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Data as of Nov 4, 2026.

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Thematic ETFs

PPA vs TSSD: Holdings Overlap & Returns

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PPA and TSSD hold 40% of their weight in the same names.

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Net assets: $7.7bn on Nov 3, 2026 for Invesco Aerospace & Defense ETF, and $7.0m on Jun 30, 2026 for Truth Social American Security & Defense ETF.

PPA on its own →TSSD on its own →
At a glance
77.0%
PPA in the S&P 500
71.4%
TSSD in the S&P 500
+1.6%
PPA total return, 1 year
+17.1%
TSSD total return, since launch, Dec 30, 2025
PPA · 1 year to Nov 4, 2026 23% of its weight is outside the S&P 500
23% of its weight is outside the S&P 50077% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.77%23%of its weight in S&P 500 companiesoutside the S&P 500active share 96% · top ten 62% of the fund · 70 holdings as published by its issuer for Nov 3, 2026 · Nasdaq-100: 9% in23% of its weight is outside the S&P 50077% of PPA's weight is in S&P 500 companies and 23% is outside the index. Holdings as of Nov 3, 2026.77%23%in the S&P 500outsideactive share 96% · Nasdaq-100: 9% in

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

TSSD · 6 months to Nov 4, 2026 29% of its weight is outside the S&P 500
29% of its weight is outside the S&P 50071% of TSSD's weight is in S&P 500 companies and 29% is outside the index. Holdings as of Jun 30, 2026.71%29%of its weight in S&P 500 companiesoutside the S&P 500active share 98% · top ten 60% of the fund · 62 holdings as filed for Jun 30, 2026 · Nasdaq-100: 34% in29% of its weight is outside the S&P 50071% of TSSD's weight is in S&P 500 companies and 29% is outside the index. Holdings as of Jun 30, 2026.71%29%in the S&P 500outsideactive share 98% · Nasdaq-100: 34% in

71% of TSSD's weight is in S&P 500 companies and 29% is outside the index. Holdings as of Jun 30, 2026.

Pair scorecard

PPA costs 0.07 points a year less.

Points (pts) are percentage points.

PPA vs TSSD: Holdings Overlap & Returns
MeasurePPATSSD
Return
Total return, 1 year+1.6%not published
Drawdown
Below its all-time high14.9%, high on Mar 2, 20269.4%, high on Aug 13, 2026
Against its benchmark
What it tracksDefenseDefense
Against the S&P 500, 1 yearbehind by 13.2 pts
Its benchmark, total return, 1 year+14.8%
Against its benchmark, 1 yearbehind by 13.2 pts
Cost and size
Expense ratio0.58%0.65%
Net assets, PPA as of Nov 3, 2026 and TSSD as of Jun 30, 2026$7.7bn$7.0m
Holdings
Holdings in common40%
ETFIQ S&P 500 Difference Score · TSSD scores higher How much of its weight does it not share with the S&P 500?
IQ Themes Score74.1PPA84.2TSSD

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

40%

By the books each fund has filed, PPA and TSSD hold 40% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Nov 3, 2026.

0 half 100%

half

40% in common

Positions both hold · largest shared weight first PPA TSSD
RTX Corp 9.45% 7.08%
Lockheed Martin Corp 9.58% 5.50%
General Dynamics Corp 5.62% 4.91%
L3Harris Technologies Inc 4.22% 4.08%
Northrop Grumman Corp 5.12% 4.00%
Axon Enterprise Inc 1.97% 4.57%
Palantir Technologies Inc 1.50% 6.78%
Curtiss-Wright Corp 1.05% 2.76%
Leidos Holdings Inc 0.99% 1.29%
CACI International Inc 0.98% 0.96%
Huntington Ingalls Industries Inc 1.01% 0.88%
Teledyne Technologies Inc 0.73% 2.90%
Only in one fund ↓
Only in PPA
General Electric Co 8.89%
Boeing Co 7.76%
Howmet Aerospace Inc 3.90%
Honeywell Aerospace Inc 3.70%
TransDigm Group Inc 3.59%
Parker-Hannifin Corp 3.47%
Elbit Systems Ltd 2.83%
Amphenol Corp 2.25%
Only in TSSD
Palo Alto Networks Inc 9.70%
Crowdstrike Holdings Inc 7.24%
Fortinet Inc 5.75%
Cloudflare Inc 4.75%
Okta Inc 2.12%
VeriSign Inc 2.06%
F5 Inc 1.79%
Akamai Technologies Inc 1.72%
Check overlap with more funds →

Window by window

Window by window: PPA vs TSSD: Holdings Overlap & Returns
Total returnvs its benchmark
WindowPPATSSDPPATSSD
3 months−14.0%−4.9%−13.9 pts vs IVVnot measured
6 months−6.3%+19.4%−11.3 pts vs IVVnot measured
1 year+1.6%–−13.2 pts vs IVV–
3 years+90.4%–+7.0 pts vs IVV–
Since launchNot the same days: PPA Oct 2005 · TSSD Dec 2025+1,183.3%+17.1%not measurednot measured

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

Side by side

PPA Invesco Aerospace & Defense ETF · Holds 70 stocks in defense, 77% of its weight in S&P 500 companies TSSD Truth Social American Security & Defense ETF · Holds 62 stocks in defense, 71% of its weight in S&P 500 companies
Issuer Invesco Yorkville
Theme Defense Defense
In the S&P 500 77.0% 71.4%
Active share vs the S&P 500 96.4% 97.6%
In the Nasdaq-100 8.8% 34.0%
Holdings 70 62
Top ten, share of the fund 61.8% 60.4%
Expense ratio 0.58% 0.65%
Fee for the differing part 0.60% 0.67%
Total return, 1 year +1.6% +17.1% (since launch, Dec 30, 2025)
vs its benchmark −13.2 pts vs IVV not measured
Below its high −14.9% −9.4%
Net assets, PPA as of Nov 3, 2026 and TSSD as of Jun 30, 2026 $7.7bn $7.0m

As of Nov 4, 2026. Source: ETFIQ.

40% of the two portfolios are the same securities at the same weight.

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About each fund
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.

TSSD

By weight, 71% of TSSD'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 60% of the fund across 62 positions, as filed for Jun 30, 2026. Since it first traded on Dec 30, 2025 the fund returned +17.1% with distributions reinvested. It sits 9.4% below its all-time high of Aug 13, 2026.

Questions people ask

Do PPA and TSSD hold the same stocks?
By their latest filings, 40% 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, PPA or TSSD?
PPA has 77% of its weight in S&P 500 names and TSSD has 71%, so TSSD differs more from the index.
Which is cheaper, PPA or TSSD?
PPA charges 0.58% a year and TSSD charges 0.65%, so PPA is cheaper. Fees come from each fund's prospectus.
Other comparisons
PPA vs SHLDPPA vs WDGFPPA vs XDEFPPA vs ARMYTSSD vs AMMOTSSD vs DUTYTSSD vs AVTSSD vs SHLD
Where to next
PPA on its own →TSSD on its own →PPA dividend history →PPA holdings →TSSD dividend history →TSSD holdings →Method →Standards and sources →
Sources and dates
PPA filings on SEC EDGAR ↗
PPA prospectus with the expense ratio (SEC) ↗
Invesco page for PPA ↗
TSSD filings on SEC EDGAR ↗
TSSD prospectus with the expense ratio (SEC) ↗
Yorkville 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, PPA against TSSD, data as of Nov 4, 2026. https://etfiq.com/compare/themes/ppa-vs-tssd

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