Data as of .
DUTY vs PPA: which is really different?
DUTY and PPA hold 34% of their weight in the same names.
ETFIQ Off-Index Score: DUTY 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
34% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, DUTY and PPA hold 34% of their money in the same securities at the same weight.
| Holding | DUTY | PPA |
|---|---|---|
| Lockheed Martin Corp | 7.34% | 6.67% |
| Northrop Grumman Corp | 6.62% | 5.04% |
| General Dynamics Corp | 7.57% | 4.99% |
| L3Harris Technologies Inc | 6.85% | 3.73% |
| Palantir Technologies Inc | 5.98% | 1.93% |
| Rocket Lab Corp | 5.35% | 1.70% |
| Leidos Holdings Inc | 2.74% | 1.22% |
| CACI International Inc | 2.28% | 1.20% |
| Huntington Ingalls Industries | 2.45% | 1.05% |
| AeroVironment Inc | 1.04% | 0.88% |
| Teledyne Technologies Inc | 4.35% | 0.84% |
| Kratos Defense & Security Solu | 2.06% | 0.82% |
| Only in DUTY | Only in PPA |
|---|---|
| Palo Alto Networks Inc 5.21% | RTX Corp 8.16% |
| Fortinet Inc 4.92% | Boeing Co/The 6.87% |
| Crowdstrike Holdings Inc 4.64% | General Electric Co 6.77% |
| Okta Inc 4.62% | Howmet Aerospace Inc 3.97% |
| Akamai Technologies Inc 3.15% | Parker-Hannifin Corp 3.89% |
| Check Point Software Technolog 2.89% | Honeywell Aerospace Inc 3.53% |
| Zscaler Inc 2.71% | Elbit Systems Ltd 3.50% |
| Rubrik Inc 2.11% | Axon Enterprise Inc 2.96% |
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 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| DUTY | PPA | DUTY | PPA | DUTY | PPA | |
| 3 months | +5.7% | −8.8% | +3.5 pts | −11.0 pts | +8.2 pts | −6.3 pts |
| 6 months | not published | −5.5% | not published | −23.5 pts | not published | −29.7 pts |
| 1 year | not published | +6.0% | not published | −10.6 pts | not published | −15.8 pts |
| 3 years | not published | +98.2% | not published | +19.8 pts | not published | +0.1 pts |
| Since launch | +6.9% | +985.0% | −6.3 pts | +181.5 pts | −12.3 pts | −705.2 pts |
| DUTY U.S. Defense ETF Holds 50 stocks in defense, 62% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Aura | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 61.8% | 71.7% |
| Active share vs the S&P 500 | 98.1% | 96.4% |
| In the Nasdaq-100 | 23.5% | 4.9% |
| Holdings | 50 | 63 |
| Top ten, share of the fund | 59.1% | 53.6% |
| Expense ratio | 0.45% | 0.58% |
| Fee for the differing part | 0.46% | 0.60% |
| Total return, 1 year | +6.9% (since launch on Apr 8, 2026) | +6.0% |
| vs the S&P 500 | −6.3 pts | −10.6 pts |
| vs the Nasdaq-100 | −12.3 pts | −15.8 pts |
| Below its high | −9.2% | −13.8% |
| Net assets | $2m | $7.6bn |
DUTY in plain words
By weight, 62% of DUTY'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 50 positions, as filed for Jun 30, 2026. Since it launched on Apr 8, 2026 the fund returned +6.9% with distributions reinvested against +13.2% for the S&P 500, so a holder was behind by 6.3 pts. It sits 9.2% below its all-time high of Aug 13, 2026.
PPA in plain words
By weight, 72% 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 54% of the fund across 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
Questions people ask
- Do DUTY and PPA hold the same stocks?
- By their latest filings, 34% 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, DUTY or PPA?
- DUTY has 62% of its weight in S&P 500 names and PPA has 72%, so DUTY differs more from the index.
- Which is cheaper, DUTY or PPA?
- DUTY charges 0.45% a year and PPA charges 0.58%, so DUTY 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, DUTY against PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/duty-vs-ppa Free to use with attribution; the underlying files are at Open data.