Data as of .
FOWF vs NATO: which is really different?
FOWF and NATO hold 40% of their weight in the same names, and FOWF returned more over the year.
ETFIQ Off-Index Score: NATO 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
40% 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 NATO hold 40% of their money in the same securities at the same weight.
| Holding | FOWF | NATO |
|---|---|---|
| Boeing Co/The | 7.51% | 7.28% |
| RTX Corp | 6.76% | 7.61% |
| Lockheed Martin Corp | 6.39% | 5.19% |
| General Dynamics Corp | 7.55% | 3.63% |
| BAE Systems PLC | 3.98% | 3.38% |
| Northrop Grumman Corp | 5.58% | 3.37% |
| L3Harris Technologies Inc | 3.24% | 2.52% |
| Honeywell International Inc | 1.66% | 3.15% |
| Howmet Aerospace Inc | 0.80% | 4.85% |
| Leonardo SpA | 0.71% | 0.99% |
| Rolls-Royce Holdings PLC | 0.67% | 7.16% |
| Safran SA | 0.62% | 4.89% |
| Only in FOWF | Only in NATO |
|---|---|
| Dell Technologies Inc 2.10% | General Electric Co 9.73% |
| Leidos Holdings Inc 2.08% | Honeywell Aerospace Inc 3.11% |
| Nokia Oyj 1.41% | Rocket Lab Corp 2.51% |
| Vertiv Holdings Co 1.17% | Axon Enterprise Inc 1.91% |
| Corning Inc 1.10% | Teledyne Technologies Inc 1.44% |
| Keysight Technologies Inc 1.09% | Curtiss-Wright Corp 1.31% |
| GLOBALFOUNDRIES Inc 1.00% | FTAI Aviation Ltd 1.27% |
| Hewlett Packard Enterprise Co 0.90% | Bombardier Inc 0.92% |
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 Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| FOWF | NATO | FOWF | NATO | FOWF | NATO | |
| 3 months | +2.2% | −6.6% | −0.1 pts | −8.9 pts | +4.7 pts | −4.1 pts |
| 6 months | +5.6% | −3.4% | −12.4 pts | −21.5 pts | −18.6 pts | −27.7 pts |
| 1 year | +12.7% | +0.6% | −3.9 pts | −16.0 pts | −9.1 pts | −21.2 pts |
| Since launch | +43.5% | +49.9% | +10.6 pts | +15.4 pts | +2.6 pts | +2.3 pts |
| FOWF Pacer Solactive Whitney Future of Warfare ETF Holds 86 stocks in defense, 74% of its weight in S&P 500 companies | NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Pacer | Themes |
| Theme | Defense | Defense |
| In the S&P 500 | 73.5% | 58.4% |
| Active share vs the S&P 500 | 88.4% | 97.6% |
| In the Nasdaq-100 | 13.7% | 5.1% |
| Holdings | 86 | 84 |
| Top ten, share of the fund | 46.9% | 58.8% |
| Expense ratio | 0.49% | 0.35% |
| Fee for the differing part | 0.55% | 0.36% |
| Total return, 1 year | +12.7% | +0.6% |
| vs the S&P 500 | −3.9 pts | −16.0 pts |
| vs the Nasdaq-100 | −9.1 pts | −21.2 pts |
| Below its high | −8.4% | −14.4% |
| Net assets | $15m | $95m |
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.
NATO in plain words
By weight, 58% 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 59% of the fund across 84 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +0.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 16.0 pts. It sits 14.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do FOWF and NATO hold the same stocks?
- By their latest filings, 40% 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 NATO?
- FOWF has 74% of its weight in S&P 500 names and NATO has 58%, 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
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 NATO, data as of Sep 18, 2026. https://etfiq.com/compare/themes/fowf-vs-nato Free to use with attribution; the underlying files are at Open data.