How much of MISL is already in the S&P 500?

By its holdings filed for Sep 3, 2026, 63% of MISL by weight is stocks the S&P 500 already holds. Its active share against the index is 98%, so that share is the part doing something different.

40 positions as filed for Sep 3, 2026, with the top ten at 63% of the fund. The largest are Palantir Technologies Inc. (Class A) at 11.7%, RTX Corporation at 8.4%, Space Exploration Technologies Corp. (Class A) at 8.3%.

The prospectus expense ratio is 0.60% a year. Because 98% of the fund differs from the S&P 500, the fee on that differing part works out at 0.62%.

Data as of Sep 4, 2026. Holdings from the fund’s latest public SEC N-PORT filing; overlap and active share computed by ETFIQ against the IVV and QQQM books; returns from Tiingo end-of-day prices with distributions reinvested.

MISL · First Trust Indxx Aerospace & Defense ETF

Name: ETFIQ themes desk record for MISL
Creator: ETFIQ
License: https://etfiq.com/standards/

First Trust · Themes desk

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By weight, 63% of MISL'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 63% of the fund across 40 positions, as filed for Sep 3, 2026. Over the year to Sep 4, 2026 the fund returned +13.0% with distributions reinvested against +20.0% for the S&P 500, so a holder was behind by 7.0 pts. It sits 14.6% below its all-time high of Jan 16, 2026.

MISL (First Trust Indxx Aerospace & Defense ETF), themes desk fields as of Sep 4, 2026. Source: ETFIQ.
Theme (ETFIQ, editorial)	Defense
Launched	Oct 26, 2022
Already in the S&P 500, by weight (ETFIQ)	63.0%
Active share vs the S&P 500 (ETFIQ)	97.5%
Already in the Nasdaq-100, by weight (ETFIQ)	11.7%
Active share vs the Nasdaq-100 (ETFIQ)	98.4%
Top ten holdings weight	63.3%
Holdings	40
Net assets (latest filing)	$802M
Holdings as of (SEC N-PORT)	Sep 3, 2026
Top holdings	Palantir Technologies Inc. (Class A) 11.7%, RTX Corporation 8.4%, Space Exploration Technologies Corp. (Class A) 8.3%, The Boeing Company 7.7%, GE Aerospace 7.5%, Lockheed Martin Corporation 4.1%, Northrop Grumman Corporation 4.0%, General Dynamics Corporation 4.0%, Howmet Aerospace Inc. 3.9%, HEICO Corporation 3.8%
3 months: total return / S&P 500 / gap / Nasdaq-100 gap (ETFIQ)	−5.2% / +4.7% / −9.9 pts / −7.3 pts
6 months: total return / S&P 500 / gap / Nasdaq-100 gap (ETFIQ)	−11.7% / +15.2% / −26.8 pts / −31.8 pts
1 year: total return / S&P 500 / gap / Nasdaq-100 gap (ETFIQ)	+13.0% / +20.0% / −7.0 pts / −12.6 pts
3 years: total return / S&P 500 / gap / Nasdaq-100 gap (ETFIQ)	+91.7% / +78.0% / +13.7 pts / −1.8 pts
since launch: total return / S&P 500 / gap / Nasdaq-100 gap (ETFIQ)	+115.2% / +111.8% / +3.3 pts / −49.4 pts
Below its all-time high (ETFIQ)	−14.6%
Expense ratio (prospectus XBRL)	0.60%
Fee for the part that differs from the S&P 500, active expense ratio (ETFIQ)	0.62%
Closest funds by holdings overlap	PPA 64%, ITA 63%, NATO 53%, XAR 48%, WDGF 45%

Questions people ask

How much of MISL is already in the S&P 500?: By its holdings filed for Sep 3, 2026, 63% of MISL by weight is stocks the S&P 500 already holds. Its active share against the index is 98%, so that share is the part doing something different.
What does MISL hold?: 40 positions as filed for Sep 3, 2026, with the top ten at 63% of the fund. The largest are Palantir Technologies Inc. (Class A) at 11.7%, RTX Corporation at 8.4%, Space Exploration Technologies Corp. (Class A) at 8.3%.
Has MISL beaten the S&P 500?: Over the year to Sep 4, 2026 MISL returned +13.0% with distributions reinvested, against +20.0% for the S&P 500, so it finished behind the index by 7.0 points.
What does MISL cost?: The prospectus expense ratio is 0.60% a year. Because 98% of the fund differs from the S&P 500, the fee on that differing part works out at 0.62%.

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.

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Cite this page. ETFIQ, MISL on the themes desk, data as of Sep 4, 2026. https://etfiq.com/funds/MISL.html Free to use with attribution; the underlying files are at Open data.

ETFIQ is an independent publisher of exchange-traded fund data. It is not a fund issuer, broker-dealer or investment adviser, and it makes no recommendations; sort orders and figures are stated arithmetic on published data. Standards · How to read this desk