Do ARMY and GCAD hold the same stocks?

By their latest filings, 14% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.

Which is more different from the S&P 500, ARMY or GCAD?

ARMY has 12% of its weight in S&P 500 names and GCAD has 40%, so ARMY differs more from the index.

Which is cheaper, ARMY or GCAD?

ARMY charges 0.68% a year and GCAD charges 0.10%, so GCAD is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs GCAD: Holdings Overlap & Returns

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ARMY and GCAD hold 14% of their weight in the same names.

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Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF.

ARMY on its own →GCAD on its own →

At a glance

ARMY · 6 months to Nov 4, 2026 89% of its weight is outside the S&P 500

12% of ARMY's weight is in S&P 500 companies and 89% is outside the index. Holdings as of Nov 3, 2026.

GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500

40% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

GCAD costs 0.58 points a year less.

ARMY vs GCAD: Holdings Overlap & Returns
Measure	ARMY	GCAD
Return
Measure	ARMY	GCAD
Total return, 1 year	not published	+9.4%
Drawdown
Measure	ARMY	GCAD
Below its all-time high	16.5%, high on Aug 14, 2026	15.6%, high on Aug 14, 2026
Benchmark
Measure	ARMY	GCAD
What it tracks	Defense	Defense
Cost and size
Measure	ARMY	GCAD
Expense ratio	0.68%	0.10%
Net assets, ARMY as of Nov 3, 2026 and GCAD as of Jun 30, 2026	$13m	$44m
Holdings
Measure	ARMY	GCAD
Holdings in common	14%

Method

What they share

14%

By the books each fund has filed, ARMY and GCAD hold 14% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

14% in common

Positions both hold · largest shared weight first ARMY GCAD

LOCKHEED MARTIN CORP 2.05% 3.97%

RTX CORP 1.71% 4.14%

AIRBUS GROUP SE 2.46% 1.67%

GENERAL DYNAMICS CORP 1.42% 2.39%

L3HARRIS TECHNOLOGIES INC 1.35% 4.01%

NORTHROP GRUMMAN CORP 1.13% 3.48%

BOEING CO 0.99% 5.20%

LEONARDO DRS INC 1.13% 0.88%

MTU AERO ENGINES AG 3.17% 0.77%

RENK GROUP AG 2.64% 0.65%

ELBIT SYSTEMS LTD 3.83% 0.55%

RHEINMETALL AG 2.46% 0.46%

Only in one fund ↓

Only in ARMY

ANDURIL SPV EXPOSURE 7.99%

KONGSBERG GRUPPEN ASA 4.17%

QINETIQ GROUP PLC 3.91%

DASSAULT AVIATION SA 3.86%

SAAB AB 3.71%

CHEMRING GROUP PLC 3.68%

BAE SYSTEMS PLC 3.60%

LEONARDO-FINMECCANICA SPA 3.55%

Only in GCAD

ALBANY INTERNATIONAL CORP 6.84%

MOOG INC 6.20%

DUCOMMUN INC 4.74%

HEXCEL CORP 4.57%

MERCURY SYSTEMS INC 3.93%

TEXTRON INC 3.87%

CRANE COMPANY 3.06%

HOWMET AEROSPACE INC 2.60%

Check overlap with more funds →

Window by window

Window by window: ARMY vs GCAD: Holdings Overlap & Returns
	Total return
Window	ARMY	GCAD
3 months	−13.9%	−14.0%
6 months	−9.5%	−7.1%
1 year	–	+9.4%
3 years	–	+105.6%
Since launch	–	+117.4%

– means no data for this window. Open this comparison in the app →

Side by side

ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% of its weight in S&P 500 companies

Issuer Tema Gabelli

Theme Defense Defense

In the S&P 500 11.5% 40.1%

Active share vs the S&P 500 98.4% 97.2%

In the Nasdaq-100 5.8% 4.4%

Holdings 36 51

Top ten, share of the fund 41.8% 47.5%

Expense ratio 0.68% 0.10%

Fee for the differing part 0.69% 0.10%

Total return, 1 year not available +9.4%

vs its benchmark not available not measured

Below its high −16.5% −15.6%

Net assets, ARMY as of Nov 3, 2026 and GCAD as of Jun 30, 2026 $13m $44m

As of Nov 4, 2026. Source: ETFIQ.

14% of the two portfolios are the same securities at the same weight.

Alert

About each fund

ARMY

By weight, 12% 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 42% of the fund across 36 positions, as published by its issuer for Nov 3, 2026. It sits 16.5% below its all-time high of Aug 14, 2026.

GCAD

By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% below its all-time high of Aug 14, 2026.

Questions people ask

Do ARMY and GCAD hold the same stocks?: By their latest filings, 14% of their books are the same securities at the same weight. Overlap is the sum of the smaller weight of every security they share.
Which is more different from the S&P 500, ARMY or GCAD?: ARMY has 12% of its weight in S&P 500 names and GCAD has 40%, so ARMY differs more from the index.
Which is cheaper, ARMY or GCAD?: ARMY charges 0.68% a year and GCAD charges 0.10%, so GCAD is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARMY vs FOWF ARMY vs DUTY ARMY vs EUAD ARMY vs WR GCAD vs NATO GCAD vs KDEF GCAD vs MISL GCAD vs IDEF

Where to next

All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →ARMY on its own →GCAD on its own →ARMY holdings →GCAD dividend history →GCAD holdings →Method →Standards and sources →

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

GCAD filings on SEC EDGAR ↗

GCAD prospectus with the expense ratio (SEC) ↗

Gabelli website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, ARMY against GCAD, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-gcad

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