Do MISL and WAR hold the same stocks?

By their latest filings, 4% 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, MISL or WAR?

MISL has 66% of its weight in S&P 500 names and WAR has 38%, so MISL differs more from the index.

Which is cheaper, MISL or WAR?

MISL and WAR both charge 0.60% a year, so neither is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Thematic ETFs

MISL vs WAR: Holdings Overlap & Returns

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MISL and WAR hold 4% of their weight in the same names.

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Net assets: $685m on Nov 3, 2026 for First Trust Indxx Aerospace & Defense ETF, and $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.

MISL on its own →WAR on its own →

At a glance

MISL · 1 year to Nov 4, 2026 34% of its weight is outside the S&P 500

66% of MISL's weight is in S&P 500 companies and 34% is outside the index. Holdings as of Nov 3, 2026.

WAR · 3 months to Nov 4, 2026 62% of its weight is outside the S&P 500

38% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

Both cost 0.60% a year.

Points (pts) are percentage points.

MISL vs WAR: Holdings Overlap & Returns
Measure	MISL	WAR
Return
Measure	MISL	WAR
Total return, 1 year	−2.3%	not published
Drawdown
Measure	MISL	WAR
Below its all-time high	19.1%, high on Jan 16, 2026	27.7%, high on Jun 2, 2026
Against its benchmark
Measure	MISL	WAR
What it tracks	Defense	Defense
Against the S&P 500, 1 year	behind by 17.1 pts
Its benchmark, total return, 1 year	+14.8%
Against its benchmark, 1 year	behind by 17.1 pts
Cost and size
Measure	MISL	WAR
Expense ratio	0.60%	0.60%
Net assets, MISL as of Nov 3, 2026 and WAR as of Jun 30, 2026	$685m	$41m
Active share vs the S&P 500	97%	92%
Holdings
Measure	MISL	WAR
Holdings in common	4%

Method

What they share

By the books each fund has filed, MISL and WAR hold 4% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

50%

0 half 100%

half

4% in common

Positions both hold · largest shared weight first MISL WAR

Palantir Technologies Inc. (Class A) 6.60% 3.18%

Karman Holdings Inc. 0.55% 3.69%

Intuitive Machines, Inc. (Class A) 0.25% 4.95%

Only in one fund ↓

Only in MISL

RTX Corporation 8.62%

GE Aerospace 8.18%

The Boeing Company 7.16%

Space Exploration Technologies Corp. (Class A) 6.84%

Lockheed Martin Corporation 4.93%

L3Harris Technologies, Inc. 4.61%

Northrop Grumman Corporation 4.50%

General Dynamics Corporation 4.45%

Only in WAR

Astera Labs Inc 9.45%

Axon Enterprise Inc 8.71%

Micron Technology Inc 8.54%

Mildef Group AB 7.17%

DroneShield Ltd 5.01%

Teradyne Inc 4.93%

Electro Optic Systems Holdings 4.09%

Rolls-Royce Holdings PLC 4.06%

Check overlap with more funds →

Window by window

Window by window: MISL vs WAR: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	MISL	WAR	MISL	WAR
3 months	−10.2%	−18.5%	−10.1 pts vs VOO	not measured
6 months	−7.5%	–	−12.5 pts vs VOO	–
1 year	−2.3%	–	−17.1 pts vs VOO	–
3 years	+79.3%	–	−4.0 pts vs VOO	–
Since launch	+103.7%	–	−8.3 pts vs VOO	–

– means no data for this window. Open this comparison in the app →

Side by side

MISL First Trust Indxx Aerospace & Defense ETF · Holds 44 stocks in defense, 66% 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 First Trust U.S. Global

Theme Defense Defense

In the S&P 500 65.9% 38.1%

Active share vs the S&P 500 97.4% 92.5%

In the Nasdaq-100 20.5% 48.1%

Holdings 44 28

Top ten, share of the fund 60.2% 61.0%

Expense ratio 0.60% 0.60%

Fee for the differing part 0.62% 0.65%

Total return, 1 year −2.3% not available

vs its benchmark −17.1 pts vs VOO not available

Below its high −19.1% −27.7%

Net assets, MISL as of Nov 3, 2026 and WAR as of Jun 30, 2026 $685m $41m

As of Nov 4, 2026. Source: ETFIQ.

4% of the two portfolios are the same securities at the same weight.

Alert

About each fund

MISL

By weight, 66% of MISL'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 60% of the fund across 44 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −2.3% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 17.1 pts. It sits 19.1% below its all-time high of Jan 16, 2026.

WAR

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. It sits 27.7% below its all-time high of Jun 2, 2026.

Questions people ask

Do MISL and WAR hold the same stocks?: By their latest filings, 4% 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, MISL or WAR?: MISL has 66% of its weight in S&P 500 names and WAR has 38%, so MISL differs more from the index.
Which is cheaper, MISL or WAR?: MISL and WAR both charge 0.60% a year, so neither is cheaper. Fees come from each fund's prospectus.

Other comparisons

MISL vs WDEF MISL vs NATO MISL vs TSSD MISL vs DUTY WAR vs WDAF WAR vs ARMY WAR vs AMMO WAR vs DUTY

Where to next

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

Sources and dates

MISL filings on SEC EDGAR ↗

MISL prospectus with the expense ratio (SEC) ↗

First Trust page for MISL ↗

WAR filings on SEC EDGAR ↗

WAR prospectus with the expense ratio (SEC) ↗

U.S. Global website ↗

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, MISL against WAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/misl-vs-war

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