Do EUAD and NATO hold the same stocks?

By their latest filings, 15% 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, EUAD or NATO?

EUAD has 0% of its weight in S&P 500 names and NATO has 54%, so EUAD differs more from the index.

Which is cheaper, EUAD or NATO?

EUAD charges 0.50% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

EUAD vs NATO: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, EUAD returned −8.0% to NATO's −1.8%; 15% of their weight is in the same names.

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Net assets: $1.1bn on Aug 31, 2026 for Select STOXX Europe Aerospace & Defense ETF, and $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF.

EUAD on its own →NATO on its own →

At a glance

0.0%

EUAD in the S&P 500

54.5%

NATO in the S&P 500

−8.0%

EUAD total return, 1 year

−1.8%

NATO total return, 1 year

EUAD · 1 year to Nov 4, 2026 13 positions, 28% of its net assets

EUAD holds 13 positions, 28% of its net assets. Holdings as of Aug 31, 2026.

NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

NATO costs 0.15 points a year less; their one-year returns differ by 6.2 points.

Points (pts) are percentage points.

EUAD vs NATO: Holdings Overlap & Returns
Measure	EUAD	NATO
Return
Measure	EUAD	NATO
Total return, 1 year	−8.0%	−1.8%
Drawdown
Measure	EUAD	NATO
Below its all-time high	16.7%, high on Jan 13, 2026	16.1%, high on Mar 2, 2026
Against its benchmark
Measure	EUAD	NATO
What it tracks	Defense	Defense
Its benchmark, total return, 1 year		+15.0%
Against its benchmark, 1 year		behind by 16.8 pts
Cost and size
Measure	EUAD	NATO
Expense ratio	0.50%	0.35%
Net assets, EUAD as of Aug 31, 2026 and NATO as of Nov 4, 2026	$1.1bn	$88m
Holdings
Measure	EUAD	NATO
Holdings in common	15%

Method

Risk and return

Nov 1, 2024 to Oct 30, 2026 · 104 weekly returns

EUAD NATO

Return

Total return edge EUAD +59.9% +46.7%

Annualized edge EUAD +26.5% +21.1%

Price return edge EUAD +59.1% +45.9%

Risk

Volatility edge NATO 29.4% 22.7%

Max drawdown edge NATO −21.4% −18.4%

Risk-adjusted

Sharpe edge EUAD (slight) 0.81 0.78

Sortino edge EUAD (slight) 1.24 1.18

Calmar edge EUAD (slight) 1.24 1.15

Reading

From Nov 2024 to Oct 2026, EUAD returned more: +59.9% to +46.7%. NATO swung less: 22.7% to 29.4%. NATO fell less at its worst: −18.4% to −21.4%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: EUAD vs NATO: Holdings Overlap & Returns
Measure	EUAD	NATO	Edge	How it is measured
Return
Total return	+59.9%	+46.7%	EUAD	Price change plus distributions, reinvested.
Annualized	+26.5%	+21.1%	EUAD	Total return as a yearly rate.
Price return	+59.1%	+45.9%	EUAD	Price change alone, distributions left out.
Risk
Volatility	29.4%	22.7%	NATO	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	19.2%	15.0%	NATO	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−21.4%	−18.4%	NATO	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.81	0.78	EUAD (slight)	Return above Treasury bills per unit of volatility.
Sortino	1.24	1.18	EUAD (slight)	Return above Treasury bills per unit of downside deviation.
Calmar	1.24	1.15	EUAD (slight)	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 104 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

15%

By the books each fund has filed, EUAD and NATO hold 15% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 4, 2026.

50%

0 half 100%

half

15% in common

Positions both hold · largest shared weight first EUAD NATO

Airbus SE 4.58% 6.66%

BAE Systems PLC 2.38% 4.19%

Rheinmetall AG 1.72% 2.75%

Thales SA 2.49% 1.16%

Rolls-Royce Holdings PLC 1.11% 7.09%

MTU Aero Engines AG 4.63% 1.09%

Saab AB 2.75% 1.06%

Safran SA 0.96% 5.75%

Hensoldt AG 1.77% 0.29%

QinetiQ Group PLC 0.77% 0.17%

Chemring Group PLC 0.51% 0.10%

Only in one fund ↓

Only in EUAD

Leonardo SpA 2.82%

Babcock International Group PLC 1.50%

Only in NATO

RTX Corp 8.53%

GE AEROSPACE 8.40%

Boeing Co 6.81%

Lockheed Martin Corp 5.19%

General Dynamics Corp 4.36%

Howmet Aerospace Inc 4.18%

Northrop Grumman Corp 3.90%

TransDigm Group Inc 3.45%

Check overlap with more funds →

Window by window

Window by window: EUAD vs NATO: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	EUAD	NATO	EUAD	NATO
3 months	−14.6%	−14.7%	not measured	−13.4 pts vs ACWI
6 months	−7.2%	−6.9%	not measured	−9.5 pts vs ACWI
1 year	−8.0%	−1.8%	not measured	−16.8 pts vs ACWI
Since launchNot the same days: EUAD Oct 2024 · NATO Oct 2024	+60.5%	+47.0%	not measured	+10.9 pts vs ACWI

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Side by side

EUAD Select STOXX Europe Aerospace & Defense ETF · Holds 13 stocks in defense, 0% of its weight in S&P 500 companies NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies

Issuer Tuttle Themes

Theme Defense Defense

In the S&P 500 0.0% 54.5%

Active share vs the S&P 500 100.0% 97.7%

In the Nasdaq-100 0.0% 5.9%

Holdings 13 83

Top ten, share of the fund 25.8% 61.2%

Expense ratio 0.50% 0.35%

Fee for the differing part 0.50% 0.36%

Total return, 1 year −8.0% −1.8%

vs its benchmark not measured −16.8 pts vs ACWI

Below its high −16.7% −16.1%

Net assets, EUAD as of Aug 31, 2026 and NATO as of Nov 4, 2026 $1.1bn $88m

As of Nov 4, 2026. Source: ETFIQ.

15% of the two portfolios are the same securities at the same weight.

Client brief:

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About each fund

EUAD

By weight, 0% of EUAD'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 26% of the fund across 13 positions, as filed for Aug 31, 2026. Over the year to Nov 4, 2026 the fund returned −8.0% with distributions reinvested. It sits 16.7% below its all-time high of Jan 13, 2026.

NATO

By weight, 54% 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 61% of the fund across 83 positions, as published by its issuer for Nov 4, 2026. Over the year to Nov 4, 2026 the fund returned −1.8% with distributions reinvested against +15.0% for its benchmark, the MSCI ACWI Net Total Return Index, so a holder was behind by 16.8 pts. It sits 16.1% below its all-time high of Mar 2, 2026.

Questions people ask

Do EUAD and NATO hold the same stocks?: By their latest filings, 15% 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, EUAD or NATO?: EUAD has 0% of its weight in S&P 500 names and NATO has 54%, so EUAD differs more from the index.
Which is cheaper, EUAD or NATO?: EUAD charges 0.50% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Other comparisons

EUAD vs WDEF EUAD vs KDEF EUAD vs GCAD EUAD vs WAR NATO vs SHLD NATO vs PPA NATO vs MISL NATO vs IDEF

Where to next

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

Sources and dates

EUAD filings on SEC EDGAR ↗

EUAD prospectus with the expense ratio (SEC) ↗

Tuttle website ↗

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

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, EUAD against NATO, data as of Nov 4, 2026. https://etfiq.com/compare/themes/euad-vs-nato

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