UFOX vs WARP: Grades, Fees and Holdings Compared

Defiance Space and Connective Tech ETF

UFOXANasdaq

VanEck Space ETF

WARPCNasdaq

Overlap

18.1%by weight

Expense ratio

UFOX −0.20pt a year

UFOX0.30%WARP0.50%

Avg volume · 30D

WARP 1.4×the volume

UFOX31KWARP43.6K

UFOX vs WARP Performance

Jul 31, 2026 – Oct 30, 2026

−2.7%UFOX−4.8%WARP

Expense ratio: UFOX 0.30%, better; WARP 0.50%
Fund size: UFOX $797M; WARP $38M
1Y total return: UFOX +14.5%; WARP No data
Yield (12M): UFOX 0.48%; WARP No data
Holdings: UFOX 63; WARP 23
Avg volume (30D): UFOX 31K sh; WARP 43.6K sh, better
NAV per share: UFOX $77.37; WARP $17.85
52W range

ETF.net Grade

Pillar letters and Scores for UFOX, WARP, with each pillar’s weight
Pillar	UFOX	WARP
Cost30% weight	A100Higher	A71
Mission25% weight	Not scored	Not scored
Risk15% weight	B62Higher	F18
Tradability15% weight	A76Higher	C51
Holdings10% weight	A83Higher	D35
Durability5% weight	A84Higher	B60

Rank among Space funds

How we build Categories ›

Same Category. UFOX and WARP are both graded against the same 15 Space funds, so their Grades compare head to head.

Space⁠

Category · 15 funds

See all 15 ›

UFOX ranks 1st and WARP 4th of 15 funds in the Space Category.

Rank 1AUFOXDefiance Space and Connective Tech ETFScore 84
Rank 2AROKTState Street SPDR S&P Kensho Final Frontiers ETFScore 80
Rank 4CORBXGlobal X Space Tech ETFScore 51
Rank 4CWARPVanEck Space ETFScore 51
Rank 6CUFOProcure Space ETFScore 49

Our read on each fund

ETF.net Research

UFOXADefiance Space and Connective Tech ETF

WARPCVanEck Space ETF

In short

UFOX A space theme without the space-theme price tag. UFOX tracks a rules-based index of roughly 60 satellite and connectivity companies for 0.30%, a little over half what the typical global thematic fund charges.

WARP Space as a rulebook, not a hype trade. VanEck's 2026 entrant tracks the MarketVector Space Index, whose fast-track rule let SpaceX in at the 20% single-name ceiling days after it went public, alongside rockets, satellites and Earth-observation data.

Stated mandate

UFOX The fund seeks to track, before fees and expenses, the total return of the BlueStar® Space and Connective Technologies Index. It uses passive indexing and generally invests in the index constituents.

WARP The fund seeks to track, before fees and expenses, the price and yield performance of the MarketVectorTM Space Index, which represents companies involved in the space industry.

Why people hold it

UFOX Charges 0.30% a year, against a 0.56% median for its global thematic peers. Niche themes usually cost more, not less.
Fully rules-based. It tracks the BlueStar Space and Connective Technologies Index, so what lands in the portfolio follows a published methodology, not a manager's hunch.defianceetfs.com
About 60 holdings across a global and US mandate, so the theme is spread over satellite and connectivity businesses rather than three or four pure plays.
Listed since 2019, mid-sized, moderately traded and paying quarterly. On the whole, one of the stronger profiles in its global thematic group.

WARP 0.50% a year, well under the typical space-fund fee, though UFOX (0.30%) and ROKT (0.45%) charge less.
The index caps any one stock at 20%, so no single name can swallow the fund. Its large-IPO fast-track rule is how SpaceX got in on methodology, not enthusiasm.vaneck.com
Definition of "space" runs wide: exploration, rockets and propulsion, satellite equipment and communications.vaneck.com

Worth knowing

UFOX One theme, roughly 60 stocks. Space and connectivity names tend to move together, so the ride is bumpier than a broad market fund.
Wide tent. "Space and connective technologies" stretches from satellites to connectivity infrastructure, so check the holdings list to see what you actually own.defianceetfs.com
Cheap for a theme fund, not cheap outright. Broader global peers such as KLMT (0.10%) and IQSZ (0.19%) sit well below it on fees.

WARP Non-diversified and passively run by design, so concentration risk is a feature of the structure, not a surprise.vaneck.com
Launched in May 2026, so the live record is short and the asset base is still modest for the category.vaneck.com
The theme carries its own weather: government budgets, regulation, supply chains, geopolitics and financing needs.vaneck.com

Full UFOX profile⁠

Full WARP profile⁠

UFOX vs WARP Holdings

How UFOX and WARP differ

Overlap by weight

18.1%

Shared holdings make up 83.1% of WARP and 18.1% of UFOX.

Level by level

Holdings13 in both18.1%
Countryby domicile87.3%
Asset classEquity100%

Sector

No Sector split for WARP.

Country, concentration and asset class

Country by domicile

Country weights in UFOX and WARP, widest gap first
Country	More in UFOXMore in WARP	UFOX	WARP
United States	UFOX +7.3 points	92.3%	85.0%
Japan	WARP +5.4 points	0.0%	5.4%
Canada	WARP +2.7 points	2.3%	5.0%
Italy	WARP +2.7 points	0.0%	2.7%
France	WARP +1.9 points	0.0%	1.9%
Israel	UFOX +1.5 points	1.5%	0.0%
Sweden	UFOX +1.5 points	1.5%	0.0%
Finland	UFOX +1.3 points	1.3%	0.0%
China	UFOX +0.9 points	0.9%	0.0%

Concentration

Weight in the 10 largest Holdings

UFOX35.3%
WARP73.5%

Securities held

UFOX62
WARP20

Asset class

UFOX: Equity
WARP: Equity

Holdings

Only in UFOX49
In both13
Only in WARP7

Only in UFOX

49 securities, 81.9% of UFOX by weight

Apple Inc5.87%
NVIDIA Corp4.91%
Broadcom Inc4.80%
Cisco Systems Inc3.60%
Skyworks Solutions Inc2.48%
Oracle Corp2.45%
Arista Networks Inc2.16%
QUALCOMM Inc2.08%
Marvell Technology Inc1.96%
Datadog Inc1.74%
American Tower Corp1.72%
N-able Inc/US1.66%
Telefonaktiebolaget LM Ericsson1.60%
Cloudflare Inc1.57%
Equinix Inc1.56%
NetApp Inc1.53%
Radware Ltd1.52%
Dynatrace Inc1.49%
Lumentum Holdings Inc1.48%
Verizon Communications Inc1.45%
Digital Realty Trust Inc1.43%
T-Mobile US Inc1.42%
Keysight Technologies Inc1.39%
AT&T Inc1.37%
Ciena Corp1.35%
Amdocs Ltd1.33%
Calix Inc1.32%
Kyndryl Holdings Inc1.32%
Extreme Networks Inc1.31%
Nokia Oyj1.30%
CEVA Inc1.30%
NetScout Systems Inc1.28%
Credo Technology Group Holding Ltd1.27%
Vistance Networks Inc1.26%
A10 Networks Inc1.22%
Celestica Inc1.19%
MaxLinear Inc1.18%
ARM Holdings PLC1.18%
InterDigital Inc1.17%
F5 Inc1.12%
Akamai Technologies Inc1.11%
MACOM Technology Solutions Holdings Inc1.07%
Coherent Corp1.06%
Lattice Semiconductor Corp1.05%
Viavi Solutions Inc0.97%
Kingsoft Cloud Holdings Ltd0.94%
DigitalOcean Holdings Inc0.87%
Gilat Satellite Networks Ltd0.74%
First American Government Obligations Fund 12/01/20310.71%

Only in WARP

7 securities, 16.7% of WARP by weight

Sky Perfect Jsat Holdings Inc3.46%
Ses Sa2.86%
Avio Spa2.64%
Nextnav Inc2.12%
Hawkeye 360 Inc2.03%
Eutelsat Communications Sa1.82%
Astroscale Holdings Inc1.73%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in UFOX and WARP, widest gap first
Holding	More in UFOXMore in WARP	UFOX	WARP
Space Exploration Technologies CorpSPCX	WARP +16.02 points	4.90%	20.92%
Rocket Lab CorpRKLB	WARP +11.15 points	2.07%	13.22%
Viasat IncVSAT	WARP +4.46 points	1.32%	5.78%
EchoStar CorpECHO	WARP +4.28 points	1.46%	5.74%
AST SpaceMobile IncASTS	WARP +3.97 points	1.10%	5.07%
MDA Space LtdMDA	WARP +3.82 points	1.06%	4.88%
Globalstar IncGSAT	WARP +3.79 points	1.15%	4.94%
Iridium Communications IncIRDM	WARP +3.69 points	1.03%	4.72%
Redwire CorpRDW	WARP +3.32 points	0.80%	4.12%
Firefly Aerospace IncFLY	WARP +3.26 points	0.84%	4.10%
Planet Labs PBCPL	WARP +3.13 points	0.88%	4.01%
Intuitive Machines IncLUNR	WARP +2.31 points	0.72%	3.03%
Voyager Technologies IncVOYG	WARP +1.81 points	0.77%	2.58%

All 63 UFOX holdings⁠All 21 WARP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

UFOX vs WARP Cost

Overpaying WARP vs UFOX

$3,830

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

UFOX 0.30%
$6,149
WARP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

UFOX 0.30%
WARP 0.50%
Overpaying

Year by year

Year	UFOX	WARP	Overpaying
10	$545	$900	$355
20	$2,113	$3,460	$1,347
30	$6,149	$9,979	$3,830

Expense ratio

0.30%UFOX, cheaper
0.50%WARP

UFOX0.30%WARP0.50%

0.30%1.29%

Middle half of Space funds
Median 0.75%

UFOX cheapest of 15 funds

WARP 5th cheapest of 15 funds

UFOX vs WARP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): UFOX 0.48%; WARP No data
Payout (12M): UFOX $0.37; WARP None
Last payment: UFOX $0.06; WARP No data
Ex-dividend: UFOX Sep 23, 2026; WARP No data
Paid on: UFOX Sep 24, 2026; WARP No data
Frequency: UFOX Quarterly; WARP No data

Distribution history

Per share, 2019 to 2026, same scale for both

UFOXQuarterly · 30 paymentsAll UFOX payments⁠

WARPAll WARP payments⁠

No distribution history available.

UFOX vs WARP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: UFOX 27.7%WARP No data
Return per unit of riskSharpe ratio, 3 years: UFOX 1.17WARP No data
Worst fallMax drawdown, 5 years: UFOX −33.9%WARP No data
Market sensitivityBeta, 5 years: UFOX 1.58WARP 3.00; Market = 1

UFOX and WARP in the news

All news⁠

Deep Dive
The largest space ETF publishes two SpaceX figures for the same day
Oct 30, 2026UFOX

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