Data as of .
ARMY vs WAR: which is really different?
ARMY and WAR hold 6% 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
6% 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 WAR hold 6% of their money in the same securities at the same weight.
| Holding | ARMY | WAR |
|---|---|---|
| ROLLS-ROYCE HOLDINGS PLC | 3.43% | 4.09% |
| PALANTIR TECHNOLOGIES INC | 2.86% | 3.19% |
| Only in ARMY | Only in WAR |
|---|---|
| ANDURIL SPV EXPOSURE 14.63% | Astera Labs Inc 9.50% |
| ELBIT SYSTEMS LTD 3.88% | Axon Enterprise Inc 8.76% |
| KONGSBERG GRUPPEN ASA 3.69% | Micron Technology Inc 8.59% |
| ROCKET LAB CORP 3.67% | Mildef Group AB 7.21% |
| DASSAULT AVIATION SA 3.66% | DroneShield Ltd 5.04% |
| INDRA SISTEMAS SA 3.65% | Intuitive Machines Inc 4.98% |
| BAE SYSTEMS PLC 3.58% | Teradyne Inc 4.96% |
| QINETIQ GROUP PLC 3.55% | Electro Optic Systems Holdings 4.11% |
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 Jun 30, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| ARMY | WAR | ARMY | WAR | ARMY | WAR | |
| 3 months | −2.2% | −7.9% | −4.4 pts | −10.2 pts | +0.3 pts | −5.4 pts |
| Since launch | −6.1% | −9.7% | −23.8 pts | −11.7 pts | −31.2 pts | −8.6 pts |
| ARMY Tema International Defense ETF Holds 34 stocks in defense, 11% of its weight in S&P 500 companies | WAR U.S. Global Technology and Aerospace & Defense ETF Holds 28 stocks in defense, 38% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tema | U.S. Global |
| Theme | Defense | Defense |
| In the S&P 500 | 11.1% | 38.3% |
| Active share vs the S&P 500 | 98.4% | 92.4% |
| In the Nasdaq-100 | 2.9% | 31.5% |
| Holdings | 34 | 28 |
| Top ten, share of the fund | 47.4% | 61.3% |
| Expense ratio | 0.68% | 0.60% |
| Fee for the differing part | 0.69% | 0.65% |
| Total return, 1 year | −6.1% (since launch on Mar 31, 2026) | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −23.8 pts | −11.7 pts |
| vs the Nasdaq-100 | −31.2 pts | −8.6 pts |
| Below its high | −14.6% | −13.8% |
| Net assets | $7m | $41m |
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.
WAR in plain words
By weight, 38% of WAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% below its all-time high of Jun 2, 2026.
Questions people ask
- Do ARMY and WAR hold the same stocks?
- By their latest filings, 6% 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 WAR?
- ARMY has 11% of its weight in S&P 500 names and WAR has 38%, so ARMY differs more from the index.
- Which is cheaper, ARMY or WAR?
- ARMY charges 0.68% a year and WAR charges 0.60%, so WAR 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 WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/army-vs-war Free to use with attribution; the underlying files are at Open data.