Data as of .
NATO vs PPA: which is really different?
NATO and PPA hold 58% of their weight in the same names, and PPA 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
58% of the two portfolios are the same securities at the same weight.
What they hold in common
By the books each fund has filed, NATO and PPA hold 58% of their money in the same securities at the same weight.
| Holding | NATO | PPA |
|---|---|---|
| RTX Corp | 7.61% | 8.16% |
| Boeing Co/The | 7.28% | 6.87% |
| General Electric Co | 9.73% | 6.77% |
| Lockheed Martin Corp | 5.19% | 6.67% |
| Howmet Aerospace Inc | 4.85% | 3.97% |
| General Dynamics Corp | 3.63% | 4.99% |
| Northrop Grumman Corp | 3.37% | 5.04% |
| Honeywell Aerospace Inc | 3.11% | 3.53% |
| TransDigm Group Inc | 3.40% | 2.92% |
| L3Harris Technologies Inc | 2.52% | 3.73% |
| Axon Enterprise Inc | 1.91% | 2.96% |
| Rocket Lab Corp | 2.51% | 1.70% |
| Only in NATO | Only in PPA |
|---|---|
| Rolls-Royce Holdings PLC 7.16% | Parker-Hannifin Corp 3.89% |
| Safran SA 4.89% | Elbit Systems Ltd 3.50% |
| BAE Systems PLC 3.38% | Amphenol Corp 2.65% |
| Honeywell International Inc 3.15% | Eaton Corp PLC 2.40% |
| Rheinmetall AG 2.41% | Palantir Technologies Inc 1.93% |
| FTAI Aviation Ltd 1.27% | ATI Inc 1.74% |
| MTU Aero Engines AG 1.03% | Carpenter Technology Corp 1.38% |
| Thales SA 1.03% | Woodward Inc 1.25% |
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 19, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NATO | PPA | NATO | PPA | NATO | PPA | |
| 3 months | −6.6% | −8.8% | −8.9 pts | −11.0 pts | −4.1 pts | −6.3 pts |
| 6 months | −3.4% | −5.5% | −21.5 pts | −23.5 pts | −27.7 pts | −29.7 pts |
| 1 year | +0.6% | +6.0% | −16.0 pts | −10.6 pts | −21.2 pts | −15.8 pts |
| 3 years | not published | +98.2% | not published | +19.8 pts | not published | +0.1 pts |
| Since launch | +49.9% | +985.0% | +15.4 pts | +181.5 pts | +2.3 pts | −705.2 pts |
| NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% 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 | Themes | Invesco |
| Theme | Defense | Defense |
| In the S&P 500 | 58.4% | 71.7% |
| Active share vs the S&P 500 | 97.6% | 96.4% |
| In the Nasdaq-100 | 5.1% | 4.9% |
| Holdings | 84 | 63 |
| Top ten, share of the fund | 58.8% | 53.6% |
| Expense ratio | 0.35% | 0.58% |
| Fee for the differing part | 0.36% | 0.60% |
| Total return, 1 year | +0.6% | +6.0% |
| vs the S&P 500 | −16.0 pts | −10.6 pts |
| vs the Nasdaq-100 | −21.2 pts | −15.8 pts |
| Below its high | −14.4% | −13.8% |
| Net assets | $95m | $7.6bn |
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.
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 NATO and PPA hold the same stocks?
- By their latest filings, 58% 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, NATO or PPA?
- NATO has 58% of its weight in S&P 500 names and PPA has 72%, so NATO differs more from the index.
- Which is cheaper, NATO or PPA?
- NATO charges 0.35% a year and PPA charges 0.58%, so NATO 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, NATO against PPA, data as of Sep 18, 2026. https://etfiq.com/compare/themes/nato-vs-ppa Free to use with attribution; the underlying files are at Open data.