PUBLIC-MARKET WRAPPERS
ETF thesis purity
No unlevered, cUAS-only ETF was found in the reviewed live universe. BZZ names counter-UAS explicitly, but also owns eVTOL and urban-air-mobility exposure.
| Fund / listings | Mandate and category | Military UAV purity floor | cUAS / cUAV floor | Coverage & mandate | Fund facts | What dilutes the thesis | Snapshot / source |
|---|---|---|---|---|---|---|---|
| Dedicated drone / UAV Rules-based global UAV basket with pure-play and diversified revenue screens. | 52%model-derived conservative floor | 12%narrow counter-UAS subset | Reviewed68.41%UAV floor80% | AUMUS$36.42mExpense0.69%Holdings45 | Commercial UAV, eVTOL and diversified aerospace exposure remains inside the drone mandate. AVAV 10.33%; DroneShield 9.74%; NextVision 9.57%; RCAT 8.93%; ONDS 8.84% | Holdings 2026-07-13Issuer source ↗Index allocation is 80% pure-play companies and no more than 20% diversified companies; this is a separate UCITS wrapper. | |
PORTFOLIO SNAPSHOT Top holdings · DRON / DRN10 positions · 68.41% of fund · as of 2026-07-13
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| Dedicated drone / UAV Global drone and UAV manufacturers plus enabling technologies across defense and commercial uses. | 48%model-derived conservative floor | 8%narrow counter-UAS subset | Reviewed64.11%UAV floor80% | AUMUS$107.21mExpense0.65%Holdings53 | Commercial drones, eVTOL and diversified enablers; the 80% policy is drone/UAV exposure, not an 80% military allocation. AVAV 13.15%; NextVision 12.17%; ONDS 11.29%; DroneShield 5.45%; Elsight 4.73% | Holdings 2026-07-13Issuer source ↗Binding policy: at least 80% in companies with at least 50% of assets, revenue or profits tied to drones/UAVs or enabling technology. | |
PORTFOLIO SNAPSHOT Top holdings · DRNZ10 positions · 64.11% of fund · as of 2026-07-13
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| Drone + UAM Actively managed drones, autonomy, navigation, airspace systems, counter-UAS, infrastructure and eVTOL. | 26%model-derived conservative floor | 1%narrow counter-UAS subset | Reviewed99.99%UAV floorNone | AUMUS$3.11mExpense0.35%Holdings30 | eVTOL/UAM pure plays are about 22% of the daily file; cash is 3.92%. Counter-UAS is named in the mandate but has no allocation minimum. NOC 8.94%; TDY 6.85%; Ouster 6.03%; Hexcel 5.94%; RTX 5.72% | Holdings 2026-07-15Issuer source ↗Issuer page states 30 holdings while the official daily API returned 28 positions on the snapshot date. | |
PORTFOLIO SNAPSHOT Top holdings · BZZ10 positions · 55.79% of fund · as of 2026-07-15
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| Drone + modern warfare Drones plus AI warfare, cyber, ISR, space infrastructure, non-air unmanned systems, robotics and eVTOL. | 25%model-derived conservative floor | 3%narrow counter-UAS subset | Reviewed99.98%UAV floorNone | AUMUS$137.56mExpense0.69%Holdings45 | The 50% issuer revenue screen may be met by any eligible modern-warfare subtheme; it is not a 50% drone-revenue test. Redwire 10.73%; UMAC 9.93%; ONDS 6.64%; C3.ai 5.73%; Intuitive Machines 4.88% | Holdings 2026-07-14Issuer source ↗Full current holdings classified; cash remains in the denominator. | |
PORTFOLIO SNAPSHOT Top holdings · JEDI10 positions · 58.83% of fund · as of 2026-07-14
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| Drone + UAM Ten-stock US drone, aerospace and urban-air-mobility basket. | 10%model-derived conservative floor | 0%no scored top-holding exposure | Reviewed99.99%UAV floorNone | AUMKRW 37.057bnExpense0.49%Holdings10 | Joby, Archer, Beta and other UAM/aerospace names dominate; the available primary snapshot is older than the dashboard as-of date. Joby 20.20%; Rocket Lab 17.07%; Kratos 14.44%; Howmet 8.42%; Archer 8.34% | Holdings 2026-01-30Issuer source ↗0.49% is the stated annual management fee in the issuer sheet, not a separately verified all-in ongoing charge. | |
PORTFOLIO SNAPSHOT Top holdings · 0144M010 positions · 99.99% of fund · as of 2026-01-30Latest retrievable issuer snapshot
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| Defense technology Defense technology, advanced military systems and cybersecurity rather than a UAV-specific sleeve. | 6%model-derived conservative floor | 0%no scored top-holding exposure | Reviewed63.79%UAV floorNone | AUMUS$6.81bnExpense0.50%Holdings50 | Diversified primes, missiles, naval, land, cyber and other defense exposure dominate the fund. RTX 9.53%; General Dynamics 9.33%; Lockheed Martin 8.38%; Northrop Grumman 8.37%; Palantir 8.16% | Holdings 2026-07-13Issuer source ↗Generic defense-tech comparator; the score credits only confirmed UAV-linked operations inside diversified issuers. | |
PORTFOLIO SNAPSHOT Top holdings · SHLD10 positions · 63.79% of fund · as of 2026-07-13
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| Physical AI + drones UCITS physical-AI basket spanning humanoids, drones, mobility, factories, logistics and emerging robotics. | 5%model-derived conservative floor | 0%no scored top-holding exposure | Reviewed29.60%UAV floorNone | AUMUS$186.16mExpense0.45%Holdings62 | Robotics and industrial automation dominate; China represented 24.77% of the portfolio on the snapshot date. Leader Harmonious Drive 4.39%; UBTech 3.54%; Harmonic Drive 3.38%; Thunder Tiger 2.77%; Tesla 2.74% | Holdings 2026-07-13Issuer source ↗Separate UCITS fund, not a share class of US-listed WDRN; top-ten holdings were scored. | |
PORTFOLIO SNAPSHOT Top holdings · WPAI / PAIG10 positions · 29.61% of fund · as of 2026-07-13
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| Physical AI + drones Physical AI across robotics, humanoids, automation, drones and autonomous mobility. | 4%model-derived conservative floor | 1%narrow counter-UAS subset | Reviewed35.23%UAV floorNone | AUMUS$21.27mExpense0.45%Holdings62 | Humanoids, industrial automation, autonomous vehicles and broad AI hardware dominate the disclosed top holdings. Tesla 5.78%; Nvidia 5.39%; Harmonic Drive 3.77%; Amprius 3.76%; Aurora 3.17% | Holdings 2026-07-14Issuer source ↗62 is the disclosed index component count; only the issuer-disclosed top holdings were scored. | |
PORTFOLIO SNAPSHOT Top holdings · WDRN10 positions · 35.23% of fund · as of 2026-07-14
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| Space + defense Actively managed space and defense innovation including autonomy, AI, launch, satellites and advanced aerospace. | 4%model-derived conservative floor | 0%no scored top-holding exposure | Reviewed54.19%UAV floorNone | AUMUS$44.51mExpense0.75%Holdings32 | Launch, semiconductors, cloud, agriculture and commercial-space exposure dominate the disclosed top holdings. SpaceX 7.97%; AMD 7.88%; L3Harris 6.53%; Kratos 5.29%; Rocket Lab 5.03% | Holdings 2026-07-13Issuer source ↗UCITS fund only; its AUM and holdings must not be merged with the separate US-listed ARKX fund. | |
PORTFOLIO SNAPSHOT Top holdings · ARKX10 positions · 54.19% of fund · as of 2026-07-13
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| Future security Cybersecurity and smart borders plus military components of robotics, drone, space, wearables and VR indices. | 0%model-derived conservative floor | 0%no scored top-holding exposure | Reviewed17.82%UAV floorNone | AUMUS$146.42mExpense0.45%Holdings79 | The current top ten are cybersecurity companies; the drone sleeve is not separately disclosed in the issuer table. Rapid7 2.19%; Tenable 1.93%; N-able 1.90%; Varonis 1.82%; Qualys 1.82% | Holdings 2026-07-13Issuer source ↗Zero means no scored military-UAV exposure in the reviewed top holdings, not proof that the full portfolio has none. | |
PORTFOLIO SNAPSHOT Top holdings · FITE10 positions · 17.82% of fund · as of 2026-07-13 | |||||||
MODEL V1 · AUDITABLE FLOOR
How the percentages are built
Purity floor = sum of reviewed holding weight × evidence coefficient. Unsupported and unreviewed exposure scores zero but remains in the denominator. Model-derived conservative floors, not issuer metrics, company revenue estimates, ratings or investment recommendations.
Excluded from the ranking: DRNL is a 2× daily trading vehicle; the former AdvisorShares UAV fund is liquidated; Tuttle Drone Industry and Hood River Drone Innovators were not confirmed live. No current unlevered ETF reviewed here is exclusively counter-UAS.