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Data as of Nov 4, 2026.

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Thematic ETFs

NATO vs XAR: Holdings Overlap & Returns

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Over the year to Nov 4, 2026, NATO returned −1.8% to XAR's −6.6%; 41% 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 $5.3bn on Nov 3, 2026 for State Street SPDR S&P Aerospace & Defense ETF.

NATO on its own →XAR on its own →
At a glance
54.5%
NATO in the S&P 500
40.1%
XAR in the S&P 500
−1.8%
NATO total return, 1 year
−6.6%
XAR total return, 1 year
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.

XAR · 1 year to Nov 4, 2026 60% of its weight is outside the S&P 500
60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%of its weight in S&P 500 companiesof its weight outside the S&P 500active share 98% · top ten 33% of the fund · 50 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 8% in60% of its weight is outside the S&P 50040% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.40%60%in the S&P 500outside the S&P 500active share 98% · Nasdaq-100: 8% in

40% of XAR's weight is in S&P 500 companies and 60% is outside the index. Holdings as of Nov 3, 2026.

Pair scorecard

Both cost 0.35% a year; their one-year returns differ by 4.8 points; XAR is far larger, $5.3bn against $89m.

Points (pts) are percentage points.

NATO vs XAR: Holdings Overlap & Returns
MeasureNATOXAR
Return
Total return, 1 year−1.8%−6.6%
Drawdown
Below its all-time high16.1%, high on Mar 2, 202624.0%, high on Aug 14, 2026
Against its benchmark
What it tracksDefenseDefense
Against the S&P 500, 1 yearbehind by 21.4 pts
Its benchmark, total return, 1 year+15.0%+14.8%
Against its benchmark, 1 yearbehind by 16.8 ptsbehind by 21.4 pts
Cost and size
Expense ratio0.35%0.35%
Net assets, as of Nov 3, 2026$89m$5.3bn
Holdings
Holdings in common41%

Method

What they share

41%

By the books each fund has filed, NATO and XAR hold 41% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.

0 half 100%

half

41% in common

Positions both hold · largest shared weight first NATO XAR
Lockheed Martin Corp 5.19% 3.63%
TransDigm Group Inc 3.45% 3.19%
Northrop Grumman Corp 3.90% 3.18%
General Dynamics Corp 4.36% 3.16%
RTX Corp 8.53% 3.07%
GE AEROSPACE 8.40% 2.93%
Howmet Aerospace Inc 4.18% 2.85%
Honeywell Aerospace Inc 2.60% 3.09%
L3Harris Technologies Inc 2.52% 3.30%
Boeing Co 6.81% 2.50%
Axon Enterprise Inc 1.70% 2.53%
Rocket Lab Corp 1.61% 2.57%
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%
Teledyne Technologies Inc 1.51%
LEONARDO-FINMECCANICA SPA 1.20%
Thales SA 1.16%
Only in XAR
STANDARDAERO INC 2.94%
WOODWARD INC 2.93%
ATI INC 2.60%
VSE CORP 2.34%
CARPENTER TECHNOLOGY 1.93%
V2X INC 1.42%
VOYAGER TECHNOLOGIES INC A 0.71%
RED CAT HOLDINGS INC 0.34%
Check overlap with more funds →

Window by window

Window by window: NATO vs XAR: Holdings Overlap & Returns
Total returnvs its benchmark
WindowNATOXARNATOXAR
3 months−14.7%−20.0%−13.4 pts vs ACWI−19.9 pts vs VOO
6 months−6.9%−15.6%−9.5 pts vs ACWI−20.6 pts vs VOO
1 year−1.8%−6.6%−16.8 pts vs ACWI−21.4 pts vs VOO
3 years–+89.1%–+5.8 pts vs VOO
Since launchNot the same days: NATO Oct 2024 · XAR Sep 2011+47.0%+948.0%+10.9 pts vs ACWI+180.8 pts vs VOO

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Side by side

NATO Themes Transatlantic Defense ETF · Holds 83 stocks in defense, 54% of its weight in S&P 500 companies XAR State Street SPDR S&P Aerospace & Defense ETF · Holds 50 stocks in defense, 40% of its weight in S&P 500 companies
Issuer Themes State Street
Theme Defense Defense
In the S&P 500 54.5% 40.1%
Active share vs the S&P 500 97.7% 97.7%
In the Nasdaq-100 5.9% 8.2%
Holdings 83 50
Top ten, share of the fund 61.2% 32.6%
Expense ratio 0.35% 0.35%
Fee for the differing part 0.36% 0.36%
Total return, 1 year −1.8% −6.6%
vs its benchmark −16.8 pts vs ACWI −21.4 pts vs VOO
Below its high −16.1% −24.0%
Net assets, NATO as of Nov 4, 2026 and XAR as of Nov 3, 2026 $88m $5.3bn

As of Nov 4, 2026. Source: ETFIQ.

41% 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.

XAR

By weight, 40% of XAR'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 33% of the fund across 50 positions, as published by its issuer for Nov 3, 2026. Over the year to Nov 4, 2026 the fund returned −6.6% with distributions reinvested against +14.8% for its benchmark, the S&P 500 Index, so a holder was behind by 21.4 pts. It sits 24.0% below its all-time high of Aug 14, 2026.

Questions people ask

Do NATO and XAR hold the same stocks?
By their latest filings, 41% 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 XAR?
NATO has 54% of its weight in S&P 500 names and XAR has 40%, so NATO differs more from the index.
Which is cheaper, NATO or XAR?
NATO and XAR both charge 0.35% a year, so neither is cheaper. Fees come from each fund's prospectus.
Other comparisons
NATO vs PPANATO vs ITANATO vs SHLDNATO vs IDEFXAR vs FOWFXAR vs ARMYXAR vs TSSDXAR vs AMMO
Where to next
All thematic ETFs ranked by the S&P 500 Difference Score →How the scores are computed →NATO on its own →XAR on its own →NATO dividend history →NATO holdings →XAR dividend history →XAR holdings →Method →Standards and sources →
Sources and dates
NATO filings on SEC EDGAR ↗
NATO prospectus with the expense ratio (SEC) ↗
Themes page for NATO ↗
XAR filings on SEC EDGAR ↗
XAR prospectus with the expense ratio (SEC) ↗
State Street 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 XAR, data as of Nov 4, 2026. https://etfiq.com/compare/themes/nato-vs-xar

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