NATO vs PPA
Themes Transatlantic Defense ETF against Invesco Aerospace & Defense ETF: cost, size, returns, what they hold and how much of it is the same.
Overlap by weight
59%
32 shared positions
Fee gap
23 bp
NATO is cheaper
1-year return gap
6.1 pts
PPA is ahead
Larger fund
PPA
$7.4B
Side by side
| NATO | PPA | |
|---|---|---|
| Fund | Themes Transatlantic Defense ETF | Invesco Aerospace & Defense ETF |
| Issuer | Themes | Invesco |
| Category | Aerospace & Defense | Aerospace & Defense |
| Expense ratio | 0.35% | 0.58% |
| Assets | $90M | $7.4B |
| Average daily dollar volume | $809K | $45M |
| Listed | Oct 10, 2024 | Oct 26, 2005 |
| FrenzyCap score | 53 | 68 |
| 1-month return | −5.1% | −3.5% |
| 3-month return | −9.3% | −9.6% |
| Year to date | −5.5% | −1.0% |
| 1-year return | −8.9% | −2.8% |
| 30-day volatility | 13.6% | 13.9% |
| Worst drawdown, 1 year | −18.9% | −17.6% |
| Trailing 12-month yield | 0.48% | 0.43% |
| Holdings | 85 | 72 |
| Top 10 weight | 58.6% | 60.3% |
| Look-through P/E | 29.8 | 31.6 |
| Holdings vs fair value | +7.2% | +9.1% |
| Holdings above 200-day average | 2% | 16% |
| Net flow, latest 3 reported months | −$6.3M thru Jun 2026 | −$82M thru Jul 2026 |
| 30-day implied volatility | — | 23.0% |
| Holdings as of | as of Jun 30, 2026SEC filing | as of Oct 8, 2026issuer data |
Returns are price returns and exclude distributions. Flows are each fund's own latest reported months and may not cover the same period.
Largest shared holdings
63% of NATO · 74% of PPA| Holding | NATO | PPA |
|---|---|---|
| GE | 9.69% | 8.97% |
| RTX | 7.58% | 9.02% |
| BA | 7.25% | 8.88% |
| LMT | 5.17% | 8.04% |
| HWM | 4.83% | 4.10% |
| GD | 3.61% | 5.21% |
| TDG | 3.39% | 3.42% |
| NOC | 3.35% | 4.76% |
| HONA | 3.10% | 3.83% |
| LHX | 2.51% | 3.80% |
| AXON | 1.90% | 2.08% |
| CW | 1.31% | 1.13% |
| RKLB | 2.50% | 1.02% |
| TXT | 0.76% | 0.83% |
| BWXT | 0.82% | 0.74% |
| TDY | 1.44% | 0.70% |
| HEI | 0.67% | 1.21% |
| HII | 0.49% | 0.89% |
| KTOS | 0.42% | 0.61% |
| HXL | 0.36% | 0.55% |
| MRCY | 0.29% | 0.41% |
| AIR | 0.25% | 0.34% |
| AVAV | 0.23% | 0.57% |
| KRMN | 0.17% | 0.37% |
| OSIS | 0.16% | 0.19% |
Sector mix of the stock holdings
| Sector | NATO | PPA | Gap |
|---|---|---|---|
| Industrials | 62.2% | 80.7% | −18.5% |
| Materials | 5.2% | 7.2% | −2.1% |
| Technology | 0.7% | 10.1% | −9.4% |
| Communication Services | 0.0% | 0.9% | −0.9% |
| Consumer Discretionary | 0.0% | 0.2% | −0.2% |
| Health Care | 0.0% | 0.1% | −0.0% |
More: full overlap table · NATO holdings · PPA holdings
Fund data comes from each fund's SEC filings and issuer disclosures and is shown with the date it is as of. SEC portfolio and flow filings become public about 60 days after the period they cover. Nothing here is investment advice; see Terms.