Data as of .
NATO vs WAR: which is really different?
NATO and WAR hold 6% of their weight in the same names.
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
6% 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 WAR hold 6% of their money in the same securities at the same weight.
| Holding | NATO | WAR |
|---|---|---|
| Rolls-Royce Holdings PLC | 8.01% | 4.09% |
| Axon Enterprise Inc | 1.73% | 8.76% |
| Karman Holdings Inc | 0.13% | 3.71% |
| Intuitive Machines Inc | 0.09% | 4.98% |
| Only in NATO | Only in WAR |
|---|---|
| RTX Corp 8.53% | Astera Labs Inc 9.50% |
| GE AEROSPACE 7.56% | Micron Technology Inc 8.59% |
| Boeing Co/The 7.41% | Mildef Group AB 7.21% |
| AIRBUS GROUP SE 6.44% | DroneShield Ltd 5.04% |
| Safran SA 6.35% | Teradyne Inc 4.96% |
| Lockheed Martin Corp 4.87% | Electro Optic Systems Holdings 4.11% |
| BAE Systems PLC 4.16% | Lattice Semiconductor Corp 4.08% |
| Howmet Aerospace Inc 4.07% | BE Semiconductor Industries NV 3.84% |
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 21, 2026.
Performance, window by window
| Window | Total return | vs the S&P 500 | vs the Nasdaq-100 | |||
|---|---|---|---|---|---|---|
| NATO | WAR | NATO | WAR | NATO | WAR | |
| 3 months | −6.6% | −7.9% | −8.9 pts | −10.2 pts | −4.1 pts | −5.4 pts |
| 6 months | −3.4% | not published | −21.5 pts | not published | −27.7 pts | not published |
| 1 year | +0.6% | not published | −16.0 pts | not published | −21.2 pts | not published |
| Since launch | +49.9% | −9.7% | +15.4 pts | −11.7 pts | +2.3 pts | −8.6 pts |
| NATO Themes Transatlantic Defense ETF Holds 84 stocks in defense, 58% 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 | 58.4% | 38.3% |
| Active share vs the S&P 500 | 97.6% | 92.4% |
| In the Nasdaq-100 | 5.1% | 31.5% |
| Holdings | 84 | 28 |
| Top ten, share of the fund | 58.8% | 61.3% |
| Expense ratio | 0.35% | 0.60% |
| Fee for the differing part | 0.36% | 0.65% |
| Total return, 1 year | +0.6% | −9.7% (since launch on May 26, 2026) |
| vs the S&P 500 | −16.0 pts | −11.7 pts |
| vs the Nasdaq-100 | −21.2 pts | −8.6 pts |
| Below its high | −14.4% | −13.8% |
| Net assets | $95m | $41m |
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 published by its issuer for Sep 21, 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.
WAR in plain words
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. Since it launched on May 26, 2026 the fund returned −9.7% with distributions reinvested against +2.0% for the S&P 500, so a holder was behind by 11.7 pts. It sits 13.8% 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, 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, NATO or WAR?
- NATO has 58% 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
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 WAR, data as of Sep 18, 2026. https://etfiq.com/compare/themes/nato-vs-war Free to use with attribution; the underlying files are at Open data.