies representative sampling to pursue that objective.

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.

• WDEF Pure European exposure: the index only takes companies domiciled and listed in developed European markets that derive at least 10% of revenue from defense-related activities.wisdomtree.com
• Conviction weighting, not just size: over 50% defense revenue earns a 3x weight multiplier, 25-50% earns 2x. Pure-plays outrank sprawling conglomerates.wisdomtree.com
• Costs 0.45% a year, below the 0.50% median for the defense-theme funds we track.
• Built-in guardrails: $300M minimum free float and $2M median daily dollar volume to qualify, plus per-name weight caps so one runaway winner can't swallow the basket.wisdomtree.comdividend.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.

• WDEF Launched in July 2025, so any read on its risk profile rests on a short live record.
• A smaller fund that trades thinly. Spreads can widen, so limit orders do real work here.
• One theme, foreign-listed shares: currency moves feed into dollar returns, and broad US defense funds like XAR (0.35%) and ITA (0.37%) charge less.wisdomtree.com

Full FOWF profile⁠

Full WDEF profile⁠