Do ARMY and MISL hold the same stocks?

By their latest filings, 17% 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 MISL?

ARMY has 12% of its weight in S&P 500 names and MISL has 66%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs MISL: Holdings Overlap & Returns

Share on X Download as PDF

ARMY and MISL hold 17% of their weight in the same names.

askIQ about this page

askIQ about ARMY and MISL

Net assets on Nov 3, 2026: $13m for Tema International Defense ETF and $685m for First Trust Indxx Aerospace & Defense ETF.

ARMY on its own →MISL 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.

MISL · 1 year to Nov 4, 2026 34% of its weight is outside the S&P 500

66% of MISL's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

MISL costs 0.08 points a year less; MISL is far larger, $685m against $13m.

Points (pts) are percentage points.

ARMY vs MISL: Holdings Overlap & Returns
Measure	ARMY	MISL
Return
Measure	ARMY	MISL
Total return, 1 year	not published	−2.3%
Drawdown
Measure	ARMY	MISL
Below its all-time high	16.5%, high on Aug 14, 2026	19.1%, high on Jan 16, 2026
Against its benchmark
Measure	ARMY	MISL
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 17.1 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 17.1 pts
Cost and size
Measure	ARMY	MISL
Expense ratio	0.68%	0.60%
Net assets, as of Nov 3, 2026	$13m	$685m
Holdings
Measure	ARMY	MISL
Holdings in common	17%

Method

What they share

17%

By the books each fund has filed, ARMY and MISL hold 17% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

17% in common

Positions both hold · largest shared weight first ARMY MISL

ROCKET LAB CORP 3.03% 3.14%

PALANTIR TECHNOLOGIES INC 2.82% 6.60%

LOCKHEED MARTIN CORP 2.05% 4.93%

RTX CORP 1.71% 8.62%

GENERAL DYNAMICS CORP 1.42% 4.45%

L3HARRIS TECHNOLOGIES INC 1.35% 4.61%

NORTHROP GRUMMAN CORP 1.13% 4.50%

LEONARDO DRS INC 1.13% 1.10%

BOEING CO 0.99% 7.16%

AEROVIRONMENT INC 0.50% 0.67%

AIRBUS GROUP SE 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%

ELBIT SYSTEMS LTD 3.83%

SAAB AB 3.71%

CHEMRING GROUP PLC 3.68%

BAE SYSTEMS PLC 3.60%

Only in MISL

GE Aerospace 8.18%

Space Exploration Technologies Corp. (Class A) 6.84%

TransDigm Group Incorporated 4.29%

HEICO Corporation 4.24%

Honeywell Aerospace Inc. 3.92%

Howmet Aerospace Inc. 3.90%

FTAI Aviation Ltd. 2.18%

Woodward, Inc. 2.08%

Check overlap with more funds →

Window by window

Window by window: ARMY vs MISL: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ARMY	MISL	ARMY	MISL
3 months	−13.9%	−10.2%	not measured	−10.1 pts vs VOO
6 months	−9.5%	−7.5%	not measured	−12.5 pts vs VOO
1 year	–	−2.3%	–	−17.1 pts vs VOO
3 years	–	+79.3%	–	−4.0 pts vs VOO
Since launch	–	+103.7%	–	−8.3 pts vs VOO

– 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 MISL First Trust Indxx Aerospace & Defense ETF · Holds 44 stocks in defense, 66% of its weight in S&P 500 companies

Issuer Tema First Trust

Theme Defense Defense

In the S&P 500 11.5% 65.9%

Active share vs the S&P 500 98.4% 97.4%

In the Nasdaq-100 5.8% 20.5%

Holdings 36 44

Top ten, share of the fund 41.8% 60.2%

Expense ratio 0.68% 0.60%

Fee for the differing part 0.69% 0.62%

Total return, 1 year not available −2.3%

vs its benchmark not available −17.1 pts vs VOO

Below its high −16.5% −19.1%

Net assets, as of Nov 3, 2026 $13m $685m

As of Nov 4, 2026. Source: ETFIQ.

17% 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.

MISL

By weight, 66% of MISL'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 60% of the fund across 44 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 17.1 pts. It sits 19.1% 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. 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 12% of its weight in S&P 500 names and MISL has 66%, 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

ARMY vs EUAD ARMY vs IDEF ARMY vs KDEF ARMY vs XAR MISL vs WAR MISL vs WDEF MISL vs NATO MISL vs FOWF

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

MISL filings on SEC EDGAR ↗

MISL prospectus with the expense ratio (SEC) ↗

First Trust page for MISL ↗

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.

Cite this pageCitation, APA and Markdown

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

Open data →

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.