Do ARMY and NATO hold the same stocks?

By their latest filings, 29% 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 NATO?

ARMY has 12% of its weight in S&P 500 names and NATO has 54%, so ARMY differs more from the index.

Which is cheaper, ARMY or NATO?

ARMY charges 0.68% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs NATO: Holdings Overlap & Returns

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ARMY and NATO hold 29% of their weight in the same names.

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Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF.

ARMY on its own →NATO 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.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

NATO costs 0.33 points a year less; NATO is 6.8 times larger.

Points (pts) are percentage points.

ARMY vs NATO: Holdings Overlap & Returns
Measure	ARMY	NATO
Return
Measure	ARMY	NATO
Total return, 1 year	not published	−1.8%
Drawdown
Measure	ARMY	NATO
Below its all-time high	16.5%, high on Aug 14, 2026	16.1%, high on Mar 2, 2026
Against its benchmark
Measure	ARMY	NATO
What it tracks	Defense	Defense
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 16.8 pts
Cost and size
Measure	ARMY	NATO
Expense ratio	0.68%	0.35%
Net assets, as of Nov 3, 2026	$13m	$89m
Holdings
Measure	ARMY	NATO
Holdings in common	29%

Method

What they share

29%

By the books each fund has filed, ARMY and NATO hold 29% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

29% in common

Positions both hold · largest shared weight first ARMY NATO

BAE SYSTEMS PLC 3.60% 4.19%

ROLLS-ROYCE HOLDINGS PLC 3.05% 7.09%

SAFRAN SA 2.83% 5.75%

RHEINMETALL AG 2.46% 2.75%

LOCKHEED MARTIN CORP 2.05% 5.19%

RTX CORP 1.71% 8.53%

ROCKET LAB CORP 3.03% 1.61%

GENERAL DYNAMICS CORP 1.42% 4.36%

L3HARRIS TECHNOLOGIES INC 1.35% 2.52%

LEONARDO-FINMECCANICA SPA 3.55% 1.20%

THALES SA 3.34% 1.16%

NORTHROP GRUMMAN CORP 1.13% 3.90%

Only in one fund ↓

Only in ARMY

ANDURIL SPV EXPOSURE 7.99%

ELBIT SYSTEMS LTD 3.83%

BABCOCK INTERNATIONAL GROUP PLC 3.53%

INDRA SISTEMAS SA 3.52%

PALANTIR TECHNOLOGIES INC 2.82%

TKMS AG & CO KGAA 2.80%

ELECTRO OPTIC SYSTEMS HOLDINGS LTD 2.75%

DRONESHIELD LTD 2.64%

Only in NATO

GE AEROSPACE 8.40%

AIRBUS GROUP SE 6.66%

Howmet Aerospace Inc 4.18%

TransDigm Group Inc 3.45%

Honeywell Aerospace Inc 2.60%

Axon Enterprise Inc 1.70%

Teledyne Technologies Inc 1.51%

Bombardier Inc 1.09%

Check overlap with more funds →

Window by window

Window by window: ARMY vs NATO: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ARMY	NATO	ARMY	NATO
3 months	−13.9%	−14.7%	not measured	−13.4 pts vs ACWI
6 months	−9.5%	−6.9%	not measured	−9.5 pts vs ACWI
1 year	–	−1.8%	–	−16.8 pts vs ACWI
Since launch	–	+47.0%	–	+10.9 pts vs ACWI

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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 NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies

Issuer Tema Themes

Theme Defense Defense

In the S&P 500 11.5% 54.5%

Active share vs the S&P 500 98.4% 97.7%

In the Nasdaq-100 5.8% 5.9%

Holdings 36 83

Top ten, share of the fund 41.8% 61.2%

Expense ratio 0.68% 0.35%

Fee for the differing part 0.69% 0.36%

Total return, 1 year not available −1.8%

vs its benchmark not available −16.8 pts vs ACWI

Below its high −16.5% −16.1%

Net assets, ARMY as of Nov 3, 2026 and NATO as of Nov 4, 2026 $13m $88m

As of Nov 4, 2026. Source: ETFIQ.

29% 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.

NATO

By weight, 54% of NATO'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 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do ARMY and NATO hold the same stocks?: By their latest filings, 29% 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 NATO?: ARMY has 12% of its weight in S&P 500 names and NATO has 54%, so ARMY differs more from the index.
Which is cheaper, ARMY or NATO?: ARMY charges 0.68% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARMY vs TSSD ARMY vs WDGF ARMY vs XDEF ARMY vs DUTY NATO vs XAR NATO vs WDAF NATO vs TSSD NATO vs WDGF

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

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 NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/army-vs-nato

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