Data as of .
ARMY vs MISL: which is really different?
ARMY and MISL hold 17% of their weight in the same names.
ETFIQ Off-Index Score: ARMY 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
17% 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 MISL hold 17% of their money in the same securities at the same weight.
| Holding | ARMY | MISL |
|---|---|---|
| ROCKET LAB CORP | 3.67% | 3.34% |
| PALANTIR TECHNOLOGIES INC | 2.86% | 11.75% |
| LOCKHEED MARTIN CORP | 1.81% | 4.27% |
| RTX CORP | 1.65% | 8.30% |
| GENERAL DYNAMICS CORP | 1.34% | 3.95% |
| L3HARRIS TECHNOLOGIES INC | 1.27% | 3.57% |
| NORTHROP GRUMMAN CORP | 1.12% | 4.10% |
| LEONARDO DRS INC | 1.16% | 1.12% |
| BOEING CO/THE | 1.09% | 7.48% |
| AEROVIRONMENT INC | 0.70% | 0.91% |
| AIRBUS GROUP SE | 2.43% | 0.51% |
| Only in ARMY | Only in MISL |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | Space Exploration Technologies Corp. (Class A) 8.81% |
| ELBIT SYSTEMS LTD 3.88% | GE Aerospace 7.34% |
| KONGSBERG GRUPPEN ASA 3.69% | HEICO Corporation 3.56% |
| DASSAULT AVIATION SA 3.66% | Howmet Aerospace Inc. 3.56% |
| INDRA SISTEMAS SA 3.65% | TransDigm Group Incorporated 3.53% |
| BAE SYSTEMS PLC 3.58% | AST SpaceMobile, Inc. 2.56% |
| QINETIQ GROUP PLC 3.55% | Curtiss-Wright Corporation 2.37% |
| THALES SA 3.54% | FTAI Aviation Ltd. 2.21% |
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 Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | MISL | ARMY | MISL | ARMY | MISL | |
| 3 months | −2.2% | −8.7% | −4.4 pts | −10.9 pts | +0.3 pts | −6.2 pts |
| 6 months | not published | −7.5% | not published | −25.5 pts | not published | −31.7 pts |
| 1 year | not published | +6.4% | not published | −10.2 pts | not published | −15.4 pts |
| 3 years | not published | +93.1% | not published | +14.7 pts | not published | −5.1 pts |
| Since launch | −6.1% | +109.5% | −23.8 pts | −0.6 pts | −31.2 pts | −56.0 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | MISL First Trust Indxx Aerospace & Defense ETF Holds 40 stocks in defense, 62% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | First Trust |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 62.4% |
| Active share vs the S&P 500 | 98.4% | 97.5% |
| In the Nasdaq-100 | 2.9% | 11.8% |
| Holdings | 34 | 40 |
| Top ten, share of the fund | 47.4% | 63.1% |
| Expense ratio | 0.68% | 0.60% |
| Fee for the differing part | 0.69% | 0.62% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | +6.4% |
| vs the S&P 500 | −23.8 pts | −10.2 pts |
| vs the Nasdaq-100 | −31.2 pts | −15.4 pts |
| Below its high | −14.6% | −16.9% |
| Net assets | $7m | $704m |
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.
MISL in plain words
By weight, 62% of MISL'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 63% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +6.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.2 pts. It sits 16.9% below its all-time high of Jan 16, 2026.
Questions people ask
- Do ARMY and MISL hold the same stocks?
- By their latest filings, 17% 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, ARMY or MISL?
- ARMY has 11% of its weight in S&P 500 names and MISL has 62%, so ARMY differs more from the index.
- Which is cheaper, ARMY or MISL?
- ARMY charges 0.68% a year and MISL charges 0.60%, so MISL 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 MISL, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-misl Free to use with attribution; the underlying files are at Open data.