Data as of .
EUAD vs WAR: which is really different?
EUAD and WAR hold 4% of their weight in the same names.
ETFIQ Off-Index Score: EUAD 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
4% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, EUAD and WAR hold 4% of their money in the same securities at the same weight.
| Holding | EUAD | WAR |
|---|---|---|
| Rolls-Royce Holdings | 8.43% | 4.09% |
| Only in EUAD | Only in WAR |
|---|---|
| Airbus SE 14.86% | Astera Labs Inc 9.50% |
| MTU Aero Engines AG 11.03% | Axon Enterprise Inc 8.76% |
| BAE Systems PLC 8.96% | Micron Technology Inc 8.59% |
| Leonardo SpA 8.27% | Mildef Group AB 7.21% |
| Safran SA 7.56% | DroneShield Ltd 5.04% |
| Rheinmetall AG 7.53% | Intuitive Machines Inc 4.98% |
| Saab AB 7.00% | Teradyne Inc 4.96% |
| Thales SA 6.92% | Electro Optic Systems Holdings 4.11% |
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 May 31, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| EUAD | WAR | EUAD | WAR | EUAD | WAR | |
| 3 months | +1.0% | −7.9% | −1.3 pts | −10.2 pts | +3.5 pts | −5.4 pts |
| 6 months | +4.8% | not published | −13.2 pts | not published | −19.4 pts | not published |
| 1 year | −4.4% | not published | −21.0 pts | not published | −26.2 pts | not published |
| Since launch | +70.4% | −9.7% | +36.8 pts | −11.7 pts | +23.6 pts | −8.6 pts |
| EUAD Select STOXX Europe Aerospace & Defense ETF Holds 18 stocks in defense, 0% of its weight in S&P 500 companies | WAR U.S. Global Technology and Aerospace & Defense ETF Holds 28 stocks in defense, 38% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | Tuttle | U.S. Global |
| Theme | Defense | Defense |
| In the S&P 500 | 0.0% | 38.3% |
| Active share vs the S&P 500 | 100.0% | 92.4% |
| In the Nasdaq-100 | 0.0% | 31.5% |
| Holdings | 18 | 28 |
| Top ten, share of the fund | 86.6% | 61.3% |
| Expense ratio | 0.50% | 0.60% |
| Fee for the differing part | 0.50% | 0.65% |
| Total return, 1 year | −4.4% | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −21.0 pts | −11.7 pts |
| vs the Nasdaq-100 | −26.2 pts | −8.6 pts |
| Below its high | −11.6% | −13.8% |
| Net assets | $1.2bn | $41m |
EUAD in plain words
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 87% of the fund across 18 positions, as filed for May 31, 2026. Over the year to Sep 18, 2026 the fund returned −4.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 21.0 pts. It sits 11.6% below its all-time high of Jan 13, 2026.
WAR in plain words
By weight, 38% of WAR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 92%. The top ten holdings are 61% of the fund across 28 positions, as filed for Jun 30, 2026. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% below its all-time high of Jun 2, 2026.
Questions people ask
- Do EUAD and WAR hold the same stocks?
- By their latest filings, 4% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, EUAD or WAR?
- EUAD has 0% of its weight in S&P 500 names and WAR has 38%, so EUAD differs more from the index.
- Which is cheaper, EUAD or WAR?
- EUAD charges 0.50% a year and WAR charges 0.60%, so EUAD 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, EUAD against WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/euad-vs-war Free to use with attribution; the underlying files are at Open data.