Do ARMY and XDEF hold the same stocks?

By their latest filings, 55% 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 XDEF?

ARMY has 12% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.

Which is cheaper, ARMY or XDEF?

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

Data as of Nov 4, 2026.

Thematic ETFs

ARMY vs XDEF: Holdings Overlap & Returns

Share on X Download as PDF

ARMY and XDEF hold 55% of their weight in the same names.

askIQ about this page

askIQ about ARMY and XDEF

Net assets: $13m on Nov 3, 2026 for Tema International Defense ETF, and $4.3m on Nov 2, 2026 for Xtrackers Europe Defense Technologies ETF.

ARMY on its own →XDEF 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.

XDEF · 6 months to Nov 4, 2026 100% of its weight is outside the S&P 500

0% of XDEF's weight is in S&P 500 companies and 100% is outside the index. Holdings as of Aug 31, 2026.

Pair scorecard

XDEF costs 0.33 points a year less; ARMY is 3.0 times larger.

ARMY vs XDEF: Holdings Overlap & Returns
Measure	ARMY	XDEF
Drawdown
Measure	ARMY	XDEF
Below its all-time high	16.5%, high on Aug 14, 2026	13.0%, high on Feb 20, 2026
Benchmark
Measure	ARMY	XDEF
What it tracks	Defense	Defense
Cost and size
Measure	ARMY	XDEF
Expense ratio	0.68%	0.35%
Net assets, as of Nov 2, 2026	$13m	$4.3m
Holdings
Measure	ARMY	XDEF
Holdings in common	55%

Method

What they share

55%

By the books each fund has filed, ARMY and XDEF hold 55% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

55% in common

Positions both hold · largest shared weight first ARMY XDEF

KONGSBERG GRUPPEN ASA 4.17% 4.47%

SAAB AB 3.71% 4.90%

BAE SYSTEMS PLC 3.60% 7.93%

LEONARDO-FINMECCANICA SPA 3.55% 4.04%

BABCOCK INTERNATIONAL GROUP PLC 3.53% 3.91%

INDRA SISTEMAS SA 3.52% 3.85%

THALES SA 3.34% 4.31%

HENSOLDT AG 3.44% 3.23%

MTU AERO ENGINES AG 3.17% 4.83%

DASSAULT AVIATION SA 3.86% 3.11%

ROLLS-ROYCE HOLDINGS PLC 3.05% 9.20%

SAFRAN SA 2.83% 8.53%

Only in one fund ↓

Only in ARMY

ANDURIL SPV EXPOSURE 7.99%

ELBIT SYSTEMS LTD 3.83%

ROCKET LAB CORP 3.03%

PALANTIR TECHNOLOGIES INC 2.82%

ELECTRO OPTIC SYSTEMS HOLDINGS LTD 2.75%

DRONESHIELD LTD 2.64%

LOCKHEED MARTIN CORP 2.05%

AVON TECHNOLOGIES PLC 2.04%

Only in XDEF

MELROSE INDUSTRIES PLC 4.66%

SERCO GROUP PLC 1.90%

SES SA 1.06%

SENIOR PLC 0.90%

LISI SA 0.87%

BITTIUM OYJ 0.79%

MONTANA AEROSPACE AG 0.54%

SPINNAKER ETF SERIES 0.44%

Check overlap with more funds →

Window by window

Window by window: ARMY vs XDEF: Holdings Overlap & Returns
	Total return
Window	ARMY	XDEF
3 months	−13.9%	−9.7%
6 months	−9.5%	−5.7%
Since launch	–	−12.4%

– 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 XDEF Xtrackers Europe Defense Technologies ETF · Holds 35 stocks in defense, 0% of its weight in S&P 500 companies

Issuer Tema Xtrackers

Theme Defense Defense

In the S&P 500 11.5% 0.0%

Active share vs the S&P 500 98.4% 100.0%

In the Nasdaq-100 5.8% 0.0%

Holdings 36 35

Top ten, share of the fund 41.8% 64.0%

Expense ratio 0.68% 0.35%

Fee for the differing part 0.69% 0.35%

Total return, 1 year not available −12.4% (since launch, Feb 19, 2026)

vs its benchmark not available not measured

Below its high −16.5% −13.0%

Net assets, ARMY as of Nov 3, 2026 and XDEF as of Nov 2, 2026 $13m $4.3m

As of Nov 4, 2026. Source: ETFIQ.

55% 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.

XDEF

By weight, 0% of XDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 64% of the fund across 35 positions, as filed for Aug 31, 2026. Since it first traded on Feb 19, 2026 the fund returned −12.4% with distributions reinvested. It sits 13.0% below its all-time high of Feb 20, 2026.

Questions people ask

Do ARMY and XDEF hold the same stocks?: By their latest filings, 55% 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 XDEF?: ARMY has 12% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
Which is cheaper, ARMY or XDEF?: ARMY charges 0.68% a year and XDEF charges 0.35%, so XDEF is cheaper. Fees come from each fund's prospectus.

Other comparisons

ARMY vs FOWF ARMY vs WR ARMY vs WDAF ARMY vs WAR XDEF vs EUAD XDEF vs IDEF XDEF vs FOWF XDEF vs TSSD

Where to next

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

Sources and dates

ARMY filings on SEC EDGAR ↗

ARMY prospectus with the expense ratio (SEC) ↗

Tema page for ARMY ↗

XDEF filings on SEC EDGAR ↗

XDEF prospectus with the expense ratio (SEC) ↗

Xtrackers 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.

Cite this pageCitation, APA and Markdown

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

Open data →

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