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Data as of Nov 4, 2026.

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Thematic ETFs

ARMY vs FOWF: Holdings Overlap & Returns

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ARMY and FOWF hold 19% of their weight in the same names.

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Net assets on Nov 3, 2026: $13m for Tema International Defense ETF and $15m for Pacer Solactive Whitney Future of Warfare ETF.

ARMY on its own →FOWF on its own →
At a glance
ARMY · 6 months to Nov 4, 2026 89% of its weight is outside the S&P 500
89% of its weight is outside the S&P 50012% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.12%89%inof its weight outside the S&P 500active share 98% · top ten 42% of the fund · 36 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 6% in89% of its weight is outside the S&P 50012% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.12%89%inof its weight outside the S&P 500active share 98% · Nasdaq-100: 6% in

12% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.

FOWF · 1 year to Nov 4, 2026 25% of its weight is outside the S&P 500
25% of its weight is outside the S&P 50075% of FOWF's weight is in S&P 500 companies and 25% is outside the index. Holdings as of Jul 31, 2026.75%25%of its weight in S&P 500 companiesoutside the S&P 500active share 88% · top ten 47% of the fund · 91 holdings as filed for Jul 31, 2026 · Nasdaq-100: 14% in25% of its weight is outside the S&P 50075% of FOWF's weight is in S&P 500 companies and 25% is outside the index. Holdings as of Jul 31, 2026.75%25%in the S&P 500outsideactive share 88% · Nasdaq-100: 14% in

75% of FOWF's weight is in S&P 500 companies and 25% is outside the index. Holdings as of Jul 31, 2026.

Pair scorecard

FOWF costs 0.19 points a year less; FOWF is 1.2 times larger.

Points (pts) are percentage points.

ARMY vs FOWF: Holdings Overlap & Returns
MeasureARMYFOWF
Return
Total return, 1 yearnot published+12.2%
Drawdown
Below its all-time high16.5%, high on Aug 14, 20267.6%, high on Aug 14, 2026
Against its benchmark
What it tracksDefenseDefense
Its benchmark, total return, 1 year+15.2%
Against its benchmark, 1 yearbehind by 3.0 pts
Cost and size
Expense ratio0.68%0.49%
Net assets, as of Nov 3, 2026$13m$15m
Holdings
Holdings in common19%

Method

What they share

19%

By the books each fund has filed, ARMY and FOWF hold 19% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.

0 half 100%

half

19% in common

Positions both hold · largest shared weight first ARMY FOWF
BAE SYSTEMS PLC 3.60% 3.65%
LOCKHEED MARTIN CORP 2.05% 7.96%
RTX CORP 1.71% 8.65%
GENERAL DYNAMICS CORP 1.42% 7.88%
L3HARRIS TECHNOLOGIES INC 1.35% 2.00%
NORTHROP GRUMMAN CORP 1.13% 5.08%
PALANTIR TECHNOLOGIES INC 2.82% 1.11%
BOEING CO 0.99% 6.68%
ROLLS-ROYCE HOLDINGS PLC 3.05% 0.76%
MTU AERO ENGINES AG 3.17% 0.75%
SAFRAN SA 2.83% 0.75%
KONGSBERG GRUPPEN ASA 4.17% 0.73%
Only in one fund ↓
Only in ARMY
ANDURIL SPV EXPOSURE 7.99%
QINETIQ GROUP PLC 3.91%
DASSAULT AVIATION SA 3.86%
ELBIT SYSTEMS LTD 3.83%
CHEMRING GROUP PLC 3.68%
BABCOCK INTERNATIONAL GROUP PLC 3.53%
INDRA SISTEMAS SA 3.52%
HENSOLDT AG 3.44%
Only in FOWF
Dell Technologies Inc 1.96%
Leidos Holdings Inc 1.74%
Snowflake Inc 1.32%
Datadog Inc 1.25%
Palo Alto Networks Inc 1.14%
Honeywell International Inc 1.11%
Crowdstrike Holdings Inc 1.05%
Hewlett Packard Enterprise Co 1.03%
Check overlap with more funds →

Window by window

Window by window: ARMY vs FOWF: Holdings Overlap & Returns
Total returnvs its benchmark
WindowARMYFOWFARMYFOWF
3 months−13.9%−5.9%not measured−5.3 pts vs URTH
6 months−9.5%+3.4%not measured−0.9 pts vs URTH
1 year–+12.2%–−3.0 pts vs URTH
Since launch–+44.8%–+8.0 pts vs URTH

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Side by side

ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies FOWF Pacer Solactive Whitney Future of Warfare ETF · Holds 91 stocks in defense, 75% of its weight in S&P 500 companies
Issuer Tema Pacer
Theme Defense Defense
In the S&P 500 11.5% 74.8%
Active share vs the S&P 500 98.4% 88.4%
In the Nasdaq-100 5.8% 14.3%
Holdings 36 91
Top ten, share of the fund 41.8% 46.9%
Expense ratio 0.68% 0.49%
Fee for the differing part 0.69% 0.55%
Total return, 1 year not available +12.2%
vs its benchmark not available −3.0 pts vs URTH
Below its high −16.5% −7.6%
Net assets, as of Nov 3, 2026 $13m $15m

As of Nov 4, 2026. Source: ETFIQ.

19% of the two portfolios are the same securities at the same weight.

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About each fund
ARMY

By weight, 12% 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 42% of the fund across 36 positions, as published by its issuer for Nov 3, 2026. It sits 16.5% below its all-time high of Aug 14, 2026.

FOWF

By weight, 75% 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 91 positions, as filed for Jul 31, 2026. Over the year to Nov 4, 2026 the fund returned +12.2% with distributions reinvested against +15.2% for its benchmark, the MSCI World Index, so a holder was behind by 3.0 pts. It sits 7.6% below its all-time high of Aug 14, 2026.

Questions people ask

Do ARMY and FOWF hold the same stocks?
By their latest filings, 19% of their books are the same securities at the same weight. 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 12% of its weight in S&P 500 names and FOWF has 75%, 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
ARMY vs WDAFARMY vs TSSDARMY vs WARARMY vs WDGFFOWF vs WDAFFOWF vs TSSDFOWF vs WDGFFOWF vs WAR
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →ARMY on its own →FOWF on its own →ARMY holdings →FOWF dividend history →FOWF holdings →Method →Standards and sources →
Sources and dates
ARMY filings on SEC EDGAR ↗
ARMY prospectus with the expense ratio (SEC) ↗
Tema page for ARMY ↗
FOWF filings on SEC EDGAR ↗
FOWF prospectus with the expense ratio (SEC) ↗
Pacer website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, ARMY against FOWF, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-fowf

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