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Data as of Nov 4, 2026.

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Thematic ETFs

GCAD vs PPA: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, GCAD returned +9.4% to PPA's +1.6%; 46% of their weight is in the same names.

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Net assets: $44m on Jun 30, 2026 for Gabelli Commercial Aerospace and Defense ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.

GCAD on its own →PPA on its own →
At a glance
40.1%
GCAD in the S&P 500
77.0%
PPA in the S&P 500
+9.4%
GCAD total return, 1 year
+1.6%
PPA total return, 1 year
GCAD · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 48% of the fund · 51 holdings as filed for Jun 30, 2026 · Nasdaq-100: 4% in60% of its weight is outside the S&P 50040% of GCAD's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Jun 30, 2026.40%60%in the S&P 500outside the S&P 500active share 97% · Nasdaq-100: 4% in

40% of GCAD's weight is in S&P 500 companies and 60% 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
23% of its weight is outside the S&P 50077% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.77%23%of its weight in S&P 500 companiesoutside the S&P 500active share 96% · top ten 62% of the fund · 70 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 9% in23% of its weight is outside the S&P 50077% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.77%23%in the S&P 500outsideactive share 96% · Nasdaq-100: 9% in

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

GCAD costs 0.48 points a year less; their one-year returns differ by 7.8 points.

Points (pts) are percentage points.

GCAD vs PPA: Holdings Overlap & Returns
MeasureGCADPPA
Return
Total return, 1 year+9.4%+1.6%
Drawdown
Below its all-time high15.6%, high on Aug 14, 202614.9%, high on Mar 2, 2026
Against its benchmark
What it tracksDefenseDefense
Against the S&P 500, 1 yearbehind by 13.2 pts
Its benchmark, total return, 1 year+14.8%
Against its benchmark, 1 yearbehind by 13.2 pts
Cost and size
Expense ratio0.10%0.58%
Net assets, GCAD as of Jun 30, 2026 and PPA as of Nov 3, 2026$44m$7.7bn
Holdings
Holdings in common46%

Method

What they share

46%

By the books each fund has filed, GCAD and PPA hold 46% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

0 half 100%

half

46% in common

Positions both hold · largest shared weight first GCAD PPA
BOEING COMPANY (THE) 5.20% 7.76%
RTX CORP 4.14% 9.45%
L3HARRIS TECHNOLOGIES INC 4.01% 4.22%
LOCKHEED MARTIN CORP 3.97% 9.58%
NORTHROP GRUMMAN CORP 3.48% 5.12%
HOWMET AEROSPACE INC 2.60% 3.90%
GENERAL DYNAMICS CORP 2.39% 5.62%
TRANSDIGM GROUP INC 2.03% 3.59%
HONEYWELL AEROSPACE INC 1.98% 3.70%
GE AEROSPACE 1.55% 8.89%
ATI INC 2.29% 1.36%
HEICO CORP 1.29% 1.30%
Only in one fund ↓
Only in GCAD
ALBANY INTERNATIONAL CORP 6.84%
CRANE COMPANY 3.06%
ASTRONICS CORP 2.29%
HONEYWELL INTERNATIONAL INC 2.01%
ECHOSTAR CORP 1.30%
INNOVATIVE SOLUTIONS AND SUPPORT INC 1.16%
MTU AERO ENGINES AG 0.77%
RENK GROUP AG 0.65%
Only in PPA
Parker-Hannifin Corp 3.47%
Amphenol Corp 2.25%
Axon Enterprise Inc 1.97%
Eaton Corp PLC 1.78%
CACI International Inc 0.98%
Space Exploration Technologies Corp 0.84%
Rocket Lab Corp 0.77%
Viasat Inc 0.74%
Check overlap with more funds →

Window by window

Window by window: GCAD vs PPA: Holdings Overlap & Returns
Total returnvs its benchmark
WindowGCADPPAGCADPPA
3 months−14.0%−14.0%not measured−13.9 pts vs IVV
6 months−7.1%−6.3%not measured−11.3 pts vs IVV
1 year+9.4%+1.6%not measured−13.2 pts vs IVV
3 years+105.6%+90.4%not measured+7.0 pts vs IVV
Since launchNot the same days: GCAD Jan 2023 · PPA Oct 2005+117.4%+1,183.3%not measurednot measured

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Side by side

GCAD Gabelli Commercial Aerospace and Defense ETF · Holds 51 stocks in defense, 40% 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 Gabelli Invesco
Theme Defense Defense
In the S&P 500 40.1% 77.0%
Active share vs the S&P 500 97.2% 96.4%
In the Nasdaq-100 4.4% 8.8%
Holdings 51 70
Top ten, share of the fund 47.5% 61.8%
Expense ratio 0.10% 0.58%
Fee for the differing part 0.10% 0.60%
Total return, 1 year +9.4% +1.6%
vs its benchmark not measured −13.2 pts vs IVV
Below its high −15.6% −14.9%
Net assets, GCAD as of Jun 30, 2026 and PPA as of Nov 3, 2026 $44m $7.7bn

As of Nov 4, 2026. Source: ETFIQ.

46% of the two portfolios are the same securities at the same weight.

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About each fund
GCAD

By weight, 40% of GCAD's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 48% of the fund across 51 positions, as filed for Jun 30, 2026. Over the year to Nov 4, 2026 the fund returned +9.4% with distributions reinvested. It sits 15.6% below its all-time high of Aug 14, 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 GCAD and PPA hold the same stocks?
By their latest filings, 46% 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, GCAD or PPA?
GCAD has 40% of its weight in S&P 500 names and PPA has 77%, so GCAD differs more from the index.
Which is cheaper, GCAD or PPA?
GCAD charges 0.10% a year and PPA charges 0.58%, so GCAD is cheaper. Fees come from each fund's prospectus.
Other comparisons
GCAD vs SHLDGCAD vs XARGCAD vs ITAGCAD vs NATOPPA vs WRPPA vs XARPPA vs SHLDPPA vs ITA
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →GCAD on its own →PPA on its own →GCAD dividend history →GCAD holdings →PPA dividend history →PPA holdings →Method →Standards and sources →
Sources and dates
GCAD filings on SEC EDGAR ↗
GCAD prospectus with the expense ratio (SEC) ↗
Gabelli 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

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

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