Data as of .
MISL vs XDEF: which is really different?
MISL and XDEF hold 8% of their weight in the same names.
ETFIQ Off-Index Score: XDEF 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
8% 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 XDEF hold 8% of their money in the same securities at the same weight.
| Holding | MISL | XDEF |
|---|---|---|
| AAR CORP. | 0.51% | 8.69% |
| Only in MISL | Only in XDEF |
|---|---|
| Palantir Technologies Inc. (Class A) 11.75% | ROLLS-ROYCE HOLDINGS PLC 8.64% |
| Space Exploration Technologies Corp. (Class A) 8.81% | SAFRAN SA 8.26% |
| RTX Corporation 8.30% | BAE SYSTEMS PLC 7.30% |
| The Boeing Company 7.48% | RHEINMETALL AG 6.95% |
| GE Aerospace 7.34% | DSV A/S 4.70% |
| Lockheed Martin Corporation 4.27% | THALES SA 4.40% |
| Northrop Grumman Corporation 4.10% | MTU AERO ENGINES AG 4.29% |
| General Dynamics Corporation 3.95% | MELROSE INDUSTRIES PLC 4.28% |
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 May 31, 2026 and Sep 18, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| MISL | XDEF | MISL | XDEF | MISL | XDEF | |
| 3 months | −8.7% | +1.8% | −10.9 pts | −0.5 pts | −6.2 pts | +4.3 pts |
| 6 months | −7.5% | −0.4% | −25.5 pts | −18.5 pts | −31.7 pts | −24.7 pts |
| 1 year | +6.4% | not published | −10.2 pts | not published | −15.4 pts | not published |
| 3 years | +93.1% | not published | +14.7 pts | not published | −5.1 pts | not published |
| Since launch | +109.5% | −99.1% | −0.6 pts | −111.5 pts | −56.0 pts | −117.1 pts |
| MISL First Trust Indxx Aerospace & Defense ETF Holds 40 stocks in defense, 62% of its weight in S&P 500 companies | XDEF Xtrackers Europe Defense Technologies ETF Holds 30 stocks in defense, 0% of its weight in S&P 500 companies | |
|---|---|---|
| Issuer | First Trust | Xtrackers |
| Theme | Defense | Defense |
| In the S&P 500 | 62.4% | 0.0% |
| Active share vs the S&P 500 | 97.5% | 100.0% |
| In the Nasdaq-100 | 11.8% | 0.0% |
| Holdings | 40 | 30 |
| Top ten, share of the fund | 63.1% | 61.5% |
| Expense ratio | 0.60% | 0.35% |
| Fee for the differing part | 0.62% | 0.35% |
| Total return, 1 year | +6.4% | −99.1% (since launch on Jan 2, 2026) |
| vs the S&P 500 | −10.2 pts | −111.5 pts |
| vs the Nasdaq-100 | −15.4 pts | −117.1 pts |
| Below its high | −16.9% | −99.2% |
| Net assets | $704m | $4m |
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.
XDEF in plain words
By weight, 0% of XDEF's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 100%. The top ten holdings are 62% of the fund across 30 positions, as filed for May 31, 2026. Since it launched on Jan 2, 2026 the fund returned −99.1% with distributions reinvested against +12.4% for the S&P 500, so a holder was behind by 111.5 pts. It sits 99.2% below its all-time high of Jan 16, 2026.
Questions people ask
- Do MISL and XDEF hold the same stocks?
- By their latest filings, 8% of their books are the same securities at the same weight, which is mostly different names. Overlap is the sum of the smaller weight of every security they share.
- Which is more different from the S&P 500, MISL or XDEF?
- MISL has 62% of its weight in S&P 500 names and XDEF has 0%, so XDEF differs more from the index.
- Which is cheaper, MISL or XDEF?
- MISL charges 0.60% a year and XDEF charges 0.35%, so XDEF 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 XDEF, data as of Sep 18, 2026. https://etfiq.com/compare/themes/misl-vs-xdef Free to use with attribution; the underlying files are at Open data.