Do ARMY and WAR hold the same stocks?

By their latest filings, 11% 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 WAR?

ARMY has 12% 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.

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs WAR: Holdings Overlap & Returns

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ARMY and WAR hold 11% of their weight in the same names.

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Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.

ARMY on its own →WAR 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.

WAR · 3 months to Nov 4, 2026 62% of its weight is outside the S&P 500

38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

WAR costs 0.08 points a year less.

ARMY vs WAR: Holdings Overlap & Returns
Measure	ARMY	WAR
Drawdown
Measure	ARMY	WAR
Below its all-time high	16.5%, high on Aug 14, 2026	27.7%, high on Jun 2, 2026
Benchmark
Measure	ARMY	WAR
What it tracks	Defense	Defense
Cost and size
Measure	ARMY	WAR
Expense ratio	0.68%	0.60%
Net assets, ARMY as of Nov 3, 2026 and WAR as of Jun 30, 2026	$13m	$41m
Active share vs the S&P 500	98%	92%
Holdings
Measure	ARMY	WAR
Holdings in common	11%

Method

What they share

11%

By the books each fund has filed, ARMY and WAR hold 11% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

11% in common

Positions both hold · largest shared weight first ARMY WAR

ROLLS-ROYCE HOLDINGS PLC 3.05% 4.06%

PALANTIR TECHNOLOGIES INC 2.82% 3.18%

ELECTRO OPTIC SYSTEMS HOLDINGS LTD 2.75% 4.09%

DRONESHIELD LTD 2.64% 5.01%

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 WAR

Astera Labs Inc 9.45%

Axon Enterprise Inc 8.71%

Micron Technology Inc 8.54%

Mildef Group AB 7.17%

Intuitive Machines Inc 4.95%

Teradyne Inc 4.93%

Lattice Semiconductor Corp 4.05%

BE Semiconductor Industries NV 3.82%

Check overlap with more funds →

Window by window

Window by window: ARMY vs WAR: Holdings Overlap & Returns
	Total return
Window	ARMY	WAR
3 months	−13.9%	−18.5%
6 months	−9.5%	–

– 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 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 11.5% 38.1%

Active share vs the S&P 500 98.4% 92.5%

In the Nasdaq-100 5.8% 48.1%

Holdings 36 28

Top ten, share of the fund 41.8% 61.0%

Expense ratio 0.68% 0.60%

Fee for the differing part 0.69% 0.65%

Total return, 1 year not available not available

vs its benchmark not available not available

Below its high −16.5% −27.7%

Net assets, ARMY as of Nov 3, 2026 and WAR as of Jun 30, 2026 $13m $41m

As of Nov 4, 2026. Source: ETFIQ.

11% 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.

WAR

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. It sits 27.7% below its all-time high of Jun 2, 2026.

Questions people ask

Do ARMY and WAR hold the same stocks?: By their latest filings, 11% 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 WAR?: ARMY has 12% 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

ARMY vs GCAD ARMY vs WDEF ARMY vs NATO ARMY vs KDEF WAR vs WDAF WAR vs WDGF WAR vs GCAD WAR vs WDEF

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

WAR filings on SEC EDGAR ↗

WAR prospectus with the expense ratio (SEC) ↗

U.S. Global website ↗

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.

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

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