Do ARMY and PPA hold the same stocks?

By their latest filings, 15% 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 PPA?

ARMY has 12% of its weight in S&P 500 names and PPA has 77%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs PPA: Holdings Overlap & Returns

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ARMY and PPA hold 15% of their weight in the same names.

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Net assets on Nov 3, 2026: $13m for Tema International Defense ETF and $7.7bn for Invesco Aerospace & Defense ETF.

ARMY on its own →PPA 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.

PPA · 1 year to Nov 4, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

PPA costs 0.10 points a year less; PPA is far larger, $7.7bn against $13m.

Points (pts) are percentage points.

ARMY vs PPA: Holdings Overlap & Returns
Measure	ARMY	PPA
Return
Measure	ARMY	PPA
Total return, 1 year	not published	+1.6%
Drawdown
Measure	ARMY	PPA
Below its all-time high	16.5%, high on Aug 14, 2026	14.9%, high on Mar 2, 2026
Against its benchmark
Measure	ARMY	PPA
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 13.2 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	ARMY	PPA
Expense ratio	0.68%	0.58%
Net assets, as of Nov 3, 2026	$13m	$7.7bn
Holdings
Measure	ARMY	PPA
Holdings in common	15%

Method

What they share

15%

By the books each fund has filed, ARMY and PPA hold 15% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026.

50%

0 half 100%

half

15% in common

Positions both hold · largest shared weight first ARMY PPA

ELBIT SYSTEMS LTD 3.83% 2.83%

LOCKHEED MARTIN CORP 2.05% 9.58%

RTX CORP 1.71% 9.45%

PALANTIR TECHNOLOGIES INC 2.82% 1.50%

GENERAL DYNAMICS CORP 1.42% 5.62%

L3HARRIS TECHNOLOGIES INC 1.35% 4.22%

NORTHROP GRUMMAN CORP 1.13% 5.12%

BOEING CO 0.99% 7.76%

ROCKET LAB CORP 3.03% 0.77%

LEONARDO DRS INC 1.13% 0.74%

AEROVIRONMENT INC 0.50% 0.48%

AIRBUS GROUP SE 2.46% 0.34%

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%

SAAB AB 3.71%

CHEMRING GROUP PLC 3.68%

BAE SYSTEMS PLC 3.60%

LEONARDO-FINMECCANICA SPA 3.55%

Only in PPA

General Electric Co 8.89%

Howmet Aerospace Inc 3.90%

Honeywell Aerospace Inc 3.70%

TransDigm Group Inc 3.59%

Parker-Hannifin Corp 3.47%

Amphenol Corp 2.25%

Axon Enterprise Inc 1.97%

Eaton Corp PLC 1.78%

Check overlap with more funds →

Window by window

Window by window: ARMY vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	ARMY	PPA	ARMY	PPA
3 months	−13.9%	−14.0%	not measured	−13.9 pts vs IVV
6 months	−9.5%	−6.3%	not measured	−11.3 pts vs IVV
1 year	–	+1.6%	–	−13.2 pts vs IVV
3 years	–	+90.4%	–	+7.0 pts vs IVV
Since launch	–	+1,183.3%	–	not measured

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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 PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer Tema Invesco

Theme Defense Defense

In the S&P 500 11.5% 77.0%

Active share vs the S&P 500 98.4% 96.4%

In the Nasdaq-100 5.8% 8.8%

Holdings 36 70

Top ten, share of the fund 41.8% 61.8%

Expense ratio 0.68% 0.58%

Fee for the differing part 0.69% 0.60%

Total return, 1 year not available +1.6%

vs its benchmark not available −13.2 pts vs IVV

Below its high −16.5% −14.9%

Net assets, as of Nov 3, 2026 $13m $7.7bn

As of Nov 4, 2026. Source: ETFIQ.

15% 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.

PPA

By weight, 77% 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.

Questions people ask

Do ARMY and PPA hold the same stocks?: By their latest filings, 15% 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 PPA?: ARMY has 12% of its weight in S&P 500 names and PPA has 77%, 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

ARMY vs SHLD ARMY vs XAR ARMY vs ITA ARMY vs IDEF PPA vs WDAF PPA vs WAR PPA vs WDEF PPA 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 →PPA on its own →ARMY holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

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

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