Do ARMY and KDEF hold the same stocks?

By their latest filings, 0% 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 KDEF?

ARMY has 12% of its weight in S&P 500 names and KDEF has 0%, so KDEF differs more from the index.

Which is cheaper, ARMY or KDEF?

ARMY charges 0.68% a year and KDEF charges 0.65%, so KDEF is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs KDEF: Holdings Overlap & Returns

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ARMY and KDEF hold 0% of their weight in the same names.

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Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $113m on Aug 31, 2026 for PLUS Korea Defense Industry Index ETF.

ARMY on its own →KDEF 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.

KDEF · 1 year to Nov 4, 2026 100% of its weight is outside the S&P 500

0% of KDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

KDEF costs 0.03 points a year less.

ARMY vs KDEF: Holdings Overlap & Returns
Measure	ARMY	KDEF
Return
Measure	ARMY	KDEF
Total return, 1 year	not published	−28.3%
Drawdown
Measure	ARMY	KDEF
Below its all-time high	16.5%, high on Aug 14, 2026	50.7%, high on May 5, 2026
Benchmark
Measure	ARMY	KDEF
What it tracks	Defense	Defense
Cost and size
Measure	ARMY	KDEF
Expense ratio	0.68%	0.65%
Net assets, ARMY as of Nov 3, 2026 and KDEF as of Aug 31, 2026	$13m	$113m
Holdings
Measure	ARMY	KDEF
Holdings in common	0%

Method

What they share

By the books each fund has filed, ARMY and KDEF hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first ARMY KDEF

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%

ELBIT SYSTEMS LTD 3.83%

SAAB AB 3.71%

CHEMRING GROUP PLC 3.68%

BAE SYSTEMS PLC 3.60%

Only in KDEF

HANWHA AEROSPACE CO LTD 23.38%

HYUNDAI ROTEM COMPANY 7.63%

KOREA AEROSPACE INDUSTRIES LTD 6.71%

LIG DEFENSE & AEROSPACE CO LTD 6.67%

POONGSAN CORP 6.04%

SK OCEANPLANT CO LTD 4.33%

SNT MOTIV CO LTD 4.25%

SNT DYNAMICS CO LTD 3.94%

Check overlap with more funds →

Window by window

Window by window: ARMY vs KDEF: Holdings Overlap & Returns
	Total return
Window	ARMY	KDEF
3 months	−13.9%	−22.9%
6 months	−9.5%	−49.1%
1 year	–	−28.3%
Since launch	–	+60.9%

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Side by side

ARMY Tema International Defense ETF · Holds 36 stocks in defense, 12% of its weight in S&P 500 companies KDEF PLUS Korea Defense Industry Index ETF · Holds 20 stocks in defense, 0% of its weight in S&P 500 companies

Issuer Tema PLUS

Theme Defense Defense

In the S&P 500 11.5% 0.0%

Active share vs the S&P 500 98.4% 100.0%

In the Nasdaq-100 5.8% 0.0%

Holdings 36 20

Top ten, share of the fund 41.8% 70.4%

Expense ratio 0.68% 0.65%

Fee for the differing part 0.69% 0.65%

Total return, 1 year not available −28.3%

vs its benchmark not available not measured

Below its high −16.5% −50.7%

Net assets, ARMY as of Nov 3, 2026 and KDEF as of Aug 31, 2026 $13m $113m

As of Nov 4, 2026. Source: ETFIQ.

0% 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.

KDEF

By weight, 0% of KDEF'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 70% of the fund across 20 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −28.3% with distributions reinvested. It sits 50.7% below its all-time high of May 5, 2026.

Questions people ask

Do ARMY and KDEF hold the same stocks?: By their latest filings, 0% 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 KDEF?: ARMY has 12% of its weight in S&P 500 names and KDEF has 0%, so KDEF differs more from the index.
Which is cheaper, ARMY or KDEF?: ARMY charges 0.68% a year and KDEF charges 0.65%, so KDEF is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARMY vs WR ARMY vs AV ARMY vs NATO ARMY vs WDEF KDEF vs WDEF KDEF vs NATO KDEF vs MISL KDEF vs WDAF

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

KDEF filings on SEC EDGAR ↗

KDEF prospectus with the expense ratio (SEC) ↗

PLUS 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 KDEF, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-kdef

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