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Data as of Nov 4, 2026.

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Thematic ETFs

FOWF vs NATO: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, FOWF returned +12.2% to NATO's −1.8%; 42% of their weight is in the same names.

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Net assets: $15m on Nov 3, 2026 for Pacer Solactive Whitney Future of Warfare ETF, and $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF.

FOWF on its own →NATO on its own →
At a glance
74.8%
FOWF in the S&P 500
54.5%
NATO in the S&P 500
+12.2%
FOWF total return, 1 year
−1.8%
NATO total return, 1 year
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.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500
46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 61% of the fund · 83 holdings as published by its issuer for Nov 4, 2026 · Nasdaq-100: 6% in46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%in the S&P 500outsideactive share 98% · Nasdaq-100: 6% in

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

NATO costs 0.14 points a year less; their one-year returns differ by 14.0 points; NATO is 5.9 times larger.

Points (pts) are percentage points.

FOWF vs NATO: Holdings Overlap & Returns
MeasureFOWFNATO
Return
Total return, 1 year+12.2%−1.8%
Drawdown
Below its all-time high7.6%, high on Aug 14, 202616.1%, high on Mar 2, 2026
Against its benchmark
What it tracksDefenseDefense
Its benchmark, total return, 1 year+15.2%+15.0%
Against its benchmark, 1 yearbehind by 3.0 ptsbehind by 16.8 pts
Cost and size
Expense ratio0.49%0.35%
Net assets, as of Nov 3, 2026$15m$89m
Holdings
Holdings in common42%
ETFIQ S&P 500 Difference Score · NATO scores higher How much of its weight does it not share with the S&P 500?
IQ Themes Score56.6FOWF86.4NATO

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

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

42%

By the books each fund has filed, FOWF and NATO hold 42% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 4, 2026.

0 half 100%

half

42% in common

Positions both hold · largest shared weight first FOWF NATO
RTX Corp 8.65% 8.53%
Boeing Co 6.68% 6.81%
Lockheed Martin Corp 7.96% 5.19%
General Dynamics Corp 7.88% 4.36%
Northrop Grumman Corp 5.08% 3.90%
BAE Systems PLC 3.65% 4.19%
L3Harris Technologies Inc 2.00% 2.52%
Honeywell Aerospace Inc 0.95% 2.60%
Rolls-Royce Holdings PLC 0.76% 7.09%
MTU Aero Engines AG 0.75% 1.09%
Safran SA 0.75% 5.75%
Kongsberg Gruppen ASA 0.73% 0.83%
Only in one fund ↓
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%
Palantir Technologies Inc 1.11%
Crowdstrike Holdings Inc 1.05%
Only in NATO
GE AEROSPACE 8.40%
AIRBUS GROUP SE 6.66%
Axon Enterprise Inc 1.70%
Rocket Lab Corp 1.61%
Teledyne Technologies Inc 1.51%
LEONARDO-FINMECCANICA SPA 1.20%
Bombardier Inc 1.09%
FTAI Aviation Ltd 0.96%
Check overlap with more funds →

Window by window

Window by window: FOWF vs NATO: Holdings Overlap & Returns
Total returnvs its benchmark
WindowFOWFNATOFOWFNATO
3 months−5.9%−14.7%−5.3 pts vs URTH−13.4 pts vs ACWI
6 months+3.4%−6.9%−0.9 pts vs URTH−9.5 pts vs ACWI
1 year+12.2%−1.8%−3.0 pts vs URTH−16.8 pts vs ACWI
Since launchNot the same days: FOWF Dec 2024 · NATO Oct 2024+44.8%+47.0%+8.0 pts vs URTH+10.9 pts vs ACWI

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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 NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies
Issuer Pacer Themes
Theme Defense Defense
In the S&P 500 74.8% 54.5%
Active share vs the S&P 500 88.4% 97.7%
In the Nasdaq-100 14.3% 5.9%
Holdings 91 83
Top ten, share of the fund 46.9% 61.2%
Expense ratio 0.49% 0.35%
Fee for the differing part 0.55% 0.36%
Total return, 1 year +12.2% −1.8%
vs its benchmark −3.0 pts vs URTH −16.8 pts vs ACWI
Below its high −7.6% −16.1%
Net assets, FOWF as of Nov 3, 2026 and NATO as of Nov 4, 2026 $15m $88m

As of Nov 4, 2026. Source: ETFIQ.

42% of the two portfolios are the same securities at the same weight.

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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.

NATO

By weight, 54% of NATO'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 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do FOWF and NATO hold the same stocks?
By their latest filings, 42% 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 NATO?
FOWF has 75% of its weight in S&P 500 names and NATO has 54%, so NATO differs more from the index.
Which is cheaper, FOWF or NATO?
FOWF charges 0.49% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.
Other comparisons
FOWF vs MISLFOWF vs WDGFFOWF vs XDEFFOWF vs WRNATO vs WDAFNATO vs TSSDNATO vs WARNATO vs WDEF
Where to next
FOWF on its own →NATO on its own →FOWF dividend history →FOWF holdings →NATO dividend history →NATO holdings →Method →Standards and sources →
Sources and dates
FOWF filings on SEC EDGAR ↗
FOWF prospectus with the expense ratio (SEC) ↗
Pacer website ↗
NATO filings on SEC EDGAR ↗
NATO prospectus with the expense ratio (SEC) ↗
Themes page for NATO ↗

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 NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/fowf-vs-nato

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