Data as of . Every figure is the themes desk's own, on published data.
IFRA vs PPA
2% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, IFRA and PPA hold 2% of their money in the same securities at the same weight.
| Holding | IFRA | PPA |
|---|---|---|
| CARPENTER TECHNOLOGY CORPORATION | 1.05% | 1.35% |
| ATI INC | 0.94% | 1.36% |
| OSHKOSH CORPORATION | 0.33% | 0.30% |
| Only in IFRA | Only in PPA |
|---|---|
| CATERPILLAR INC. 4.57% | Boeing Co. (The) 9.11% |
| NEXTERA ENERGY, INC. 3.97% | General Electric Co. 7.85% |
| UNION PACIFIC CORPORATION 3.88% | RTX Corp. 7.13% |
| QUANTA SERVICES, INC. 3.77% | Lockheed Martin Corp. 6.39% |
| CSX Corporation 3.10% | General Dynamics Corp. 4.52% |
| THE SOUTHERN COMPANY 2.92% | Northrop Grumman Corp. 4.46% |
| DUKE ENERGY CORPORATION 2.67% | Honeywell International Inc. 4.39% |
| CRH PUBLIC LIMITED COMPANY 2.51% | Howmet Aerospace Inc. 4.18% |
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 as filed for Apr 30, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| IFRA | PPA | IFRA | PPA | IFRA | PPA | |
| 3 months | −3.0% | −3.0% | −7.7 pts | −7.7 pts | −5.1 pts | −5.1 pts |
| 6 months | +2.3% | −8.5% | −12.8 pts | −23.7 pts | −17.8 pts | −28.7 pts |
| 1 year | +16.3% | +12.6% | −3.7 pts | −7.3 pts | −9.3 pts | −13.0 pts |
| 3 years | +63.9% | +100.0% | −14.1 pts | +22.1 pts | −29.6 pts | +6.5 pts |
| Since launch | +173.3% | +1021.7% | −55.9 pts | +210.4 pts | −199.2 pts | −662.3 pts |
| IFRA iShares U.S. Infrastructure ETF | PPA Invesco Aerospace & Defense ETF | |
|---|---|---|
| Issuer | iShares | Invesco |
| Theme | Infrastructure | Defense |
| In the S&P 500 | 75.7% | 71.1% |
| Active share vs the S&P 500 | 95.4% | 96.4% |
| In the Nasdaq-100 | 10.0% | 7.3% |
| Holdings | 161 | 60 |
| Top ten, share of the fund | 32.4% | 55.5% |
| Expense ratio | not published | 0.58% |
| Fee for the differing part | not published | 0.60% |
| Total return, 1 year | +16.3% | +12.6% |
| vs the S&P 500 | −3.7 pts | −7.3 pts |
| vs the Nasdaq-100 | −9.3 pts | −13.0 pts |
| Below its high | −7.5% | −10.9% |
IFRA in plain words
By weight, 76% of IFRA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 95%. The top ten holdings are 32% of the fund across 161 positions, as filed for Jun 30, 2026. Over the year to Sep 4, 2026 the fund returned +16.3% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 3.7 pts. It sits 7.5% below its all-time high of Jun 25, 2026.
PPA in plain words
By weight, 71% of PPA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 56% of the fund across 60 positions, as filed for Apr 30, 2026. Over the year to Sep 4, 2026 the fund returned +12.6% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 7.3 pts. It sits 10.9% below its all-time high of Mar 2, 2026.
Questions people ask
- Do IFRA and PPA hold the same stocks?
- By their latest filings, 2% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, IFRA or PPA?
- IFRA has 76% of its weight in S&P 500 names and PPA has 71%, so PPA differs more from the index.
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, IFRA against PPA, data as of Sep 4, 2026. https://etfiq.com/compare/themes/IFRA-PPA.html Free to use with attribution; the underlying files are at Open data.