Do IDEF and NATO hold the same stocks?

By their latest filings, 42% 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, IDEF or NATO?

IDEF has 40% of its weight in S&P 500 names and NATO has 54%, so NATO differs more from the index.

Which is cheaper, IDEF or NATO?

IDEF charges 0.55% 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

IDEF vs NATO: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, IDEF returned −5.8% to NATO's −1.8%; 42% of their weight is in the same names.

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Net assets on Nov 4, 2026: $3.6bn for iShares Defense Industrials and Tech Active ETF and $88m for Themes Transatlantic Defense ETF.

IDEF on its own →NATO on its own →

At a glance

40.1%

IDEF in the S&P 500

54.5%

NATO in the S&P 500

−5.8%

IDEF total return, 1 year

−1.8%

NATO total return, 1 year

IDEF · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500

40% of IDEF's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 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 0.20 points a year less; their one-year returns differ by 4.0 points; IDEF is far larger, $3.6bn against $88m.

Points (pts) are percentage points.

IDEF vs NATO: Holdings Overlap & Returns
Measure	IDEF	NATO
Return
Measure	IDEF	NATO
Total return, 1 year	−5.8%	−1.8%
Drawdown
Measure	IDEF	NATO
Below its all-time high	19.2%, high on Mar 2, 2026	16.1%, high on Mar 2, 2026
Against its benchmark
Measure	IDEF	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	IDEF	NATO
Expense ratio	0.55%	0.35%
Net assets	$3.6bn	$88m
Holdings
Measure	IDEF	NATO
Holdings in common	42%

Method

What they share

42%

By the books each fund has filed, IDEF and NATO hold 42% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

50%

0 half 100%

half

42% in common

Positions both hold · largest shared weight first IDEF NATO

RTX 7.41% 8.53%

LOCKHEED MARTIN 5.42% 5.19%

GENERAL DYNAMICS CORP 4.39% 4.36%

NORTHROP GRUMMAN CORP 3.93% 3.90%

ROLLS-ROYCE HOLDINGS PLC 2.27% 7.09%

RHEINMETALL AG 1.67% 2.75%

BOEING 1.30% 6.81%

LEONARDO FINMECCANICA SPA 1.63% 1.20%

THALES SA 3.76% 1.16%

TRANSDIGM GROUP 1.12% 3.45%

BAE SYSTEMS PLC 0.93% 4.19%

HOWMET AEROSPACE 0.86% 4.18%

Only in one fund ↓

Only in IDEF

SPACE EXPLORATION TECHNOLOGIES COR 2.77%

PALANTIR TECHNOLOGIES CLASS A 2.67%

SAAB CLASS B 1.95%

PALO ALTO NETWORKS 1.74%

CROWDSTRIKE HOLDINGS CLASS A 1.62%

MITSUBISHI HEAVY INDUSTRIES 1.51%

HANWHA AEROSPACE LTD 1.48%

MITSUBISHI ELECTRIC 1.45%

Only in NATO

AIRBUS GROUP SE 6.66%

Axon Enterprise Inc 1.70%

Saab AB 1.06%

FTAI Aviation Ltd 0.96%

Kongsberg Gruppen ASA 0.83%

Aselsan Elektronik Sanayi Ve Ticaret AS 0.42%

Melrose Industries PLC 0.41%

Arxis Inc 0.18%

Check overlap with more funds →

Window by window

Window by window: IDEF vs NATO: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	IDEF	NATO	IDEF	NATO
3 months	−14.0%	−14.7%	not measured	−13.4 pts vs ACWI
6 months	−12.4%	−6.9%	not measured	−9.5 pts vs ACWI
1 year	−5.8%	−1.8%	not measured	−16.8 pts vs ACWI
Since launchNot the same days: IDEF May 2025 · NATO Oct 2024	+18.8%	+47.0%	not measured	+10.9 pts vs ACWI

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Side by side

IDEF iShares Defense Industrials and Tech Active ETF · Holds 162 stocks in defense, 40% 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 iShares Themes

Theme Defense Defense

In the S&P 500 40.1% 54.5%

Active share vs the S&P 500 92.6% 97.7%

In the Nasdaq-100 11.2% 5.9%

Holdings 162 83

Top ten, share of the fund 36.3% 61.2%

Expense ratio 0.55% 0.35%

Fee for the differing part 0.59% 0.36%

Total return, 1 year −5.8% −1.8%

vs its benchmark not measured −16.8 pts vs ACWI

Below its high −19.2% −16.1%

Net assets $3.6bn $88m

As of Nov 4, 2026. Source: ETFIQ.

42% of the two portfolios are the same securities at the same weight.

Alert

About each fund

IDEF

By weight, 40% of IDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 93%. The top ten holdings are 36% of the fund across 162 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −5.8% with distributions reinvested. It sits 19.2% below its all-time high of Mar 2, 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 IDEF and NATO hold the same stocks?: By their latest filings, 42% 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, IDEF or NATO?: IDEF has 40% of its weight in S&P 500 names and NATO has 54%, so NATO differs more from the index.
Which is cheaper, IDEF or NATO?: IDEF charges 0.55% a year and NATO charges 0.35%, so NATO is cheaper. Fees come from each fund's prospectus.

Other comparisons

IDEF vs WAR IDEF vs WDAF IDEF vs MISL IDEF vs TSSD NATO vs XAR NATO vs SHLD NATO vs PPA NATO vs ITA

Where to next

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

Sources and dates

IDEF filings on SEC EDGAR ↗

IDEF prospectus with the expense ratio (SEC) ↗

iShares page for IDEF ↗

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

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