Data as of .
FOWF vs IDEF: which is really different?
FOWF and IDEF hold 31% of their weight in the same names, and FOWF returned more over the year.
ETFIQ Off-Index Score: IDEF 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
31% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, FOWF and IDEF hold 31% of their money in the same securities at the same weight.
| Holding | FOWF | IDEF |
|---|---|---|
| RTX Corp | 6.76% | 6.55% |
| Lockheed Martin Corp | 6.39% | 3.62% |
| Boeing Co/The | 7.51% | 3.19% |
| General Dynamics Corp | 7.55% | 2.94% |
| Northrop Grumman Corp | 5.58% | 2.58% |
| BAE Systems PLC | 3.98% | 2.18% |
| Leonardo SpA | 0.71% | 1.60% |
| Palo Alto Networks Inc | 0.70% | 1.66% |
| Howmet Aerospace Inc | 0.80% | 0.70% |
| Crowdstrike Holdings Inc | 0.69% | 1.37% |
| Kongsberg Gruppen ASA | 0.69% | 0.87% |
| Rolls-Royce Holdings PLC | 0.67% | 3.29% |
| Only in FOWF | Only in IDEF |
|---|---|
| Dell Technologies Inc 2.10% | BLK CSH FND TREASURY SL AGENCY 3.77% |
| Honeywell International Inc 1.66% | SPACE EXPLORATION TECHNOLOGIES COR 2.44% |
| Nokia Oyj 1.41% | HANWHA AEROSPACE LTD 2.21% |
| Vertiv Holdings Co 1.17% | GE AEROSPACE 1.83% |
| Corning Inc 1.10% | MITSUBISHI HEAVY INDUSTRIES 1.73% |
| GLOBALFOUNDRIES Inc 1.00% | HANWHA SYSTEMS LTD 1.69% |
| Hewlett Packard Enterprise Co 0.90% | SAAB CLASS B 1.62% |
| Halma PLC 0.85% | AMPHENOL CORP CLASS A 1.27% |
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 | |||
|---|---|---|---|---|---|---|
| FOWF | IDEF | FOWF | IDEF | FOWF | IDEF | |
| 3 months | +2.2% | −1.6% | −0.1 pts | −3.9 pts | +4.7 pts | +0.9 pts |
| 6 months | +5.6% | −5.7% | −12.4 pts | −23.8 pts | −18.6 pts | −30.0 pts |
| 1 year | +12.7% | +4.4% | −3.9 pts | −12.2 pts | −9.1 pts | −17.4 pts |
| Since launch | +43.5% | +27.2% | +10.6 pts | −5.6 pts | +2.6 pts | −14.2 pts |
| FOWF Pacer Solactive Whitney Future of Warfare ETF Holds 86 stocks in defense, 74% of its weight in S&P 500 companies | IDEF iShares Defense Industrials Active ETF Holds 155 stocks in defense, 36% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Pacer | iShares |
| Theme | Defense | Defense |
| In the S&P 500 | 73.5% | 36.2% |
| Active share vs the S&P 500 | 88.4% | 95.9% |
| In the Nasdaq-100 | 13.7% | 9.2% |
| Holdings | 86 | 155 |
| Top ten, share of the fund | 46.9% | 35.8% |
| Expense ratio | 0.49% | not published |
| Fee for the differing part | 0.55% | not published |
| Total return, 1 year | +12.7% | +4.4% |
| vs the S&P 500 | −3.9 pts | −12.2 pts |
| vs the Nasdaq-100 | −9.1 pts | −17.4 pts |
| Below its high | −8.4% | −13.4% |
| Net assets | $15m | $4.3bn |
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.
IDEF in plain words
By weight, 36% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 36% of the fund across 155 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +4.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 12.2 pts. It sits 13.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do FOWF and IDEF hold the same stocks?
- By their latest filings, 31% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, FOWF or IDEF?
- FOWF has 74% of its weight in S&P 500 names and IDEF has 36%, so IDEF differs more from the index.
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, FOWF against IDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fowf-vs-idef Free to use with attribution; the underlying files are at Open data.