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Data as of Nov 4, 2026.

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Thematic ETFs

NATO vs WAR: Holdings Overlap & Returns

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NATO and WAR hold 6% of their weight in the same names.

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Net assets: $88m on Nov 4, 2026 for Themes Transatlantic Defense ETF, and $41m on Jun 30, 2026 for U.S. Global Technology and Aerospace & Defense ETF.

NATO on its own →WAR on its own →
At a glance
NATO · 1 year to Nov 4, 2026 46% of its weight is outside the S&P 500
46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 61% of the fund · 83 holdings as published by its issuer for Nov 4, 2026 · Nasdaq-100: 6% in46% of its weight is outside the S&P 50055% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.55%46%in the S&P 500outsideactive share 98% · Nasdaq-100: 6% in

55% of NATO's weight is in S&P 500 companies and 46% is outside the index. Holdings as of Nov 4, 2026.

WAR · 3 months to Nov 4, 2026 62% of its weight is outside the S&P 500
62% of its weight is outside the S&P 50038% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.38%62%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 93% · top ten 61% of the fund · 28 holdings as filed for Jun 30, 2026 · Nasdaq-100: 48% in62% of its weight is outside the S&P 50038% of WAR's weight is in S&P 500 companies and 62% is outside the index. Holdings as of Jun 30, 2026.38%62%in the S&P 500outside the S&P 500active share 93% · Nasdaq-100: 48% in

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

NATO costs 0.25 points a year less.

Points (pts) are percentage points.

NATO vs WAR: Holdings Overlap & Returns
MeasureNATOWAR
Return
Total return, 1 year−1.8%not published
Drawdown
Below its all-time high16.1%, high on Mar 2, 202627.7%, high on Jun 2, 2026
Against its benchmark
What it tracksDefenseDefense
Its benchmark, total return, 1 year+15.0%
Against its benchmark, 1 yearbehind by 16.8 pts
Cost and size
Expense ratio0.35%0.60%
Net assets, NATO as of Nov 4, 2026 and WAR as of Jun 30, 2026$88m$41m
Active share vs the S&P 50098%92%
Holdings
Holdings in common6%

Method

What they share

6%

By the books each fund has filed, NATO and WAR hold 6% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 4, 2026.

0 half 100%

half

6% in common

Positions both hold · largest shared weight first NATO WAR
Rolls-Royce Holdings PLC 7.09% 4.06%
Axon Enterprise Inc 1.70% 8.71%
Karman Holdings Inc 0.22% 3.69%
Intuitive Machines Inc 0.07% 4.95%
Only in one fund ↓
Only in NATO
RTX Corp 8.53%
GE AEROSPACE 8.40%
Boeing Co 6.81%
AIRBUS GROUP SE 6.66%
Safran SA 5.75%
Lockheed Martin Corp 5.19%
General Dynamics Corp 4.36%
BAE Systems PLC 4.19%
Only in WAR
Astera Labs Inc 9.45%
Micron Technology Inc 8.54%
Mildef Group AB 7.17%
DroneShield Ltd 5.01%
Teradyne Inc 4.93%
Electro Optic Systems Holdings 4.09%
Lattice Semiconductor Corp 4.05%
BE Semiconductor Industries NV 3.82%
Check overlap with more funds →

Window by window

Window by window: NATO vs WAR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowNATOWARNATOWAR
3 months−14.7%−18.5%−13.4 pts vs ACWInot measured
6 months−6.9%–−9.5 pts vs ACWI–
1 year−1.8%–−16.8 pts vs ACWI–
Since launch+47.0%–+10.9 pts vs ACWI–

– 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 WAR U.S. Global Technology and Aerospace & Defense ETF · Holds 28 stocks in defense, 38% of its weight in S&P 500 companies
Issuer Themes U.S. Global
Theme Defense Defense
In the S&P 500 54.5% 38.1%
Active share vs the S&P 500 97.7% 92.5%
In the Nasdaq-100 5.9% 48.1%
Holdings 83 28
Top ten, share of the fund 61.2% 61.0%
Expense ratio 0.35% 0.60%
Fee for the differing part 0.36% 0.65%
Total return, 1 year −1.8% not available
vs its benchmark −16.8 pts vs ACWI not available
Below its high −16.1% −27.7%
Net assets, NATO as of Nov 4, 2026 and WAR as of Jun 30, 2026 $88m $41m

As of Nov 4, 2026. Source: ETFIQ.

6% of the two portfolios are the same securities at the same weight.

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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.

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 NATO and WAR hold the same stocks?
By their latest filings, 6% 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 WAR?
NATO has 54% of its weight in S&P 500 names and WAR has 38%, so NATO differs more from the index.
Which is cheaper, NATO or WAR?
NATO charges 0.35% a year and WAR charges 0.60%, so NATO is cheaper. Fees come from each fund's prospectus.
Other comparisons
NATO vs TSSDNATO vs WRNATO vs AVNATO vs SHLDWAR vs WDEFWAR vs WDAFWAR vs FOWFWAR vs ARMY
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NATO on its own →WAR on its own →NATO dividend history →NATO holdings →WAR holdings →Method →Standards and sources →
Sources and dates
NATO filings on SEC EDGAR ↗
NATO prospectus with the expense ratio (SEC) ↗
Themes page for NATO ↗
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, NATO against WAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nato-vs-war

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