Data as of .
IDEF vs NATO: which is really different?
IDEF and NATO hold 43% of their weight in the same names, and IDEF returned more over the year.
ETFIQ Off-Index Score: NATO 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
43% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, IDEF and NATO hold 43% of their money in the same securities at the same weight.
| Holding | IDEF | NATO |
|---|---|---|
| RTX | 6.55% | 7.61% |
| LOCKHEED MARTIN CORP | 3.62% | 5.19% |
| ROLLS-ROYCE HOLDINGS PLC | 3.29% | 7.16% |
| BOEING | 3.19% | 7.28% |
| GENERAL DYNAMICS CORP | 2.94% | 3.63% |
| NORTHROP GRUMMAN CORP | 2.58% | 3.37% |
| AIRBUS GROUP | 2.55% | 5.10% |
| BAE SYSTEMS PLC | 2.18% | 3.38% |
| GE AEROSPACE | 1.83% | 9.73% |
| SAFRAN SA | 1.30% | 4.89% |
| RHEINMETALL AG | 1.15% | 2.41% |
| THALES SA | 2.18% | 1.03% |
| Only in IDEF | Only in NATO |
|---|---|
| PALANTIR TECHNOLOGIES CLASS A 5.02% | Honeywell International Inc 3.15% |
| BLK CSH FND TREASURY SL AGENCY 3.77% | Axon Enterprise Inc 1.91% |
| SPACE EXPLORATION TECHNOLOGIES COR 2.44% | FTAI Aviation Ltd 1.27% |
| HANWHA AEROSPACE LTD 2.21% | Bombardier Inc 0.92% |
| MITSUBISHI HEAVY INDUSTRIES 1.73% | Saab AB 0.72% |
| HANWHA SYSTEMS LTD 1.69% | Moog Inc 0.55% |
| PALO ALTO NETWORKS 1.66% | Aselsan Elektronik Sanayi Ve T 0.40% |
| SAAB CLASS B 1.62% | Melrose Industries PLC 0.37% |
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 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| IDEF | NATO | IDEF | NATO | IDEF | NATO | |
| 3 months | −1.6% | −6.6% | −3.9 pts | −8.9 pts | +0.9 pts | −4.1 pts |
| 6 months | −5.7% | −3.4% | −23.8 pts | −21.5 pts | −30.0 pts | −27.7 pts |
| 1 year | +4.4% | +0.6% | −12.2 pts | −16.0 pts | −17.4 pts | −21.2 pts |
| Since launch | +27.2% | +49.9% | −5.6 pts | +15.4 pts | −14.2 pts | +2.3 pts |
| IDEF iShares Defense Industrials Active ETF Holds 155 stocks in defense, 36% of its weight in S&P 500 companies | NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | iShares | Themes |
| Theme | Defense | Defense |
| In the S&P 500 | 36.2% | 58.4% |
| Active share vs the S&P 500 | 95.9% | 97.6% |
| In the Nasdaq-100 | 9.2% | 5.1% |
| Holdings | 155 | 84 |
| Top ten, share of the fund | 35.8% | 58.8% |
| Expense ratio | not published | 0.35% |
| Fee for the differing part | not published | 0.36% |
| Total return, 1 year | +4.4% | +0.6% |
| vs the S&P 500 | −12.2 pts | −16.0 pts |
| vs the Nasdaq-100 | −17.4 pts | −21.2 pts |
| Below its high | −13.4% | −14.4% |
| Net assets | $4.3bn | $95m |
IDEF in plain words
By weight, 36% of IDEF'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 36% of the fund across 155 positions, as published by its issuer for Sep 18, 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 12.2 pts. It sits 13.4% below its all-time high of Mar 2, 2026.
NATO in plain words
By weight, 58% 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 59% of the fund across 84 positions, as filed for Jun 30, 2026. Over the year to Sep 18, 2026 the fund returned +0.6% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 16.0 pts. It sits 14.4% below its all-time high of Mar 2, 2026.
Questions people ask
- Do IDEF and NATO hold the same stocks?
- By their latest filings, 43% 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, IDEF or NATO?
- IDEF has 36% of its weight in S&P 500 names and NATO has 58%, so NATO differs more from the index.
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, IDEF against NATO, data as of Sep 18, 2026. https://etfiq.com/compare/themes/idef-vs-nato Free to use with attribution; the underlying files are at Open data.