Do DUTY and PPA hold the same stocks?

By their latest filings, 33% 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, DUTY or PPA?

DUTY has 62% of its weight in S&P 500 names and PPA has 77%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

DUTY vs PPA: Holdings Overlap & Returns

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DUTY and PPA hold 33% of their weight in the same names.

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Net assets: $2.1m on Jun 30, 2026 for U.S. Defense ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.

DUTY on its own →PPA on its own →

At a glance

61.7%

DUTY in the S&P 500

77.0%

PPA in the S&P 500

+7.2%

DUTY total return, since launch, Apr 8, 2026

+1.6%

PPA total return, 1 year

DUTY · 6 months to Nov 4, 2026 38% of its weight is outside the S&P 500

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

PPA · 1 year to Nov 4, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

DUTY costs 0.13 points a year less.

Points (pts) are percentage points.

DUTY vs PPA: Holdings Overlap & Returns
Measure	DUTY	PPA
Return
Measure	DUTY	PPA
Total return, 1 year	not published	+1.6%
Drawdown
Measure	DUTY	PPA
Below its all-time high	9.0%, high on Aug 13, 2026	14.9%, high on Mar 2, 2026
Against its benchmark
Measure	DUTY	PPA
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 13.2 pts
Its benchmark, total return, 1 year		+14.8%
Against its benchmark, 1 year		behind by 13.2 pts
Cost and size
Measure	DUTY	PPA
Expense ratio	0.45%	0.58%
Net assets, DUTY as of Jun 30, 2026 and PPA as of Nov 3, 2026	$2.1m	$7.7bn
Holdings
Measure	DUTY	PPA
Holdings in common	33%

ETFIQ S&P 500 Difference Score · DUTY scores higher How much of its weight does it not share with the S&P 500?

IQ Themes Score90.4DUTY74.1PPA

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

DUTY 90.4

PPA 74.1

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

33%

By the books each fund has filed, DUTY and PPA hold 33% 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

33% in common

Positions both hold · largest shared weight first DUTY PPA

Lockheed Martin Corp 7.32% 9.58%

General Dynamics Corp 7.55% 5.62%

Northrop Grumman Corp 6.60% 5.12%

L3Harris Technologies Inc 6.83% 4.22%

Palantir Technologies Inc 5.96% 1.50%

Huntington Ingalls Industries 2.45% 1.01%

Leidos Holdings Inc 2.73% 0.99%

CACI International Inc 2.27% 0.98%

Rocket Lab Corp 5.34% 0.77%

Teledyne Technologies Inc 4.34% 0.73%

Moog Inc 2.53% 0.67%

Kratos Defense & Security Solu 2.06% 0.56%

Only in one fund ↓

Only in DUTY

Palo Alto Networks Inc 5.20%

Fortinet Inc 4.91%

Crowdstrike Holdings Inc 4.63%

Okta Inc 4.61%

Akamai Technologies Inc 3.14%

Check Point Software Technolog 2.88%

Zscaler Inc 2.71%

Rubrik Inc 2.10%

Only in PPA

RTX Corp 9.45%

General Electric Co 8.89%

Boeing Co 7.76%

Howmet Aerospace Inc 3.90%

Honeywell Aerospace Inc 3.70%

TransDigm Group Inc 3.59%

Parker-Hannifin Corp 3.47%

Elbit Systems Ltd 2.83%

Check overlap with more funds →

Window by window

Window by window: DUTY vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	DUTY	PPA	DUTY	PPA
3 months	−2.5%	−14.0%	not measured	−13.9 pts vs IVV
6 months	+13.4%	−6.3%	not measured	−11.3 pts vs IVV
1 year	–	+1.6%	–	−13.2 pts vs IVV
3 years	–	+90.4%	–	+7.0 pts vs IVV
Since launchNot the same days: DUTY Apr 2026 · PPA Oct 2005	+7.2%	+1,183.3%	not measured	not measured

– means no data for this window. Open this comparison in the app →

Side by side

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 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer Aura Invesco

Theme Defense Defense

In the S&P 500 61.7% 77.0%

Active share vs the S&P 500 98.1% 96.4%

In the Nasdaq-100 26.0% 8.8%

Holdings 50 70

Top ten, share of the fund 59.0% 61.8%

Expense ratio 0.45% 0.58%

Fee for the differing part 0.46% 0.60%

Total return, 1 year +7.2% (since launch, Apr 8, 2026) +1.6%

vs its benchmark not measured −13.2 pts vs IVV

Below its high −9.0% −14.9%

Net assets, DUTY as of Jun 30, 2026 and PPA as of Nov 3, 2026 $2.1m $7.7bn

As of Nov 4, 2026. Source: ETFIQ.

33% of the two portfolios are the same securities at the same weight.

Alert

About each fund

DUTY

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 first traded on Apr 8, 2026 the fund returned +7.2% with distributions reinvested. It sits 9.0% below its all-time high of Aug 13, 2026.

PPA

By weight, 77% 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.

Questions people ask

Do DUTY and PPA hold the same stocks?: By their latest filings, 33% 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, DUTY or PPA?: DUTY has 62% of its weight in S&P 500 names and PPA has 77%, 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

DUTY vs SHLD DUTY vs XAR DUTY vs ITA DUTY vs IDEF PPA vs TSSD PPA vs WDAF PPA vs WAR PPA vs WDEF

Where to next

DUTY on its own →PPA on its own →DUTY holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

DUTY filings on SEC EDGAR ↗

DUTY prospectus with the expense ratio (SEC) ↗

Aura website ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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, DUTY against PPA, data as of Nov 4, 2026. https://etfiq.com/compare/themes/duty-vs-ppa

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