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Data as of Nov 4, 2026.

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Thematic ETFs

NATO vs WR: Holdings Overlap & Returns

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NATO and WR hold 21% of their weight in the same names.

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Net assets on Nov 4, 2026: $88m for Themes Transatlantic Defense ETF and $932,169 for Corgi U.S. War Machine ETF.

NATO on its own →WR on its own →
At a glance
54.5%
NATO in the S&P 500
68.0%
WR in the S&P 500
−1.8%
NATO total return, 1 year
+6.4%
WR total return, 6 months
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.

WR · 6 months to Nov 4, 2026 32% of its weight is outside the S&P 500
32% of its weight is outside the S&P 50068% of WR's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 4, 2026.68%32%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 97% · top ten 50% of the fund · 56 holdings as published by its issuer for Nov 4, 2026 · Nasdaq-100: 10% in32% of its weight is outside the S&P 50068% of WR's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 4, 2026.68%32%in the S&P 500outsideactive share 97% · Nasdaq-100: 10% in

68% of WR's weight is in S&P 500 companies and 32% is outside the index. Holdings as of Nov 4, 2026.

Pair scorecard

Both cost 0.35% a year.

Points (pts) are percentage points.

NATO vs WR: Holdings Overlap & Returns
MeasureNATOWR
Return
Total return, 1 year−1.8%not published
Drawdown
Below its all-time high16.1%, high on Mar 2, 20267.2%, high on Oct 30, 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%0.35%
Net assets$88m$932,169
Holdings
Holdings in common21%
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 Score86.4NATO75WR

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

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

21%

By the books each fund has filed, NATO and WR hold 21% of their money in the same securities at the same weight. Holdings dated Nov 4, 2026.

0 half 100%

half

21% in common

Positions both hold · largest shared weight first NATO WR
RTX Corp 8.53% 5.22%
Lockheed Martin Corp 5.19% 4.02%
General Dynamics Corp 4.36% 3.01%
Howmet Aerospace Inc 4.18% 2.41%
TransDigm Group Inc 3.45% 1.83%
Rocket Lab Corp 1.61% 1.10%
Huntington Ingalls Industries Inc 0.62% 0.91%
BWX Technologies Inc 0.58% 0.64%
Moog Inc 0.47% 0.73%
Hexcel Corp 0.33% 0.63%
Kratos Defense & Security Solutions Inc 0.33% 0.57%
AeroVironment Inc 0.23% 0.43%
Only in one fund ↓
Only in NATO
GE AEROSPACE 8.40%
Rolls-Royce Holdings PLC 7.09%
Boeing Co 6.81%
AIRBUS GROUP SE 6.66%
Safran SA 5.75%
BAE Systems PLC 4.19%
Northrop Grumman Corp 3.90%
Rheinmetall AG 2.75%
Only in WR
ExxonMobil Holdings Corp 9.02%
Chevron Corp 6.68%
Palantir Technologies Inc 5.54%
Marathon Petroleum Corp 4.13%
ConocoPhillips 4.11%
Phillips 66 3.90%
Valero Energy Corp 3.84%
EOG Resources Inc 2.76%
Check overlap with more funds →

Window by window

Window by window: NATO vs WR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowNATOWRNATOWR
3 months−14.7%+2.8%−13.4 pts vs ACWInot measured
6 months−6.9%+6.4%−9.5 pts vs ACWInot measured
1 year−1.8%–−16.8 pts vs ACWI–
Since launchNot the same days: NATO Oct 2024 · WR May 2026+47.0%+6.4%+10.9 pts vs ACWInot 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 WR Corgi U.S. War Machine ETF · Holds 56 stocks in defense, 68% of its weight in S&P 500 companies
Issuer Themes Corgi
Theme Defense Defense
In the S&P 500 54.5% 68.0%
Active share vs the S&P 500 97.7% 96.6%
In the Nasdaq-100 5.9% 9.9%
Holdings 83 56
Top ten, share of the fund 61.2% 49.5%
Expense ratio 0.35% 0.35%
Fee for the differing part 0.36% 0.36%
Total return, 1 year −1.8% +6.4% (since launch, May 6, 2026)
vs its benchmark −16.8 pts vs ACWI not measured
Below its high −16.1% −7.2%
Net assets $88m $932,169

As of Nov 4, 2026. Source: ETFIQ.

21% 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.

WR

By weight, 68% of WR's portfolio is stocks that are also in the S&P 500; its active share against the S&P 500 is 97%. The top ten holdings are 50% of the fund across 56 positions, as published by its issuer for Nov 4, 2026. Since it first traded on May 6, 2026 the fund returned +6.4% with distributions reinvested. It sits 7.2% below its all-time high of Oct 30, 2026.

Questions people ask

Do NATO and WR hold the same stocks?
By their latest filings, 21% 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 WR?
NATO has 54% of its weight in S&P 500 names and WR has 68%, so NATO differs more from the index.
Which is cheaper, NATO or WR?
NATO and WR both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
NATO vs AVNATO vs WDGFNATO vs WARNATO vs WDEFWR vs WARWR vs ARMYWR vs TSSDWR vs XDEF
Where to next
NATO on its own →WR on its own →NATO dividend history →NATO holdings →WR holdings →Method →Standards and sources →
Sources and dates
NATO filings on SEC EDGAR ↗
NATO prospectus with the expense ratio (SEC) ↗
Themes page for NATO ↗
WR filings on SEC EDGAR ↗
WR prospectus with the expense ratio (SEC) ↗
Corgi website ↗

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 WR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nato-vs-wr

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