Data as of .
ARMY vs EUAD: which is really different?
ARMY and EUAD hold 32% of their weight in the same names.
ETFIQ Off-Index Score: EUAD 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
32% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, ARMY and EUAD hold 32% of their money in the same securities at the same weight.
| Holding | ARMY | EUAD |
|---|---|---|
| BAE SYSTEMS PLC | 3.58% | 8.96% |
| THALES SA | 3.54% | 6.92% |
| SAAB AB | 3.40% | 7.00% |
| HENSOLDT AG | 3.32% | 4.90% |
| MTU AERO ENGINES AG | 3.15% | 11.03% |
| SAFRAN SA | 3.15% | 7.56% |
| RHEINMETALL AG | 2.52% | 7.53% |
| QINETIQ GROUP PLC | 3.55% | 2.02% |
| CHEMRING GROUP PLC | 3.49% | 1.33% |
| Only in ARMY | Only in EUAD |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | Airbus SE 14.86% |
| ELBIT SYSTEMS LTD 3.88% | Rolls-Royce Holdings 8.43% |
| KONGSBERG GRUPPEN ASA 3.69% | Leonardo SpA 8.27% |
| ROCKET LAB CORP 3.67% | CLEARST. RYCEY SWAP 6.00% |
| DASSAULT AVIATION SA 3.66% | Babcock Internationa 4.14% |
| INDRA SISTEMAS SA 3.65% | CLEARST. BAESY SWAP 0.89% |
| LEONARDO-FINMECCANICA SPA 3.53% | CLEARST. LSIIF SWAP 0.10% |
| ROLLS-ROYCE HOLDINGS PLC 3.43% | CLEARST. AVVOF SWAP 0.03% |
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 May 31, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | EUAD | ARMY | EUAD | ARMY | EUAD | |
| 3 months | −2.2% | +1.0% | −4.4 pts | −1.3 pts | +0.3 pts | +3.5 pts |
| 6 months | not published | +4.8% | not published | −13.2 pts | not published | −19.4 pts |
| 1 year | not published | −4.4% | not published | −21.0 pts | not published | −26.2 pts |
| Since launch | −6.1% | +70.4% | −23.8 pts | +36.8 pts | −31.2 pts | +23.6 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | EUAD Select STOXX Europe Aerospace & Defense ETF Holds 18 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | Tuttle |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 0.0% |
| Active share vs the S&P 500 | 98.4% | 100.0% |
| In the Nasdaq-100 | 2.9% | 0.0% |
| Holdings | 34 | 18 |
| Top ten, share of the fund | 47.4% | 86.6% |
| Expense ratio | 0.68% | 0.50% |
| Fee for the differing part | 0.69% | 0.50% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | −4.4% |
| vs the S&P 500 | −23.8 pts | −21.0 pts |
| vs the Nasdaq-100 | −31.2 pts | −26.2 pts |
| Below its high | −14.6% | −11.6% |
| Net assets | $7m | $1.2bn |
ARMY in plain words
By weight, 11% of ARMY'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 47% of the fund across 34 positions, as published by its issuer for Sep 18, 2026. Since it launched on Mar 31, 2026 the fund returned −6.1% with distributions reinvested against +17.7% for the S&P 500, so a holder was behind by 23.8 pts. It sits 14.6% below its all-time high of Aug 14, 2026.
EUAD in plain words
By weight, 0% of EUAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 87% of the fund across 18 positions, as filed for May 31, 2026. Over the year to Sep 18, 2026 the fund returned −4.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 21.0 pts. It sits 11.6% below its all-time high of Jan 13, 2026.
Questions people ask
- Do ARMY and EUAD hold the same stocks?
- By their latest filings, 32% 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, ARMY or EUAD?
- ARMY has 11% of its weight in S&P 500 names and EUAD has 0%, so EUAD differs more from the index.
- Which is cheaper, ARMY or EUAD?
- ARMY charges 0.68% a year and EUAD charges 0.50%, so EUAD 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, ARMY against EUAD, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-euad Free to use with attribution; the underlying files are at Open data.