FLDZ ETF Explained: Returns, Expense Ratio, Holdings and Alternative ETFs
The Truist Patriot Defense ETF, ticker FLDZ, is an actively managed fund that selects aerospace and defense companies. To assess its investment outlook, it helps to weigh its exposure to defense-related stocks, its once-a-year distribution structure, its fee burden and its industry concentration risk.
SubscribeWhat Is the Truist Patriot Defense ETF?
The FLDZ ETF invests mainly in stocks of companies in the aerospace and defense industry, taking a broad view of its investment universe that covers commercial and military equipment, components, defense electronics and space-related businesses. Rather than simply tracking a specific index, it relies on the fund manager's own selection judgment.
It suits investors who are willing to accept volatility driven by the defense industry's business environment and by individual stock selection results, and who want to use thematic equity exposure as one part of their portfolio.
It is an actively managed ETF run by Truist.
How Does the Truist Patriot Defense ETF Invest?
| Item | Details |
|---|---|
| Target universe | Aerospace and defense companies |
| Management style | Active selection |
| Stock selection | Manager's own discretionary selection |
| Rebalancing frequency | Adjusted at the manager's discretion |
| Distribution frequency | Once a year |
| Expense ratio | 0.40% |
The fund builds its portfolio around companies in the defense industry, while the manager decides on inclusion and weighting by looking comprehensively at each company's domicile, industry classification, trading conditions and revenue mix. The key point is that it is an actively managed strategy concentrated in aerospace and defense.
- Thematic active selection covering the defense industry broadly
- Management fee income linked to an education support purpose
Truist Patriot Defense ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $6.9M, and the expense ratio is 0.40% per year.
For the FLDZ ETF, fees and trading conditions should be checked together. Because the trading environment of the underlying industry and its holdings can cause a gap between market price and net asset value in thematic products, it is sensible to compare the cost structure and trading conditions of similar ETFs as well.
Truist Patriot Defense ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe performance of the defense theme can be affected by many factors, including the direction of government spending, supply chain conditions, individual companies' order wins and earnings expectations, and geopolitical variables. In an actively managed structure, the results of holding selection and weight adjustments also affect performance, so it is better to look at the consistency of the strategy than at short-term changes.
Fund flows into thematic ETFs can be sensitive to market interest in the defense industry and to shifts in risk appetite. Because this product concentrates on a specific industry, it can move differently from broad market ETFs. Before trading, check trading conditions, the bid-ask spread, and whether your investment goal and holding period match the product.
Truist Patriot Defense ETF Pros and Cons
The fund is characterized by selective management specialized in the defense industry and a donation-linked structure, but investors must also accept the volatility that comes with industry concentration and active management decisions.
💪 Key Strengths
⚠️ Points to Watch
Truist Patriot Defense ETF Alternatives and Related Products
In the comparison table, the DYNF ETF, JMEE ETF and PSC ETF have lower fee levels than the FLDZ ETF, while the THRO ETF and ARKK ETF have higher ones. The DYNF ETF is an active product focused on factor rotation, the THRO ETF on theme rotation, and the ARKK ETF on innovation themes. The JMEE ETF and PSC ETF differ in investment scope from the defense-focused FLDZ ETF in that they use small-cap-centered exposure. Because information on comparable defense-theme ETFs is limited, strategy and industry concentration should be examined together. Whether stocks such as MDGL, HCA, CASY, EME and LOW are included is also a clue for checking the character of the portfolio.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 DYNF | iShares U.S. Equity Factor Rotation Active ETF | $67.21 | -0.2% | $42.3B | 0.26% | 0.84% | +10.2% |
 THRO | iShares U.S. Thematic Rotation Active ETF | $42.77 | -0.2% | $7.4B | 0.57% | 0.3% | +10.6% |
 ARKK | ARK Innovation ETF | $76.50 | -2.5% | $6.2B | 0.75% | - | -6.0% |
 JMEE | JPMorgan Small & Mid Cap Enhanced Equity ETF | $74.76 | -1.2% | $3.0B | 0.24% | 0.97% | +16.7% |
 PSC | Principal U.S. Small-Cap ETF | $67.91 | -1.0% | $2.7B | 0.38% | 0.59% | +19.0% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
| HUM | Humana Inc | 0.01% | $443.68 | -0.6% | $53.3B | 43.2 | 0.84% |
 MYMK | State Street My2031 Municipal Bond ETF | 0.01% | $24.70 | -0.2% | $0.0M | - | 2.6% |
 STRL | Sterling Infrastructure Inc | 0.01% | $301.60 | -0.7% | $9.2B | 16.9 | - |
| CNC | Centene Corp | 0.01% | $70.27 | -0.3% | $34.8B | 24.1 | - |
| UNH | Unitedhealth Group Inc | 0.01% | $405.13 | +0.5% | $363.0B | 23.1 | 2.22% |
 IESC | IES Holdings Inc | 0.01% | $174.17 | -1.8% | $7.0B | 15.5 | - |
 MOH | Molina Healthcare Inc | 0.01% | $209.85 | +0.3% | $11.0B | - | - |
| DVN | Devon Energy Corp | 0.01% | $46.23 | +2.9% | $52.7B | 11.5 | 2.51% |
| FIX | Comfort Systems USA Inc | 0.01% | $1128.09 | -2.9% | $39.5B | 24.4 | 0.3% |
 BTSG | BrightSpring Health Services Inc | 0.01% | $71.45 | -1.6% | $14.2B | 46.4 | - |
Truist Patriot Defense ETF Investor Checkpoints
Pre-investment review of the FLDZ ETF starts with deciding what role the defense theme will play in your portfolio. Review active management, industry concentration, trading costs and the donation-linked structure all at once, and confirm that the fund does not overlap with broad equity ETFs.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Fee burden | Compare the expense ratio with the cost structure of similar ETFs | Comparison needed |
| 📊 Industry concentration | Check dependence on the defense industry and overlap with other holdings | Concentration check needed |
| 💧 Trading conditions | Check the bid-ask spread and trading volume at the time of purchase | Check before trading |
| 🎯 Management style | Review the active selection criteria and changes in holdings | Regular check needed |
Defense-related policy, demand, supply chains and geopolitical variables can affect the profitability and valuation of the companies held. In addition, active management decisions, industry concentration, the gap between market price and net asset value, and exchange rate and overseas investment factors can all interact, so it is hard to judge the fund on short-term prices alone.
The Truist Patriot Defense ETF is an actively managed ETF concentrated in the defense industry, and it can be a candidate for investors who want to consider thematic exposure together with a donation-linked structure. However, it is advisable to confirm its different role from broad market products, its fees, its trading conditions and its industry concentration risk before judging whether it fits your investment goal.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of August 20, 2026.
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