Data as of .
ARMY vs PPA: which is really different?
ARMY and PPA 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 PPA hold 17% of their money in the same securities at the same weight.
| Holding | ARMY | PPA |
|---|---|---|
| ELBIT SYSTEMS LTD | 3.88% | 3.50% |
| PALANTIR TECHNOLOGIES INC | 2.86% | 1.93% |
| LOCKHEED MARTIN CORP | 1.81% | 6.67% |
| ROCKET LAB CORP | 3.67% | 1.70% |
| RTX CORP | 1.65% | 8.16% |
| GENERAL DYNAMICS CORP | 1.34% | 4.99% |
| L3HARRIS TECHNOLOGIES INC | 1.27% | 3.73% |
| NORTHROP GRUMMAN CORP | 1.12% | 5.04% |
| BOEING CO/THE | 1.09% | 6.87% |
| LEONARDO DRS INC | 1.16% | 0.87% |
| AEROVIRONMENT INC | 0.70% | 0.88% |
| AIRBUS GROUP SE | 2.43% | 0.45% |
| Only in ARMY | Only in PPA |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | General Electric Co 6.77% |
| KONGSBERG GRUPPEN ASA 3.69% | Howmet Aerospace Inc 3.97% |
| DASSAULT AVIATION SA 3.66% | Parker-Hannifin Corp 3.89% |
| INDRA SISTEMAS SA 3.65% | Honeywell Aerospace Inc 3.53% |
| BAE SYSTEMS PLC 3.58% | Axon Enterprise Inc 2.96% |
| QINETIQ GROUP PLC 3.55% | TransDigm Group Inc 2.92% |
| THALES SA 3.54% | Amphenol Corp 2.65% |
| LEONARDO-FINMECCANICA SPA 3.53% | Eaton Corp PLC 2.40% |
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 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | PPA | ARMY | PPA | ARMY | PPA | |
| 3 months | −2.2% | −8.8% | −4.4 pts | −11.0 pts | +0.3 pts | −6.3 pts |
| 6 months | not published | −5.5% | not published | −23.5 pts | not published | −29.7 pts |
| 1 year | not published | +6.0% | not published | −10.6 pts | not published | −15.8 pts |
| 3 years | not published | +98.2% | not published | +19.8 pts | not published | +0.1 pts |
| Since launch | −6.1% | +985.0% | −23.8 pts | +181.5 pts | −31.2 pts | −705.2 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 71.7% |
| Active share vs the S&P 500 | 98.4% | 96.4% |
| In the Nasdaq-100 | 2.9% | 4.9% |
| Holdings | 34 | 63 |
| Top ten, share of the fund | 47.4% | 53.6% |
| Expense ratio | 0.68% | 0.58% |
| Fee for the differing part | 0.69% | 0.60% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | +6.0% |
| vs the S&P 500 | −23.8 pts | −10.6 pts |
| vs the Nasdaq-100 | −31.2 pts | −15.8 pts |
| Below its high | −14.6% | −13.8% |
| Net assets | $7m | $7.6bn |
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.
PPA in plain words
By weight, 72% of PPA's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 96%. The top ten holdings are 54% of the fund across 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
Questions people ask
- Do ARMY and PPA 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 PPA?
- ARMY has 11% of its weight in S&P 500 names and PPA has 72%, so ARMY differs more from the index.
- Which is cheaper, ARMY or PPA?
- ARMY charges 0.68% a year and PPA charges 0.58%, so PPA 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 PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-ppa Free to use with attribution; the underlying files are at Open data.