Data as of .
MISL vs PPA: which is really different?
MISL and PPA hold 64% of their weight in the same names.
ETFIQ Off-Index Score: MISL 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
64% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, MISL and PPA hold 64% of their money in the same securities at the same weight.
| Holding | MISL | PPA |
|---|---|---|
| RTX Corporation | 8.30% | 8.16% |
| The Boeing Company | 7.48% | 6.87% |
| GE Aerospace | 7.34% | 6.77% |
| Lockheed Martin Corporation | 4.27% | 6.67% |
| Northrop Grumman Corporation | 4.10% | 5.04% |
| General Dynamics Corporation | 3.95% | 4.99% |
| L3Harris Technologies, Inc. | 3.57% | 3.73% |
| Howmet Aerospace Inc. | 3.56% | 3.97% |
| TransDigm Group Incorporated | 3.53% | 2.92% |
| Palantir Technologies Inc. (Class A) | 11.75% | 1.93% |
| Rocket Lab Corporation | 3.34% | 1.70% |
| HEICO Corporation | 3.56% | 1.50% |
| Only in MISL | Only in PPA |
|---|---|
| Space Exploration Technologies Corp. (Class A) 8.81% | Parker-Hannifin Corp 3.89% |
| AST SpaceMobile, Inc. 2.56% | Honeywell Aerospace Inc 3.53% |
| FTAI Aviation Ltd. 2.21% | Elbit Systems Ltd 3.50% |
| Intuitive Machines, Inc. (Class A) 0.34% | Axon Enterprise Inc 2.96% |
| Astronics Corporation 0.32% | Amphenol Corp 2.65% |
| US Dollar 0.21% | Eaton Corp PLC 2.40% |
| National Presto Industries, Inc. 0.12% | ATI Inc 1.74% |
| Carpenter Technology Corp 1.38% |
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 Sep 18, 2026 and Sep 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| MISL | PPA | MISL | PPA | MISL | PPA | |
| 3 months | −8.7% | −8.8% | −10.9 pts | −11.0 pts | −6.2 pts | −6.3 pts |
| 6 months | −7.5% | −5.5% | −25.5 pts | −23.5 pts | −31.7 pts | −29.7 pts |
| 1 year | +6.4% | +6.0% | −10.2 pts | −10.6 pts | −15.4 pts | −15.8 pts |
| 3 years | +93.1% | +98.2% | +14.7 pts | +19.8 pts | −5.1 pts | +0.1 pts |
| Since launch | +109.5% | +985.0% | −0.6 pts | +181.5 pts | −56.0 pts | −705.2 pts |
| MISL First Trust Indxx Aerospace & Defense ETF Holds 40 stocks in defense, 62% of its weight in S&P 500 companies | PPA Invesco Aerospace & Defense ETF Holds 63 stocks in defense, 72% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | First Trust | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 62.4% | 71.7% |
| Active share vs the S&P 500 | 97.5% | 96.4% |
| In the Nasdaq-100 | 11.8% | 4.9% |
| Holdings | 40 | 63 |
| Top ten, share of the fund | 63.1% | 53.6% |
| Expense ratio | 0.60% | 0.58% |
| Fee for the differing part | 0.62% | 0.60% |
| Total return, 1 year | +6.4% | +6.0% |
| vs the S&P 500 | −10.2 pts | −10.6 pts |
| vs the Nasdaq-100 | −15.4 pts | −15.8 pts |
| Below its high | −16.9% | −13.8% |
| Net assets | $704m | $7.6bn |
MISL in plain words
By weight, 62% of MISL'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 63% of the fund across 40 positions, as published by its issuer for Sep 18, 2026. Over the year to Sep 18, 2026 the fund returned +6.4% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.2 pts. It sits 16.9% below its all-time high of Jan 16, 2026.
PPA in plain words
By weight, 72% 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 54% of the fund across 63 positions, as published by its issuer for Sep 19, 2026. Over the year to Sep 18, 2026 the fund returned +6.0% with distributions reinvested against +16.6% for the S&P 500, so a holder was behind by 10.6 pts. It sits 13.8% below its all-time high of Mar 2, 2026.
Questions people ask
- Do MISL and PPA hold the same stocks?
- By their latest filings, 64% of their books are the same securities at the same weight, which is close to holding one of them twice. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, MISL or PPA?
- MISL has 62% of its weight in S&P 500 names and PPA has 72%, so MISL differs more from the index.
- Which is cheaper, MISL or PPA?
- MISL charges 0.60% a year and PPA charges 0.58%, so PPA 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, MISL against PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/misl-vs-ppa Free to use with attribution; the underlying files are at Open data.