Do NATO and PPA hold the same stocks?

By their latest filings, 59% 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, NATO or PPA?

NATO has 54% of its weight in S&P 500 names and PPA has 77%, 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.

Data as of Nov 4, 2026.

Thematic ETFs

NATO vs PPA: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, NATO returned −1.8% to PPA's +1.6%; 59% of their weight is in the same names.

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Net assets: $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF, and $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF.

NATO on its own →PPA on its own →

At a glance

54.5%

NATO in the S&P 500

77.0%

PPA in the S&P 500

−1.8%

NATO total return, 1 year

+1.6%

PPA total return, 1 year

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.

PPA · 1 year to Nov 4, 2026 23% of its weight is outside the S&P 500

77% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

NATO costs 0.23 points a year less; their one-year returns differ by 3.4 points; PPA is far larger, $7.7bn against $89m.

Points (pts) are percentage points.

NATO vs PPA: Holdings Overlap & Returns
Measure	NATO	PPA
Return
Measure	NATO	PPA
Total return, 1 year	−1.8%	+1.6%
Drawdown
Measure	NATO	PPA
Below its all-time high	16.1%, high on Mar 2, 2026	14.9%, high on Mar 2, 2026
Against its benchmark
Measure	NATO	PPA
What it tracks	Defense	Defense
Against the S&P 500, 1 year		behind by 13.2 pts
Its benchmark, total return, 1 year	+15.0%	+14.8%
Against its benchmark, 1 year	behind by 16.8 pts	behind by 13.2 pts
Cost and size
Measure	NATO	PPA
Expense ratio	0.35%	0.58%
Net assets, as of Nov 3, 2026	$89m	$7.7bn
Holdings
Measure	NATO	PPA
Holdings in common	59%

ETFIQ S&P 500 Difference Score · NATO scores higher How much of its weight does it not share with the S&P 500?

IQ Themes Score86.4NATO74.1PPA

How different its holdings are from the S&P 500, ranked against 114 thematic ETFs with at least half their money in S&P 500 companies. 100 is best. How it is computed

NATO 86.4

PPA 74.1

0.4, the lowest in this set 99.6, the highest

Weight not shared with the S&P 500 only; it says nothing about returns, fees or whether the theme pays off. All thematic ETFs ranked by it →

Method

What they share

59%

By the books each fund has filed, NATO and PPA hold 59% 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

59% in common

Positions both hold · largest shared weight first NATO PPA

RTX Corp 8.53% 9.45%

GE AEROSPACE 8.40% 8.89%

Boeing Co 6.81% 7.76%

Lockheed Martin Corp 5.19% 9.58%

General Dynamics Corp 4.36% 5.62%

Northrop Grumman Corp 3.90% 5.12%

Howmet Aerospace Inc 4.18% 3.90%

TransDigm Group Inc 3.45% 3.59%

Honeywell Aerospace Inc 2.60% 3.70%

L3Harris Technologies Inc 2.52% 4.22%

Axon Enterprise Inc 1.70% 1.97%

Curtiss-Wright Corp 0.87% 1.05%

Only in one fund ↓

Only in NATO

Rolls-Royce Holdings PLC 7.09%

AIRBUS GROUP SE 6.66%

Safran SA 5.75%

BAE Systems PLC 4.19%

Rheinmetall AG 2.75%

LEONARDO-FINMECCANICA SPA 1.20%

Thales SA 1.16%

Bombardier Inc 1.09%

Only in PPA

Parker-Hannifin Corp 3.47%

Elbit Systems Ltd 2.83%

Amphenol Corp 2.25%

Eaton Corp PLC 1.78%

Palantir Technologies Inc 1.50%

ATI Inc 1.36%

Woodward Inc 1.00%

Leidos Holdings Inc 0.99%

Check overlap with more funds →

Window by window

Window by window: NATO vs PPA: Holdings Overlap & Returns
	Total return		vs its benchmark
Window	NATO	PPA	NATO	PPA
3 months	−14.7%	−14.0%	−13.4 pts vs ACWI	−13.9 pts vs IVV
6 months	−6.9%	−6.3%	−9.5 pts vs ACWI	−11.3 pts vs IVV
1 year	−1.8%	+1.6%	−16.8 pts vs ACWI	−13.2 pts vs IVV
3 years	–	+90.4%	–	+7.0 pts vs IVV
Since launchNot the same days: NATO Oct 2024 · PPA Oct 2005	+47.0%	+1,183.3%	+10.9 pts vs ACWI	not measured

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

Side by side

NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies

Issuer Themes Invesco

Theme Defense Defense

In the S&P 500 54.5% 77.0%

Active share vs the S&P 500 97.7% 96.4%

In the Nasdaq-100 5.9% 8.8%

Holdings 83 70

Top ten, share of the fund 61.2% 61.8%

Expense ratio 0.35% 0.58%

Fee for the differing part 0.36% 0.60%

Total return, 1 year −1.8% +1.6%

vs its benchmark −16.8 pts vs ACWI −13.2 pts vs IVV

Below its high −16.1% −14.9%

Net assets, NATO as of Nov 4, 2026 and PPA as of Nov 3, 2026 $88m $7.7bn

As of Nov 4, 2026. Source: ETFIQ.

59% of the two portfolios are the same securities at the same weight.

Alert

About each fund

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.

PPA

By weight, 77% 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 62% of the fund across 70 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned +1.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 13.2 pts. It sits 14.9% below its all-time high of Mar 2, 2026.

Questions people ask

Do NATO and PPA hold the same stocks?: By their latest filings, 59% 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, NATO or PPA?: NATO has 54% of its weight in S&P 500 names and PPA has 77%, 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

NATO vs SHLD NATO vs WAR NATO vs FOWF NATO vs ARMY PPA vs AV PPA vs WDEF PPA vs WAR PPA vs WDAF

Where to next

NATO on its own →PPA on its own →NATO dividend history →NATO holdings →PPA dividend history →PPA holdings →Method →Standards and sources →

Sources and dates

NATO filings on SEC EDGAR ↗

NATO prospectus with the expense ratio (SEC) ↗

Themes page for NATO ↗

PPA filings on SEC EDGAR ↗

PPA prospectus with the expense ratio (SEC) ↗

Invesco page for PPA ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

It is a place in a set, not a rating or a recommendation.

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

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