Data as of .
ARMY vs FOWF: which is really different?
ARMY and FOWF hold 18% of their weight in the same names.
ETFIQ Off-Index Score: ARMY scores higher
How much of it is not the index it is sold as an alternative to?
A percentile among the 379 thematic ETFs with a holdings filing. It is a position in a set, not a rating, and neither end of it is a recommendation. All thematic ETFs ranked by it · How it is computed
18% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ARMY and FOWF hold 18% of their money in the same securities at the same weight.
| Holding | ARMY | FOWF |
|---|---|---|
| BAE SYSTEMS PLC | 3.58% | 3.98% |
| LOCKHEED MARTIN CORP | 1.81% | 6.39% |
| RTX CORP | 1.65% | 6.76% |
| GENERAL DYNAMICS CORP | 1.34% | 7.55% |
| L3HARRIS TECHNOLOGIES INC | 1.27% | 3.24% |
| NORTHROP GRUMMAN CORP | 1.12% | 5.58% |
| BOEING CO/THE | 1.09% | 7.51% |
| LEONARDO-FINMECCANICA SPA | 3.53% | 0.71% |
| KONGSBERG GRUPPEN ASA | 3.69% | 0.69% |
| ROLLS-ROYCE HOLDINGS PLC | 3.43% | 0.67% |
| PALANTIR TECHNOLOGIES INC | 2.86% | 0.63% |
| SAFRAN SA | 3.15% | 0.62% |
| Only in ARMY | Only in FOWF |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | Dell Technologies Inc 2.10% |
| ELBIT SYSTEMS LTD 3.88% | Leidos Holdings Inc 2.08% |
| ROCKET LAB CORP 3.67% | Honeywell International Inc 1.66% |
| DASSAULT AVIATION SA 3.66% | Nokia Oyj 1.41% |
| INDRA SISTEMAS SA 3.65% | Vertiv Holdings Co 1.17% |
| QINETIQ GROUP PLC 3.55% | Corning Inc 1.10% |
| CHEMRING GROUP PLC 3.49% | Keysight Technologies Inc 1.09% |
| HENSOLDT AG 3.32% | GLOBALFOUNDRIES Inc 1.00% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Apr 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | FOWF | ARMY | FOWF | ARMY | FOWF | |
| 3 months | −2.2% | +2.2% | −4.4 pts | −0.1 pts | +0.3 pts | +4.7 pts |
| 6 months | not published | +5.6% | not published | −12.4 pts | not published | −18.6 pts |
| 1 year | not published | +12.7% | not published | −3.9 pts | not published | −9.1 pts |
| Since launch | −6.1% | +43.5% | −23.8 pts | +10.6 pts | −31.2 pts | +2.6 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | FOWF Pacer Solactive Whitney Future of Warfare ETF Holds 86 stocks in defense, 74% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | Pacer |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 73.5% |
| Active share vs the S&P 500 | 98.4% | 88.4% |
| In the Nasdaq-100 | 2.9% | 13.7% |
| Holdings | 34 | 86 |
| Top ten, share of the fund | 47.4% | 46.9% |
| Expense ratio | 0.68% | 0.49% |
| Fee for the differing part | 0.69% | 0.55% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | +12.7% |
| vs the S&P 500 | −23.8 pts | −3.9 pts |
| vs the Nasdaq-100 | −31.2 pts | −9.1 pts |
| Below its high | −14.6% | −8.4% |
| Net assets | $7m | $15m |
ARMY in plain words
By weight, 11% of ARMY's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 98%. The top ten holdings are 47% of the fund across 34 positions, as published by its issuer for Sep 18, 2026. Since it launched on Mar 31, 2026 the fund returned −6.1% with distributions reinvested against +17.7% for the S&P 500, so a holder was behind by 23.8 pts. It sits 14.6% below its all-time high of Aug 14, 2026.
FOWF in plain words
By weight, 74% of FOWF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 88%. The top ten holdings are 47% of the fund across 86 positions, as filed for Apr 30, 2026. Over the year to Sep 18, 2026 the fund returned +12.7% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 3.9 pts. It sits 8.4% below its all-time high of Aug 14, 2026.
Questions people ask
- Do ARMY and FOWF hold the same stocks?
- By their latest filings, 18% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, ARMY or FOWF?
- ARMY has 11% of its weight in S&P 500 names and FOWF has 74%, so ARMY differs more from the index.
- Which is cheaper, ARMY or FOWF?
- ARMY charges 0.68% a year and FOWF charges 0.49%, so FOWF is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ARMY against FOWF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-fowf Free to use with attribution; the underlying files are at Open data.