Do FOWF and MISL hold the same stocks?

By their latest filings, 37% 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, FOWF or MISL?

FOWF has 75% of its weight in S&P 500 names and MISL has 66%, so MISL differs more from the index.

Which is cheaper, FOWF or MISL?

FOWF charges 0.49% a year and MISL charges 0.60%, so FOWF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

FOWF vs MISL: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FOWF returned +12.2% to MISL's −2.3%; 37% of their weight is in the same names.

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Net assets on Nov 3, 2026: $15m for Pacer Solactive Whitney Future of Warfare ETF and $685m for First Trust Indxx Aerospace & Defense ETF.

FOWF on its own →MISL on its own →

At a glance

74.8%

FOWF in the S&P 500

65.9%

MISL in the S&P 500

+12.2%

FOWF total return, 1 year

−2.3%

MISL total return, 1 year

FOWF · 1 year to Nov 4, 2026 25% of its weight is outside the S&P 500

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

MISL · 1 year to Nov 4, 2026 34% of its weight is outside the S&P 500

66% of MISL's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

FOWF costs 0.11 points a year less; their one-year returns differ by 14.5 points; MISL is far larger, $685m against $15m.

Points (pts) are percentage points.

FOWF vs MISL: Holdings Overlap & Returns
Measure	FOWF	MISL
Return
Measure	FOWF	MISL
Total return, 1 year	+12.2%	−2.3%
Drawdown
Measure	FOWF	MISL
Below its all-time high	7.6%, high on Aug 14, 2026	19.1%, high on Jan 16, 2026
Against its benchmark
Measure	FOWF	MISL
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 17.1 pts
Its benchmark, total return, 1 year	+15.2%	+14.8%
Against its benchmark, 1 year	behind by 3.0 pts	behind by 17.1 pts
Cost and size
Measure	FOWF	MISL
Expense ratio	0.49%	0.60%
Net assets, as of Nov 3, 2026	$15m	$685m
Holdings
Measure	FOWF	MISL
Holdings in common	37%

ETFIQ S&P 500 Difference Score · MISL scores higher How much of its weight does it not share with the S&P 500?

IQ Themes Score56.6FOWF81.1MISL

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

FOWF 56.6

MISL 81.1

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

37%

By the books each fund has filed, FOWF and MISL hold 37% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

37% in common

Positions both hold · largest shared weight first FOWF MISL

RTX Corp 8.65% 8.62%

Boeing Co 6.68% 7.16%

Lockheed Martin Corp 7.96% 4.93%

Northrop Grumman Corp 5.08% 4.50%

General Dynamics Corp 7.88% 4.45%

L3Harris Technologies Inc 2.00% 4.61%

Leidos Holdings Inc 1.74% 1.79%

Palantir Technologies Inc 1.11% 6.60%

Honeywell Aerospace Inc 0.95% 3.92%

Howmet Aerospace Inc 0.72% 3.90%

TransDigm Group Inc 0.67% 4.29%

Airbus SE 0.70% 0.46%

Only in one fund ↓

Only in FOWF

BAE Systems PLC 3.65%

Dell Technologies Inc 1.96%

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%

Only in MISL

GE Aerospace 8.18%

Space Exploration Technologies Corp. (Class A) 6.84%

HEICO Corporation 4.24%

Rocket Lab Corporation 3.14%

FTAI Aviation Ltd. 2.18%

Woodward, Inc. 2.08%

Curtiss-Wright Corporation 1.95%

Textron Inc. 1.60%

Check overlap with more funds →

Window by window

Window by window: FOWF vs MISL: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	FOWF	MISL	FOWF	MISL
3 months	−5.9%	−10.2%	−5.3 pts vs URTH	−10.1 pts vs VOO
6 months	+3.4%	−7.5%	−0.9 pts vs URTH	−12.5 pts vs VOO
1 year	+12.2%	−2.3%	−3.0 pts vs URTH	−17.1 pts vs VOO
3 years	–	+79.3%	–	−4.0 pts vs VOO
Since launchNot the same days: FOWF Dec 2024 · MISL Oct 2022	+44.8%	+103.7%	+8.0 pts vs URTH	−8.3 pts vs VOO

– means no data for this window. Open this comparison in the app →

Side by side

FOWF Pacer Solactive Whitney Future of Warfare ETF · Holds 91 stocks in defense, 75% of its weight in S&P 500 companies MISL First Trust Indxx Aerospace & Defense ETF · Holds 44 stocks in defense, 66% of its weight in S&P 500 companies

Issuer Pacer First Trust

Theme Defense Defense

In the S&P 500 74.8% 65.9%

Active share vs the S&P 500 88.4% 97.4%

In the Nasdaq-100 14.3% 20.5%

Holdings 91 44

Top ten, share of the fund 46.9% 60.2%

Expense ratio 0.49% 0.60%

Fee for the differing part 0.55% 0.62%

Total return, 1 year +12.2% −2.3%

vs its benchmark −3.0 pts vs URTH −17.1 pts vs VOO

Below its high −7.6% −19.1%

Net assets, as of Nov 3, 2026 $15m $685m

As of Nov 4, 2026. Source: ETFIQ.

37% of the two portfolios are the same securities at the same weight.

Alert

About each fund

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.

MISL

By weight, 66% of MISL's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 60% of the fund across 44 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 17.1 pts. It sits 19.1% below its all-time high of Jan 16, 2026.

Questions people ask

Do FOWF and MISL hold the same stocks?: By their latest filings, 37% 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, FOWF or MISL?: FOWF has 75% of its weight in S&P 500 names and MISL has 66%, so MISL differs more from the index.
Which is cheaper, FOWF or MISL?: FOWF charges 0.49% a year and MISL charges 0.60%, so FOWF is cheaper. Fees come from each fund's prospectus.

Other comparisons

FOWF vs IDEF FOWF vs KDEF FOWF vs XAR FOWF vs SHLD MISL vs WDAF MISL vs TSSD MISL vs WAR MISL vs WDGF

Where to next

FOWF on its own →MISL on its own →FOWF dividend history →FOWF holdings →MISL dividend history →MISL holdings →Method →Standards and sources →

Sources and dates

FOWF filings on SEC EDGAR ↗

FOWF prospectus with the expense ratio (SEC) ↗

Pacer website ↗

MISL filings on SEC EDGAR ↗

MISL prospectus with the expense ratio (SEC) ↗

First Trust page for MISL ↗

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

How this is computed

It is a place in a set, not a rating or a recommendation.

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

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

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

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.