Data as of .
AV vs NATO: which is really different?
AV and NATO hold 46% of their weight in the same names.
ETFIQ Off-Index Score: AV 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
46% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, AV and NATO hold 46% of their money in the same securities at the same weight.
| Holding | AV | NATO |
|---|---|---|
| GE AEROSPACE | 10.74% | 9.73% |
| RTX Corp | 9.94% | 7.61% |
| Lockheed Martin Corp | 4.97% | 5.19% |
| Howmet Aerospace Inc | 4.63% | 4.85% |
| Boeing Co/The | 4.00% | 7.28% |
| General Dynamics Corp | 5.48% | 3.63% |
| TransDigm Group Inc | 3.37% | 3.40% |
| Northrop Grumman Corp | 4.50% | 3.37% |
| FTAI Aviation Ltd | 1.92% | 1.27% |
| Textron Inc | 1.61% | 0.76% |
| HEICO Corp | 1.62% | 0.67% |
| Moog Inc | 1.41% | 0.55% |
| Only in AV | Only in NATO |
|---|---|
| United Parcel Service Inc 4.00% | Rolls-Royce Holdings PLC 7.16% |
| Delta Air Lines Inc 3.71% | Airbus SE 5.10% |
| First American Government Obligations Fund 12/01/2031 3.55% | Safran SA 4.89% |
| FedEx Corp 3.53% | BAE Systems PLC 3.38% |
| United Airlines Holdings Inc 3.04% | Honeywell International Inc 3.15% |
| ATI Inc 2.53% | Honeywell Aerospace Inc 3.11% |
| Ryanair Holdings PLC 2.45% | L3Harris Technologies Inc 2.52% |
| AerCap Holdings NV 2.20% | Rocket Lab Corp 2.51% |
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 | |||
|---|---|---|---|---|---|---|
| AV | NATO | AV | NATO | AV | NATO | |
| 3 months | −9.0% | −6.6% | −11.3 pts | −8.9 pts | −6.5 pts | −4.1 pts |
| 6 months | not published | −3.4% | not published | −21.5 pts | not published | −27.7 pts |
| 1 year | not published | +0.6% | not published | −16.0 pts | not published | −21.2 pts |
| Since launch | −2.4% | +49.9% | −6.7 pts | +15.4 pts | −6.2 pts | +2.3 pts |
| AV Corgi Aerospace & Commercial Aviation ETF Holds 40 stocks in defense, 66% of its weight in S&P 500 companies | NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Corgi | Themes |
| Theme | Defense | Defense |
| In the S&P 500 | 66.3% | 58.4% |
| Active share vs the S&P 500 | 97.6% | 97.6% |
| In the Nasdaq-100 | 0.0% | 5.1% |
| Holdings | 40 | 84 |
| Top ten, share of the fund | 55.5% | 58.8% |
| Expense ratio | 0.35% | 0.35% |
| Fee for the differing part | 0.36% | 0.36% |
| Total return, 1 year | −2.4% (since launch on May 6, 2026) | +0.6% |
| vs the S&P 500 | −6.7 pts | −16.0 pts |
| vs the Nasdaq-100 | −6.2 pts | −21.2 pts |
| Below its high | −13.0% | −14.4% |
| Net assets | $773,395 | $95m |
AV in plain words
By weight, 66% of AV'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 56% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Since it launched on May 6, 2026 the fund returned −2.4% with distributions reinvested against +4.3% for the S&P 500, so a holder was behind by 6.7 pts. It sits 13.0% below its all-time high of Aug 5, 2026.
NATO in plain words
By weight, 58% of NATO'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 59% of the fund across 84 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +0.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 16.0 pts. It sits 14.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do AV and NATO hold the same stocks?
- By their latest filings, 46% of their books are the same securities at the same weight, which is a meaningful overlap. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, AV or NATO?
- AV has 66% of its weight in S&P 500 names and NATO has 58%, so AV differs more from the index.
- Which is cheaper, AV or NATO?
- AV charges 0.35% a year and NATO charges 0.35%, so AV 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, AV against NATO, data as of Sep 18, 2026. https://etfiq.com/compare/themes/av-vs-nato Free to use with attribution; the underlying files are at Open data.